TCRAP_Public/140716.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 16, 2014, Vol. 17, No. 139


                            Headlines


A U S T R A L I A

BRUCK TEXTILES: Goes Into Liquidation, 60 Jobs Lost
DSG HOLDINGS: Cameron Rules Out Second Attempt to Buy Back Stores
LONGREACH GROUP: Placed in Administration
NEUTRAL FUELS: In Administration; First Meeting Set July 23
NUFARM LIMITED: Moody's Downgrades Corporate Family Rating to Ba3

S & S KONITZKA: Worrells Solvency Appointed as Administrators


C A M B O D I A

ENTERTAINMENT GAMING: Sells Thai Border Casino for $500,000


C H I N A

FUTURE LAND: Moody's Puts B1 Rating on Proposed Sr. Unsec. Bond
FUTURE LAND: S&P Assigns 'B+' Rating on Proposed US$-Denom. Notes
MELCO CROWN: Moody's Revises Outlook on Ba3 Rating to Positive


H O N G K O N G

GREENLAND HK: Profit Warning News No Impact on Moody's Ba1 CFR


I N D I A

AKAI STEELS: CRISIL Suspends 'B' Rating on INR220MM Loans
AMARPARKASH RICE: CRISIL Assigns B Rating to INR115.8MM Loans
AMRAPALI INFRA: ICRA Assigns 'B+' Rating to INR188cr Loans
AMRUTHA CONSTRUCTION: CRISIL Suspends B+ Rating on INR180MM Loans
ANKUR BIOCHEM: CRISIL Suspends B+ Rating on INR750MM Loans

APEX AUTO: ICRA Upgrades Rating on INR78cr Loans to 'C'
CARE CORUPACK: CRISIL Suspends B+ Rating on INR132.5MM Loans
CHAITANYA TRACTORS: CRISIL Suspends B+ Rating on INR22.5MM Loans
D C METALS: ICRA Revises Rating on INR30cr Loan to 'D'
DAYAKAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR55MM Loans

GURU RICE: CRISIL Raises Rating on INR210MM Loans to 'B+'
K.P. GARMENTS: CRISIL Suspends B+ Rating on INR400MM Loans
M R AGRO: ICRA Reaffirms 'B-' Rating on INR3.29cr Loans
MAHESHWARI COAL: CRISIL Suspends D Rating on INR146MM Loans
MRG AUTO: CRISIL Reaffirms B Rating on INR290MM Loans

NATIONAL CENTRE: ICRA Reaffirms B+ Rating on INR8.8cr Loan
NEXO STRUCTURES: ICRA Assigns 'B' Rating to INR5.0cr Loan
PT. DEEN: ICRA Assigns 'B+' Rating to INR12.37cr Bank Loan
SAMSVIK INDUSTRIES: CRISIL Suspends D Rating on INR70MM Loan
SHIVAM COTTON: ICRA Revises Rating on INR9.70cr Loan to 'B+'

SHIVANI HOT: CRISIL Suspends 'D' Rating on INR190MM Loans
SPECIALITY SILICA: CRISIL Ups Rating on INR172.5MM Loans to B+
SRIVENKATESHWAR TRADEX: CRISIL Keeps B+ Rating on INR100MM Loan
VENKY HI-TECH: CRISIL Suspends 'D' Rating on INR290MM Loans
VISWATMA MERCHANDISE: CRISIL Suspends D Rating on INR250MM Loans

WEBFIL LIMITED: ICRA Assigns 'C+' Rating to INR3.38cr Loan


I N D O N E S I A

MARQUEE LAND: Moody's Rates Proposed Sr. Unsec. Notes (P)B2
MODERNLAND REALTY: S&P Affirms 'B' CCR; Outlook Stable
MULTIPOLAR TBK: Fitch Affirms 'B+' LT Issuer Default Rating


J A P A N

MT. GOX: Bitcoin Joint Venture to Bid for Assets


N E W  Z E A L A N D

LAKE FRONT: PriceWaterhouseCooper Appointed as Receivers


P A K I S T A N

PAKISTAN: Moody's Affirms Caa1 Government Bond Rating


S O U T H  K O R E A

STX GROUP: KDB Faces Sanctions for STX, Dongbu Group Crises


                            - - - - -


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


BRUCK TEXTILES: Goes Into Liquidation, 60 Jobs Lost
---------------------------------------------------
Ferret News reports that Wangaratta business Bruck Textiles has
gone into liquidation and been bought by Australian Textile Mills,
with questions around the appropriateness of the deal.

The Border Mail reports that 60 workers lost jobs when Bruck went
into liquidation, with workers notified and ATM pledging to invest
AUD8 million in the factory, according to Ferret News.  Around 120
have been offered roles at ATM.

