TCRAP_Public/140702.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 2, 2014, Vol. 17, No. 129


                            Headlines


A U S T R A L I A

DSG HOLDINGS: Kordamentha Appointed as Receivers
LOYVIC PTY: S&P Affirms 'BB+' ICR on AUD975MM Bank Debt
PNPS PTY: Dean-Willcocks Appointed as Administrator
SAVCOR PTY: In Administration; First Meeting Set July 9


C H I N A

KWG PROPERTY: S&P Affirms 'BB-' LT CCR; Outlook Negative
REDCO PROPERTIES: S&P Assigns 'B' LT CCR; Outlook Stable
SINO-FOREST CORP: Gets Partial Accord in US-Canadian Class Suits
YANZHOU COAL: Moody's Assigns Ba1 Rating on $300MM Unsecured Bond


I N D I A

AMBER INTERNATIONAL: ICRA Reaffirms B+ Rating on INR0.25cr Loan
FRONTIER KNITTERS: CRISIL Ups Rating on INR83.6MM Loan to 'B+'
GLOSTER CABLES: CRISIL Suspends 'B' Rating on INR568.2MM Loans
GROSPINZ FABZ: CRISIL Reaffirms 'B+' Rating on INR679.4MM Loans
HYDERABAD POLLUTION: CRISIL Suspends B Rating on INR17.5MM Loans

KALINGA ALLOYS: CRISIL Assigns 'B+' Rating to INR77.5MM Loans
MELA SINGH: ICRA Reaffirms 'B+' Rating on INR9cr Loan
MITTAL ELECTRONICS: CRISIL Assigns 'B' Rating to INR51.1MM Loans
NAGESH ENTERPRISES: ICRA Assigns 'B-' Rating to INR8.5cr Loans
NAMRATA DEVELOPERS: CRISIL Rates INR80MM Bank Loan at 'B'

NEWGEN AGRO: ICRA Assigns 'B' Rating to INR10cr Loans
R.K. COTTON: CRISIL Ups Rating on INR40MM Loans to 'B+'
RATAN ALUMINUM: CRISIL Raises Rating on INR75MM Cash Credit to B+
SARWATI POLYMERS: CRISIL Assigns 'B' Rating to INR70MM Loans
SATNAM GLOBAL: CRISIL Reaffirms 'B' Rating on INR160MM Loan

SATVA INFRATECH: CRISIL Suspends 'B' Rating on INR45MM Loans
SHIBSATI COLD: CRISIL Suspends 'D' Rating on INR97MM Loans
SHREE RAM: CRISIL Upgrades Rating on INR250MM Loan to 'B+'
STYLISH PRECAST: ICRA Cuts Rating on INR15cr Loans to 'D'
SURYA OIL: ICRA Reaffirms 'B+' Rating on INR11.09cr Loans

SURYA WORLD: CRISIL Suspends 'D' Rating on INR1.50BB Loans
SWASTIK TRADERS: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
TECHOPS INFRASTRUCTURE: CRISIL Ups Rating on INR55MM Loans to B
TRADE INDIA: CRISIL Assigns 'B-' Rating to INR65MM Loans
TRIPATHI HOSPITAL: CRISIL Reaffirms 'B' Rating on INR90MM Loan

VIRAJ INTERNATIONAL: ICRA Suspends B+ Rating on INR16.5cr Loan
VIRAT ALLOYS: CRISIL Reaffirms 'B+' Rating on INR93.4MM Loans
YASHWANT ENTERPRISES: CRISIL Puts 'B' Rating on INR120MM Loans
ZURI HOSPITALITY: ICRA Reaffirms 'D' Rating on INR50.73cr Loans


I N D O N E S I A

BERAU COAL: Moody's Affirms B1 Corporate Family Rating
PAKUWON JATI: Fitch Gives Final 'B+' Rating to $168MM Sr. Notes
PERUSAHAAN LISTRIK: Moody's Lowers BCA to ba2; Outlook Stable


N E W  Z E A L A N D

DERIVATEK NEW ZEALAND: Mark Whelan Pleads Guilty
POSTIE PLUS: Sale Completion Extended For Three Weeks
WAITAKERE BEARS: Ex-Chairman Gets 10 Months Home Detention


P H I L I P P I N E S

ASIAN CONSUMERS: Placed Under PDIC Receivership


S O U T H  K O R E A

KYONGNAM BANK: Moody's Affirms D+ Bank Financial Strength Rating
PANTECH CO: SK Telecom May End Financial Help
STX GROUP: KDB Suspected of Raising Insolvent Loans to STX


V I E T N A M

VIETNAM BANK: Fitch Affirms 'B' Long-Term IDR; Outlook Positive


                            - - - - -


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


DSG HOLDINGS: Kordamentha Appointed as Receivers
------------------------------------------------
David Winterbottom -- dwinterbottom@kordamentha.com -- and Rahul
Goyal -- rgoyal@kordamentha.com -- of KordaMentha Restructuring
have been appointed Receivers and Managers of DSG Holdings
Australia Pty Limited.  DSG operates retailers Crazy Clarks and
Sam's Warehouse with 143 stores across Australia.

This follows the appointment of Steve Nicols of Nicols + Brien as
Voluntary Administrator of DSG.

The Receivers have taken full control of the day to day operations
of DSG and are working with the management of the Company to
explore various options whilst running a store/stock
rationalisation program.

Mr Goyal said: "We will be immediately exploring the going concern
sale of the profitable Crazy Clarks and Sam's Warehouse stores to
interested parties". He added "All stores are currently in 'sale'
mode so there should be plenty of great value to be had for our
customers whilst we work through that process".

Crazy Clarks and Sam's Warehouse sell a range of household goods
including furniture, entertainment, grocery, pet, gardening,
clothing and leisure goods. DSG bought the business from its
related party, Retails Adventures Pty Limited (In Liquidation) in
2012.

Mr. Goyal said it appeared that the financial pressures of DSG
have been caused by the general decline in the retail sector, and
particularly the decreased demand for discretionary items like
those found in Crazy Clarks and Sam's Warehouse stores.

DSG currently employs approximately 2,500 people across 143 retail
outlets, has a distribution centre in Queensland and a head office
at North Ryde. Employees are being advised of developments on a
regular basis.

Mr. Goyal said it was too early to fully determine the
receivership strategy. The immediate priority was to exit from the
unprofitable stores whilst consolidating stock, and trying to
effect a going-concern sale for at least part of the business.


LOYVIC PTY: S&P Affirms 'BB+' ICR on AUD975MM Bank Debt
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' issue credit rating on Loyvic Pty Ltd.'s amortizing bank
debt, which has a current balance of AUD975 million.  S&P has also
assigned a recovery rating of '4' to the bank debt.  Further, S&P
has affirmed the 'BB+' issuer credit rating on IPM Australia Ltd.,
which is the trading company for the Loy Yang B power plant.  The
outlooks on the both corporate credit ratings are stable.

"At the same time, we have assigned our 'BB+' long-term corporate
credit rating to Loyvic under our criteria for rating corporates--
previously it was analyzed under the project finance criteria.
The assignation of a corporate credit rating to Loyvic reflects
our view this entity has evolved in recent years and now is more
appropriately analyzed under corporate ratings criteria.  The new
classification reflects our consideration of Loyvic as being part
of a portfolio of assets rather than a stand-alone asset.
Moreover the parent companies, GDF Suez and Mitsui & Co., have
shown a track record of support to both Loyvic and other assets in
the portfolio (Hazelwood) to preserve economic value," S&P said.

The stable outlook reflects the continued parent support of
Loyvic, and the near-term stable earnings and cashflow, which are
underpinned by the favorable offtake contract with the hedge that
is provided by the State of Victoria; that state hedge is for of
at least 56% of Loyvic's output until 2016.  It also reflects the
plant's sound operating performance.

"Downward pressure may emerge in the next 12 months if wholesale
power prices remain weak, reducing the Loy Yan B plant's cash flow
and increasing its vulnerability, particularly once the state
hedge begins to run off from August 2014 as the plant transitions
to being wholly merchant-based," said credit analyst Richard
Creed.  The Loy Yang B plant's access to free permits under the
current carbon-abatement scheme means the abolition of the scheme
could also prove detrimental to cash flow in the short term if
this constrains Loyvic's ability to meet the onerous back-ended
debt amortization that is required under the bank-loan terms and
conditions.  "A weakening in the liquidity profile would also lead
to pressure on ratings, particularly weakening headroom against
covenants--for example, a debt-service cover ratio of less than
1.4x," said Mr. Creed.

"In addition, the ratings could be lowered if we believe there is
a lessening in parental support--for example demonstrated by any
material sell down in ownership, or a delay in remedying any
prospective or actual breach of project covenants."

The prospect of a rating upgrade is remote, given S&P's
expectation for subdued wholesale electricity prices and the back-
ended nature of the debt structure.


PNPS PTY: Dean-Willcocks Appointed as Administrator
---------------------------------------------------
Ronald Dean-Willcocks of Dean-Willcocks Insolvency Solutions was
appointed as administrator of P N P S Pty Limited on June 30,
2014.

A first meeting of the creditors of the Company will be held at
Dean-Willcocks Insolvency Solutions, Level 2, 32 Martin Place, in
Sydney, on July 10, 2014, at 4:00 p.m.


SAVCOR PTY: In Administration; First Meeting Set July 9
-------------------------------------------------------
Jannamaria Robertson -- jrobertson@kordamentha.com -- Cliff Rocke
-- crocke@kordamentha.com -- and Scott Kershaw --
skershaw@kordamentha.com -- of KordaMentha were appointed as
administrators of Savcor Pty Limited on June 27, 2014.

A first meeting of the creditors of the Company will be held at
KordaMentha Perth Offices, Level 10, 40 St Georges Terrace, in
Perth, on July 9, 2014, at 11:00 a.m.



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


KWG PROPERTY: S&P Affirms 'BB-' LT CCR; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China-based developer KWG Property
Holding Ltd.  The outlook is negative.  S&P also affirmed its
'cnBB' long-term Greater China regional scale rating on the
company.  At the same time, S&P affirmed its 'B+' long-term issue
rating and 'cnBB-' Greater China regional scale rating on the
company's senior unsecured notes.

S&P affirmed the rating on KWG because it believes: (1) KWG's
property sales execution is improving; (2) the company's leverage
will decline although it is unlikely to fall below 5x in the next
12 months; and (3) its large investments in jointly controlled
entities (JCEs) will continue to contribute significant cash flows
to KWG.

"The negative outlook reflects our view that KWG's leverage will
remain weak for the rating over the next 12 months," said Standard
& Poor's credit analyst Matthew Kong.  "We expect the company's
debt to remain high as it needs to ramp up construction and
replenish land to support its growth plan."

In S&P's view, the current volatility in the Chinese property
market may also constrain KWG's flexibility to reduce its leverage
substantially given the increasing uncertainty on property sales
if the weakening market lasts longer than S&P expects.

KWG's high exposure to the high-end residential property segment
and execution risk in new cities are reflected in the company's
"fair" business risk profile.  However, its well-distributed
projects in major cities, good brand recognition and product
quality, improving sales execution, and above-average
profitability temper these weaknesses.

KWG's sales performance is improving.  S&P believes the company
can largely meet its sales target in 2014.  The company's property
sales are on track and it achieved 39.1% of its annual target of
Chinese renminbi (RMB) 21 billion for the first five months of
this year, making KWG among the best performers in the industry.
S&P also expects KWG's revenue recognition to improve over the
next two years with an increase in contracted sales.

"KWG's gross margin may slide modestly but should remain above the
industry average, supported by the company's brand recognition in
the high-end residential market and a product mix that includes
more than 30% of sales from commercial properties," Mr. Kong said.

KWG's leverage and interest coverage in 2013 are weaker than what
S&P had expected on account of the company's aggressive debt-
funded expansion and low revenue recognition.  KWG's total debt
(adjusted for JCE debt) increased 22.4% in 2013 to RMB23.3
billion, raising the company's debt-to-EBITDA ratio to 6.0x in
2013 from 5.1x in 2012.

S&P expects KWG's leverage to improve in the next 12-18 months,
resulting from strong property sales and a slowdown in land
purchases.  However, in S&P's base-case scenario, the company's
debt-to-EBITDA ratio will likely remain above 5x in 2014.  S&P
assess KWG's financial risk profile as "aggressive."

In S&P's view, KWG's cash flow contribution from JCEs will
continue to rise.  It reached RMB3.9 billion in 2013.  S&P also
notes that KWG's cash balance increased substantially to RMB10.86
billion in 2013 from RMB6.44 billion in 2012.  In S&P's view,
KWG's abundant cash balance provides the company with a buffer in
this tightening credit environment.

The negative rating outlook on KWG reflects S&P's view that the
company's leverage will remain high in the next 12 months.  S&P
also expects KWG to control its debt-funded expansion and manage
its balance sheet with discipline.

