TCRAP_Public/140619.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, June 19, 2014, Vol. 17, No. 120


                            Headlines


A U S T R A L I A

FIZZ BIZZ: In Administration, Owes Creditors AUD10MM
FLEXI ABS 2014-1: Fitch Rates Class E Notes at 'BB(EXP)sf'
FLEXI ABS 2014-1: Moody's Rates AUD3.82MM Class E Notes '(P)Ba2'
GREENHOME FINANCE: Court Appoints Clifton Hall as Liquidator
HANNA-CHIDIAC (HOLDINGS): Placed in Administration

MIRABELA NICKEL: Inks Deed of Amendment and Acknowledgement
MOJARRA PTY: Burton Glenn Allen Appointed as Administrator
PERTH VET: In Administration; First Meeting Set For June 25
PRIVATE BRANDED: PPB Advisory Appointed as Administrator
SOLAR GUYS: Solar Panel Firm Collapses Into Liquidation


I N D I A

AL-SAMI COLD: CRISIL Cuts Rating on INR10MM Loan to 'B'
B&H TEXFAB: CRISIL Cuts Rating on INR150MM Loans to 'D'
BAGPOLY INT'L: ICRA Reaffirms 'B+' Rating on INR13.40cr Loan
BALDEV ALLOYS: CRISIL Suspends 'D' Rating on INR584.3MM Loans
BALE BABU: ICRA Reaffirms 'B' Rating on INR15cr Loans

BHILAI ENGINEERING: CRISIL Reaffirms B Rating on INR40MM Loans
CLEANCITIES LTD: CRISIL Suspends 'D' Rating on INR2.59BB Loans
DASHMESH AUTOS: ICRA Suspends 'B' Rating on INR5.7cr Loan
DEEPA ENGINEERS: CRISIL Reaffirms 'B' Rating on INR30MM Loan
EVER ELECTRONICS: ICRA Reaffirms 'B' Rating on INR23.75cr Loans

EXCLE PAPER: CRISIL Assigns 'D' Rating to INR82.5MM Loans
G.K. POWER: CRISIL Suspends 'B+' Rating on INR230.5MM Loans
GARG AGRI: ICRA Reaffirms 'B+' Rating on INR9.55cr Loans
INTERCARAT JEWELRY: CRISIL Cuts Rating on INR451MM Loans to 'D'
JAYAALAXMI MINERAL: ICRA Suspends 'D' Rating on INR23cr Loans

JAYESH OIL: CRISIL Suspends 'D' Rating on INR100MM Loans
K. R. FERRO: CRISIL Cuts Rating on INR268MM Loans to 'D'
KAMDHENU & COMPANY: CRISIL Suspends 'D' Rating on INR80MM Loan
KAMSRI PRINTING: ICRA Revises Rating on INR13.74cr Loans to 'C'
METECNO (INDIA): CARE Ups Rating on INR37cr Bank Loan From 'D'

NATIONAL AUTOPLAST: ICRA Suspends 'D' Rating on INR19.05cr Loans
NATIONAL STEEL: CRISIL Reaffirms 'B' Rating on INR180MM Loan
NEW ERA: CARE Assigns 'B-' Rating to INR1.50cr Bank Loan
NIMITAYA HOTELS: CARE Assigns 'C' Rating to INR108cr Bank Loan
PAC BIO: ICRA Revises Rating on INR10.68cr Loans to 'B+'

PELICAN INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR2.5M Loan
PITAMBARA AGRI: CRISIL Suspends B- Rating on INR57.5MM Term Loan
RATAN ENGINEERING: ICRA Revises Rating on INR14cr Loans to 'B'
REAL COTTON: CARE Assigns 'B' Rating to INR12.85cr Bank Loan
REVIVE CONSTRUCTION: CRISIL Rates INR100 Million Loan at 'B'

SALORAA FABS: CRISIL Suspends 'B' Rating on INR7.3MM Loan
SARVESH AGENCIES: CARE Assigns 'B+' Rating to INR5cr Bank Loan
SHARP REALTORS: CARE Downgrades Rating on INR75cr Loan to 'D'
SHELL IN: CARE Assigns 'D' Rating to INR31.72cr Bank Loan
SRI SAI: ICRA Suspends 'D' Rating on INR8.79cr Loans

TRISTAR GLOBAL: CRISIL Assigns 'B-' Rating to INR160MM Loans
TRIVENI SILK: ICRA Suspends 'B+' Rating on INR14.50cr Loan
V. G. SHIPBREAKERS: CRISIL Rates INR70MM Cash Credit at 'B-'
VARUN CASTINGS: ICRA Reaffirms 'B+' Rating on INR4cr Loan
VIJAYASAI TEXTILES: CRISIL Reaffirms 'D' Rating on INR100MM Loans


J A P A N

GK MLOX3: Moody's Downgrades Rating on Class D Notes to Ca
MT. GOX: Judge Approves U.S. Bankruptcy


M O N G O L I A

BANK OF MONGOLIA: Moody's Assigns (P) B1 Rating on LT Senior Debt
TRADE AND DEVELOPMENT: S&P Rates Proposed US$1BB MTN Program 'B'


N E W  Z E A L A N D

SNAKK MEDIA: Annual Loss Widens to NZ$1.89 Million
TORCHLIGHT FUND: Put in Receivership is 'an Old Shell'


S O U T H  K O R E A

HANJIN SHIPPING: Korean Air Aid May Hurt Carrier's Earnings


S R I  L A N K A

SRILANKAN AIRLINES: S&P Assigns 'B+' Rating to US$-Denom. Bonds


                            - - - - -


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


FIZZ BIZZ: In Administration, Owes Creditors AUD10MM
----------------------------------------------------
James Wells at The Shout reports that a contract beverage
manufacturer working with supermarkets including Coles and Aldi
has gone into administration with creditors owed approximately
AUD10 million.

Before going into administration late last month, Fizz Bizz
Beverages described itself as "an innovative, nimble and quality
focused beverage manufacturer" based in Western Sydney with
machinery and plant equipment that could can, glass and keg
alcoholic and non-alcoholic beverages on a contract basis for
other companies, according to The Shout.

The report notes that the business owned no beverage brands of its
own, but is believed to have been working with a number of clients
including Coles and Aldi supermarkets.

The Fizz Bizz premises at Prestons also claims to have launched
new facilities in November 2013, which provided it with the
ability to ferment cider on-site and market itself as "a superb
end-to-end solution for all cider brands," the report relates.

While some companies contacted for this article claim that there
are no such fermenting facilities on the site, The Shout
understands that cider was sent to the premises from DB Breweries
in New Zealand to be stored in vats for a new product that was to
be produced for Coles under a new brand called 'Silky Spider'.

The Shout also understands that Aldi was using Fizz Bizz to
package a range of soft drinks including ginger beer as well as
lemon, lime and bitters.

The report notes that according to the administrators, Damian
Templeton -- djtempleton@kpmg.com.au -- and Stephen Vaughan --
svaughan1@kpmg.com.au -- from KPMG, the company has existing plant
and equipment infrastructure to support a significant increase in
production that is "set up and waiting".

In advertising the business, KPMG claims that unaudited turnover
of the business was $9.4 million in the financial year ending 30
June 2013, the report relates.

Fizz Bizz creditors who spoke to The Shout claim that there was
only a small amount of money left in the company's bank accounts
when it entered administration on Thursday, May 29.

Some creditors became suspicious about the company when it failed
to pay its bills and they report the business was "left in a state
of decay for the last two months" prior to going into
administration, the report relates.


FLEXI ABS 2014-1: Fitch Rates Class E Notes at 'BB(EXP)sf'
----------------------------------------------------------
Fitch Ratings has assigned expected ratings and Outlooks to Flexi
ABS Trust 2014-1, which is backed by small balance consumer loan
receivables, due October 2018. The expected ratings are as
follows:

AUD89.2 million Class A1 notes: 'F1+(EXP)sf'
AUD108.4 million Class A2 notes: 'AAA(EXP)sf'; Outlook Stable
AUD23 million Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD10.2 million Class C notes: 'A(EXP)sf'; Outlook Stable
AUD7.7 million Class D notes: BBB(EXP)sf'; Outlook Stable
AUD3.8 million Class E notes: BB(EXP)sf'; Outlook Stable
AUD12.8 million Class F notes: not rated

The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of Flexi ABS Trust 2014-1. The Flexi ABS
Trust 2014-1 is a legally distinct trust established pursuant to a
master trust and security trust deed. The assignment of final
ratings is contingent on the receipt of documents conforming to
information already received.

At the cut-off date the total collateral pool consisted of 120,075
consumer loan receivables totalling approximately AUD250.1m, with
an average size of AUD2,083 each. The loan receivables, originated
by Certegy Ezi-Pay Pty Ltd (Certegy) whose ultimate parent is
FlexiGroup Limited, are retail point-of-sale interest-free
consumer finance receivables that finance a wide range of products
including: jewellery (17.7%); home-related products such as solar
equipment (45.1%); fitness equipment (3.9%); and a broad cross-
section of other products.

KEY RATING DRIVERS

Experienced Originator: Certegy is a wholly owned subsidiary of
FlexiGroup Limited (FlexiGroup), a provider of retail point-of-
sale consumer finance. Certegy provides "no interest ever"
consumer loans, an interest-free product, and cheque guarantee
products in Australia. Certegy delivers its products through a
varied network of retailers and service providers.

Diverse and Granular Portfolio: The portfolio comprises retail
point-of-sale consumer finance receivables originated by Certegy
to a geographically diversified pool of Australian retail
customers across many asset types. The contract size average is
AUD2,083 while the weighted average (WA) remaining term stands at
22.9 months. The pool contains 56.7% homeowners and buyers of
solar equipment (45.1%), with repeat customers making up 28.0%.

Strong Track Record: Delinquencies greater than 30 days on
Certegy's retail portfolio have historically tracked below 3.0%.

Support Features Support Rating: A liquidity reserve, funded by
proceeds from issuance, will ensure stable cash flows for all
rated notes and trust expenses. A derivative reserve account will
be established to set aside any voluntary prepayments made by
borrowers, to ensure sufficient income is available to cover
future swap payments.

No Residual Value Risk: All securitised loans are structured so
that there is no exposure to residual value risk, with the
borrower liable for such risks at all times.

RATING SENSITIVITY

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes. Fitch evaluated the sensitivity of
the ratings of Flexi ABS Trust 2014-1 to increased defaults over
the life of the transaction. Its analysis found that collectively,
the Class A1 notes' ratings remained stable under all of Fitch's
stress levels, while the class B and C notes were impacted only
after increases in defaults of at least 50%, and the class A2
notes were impacted only after increases in defaults of at least
75%. The class D and E notes were not impacted under Fitch's
sensitivity analysis.

Fitch's key rating drivers and rating sensitivity analysis is
discussed in the corresponding presale report entitled "Flexi ABS
Trust 2014-1", published today. Included as an appendix to the
report are a description of the representations, warranties, and
enforcement mechanisms


FLEXI ABS 2014-1: Moody's Rates AUD3.82MM Class E Notes '(P)Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Flexi ABS Trust 2014-1.

Issuer: Flexi ABS Trust 2014-1

AUD89.25 million Class A1 Notes, Assigned (P)P-1 (sf)

AUD108.37 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD22.95 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.20 million Class C Notes, Assigned (P)A2 (sf)

AUD7.65 million Class D Notes, Assigned (P)Baa2 (sf)

AUD3.82 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD12.76 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for the timely payment
of interest and the ultimate payment of the principal by the legal
final maturity.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's fourth term-securitisation of Certegy assets
and the fourth one rated by Moody's. The transaction features a
short term (P)P-1 (sf) tranche, with a legal final maturity of 12
months from issuance. The tranche represents 35% of the total
issuance. Key factors supporting the (P)P-1 (sf) rating include:

- Principal cashflows -- which will be allocated to the short-term
tranche in priority to other tranches until it is fully repaid --
will be sufficient to amortise the tranche within the 12-month
period. The amortisation is tested with no prepayment and assuming
an Aaa-commensurate level of defaults and delinquencies occurring
during the amortisation period.