Bruck was bought for a dollar, Fairfax reports, and ATM was
registered on June 10 by Philip Bart -- Bruck's principal owner --
and Geoff Parker, Bruck's chief executive and now chief executive
of ATM, Ferret News discloses.

According to the same article, Bruck has received AUD2.9 million
in public assistance in the last 18 months, and it will not be
paying long service leave, notice pay or redundancy pay, with
these instead to be covered by the federal government under the
Fair Entitlements Guarantee, Ferret News notes.  These liabilities
are put at AUD3.8 million.

The Wangaratta Chronicle reported that independent MP for Indi
Sophie McGowan has requested a meeting with industry minister Ian
Macfarlane and support from Eric Abetz on expediting payments from
the FEG to sacked staff, Ferret News relays.

A spokesman for employment minister Abetz said urgent advice was
being sought on the issue, Ferret News adds.


DSG HOLDINGS: Cameron Rules Out Second Attempt to Buy Back Stores
-----------------------------------------------------------------
The Examiner reports that Kathmandu founder Jan Cameron has
virtually ruled out a second attempt to regain control of her
discount retail empire, saying "I failed and have paid the price
for that failure".

The Examiner says Ms. Cameron, who appointed administrators and
receivers to retail holding company DSG Holdings Australia last
week, appears to have no plans to buy back DSG's 100-plus
profitable Sams Warehouse and Crazy Clarkes stores.

Rather, the 60-year-old philanthropist, environmentalist and
animal welfare advocate is relieved that her five-year foray into
the discount variety sector has come to an end, the report
relates.

"I'm relieved that I can stop worrying and trying desperately to
make the company work," Ms. Cameron told Fairfax Media.  "I don't
feel bitter (but) disappointed for all the staff. Some of them are
finding jobs but it will be very difficult for others."

According to the report, DSG's receivers, David Winterbottom and
Rahul Goyal, of KordaMentha, have received 25 expressions of
interest from parties keen to take over some of DSG's remaining
stores. None have expressed interest in the entire store network,
the report notes.

The Examiner relates that Mr. Goyal said more expressions of
interest are expected before the July 17 deadline.  However,
Ms. Cameron, who is estimated to have lost more than
AUD200 million of her fortune on the venture, is not among them.

When Ms. Cameron's former company, Retail Adventures Pty Ltd,
collapsed in October 2012 after racking up losses of
AUD114 million in two years, Ms. Cameron used her position as the
largest and only secured creditor to buy back the business three
months later, the report discloses.

"(Jan) can regain control, but my conversations to date have been
about her exiting this business," the report quotes Mr. Goyal as
saying.  "This time, there will be little to buy back."

The Examiner notes that the receivers plan to close about 40 of
the remaining 143 Sams Warehouse and Crazy Clarks stores, all of
which are leased, and are looking for trade buyers for the
balance.

The report adds that the receivers are also winding up DSG's
distribution centre in Queensland and head office in North Ryde.

This means potential buyers would need to have warehouse and
logistics systems in place.

According to The Examiner, Ms. Cameron is DSG's only secured
creditor and is owed about AUD100 million, while unsecured
creditors are owed about AUD15 million and DSG's 2,500 employees
just under AUD10 million in entitlements.

The Examiner relates that Mr. Goyal said KordaMentha is hoping
employee entitlements will be covered by funds raised by selling
off stock.

Whether Ms. Cameron recoups any of her investment depends on funds
raised from selling the rest of the business, the report says.

"We are hoping she gets something back from this," Mr. Goyal, as
cited by The Examiner, said.

Meanwhile, The Examiner reports that Ms. Cameron is still being
pursued by creditors of Retail Adventures over allegations of
insolvent trading and preferential payments.

The report says mediation talks failed last week and Ms. Cameron
faces a public examination of her finances next month.

According to the report, Retail Adventures liquidator, Deloitte,
said part of the price DSG paid to buy back control of the
business after it collapsed in 2012 was offset against Ms.
Cameron's secured loans.

Deloitte believes Retail Adventures may have been insolvent at the
time security was granted and the security is therefore voidable,
the report notes.

DSG Holdings Australia Pty Limited operates retailers Crazy Clarks
and Sam's Warehouse.  It currently employs approximately 2,500
people across 143 retail outlets, has a distribution centre in
Queensland and a head office at North Ryde.

David Winterbottom and Rahul Goyal of KordaMentha Restructuring
have been appointed Receivers and Managers of DSG Holdings
Australia Pty Limited.  This follows the appointment of Steve
Nicols of Nicols + Brien as Voluntary Administrator of DSG.


LONGREACH GROUP: Placed in Administration
-----------------------------------------
Robert William Whitton -- Robert.Whitton@williambucknsw.com.au --
and Brendan James Copeland -- Brendan.Copeland@williambuck.com --
of William Buck were appointed as administrators of Longreach
Group Holdings Pty Ltd on July 11, 2014.