S&P may lower the rating if KWG's debt-funded expansion is more
aggressive than it expects, such that its ratio of debt-to-EBITDA
will not improve toward 5x over the next 12 months.  S&P may also
lower the rating if KWG's attributable contracted sales are
substantially weaker than its expectation of about RMB19 billion
for 2014, and its gross margin decreases materially to below 30%
without any signs of recovery.

S&P may revise the outlook to stable if the company: (1) executes
its sales plan well; (2) maintains its profit margin; and (3)
controls total borrowing and reduces leverage, such that its debt-
to-EBITDA falls below 5x.


REDCO PROPERTIES: S&P Assigns 'B' LT CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to China-based property developer
Redco Properties Group Ltd.  The outlook is stable.  S&P also
assigned its 'cnBB-' long-term Greater China regional scale rating
to the company.

"The rating reflects our opinion of Redco's high project
concentration, small operating scale, and exposure to the cyclical
Chinese property development industry.  The company's accelerated
growth strategy following its IPO and other financing plans will
increase its execution risk, in our view," said Standard & Poor's
credit analyst Christopher Yip.  "The company's good operating
efficiency for its scale and low-cost land bank temper the risks.
Redco has some track record in completing projects in various
regions."

Redco's "vulnerable" business risk profile stems from the
company's small operating scope and the increased execution risk
surrounding its fast-paced growth.  Redco's contracted sales
reached Chinese renminbi (RMB) 3.1 billion in 2013 after an
unprecedented year of growth.  Redco targets to continue its
accelerated growth, doubling its contracted sales level by 2015.
S&P believes that this pace could put pressure on the company's
resources if market conditions deteriorate beyond its current
expectations.  In addition, Redco's execution and operational
capabilities will be tested.

S&P expects Redco to continue to face project concentration risk
over the next one to two years.  Although Redco's projects are
geographically diverse for a company of its size, it faces
concentration risk in terms of the limited number of projects.
S&P expects Redco's income to largely come from 12 projects in
2014, while the company has four more projects in its development
pipeline.  Any delay or problems in delivery could significantly
affect Redco's revenue.  The company has a limited land bank of
just below 4 million square meters, which presents some constraint
for future projects.  Redco focuses on residential housing
developments with a small portion of commercial properties for
sale.

S&P believes Redco has stronger development experience than
similarly rated peers.  Despite the company's relatively limited
scope in the past, it has been in business for over 17 years and
has delivered various residential and commercial projects.  Redco
has 21 completed projects across six different cities with good
diversity in project type.  The company has a good track record of
operating efficiency with a fast-churn model to speed up project
delivery and generate cash flows.

Redco's discipline in financial management is untested because of
its short listing history and recently accelerated growth.  S&P
expects the company's rapid expansion plans to weaken its good
financial strength in 2014 and 2015.  Higher construction and land
acquisition costs could weaken Redco's debt-to-EBITDA ratio to
2.5x-3.5x in 2014, from 1.6x in 2013.  S&P anticipates that the
company's overall credit metrics will be commensurate with its
"aggressive" financial risk profile.

S&P expects Redco to increase its land acquisitions to replenish
its land bank, which otherwise may constrain the company's future
growth.  S&P estimates that the company's total land premiums will
increase to about Chinese renminbi (RMB) 1.7 billion-RMB1.8
billion, from RMB1.6 billion in 2013.  The total payment includes
RMB490 million in committed outstanding land premiums carried over
from 2013.

"The stable outlook reflects our expectation that Redco will
expand its operating scale and continue to grow its contracted
sales.  However, we expect that the company's debt will increase
to fund its expansion, weakening its leverage position in the next
12 months," said Mr. Yip.

S&P could lower the rating if Redco's expansion is more aggressive
than S&P expected such that its debt-to-EBITDA ratio is over 5.0x
or its liquidity becomes "weak.".  S&P could also lower the rating
if Redco's contracted sales are substantially below its estimate
of RMB3.9 billion.

The rating upside is limited over the coming 12 months due to
Redco's project concentration and small operating scale.
Nevertheless, S&P could raise the rating if the company continues
to expand its scale and improve its project diversity while
maintaining disciplined financial management.


SINO-FOREST CORP: Gets Partial Accord in US-Canadian Class Suits
----------------------------------------------------------------
Cohen Milstein Sellers & Toll PLLC on June 27 disclosed that there
has been a partial settlement reached in several class action
lawsuits pending in Canada and the United States brought on behalf
of purchasers of securities in Sino-Forest Corporation.  The total
settlement is in the amount of CAD $4.2 million (approximately
USD$3.9 million).  Named plaintiffs in the Canadian class actions,
along with Lead Plaintiffs in the U.S. class action, reached the
settlement with David J. Horsley, a former officer of SFC, in May
2014.

On March 30, 2012, SFC obtained creditor protection in Canada
under the Companies' Creditors Arrangement Act, and the Ontario
Superior Court of Justice ordered a stay of proceedings against
the company and other parties.  The CCAA Proceeding was recognized
by the United States Bankruptcy Court for the Southern District of
New York on February 4, 2013, and subsequently a settlement for
CAD $117 million with Ernst & Young was approved by the Ontario
Court and recognized by the U.S. Bankruptcy Court.

If approved and recognized, the Horsley Settlement will be funded
through the Sino-Forest Canadian class actions and held in escrow
for the benefit of the Canadian Class and the U.S. Class.  The
distribution of the settlement fund will be subject to a further
order of the Ontario Court.

The final approval hearing for the Horsley Settlement will take
place on July 24, 2014 at 9:00 a.m. (EST), before the Ontario
Court.  A simultaneous hearing relating to recognition of the
final approval order will take place in the U.S. Bankruptcy Court.
The Courts will likely be linked by video conference.  Objections
to the approval of the Horsley Settlement and/or the recognition
of that approval in the United States must be filed by July 17,
2014 with the respective courts.

A notice regarding the details of the Horsley Settlement has been
sent to class members in the United States and Canada.  If you
have not received one or if you would like further information on
the Horsley Settlement and the SFC class actions, visit:
http://www.cohenmilstein.com/cases/274/sino-forestor contact
Richard Speirs of Cohen Milstein Sellers & Toll PLLC at 88 Pine
Street, New York, New York 10005, (212) 838-7797.

Founded in 1969, Cohen Milstein Sellers & Toll PLLC --
http://www.cohenmilstein.com-- is a national leader in plaintiff
class action lawsuits and litigation.  As one of the premier firms
in the country handling major complex cases, Cohen Milstein, with
80 attorneys, has offices in Washington, D.C., New York,
Philadelphia, Chicago, and Palm Beach Gardens, Fla.

                    About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

FTI Consulting commenced a Chapter 15 case for Sino-Forest in New
York (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effect
of Sino-Forest's plan of compromise and reorganization that has
been sanctioned by creditors and an Ontario court.  The Chapter 15
petition claimed assets and debt both exceed $1 billion.  Jeremy
C. Hollembeak, Esq., at Milbank, Tweed, Hadley & McCloy, LLP,
serves as counsel in the U.S. case.


YANZHOU COAL: Moody's Assigns Ba1 Rating on $300MM Unsecured Bond
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive Ba1 rating for
the $300 million unsecured perpetual bond issued by Yancoal
International Trading Co., Ltd. and guaranteed by Yanzhou Coal
Mining Co., Ltd.

The rating would continue to be on review for downgrade.

The Ba1 corporate family rating of Yanzhou Coal Mining Co Ltd and
the senior unsecured debt rating of Yancoal International
Resources Development Co Ltd will also continues to be on review
for downgrade.

The rating review was originally initiated on April 1, 2014
following the announcement of Yanzhou's 2013 full-year results,
which showed that the company's capital expenditure ( capex) and
total debt were higher than Moody's expectation.

Ratings Rationale

Moody's definitive rating on the unsecured perpetual bond confirms
the provisional rating assigned on 14th May 2014. Moody's rating
rationale was set out in a press release published on the same
day.

"Our review of Yanzhou Coal continues to focus on company's
ability to return its debt leverage to a level appropriate for its
Ba1 corporate family rating in 2014. As part of the review,
Moody's  will also reassess the company's relationship with and
potential degree of support from the Shandong government and from
its parent, Yankuang Group (unrated)." says Simon Wong, a Moody's
Vice President and Senior Credit Officer/Manager.

Moody's review will also focus on Yanzhou Coal's: (1) business
strategy and financial policy in managing its growth plans,
against the backdrop of a difficult operating environment; (2)
flexibility in relation to its 2014 capex budget of RMB9.4
billion; (3) recent acquisitions as well as ongoing greenfield
investments; (4) plans to reduce its subsidiary debt to total
assets ratio.

Yanzhou Coal's standalone credit profile has weakened materially
due to its higher-than-expected debt level at end-2013, and which
was the result of a significantly higher level of total capex, as
well as the ongoing difficult operating environment for the coal
sector. Its rating could be downgraded if the company's adjusted
debt/EBITDA continues to exceed 4.5-5.0x.

The principal methodology used in these ratings was the Global
Mining Industry published in May 2009.

Yanzhou Coal Co Ltd was listed in Shanghai, Hong Kong and New York
in 1998. It is 56.52%-owned by the Yankuang Group, a state-owned
enterprise that is wholly owned by the Shandong Provincial State-
Owned Assets Supervision and Administration Commission.

Yanzhou Coal is one of the top coal mining groups in China. It has
12 operating mines in Shandong Province, Shanxi Province and Inner
Mongolia. It also has 14 mines in Australia; nine in production
and five in exploration



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AMBER INTERNATIONAL: ICRA Reaffirms B+ Rating on INR0.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.25 crore fund based bank limits of Amber International. ICRA
has also reaffirmed the short term rating of [ICRA]A4 to the
INR5.00 crore short term fund based bank limits of AI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Cash Credit           0.25       [ICRA]B+ Reaffirmed

   Short Term Fund
   Based Limits-FDBP     5.00       [ICRA]A4 Reaffirmed

   Short Term Fund
   Based Limits-
   Packaging Credit      3.00       [ICRA]A4 Reaffirmed

The rating reaffirmation continues to factor in the weak financial
profile of Amber International characterized by the small scale of
operations, moderate profitability and stretched liquidity
emanating from high debtors days, which has resulted in high
working capital borrowings. The rating is also constrained by
stiff competitive pressures in the industry and susceptibility to
demand slowdown in key export markets such as in Europe, as well
as to changes in export incentives and adverse currency
fluctuations.

The rating however considers the experience of the promoters in
the home textiles exports business, long association with reputed
customers across Europe and America and fiscal benefits received
in the form of export incentives.

Started as a proprietorship concern in 1906 by Mr. Paroshttam Das
Bhagwan Das, Amber Textiles was engaged in trading of home textile
products in the domestic markets. Later on in 2008, Amber Textile
was split into two different entities, Amber Home and Amber
International, both engaged into the same line of business. The
firm is a trading house engaged in the business of export and
domestic supply of terry towels.

Recent Results
In FY13, the firm reported a net profit of INR0.26 cr on an
operating income of INR11.86 cr. As for the twelve months ending
March 2014 provisional, the firm reported a profit after tax of
INR0.38 cr on an operating income of INR17.50 cr.


FRONTIER KNITTERS: CRISIL Ups Rating on INR83.6MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Frontier Knitters Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable', and reaffirmed its rating on the company's short-term
loan facilities at 'CRISIL A4'.

                            Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Bank Guarantee               1      CRISIL A4 (Reaffirmed)
   Export Packing Credit      120      CRISIL A4 (Reaffirmed)
   Foreign Bill Discounting   140      CRISIL A4 (Reaffirmed)
   Proposed Long Term Bank     83.6    CRISIL B+/Stable (Upgraded
   Loan Facility                        from 'CRISIL B-/Stable')
   Standby Line of Credit      37      CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that FKPL will sustain
its improved liquidity over the medium term, driven by moderate
cash accruals and absence of term loan obligations. The company
repaid its entire term loan in 2013-14 (refers to financial year,
April 1 to March 31). It is likely to generate cash accruals of
more than INR50 million over the medium term and does not have any
debt obligation. Though its bank limits were utilised extensively
to meet large working capital requirements, CRISIL believes that
FKPL's liquidity will remain adequate on the back of steady cash
accruals supported by stable revenue and moderate profitability
over the medium term. Furthermore, the company does not plan any
debt-funded capital expenditure (capex) over the medium term,
supporting its liquidity.

The ratings reflect FKPL's customer concentration in its revenue
profile and its working-capital-intensive operations. These rating
weaknesses are partially offset by FKPL's above-average financial
risk profile marked by moderate capital structure and debt
protection metrics, and its established position in the knitted
garments industry.