- The corporate administration and insolvency regime in Australia
and the hot back-up servicing arrangements with Dun & Bradstreet
(Australia) Pty Limited mitigate the risk of a prolonged servicer
disruption. These two factors are relevant in the context of
assigning the (P)P-1 (sf) rating because FlexiGroup and Certegy
are unrated.

Another notable feature of the transaction is the high proportion
of receivables relating to solar energy. While historical
performance data for solar energy receivables is limited to only a
few years, Moody's expect the performance of these receivables to
broadly track the performance of receivables relating to other
home-owner industries.

Home-owner industry obligors typically display lower default rates
than non-home-owner industry obligors in the Certegy portfolio.

Ratings Rationale

Flexi ABS Trust 2014-1 is the securitisation of retail, unsecured,
'no interest ever' receivables extended to obligors located in
Australia. Notable features of the transaction include the unique
nature of the collateral, the strong back-up servicing
arrangements, and short-weighted average lives of notes.

The receivables are unsecured payment plans, originated by Certegy
through various retailers at the point of sale. Rather than
relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make monthly
or fortnightly payments to Certegy, with the difference between
the balance payable by the obligor and the balance funded by
Certegy (equal to the merchant fee) representing implicit
interest. The loans are made on a full recourse, unsecured basis.

The expected default rate of 2.50% is broadly in line with
consumer auto-loan ABS transactions in the Australian market.

The minimum 22.5% subordination commensurate with an Aaa rating of
the senior notes is, on the other hand, materially higher that of
a typical auto-loan ABS transaction. This is attributed to the
unsecured nature of the receivables leading to zero recovery
values.

Certegy and FlexiGroup are unrated. Consequently, the transaction
structure includes back-up servicing arrangements provided by Dun
& Bradstreet (Australia) Pty Limited. Dun & Bradstreet carries out
servicing in parallel with Certegy, providing near 'hot' levels of
support and mitigating risks of a prolonged servicing disruption.

In order to fund the purchase price of the portfolio, the Trust
issued seven classes of notes. The notes will be repaid on a
sequential basis until the later of: (1) repayment of the Class A1
short-term tranche, and (2) increase in the subordination to Class
A notes to 30% from 22.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10% of
the original balance. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied). This principal pay down structure is similar
to other structures in the Australian ABS market.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was " Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 5.0% (double Moody's assumption of
2.5%) then the model-indicated rating for the Class A-2 Notes
drops three notches to Aa3. Similarly, the model-indicated rating
for the Class B Notes, Class C Notes and Class D Notes drop five,
four and three notches to Baa1, Baa3 and Ba2 respectively under
this scenario.


GREENHOME FINANCE: Court Appoints Clifton Hall as Liquidator
------------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Greenhome Finance Pty Ltd on June 18, 2014, by Order of the
Federal Court of Australia.


HANNA-CHIDIAC (HOLDINGS): Placed in Administration
--------------------------------------------------
David Ross -- dross@hallchadwick.com.au -- of Hall Chadwick was
appointed as administrator of Hanna-Chidiac (Holdings) Pty Ltd on
June 13, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on June 25,
2014, at 11:30 a.m.


MIRABELA NICKEL: Inks Deed of Amendment and Acknowledgement
-----------------------------------------------------------
Mirabela Nickel Limited said that on June 16, 2014, the Company
entered into a Deed of Amendment and Acknowledgement between (a)
the Company, (b) Mirabela Investments Pty Limited (subject to deed
of company arrangement), (c) Mirabela Mineracao do Brasil Ltda
((b) and (c) together as initial guarantors), (d) Australian
Executor Trustees Limited (as administrative agent), (e) AET
Structured Finance Services Pty Limited (as security trustee), and
(f) Deutsche Bank S.A. -- Banco Alemao (as Brazilian collateral
agent).

The Deed of Amendment and Acknowledgement will become effective
upon the satisfaction of a number of conditions. Pursuant to the
terms and conditions of the Deed of Amendment and Acknowledgement,
upon the satisfaction of the DAA Conditions, the interim financing
arrangements entered into in December 2013 will be amended so as
to provide, amongst other things, that the Convertible Notes to be
issued by the Company will have the benefit of the current pre-
existing Australian security granted by the Company and its
subsidiary Mirabela Investments Pty Ltd (subject to deed of
company arrangement).

Accordingly, the requirements of:

(a) the condition set out in Section 1.2(d) of the prospectus of
the Company lodged with the Australian Securities & Investments
Commission (ASIC) on May 26, 2014, (as supplemented by the
supplementary prospectus of the Company lodged with ASIC on
June 11, 2014);

(b) the conditions set out in sections 17.1(a)(iv) and
17.1(a)(vii) of the deed of company arrangement entered into on
May 13, 2014, between the deed administrators of the Company, the
Company and Mirabela Investments Pty Limited (subject to deed of
company arrangement), have been satisfied.

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

Martin Madden, Clifford Rocke, and David Winterbottom of
KordaMentha have been appointed as Joint and Several Voluntary
Administrators by resolution of the Board of Directors on
Feb. 25, 2014. The appointment of Joint and Several Voluntary
Administrators is an important and necessary mechanic in
progressing the Proposed Recapitalisation.


MOJARRA PTY: Burton Glenn Allen Appointed as Administrator
----------------------------------------------------------
Peter George Burton -- pburton@burtonglennallen.com.au -- of
Burton Glenn Allen was appointed as administrator of Mojarra Pty
Limited on June 16, 2014.

A first meeting of the creditors of the Company will be held at
the Blaxland Room, level 9, 33 Erskine Street, Sydney, in
New South Wales, on June 26, 2014, 11:30 a.m.


PERTH VET: In Administration; First Meeting Set For June 25
-----------------------------------------------------------
Giovanni Maurizio Carrello -- john.carrello@briferrierwa.com.au --
- and Ronald Derek Gamble -- rgamble@iinet.net.au -- of BRI
Ferrier Western Australia were appointed as administrators of
Perth Vet Emergency Pty Ltd on June 16, 2014.

A first meeting of the creditors of the Company will be held at
BRI Ferrier Western Australia, Unit 7, 99-101 Francis Street, in
Northbridge, on June 25, 2014, at 10:30 a.m.


PRIVATE BRANDED: PPB Advisory Appointed as Administrator
--------------------------------------------------------
Private Branded Beverages Ltd and three related companies: Rose
River Beverages Pty Ltd, Summertime Fruit Juices Pty Ltd and
Summertime Asset Management have appointed Craig Crosbie --
ccrosbie@ppbadvisory.com -- Martin Ford -- mford@ppbadvisory.com -
- and Barry Wight -- bwight@ppbadvisory.com -- of PPB Advisory as
Administrators, effective June 13, 2014.

PBBL is an independent manufacturer and wholesaler of private
label and branded beverage products in Australia. It operates from
a facility in Griffith NSW with a head office in Port Melbourne,
Victoria.

PPB Advisory said: "Prior to our appointment the plant was placed
in "care and maintenance" mode and most employees were either
stood down or their services terminated. The Administrators intend
to seek expressions of interest to recapitalise PBBL or for the
purchase of the business and/or assets.

"The Administrators are mindful of the impact of their appointment
and will make every effort to preserve value in the business and
assist employees whilst they investigate the affairs of PBBL and
will report their findings to creditors."

The first meeting of creditors is due to take place on Wednesday,
June 25, 2014, with the second meeting planned for mid to late
July.

Commenting on the appointment, PPB Advisory partner, Craig Crosbie
said "PPB Advisory was appointed late last week. We are working
quickly to fully understand the financial position of the group
and seek expressions of interest to purchase the business and
assets or recapitalise the group."


SOLAR GUYS: Solar Panel Firm Collapses Into Liquidation
-------------------------------------------------------
Andrew Sadauskas at SmartCompany reports that the Solar Guys, a
family-run solar panel installation business which has been
operating for more than 30 years, has collapsed into liquidation
as the domino effect of a recent recall continues to affect small
businesses in the solar industry.

The Queensland-based solar panel installation business was founded
by John Muldoon as a sole trader in 1982, with his son Dane
joining as a partner in 2007 and his daughter Tessa joining soon
after, SmartCompany discloses.

The report notes that the company expanded rapidly in recent
years, winning Channel 7 Sunrise's Business Builder of the Year in
2010 and coming 11th in BRW's Fast 100 for 2011, with 24 staff and
AUD9.48 million in revenue.

However, the rapid growth of The Solar Guys came to an abrupt end
on June 10, with a notice on the company's website blaming a
recent recall of Avanco-branded solar power circuit breakers,
according to SmartCompany.

"The Queensland government has recently issued a mandatory recall
notice on an 'Avanco' branded component used in solar power system
installations called a 'DC Isolator'," said The Solar Guys, the
report relays.

"Unfortunately this has left us to cover the complete costs of
recalling faulty DC Isolators installed in our customers' solar
power systems during 2012. We have found ourselves unable to cover
the total cost of the recall and so we've had to make the
difficult decision to close our 32 year old family owned company."

Jason Walter Bettles -- jason.bettles@worrells.net.au -- of
Worrells Solvency & Forensic Accountants was appointed liquidator
of the firm as of June 17 and a meeting of creditors is scheduled
for June 25 in Robina, the report notes.



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I N D I A
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AL-SAMI COLD: CRISIL Cuts Rating on INR10MM Loan to 'B'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Al-Sami Cold Storage to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and reaffirmed its rating on short term bank facilities
to 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            10         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Export Packing Credit  40         CRISIL A4 (Reaffirmed)

   Proposed Export
   Packing Credit         30         CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in ACS's business risk
profile and liquidity. The  deterioration in its business risk
profile, owing to lower than expected export orders, was reflected
in 48 per cent year-on-year (YoY) decline in its revenues to
INR168 million in 2013-14 (refers to financial year, April 1 to
March 31), from INR379 million in 2012-13.

Also, ACS's liquidity deteriorated owing to a stretch in its
working capital cycle as reflected in a higher gross current asset
(GCA) days estimated at 330 days of sales as on March 31, 2014
against 107 days of sales as on March 31, 2013. CRISIL believes
that ACS's liquidity will remain stretched over the medium term,
driven by large incremental working capital requirements. ACS's
working capital limits of INR50 million have remained fully
utilised during the 12 months ended May 31, 2014.

The rating continues to reflect ACS's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, and exposure to risks related to unfavorable changes in
government regulations. These rating weaknesses are partially
offset by the extensive experience of ACS's promoters in the food
processing business.

Outlook: Stable

CRISIL believes that ACS will continue to benefit over the medium
term from the extensive experience of its promoters in the food
processing business. The outlook may be revised to 'Positive' if
the firm scales up its operations and generates more-than-expected
revenues and profitability coupled with improvement in working
capital management, resulting in an improvement in its business
and financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case ACS registers lower-than-expected revenues
and profitability, or undertakes a large, debt-funded capital
expenditure programme, resulting in deterioration in its financial
risk profile.

ACS, incorporated in 2009, processes and exports buffalo meat to
various Middle Eastern and Asian countries. The firm is promoted
by Mr. Abdul Salam and his wife, Mrs.Azimunnesa Begum.