A first meeting of the creditors of the Company will be held at
Level 29, 66 Goulburn Street, in Sydney, on July 23, 2014, at
10:30 a.m.


NEUTRAL FUELS: In Administration; First Meeting Set July 23
-----------------------------------------------------------
Colin Roland Tuckwell and Jeremy Robert Abeyratne of APL
Insolvency were appointed as administrators of Neutral Fuels
(Melbourne) Pty Ltd on July 14, 2014.

A first meeting of the creditors of the Company will be held at
The Boardroom, APL Insolvency, Level 5, 150 Albert Road, in South
Melbourne, on July 23, 2014, at 11:00 a.m.


NUFARM LIMITED: Moody's Downgrades Corporate Family Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Nufarm Limited to Ba3 from Ba2. At the same time Moody's
downgraded the rating on the USD325 million senior unsecured notes
of Nufarm Australia Pty Ltd to B1 from Ba3. The outlook on the
ratings is stable.

Ratings Rationale

"The downgrade of Nufarm's ratings reflects Moody's expectation
that operating conditions in Australia will remain challenging in
the next 12-18 months and that working capital will continue to
pressure credit metrics." Says Saranga Ranasinghe a Moody's
Analyst.

Prior to the rating action Nufarm's previous rating had a negative
outlook reflecting these concerns. Moody's expect Nufarm's credit
metrics for FY14 and FY15 to remain outside the tolerance set for
the previous rating. As such, Nufarm's fundamental credit profile
is now more consistent with the current rating level.

The increase in the working capital requirement to support growth
in South America has been largely debt funded, increasing the
total debt position of the company and weakening credit metrics.
Moody's expect Nufarm's financial leverage to remain elevated,
with adjusted debt/EBITDA in the range of mid/high 4.0x for FY14.
This compares to the previous rating's tolerance of 3.5x.

Moody's notes that these challenges are partly offset by the
measures that Nufarm has implemented, including rationalizing the
fixed cost base and actively managing inventory levels.

The rating also reflects the underlying cyclical and competitive
nature of the industry but with the expectation that earnings -
and metrics - should continue to recover, in part due to new
product offerings as well as a greater contribution from higher
margin products, such as seeds.

The stable outlook reflects Moody's expectation that Nufarm will
maintain adequate credit metrics for the Ba3 rating level. The
stable outlook also considers the countermeasures Nufarm has put
in place including actively managing working capital.

Nufarm's rating could face further negative pressure if operating
conditions deteriorate beyond Moody's current expectations. This
could include further deterioration in Australian operations or
lower than expected growth from South America. The rating could
also experience negative pressure if the company is unable to
sustain and improve on its countermeasures. Particularly regarding
its ability to manage working capital.

The rating and/or outlook could be downgraded if any of the above
factors were to materialize and cause Moody's  expectation for
adjusted Debt-to-EBITDA to increase to above 4.5x-5.0x on a
sustained basis. In addition negative rating actions would likely
occur if the company is unable to maintain adequate compliance
with its financial covenants in its debt facilities.

The rating could be upgraded if consistent improvement in
performance is observed across its businesses, including an
improvement in earnings and cashflow generation from Australia.
Financial metrics that Moody's would consider for an upgrade
include Adjusted Debt/EBITDA ratio of below 3.5x.

The principal methodology used in these ratings was the Global
Chemical Industry Rating Methodology published in December 2013.

Nufarm is a crop protection company which manufactures and sells a
range of crop protection products including herbicides,
insecticides and fungicides. Nufarm operates globally with crop
manufacturing / seeds facilities in 16 countries and marketing
operations in over 30 countries with a distribution reach
extending to more than 100 countries.


S & S KONITZKA: Worrells Solvency Appointed as Administrators
-------------------------------------------------------------
Nick Cooper -- nick.cooper@worrells.net.au -- and Michael Griffin
-- michael.griffin@worrells.net.au -- of Worrells Solvency &
Forensic Accountants were appointed as administrators of S & S
Konitzka Pty Ltd on July 14, 2014.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, on July 24, 2014, at 12:00 p.m.



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C A M B O D I A
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ENTERTAINMENT GAMING: Sells Thai Border Casino for $500,000
-----------------------------------------------------------
Eddie Morton at The Phnom Penh Post reports that embattled slot
machine and casino operator Entertainment Gaming Asia (EGA), a
subsidiary of Macau-based gaming giant Melco, has sold its
Dreamworld-branded Pailin casino.

In a filing to the US-based Nasdaq stock exchange dated June 26,
EGA confirmed the sale of its Thai border casino to a local
Cambodian investor for a bottom-dollar price of $500,000.