Outlook: Stable

CRISIL believes that FKPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if FKPL's liquidity improves
with sustained healthy cash accruals and improvement in working
capital management, while the company maintains its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in FKPL's credit risk profile because of
large debt-funded capex or working capital requirements, or low
cash accruals.

FKPL was established as a partnership firm in 1988 by Mr. Mohammed
Thajutheen in Tirupur (Tamil Nadu) and was reconstituted as a
private limited company in October 2010. The company manufactures
and exports a wide range of knitted garments.


GLOSTER CABLES: CRISIL Suspends 'B' Rating on INR568.2MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gloster
Cables Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        100        CRISIL A4 Suspended
   Cash Credit            60        CRISIL B/Stable Suspended
   Letter of Credit      190        CRISIL A4 Suspended
   Term Loan             150.2      CRISIL B/Stable Suspended
   Working Capital
   Demand Loan           358        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by GCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GCL is yet to
provide adequate information to enable CRISIL to assess GCL'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'.


GCL was set up in 1995 by Mr. Ashish Modi and Mr. Radhakishan
Rathi. It manufactures LT and HT cables. In 1996, the company
entered into a technical and marketing collaboration with Fort
Gloster Industries Ltd in Kolkata (West Bengal). GCL's cables are
sold under the Gloster brand name. The company currently has
capacity to manufacture 24,000 km cables per annum.


GROSPINZ FABZ: CRISIL Reaffirms 'B+' Rating on INR679.4MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Grospinz Fabz Ltd
continue to reflect GFL's weak financial risk profile marked by
high gearing, small net worth, and weak debt protection metrics.

                        Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           10      CRISIL A4 (Reaffirmed)

   Cash Credit              50      CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit   150      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill Purchase    50      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         10      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       89.4    CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan             140      CRISIL B+/Stable (Reaffirmed)

   Term Loan               200      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's small scale of
operations, large working capital requirements, and the
vulnerability of its operating margin to volatility in the price
of cotton. These rating weaknesses are partially offset by the
extensive experience of GFL's promoter in the cotton industry,
reflected in healthy ramp-up in scale of operations with presence
in both the domestic and export markets.

Outlook: Stable

CRISIL believes that GFL will continue to benefit over the medium
term from its promoter's extensive experience in the cotton
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's capital structure, driven
most likely by fresh equity infusion or improvement in working
capital management leading to reduced dependence on short-term
bank borrowings. Conversely, the outlook may be revised to
'Negative' if GFL's working capital requirements increase
significantly, or if it undertakes a debt-funded capital
expenditure programme, weakening its financial risk profile.

GFL was set up by Mr. Navneet Grover in March 2008; it commenced
commercial production in October 2008, with 2009-10 (refers to
financial year, April 1 to March 31) being its first full year of
operations. The company manufactures cotton yarn (in counts of 16s
to 32s) at its facility in Ferozepur (Punjab), which has around
27,600 spindles. It mainly procures J-34 cotton from the local
market in Sri Muktsar Sahib (Punjab) for manufacturing yarn.

GFL is likely to report a profit after tax (PAT) of INR29.8
million on operating income of INR1550 million for 2013-14,
against a PAT of INR29.1 million on operating income of INR1152
million for 2012-13.


HYDERABAD POLLUTION: CRISIL Suspends B Rating on INR17.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hyderabad Pollution Controls Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        42.5      CRISIL A4 Suspended
   Cash Credit           17.5      CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
HPL's with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HPL's is yet to
provide adequate information to enable CRISIL to assess HPL'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'

Promoted by Mr. S Gopala Krishnan Nair in the year 1978, HPL is
engaged in the design, engineering and manufacture of ventilation
plants and air pollution control systems such as industrial
blowers  and  fans dust  collection  systems, humidification  &
ventilation  systems, pneumatic  transport  systems and fume
exhaust  systems. HPL, based in Hyderabad, Andhra Pradesh is ISO
9001 certified manufacturer for these equipments.


KALINGA ALLOYS: CRISIL Assigns 'B+' Rating to INR77.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kalinga Alloys Pvt Ltd (KAPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting      30         CRISIL B+/Stable
   Cash Credit           47.5       CRISIL B+/Stable

The rating reflects the extensive experience of the promoters in
the ferro alloy industry. The rating strength is partially offset
by KAPL's small scale of operations and below-average financial
risk profile, marked by its moderate gearing and weak debt
protection metrics.

Outlook: Stable

CRISIL believes that KAPL will continue to benefit from the
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company significantly
increases its cash accruals with enhanced revenue and
profitability, and maintains the working capital cycle.
Conversely, the outlook may be revised to 'Negative' if KAPL
generates significantly low cash accruals, or records a stretched
working capital cycle, thereby impacting its debt servicing
ability.

KAPL, based in Bhubaneswar (Odisha), began its operations in 1989
and is promoted by the Mahipal family. The promoters have been
engaged in beneficiation of Ferro alloys over the past 15 years.


MELA SINGH: ICRA Reaffirms 'B+' Rating on INR9cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR9 crore
fund based facilities of Mela Singh Memorial Educational Trust at
[ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits           9           [ICRA]B+ (Reaffirmed)

The rating continues to reflect limited operational track record
of the institutes managed by trust, which coupled with high
revenue dependency on engineering courses and oversupply situation
of colleges offering these courses led to decline in fresh
enrolments during AY13-14. The ability of the trust to improve the
pace of enrolments and limit the dropouts would be critical to
generate sufficient accruals for timely term payments along with
funding capital expenditure plans.

The rating is also constrained by high likelihood of cash flow
mismatches as term repayments are quarterly and revenues receipts
are collected semi-annually while capital expenditure is incurred
regularly throughout the year resulting in stretched liquidity.
Further, while the trust has been generating healthy operating
surplus in the range of ~45% over the last two years which coupled
with moderately leveraged capital structure has led to a moderate
financial profile.

Ability to improve enrolments and total student strength are
critical to improve revenues and surplus and scale of future capex
and funding thereof will be critical for managing liquidity and
cash accruals going forward and thus would be the key rating
sensitivities.

The trust runs Guru Nanak Institutions located at Ambala district
of Haryana, which includes two colleges encompassing fields like
engineering, and management catering to 1490 students in AY 2013-
14. The trust is managed by Mr. Tarlochan Singh.

Recent Results

Trust reported net surplus of INR2.51 crore on an operating
surplus of INR12.85 crore in FY13 as against net surplus of
INR1.38 crore on Revenue Receipts of INR10.11 crore in FY12. As
per provisional estimates, INR12.01 crore of Revenue Receipts has
been collected in FY14.


MITTAL ELECTRONICS: CRISIL Assigns 'B' Rating to INR51.1MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Mittal Electronics (ME).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              11.1      CRISIL B/Stable
   Cash Credit            20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B/Stable

The rating reflects ME's below-average financial risk profile,
marked by low net worth and high gearing, and its small scale of
operations. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in trading in consumer
goods, and its prudent risk management policies.

Outlook: Stable

CRISIL believes that ME will continue to benefit over the medium
term from its diversified product portfolio and its long-standing
association with established brands. The outlook may be revised to
'Positive' if the firm registers significant increase in its scale
of operations and profitability, or benefits from larger-than-
expected equity infusion, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of unprecedented lengthening of ME's working
capital cycle, most likely because of inventory pile-up, resulting
in pressure on its liquidity. Substantial debt-funded capital
expenditure towards setting up new showrooms, leading to
deterioration in its capital structure, may also result in a
'Negative' outlook.

ME, a partnership firm started in 1999, is promoted by Rishra
(West Bengal)-based Mr. Om Prakash Agarwal, Mr. Manish Agarwal,
and Mr. Atish Agarwal. The firm trades in electronic consumer
appliances and consumer durables.


NAGESH ENTERPRISES: ICRA Assigns 'B-' Rating to INR8.5cr Loans
--------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B- to the INR3.00
crore term loans and INR5.50 crore fund based facilities of Nagesh
Enterprises.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              3.00       [ICRA] B-/assigned
   Fund based facilities   5.50       [ICRA] B-/assigned

The assigned rating takes into account the long standing
experience of the promoters' in the rice industry and well
established relationships with the large number of suppliers
together with firms' proximity to paddy cultivation regions
enabling easy procurement and sale of rice aiding business
stability. The ratings are however constrained by the strained
financial profile of the firm characterized by thin margins, weak
capital structure and modest coverage indicators. With high
working capital intensive nature of operations (attributable to
the upfront payments required to be made to the suppliers and high
inventory requirements owing to trading nature of its operations)
coupled with its recent debt funded capital expenditure, the
firms' debt levels remain high as on March 31, 2014.This together
with low equity base has stretched its capital structure with
gearing of 3.2x as on March 31, 2014. Further, NE's small scale of
operations, high vulnerability of the industry to agro-climatic
conditions and increasing competitive intensity in rice industry
restrict its operational and financial flexibility. Going forward,
the firm's ability to quickly ramp up the operations and improve
the overall credit profile will remain key rating sensitivities.

Nagesh Enterprises has been promoted by Mr. S Anil who is the
currently managing the firm. The firm started its operations in
1992 at Bangarpet in Kolar district of Karnataka, with business
initially engaged only into trading of food grains. Over last
twenty years the firm has slowly scaled up its operations and
presently the Firm is engaged in rice processing and trading with
finished rice, broken rice, bran, husk and cattle feed being the
major products of the firm. The firm deals in variety of rice like
IR-64, Sona Musoorie rice, etc. The firm's processing plant is
spread over 14000 sq ft of land completely owned by the proprietor
and is equipped with a de-stoner, silky polishing equipment, rice
whitener, grader, sortex and an elevator.

Recent Results
For 2013-14, Nagesh Enterprisies reported net profit of INR0.4
crore on operating income of INR25.5 crore during 2013-14 as
against net profit of INR0.3 crore on operating income of INR19.5
crore during 2012-13.


NAMRATA DEVELOPERS: CRISIL Rates INR80MM Bank Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-term
bank facilities of Namrata Developers Pvt Ltd (NDPL).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Proposed Long Term
   Bank Loan Facility     80         CRISIL B/Stable

The rating reflects NDPL's high project risk, given that its
project is in the nascent stage and has not yet been launched. The
rating also factors in the company's exposure to intense
competition and to risks and cyclicality inherent in Indian real
estate industry. These rating weaknesses are partially offset by
the promoters' extensive experience in the real estate sector,
their funding support and established brand presence in Pune and
surrounding areas.

Outlook: Stable

CRISIL believes that NDPL will benefit over the medium term from
the promoters' extensive industry experience, and their funding
support. The outlook may be revised to 'Positive' if the company
improves its cash inflows with timely project completion, and
enhanced customer bookings. Conversely, the outlook may be revised
to 'Negative' if NDPL's liquidity is constrained by project time
or cost overruns, or significantly low customer advances,
resulting in lower cash inflows, or if the company simultaneously
undertakes large debt funded projects.

NDPL is a part of the Pune-based Namrata group. The company is a
real estate developer, and has recently completed the Sakar a
project in Talagaon Maharashtra. NDPL will commence its Namrata
Weekender project in Kamshet (Maharashtra).


NEWGEN AGRO: ICRA Assigns 'B' Rating to INR10cr Loans
-----------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR8.88
crore term loan facilities, INR1.07 fund based facilities and
INR0.05 crore proposed facilities of Newgen Agro Processors
Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term-Term Loan      8.88       [ICRA]B/assigned
   Long term-Fund based     1.07       [ICRA]B/assigned
   Long term-Proposed       0.05       [ICRA]B/assigned

The assigned rating reflects the stretched financial profile of
the company characterized by high debt levels and negative net
worth on account of the recent debt funded capital expenditure in
establishing the processing facility and subsequent weak earnings
from operations resulting in net losses. The operational and
financial performance is expected to improve going forward
supported by the growing order book position of Newgen Agro aided
by its reputed client base which would result in low order
volatility and recurring source of revenues, its strategic
location near the mango growing areas aiding raw material
availability and reducing logistics costs, the continuous product
and market diversification initiatives undertaken and the expected
steady growth in demand for mango pulp and other processed fruits
and vegetables in India and export markets. The improvement in
credit profile of the company would depend on the ability of the
management in improving the scale of operations / earnings of the
company and also on the timeliness of the envisaged equity
infusion owing to the high debt levels and repayment obligations
and would remain key rating sensitivities, with the past
demonstrated support providing some comfort. The rating also
considers the small scale of operations of the company amidst
intense competition in a highly fragmented industry limiting scale
economics, threat of raw material availability which is exposed to
agro climatic conditions impacting costs and the seasonal nature
of operations owing to the raw material availability resulting in
high working capital intensity during portion of the year and low
capacity utilization levels and earnings during the remaining
period.