ACS, on a provisional basis, reported a profit after tax (PAT) of
INR1.7 million on an operating income of INR168 million for 2013-
14 (refers to financial year, April 1 to March 31); it reported a
PAT of INR1.4 million on an operating income of INR379 million for
2012-13.


B&H TEXFAB: CRISIL Cuts Rating on INR150MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
B&H Texfab Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit         72         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term     65         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              13         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade in ratings reflects the instances of delays by BHTPL
in repaying its term debt obligations for April 2014 and May 2014.
This has been on account of stretched liquidity, caused by large
working capital requirements and the absence of financial
discipline.

CRISIL believes that BHTPL's debt repayment ability going forward
will be highly contingent upon its working capital management,
level of net cash accruals generated, and financial discipline.

The ratings continue to reflect the deterioration in BHTPL's
financial risk profile because of muted debt protection measures,
working-capital-intensive and small scale of operations in the
intensely competitive ready-made garment industry along with
customer concentration in the revenue profile. These rating
weaknesses are partially offset by the promoters' extensive
experience in the ready-made garment industry.

BHTPL, established in 2008, manufactures ready-made garments; it
discontinued with trading in and exporting ready-made garments and
knitted fabrics in September 2011. It is promoted by Ludhiana-
based, Mr. Sanjay Bansal. BHTPL has its manufacturing facilities
at Kadian in Ludhiana, Punjab.


BAGPOLY INT'L: ICRA Reaffirms 'B+' Rating on INR13.40cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR13.40 crore fund-based bank facilities of Bagpoly
International Private Limited. ICRA has also reaffirmed the short
term rating of [ICRA]A4 assigned to the INR11.10 crore non-fund
based bank facilities of BIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Facilities     13.40         [ICRA]B+ Reaffirmed

   Short-Term Non
   Fund Based Limits    11.10         [ICRA]A4 Reaffirmed

The rating reaffirmation continues to take into account the
company's stretched liquidity position which is on account of
modest accruals, given the low profitability and working capital
intensive nature of operations. The moderate scale of company's
operations in a fragmented industry with limited entry barriers
and limited product differentiation along with limited bargaining
power with the suppliers, who are mostly large suppliers with
dominant market position, results in low profitability for the
company as reflected in OPM of ~3.5% and NPM of ~0.6%. The working
capital intensity of the company is high as reflected in NWC / OI
of 28% as on March-14, owing to maintenance of high levels of raw-
material stock which is typically purchased immediately on receipt
of orders to minimize price risk, given the absence of price
escalation clause, and long receivable cycle with full payment
received only after delivery and testing of the finished products.
Moreover, only a limited proportion of receivables is funded out
of working capital borrowings from banks as most of the receivable
of the company are for duration more than that eligible for
drawing of the working capital limits, resulting in reliance on
unsecured loans from promoters' group / known parties to fund the
working capital needs. In addition to the working capital funding,
the company has also funded a significant proportion of the
capital expenditure (capex), including the entire capex in FY 2014
towards capacity addition and modernization, from these unsecured
loans which constituted ~54% of total borrowings as on Mar-14.
Owing to high working capital requirements, limited funding for
working capital and consistent reliance on unsecured loans, the
liquidity of the company remained stretched as reflected in high
utilization of working capital limits and high levels of payables
with TOL/TNW at 5.05 times as on March 2014. The high dependence
on borrowing, both for working capital and capex has kept the
leverage high with gearing of around 2.7x as on Mar-14 which along
with low profitability resulted in weak debt coverage indicators
as reflected in NCA / Total Debt of 6% and Total Debt / OPBDITA of
8.4x for FY 2014. The rating however continues to favourably take
into account the satisfactory track record of the company in the
polywoven fabric/sack industry and its established clientele base
comprising of Government departments and private end users.
Going forward, the ability of the company to improve its
profitability and liquidity position while increasing its scale of
operations; would remain the key rating sensitivities.

Bagpoly International Private Limited (BIPL) was established in
October 1994 and is promoted by Mr. Ved Prakash Mittal and his
family members. The company is engaged in manufacturing of
HDPE/LDPE/PP woven fabrics and bags, tarpaulins and covers. The
manufactured products find utility as industrial packaging
materials for fertilizers, cement, sugar, food grains, chemicals
etc. The company is having manufacturing facilities at Panipat
(Haryana), Kala Amb (Himachal Pradesh) and Alipur Khalsa (Haryana)
with total annual installed capacity of around 7,000 tonnes of
HDPE and 9,500 tonnes tonnes of LDPE.


BALDEV ALLOYS: CRISIL Suspends 'D' Rating on INR584.3MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Baldev Alloys Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D Suspended
   Cash Credit              60        CRISIL D Suspended
   Letter of Credit         40        CRISIL D Suspended
   Long Term Loan          466.8      CRISIL D Suspended
   Standby Line of Credit   12.5      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by BAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BAPL is yet to
provide adequate information to enable CRISIL to assess BAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

BAPL, incorporated in 1993 and promoted by the Somani and Kapoor
families of Raipur (Chhattisgarh), manufactures sponge iron and
ingots. The company is also engaged in crushing and trading in
iron ore. BAPL set up its first sponge iron plant in 2004, with a
capacity of 50 tonnes per day (tpd) in Siltara Growth Centre, 22
kilometres (km) from Raipur. The company has subsequently expanded
its sponge iron capacity to 200 tpd and has set up a 150-tpd ingot
manufacturing facility in 2010-11. BAPL also has a 2400-tpd
crusher unit in Jagdalpur, Chhattisgarh. It was in the process of
setting up an 8-MW power plant, but there have been time and cost
overruns in this project.


BALE BABU: ICRA Reaffirms 'B' Rating on INR15cr Loans
-----------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR15.00
Crore fund based and non-fund based bank facilities of Bale Babu
Estates Private Limited at [ICRA]B.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long Term Fund         8.36         [ICRA]B (Reaffirmed)
   Based Facilities

   Long Term Non Fund     6.64         [ICRA]B (Reaffirmed)
   Based Facilities

The rating continues to remain constrained on account of prolonged
delay in securing license for development of the proposed
commercial real estate project, whereby the moratorium period for
term loan has been exhausted and repayments commencing from June
2014 will remain entirely contingent upon timely funding support
from promoters. Further, the rating continues to take into account
execution risks arising out of significantly large scale of the
project being proposed in relation to the scale of past projects
of the promoter Group; though this is partially mitigated by
phasing of the overall development. While assigning the rating,
ICRA has however taken comfort from promoter Group's experience in
developing and leasing commercial real-estate in Delhi, which
mitigates execution risk to an extent.

Going forward, company's ability to secure critical statutory
approvals to ensure timely launch of the project and achieve
adequate level of bookings and collections will remain key rating
sensitivities.

Incorporated in the year 2006, Bale Babu Estates Private Limited
has proposed to develop a commercial project at Sector 109,
Gurgaon, on 6.4 acres of land, which is jointly held by BBEPL and
BKG Builders & Developers Private Limited (group concern). The
company, jointly with BKGPL, has obtained LOI (license is still
awaited) for developing this project from Directorate of Towns &
Country Planning, Haryana vide letter dated February 2012. This
maiden project of the company is proposed to be developed in phase
manner, whereby first phase will encompass area of about 0.15 msf
against 0.6 msf to be constructed in total across various phases.
The project is yet to be launched.

BBEPL was promoted by (Late) Mr. Bal Kishan Gupta of 'Chutki'
Group. The flagship company of the Group, KK Sales, is engaged in
Gutka and mouth freshener business in the brand name of 'Chutki'.
Over last ten years, the 'Chutki' Group has undertaken development
of multiple commercial real estate projects in Delhi, whereby they
have constructed and leased out commercial office space covering
area of about 0.3 million square feet.


BHILAI ENGINEERING: CRISIL Reaffirms B Rating on INR40MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhilai Engineering
Works continue to reflect BEW's modest scale of operations,
working-capital-intensive operations; below-average financial risk
profile, marked by low net worth and subdued debt protection
metrics. These rating weaknesses are partially offset by the
benefit that BEW derives from its promoters' extensive experience
in fabrication and casting and established customer relationships
in the steel sector.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         13         CRISIL A4 (Reaffirmed)
   Cash Credit            30         CRISIL B/Stable (Reaffirmed)
   Letter of Credit        4         CRISIL A4 (Reaffirmed)
   Term Loan              10         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BEW will benefit over the medium term from
its promoters' extensive experience and established customer
relationships in the steel sector. The outlook may be revised to
'Positive' if the company exhibits a significant and sustained
improvement in its scale of operations, while improving its
working capital cycle and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of a slowdown in
revenue growth, a significant lengthening of its working capital
cycle or higher-than-expected debt funded capital expansion
programme affecting the financial risk profile of the company.

Update
BEW reported a modest growth, as reflected in net sales of INR102
million for 2012-13 (refers financial year, April 1 to March 31),
as against INR80 million for 2011-12. The firm's operating margin
was stable at around 14.4 per cent. Also, the firm's working
capital cycle remains high with gross current asset (GCA) days of
527 days for 2012-13. It increased from previous year's level of
492 days on account of delays by customers in taking deliveries,
resulting in inventory pile up with BEW. The incremental working
capital requirement was funded through equity infusion of INR26.4
million by partners in 2012-13 and stretching payables. Despite
capital infusion, BEW's net worth has remained low at around INR55
million, as on March 31, 2013 thereby limiting its financial
flexibility to meet any exigency.

BEW was established as a partnership firm in 1968 by Mr.
Gurucharan Khurana. The firm undertakes fabrication, casting and
forging for capital equipment required by steel plants. The firm
has its facility at Bhilai. Mr. Gurucharan Khurana and his sons
Mr. Arvinder Khurana and Mr. Jeetinder Khurana oversee the day-to-
day operations of the firm.

For 2012-13 (refers to financial year, April 1 to March 31), BEW
reported, a profit after tax (PAT) of INR2.3 million on net sales
of INR100.3 million, against a PAT of INR1.6 million on net sales
of INR76.9 million for 2011-12.


CLEANCITIES LTD: CRISIL Suspends 'D' Rating on INR2.59BB Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Xtraa
Cleancities Ltd (formerly, Cleancities Biodiesel India Ltd).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            84        CRISIL D Suspended
   Letter of Credit      600        CRISIL D Suspended
   Long Term Loan        990        CRISIL D Suspended
   Packing Credit        916        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Cleancities with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Cleancities is yet to provide adequate information to enable
CRISIL to assess Cleancities ability to service its debt. The
suspension reflects CRISIL's inability to maintain a valid rating
in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
Availability Risk in Credit Ratings'.

Cleancities was set up by Mr. Srinivas Prasad Moturi in February
2006 to set up a bio-diesel plant at Vishakhapatnam (Andhra
Pradesh). The unit, with capacity to produce 250,000 tonnes of
bio-diesel per annum, commenced commercial production in November
2008. The company markets bio-diesel under the registered brand,
Cleancities Biodiesel. About 90 per cent of its revenues come from
exports.


DASHMESH AUTOS: ICRA Suspends 'B' Rating on INR5.7cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.7 crore
bank facilities of Dashmesh Autos. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company


DEEPA ENGINEERS: CRISIL Reaffirms 'B' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of Deepa Engineers continues
to reflect the firms modest scale and working-capital intensive
nature of operations and moderate financial risk profile marked by
modest net worth and moderate debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
firm derives from its promoters' extensive experience in the civil
construction business.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         27         CRISIL A4(Reaffirmed)
   Cash Credit            30         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Deepa Engineers (DE) will continue to benefit
from its promoters' extensive industry experience over the medium
term. The outlook may be revised to 'Positive' in case the firm
scales up its operations substantialy, while maintaining its
profitability and working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case DE's liquidity deteriorates
due to further elongation of its working capital cycle or if the
firm undertakes larger than expected debt-funded capital
expenditure (capex).