"While operating losses for Dreamworld Pailin have narrowed in
recent months, due to an inability to secure a long-term third-
party table game operator, a low level of natural player traffic
and the political unrest in Thailand . . . the Company entered
into an agreement to sell 100 per cent of the issued shares of DWP
to the Purchaser," the statement, as cited by the Post, reads.

With an initial investment of $2.5 million, EGA built and opened
Dreamworld Pailin in May 2012 under a lease agreement with an
unnamed local land owner, the report discloses. According to the
June 26 statement, the purchaser of EGA's Dreamworld Pailin is a
relative of the existing land owner, the report relays.

"The parties expect to complete the sale transaction subject to
the purchaser's receipt of certain government approvals, which is
expected within the next few months," the statement, as cited by
the Post, said.

According to the report, Dreamworld Pailin was EGA's first casino
operation in Cambodia, with 30 gaming tables and 40 company-owned
slot machines. The company also operates a slot machine hall in
another Dreamworld branded casino located in Poipet town.

The Post notes that the announcement comes after the firm in
January wrote off its initial $2.5 million investment in the
Pailin casino as a complete loss and after a string of poor
results for the company both domestically and abroad.

In May, EGA reported a 29 per cent decline in total revenue during
the first three months of the year, the report relates.

Gaming operations revenue reached $4.1 million for the company in
the first quarter, down 25 per cent from $5.5 million during the
first quarter in 2013, the Post discloses. Revenue from the 1,100
slot machines EGA operates across its two Dreamworld casinos on
the Cambodia-Thailand border, NagaWorld in Phnom Penh and Thansur
Bokor in Kampot province reached $2.9 million, down 10 per cent on
the previous year's results, according to the Post.

According to the report, Ros Phirun, spokesman for the Ministry of
Economy and Finance's department of casinos and gaming, said the
government was aware of the sale and that EGA's Pailin operation
intended to file for bankruptcy.

"[We] did receive information about Dreamworld filing for
bankruptcy. We already sent staff to have on site inspection. They
confirmed shutting down the Dreamworld business," Phirun told the
Post.

Up to six casinos within Cambodia are reportedly facing
bankruptcy, according to the ministry official, the report adds.

               About Entertainment Gaming Asia Inc.

Entertainment Gaming Asia Inc. -- http://www.EGT-Group.com-- is a
gaming company in Pan-Asia engaged in the development and
operation of casinos and gaming venues in the Indo-China region
under its "Dreamworld" brand as well as the leasing of electronic
gaming machines on a revenue sharing basis to the gaming industry.
The Company also manufactures and sells RFID and traditional
gaming chips and plaques to major casinos under its Dolphin brand.

As reported in the Troubled Company Reporter on April 24, 2014,
Entertainment Gaming Asia Inc., a gaming company focused on
emerging gaming markets in Pan-Asia, on April 23 disclosed that on
April 17, 2014, the Company received a notice from The NASDAQ
Stock Market LLC indicating that it is not in compliance with the
minimum bid price requirement for continued listing set forth in
Listing Rule 5550(a)(2), which requires listed securities to
maintain a minimum bid price of $1.00 per share.

The Company will work to regain listing compliance and believes
that it has options available to ensure continued listing on
NASDAQ. Management and the Board of Directors are evaluating these
options to determine the optimal course of action.  As of
April 22, the closing bid price of the Company's shares was $0.87,
and it will actively monitor the performance of the stock with
respect to the listing standards.

According to the Notice, the Company has been given a grace period
of 180 calendar days, until October 14, 2014, to regain compliance
with the minimum bid price requirement.  If at any time during the
180-day grace period, the minimum closing bid price per share of
the Company's common stock closes at or above $1.00 for a period
of ten consecutive business days, the Company will regain
compliance and the matter will be closed.  In the event the
Company does not regain compliance within this grace period, it
may be eligible to receive an additional 180-day grace period,
provided that it meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The NASDAQ Capital Market, with the exception of the
minimum bid price requirement, and provides written notice of its
intention to cure the minimum bid price deficiency during the
second 180-day grace period.  If the Company fails to regain
compliance after the second 180-day grace period, the Company's
common stock will be subject to delisting by NASDAQ.

During the initial 180-calendar day grace period and, potentially
the additional 180-calendar day grace period, the Company's common
stock will continue to trade on The NASDAQ Capital Market under
the symbol "EGT".  Therefore, the Notice has no immediate impact
on the listing of the Company's common stock.


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C H I N A
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FUTURE LAND: Moody's Puts B1 Rating on Proposed Sr. Unsec. Bond
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Future Land
Holdings Limited (Future Land)'s proposed senior unsecured bond.

The ratings outlook is stable.