Incorporated in 2010, Newgen Agro Processors Private Limited is
engaged in processing and exporting fruit pulp (with focus mainly
on products such as Totapuri Mango pulp, Alphanso Mango Pulp,
Guava Pulp). With its processing facility located at Krishnagiri,
Tamil Nadu, the company is close to the mango growing belt of
South India. The company has installed capacity to process
~6500mt/year. The Company is equipped with aseptic processing
facilities. The company undertakes both direct sale of processed
pulp (domestic and exports) as well as job work processing for its
clients.

Recent Results
As per the unaudited results, the company recorded net loss of
INR2.6 crore on an operating income of INR7.8 crore for the year
2013-14, as against a net loss of INR2.9 crore on an operating
income of INR1.9 crore for the year 2012-13


R.K. COTTON: CRISIL Ups Rating on INR40MM Loans to 'B+'
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
R.K. Cotton's to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
reaffirmed its rating on the firm's short-term loan facilities at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Foreign Bill
   Discounting            30         CRISIL A4 (Reaffirmed)

   Packing Credit         80         CRISIL A4 (Reaffirmed)

   Proposed Long Term     38.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Rupee Term Loan         1.4       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that RKC will maintain its
improved liquidity over the medium term, with enhanced cash
accruals of around INR11 million in 2013-14 (refers to financial
year, April 1 to March 31), as compared to INR4 million in 2012-
13, supported by healthy revenue growth and stable profitability.
The firm registered year-on-year revenue growth of around 130 per
cent in 2013-14, with a significant increase in orders. The
revenue could increase by around 20 per cent over the medium term,
commensurate with its healthy order book and established customers
relationships. Consequently, the firm is likely to generate cash
accruals of around INR15 million over the medium term.

The ratings reflect RKC's modest scale of operations with high
customer concentration in its revenue profile, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the promoter in the garments
industry, and the average financial risk profile, commensurate
with the firm's gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that RKC will benefit over the medium term from
its promoter's extensive experience in the garment export
industry. The outlook may be revised to 'Positive' if the firm
books sizeable cash accruals, driven by enhanced revenue and
profitability, and improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates with large debt-funded capital
expenditure or working capital requirements or capital withdrawals
by the promoter.

RKC is a proprietorship firm established by Mr. Raj Kumar in 1997.
The firm manufactures and exports knitted garments.


RATAN ALUMINUM: CRISIL Raises Rating on INR75MM Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Ratan Aluminum Recycling Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             75       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects the company's enhanced operations,
driven by growth in its top line, and the expected improvement in
liquidity over the medium term, marked by moderate cash accruals
and the promoters' equity infusion in the past. Furthermore, the
liquidity will improve over the medium term, supported by
increasing cash accruals, the absence of capital expenditure
(capex), and growing revenue.

RAPL's operating income grew to INR1.03 billion in 2013-14 (refers
to financial year, April 1 to March 31) from INR0.7 billion in the
previous year, at an estimated 43 per cent growth following the
healthy ramp up of operations. The key customer, Oswal Castings
Pvt Ltd, constituted 70 per cent of the total revenue in 2013-14.
The company could report moderate growth in turnover, with 85 to
90 per cent utilisation of its available capacity of 9000 metric
tonnes (MT). Nevertheless, the operating margin is likely to
improve in 2014-15, driven by low foreign exchange (forex)
fluctuations.

Additionally, RAPL's liquidity has improved with an equity
infusion of around INR5 million, for 2013-14; and healthy cash
accruals expected at around INR10 million in 2014-15. The company
has low debt obligations of around INR1.14 million for 2014-15,
resulting in a healthy cushion between cash accruals and its debt
obligations.

The rating reflects RAPL's modest scale of operations in a
fragmented aluminium ingots industry along with high customer
concentration in the revenue profile. The rating also factors in
its weak financial risk profile, marked by high gearing and below-
average debt protection metrics. These rating weaknesses are
partially offset by RAPL's ramp up of operations despite its
limited track record.

Outlook: Stable

CRISIL believes that RAPL's business risk profile will remain
constrained by its limited track record of operations, and high
customer concentration in revenue profile. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves with a sustained improvement in its scale of operations
and operating profitability; or with the promoters' fund
infusions. Conversely, the outlook may be revised to 'Negative' if
RAPL's financial risk profile deteriorates with significantly low
profitability, or sizeable working capital requirements.

RAPL was incorporated in 2011 and has a manufacturing facility in
Faridabad (Haryana). The company manufactures aluminium ingots,
mainly for supplies in the automotive sector, and is promoted by
Mr. O P Paliwal, Ms. Rajni Paliwal, Mr. Vijay Paliwal and Mr.
Puneet Paliwal.

RAPL reported a profit after tax (PAT) of INR9.1 million on net
sales of INR696.5 million for 2012-13, as against a PAT of INR1.7
million on net sales of INR225.9 million for 2011-12. The net
sales were estimated at INR1.03 billion in 2013-14.


SARWATI POLYMERS: CRISIL Assigns 'B' Rating to INR70MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sarwati Polymers Pvt Ltd..

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             38.2        CRISIL B/Stable
   Cash Credit           20          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    11.8        CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the fragmented packaging industry. The rating also factors in the
company's below-average financial risk profile marked by high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the promoter's extensive experience in the
plastic-packaging industry.

Outlook: Stable

CRISIL expects SPPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the company
reports higher than expected growth in revenues and profitability,
while improving its capital structure. Conversely the outlook may
be revised to 'Negative' if SPPL's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues, a higher-than- expected debt-funded capital expenditure,
or deterioration in its working capital cycle.

SPPL was incorporated in 2002 by Mr. Jain and is engaged in
manufacturing of plastic bags and allied products which find their
application in diversified industries. SPPL's manufacturing
facility is located at Panipat, Haryana.

SPPL reported a profit after tax (PAT) of INR0.7 million on an
operating income of INR84.2 million for 2012-13, against a PAT of
INR0.2 million on an operating income of INR51.5 million for 2011-
12.


SATNAM GLOBAL: CRISIL Reaffirms 'B' Rating on INR160MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Satnam Global
Infraprojects Ltd continues to reflect its weak liquidity, driven
by large working capital requirements; and a constrained business
risk profile, because of its fixed-price contracts with customers.
These rating weaknesses are partially offset by the promoters'
extensive experience in providing engineering services to
diversified end-user industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        500        CRISIL A4 (Reaffirmed)
   Cash Credit           160        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SGIL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company enhances its
liquidity by realising its overdue receivables without any delays
and improves its collection cycle, or receives sizeable equity
from the promoters. Conversely, the outlook may be revised to
'Negative' if SGIL's liquidity weakens, with continually stretched
receivables without equity infusion; or its financial risk profile
is impacted with a decline in its cash accruals because of low
revenue or profitability.

Update
SGIL recorded revenue in the range of INR820 to INR-900 million
for 2013-14 (refers to financial year, April 1 to March 31). The
company executes orders for various industries, including oil and
gas, iron and steel, and fertilisers. The operating profitability
remained in line with that of the past two years.

SGIL's operations remain working capital intensive, largely
because of stretched realisations of receivables, between 230 and
250 days as on March 31, 2014. Consequently, the company
extensively utilised its bank limit at 95 to 100 per cent in 2013-
14.

SGIL's financial risk profile is marked by low gearing of around
0.6 times as on March 31, 2014. The debt protection metrics were
also average, with interest coverage and net cash accruals to
total debt (NCATD) ratios at around 1.7 times and 0.10 times,
respectively, for 2013-14. SGIL's overall financial risk profile
is, however, constrained by weak liquidity resulting in high limit
utilisation of bank lines.

SGIL was established by Mr. Satnam Singh Sandhu and Mr. B K Jain
as a private limited company in 1987, and reconstituted as a
public limited company in 2008. SGIL undertakes engineering
contracts entailing erection, commissioning, and installation of
machines. The company also undertakes erection and commissioning
of high-capacity diesel generator sets.


SATVA INFRATECH: CRISIL Suspends 'B' Rating on INR45MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Satva
Infratech Pvt Ltd.

                             Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Bank Guarantee               30      CRISIL A4 Suspended
   Overdraft Facility           25      CRISIL B/Stable Suspended
   Proposed Bank Guarantee      24      CRISIL A4 Suspended
   Proposed Overdraft           20      CRISIL B/Stable Suspended
   Facility

The suspension of ratings is on account of non-cooperation by SIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPLis yet to
provide adequate information to enable CRISIL to assess SIPL'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'

SIPL was set up in December 2007 by Mr. P Krishna Murthy and his
wife, Mrs. P. Hemlatha, in Hyderabad (Andhra Pradesh). Their son,
Mr. Mohan Pathalapati oversees the execution of all the projects.
The company undertakes civil construction work, especially
bridges.


SHIBSATI COLD: CRISIL Suspends 'D' Rating on INR97MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shibsati Cold Storage Pvt Ltd (SCSPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2         CRISIL D Suspended
   Cash Credit           38         CRISIL D Suspended
   Term Loan             50         CRISIL D Suspended
   Cash Credit            7         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
SCSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCSPL is yet to
provide adequate information to enable CRISIL to assess SCSPL'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'

SCSPL was set up in December 2010 by Mr. Debkalyan Roy and Mr.
Debabrata Roy of Kolkata (West Bengal). The company has a cold
storage facility in Paschim Mednipur (West Bengal), with capacity
of 17,000 tonnes per annum (tpa) (two chambers of 8500 tpa each)
for storing potatoes. It also trades in potatoes. The utilisation
for storage facility between January 2012 and March 2012 was about
50 per cent. The rest of the facility was used for storage of
potatoes for trading activities. The promoter family has been
trading in potatoes for more than three decades.


SHREE RAM: CRISIL Upgrades Rating on INR250MM Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facility of Shree Ram
Dass Rice & Gen. Mills (SRDR) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            250        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SRDR's financial risk
profile, marked by improvement in its capital structure on account
of equity infusion of around INR49.6 million in 2013-14 (refers to
financial year, April 1 to March 31); as a result, its gearing
declined to 2.76 times as on March 31, 2014, from 5.01 times as on
March 31, 2013. The upgrade also underscores CRISIL's belief that
SRDR's credit risk profile will improve over the medium term,
driven by increasing scale of operations and moderate operating
profitability, which will lead to higher cash accruals, and
consequently, improvement in debt protection metrics, net worth,
and liquidity; the firm's cash accruals will be adequate to meet
its term debt obligations over the medium term.

The rating reflects SRDR's weak financial risk profile marked by
weak interest coverage ratio and high, albeit improving, total
outside liabilities to tangible net worth ratio, and its
susceptibility to fluctuations in rainfall. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the rice business, and its increasing scale of
operations supported by healthy growth prospects for the basmati
rice industry.

Outlook: Stable

CRISIL believes that SRDR's credit risk profile will improve over
the medium term, driven by its increasing scale of operations and
moderate operating profitability. The outlook may be revised to
'Positive' in case of substantial and sustained improvement in the
firm's revenue or significant improvement in its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
SRDR's financial risk profile, particularly its liquidity, weakens
significantly, most likely because of large, debt-funded capital
expenditure or substantial incremental working capital
requirements.

SRDR, a partnership firm set up by Mr. Vijay Sood and Mr. Anil
Sood in 1982, is engaged in milling and processing of paddy. SRDR
is based in Machhiwara (Punjab). It has installed milling capacity
of 13 tonnes per hour.


STYLISH PRECAST: ICRA Cuts Rating on INR15cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.10
crore cash credit, INR9.00 crore term loan, INR0.70 crore bank
guarantee, and INR0.20 crore unallocated facilities of Stylish
Precast Private Limited from [ICRA]B) to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits-
   Cash Credit           5.10       [ICRA]D; revised
                                    from [ICRA]B

   Fund Based Limits-
   Term Loan             9.00       [ICRA]D; revised
                                    from [ICRA]B

   Non Fund Based        0.70       [ICRA]D; revised
   Limits-Bank Guarantee            from [ICRA]B

   Unallocated           0.20       [ICRA]D; revised
                                    from [ICRA]B

The rating revision takes into account the current delays in
SPPL's debt servicing on account of the weak performance of the
cement grinding unit, coupled with the company's tight liquidity
position, as indicated by high utilization of working capital
facilities. ICRA notes that between FY 2011-12 and 9M FY 2013-14,
SPPL's grinding unit operated at sub-optimal utilization levels,
ranging between 16% and 23%. Cement sales were impacted on account
of multiple factors ranging from high competition, leading to a
slower than expected cement off-take, the overall slowdown in the
real estate construction activity, and an extended monsoon in FY
2013-14. With SPPL having significant debt repayments in the next
few years, ability to scale up the cement business remains
crucial. The rating also takes into account SPPL's small scale of
operations at present, and its weak financial profile, as
indicated by an adverse capital structure and stressed debt
protection metrics. The rating, however, factors in the
established track record of the company in the manufacturing of
pre-cast concrete products, and its integrated operations, with
cement being a key raw material in the manufacturing of pre-cast
concrete products.