Update
DE is estimated to have registered operating revenues of INR137
million in 2013-14 as against INR125 million registered in 2012-
13, marginal increase has been on account of healthy order book
size mainly driven by higher orders received from its key
customers full form BARC and NPCIL during the year. The operating
profitability of the firm is estimated to have remained stable at
6.33 per cent as against 6.52 per cent. DE's operations continue
to remain working capital intensive as reflected in the estimated
Gross Current Assets (GCAs) of 188 days in 2013-14 as against 193
days in 2012-13. The firm receives payment on milestone basis, on
completion of certain milestone, engineer's from the respective
department inspects the work done and on approval the firm puts up
the bill to the customer post which it receives payments in around
60-80 days. The firm does not maintain large inventory as key raw
materials are available in local market as and when available,
leading to inventory holding of 19 to 39 days over the past three
years, the working capital requirements in further supported
creditors of 22 to 51 days over the past three years.

DE continues to have moderate financial risk profile as reflected
in a healthy capital structure marked by an estimated gearing of
0.92 times in 2013-14 as against 1 time in 2012-13, though low net
worth of INR33.7 million as on March 31 2014 continues to limit
the financial flexibility of the firm. The firm has moderate debt
protection metrics with interest coverage and Net Cash Accruals to
Total Debt (NCATD) of 2.1 times and 0.05 times respectively for
2013-14. The firm has cash accruals of INR1.2 to 2.6 million over
the past three years ended 2013-14 against which the firm had low
debt repayment obligations of around INR0.5 million.

Deepa Engineers established in 1988 by Mr. Rajan Pillai, is
engaged in civil engineering works primarily related to roads,
bridges, overhead electric towers and transmission lines for large
public sector companies. The firm has an unexecuted order book of
INR250 million to be executed over the next 2 years. Mr. Rajan
Pillai, the proprietor of the firm, manages the day-to-day
operations of the business.


EVER ELECTRONICS: ICRA Reaffirms 'B' Rating on INR23.75cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR20.75
crore (reduced from INR22.25 crore) Term Loan facilities and
INR3.00 crore (enhanced from INR1.50 crore) Cash Credit facility
of Ever Electronics Private Limited at [ICRA]B. ICRA has also
reaffirmed the short term rating assigned to the INR3.25 crore non
fund based facilities of EEPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans            20.75        [ICRA]B reaffirmed
   Cash Credit            3.00        [ICRA]B reaffirmed
   Bank Guarantee         3.25        [ICRA]A4 reaffirmed

The ratings reaffirmation takes into consideration long standing
experience of promoters who enjoy good relationship with customers
as well as expected expansion in the product portfolio which is
expected to result in improved revenue and profitability
performance. The company has been taken over by the new management
which has resulted in addition of new products to be supplied to
LG Electronics India (LG). The ratings however continue to remain
constrained by high client concentration risk as majority of the
output is sold to LG. The company is however putting efforts in
order to diversify the customer base and some new customers have
been added to the portfolio in the last fiscal. ICRA also notes
that continued net losses have translated into weak capital
structure and coverage indicators for the company. Going forward,
increasing capacity utilization and diversification of the
customer base would remain key sensitivities for the company.

In December 2013, holding company of EEPL was taken over by the
new management. The new management has another company IL JIN
Electronics India Private Limited which is a supplier to LG for
its high selling products like Air Conditioners, Microwave Ovens
and Washing Machines. ILJIN had two manufacturing facilities in
India based out of Noida and Shirur (near Pune). The Shirur
facility, which was operating in leased premises, has been closed
down and the operations have been shifted to EEPL facility. This
has resulted in expansion of the product portfolio of EEPL.

Incorporated in 2004, EEPL is engaged assembling PCBs for LG. The
company assembles PCBs for Color Televisions, LCD Televisions, DVD
players, Refrigerators and other electronic equipments of LG.
Recently the company has added products like Air Conditioners,
Microwave Ovens and Washing Machines in the portfolio. The company
is owned by Vision Creative Limited (VCL), which is a Hong Kong
based company owned by the directors of EEPL.


EXCLE PAPER: CRISIL Assigns 'D' Rating to INR82.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Excle Paper Packaging Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           22.5        CRISIL D
   Term Loan             60.0        CRISIL D

The rating reflects instances of delay by EPPPL in servicing its
debt, owing to weak liquidity. EPPPL's liquidity is stretched
owing to yet-to-stabilise operations and muted cash accruals.

EPPPL has small scale of operations and low operating margin in a
fragmented packaging industry and its financial risk profile is
below-average, marked by high gearing and weak debt protection
metrics. The company, however, benefits from its established
relationship with customers.

Incorporated in 2011, EPPPL manufactures corrugated boxes which
are used for packaging mainly in the biscuit industry. The
company's manufacturing unit is in Hajipur (Bihar). The commercial
production commenced from April 2013. The company is promoted by
Mr. Navin Motani and Mr. Gunjan Khemka.


G.K. POWER: CRISIL Suspends 'B+' Rating on INR230.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G.K. Power Transmission Co. Pvt. Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL A4 Suspended
   Bill Discounting       70         CRISIL B+/Stable Suspended
   Cash Credit            10         CRISIL B+/Stable Suspended
   Proposed Cash Credit
   Limit                 150         CRISIL B+/Stable Suspended
   Proposed Short Term
   Bank Loan Facility    109.5       CRISIL A4 Suspended
   Term Loan               0.5       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by G.K.
Power with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, G.K. Power is
yet to provide adequate information to enable CRISIL to assess
G.K. Power's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

G.K. Power, established as a proprietorship in 1993 and converted
to a private limited company, is engaged in construction of switch
yards up to 400 kv, maintenance of switchyards and lines, and has
a dealership of ABB Limited and Easun Reyrolle Limited. G.K. Power
is promoted by the Kochuraman family and is currently managed by
Mr. Gopalkrishnan Kochuraman.


GARG AGRI: ICRA Reaffirms 'B+' Rating on INR9.55cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR9.55 Crore
fund based bank facilities of Garg Agri Foods Private Limited at
[ICRA]B+. The rating suspension done in March 2014 has been
revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund       9.55         [ICRA]B+ (Re-affirmed)
   Based Facilities

The rating continues to be constrained on account of weak
financial risk profile of GAPL, which is characterized by highly
levered capital structure, low profitability margins, and weak
debt coverage. The capital structure has remained leveraged on
account of continued debt funded upgradation capital expenditure
undertaken by GAPL since the installation of Greenfield rice
milling plant in FY2012, as well as working capital requirements
to support the incremental revenue. Further, ICRA notes that
proposed debt funded capital expenditure towards installation of a
rice bran oil unit will keep the leverage levels high. Moreover,
the regulatory risks arising from government policy towards export
and open market sales limits the flexibility and realizations for
the firm, thereby keeping margins under pressure, which coupled
with aforementioned levered capital structure and corresponding
principal repayment burden result in weak debt protection
measures. The rating is also constrained by the agro-climatic
risks, which can impact the ease of availability of the paddy in
adverse weather conditions and can result in lower capacity
utilization for the rice mills. The rating however takes comfort
from long track record of the promoters in the rice milling
business and ease in paddy procurement due to location of facility
in major paddy cultivating region of the country.

Going forward, the company's ability to adequately capitalize the
operations and improve profitability while prudently managing
working capital intensity will remain key rating sensitivities
besides the installation of rice bran oil unit within envisaged
time and cost.

Garg Agri Foods Private Limited was incorporated in September 2010
by Mr. Anil Agarwal. The Company is primarily engaged in milling
of rice, and its milling unit having installed capacity of about
10 tonnes per hour is based out of Pooranpur town in Pilibhit
district in the state of Uttar Pradesh. GAPL sells its output in
domestic market, and also exports rice to countries in the Middle
East.

As per provisional results for FY2014, GAPL has achieved an
Operating Income (OI) of INR55.3 Crore and Operating Profit before
Depreciation, Interest, Tax and Amortization (OPBDITA) of INR2.4
Crore against an OI of INR41.0 Crore and OPBDITA of INR1.7 Crore
reported in FY2013.


INTERCARAT JEWELRY: CRISIL Cuts Rating on INR451MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Intercarat Jewelry Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL D (Downgraded from
                                      'CRISIL BB+/Stable')

   Packing Credit          100        CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Post Shipment Credit    239.9      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Long Term      101.1      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB+/Stable')

The ratings downgrade reflect instances of delay by Intercarat in
servicing its debt; the delays have been caused by the weakening
in the company's liquidity due to a stretch in its working capital
cycle.

Intercarat has large working capital requirements, and is exposed
to intense competition in the jewellery manufacturing industry.
The company also has an average financial risk profile marked by
its high total outside liabilities to tangible net-worth ratio and
average debt protection metrics. However, the company benefits
from the extensive experience of its promoters in the gems and
jewellery industry.

Intercarat was set up in 2003 by Mr. Harshad Mehta. The company
manufactures plain gold and diamond-studded gold jewellery. The
company is currently managed by Mrs. Priti Algouneh (daughter of
Mr. Harshad Mehta) and her husband, Mr. Majid Algouneh.


JAYAALAXMI MINERAL: ICRA Suspends 'D' Rating on INR23cr Loans
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR18.00 crore term loan facility and the INR5.00 crore fund based
facility of Jayaalaxmi Mineral Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance, in
the absence of the requisite information from the company.


JAYESH OIL: CRISIL Suspends 'D' Rating on INR100MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jayesh Oil Trade Pvt Ltd (Jayesh; part of the Jayesh group).


                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL D Suspended
   Working Capital
   Demand Loan            80        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Jayesh with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Jayesh is yet to
provide adequate information to enable CRISIL to assess Jayesh's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

CRISIL has combined the business and financial risk profiles of
Jayesh and Bhogi, together referred to as the Jayesh group. This
is because the two entities are engaged in the same business, have
operational linkages with each other, and are under common
promoters.

The Jayesh group trades in refined bleached deodorised (RBD)
palmolein oil. The group is managed by the Shethia family, which
has been in this business for nearly three decades. Jayesh sources
RBD palmolein oil from established refiners, such as Gokul Refoils
& Solvent Ltd, Adani Willmar Ltd, Bunge India Pvt Ltd, and Ruchi
Soya Industries Ltd, and sells it through a network of dealers and
wholesalers.


K. R. FERRO: CRISIL Cuts Rating on INR268MM Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
K. R. Ferro Alloys Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit       25         CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan             203         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by KRF in
servicing its debt; the delays have been caused by the company's
weak liquidity.

KRF is also exposed to intense competition in the ferro alloy
industry, and its profitability margins are susceptible to
volatility in raw material prices. However, the company benefits
from the experience of KRF's promoters in the ferro alloy
industry.

KRF was incorporated in 1995 as Karthik Securities Pvt Ltd by Mr.
B Gopala, and got its current name in 2008. KRF manufactures high-
carbon ferro manganese and silico manganese.


KAMDHENU & COMPANY: CRISIL Suspends 'D' Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kamdhenu & Company.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            50         CRISIL D Suspended
   Letter of Credit       30         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Kamdhenu with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Kamdhenu
is yet to provide adequate information to enable CRISIL to assess
Kamdhenu's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Kamdhenu, established in 2006 as a partnership firm, trades in
edible oils, including sunflower, soya bean, rice bran, and palm
oils. The firm, initially promoted by Mr. Prem Kumar Agarwal and
others, is currently owned and managed by Mr. Naresh Kumar
Agarwal, Mr. Kamal Kumar Agrawal, Mr. Vimal Kumar Agarwal, and Mr.
M Jaswant Reddy as partners.