Ratings Rationale

The company will use most of the proceeds for refinancing with the
remaining for general working capital purposes.

"The new bonds will further strengthen Future Land's liquidity
position, and support its growth in the rest of 2014," says Lina
Choi, a Moody's Vice President and Senior Analyst.

"The new bonds will also lengthen the average tenure of Future
Land's debt portfolio, adding to the stability of its funding
base," says Choi, who is also the lead analyst for Future Land.

"Moody's expects the issuance of the proposed notes will not
materially change the company's credit metrics," says Choi.

Moody's expects Future Land's revenue/debt and EBITDA/interest to
measure around 1.25x and 2.0-2.5x respectively over the next 12--
18 months. Such results will continue to support its Ba3 corporate
family rating and B1 senior unsecured bond rating.

Future Land's Ba3 corporate family rating reflects its long and
solid track record in Jiangsu Province, and the fact that the
company has reached an operating scale similar to that of
developers rated at the low end of the Ba rating category.

Future Land exhibits a strong market position in the city of
Changzhou in Jiangsu Province, where 38% of its land bank is
located.

It has accumulated more than a decade of operating experience
along the Yangtze River Delta, achieving a total of RMB20.6
billion in contracted sales in 2013.

On the other hand Future Land's Ba3 rating is constrained by the
lack of geographic diversification in its portfolio, and its
investment holding in a Mainland-listed subsidiary, Jiangsu Future
Land (unrated).

This structure indicates a constraint on the free flow of cash
from Jiangsu Future Land to the rest of the group; and therefore a
higher degree of liquidity risk for the group.

Nevertheless, in recent years, Future Land has expanded its
operational scope to mix-use properties and to areas outside
Jiangsu Province.

In addition, Future Land's total cash holdings -- held under its
non-Mainland-listed property portfolio -- totaled around RMB3.3
billion at 31 December 2013. This amount was more than sufficient
to cover its short-term debt maturing over the next 12 months of
RMB400 million. Moreover, Future Land's cash holdings on a group
basis totaled RMB8.3 billion in the same period, an amount which
was 3.8x its total short-term debt.

The stable outlook reflects Moody's expectation that the company
can maintain its strong sales results, adequate liquidity
position, and disciplined approach to land acquisitions.

Moody's also expects that Future Land will increase the scale of
operations related to its non-Mainland-listed property portfolio.

Upward pressure on the ratings is limited in the near future.

Nevertheless, medium-term upgrade ratings pressure may emerge if
Future Land:

(1) Achieves its contracted sales targets over the next 1-2 years;

(2) Shows good financial discipline and expands cautiously, while
maintaining a sound liquidity profile and strong credit metrics.
Its cash holdings, for instance, should cover the short-term debt
held by its non-Mainland-listed property portfolio;

(3) Improves the balance of its revenues and profits between its
non-Mainland-listed property portfolio and Jiangsu Future Land;
and/or

(4) Improves its credit metrics such that its EBITDA/interest
coverage exceeds 3.5x-4.0x.

On the other hand, the ratings could be downgraded if Future Land:

(1) Demonstrates a significant fall in sales;

(2) Materially increases its investments in projects funded by
debt;

(3) Shows evidence of a material weakening in balance sheet
liquidity; in particular, if its cash/short-term debt coverage
falls below 1.0x; and/or

(4) Demonstrates worsened credit metrics; in particular, if
EBITDA/interest falls below 2.0x-2.5x, and/or revenue/adjusted
debt falls below 80%.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Future Land Development Holdings Limited was founded in 1996 by
its Chairman, Mr. Wang Zhenhua. Mr. Wang has been in the property
development business in China since 1993. The company was listed
on the Hong Kong Stock Exchange in November 2012.

The company's 58.86%-owned subsidiary, Jiangsu Future Land Co Ltd,
is a B-share company listed on the Shanghai Stock Exchange since
1997.

Future Land has more than 50 projects under development. Its land
bank totaled approximately 13.85 million sqm of gross floor area
at Dec. 31, 2013.


FUTURE LAND: S&P Assigns 'B+' Rating on Proposed US$-Denom. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Future Land Development Holdings Ltd. (BB-
/Stable/--; cnBB+/--).  Future Land intends to use the majority of
the proceeds from the proposed notes to refinance some of its
debt.  The ratings on the notes are subject to S&P's review of the
final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Future Land to reflect S&P's opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default.

The rating on Future Land reflects the company's high geographic
concentration in the Yangtze River Delta and its short record in
developing mixed-use property projects.  Future Land's good sales
execution capability of its asset-churn business model,
established market position in its home base of Changzhou, and
disciplined financial management temper the above weaknesses.  S&P
assess Future Land's business risk profile as "fair" and its
financial risk profile as "aggressive."