Stylish Precast Private Limited is a Kolkata based company, and
has been engaged in the manufacturing of pre-cast concrete
products since 1999. In FY 2011-12, the company has set up a
66,000 tonne per annum (TPA) cement grinding unit, and has also
set up facilities for the manufacturing of fly-ash bricks
(installed capacity of 36,00,000 pieces per annum) and hollow and
solid blocks (installed capacity of 36,00,000 pieces per annum).

Recent Results

In 9M FY 2013-14, SPPL reported a profit before tax (PBT) of
INR0.19 crore (provisional) on the back of an operating income of
INR19.39 crore (provisional), as against a profit after tax (PAT)
of INR0.16 crore on the back of an operating income of INR26.99
crore during FY 2012-13.


SURYA OIL: ICRA Reaffirms 'B+' Rating on INR11.09cr Loans
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR1.09 crore
(reduced from INR1.38 crore) term loan and INR10.00 crore  cash
credit facility of Surya Oil and Agro Industries.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund            1.09       [ICRA]B+ reaffirmed
   Based-Term Loan

   Long Term Fund Based-    10.00       [ICRA]B+ reaffirmed
   Cash Credit Facility

The rating continues to remain constrained by the firm's limited
track record of operations with commercial production commencing
from May 2012, and its relatively modest scale of operations with
only limited scope for growth given the high capacity utilization
in the absence of any capacity expansion plans in the near future.
The rating also considers the weak financial risk profile
reflected by low profitability, weak coverage indicators and
vulnerability of firm's profitability to adverse movements in raw
material prices which are subject to seasonality and crop harvest;
however, order backed purchases mitigates the risk to a large
extent. The ratings also take into account the firm's limited
brand presence in the retail edible oil market which is highly
fragmented due to the presence of a large number of players. The
rating also considers the potential adverse impact on net worth
and gearing levels in case of any substantial withdrawal from
capital account given the entity's constitution as a partnership
firm.

The rating, however, continues to favourably factor in the long
standing experience of SOAI's promoters in the edible oil refining
industry and its reputed clientele base which includes established
edible oil manufacturing as well as marketing companies. The
rating also factors in the favourable outlook for edible oil
sector, the firm's plans to add refined sunflower oil to its
product mix which is expected to improve the revenues of the firm
and the favourable location of the firm's plant in proximity to a
large number of oil mills located near Wankaner and Morbi in the
cotton growing belt of Saurashtra, Gujarat.

Surya Oil and Agro Industries (SOAI) is a partnership firm engaged
in edible cottonseed oil and maize oil refining. SOAI is promoted
by Mr. Sanket Zalaria, Mr. Narottam Patel and Mr. Jateen Adroja
who set up the entity in August 2011. The firm markets its
products, refined cottonseed oil and refined maize oil, in loose
form to bulk dealers as well as in packed form (under the 'Satvik'
brand name). SOAI operates from its plant located in Wankaner,
Rajkot with a total installed capacity of refining 100 MT of
edible oil per day.

Recent Results
For the year ended March 31, 2013, Surya Oil and Agro Industries
(SOAI) reported an operating income of INR64.28 crore and a profit
after tax of INR0.02 crore. Further, during FY 2014 the firm
reported an operating income of INR104.59 crore and profit after
tax of INR0.08 crore (as per unaudited provisional numbers).


SURYA WORLD: CRISIL Suspends 'D' Rating on INR1.50BB Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Surya
World Educational Research and Charitable Initiative (SWERCI).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term    721.5      CRISIL D Suspended
   Bank Loan Facility

   Term Loan             778.5      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
SWERCI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SWERCI is yet to
provide adequate information to enable CRISIL to assess SWERCI'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'

SWERCI was set up by Mr. Rajiv Goel (founder and president) on
August 11, 2008. The trust offers various graduate and post-
graduate courses in engineering, management, and computer
applications. SWERCI runs seven educational institutes; it started
offering courses from 2009-10 (refers to academic year, July 2009
to March 2010). SWERCI's institutes are approved by the All India
Council for Technical Education and the courses offered are
affiliated to the Punjab Technical University.


SWASTIK TRADERS: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Swastik
Traders (Delhi) continues to reflect ST's modest scale of
operations in the highly fragmented textile industry, its low
operating margin owing to the trading nature of its operations,
and its weak financial risk profile, marked by weak debt
protection metrics and a high total outside liabilities to
tangible net worth (TOLTNW) ratio. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the textile industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ST will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significantly
higher-than-expected increase in the firm's cash accruals, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if ST's financial risk profile deteriorates
further, most likely because of lengthening of its working capital
cycle or lower-than-expected cash accruals.

Update
ST's business risk profile remained stable in 2013-14 (refers to
financial year, April 1 to March 31). Its revenue, at around
INR758 million for the year, was about the same as in the previous
year; however, its operating margin improved to 1.87 per cent in
2013-14 from around 1.41 per cent in 2012-13. The firm's revenue
is expected to grow by 10 to 12 per cent per annum over the medium
term supported by its proprietor's extensive industry experience,
coupled with healthy orders from its existing clients. However,
given the trading nature of its operations, ST's operating margin
is expected to remain low at 1.0 to 1.5 per cent over this period.

ST's operations are working capital intensive, as reflected in the
long credit period of 40 to 50 days offered to its customers in
order to withstand the intense industry completion. Moreover, it
maintains an inventory of 10 to 15 days against which it avails a
credit period of 15 to 20 days from its suppliers. As a result,
its average bank limit utilisation was high at an average of 100
per cent during the 12 months through March 2014. CRISIL believes
that the firm's working capital requirements will remain high over
the medium term.

ST's net worth is estimated to have been small at around INR33.2
million as on March 31, 2014, thereby limiting its financial
flexibility to meet any exigency. The firm has a high reliance on
borrowed funds  for meeting its working capital requirements;
this, coupled with its small net worth, is estimated to have
resulted in a high total outside liabilities to tangible net worth
ratio of 4.67 times as on March 31, 2014.

ST, based in Delhi, was set up as a proprietorship firm in 2010 by
Mr. Rajesh Attri. The firm trades in grey fabrics. Mr. Attri and
his family have an experience of over 22 years in the fabric
trading business through group companies.


TECHOPS INFRASTRUCTURE: CRISIL Ups Rating on INR55MM Loans to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Techops Infrastructure Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       5         CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan                50        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that TIPL will generate
sizeable cash flows from the sale of residential properties over
the medium term, supported by healthy bookings for its projects.
The surplus cash inflows could be sufficient to meet its debt
obligations over the medium term. The upgrade also factors in the
gradual reduction in TIPL's exposure to project-related risks,
given that Phase 1 is complete. The company has commenced bookings
and work on Phase 2, which is in an advanced stage of
construction.

The rating reflects TIPL's exposure to risks associated with the
ongoing residential project and exposure to cyclical demand
inherent to the Indian real estate sector. The rating also factors
in the below-average financial risk profile, with small net worth,
high gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in the real estate sector.

Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the medium
term from the promoters' extensive experience in the real estate
sector. The outlook may be revised to 'Positive' if the company
generates sizeable cash flows from operations, with its
accelerated project execution and improved inflows of advances.
Conversely, the outlook may be revised to 'Negative' if TIPL
reports significantly low cash flows from operations, either
because of a subdued response to its project or a limited flow of
advances, impacting its debt servicing ability.

TIPL was founded by Mr. Rajendra Nakade, Mr. Vilas Harde, Mr.
Jeevan Ghime, Mr. Narendra Dakhale and Mr. Anil Kale in Nagpur
(Maharashtra) in 2007. The company is a real estate developer.

TIPL's profit after tax (PAT) was estimated at INR2.3 million on
net sales of INR63 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.2 million on net
sales of INR48 million for 2012-13.


TRADE INDIA: CRISIL Assigns 'B-' Rating to INR65MM Loans
--------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Trade India Corporation (TIC) and has assigned its '
CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities of TIC.
The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated April 22nd 2014, since TIC had not provided
necessary information required for a rating review. TIC has now
shared the requisite information enabling CRISIL to assign ratings
to its bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL A4 (Assigned;
                                    Suspension revoked)

   Cash Credit            49.2      CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

   Channel Financing      15.8      CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

The ratings reflect TIC's weak financial risk profile, marked by
low net worth and high gearing, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the firm's partners in the capital goods
trading industry.

Outlook: Stable

CRISIL believes that TIC will continue to benefit over the medium
term from its promoters' extensive industry experience. Its
financial flexibility, though, is expected to remain constrained
over this period by its weak capital structure and highly working-
capital-intensive operations. The outlook may be revised to
'Positive' if the firm's financial risk profile improves, led by
better working capital management and fresh equity infusion, or
better-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if TIC's financial risk profile
deteriorates, most likely due to increasing working capital
requirements, lower-than-expected profitability and revenues, or
significant debt-funded capital expenditure.

TIC, a Kolkata (West Bengal)-based partnership firm set up in
1968, is an authorised distributor of bearings of The Timken
Company, USA (Timken). The firm trades in seven to eight varieties
of bearings produced by Timken, including ball, thrust, needle
roller, and tapered roller bearings. Its current partners are Mr.
S L Dugar and Mr. J P Goyal.


TRIPATHI HOSPITAL: CRISIL Reaffirms 'B' Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tripathi Hospital
Private Limited continue to reflect THPL's small scale of
operations and risks related to implementation of its ongoing
multi-specialty hospital project. The rating also factors in risks
attached to successful stabilisation of operations and hence,
achievement of revenues and cash accruals. These rating weaknesses
are partially offset by the benefits that the company derives from
the extensive industry experience of the promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              90         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects THPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive industry
experience and established market position. The outlook may be
revised to 'Positive' if the company significantly expands its
scale of operations aided by timely implementation and
stabilisation of the proposed hospital along with an improvement
in operating profitability, resulting in higher than expected cash
accruals and hence, improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's scale of operations remain stagnant and financial and
liquidity risk profile deteriorate due to time and cost overruns
in the proposed project or larger than expected debt funded
capital expenditure.

Incorporated in November 2001, THPL is engaged in the business of
providing medical services in the fields of Orthopedics and
Gynecology/Obstetrics. The hospital first established as a
partnership firm in 2000 was later converted into a private
company in 2001. The husband and wife duo of Mr. B.K. Tripathi and
Mrs. Nidhi Tripathi actively manage the hospital. The company is
in the process of setting up a 100 bedded hospital in Noida.


VIRAJ INTERNATIONAL: ICRA Suspends B+ Rating on INR16.5cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR16.50 crore fund based limits Viraj International. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Viraj International (VI) is undertaking a 17 room 4 star hotel
project at 29/7, Rana Pratap Marg, Lucknow. The project is
proposed to comprise of two basement, ground-floor and 3 upper
floors for rooms. The total number of rooms would be 17 that
include 2 suite and 15 deluxe/executive rooms. Other proposed
facilities in the hotel include food and beverage (F&B) facilities
such as Coffee shop and Restaurant Pub & Bar, 2 Banquet which have
a total capacity of 950 persons and a conference room with a total
capacity of 100 people. The hotel would be operational by December
2013 and the total cost of the project is INR24.92 crore, which is
funded by a DER of 2.10 times.


VIRAT ALLOYS: CRISIL Reaffirms 'B+' Rating on INR93.4MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Virat Alloys Pvt Ltd
(VAPL) continue to reflect its below-average financial risk
profile marked by high gearing, modest scale of operations, and
susceptibility to intense market competition and to volatility in
raw material prices. These rating weaknesses are partially offset
by the benefits that VAPL derives from its promoters' extensive
experience in the steel industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        9.5        CRISIL A4 (Reaffirmed)
   Cash Credit          50          CRISIL B+/Stable (Reaffirmed)
   Term Loan            43.4        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VAPL will continue to benefit over the medium
term from its promoters' support and their extensive industry
experience. The outlook may be revised to 'Positive' if the
company significantly improves its liquidity, led by higher-than-
expected growth in its revenues and profitability, along with
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if VAPL's liquidity deteriorates, most
likely driven by a decline in cash accruals as a result of less-
than-expected offtake or decline in operating margin, or it
undertakes any larger-than-expected, debt-funded capital
expenditure (capex) programme.

Update
For 2012-13 (refers to financial year, April 1 to March 31),
VAPL's turnover grew marginally to INR391 million, supported by
its efforts to improve its product mix through a INR52 million
process improvement capex, thereby improving its average
realisation. The effects of the same are witnessed in the
improvement in its gross margin by 200 basis points (bps; 100 bps
equals one percentage point) in 2012-13. The capex, which spread
across two years, was funded majorly through internal accruals.
CRISIL expects the margins at operating levels will be in the
range of 6.0 to 6.5 per cent over the medium term. Its financial
risk profile continues to be pressurised by weak liquidity, high
leverage and below-average debt protection metrics. The cash
accruals for 2013-14 and 2014-15 are expected to be close to
INR7.5 million and INR10.2 million, respectively, which will be
insufficient to service its debt obligations of INR13 million per
annum. However, the term debt obligations are serviced in a timely
manner with fund infusion by promoters in the form of either
unsecured loans or capital. Over the medium term, VAPL's financial
risk profile is expected to be constrained by its modest net
worth, high gearing, weak debt protection metrics and poor
liquidity.