KAMSRI PRINTING: ICRA Revises Rating on INR13.74cr Loans to 'C'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR4.94
crore (revised from INR6.07 crore) term loan facilities and the
INR8.80 crore (revised from INR10.00 crore) fund based facilities
of Kamsri Printing & Packaging Private Limited to [ICRA]C from
[ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            4.94        [ICRA]C/revised from
                                     [ICRA]B+

   Long-Term Fund
   Based Limits          8.80        [ICRA]C/revised from
                                     [ICRA]B+

   Short-Term Non-
   Fund Based Limits     0.56        [ICRA]A4/Rating Withdrawn

ICRA has also withdrawn the [ICRA]A4 (pronounced ICRA A4) rating
assigned to INR0.56 crore short term non-fund based facility of
Kamsri Printing & Packaging Private Limited, as the said bank
facility has been closed and there are no outstanding amounts
against the rated bank facility.

The revision in rating factors in frequent overdrawls on the
drawing power of the cash credit facility availed by the company
owing to its tight liquidity position. The company's financial
profile remains stretched with considerable net losses during
2013-14, high gearing and weak coverage indicators. The Company's
current small scale of operations restricts financial flexibility
while high competitive intensity in the industry limits pricing
flexibility. However, ICRA takes note of the extensive experience
of the promoters in printing industry and the company's
established relations with customers and suppliers supporting the
business prospects over long term. Going forward, the Company's
ability to scale up its operations, improve its operating
performance and ease the pressure on liquidity and capital
structure would remain key rating sensitivities.

Kamsri Printing & Packaging Private Limited was incorporated in
1991, by Mr. Suresh Srinivasan. The Company is engaged in offset
printing on packaged cartons, inserts, outserts, and apparel
cartons for branded goods, wrap bands, labels, leaflets and
brochures. KPPL's operations primarily consist of buying paper and
paper boards which are subsequently folded into various sizes and
printed as per customers' requirements. The Company primarily
caters to pharmaceutical, apparel and high end FMCG sectors.

Recent Results

For 2013-14, the company reported an operating income of INR27.8
crore with a net loss of INR2.7 crore as against an operating
income of INR25.3 crore with a profit after tax of INR0.1 crore
during 2012-13.


METECNO (INDIA): CARE Ups Rating on INR37cr Bank Loan From 'D'
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Metecno
(India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     37         CARE C Revised from
                                            CARE D

   Short term Bank Facilities    18         CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings factors in the improvement in the debt
servicing track record of Metecno (India) Private Limited,
subsequent to restructuring of its debt. The rating however
continues to be constrained by the cash losses, the elongated
collection cycle and resultant tight liquidity position of the
company. Going forward, the continued infusion of funds by the
promoters would be critical for servicing the debt commitments of
the company till the company's performance recovers. At the same
time, the ability of the company to bag additional orders, improve
its capacity utilization and return to profits, while improving
its collection from its customers would be critical to improve the
liquidity profile of the company and hence will be the key rating
sensitivities.

MIPL was incorporated in 2005 to manufacture sandwich PUF (Poly
Urethane Foam) panels, which find use in industrial buildings as
walls, roof and insulators. The sandwich panels are produced with
profiled pre-painted zinc coated/galvalume coated steel and
combined with polyurethane as the insulation material. The company
started production of continuous line products from April 2007.
Its production facility has the capacity to manufacture 12 lakh
square metre per annum. MIPL sells its insulated panel roofing and
wall products under the brand names 'Glamet', 'Mono Wall' and
'FrigoWall' respectively. The company supplies its panels to
institutional customers like BHEL, IRCON, Indian Railways, L&T
ECC, TVS, Ashok Leyland, SEPCO and other engineering contractors.

MIPL incurred a net loss of INR8.11 crore on a total operating
income of INR56.53 crore in FY13 (refers to the period April 1
to March 31) as compared with a net loss of INR5.50 crore on a
total operating income of INR84.63 crore in FY12.


NATIONAL AUTOPLAST: ICRA Suspends 'D' Rating on INR19.05cr Loans
----------------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating outstanding on INR14.00
crore term loan facilities, INR3.50 crore long term fund based
facilities and INR1.55 crore short term non fund based facilities
of National Autoplast. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


NATIONAL STEEL: CRISIL Reaffirms 'B' Rating on INR180MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of National Steel Supplier
continue to reflect NSS's below-average financial risk profile
marked by small net worth, high gearing, large working capital
requirements, and investments into unrelated business. The ratings
also factor in the firm's average scale of operations, exposure to
intense competition in the steel industry, and susceptibility to
volatility in input prices. These rating weaknesses are partially
offset by the extensive industry experience of NSS's promoter and
his established relationship with suppliers and customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit           180        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NSS's financial risk profile will remain
below average over the medium term as the firm's working capital
requirements are likely to remain large and it is likely to
continue investing in unrelated businesses. The outlook may be
revised to 'Positive' in case of significant improvement in NSS's
financial risk profile, particularly liquidity, driven by large
cash accruals or reduced investments in unrelated businesses.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly liquidity, weakens because of
large working capital requirements or additional investments in
real estate, land, or equity shares.

NSS is a proprietorship firm set up in 1982 by Mr. Anand Prakash
in Ghaziabad (Uttar Pradesh). It trades in steel products such as
thermo-mechanically treated (TMT) bars, angles, shapes and
sections, beams, billets, and rounds. It is also the consignment
agent of Rashtriya Ispat Nigam Ltd (RINL) for Ghaziabad and
Dehradun (Uttarakhand), wherein it undertakes transportation,
grading, sizing, and warehousing activity on behalf of RINL.


NEW ERA: CARE Assigns 'B-' Rating to INR1.50cr Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of New Era Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1.50       CARE B- Assigned
   Short-term Bank Facilities    6.50       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of New Era Industries
(NEI) are primarily constrained by its small scale of operations
with low net-worth base, weak financial risk profile characterized
by loss making operation in FY13 (refers to the period April 01 to
March 31), stressed coverage indicators and long operating cycle.
The ratings are further constrained by its exposure to foreign
exchange fluctuation risk with presence in a highly competitive
industry and its constitution being a partnership firm.

The ratings, however, draw comfort from the experienced partners,
long track record of operations of the firm and moderate capital
structure.

Going forward, NEI's ability to increase the scale of operations
while achieving the envisaged profitability levels shall be the
key rating sensitivities. Furthermore, effective management of the
working capital and foreign exchange fluctuation risk shall also
be the key rating sensitivities.

New Era Industries is a partnership firm established in 1987 and
is presently being managed by Mr Aman Khanna and Ms Manju Khanna
as partners having profit and loss sharing ratio of 2:1. The firm
is engaged in the business of interior and exterior infrastructure
work like installation of real wood veneered panels,
clay/terracotta panels/tiles, expanded metal meshes and artificial
stone veneers for hotels, commercial and residential complexes.
The firm imports the required products from countries like Spain,
Switzerland, Hawaii and Italy. The firm has a group entity i e New
Era Livingdeco FZE which is engaged in the similar line of
business and operates in the free trade zone of Dubai (UAE).

During FY13, NEI achieved a total operating income of INR8.26
crore with a net loss of INR0.64 crore. Furthermore, the firm
had achieved a total operating income of INR7.18 crore in FY14.


NIMITAYA HOTELS: CARE Assigns 'C' Rating to INR108cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE C/ CARE A4' ratings to the bank facilities of
Nimitaya Hotels & Resorts Limited Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     108        CARE C Assigned
   Short term Bank Facilities      3        CARE A4 Assigned

Rating Rationale

The ratings assigned to Nimitaya Hotels & Resorts Limited Ltd are
constrained by its stressed liquidity position on account of high
loans and advances extended to the group companies, instances of
overdrawals in working capital limits in the past and weak
financial risk profile. The ratings also take into account the
company's small scale of operations and competition from the
upcoming and existing hotels in the vicinity of the hotel
property.

The rating, however, derives strength from the resourceful
promoters, favourable location of the hotel property and
operational tie-up with ITC Fortune Hotels.

Going forward, the company's ability to effectively manage its
liquidity position and maintain profitable operations while
achieving the envisaged Average Room Revenue (ARR) and occupancy
levels amidst increasing competition would remain the key rating
sensitivities.

Incorporated in September 2006, Nimitaya Hotels & Resorts Limited
is engaged in operating a 4-star hotel in Gurgaon (Haryana). NHRL
is a part of the Nimitaya group, which has been promoted by
Mr.Brij Mohan Mahajan and Mr Sanjeev Mahajan, and is primarily
involved in real estate development and the hospitality business.
During July 2010, NHRL completed the project of 135-room hotel
(including 09 suites) at Gurgaon (Haryana) at a total project cost
of INR85 crore funded through debt of INR45 crore and the
remaining through equity. NHRL is operating this hotel with
operational tie-up with ITC Fortune Hotels under the brand name of
"Fortune Select Excalibur".

In FY14 (provisional: refers to the period April 1 to March 31),
the company reported a total operating income of INR16.74 crore
and a net loss of INR8.01 crore as against a total operating
income of INR17.41 crore and a PAT of INR1.68 crore in FY13.


PAC BIO: ICRA Revises Rating on INR10.68cr Loans to 'B+'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.68
crore (reduced from INR6.15 crore) term loan facility and INR5.00
crore (enhanced from INR0.70 crore) fund based bank facility of
PAC Bio Fungbact Private Limited from [ICRA]B to [ICRA]B+. ICRA
has also assigned an [ICRA]B+ rating to the INR2.68 crore long-
term unallocated bank facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            5.68        [ICRA]B+ Revised from
                                     [ICRA]B

   Long term fund        5.00        [ICRA]B+ Revised from
   based facility                    [ICRA]B

   Unallocated
   facilities            2.68        [ICRA]B+ Assigned

The revision in the rating, factors in the stabilization in
operations of PAC Bio Fungbact Private Limited (PBFPL), backed by
the established experience of the promoters of in the agri-
business as well as the favourable demand for bio-fertilizers
supported by their increasing awareness and cost viability. The
capital structure of PBFPL improved significantly in FY14,
supported by healthy profit retention and equity infusion by
promoters, although gearing levels continue to remain stretched
due to working capital intensive nature of operations.
The rating, however, is constrained by PBFPL's small scales of
operations and its exposure to intense competition, from
manufacturers of chemical fertilizers due to their large scale
presence and easy availability, which exerts pricing pressures.
The company is also vulnerable to agro-climatic risks by virtue of
being a bio-unit. The high inventory holding period of the company
has adversely impacted its liquidity, thereby increasing the
working capital intensity of the business and hence, dependence on
external borrowings.

Established in 2010, PBFPL is engaged in the manufacture of bio-
pesticides.The company has its head office and manufacturing
facility in Madhi, Dist.Surat (Gujarat).

Recent Results
As per its audited financials for FY13, PBFPL recorded a loss of
INR0.43 crore on an operating income of INR3.38 crore. For the
year ending March 31, 2014, the company recorded a profit before
tax of INR4.45 crore on an operating income of INR14.69 crore as
per its provisional financials.


PELICAN INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR2.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pelican International
Pvt Ltd continue to reflect PIPL's below-average financial risk
profile marked by its small net-worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics. The ratings of the company are also
constrained on account its exposure to intense competition in the
tyre trading industry resulting in its low profitability margins.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            2.5        CRISIL B+/Stable
   Letter of Credit     187.5        CRISIL A4

These rating weaknesses are partially offset by the extensive
industry experience of its promoters, the company's efficient
working capital management, and its low exposure to risks related
to inventory losses on account of the order-backed nature of its
operations.