The stable outlook on the issuer rating reflects S&P's expectation
that Future Land will improve its property sales and maintain
disciplined financial management while pursuing growth over the
next 12 months.  S&P also expects the company to steadily execute
its asset-churn business model during this time.  Future Land's
cash flow and leverage ratios are likely to weaken in the next
year, but the financial risk profile will still remain in the
"aggressive" category.


MELCO CROWN: Moody's Revises Outlook on Ba3 Rating to Positive
---------------------------------------------------------------
Moody's Investors Service has revised its outlook on Melco Crown
(Macau) Limited's (formerly Melco Crown Gaming (Macau) Limited)
Ba3 senior secured loan rating to positive from stable.

At the same time, Moody's has affirmed the Ba3 senior secured loan
rating.

Ratings Rationale

"The revised outlook to positive reflects Melco Crown (Macau)'s
improved credit profile, as reflected in the financial metrics of
MCE Finance Limited (Ba3 positive)," says Kaven Tsang, a Moody's
Vice President and Senior Analyst.

Melco Crown (Macau) is the core operating entity of MCE Finance
(together: the group) capturing more than 95% of the latter's net
revenues.

"We expect the group will sustain its improved metrics in the next
12-18 months, despite a general slowdown in the growth of Macau's
gross gaming revenues," adds Tsang.

The group continues to achieve revenue growth which is above the
market average. It also benefits from an increase in mass-market
gaming, which has a higher profit margin than VIP gaming.

Melco Crown (Macau) benefits from this trend, as its City of
Dreams casino in Macau has raised its focus on mass-market gaming,
particularly the premium mass market.

MCE Finance's adjusted EBITDA for the 12 months to 1Q 2014,
totaling US$1.36 billion, represented a growth of 6.6% from the
US$1.28 billion for all of 2013.

Its debt/EBITDA in turn fell to 1.3x for the 12 months ended March
2014. Moody's expects this ratio will stay below 1.5x for the next
12-18 months, and which is strong for its Ba3 rating.

The Ba3 secured loan rating continues to reflect the group's
stable and profitable operations at its City of Dreams and Altira
casinos in Macau. But the rating is constrained by its
concentration in a single location.

The Ba3 secured loan rating also considers the fact that the
syndicated facilities are secured by the company's key operating
assets.

Upgrade pressure could emerge if: (1) MCE Finance demonstrates
sustained improvements in EBITDA throughout the cycle and
maintains debt/EBITDA below 2.0x and EBITDA/interest above 6.0x-
7.0x; (2) there is reduced completion risk for Studio City, a
project developed by Melco Crown Entertainment Limited (unrated);
and (3) Melco Crown Entertainment maintains stable credit metrics
of consolidated debt/EBITDA below 3.5x and consolidated
EBITDA/interest above 5.5x-6.0x on a sustained basis.

On the other hand, the rating outlook could return to stable if:
(1) MCE Finance/Melco Crown Entertainment's operating performance
deteriorates due to a material market slowdown, or higher-than-
expected competition; (2) a major construction project is vested
at MCE Finance, increasing its financial risk; or (3) Melco Crown
Entertainment is exposed to increased construction and execution
risks for its City of Dreams in Manila or Studio City over the
next 12-18 months, or engages in significant debt-funded
investments.

The principal methodology used in this rating was the Global
Gaming Industry published in June 2014.

Melco Crown Gaming is the key operating company under MCE Finance,
holding one of six gaming concessions/sub-concessions in Macau. It
operates two casinos in Macau, Altira Macau and City of Dreams,
and approximately 1,400 slot machines through its Mocha Clubs.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited, which is majority-owned by the Australian-based gaming
operator, Crown Resorts Limited (Baa2 stable) and Hong Kong-listed
Melco International Development Ltd (unrated), with each company
holding an approximately 33% equity stakes.



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H O N G K O N G
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GREENLAND HK: Profit Warning News No Impact on Moody's Ba1 CFR
--------------------------------------------------------------
Moody's Investors Service says Greenland Hong Kong Holdings
Limited's profit warning announcement has no immediate impact on
its Ba1 corporate family rating and stable outlook.

On July 10, Greenland Hong Kong announced that it would record a
substantial decrease in its consolidated income statement for the
six-month period ended 30 June 2014 compared with the same period
last year. The contractions are primarily due to a fall in
properties delivered in 1H 2014.

"The declines in revenues and net profits in 1H 2014 were largely
expected, reflecting its relatively weak pre-sales performance in
early 2013 and before. Moody's also expect Greenland Hong Kong to
record declines in revenues and net profits for the full-year 2014
considering the company's project delivery schedule," says Franco
Leung, a Moody's Vice President and Senior Analyst.