For 2012-13, VAPL reported a profit after tax (PAT) of INR2.4
million on net sales of INR    390.8 million, against a PAT of INR
1.1 million on sales of INR368.8 million for 2011-12.

Incorporated in 2008, VAPL is a semi-integrated company that
manufactures stainless steel (SS) ingots and flats. It started
with SS ingots manufacturing in 2009; the company's manufacturing
facilities are located at Kalol (Gujarat). The promoters have two
decades of experience in the steel industry through other group
companies.


YASHWANT ENTERPRISES: CRISIL Puts 'B' Rating on INR120MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Yashwant Enterprises (Yashwant).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     70         CRISIL B/Stable

The rating reflects Yashwant's below-average financial risk
profile, marked by a modest net worth, high gearing, and sub-par
debt protection metrics. The rating also factors in its modest
scale of operations with high geographical and end-user industry
concentration in its revenue profile. These rating weaknesses are
partially offset by the funding support that the firm receives
from its proprietor, and the benefits it derives from its
association with the Kale group of companies.

Outlook: Stable

CRISIL believes that Yashwant will continue to benefit over the
medium term from its proprietor's funding support and its
association with the Kale group of companies. The outlook may be
revised to 'Positive' in case of significantly better-than-
expected cash accruals, primarily driven by increasing sales to
third parties along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the firm's
cash accruals are lower than expected, or its working capital
requirements are higher than expected, or it provides any
unanticipated funding support to its group entities, adversely
impacting its liquidity.

Yashwant has been trading in various types of building material
such as cement, flooring, and bricks, since 2013. It was set up as
proprietorship firm in 2009 and is owned and managed by Mr. Vinod
Patil. The firm is a part of the Baramati (Maharashtra)-based Kale
group, which is primarily engaged in real estate development.
Yashwant's clientele comprises of group entities and external
customers.


ZURI HOSPITALITY: ICRA Reaffirms 'D' Rating on INR50.73cr Loans
---------------------------------------------------------------
ICRA has has reaffirmed the long-term rating of [ICRA]D
outstanding on the INR46.73 crore term loan facilities of Zuri
Hospitality Private Limited. ICRA has also reaffirmed the short-
term rating of [ICRA]D outstanding on the INR4.00 crore fund based
limits and assigned a short-term rating of [ICRA] D to the INR0.75
crore non-fund based limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           46.73       [ICRA]D/reaffirmed

   Short-Term Fund
   Based Limits          4.00       [ICRA]D/reaffirmed

   Short-Term Non-
   Fund Based Limits     0.75       [ICRA]D/assigned


The reaffirmation in ratings continues to factor in delays in debt
servicing by the company owing to its tight liquidity position.
The company has a stretched financial profile marked by
considerable net losses over the last few years, low cash accruals
and weak coverage indicators. The operating metrics of the Company
have been constrained by demand slowdown and competition from
other established properties in Whitefield, where the company has
its property.

Part of the Zuri group, which also has properties in Kumarakom and
Goa, the company enjoys financial support from the promoters who
have periodically infused funds in the company by way of unsecured
loans. Going forward, the company's ability to improve its
operational performance and profitability in order to regularize
its debt servicing will be critical for improvement in credit
profile.

Part of the Zuri Group, ZHPL is primarily engaged in hospitality
business with a 162-room 5-star hotel property located at
Whitefield, Bangalore. The company operates the hotel property
under its own brand name "Zuri". Prior to 2012, ZHPL owned two
other properties namely Zuri Varca White Sands Resort & Casino,
Goa and Zuri Kumarakom Resorts & Spa, Kerala in addition to Zuri
Whitefield, Bengaluru. In 2012, the other two properties were
demerged from ZHPL and incorporated as separate entities.
The Zuri group was founded by Mr. Chamanlal Kamani, an NRI from
Rajkot in Gujarat who had migrated to Kenya in the late 1940s.The
group has presence in furniture, real estate, floriculture and
hospitality in several countries. In India, the group is mainly
present in hospitality business with two 5-star deluxe hotels and
one 5-Star hotel. The Indian operations are being looked after Mr.
Chamanlal's grand-sons Mr. Aditya Deepak Kamani and Mr. Abhishek
Rashmi Kamani. The promoters also own around 300 acres of land in
Goa on which they have plans to develop high end villas.

Recent Results

As per provisional results, the Company reported a net loss of
INR11.5 crore on operating income of INR32.7 crore during 2013-14
against a net loss of INR15.7 crore on operating income of INR35.5
crore during 2012-13.



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


BERAU COAL: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of PT Berau Coal Energy Tbk (BCE) as well as the B1 senior
secured ratings on the bonds issued by BCE and Berau Capital
Resources Pte Ltd, which are guaranteed by BCE. The rating outlook
remains negative.

Ratings Rationale

"The negative outlook reflects the continued pressure on BCE's
credit metrics as a result of the persistent weakness in thermal
coal prices and Moody's  expectation that coal prices will remain
under pressure over the next 12 months," says Brian Grieser, a
Moody's Vice President and Senior Analyst.

Driven by the global oversupply situation, the Newcastle thermal
coal price index, a benchmark for Asia, has fallen to $72 per ton
in 2014 from an average of $84 per ton in 2013.

Moody's has revised its Newcastle coal prices to average between
$75-80 per ton in 2014 from $80-85 back in December last year.
Moody's does not anticipate a meaningful rebound in prices in 2015
reflecting increasing production by Indonesian and Australian
thermal coal producers.

"We estimate that the low coal prices will drive BCE's financial
leverage towards 4.5x in 2014 from 3.8x in March 2014, which is
considered high for its B1 rating," adds Grieser, who is also Lead
Analyst for BCE.

"We expect management to continue implementing cost reduction
measures and preserve cash at the company in 2014-15. Given the
pressure on BCE's credit quality, there is limited headroom at its
current rating level to accommodate any further deterioration of
its credit metrics and/or liquidity position," says Grieser.

BCE faces an upcoming maturity in July 2015 when its $450 million
senior secured notes come due.

"The B1 rating also assumes that BCE will refinance the maturing
notes before the end of July 2014. The inability to execute a
refinancing in this timeframe would materially weaken its
liquidity profile and would likely result in a ratings downgrade,"
says Grieser.

BCE's rating is supported by its good liquidity position which is
key in providing financial flexibility during a period when
depressed coal prices are pressuring margins and cash flows. It
had a healthy cash balance of $373 million as of 31 March 2014.

At the same time, Moody's expects corporate governance and
accountability at BCE to improve following the recently-completed
separation between BCE's parent, Asia Resource Minerals plc (ARM,
unrated) and the Bakrie Group (unrated) since no single
shareholder will have a controlling interest in ARM.

Moody's  have revised Moody's  downgrade triggers to reflect
Moody's  current view on BCE's credit profile. A rating downgrade
would occur if 1) BCE is unable to refinance its $450 million
senior secured notes before the end of July 2014; 2) Coal prices
fail to stabilize and thus fall short of Moody's  $75-80 per ton
target in the next twelve months; 3) BCE undertakes large
expansionary capex projects or makes any large debt-funded
acquisitions such that there is a material decline in BCE's cash
balances.

Specific indicators Moody's would look for include adjusted
debt/EBITDA exceeding 4.0-4.5x while net debt/EBITDA exceeds 3.0x-
3.5x.

Other negative rating triggers include: 1) any adverse decisions
regarding the off-setting of payments for VAT; or 2) any change in
laws and regulations, particularly in relation to mining
concessions that would adversely affect BCE's business.

Upward rating pressure is limited given the negative outlook and
Moody's  view that deleveraging will be challenging in the current
environment for coal prices. Nonetheless, the rating outlook may
be changed to stable if BCE improves its financial leverage such
that its adjusted debt/EBITDA falls below 3.5x and EBIT/interest
exceeds 3.5x. Any positive action would require BCE to maintain
the current strength of its liquidity profile in concert with an
improvement in realized coal prices.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.2 billion tons, with probable and proven reserves
estimated at 509 million tons (mt).


PAKUWON JATI: Fitch Gives Final 'B+' Rating to $168MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned PT Pakuwon Jati Tbk's (Pakuwon,
B+/Stable) USD168m 7.125% senior unsecured notes due 2019 a final
'B+' rating, with a Recovery Rating of 'RR4'. The new notes are
issued by Pakuwon Prima Pte Ltd and guaranteed by Pakuwon and
certain subsidiaries.

The notes are rated at the same level as Pakuwon's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company. The
rating action follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on 19 June 2014.

Key Rating Drivers

Support from Investment Property Portfolio: Pakuwon is a
diversified real estate developer based in Indonesia. The
company's property portfolio includes retail, residential,
commercial and hospitality developments. Its ratings reflect its
solid investment properties, which contributed 48% of total
revenue in 2013. Furthermore, 42% of the revenue was derived from
its shopping mall and office leasing operations which have a long-
term lease profile.

These investment properties generated solid recurring EBITDA of
IDR778bn (USD67m) and recurring EBITDA/interest coverage of 3.8x,
which along with the company's strong liquidity position will help
it manage any cyclicality and volatility of property development.

Quality Assets: The company's investment portfolio is spread
across four well established and strategically located prime
locations in Jakarta and Surabaya. The main projects comprise of
mixed use high rise developments (apartments, office, retail, and
sometimes hotel). Pakuwon's malls, while providing stable
recurring revenue, anchor each of its land banks in Jakarta and
Surabaya, thereby attracting residents and office tenants while
servicing as focal points for local communities. The company has a
strong track record of managing its lease retail occupancy, and
consistently achieves above industry average occupancy.

Higher Margin than Peers: Fitch expects Pakuwon to generate EBITDA
margin above 50% in the medium term, supported by a low cost land
bank and the company's ability to create value in its superblocks.
Pakuwon posted EBITDA margin of 56% in 2013 (2012: 55.6%), higher
than other rated developers such as PT Alam Sutera Realty Tbk
(B+/Stable) with 42% and PT Lippo Karawaci Tbk (BB-/Stable) with
27%. Fitch believes that such a high margin will provide some
pricing flexibility during a downturn in the property cycle.

Limited Scale and Diversification: Pakuwon's rating is constrained
by its limited scale and project diversification. Fitch expects
the company to generate most of its cash flows from its current
established super blocks in the medium term. Based on the current
rate of development, the company's land bank of 394 hectares would
be sufficient for more than 10 years of development. Although the
company will launch a new residential project in West Surabaya in
2H2014, Fitch notes that its projects and cash flows are less
diversified than higher rated peers.

Rating Sensitivities

Positive rating action is not anticipated in the medium-term given
the company's limited scale, projects, and cash flow
diversification.

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

- Sustained deterioration of recurring EBITDA from investment
   properties (IP) /interest below 2.5x

  - net debt/net inventory (net inventory defined as IP +
    Inventory + Property and Equipment - Advances) rises above
    50% on a sustained basis

  - weakening of business profile as evidenced by significant
    rise in vacancy rates or a sustain fall in rentals

  - any evidence of weakening in liquidity


PERUSAHAAN LISTRIK: Moody's Lowers BCA to ba2; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Perusahaan Listrik Negara's
(PLN) Baa3 issuer and senior unsecured ratings, as well as its
(P)Baa3 senior unsecured MTN rating.

At the same time, Moody's has also affirmed the Baa3 senior
unsecured rating of Majapahit Holding BV, PLN's wholly owned
subsidiary, which has issued debt guaranteed by PLN.

Moody's also lowered PLN's baseline credit assessment (BCA) to ba2
from baa3, reflecting the standalone credit quality of PLN
independent of any extraordinary support from the sovereign.

The ratings outlook is stable.

Ratings Rationale

PLN's Baa3 rating reflects the application of Moody's rating
methodology for GRIs (updated in July 2010) that combines: (1) the
company's standalone credit quality, or BCA of ba2; and (2)
Moody's assessment of the credit support that the government of
Indonesia (Baa3 stable) is likely to provide in a distressed
situation.

The ba2 BCA reflects the company's strategically important
position as Indonesia's only vertically integrated electric
utility, including its dominant position in generation and
transmission and distribution (T&D), as well as its close linkage
with the government. Longstanding subsidies from the government
support its financial viability and operational soundness. These
positive factors are balanced against a regulatory environment
that has historically lacked transparency and allowed returns that
are low in comparison to global peers, leading to financial
metrics that are inconsistent with an investment grade BCA. PLN's
aggressive capital spending programme, while consistent with
national strategic objectives to reduce its oil-fired generation,
provide minimal leeway for metrics to improve in the medium term.