Outlook: Stable

CRISIL believes that PIPL 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 there is a substantial and sustained
improvement in the company's profitability margins, while it
registers a healthy revenue growth, or there is a substantial
improvement in its capital structure on the back of sizeable
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely because of a stretch in its working
capital cycle.

PIPL was incorporated in 2005 by Mr. Girish Aggarwal. The company
trades in tyres and mild steel products. Trading of tyres
contribute to around 75 per cent of the company's revenues. The
company is based in Hyderabad, Andhra Pradesh.

PIPL's promoters have been in the tyre industry for more than 20
years through another group company - Pelican Rubber Ltd (PRL).
PRL manufactures butyl rubber tubes used in tyres for two- and
three-wheelers, passenger cars, jeeps, trucks, and earth movers
and sold under the Avis brand.


PITAMBARA AGRI: CRISIL Suspends B- Rating on INR57.5MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pitambara Agri Sciences Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              57.5       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by PAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PAPL is yet to
provide adequate information to enable CRISIL to assess PAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2011, PAPL is currently setting up a fully
automated dairy farm in Mau district (Uttar Pradesh), which will
comprise about 500 Holstein-Friesian cows and a combined capacity
to produce about 6000 litres of milk per day. Civil work and
installation of machinery on the farm is expected to be completed
around December 2012. The commercial production is expected to
commence with the purchase of the first batch of cows in January
2013 and the remaining procurements will be completed in batches
by June 2013. The project involves a total outlay of about INR76.7
million, of which about INR6.5 million of capex has been completed
till date.


RATAN ENGINEERING: ICRA Revises Rating on INR14cr Loans to 'B'
--------------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]B+' to '[ICRA]B'
of Ratan Engineering Company Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.50        [ICRA]B revised from
                                     [ICRA]B+

   Term Loan            11.50        [ICRA]B revised from
                                     [ICRA]B+

The revision in the rating takes into account the decline in
profitiablity of the business on account of high competitive
pressures and higher overheads due to newly set up unit for
production which has not been fully utilized on account of lower
than anticipated demand. Further the ability of the company to
service the huge debt and interest obligations remains a key
rating sensitive area. The rating continues to be constrained by
the highly competitive nature of the industry with low entry
barriers and high client concentration risk of the company as it
supplies major percentage of its products to BHEL (Bharat Heavy
Electronics Ltd). The rating however continutes to takes into
account long standing experience of the promoters in the business
and also the reputed client base of the firm.

Going forward, the ability of the company to achieve high growth
in revenue from its core business operations and maintaining
enough profitability to cover its interest and debt obligations
will be the key rating areas.

The company was established in the year 1987 and is engaged in the
manufacturing of steel casting products. The company manufactures
industrial valves, turbine components and other types of castings.
At present, the company had an installed production capacity of
1350 MT in FY 13 which has been increased to 4950 MT in FY14 due
to setting up of another unit in Kahrani near Bhiwadi in
Rajasthan. The new unit started its operations in May 2013.

Recent Results

In 2012-13, RECPL reported a net profit of INR0.05 crores on an
operating income of INR10.45 crores against net profit of INR0.09
crores on an operating income of INR8.94 crores in 2011-12.


REAL COTTON: CARE Assigns 'B' Rating to INR12.85cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Real Cotton
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.85       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Real Cotton
Industries (RCI) is primarily constrained on account of risk
associated with stabilization of its operations and presence in
the highly fragmented and competitive cotton ginning industry. The
rating is further constrained due to susceptibility of operating
margins to cotton price fluctuation, seasonality associated with
the cotton industry and susceptibility to the change in the
government policies.

The above constraints outweigh the benefits derived from the
partners' experience and locational advantage in terms of
proximity to the cotton-growing regions in Gujarat.
Stabilization of business operations and ability to achieve the
envisaged level of sales and profitability in light of the
competitive nature of the industry are the key rating
sensitivities.

Rajkot (Gujarat) based, Real Cotton Industries was formed in
August 2013 as a partnership firm by five partners with equal
profit and loss sharing agreement between them to undertake green
field project in the field of cotton ginning & pressing of cotton
bales and cotton seeds. RCI operates from its sole manufacturing
facility located in Rajkot (Gujarat) and has an installed capacity
of 12,920 metric tonnes per annum (MTPA) of cotton bales. The
total project cost was of INR9.11 crore, which was funded through
a term loan of INR2.85 crore and the balance by way of partners'
capital and unsecured loan. RCI has commenced commercial
production from the first week of June 2014.


REVIVE CONSTRUCTION: CRISIL Rates INR100 Million Loan at 'B'
------------------------------------------------------------
CRISIL's has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Revive Construction Company (India) Pvt
Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         100        CRISIL A4
   Overdraft Facility     100        CRISIL B/Stable

The ratings reflect company's weak financial risk profile, marked
by high gearing and small net worth, modest scale of operations,
working capital intensity of operations, and susceptibility to
risks related to intense competition in the civil construction
industry. These rating weaknesses are partially offset by the
extensive experience of Revive's promoters in the civil
construction industry.

Outlook: Stable

CRISIL believes that Revive will continue to benefit from the
extensive experience of the prompters in the civil construction
sector, over the medium term. The outlook may be revised to
'Positive' if the company diversifies and sustainably improves its
scale of operations and profitability, thereby enhancing its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Revive's financial risk profile weakens, due to
reduced revenues and margins, or if the company undertakes a large
debt-funded capital expenditure (capex) programme, or in case of
delays in the receipt of bills from its principal contractors.

Revive was set up by Mr.A R Nasarudeen and his family in
Trivandrum (Kerala) in 2009. The company undertakes civil
construction works related to the construction of roads.

Revive reported a profit after tax (PAT) of INR3 million on net
sales of INR247 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR0.5 million on net
sales of INR147 million for 2011-12.


SALORAA FABS: CRISIL Suspends 'B' Rating on INR7.3MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Saloraa
Fabs (SF).

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Export Packing Credit       25       CRISIL A4 Suspended
   Foreign Bill Discounting    25       CRISIL A4 Suspended
   Long Term Loan               7.3     CRISIL B/Stable Suspended
   Proposed Bill Discounting    5       CRISIL A4 Suspended
   Facility
   Proposed Export Packing      5       CRISIL A4 Suspended
   Credit

The suspension of ratings is on account of non-cooperation by SF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SF is yet to
provide adequate information to enable CRISIL to assess SF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SF set up as a proprietorship firm in 2003 is engaged in
manufacture of readymade (RMG) garments mainly for men. The firm
exports to the European market and derives its entire revenues
from supplies to Industria de DiseƱo Textil, S.A. (referred to as
the Inditex group) one of the world's largest fashion
distributors. The day to day operations are managed by Mr. S.
Ramesh who has more than ten years of experience in the RMG
segment.


SARVESH AGENCIES: CARE Assigns 'B+' Rating to INR5cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sarvesh Agencies Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities      5        CARE B+ Assigned
   Short term Bank Facilities     5        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sarvesh Agencies
Private Limited are constrained on account of its weak financial
risk profile marked by thin profitability margins and elevated
gearing levels, relatively small scale of operations and intensely
competitive nature of the industry, which is likely to exert
pricing pressure on SAPL and the inherent cyclicality in the steel
industry which is likely to keep its cash flows volatile.

The ratings, however, derive strengths from the experienced
promoters and established supplier and customer base.
The ability of the company to increase its scale of operations
along with improvement in profit margins and capital structure
remains the key rating sensitivity.

Incorporated in 2008, Nagpur-based SAPL is promoted by Mr Sarvesh
Agrawal and Ms Ritu Agrawal. SAPL is primarily engaged in the
trading of TMT bars of varying sizes from 8mm to 32mm in eastern
Maharashtra and western Madhya Pradesh. SAPL mainly supplies to
infrastructure companies, real estate developers and also
distributes it to wholesalers.

The company procures the TMT bars from Nagpur base players like
Rohit Iron and Steel India Private Limited, Jamnadas & Co (rated
'CARE B+'), Sohanlal Sons, Nandlal D Mehta and various other local
suppliers.

SAPL has a warehouse (5,000 sq ft) located at Butibori industrial
area of Nagpur. However entire sales of the company are order
backed and are directly supplied to the customer from the
manufacturer/dealer location.

As per provisional results of FY14 (refers to the period April 1
to March 31), SAPL registered a PAT of INR0.35 crore on a
total operating income of INR66.38 crore as against PAT of INR0.19
crore on a total operating income of INR62.38 crore in
FY13.


SHARP REALTORS: CARE Downgrades Rating on INR75cr Loan to 'D'
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sharp
Realtors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      75        CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating takes into account the on-going delays
in the servicing of the firm's debt obligations taken for
funding its project, namely, 'Durvas' Phase II in Nallasopara
(East), Thane.

M/s Sharp Realtors is promoted by the Swastik Group to execute a
residential-commercial-retail project as a part of "Yashwant Viva
Township" in the Alkapuri locality at Nallasopara (East), Thane.
Swastik group, engaged in the construction business for more than
11 years was started by Mr Deepak Shah, Mr Hemant Mhatre, Mr
Kishore Naik and Mr Pankaj Thakur and has completed about 10.10
lsf of construction till date and has ongoing projects with total
area under construction of 59.10 lsf.

SR has undertaken construction of the said township project in
phases. For the first phase (Phase I), SR completed the
development of a residential project on land admeasuring 31,165
square meters (sqm) having a total saleable area of 3.43
lakh square feet (lsf) namely 'Durvas' residential project and it
is a part of the Yashwant Viva Township. For the second
Phase (Phase II), SR is constructing a Mall having a total area of
4.50 lsf. The estimated cost for the Mall project is around
INR140 crore out of which, the entity has already incurred
INR97.12 crore as on February 20, 2014. Cost of INR97.12 crore
was financed through the partners' capital of INR30.30 crore, debt
of INR45.56 crore, unsecured loan of INR15.08 crore and
creditors of INR6.28 crore.


SHELL IN: CARE Assigns 'D' Rating to INR31.72cr Bank Loan
---------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Shell In
International Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     31.72      CARE D Assigned

Rating Rationale

The ratings factor in the ongoing delays in servicing of debt
obligations by the company on account of its constrained
liquidity position.

Shell Inn International Limited, a company incorporated in
February 18, 1993, is promoted by the Fariyas group based in
Mumbai, which has considerable experience in the hospitality
industry. Mr. Moez Karim Maredia and Mr. Malik Karim Maredia are
the promoter Directors of the company. The 87-room, 4-star
category 'Fariyas Hotel' at Colaba, Mumbai and the 103-room, 5-
star deluxe category 'Fariyas Resort' at Lonavala are part of the
Fariyas group of hotels.

SIIL commenced operations of its 4-star hotel viz. "Holiday Inn
International" with 225 rooms at Sakinaka Junction, Andheri
(East), Mumbai on 1st April 2010. During November 2012, the
company added another 20 rooms taking total room inventory to 245
rooms. SIIL has been incurring losses since commencement i.e. FY
11 (refers to the period April 1, 2010 to March 31, 2011) of its
operations primarily due to medium-term locational disadvantages
created due to the construction of the Mumbai Metro Rail,
competition from existing and upcoming hotels in the vicinity
coupled with the inherent cyclical nature of the hospitality
industry. During FY 13 the company reported revenue of INR52.88
crore with net loss of INR2.13 crore. Although the PBILDT margin
stands at 28.14%, the company has been incurring losses on account
of high finance cost.


SRI SAI: ICRA Suspends 'D' Rating on INR8.79cr Loans
----------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR6.74 crore term loan facility and the INR2.05 crore fund
based facility, of Sri Sai Saptagiri Sponge Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance, in the absence of the requisite information from the
entity.