The expected decline in revenue is incorporated in its current
rating. Moody's also expects its profit margins to weaken, in line
with the industry trend of declining profit margins.

As a result, its interest coverage -- as measured by adjusted
EBITDA/interest -- will drop notably in 2014.

"But we expect Greenland Hong Kong's revenue recognition will
significantly improve in 2015, given its greatly improved
performance for contracted sales in 2H 2013 and 1H 2014," adds
Leung.

Greenland Hong Kong reported contracted sales of about RMB3.9
billion for the first five months of 2014, compared with about
RMB3.5 billion for the full-year 2013. Moody's believes it is on
track to meet its full-year sales target of about RMB12 billion.

The expected rapid increase in revenue recognition in 2015 will
support its key financial metrics such as adjusted
EBITDA/interest.

On the other hand, Moody's believes that the company will have
increasing funding needs due to its rapid expansion plans.

Its debt leverage -- as measured by adjusted debt/capitalization -
- will likely rise above 60% in 2014 from about 57% at end-2013.
But this expected increase in debt leverage has already been
factored in its rating.

The principal methodology used in this rating was Global
Homebuilding Industry, published in March 2009.

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-end residential communities, city
center integrated projects, and travel & leisure projects that
target the middle-to-high-end customer segment. At end-December
2013, the company held a land bank of 9.3 million square meters
located in key cities in the Yangtze River Delta and Pan-Pearl
River Delta.



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


AKAI STEELS: CRISIL Suspends 'B' Rating on INR220MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Akai
Steels Ltd (ASL; part of the Akai group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     70        CRISIL B/Stable Suspended
   Working Capital
   Term Loan              50        CRISIL B/Stable Suspended

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

ASL was set up in 1995 by the Mumbai (Maharashtra)-based Gosalia
family. It trades in structural steel products such as thermo-
mechanically treated bars, angles, channels and beams, and steel
scrap. The company's overall operations are managed by Mr. Alpesh
Gosalia, a second-generation entrepreneur. ASL sells these
products to real estate players such as Nirmal Lifestyles, Raheja,
HDIL etc.


AMARPARKASH RICE: CRISIL Assigns B Rating to INR115.8MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
proposed bank facilities of Amarparkash Rice Exports (P) Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Term Loan     95        CRISIL B/Stable

   Proposed Cash Credit
   Limit                  20.8      CRISIL B/Stable

   Proposed Letter of
   Credit                 24.2      CRISIL A4

The ratings reflect AREPL's susceptibility to funding and
implementation risks for its on-going project and its
susceptibility to fluctuations in raw material prices, to
unfavourable monsoons and to central government policies. These
rating weaknesses are partially offset by the extensive experience
of AREPL's promoter in the rice industry, and AREPL's proximity to
sources of paddy.

Outlook: Stable

CRISIL believes that AREPL will continue to benefit over the
medium term from its promoters family's extensive industry
experience. The outlook may be revised to 'Positive' if AREPL
executes its project within the budgeted cost and time, and
reports higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in the company's project, which will adversely impact its
financial risk profile, particularly its debt-servicing ability.

AREPL promoted by Mr. Rupinder Pal and Mr. Narinder Kumar, is
setting up a rice milling unit with Rice colour sorter and par
boiling plant at Sangrur, Punjab. The project is expected to be
completed by October 2014.


AMRAPALI INFRA: ICRA Assigns 'B+' Rating to INR188cr Loans
----------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR188.0 crore bank
facilities of Amrapali Infrastructure Pvt Ltd.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund based limits         35.0         [ICRA]B+ (Assigned)
   Term loans               103.0         [ICRA]B+ (Assigned)
   Non fund based limits     50.0         [ICRA]B+ (Assigned)

The rating favourably factors in the limited offtake risk for the
company's precast products given that AIPL will be largely
supplying its products to ongoing real estate projects of the
Amrapali group. Nevertheless, demand for AIPL's products will
remain exposed to the pace of progress on these projects and real
estate development by the group in the long term. The rating is
however constrained by the nascent stage of operations of AIPL's
precast plant , thus its ability to achieve the projected
operating and financial metrics remains to be seen (In Q1 FY 2015,
the company is estimated to have generated monthly revenues of
INR7 crore in the pre cast division). This apart the rating takes
into account the significant advances extended by AIPL to group
companies, which limits its financial flexibility (Rs 87 crore
advances as compared to a networth of INR213 crore as on Mar 31st
2014). ICRA has also noted the irregularities in debt repayment
upto March 2014. Going forward, company's ability to achieve the
expected operating metrics will be a key rating sensitivity. AIPL
also operates a trading and equipment leasing business which
requires working capital funding. In view of the ramp up of
production in precast plant and expected utilization of current
sanctioned limits towards the same, the company will have to
arrange additional funding in order to continue operating its
other business segments at existing scale.