"Under the rating methodology for GRIs, Moody's  assessment of
government support for the company is very high. Specifically, the
government has 100% ownership and therefore closely directs the
activities of PLN. The government also has a strong track record
of support, as manifested in its provision of unconditional and
irrevocable guarantees on PLN debt related to Fast Track Programme
1; its provision of comfort letters to sponsors of Fast Track
Programme 2; and its provision of two-step loans to PLN," says Ray
Tay, a Moody's Assistant Vice President and Analyst.

"The government also has a strong incentive to support PLN in case
of need, because a default on PLN's non-government debt
obligations could lead in turn to a cross-default on the
government-guaranteed bank financing for the company," says Tay.

"The lowering of the BCA reflects removal of consideration for
extraordinary sovereign support from the standalone view of PLN's
credit fundamentals. Although we continue to view the regular
subsidies as ordinary support, the benefit of extraordinary
sovereign support is now wholly reflected in the uplift as per
Moody's  approach to rating GRIs," adds Tay.

Moody's notes that Indonesia has embarked on two major programmes
for electrical capacity additions totaling 28GW, and PLN has been
tasked with the majority of this expansion.

As such, for PLN, the associated capex requirements are
substantial, and will -- until the programmes are complete --
pressure its key credit metrics over the next 5-8 years.

However, Moody's notes that PLN has a track record of managing
execution risks and has so far commissioned 6.4GW of capacity, and
expects it to continue to competently manage these risks.

The ratings outlook is stable, in line with the outlook for the
sovereign rating of Indonesia.

Given the close link between PLN's rating and the sovereign
rating, an upgrade of the latter may trigger an upgrade of PLN.
PLN's BCA could be raised if capex efficiency or debt reduction
results in debt/capitalization improving to 75% or lower.

Similarly, a downgrade of the sovereign will almost certainly
trigger a downgrade for PLN. Furthermore, a partial privatization
of PLN or a meaningful reduction to government subsidies -- a
scenario that Moody's considers unlikely in the near to medium
term -- will negatively impact the rating. PLN's BCA could be
lowered if a greater than expected proportion of planned capital
expenditures were funded with debt, such that debt/capitalization
increases beyond 85%-90% or retained cash flow/debt falls below 4%
to 4.5% on a sustained basis.

The methodologies used in these ratings were Regulated Electric
and Gas Utilities published in December 2013, and Government-
Related Issuers: Methodology Update published in July 2010.

Perusahaan Listrik Negara (PLN) is the only vertically integrated
electricity utility in Indonesia. It is the dominant operator of
generation plants, transmission and distribution (T&D) networks .
Its transmission network covered around 39,581 km and its
distribution network covered 809,980 km at end-2013.

PLN is also the country's largest electricity producer, with a
capacity of around 39GW, which accounted for 83% of the market at
end-2013. It is the sole off-taker for Indonesia's independent
power producers. For the 12 months ended 31December 2013, the
company reported revenue of IDR257 trillion ($21.1 billion). The
government -- through the Ministry of State-Owned Enterprises --
has full ownership.



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


DERIVATEK NEW ZEALAND: Mark Whelan Pleads Guilty
------------------------------------------------
Mark James Whelan pleaded guilty in the Auckland District Court on
July 1 after giving evidence at his trial. The trial related to a
second Serious Fraud Office (SFO) investigation against
Mr. Whelan.

The SFO's charges against Mr. Whelan related to his involvement
with options trading company Derivatek New Zealand Limited and his
own company Global Futures Trading Limited. Mr. Whelan faced 10
Crimes Act charges, comprising of three of theft by person in a
special relationship and seven charges of false statement by
promoter.

Mr. Whelan incorporated Global Futures Trading Limited in November
2006. From mid-2007 until February 2009, Mr. Whelan used Global
Futures to obtain funds from high net worth individuals to be
traded through Derivatek.

Mr. Whelan used investors' funds to fund an advance fee for a
US$20 million loan, for personal use and to repay other investors.
To conceal this activity, Mr. Whelan issued false statements to
the investors.

SFO Director, Julie Read said, "This investigation uncovered a
multi-layered fraud, with the need to fund one fraud driving
further offending. Where the return on investment is significantly
higher than market rates investors should be aware that they may
lose their money, because very high returns generally equal very
high risk or, in some cases, fraud."

Mr Whelan has been remanded in custody until July 3, 2014, for a
sentencing date to be fixed.


POSTIE PLUS: Sale Completion Extended For Three Weeks
-----------------------------------------------------
David Bridgman and Colin McCloy, as Administrators of Postie Plus,
on June 30 announced that they expect it will be another two to
three weeks before the current conditional agreement concerning
the sale of the Postie Plus business becomes unconditional and can
be completed. The intended purchaser, an international retail
group, is continuing its due diligence.

David Bridgman said: "As Administrators we remain keen to conclude
a sale of the business as a going concern, as we believe this to
be in the best interests of all creditors and Postie Plus staff.
In the meantime, the Company will continue to trade through 68
stores nationwide following the pending closure of 12 stores as
previously announced".

The Administrators also record their continued appreciation for
the patience and forbearance shown by the Company's creditors and
Postie Plus staff.

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.

Colin McCloy and David Bridgman, Partners from
PricewaterhouseCoopers, were appointed Administrators to Postie
Plus Group Limited on June 3, 2014. The business is now in
voluntary administration.


WAITAKERE BEARS: Ex-Chairman Gets 10 Months Home Detention
----------------------------------------------------------
APNZ reports that the former chairman of a west Auckland sports
organisation has been sentenced to ten months home detention after
stealing more than NZ$150,000 from the organisation.

APNZ relates that a victim impact statement said Wayne Reeves has
put the future of the Waitakere Bears Softball Club and Ranui
Swanson Football Club at risk of insolvency and liquidation.

APNZ says Mr. Reeves has since raised NZ$50,000 from the sale of
his partner's house to repay some of what he stole, and is
offering to pay off the rest through reparation from his builder's
wages.



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


ASIAN CONSUMERS: Placed Under PDIC Receivership
-----------------------------------------------
The Monetary Board (MB) placed the Asian Consumers Bank under the
receivership of the Philippine Deposit Insurance Corporation
(PDIC) by virtue of MB Resolution No. 981 dated June 26, 2014. As
Receiver, PDIC took over the bank on June 27, 2014.

Asian Consumers Bank is a four-unit rural bank with Head Office
located along Magsaysay Ave., Poblacion, Basista, Pangasinan. Its
three branches are located in Calasiao, San Carlos City and
Urdaneta, all in Pangasinan. Latest available records show that as
of March 31, 2014, Asian Consumers Bank had 2,774 accounts with
total deposit liabilities of PHP119.5 million. A total of 2,756
deposit accounts or 99.35% of the accounts have balances of
PHP500,000 or less and are fully covered by deposit insurance.
Total insured deposits amounted to PHP112.72 million or 94.33% of
the total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct Depositors-Borrowers
Forums on July 7 and 8, 2014 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will be distributed during the Forum. The schedules
and venues of the Forums will be posted on the bank premises and
in the PDIC website, www.pdic.gov.ph. The claim forms and the
requirements and procedures for filing are likewise available for
downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises using the Mailing Address
Update Forms to be furnished by PDIC representatives. Duly
accomplished Mailing Address Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID with
signature of the depositor. Depositors may update their addresses
until July 2, 2014.



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


KYONGNAM BANK: Moody's Affirms D+ Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed all of Busan Bank's ratings
with a stable outlook. Moody's has also affirmed all of Kyongnam
Bank's ratings and changed its outlook to positive from stable.

These rating actions follow the announced acquisition of Kyongnam
Bank by BS Financial Group (BS FG; unrated), the parent of Busan
Bank.

The ratings of Busan Bank which have been affirmed are:

- Global local currency (GLC) deposit of A2;

- Foreign currency long-term senior debt and deposit of A2;

- Foreign currency long-term senior unsecured MTN of (P)A2;

- Foreign currency subordinated MTN of (P)Baa1;

- Short-term deposit ratings of P-1; and

- Bank financial strength rating (BFSR) of C-, mapping to a
baseline credit assessment (BCA) of baa1.

The ratings of Kyongnam Bank which have been affirmed are:

- Global local currency (GLC) deposit of A3;

- Foreign currency long-term deposit of A3;

- Short-term deposit ratings of P-2;

- Bank financial strength rating (BFSR) of D+ mapping to a
baseline credit assessment (BCA) of baa3.

Ratings Rationale

On 30 June 2014, BS FG signed a sale and purchase agreement with
Korea Deposit Insurance Corporation (KDIC) to acquire a 56.97%
stake in Kyongnam Bank.

The purchase price is KRW1,226.9 billion (approximately USD1.2
billion), which will be funded by an equity offering of around
KRW500 billion; a dividend upstream of KRW400-500 billion from
Busan Bank; KRW80 billion of debt financing; and repayment of debt
from BS Capital for the remaining balance.

"Although the acquisition would negatively impact Busan Bank's
BCA, owing to its substantial role in supporting the burden of its
parent's acquisition, the negative impact will be somewhat offset
by its strong capital-generation ability, based on its solid
recurring earnings and gains from credit-positive synergies," says
Hyun Hee Park, a Moody's Analyst.

"The acquisition precludes the risk that the two banks would
eventually aggressively expand into the other's respective
markets, which would negatively affect their own franchises, costs
and margins," adds Park.

Busan Bank will provide KRW400-500 billion through dividends to
the parent for the acquisition. These dividends will result in a
substantial fall in Busan Bank's own core Tier 1 ratio to slightly
below 9% from 10.31% at end-March 2014.

However, Moody's estimates its core Tier 1 ratio can recover to
the mid to high 9% level on internally generated capital over the
year. In addition, BS FG has the capacity to support Busan Bank
through the issuance of hybrid capital, if needed.

BS FG's pro forma double leverage ratio is expected to rise to
120% from 119.0% at end-March 2014, which would position its below
that of Woori Finance Holdings' (WFH) 125.7% (unrated), Shinhan
Financial Group's 123.4% (unrated), and Hana Financial Group's
125.4% (unrated).

However, after the acquisition, Busan Bank will need to build up
more capital capacity to provide support -- via its parent -- to
Kyongnam Bank as both banks are growing faster than the system.

A single-digit capital ratio is not compatible with its current
BCA of baa1, but Moody's  expectation is that Busan Bank will
improve its core Tier 1 ratio to a double-digit level within a
year of the acquisition's completion.

"We assess the prospective change in ownership of Kyongnam Bank as
potentially positive, as WFH, its previous owner, was reluctant to
provide capital support as it has been trying to divest the bank
since 2010, making three previous attempts -- in July-December
2010, May-August 2011, and April-August 2012," says Park.

In addition, Moody's  believe that Kyongnam Bank's franchise and
financial fundamentals have good prospects for improvement with
the presence of a strategic shareholder with a strong credit
profile, which is a main reason for the change in outlook to
positive.

Busan Bank is among the stronger banks in the system in terms of
asset performance, whereas Kyongnam Bank is the weakest among
regional banks.

The acquisition will allow Kyongnam Bank to benefit from the
technical transfers that would improve its loan underwriting and
thus asset quality.

However, Moody's  believe potential synergies and knowledge
transfers from the transaction will not likely materialize until
the medium term. As the integration progresses, Moody's expects to
equalize the adjusted BCA of the two banks at either baa1 or baa2.

Busan Bank

What Could Change the Rating - Up

There is limited likelihood that the bank's long-term deposit or
debt ratings will be upgraded in the foreseeable future because
its A2 long-term senior debt or deposit ratings already
incorporate a two-notch rating uplift, based on Moody's
assessment of the high probability of support from the Korean
government in a stress situation.

Moody's  would consider raising the BCA if (1) there is
significant improvement in asset quality, with nonperforming loans
(NPLs) falling below 1%; (2) there is further improvement in
liquidity indicators, such as its loans-to-deposits ratio,
liquidity coverage ratio and net funding ratio; and (3) the bank
substantially improves its franchise without compromising its
overall financial profile.

What Could Change the Rating - Down

Factors that could exert negative pressure on the ratings include:
(1) its NPL ratio exceeding 4.5% (1.16% at end-March 2014); (2) a
core Tier 1 capital ratio below 10% one year after the acquisition
(10.31% at end-March 2014); (3) a major reduction in its share of
the local bank market; or (4) mergers and acquisitions of other
subsidiaries that increase its risk profile and financial
leverage.