TRISTAR GLOBAL: CRISIL Assigns 'B-' Rating to INR160MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Tristar Global Infrastructure Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B-/Stable

   Cash Credit            150        CRISIL B-/Stable

   Letter of Credit       270        CRISIL A4

The ratings reflect the company's stretched liquidity driven by
its working-capital-intensive and small scale of operations. These
weaknesses are partially offset by the promoters' extensive
experience in the specialised construction segment.

Outlook: Stable

CRISIL believes that TGPL's liquidity will remain stretched
because of its working-capital-intensive operations. The outlook
may be revised to 'Positive' if the company strengthens its
financial risk profile with its enhanced liquidity, and improved
working capital cycle. The outlook may be revised to 'Negative' if
the company's liquidity is stretched.

TGPL was incorporated in 1999, as a private limited company in
Delhi. The company is owned and managed by Mr. Vijay Vasudeva
along with his family members. TGPL operates in the construction
business, which includes specialised jobs like waterproofing,
installation of expansion joints, roofing and related activities.


TRIVENI SILK: ICRA Suspends 'B+' Rating on INR14.50cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR14.50 crore fund based facilities of Triveni Silk Mills.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Triveni Silk Mills, a partnership firm established in 1990 is
managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is
engaged in the production of cotton and synthetic fabrics which is
used in making ladies suits, dress materials, shawls, etc.


V. G. SHIPBREAKERS: CRISIL Rates INR70MM Cash Credit at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of V. G. Shipbreakers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B-/Stable (Assigned)
   Letter of Credit       80        CRISIL A4 (Assigned)

The ratings reflect the company's weak financial risk profile,
marked by a modest net worth, a high total outside liabilities to
tangible net worth ratio, and subdued debt protection metrics, and
its stretched liquidity driven by delayed payments from its
customers. The ratings also factor in VG's susceptibility to
cyclicality in the ship breaking industry and to volatility in
steel scrap prices. These rating weaknesses are partially offset
by the promoters' extensive experience in shipbreaking and steel
trading businesses.

Outlook: Stable

CRISIL believes that VG will benefit over the medium term from the
extensive experience of its promoters in the ship breaking and
steel trading industries. The outlook may be revised to 'Positive'
if higher-than-expected revenue and in turn cash accruals or
sizable equity infusion of funds by the promoters lead to
improvement in the company's financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' if VG
witnesses a significant decline in its revenue or deterioration in
its profitability, further deteriorating its financial risk
profile, particularly liquidity.

VG, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VARUN CASTINGS: ICRA Reaffirms 'B+' Rating on INR4cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR4.45 crore (enhanced from INR4.00 crore) fund based limits and
short term rating of '[ICRA]A4' to the INR5 crore of Non-fund
based limits of Varun Castings Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        4.00        [ICRA]B+ (reaffirmed)
   Term Loan                0.45        [ICRA]B+ (assigned)
   Non Fund Based Limits    5.00        [ICRA]A4 (reaffirmed)

The ratings of the company are constrained by VCPL modest scale of
operations resulting in inadequate economies of scale which
coupled with intensely competitive nature of the steel industry
have resulted in modest operating margins and weak debt coverage
indicators. Modest scale of operations coupled with low accruals
and high dependence on working capital borrowings have led to weak
capitalization indicators. Further, VCPL's revenue is exposed to
adverse movements in prices of key material like MS Scrap. However
the ratings are supported by long standing track record of the
promoters in the steel industry and favourable demand outlook for
the steel industry driven by increased demand from TMT bars
manufactures.

VCPL incorporated in 2009 is a closely held limited company which
is engaged in the manufacturing and selling of Steel Ingots and
has its manufacturing plant located in Mandi Gobindgarh, Punjab.
VCPL has installed capacity of 16200 MTPA. In addition, the
company reports a yield of ~97% in the process of converting scrap
to MS Ingots. The company sources its key raw material which is MS
Steel (Mild Steel) from domestic suppliers and also imports from
Middle East countries i.e Dubai, Abu Dhabi and South Africa.


VIJAYASAI TEXTILES: CRISIL Reaffirms 'D' Rating on INR100MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vijayasai
Textiles Pvt Ltd continues to reflect the instances of delay by
VTPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL D (Reaffirmed)
   Long Term Loan          42        CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      18        CRISIL D (Reaffirmed)

The rating also factors in VTPL's small scale of operations in the
fragmented textile industry, and its below-average financial risk
profile marked by a highly leveraged capital structure. The
company, however, benefits from its promoter's experience in the
textile industry.

VTPL, set up in 1993, manufactures polyester yarn. The day-to-day
operations of the company are managed by Mr. Munusamy along with
his brothers.

VTPL reported a loss of INR6.6 million on a total income of
INR194.5 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a loss of INR5.8 million on a total income
of INR163 million for 2011-12.



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


GK MLOX3: Moody's Downgrades Rating on Class D Notes to Ca
----------------------------------------------------------
Moody's Japan K.K has downgraded the rating for the Class D Notes
issued by GK MLOX3.

The affected rating is as follows:

Class D, downgraded to Ca (sf); previously on December 6, 2011,
confirmed at Caa3 (sf)

Deal Name: GK MLOX3

Class: Class D Notes

Issue Amount (Initial): JPY5.8 billion

Dividend: Floating

Issue Date (Initial): September 13, 2007

Legal Final Maturity: June 28, 2015

Underlying Asset (Initial): Five Loans by five borrowers

Originator: Merrill Lynch Japan Finance Kabushiki Kaisha (as of
the issue date)

Arranger: Merrill Lynch Japan Securities Co. Ltd.

Ratings Rationale

The rating action is prompted by Moody's expectation that the
Class D notes will incur further losses, owing to decreased
recoveries from special servicing of the underlying loan.

The transaction is currently secured by one non-recourse loan,
which is backed by four properties.

Given the properties' non-prime locations and tenant concentration
risk, they have not been sold under the special servicing which
has been taking place since November 2011.

Moody's has therefore lowered the valuation of the properties. As
a result, the Class D notes will incur larger losses.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.

Factors that would lead to an upgrade or downgrade of the rating:

The key rating driver of the deal is the loan-to-value (LTV)
ratio, because the credit quality of the rated tranches is
supported by the sales proceeds of the underlying properties. The
decrease or increase in LTV for Class D may lead to an upward or a
downward rating pressure.


MT. GOX: Judge Approves U.S. Bankruptcy
---------------------------------------
Michael Bathon at Bloomberg News reports that Mt. Gox Co., once
the world's largest bitcoin exchange, won approval of its U.S.
bankruptcy filing, giving a boost to a Japanese investigation into
the disappearance of 650,000 units of the digital currency.

U.S. Bankruptcy Judge Stacey G. Jernigan said on June 18 in Dallas
she has "ample legal authority" to accept the U.S. filing and
recognize Mt. Gox's Japanese bankruptcy as the foreign main
proceeding, Bloomberg relates.  The ruling empowers the company's
Japanese trustee to examine witnesses, gather and review evidence,
and oversee assets in the U.S., such as servers, the report notes.

"This is really going to be all about the customers," who make up
almost all of the creditors, and trying to get them a recovery,
Judge Jernigan said at a hearing, Bloomberg relays.

Bloomberg notes that Mt. Gox in February sought court protection
in Japan after losing 850,000 bitcoins, then valued at about $473
million. Customers lost about 750,000 and Mt. Gox lost about
100,000 of its own. The company later found 200,000 in an old-
format digital wallet.

The exchange sought U.S. protection March 9 under Chapter 15 of
the bankruptcy code, the report relates. Chapter 15 allows a
bankruptcy court to protect the U.S. assets of foreign companies
that are restructuring or liquidating abroad, help organize
creditors, and enforce rulings from the foreign proceedings.

According to Bloomberg News, the Japanese court put Mt. Gox into
liquidation in April and appointed a trustee to investigate the
disappearance of the bitcoins, which the company said in court
papers was probably the result of a "massive theft."

                        About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


BANK OF MONGOLIA: Moody's Assigns (P) B1 Rating on LT Senior Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 rating on the long-
term senior unsecured debt under the Trade and Development Bank of
Mongolia LLC's (TDBM) $1 billion Global Medium Term Notes (GMTN)
Program.

The program carries a letter of support from the Ministry of
Finance on behalf of the Government of Mongolia (B1, negative).

At the same time, Moody's has assigned a B1 rating to TDBM's
proposed senior unsecured notes, which will be drawn from the GMTN
program.

All ratings have a negative outlook.

The program's ratings do not immediately apply to any individual
notes issued under the program.

Ratings on individual notes issued under the program will be
subject to Moody's satisfactory review of the terms and conditions
set forth in the final base and supplemental offering circular and
pricing supplements of the notes to be issued.

Ratings Rationale

The letter of support to the GMTN program includes the indemnity
provided -- on behalf of the Government of Mongolia -- by the
Ministry of Finance. But there is not any expressed or implied
government guarantee intended.

Accordingly, as the letter is not an explicit guarantee, Moody's
does not apply credit substitution when assessing the program's
rating.

Therefore, the ratings rationale of the program is not underpinned
by the letter of support from the government, but by TDBM's own
ratings, which are the same as the B1 debt ratings of the
government.

However, Moody's does incorporate one notch of systemic support in
the B1 rating of TDBM and the willingness of the Government of
Mongolia to issue the letter of support is evidence of the high
probability of support that is assumed in the rating. TDBM is a
systemically important bank as it is the largest in the country by
assets.

TDBM's baseline credit assessment (bca) of b2 reflects its: (1)
solid market position as a leading corporate lender in foreign
exchange and trade-related businesses; (2) sound profitability and
good operating efficiency; and (3) diversified funding sources
from both domestic depositors and foreign financial institutions.

However, the ratings are constrained by the bank's: (1) high
concentration risk, against the backdrop of the limited diversity
of Mongolia's economy, and which renders the economy vulnerable to
external factors; (2) substantial capital needs, assuming that the
Mongolian economy and the availability of credit continue to grow
at a rapid pace; and (3) potential challenges related to corporate
governance that could arise from its narrow shareholding
structure.

Moody's changed the rating outlooks of all rated Mongolia banks to
negative from stable in January 2014, reflecting their
vulnerability to the intensification of adverse developments in
the operating environment.

In addition, TDBM is vulnerable to a deterioration in asset
quality, given its high loan concentration and portfolio of
corporate loans.

Moody's notes that TDBM's top 20 group borrower exposures were
equivalent to 45.5% of its total loans at end-2013. More than 50%
of these borrowers were also in risky sectors, such as mining and
construction. The latter accounted for 21.7% and 16.7% of the
bank's total loans at end-2013.

An upgrade of the bank's ratings is unlikely, given that the B1
ratings assigned to TDBM are at the same rating level as the
sovereign rating and the fact that outlooks on the ratings of both
the bank and the government are negative.

Nonetheless, the bca could be raised if the bank substantially
reduces its borrower concentration and exposure to risky sectors.

On the other hand, the following factors could exert negative
pressure on TDBM's ratings: (1) corporate governance-related
problems that cause a loss of depositor confidence, therefore
increasing the threat of deposit flight; (2) a significant
deterioration in asset quality; for example new non-performing
loans to gross loans exceed 4.0%; (3) a rise in concentration, or
a rise in exposures to risky sectors, in particular construction;
(4) Tier 1 falls below 9%; or (5) a significant deterioration in
profitability, such that net income is less than 1.4% of average
risk weighted assets.

The bank's other ratings are:

- Bank financial strength of E+; local currency bank deposit
rating of B1; foreign currency bank deposit rating of B2; issuer
rating of B1; foreign currency long-term senior unsecured
debt/subordinate debt of B1/B2; and foreign currency long-term
senior unsecured MTN/subordinate MTN of (P)B1/(P)B2.

- Local currency/foreign currency short-term deposit rating of NP;
local currency/foreign currency short-term issuer rating of NP;
and other short-term rating of (P)NP.

Moody's does not intend to assign ratings to individual notes
issued under the program with features linked to the performance
of another obligor (credit-linked notes).

Nor does it intend to assign ratings to notes for which payment of
principal or interest is variable and contractually dependent on
the occurrence of a non-credit-linked event or the performance of
an index (non-credit-linked notes).

The only exception will be for notes whose principal and coupon
payments are affected by standard sources of variation.

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

Trade and Development Bank of Mongolia LLC is based in
Ulaanbaatar. It is the largest banks in Mongolia by assets. At 31
March 2014, the bank's consolidated assets totaled MNT5.1 trillion
($2.8 billion).


TRADE AND DEVELOPMENT: S&P Rates Proposed US$1BB MTN Program 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term and
'B' short-term issue ratings to a proposed medium-term notes (MTN)
program under which Trade and Development Bank of Mongolia LLC
(TDB; B/Negative/B) may issue notes up to a maximum of US
$1 billion.  S&P also assigned its 'B' long-term issue rating to a
proposed drawdown under the program.  The ratings are subject to
S&P's review of the final issuance documentation.

S&P has equalized the issue ratings with the issuer credit ratings
on TDB.  All notes issued under the program will rank pari passu
among themselves and at least pari passu with all other present
and future unsecured and unsubordinated obligations of the bank,
except obligations required to be preferred by law.

The program and the drawdown are backed by a letter of support
(LoS) issued by the government of Mongolia, acting through the
Ministry of Finance.  S&P do not equalize the rating on the MTN
program with the sovereign credit rating on Mongolia due to
uncertainty over the timeliness of payment if the government is
called to honor the LoS.  The LoS is an indemnity and not a
guarantee.  Moreover, the size of the program that the LoS
supports is sizable compared to Mongolia's fiscal revenue and
government deposits at banks, and there is a risk that parliament
may challenge the appropriateness of the LoS, in S&P's view.

TDB may issue index-linked notes under the program.  Under
Standard & Poor's criteria, it do not rate bonds if principal
payments are linked to fluctuations in equity or commodity prices,
or equity or commodity indices.



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


SNAKK MEDIA: Annual Loss Widens to NZ$1.89 Million
--------------------------------------------------
BusinessDesk reports that Snakk Media Ltd said its annual sales
nearly doubled, while its loss widened 62 percent as the company
chased growth in Asia.

The loss widened to NZ$1.89 million in the year ended March 31,
from NZ$1.16 million a year earlier, the Auckland-based company
said, BusinessDesk relays. Sales rose to NZ$7.1 million from
NZ$3.7 million, as direct media more than doubled to
NZ$4.18 million. Operating and staff expenses rose to
NZ$4.77 million, from NZ$3.1 million, the report discloses.

"The date we end up knocking out a profit is really to be
determined. The focus now is on growing a significant business as
quickly and carefully as we can," Snakk chief executive Mark Ryan
told BusinessDesk. "We've got money in the bank and the business
is pulling strong revenue, but we still haven't been throwing it
around and hiring people willy nilly." The rising costs were a mix
of "talent and technology" as well as moving office costs.

The company's shares recently traded at 9.8 cents, the report
notes.  According to BusinessDesk, the stock listed New Zealand
Alternative Index at 6.5 cents in March 2013 as a compliance
listing, meaning no funds were raised at the time, and soared to
29 cents on its first day of trading. It has since declined 66
percent.

Snakk raised NZ$6.5 million in May last year through a share
purchase plan in a private placement at 12 cents a share, the
report notes. The company has said those funds will be used for
potential acquisitions as it targets growth, BusinessDesk notes.
The company is also mulling another listing, across the Tasman on
the Australian stock exchange to access capital quickly and fund
its aspirations, the report adds.

Snakk Media (NZX:SNK) -- http://www.snakkmedia.com/-- is a
New Zealand-based mobile advertising company.


TORCHLIGHT FUND: Put in Receivership is 'an Old Shell'
------------------------------------------------------
BusinessDesk reports that Pyne Gould Corp. said the Torchlight
Fund No 1 LP, which was placed in receivership by a company
associated with WorleyParsons chairman John Grill, is "an old
shell" in dispute over residual payments on a loan.

BusinessDesk relates that Kare Johnstone --
kjohnstone@mcgrathnicol.com -- William Black -- wblack @
mcgrathnicol.com -- and Jason Preston -- jpreston@mcgrathnicol.com
-- of McGrathNicol were appointed receivers of Torchlight Fund No
1 on June 10, according to a note on the corporate advisor's
website.  Mr. Black told BusinessDesk that his firm had been
appointed by Wilaci Pty Ltd, a Sydney-based lender, relating to a
"monetary default."

Wilaci owns 4.9 percent of ASX-listed engineering consultancy
Worley Parsons, according to its 2013 annual report, and is one of
several entities associated with that company's chairman.

Pyne Gould, which recently relocated to Guernsey, has been selling
non-core assets to focus on its Torchlight Investment Group, which
aims to buy undervalued assets by targeting distressed debt
situations, BusinessDesk notes.  In its first-half report, Pyne
Gould refers to Torchlight Fund No 1 as a related party from which
it received management and other fees, the report relates.

NBR Online reported that the fund's assets and liabilities were
understood to have been transferred to Torchlight Fund Ltd of the
Cayman Islands in late 2012, the report discloses.

"An old shell, Torchlight Fund No 1 LP, is in receivership," Pyne
Gould said in a statement, after halting its shares for the
announcement, BusinessDesk notes.  "The receivership is being
challenged and likely to be subject of commercial litigation. It
relates to a dispute over a loan where the principal has been
fully repaid but the parties cannot agree on the amount and timing
of any residual payments," Payne Gould added, BusinessDesk
relates.

Pyne Gould posted a loss of $6.63 million in the six months ended
Dec. 31, although its Torchlight business recorded a cash profit
of $2.19 million, BusinessDesk notes.

McGrathNicol's Black said it is too early in the receivership for
his firm to make any comment. "What we're doing at the moment is
investigating and analysing the position of the fund," he said,
notes the report.

Pyne Gould Corp. is the asset management firm controlled by South
Island entrepreneur George Kerr.



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


HANJIN SHIPPING: Korean Air Aid May Hurt Carrier's Earnings
-----------------------------------------------------------
Yonhap News reports that Korean Air Lines Co., South Korea's
largest flag carrier, may face a hurdle in improving its bottom
line and a further downgrade in its credit ratings mainly due to
its assistance to its financially troubled affiliate, analysts
said June 18.

Early this week, the report relates, NICE Investors Service, a
local credit appraiser, lowered its long-term credit rating on
Korea Air by one notch to "A-", citing the airline's assistance to
Hanjin Shipping Co.

Last week, Korean Air said it has decided to buy KRW400 billion
(US$392 million) worth of new shares in the country's top shipping
line, whose financial status is in the doldrums mainly due to
lower shipping rates and currency losses, according to the report.
With the purchase, Korean Air would become the largest shareholder
of Hanjin Shipping with a 33.2 percent stake, Yonhap notes.

Yonhap says Korean Air has already extended KRW250 billion in
loans to Hanjin Shipping, which has been struggling with the
slowdown in global trade and stiffer competition.  The company's
CEO, Choi Eun-young, stepped down in April and was replaced by Cho
Yang-ho, who is chief executive of Korean Air and chairman of
Hanjin Group, the report notes.

"There is the possibility that Hanjin Shipping's financial health
would further deteriorate, which would force Korean Air to pump
more money into the shipping line," the report quotes Kang Dong-
jin, an analyst at HMC Investment & Securities as saying.

According to the report, analysts said Korean Air's increased
stake in Hanjin also raises the chance of putting the shipper
under its wing, which would make it hard for Korean Air to rack up
a profit on a consolidated basis this year, which includes
performances of the company's units.

Last year, the company suffered a loss of KRW385 billion, shifting
from a profit of KRW256 billion a year earlier, the report
discloses.

"Korean Air's earnings improvement is on a recovery track on a
rise in overseas travel and freight demand," said Kang Sung-jin,
an analyst at KB Securities, the report relays. "But assistance to
Hanjin is casting doubt on such a prospect."

Hanjin Shipping has suffered a loss for three consecutive years
since 2011, the report notes.  Last year, its loss amounted to
KRW680 billion. In the first quarter of the year, its net loss
reached KRW225 billion, and it is widely expected to suffer a
continued loss this year, Yonhap discloses.

"Hanjin Shipping's financial status would remain weak through 2015
as the issue of ship oversupply will continue," the report quotes
Mr. Kang as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2013, Bloomberg News said Hanjin Shipping Co.'s Chief
Executive Officer Kim Young Min resigned, taking responsibility
for two successive years of losses at South Korea's largest
shipper and a delay in getting financial support from creditors.

The TCR-AP, citing The Korea Times, reported on Nov. 5, 2013, that
Hanjin Shipping said it will borrow KRW150 billion
($140 million) in financial support from Korean Air Lines, another
major affiliate of Hanjin Group, to stay afloat. Hanjin Shipping
spokeswoman Sonya Cho said Hanjin Shipping will use the money for
one year with an interest rate of 5.6 percent. Hanjin Holdings
owns a 36.2 percent stake in Hanjin Shipping under the wing of
Hanjin Group, the country's 10th-biggest shipping-to-
airline conglomerate by assets, the report discloses.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.



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


SRILANKAN AIRLINES: S&P Assigns 'B+' Rating to US$-Denom. Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the U.S.-dollar-denominated bonds due 2019 by SriLankan
Airlines Ltd.  The rating on the bonds is equalized with the long-
term foreign currency sovereign credit rating on Sri Lanka
(B+/Stable/B), and is based on the timely and irrevocable
guarantee by the government.

SriLankan Airlines is 92.1% owned by the Sri Lankan government.
The government's directly controlled entities hold 6.4% of the
shares.  The airline is a national carrier, serving 32
destinations in Europe, the Middle East, and Asia.  Financially,
the company has incurred a net loss in each of the past five
years.  It has relied on the government and other shareholders for
financial support.

The bonds constitute direct, unsubordinated, and unsecured
obligations of SriLankan Airlines.  The company's payment
obligations under the bonds shall at all times rank at least
equally with all their other present and future unsecured and
unsubordinated obligations, save for exceptions under applicable
law.  SriLankan Airlines intends to use the net proceeds from the
bonds to finance aircraft pre-delivery payments and for general
working capital purposes.

The obligations of the government as guarantor under the guarantee
for the bonds constitute unsecured and unsubordinated obligations
of the guarantor and shall, at all times rank at least equally
with all its other present and future unsecured and unsubordinated
obligations, save for the exceptions as may be provided by
applicable legislation and subject to the deed of guarantee.

The sovereign credit ratings on Sri Lanka take into account the
country's relatively weak external liquidity, moderately high and
increasing external debt, and a high government debt and interest
burden.  In addition, some of the country's political institutions
lack extensive checks and balances.

The rating constraints on Sri Lanka are balanced against robust
growth prospects.  Growth drivers include government measures to
reconstruct the northern districts, improve the finances of public
enterprises, and limit inflation to single digits.

S&P may raise the rating on Sri Lanka if the country's external
and fiscal indicators improve more than it currently forecasts,
given well-designed policy and robust implementation.  Conversely,
S&P may lower the rating if the country's external liquidity
deteriorates or if Sri Lanka's growth and revenue prospects fall
below S&P's current expectations.



                             *********

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

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

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


                            *********


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

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

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

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

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



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