Kyongnam Bank

What Could Change the Rating - Up

Over the next 12-18 months, the development of certain factors
will be assessed to decide whether the bank's long-term deposit
ratings should be upgraded to the same level as that of Busan
Bank. These factors include BS FG's progress in transferring best
practices to Kyongnam Bank, and whether BS FG will acquire the
remaining stake in Kyongnam Bank.

What Could Change the Rating - Down

Factors that could exert negative pressure on the ratings include:
(1) its NPL ratio rises to 5% or above (1.77% at end-March 2014);
(2) its core Tier 1 capital ratio drops below 7.5% (8.38% at end-
March 2014); and (3) its share of the local banking market
declines.

Other considerations for a downgrade would include unfavorable
changes in Moody's  systemic support assumption. Moody's  will
continue to assess the appropriateness of the systemic support
assumption incorporated in the bank's A3 long-term deposit rating
relative to other domestic banks and some of Kyongnam Bank's
global peers.

The principal methodology used in these ratings was Global Banks
published in May 2013.

Busan Bank, headquartered in Korea, had consolidated assets of
KRW43.3 trillion (US$42.3 billion) as of 31 March 2014. Kyongnam
Bank, headquartered in Korea, had consolidated assets of KRW31.8
trillion (US$31.0 billion) as of March 2014.


PANTECH CO: SK Telecom May End Financial Help
---------------------------------------------
Kim Yoo-chul at The Korea Times reports that SK Telecom, KT and LG
Uplus are considering ending their financial support to Pantech,
officials said.

"SK Telecom has serious questions about the future of Pantech,"
the report quotes an SK Telecom official, as saying. SK's move is
likely to be followed by the other two carriers, the report
relates.

SK Telecom owns the largest amount of Pantech's debt at
KRW90 billion in accounts receivable, followed by KT and LG Uplus
with KRW45 billion each, The Korea Times notes.

According to the report, Pantech creditors will make their final
decision on whether to continue a court receivership program or
terminate it July 4.

The Korea Times says the company is facing either complete
bankruptcy or acquisition unless the three mobile carriers offer
financial support.

An official at KT admitted that its senior marketing executives
are being approached by senior officials at the creditor's banks
as the banks want to save Pantech from a complete failure, the
report relates.

"Our view isn't much different to that of SK. If the carriers join
the capital-increase plan, then Pantech will be saved. But the key
question is that the future of Pantech is being questioned," an
unnamed KT executive told The Korea Times.

The report adds that officials at LG Uplus said they are closely
monitoring moves by SK Telecom as Uplus' decision will be subject
to decisions by the top mobile carrier. "For Pantech, the
situation is not good," said an Uplus official, the report relays.

Pantech officials said a departure from the capital-increase plan
led by its creditors will "limit consumer choice" as Korea's
handset market will be divided into Samsung Electronics and LG
Electronics if any emergency measures aren't taken, according to
The Korea Times.

Samsung Electronics and Qualcomm, which also both have a stake in
Pantech, are preparing for an "exit strategy" and the two are
"closely monitoring the situation," the report adds.

Qualcomm and Samsung each have a 10 percent stake in Pantech
valued at some KRW53 billion, the report discloses.

                           About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.


STX GROUP: KDB Suspected of Raising Insolvent Loans to STX
----------------------------------------------------------
BusinessKorea reports that in the middle of the recent chaos of
financial accidents, KDB is suspected to be raising insolvent
loans to STX.

Accordingly, KDB executives will inevitably be held liable, the
report says. KDB, however, claimed that they, as a financial
policy institution, lent legitimate funds to STX Offshore and
Shipbuilding, answering to demands from the financial authorities,
the report relates.

On June 23, the Financial Supervisory Service (FSS) found problems
in KDB loans to STX after comprehensive investigation into KBD, a
main creditor of STX, and recent additional investigation as well,
according to BusinessKorea.

As a result, relevant disciplinary actions will be taken to KDB
next month, the report notes.  BusinessKorea relates that an
official in the financial authorities said they found insolvency
evidence regarding KDB loans to STX, and the personnel in charge
will be punished. He also mentioned that the punishment level is
not determined yet, the report notes.

According to the report, KDB said that the FSS re-investigated all
the loans to STX and its ex-Chairman Kang Duk-soo, but their loans
were raised legitimately following demands from the financial
authorities, which should not be a problem.

BusinessKorea, citing Supreme Prosecutors' Office, says
ex-Chairman Kang is suspected of misappropriation of KRW284.1
billion (US$278.9 million) and embezzlement of KRW55.7 billion
(US$54.7 million). He is also charged of borrowing KRW900 billion
(US$883.6 million) via fraudulent accounting worth of KRW2.3264
trillion (US$2.284 billion), and issuing KRW1.750 trillion
(US$1.719 billion) worth of corporate bonds. STX Offshore and
Shipbuilding is accused of KRW326.4 billion (US$320.6 million) in
fraudulent accounting since 2009, when the recession in the
shipping industry hit the group.

STX Offshore and Shipbuilding borrowed KRW900 billion (US$883.6
million) from banks through fraudulent financial statements, the
report notes. Their main creditor KDB is alleged to have done
careless loan screening by the financial authorities,
BusinessKorea adds.

BusinessKorea reports that KDB recorded the very first loss in 13
years due to the insolvency of STX, and the loss amount reached
KRW1.400 trillion (US$1.375 billion). As STX Group, once the 13th
biggest conglomerate in Korea, and its affiliate companies face
financial difficulties, KDB had to provide them financial support
as well as save allowances for bad debt, the report notes. Last
year's allowances for bad debts of KDB were KRW1.7731 trillion
(US$1.7415 billion), but with bad debt expenses of KRW2.200
trillion (US$2.161 billion), a KRW990.6 billion (US$972.9 million)
increase from 2012.

                        About STX Group

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

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

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

In June 2014, six subsidiaries of STX Dalian Group, STX
Corp.'s China unit, filed for bankruptcy court protection in
the country's northeastern Liaoning province.

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



=============
V I E T N A M
=============


VIETNAM BANK: Fitch Affirms 'B' Long-Term IDR; Outlook Positive
---------------------------------------------------------------
Fitch Ratings has affirmed four Vietnamese banks' Long-Term Issuer
Default Ratings (IDRs) at 'B'.  The Outlook is Positive for
Vietnam Bank for Agriculture and Rural Development (Agribank) and
Vietnam Joint Stock Commercial Bank for Industry and Trade
(Vietinbank). Fitch has also withdrawn the Viability Rating (VR)
on Agribank.

The Outlook for Asia Commercial Bank (Vietnam) (ACB) has been
revised to Stable from Negative. The Outlook is Stable for Saigon
Thuong Tin Commercial Joint Stock Bank (Sacombank). The ratings of
Sacombank are simultaneously withdrawn as they are no longer
considered relevant to the agency's rating coverage. Fitch will no
longer provide ratings or analytical coverage for the company
following the withdrawal. A full list of rating actions is
provided at the end of this rating action commentary.

Key Rating Drivers - IDRs, Senior Debt, Support Ratings (SRs) and
Support Rating Floors (SRFs) of Agribank and Vietinbank
The Long-Term IDRs of the two state-owned banks, Agribank and
Vietinbank, are driven by state support. Their SRs and SRFs
reflect Fitch's expectation of likely extraordinary state support
as both banks are majority owned by the government and among those
most systemically important to the domestic economy. Nonetheless,
timeliness of extraordinary support from the government may be
limited by its own finances as reflected in the 'B+' sovereign
rating. As a result, the banks' ratings are one notch lower than
the sovereign rating.

Vietinbank's senior notes are rated at the same level as its Long-
Term IDR, given that the notes constitute direct, unsubordinated
and senior unsecured obligations of the bank, and rank equally
with all its other unsecured and unsubordinated obligations. The
Recovery Rating on the notes is affirmed at 'RR4'. Fitch assigns
Recovery Ratings to issues from entities with IDR of 'B+' or
below.

The Positive Outlooks on Agribank and Vietinbank reflect the
Positive Outlook on Vietnam's sovereign ratings.

Key Rating Drivers - VRs of Agribank and Vietinbank
Agribank's VR of 'ccc' reflects Fitch's view that the bank's
buffers may not be sufficient to absorb loan losses considering
its very weak loan quality, thin net profitability and weak
capitalisation. The bank's capitalisation will be even weaker if
it is adjusted for 'true' asset quality or prudent level of
provision according to the international standards.

Simultaneously, Agribank's VR has been withdrawn given that the
bank has a government policy function in the agriculture industry
and insufficient information was provided, which implies that the
bank's transparency has worsened. In addition, Agribank, unlike
other state-owned banks, is unlikely in the near to medium term to
sell a stake to private (usually foreign) investors, a process
known as equitisation in Vietnam.

Vietinbank's VR reflects its weak credit matrix, including
continued weakness in its true loan quality, a loan book that is
concentrated in SOEs and declining profitability. Meanwhile, its
improved capitalisation thanks to equitisation may support its
loss-absorption buffer to some extent. Fitch does not expect the
financial profile of Vietnamese banks to improve in the near term,
given that the government's restructuring of the banking and SOE
sector is still in progress and any improvements would take a
while to be reflected in the banks' performances.

Key Rating Drivers - IDRs, VRs, SRs and SRFs of ACB and Sacombank
The Long-Term IDRs of ACB and Sacombank are driven by their VRs.
The ratings reflect their reasonable standalone credit profiles
and risk exposures, including loans to state-owned entities.
However, they are constrained by the negative banking industry
outlook due to the lingering loan quality risks and declining
profitability. Sacombank's ratings do not take into account its
plan to acquire Southern Bank, given that the transaction has not
been confirmed.

ACB's Outlook has been revised to Stable from Negative, reflecting
Fitch's view that downward pressures on the bank's financial
profile have reduced, including significant impairment risks
arising from the bank's exposure to companies related to one of
ACB's shareholders, Mr. Nguyen Duc Kien. The bank has made efforts
and will continue to resolve these problems. Profits increased
slightly in 2013 as the bank consolidated its balance sheet and
streamlined operations to cut costs. Deposits grew by 10% from a
year ago. ACB has also been disciplined in maintaining a liquid
balance sheet with loans/deposits ratio of 78%.

The '5' SRs and 'No Floor' SRFs of ACB and Sacombank reflect
Fitch's view that state support may be possible but cannot be
relied upon.

Rating Sensitivities - IDRs, SRs and SRFs of Agribank, Vietinbank,
ACB and Sacombank
The SRs and SRFs are sensitive to shifts in the sovereign's
creditworthiness and ratings, which at present have a Positive
Outlook.

These ratings may be hurt by any perceived weakening in the
government's propensity to support the banks, although such
prospect is remote for the systemically important state-owned
banks, including Agribank and Vietinbank. In contrast, ACB's SR
and SRF are already at the lowest end of the ratings scale.

Rating sensitivities for Sacombank are no longer relevant given
the rating has been withdrawn.

Rating Sensitivities - VRs of Agribank, Vietinbank, ACB and
Sacombank
Vietnamese banks' VRs might be pressured if asset quality risks
become bigger threats to banks' capitalisation than the current
ratings factor in. Negative rating action may also result from
increasing risk appetite, which may be demonstrated in excessive
asset growth, or event risks such as M&A or operational lapses
that could affect the banks' credit profile.

VRs may be upgraded if the restructuring process in the banking
industry (including increased transparency and bad debt
resolution) and SOE sector along with sustainable asset quality
improvement bring noticeable improvements in banks' financial
performance. However, such improvements are unlikely in the near
term.

Rating sensitivities for Agribank and Sacombank are no longer
relevant given their ratings have been withdrawn.

The full list of rating actions follows:
Agribank
- Long-Term IDR affirmed at 'B'; Outlook Positive
- Short-Term IDR affirmed at 'B'
- Viability Rating affirmed at 'ccc' and withdrawn
- Support Rating Floor affirmed at 'B'
- Support Rating affirmed at '4'

Vietinbank
- Long-Term IDR affirmed at 'B'; Outlook Positive
- Short-Term IDR affirmed at 'B'
- Viability Rating affirmed at 'b-'
- Support Rating Floor affirmed at 'B'
- Support Rating affirmed at '4'
- USD250m 8% notes due 2017 affirmed at 'B'; Recovery Rating
affirmed at 'RR4'

ACB
- Long-Term IDR affirmed at 'B'; Outlook revised to Stable from
Negative
- Short-Term IDR affirmed at 'B'
- Viability Rating affirmed at 'b'
- Support Rating Floor affirmed at 'No Floor'
- Support Rating affirmed at '5'

Sacombank
- Long-Term IDR affirmed at 'B' and withdrawn; Outlook Stable
- Short-Term IDR affirmed at 'B' and withdrawn
- Viability Rating affirmed at 'b' and withdrawn
- Support Rating Floor affirmed at 'No Floor' and withdrawn
- Support Rating affirmed at '5' and withdrawn


                             *********

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
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