Amrapali Infrastructure Pvt Ltd is part of the Amrapali group of
companies that is present in real estate development primarily in
National Capital Region (NCR). The company was incorporated in
2007 and was carrying out business of equipment leasing, trading
sales and engineering consulting for real estate projects. Over
2012 and 2013, the company has set up a manufacturing facility for
precast panels and precast hollow core slabs at Greater Noida,
Uttar Pradesh. The facility which has an installed capacity of 4.8
mn sq ft of hollow core slabs and 2.84 mn sq ft of flat panels,
will serve as a raw material feeder to the group's ongoing
residential projects. The facility was completed in Dec 2013 and
started commercial production in April 2014.

Recent results

In FY13, the company reported operating income of INR32.4 crore
with a PAT of INR9.1 crore which was largely on account of
equipment leasing and processing of construction material. As of
Mar 31st 2013, the company had a total debt of INR66.0 crore,
mainly comprising of equipment term loans and term loan for
precast project. With a net worth of INR224.9 crore, the leverage
was comfortable at 0.29 times. However as on Mar 31st 2013, the
company had advanced INR197.0 crore to group companies.

As per the provisional results shared by the company, in FY 2014
AIPL reported an operating income of INR197.2 crore with a PAT of
INR3.5 crore. The performance also included trading sales. As on
March 31, 2014, the company had a total debt of INR203 crore
largely comprising precast project loan on a networth of INR213
crore


AMRUTHA CONSTRUCTION: CRISIL Suspends B+ Rating on INR180MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amrutha
Construction Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         130       CRISIL A4 Suspended
   Long Term Loan          30       CRISIL B+/Stable Suspended
   Overdraft Facility     150       CRISIL B+/Stable Suspended

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

Set up in 2008, ACPL is engaged in civil construction works in
Karnataka. It is promoted by Mr. P Venkateshwara Rao and his
family. The company undertakes civil construction works related to
construction of dams, drains, culverts and canals. The company as
on August 10, 2012 had on outstanding order book of close to
INR3.1 billion, to be executed over the next 12 to 15 months.


ANKUR BIOCHEM: CRISIL Suspends B+ Rating on INR750MM Loans
----------------------------------------------------------
RISIL has suspended its ratings on the bank facilities of Ankur
Biochem Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility      200      CRISIL B+/Stable Suspended

   Term Loan               550      CRISIL B+/Stable Suspended

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

ABPL incorporated in 2008 and located in Dhanbad, Jharkhand is
engaged in the manufacturing of potable (Rectified Spirit and ENA)
as well as industrial alcohol (Impure Spirit) using grains such as
corn and broken rice as feedstock. The company with a capacity of
60 Kilo liters per day started commercial operations in July 2012.


APEX AUTO: ICRA Upgrades Rating on INR78cr Loans to 'C'
-------------------------------------------------------
ICRA has revised upward the long term rating assigned to the INR63
crore term loan and INR15 crore cash credit facility of Apex Auto
Limited from [ICRA]D to [ICRA]C. ICRA has also revised upward the
short term rating assigned to the INR36 crore bill discounting
facility and INR11 crore non-fund based facility of AAL from
[ICRA]D to [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                63         Revised upward to
                                       [ICRA]C

   Cash Credit Limits       15         Revised upward to
                                       [ICRA]C

   Bill Discounting         36         Revised upward to
   Limits                              [ICRA]A4

   Non-fund based Limits    11         Revised upward to
                                       [ICRA]A4

The revision in ratings primarily takes into account AAL's timely
servicing of debt obligations in recent months. ICRA however notes
that contraction in the scale of operations of the company coupled
with decline in operating profitability and deterioration of the
working capital cycle has resulted in inadequate cash generation
from operations, necessitating the dependence on refinancing to
meet the debt repayment obligations in a timely manner in recent
months. The challenging operating environment prevailing at
present is likely to keep operating cash flows tight relative to
the company's substantial principal repayment obligation falling
due in the near to medium term. The ratings remain constrained by
the high customer concentration risks of AAL, with almost 55% of
its revenues at present being accounted by Tata Hitachi
Construction Machinery Company Limited [erstwhile Telco
Construction Equipment Company Limited] (rated at
[ICRA]A+/Negative and [ICRA]A1+). However, the established market
position of THCM largely mitigates counter party risks for AAL.
The ratings are also constrained by the exposure to volatility of
the raw-material prices, primarily steel, though the presence of
price variation clauses in some of the contracts insulates the
company to an extent. The ratings however continue to factor in
the experience of the promoters of Apex Auto Limited (AAL) who
have been engaged in the business of fabricating heavy parts for
the earth-moving and construction equipment for nearly two decades
and the repeat orders from its reputed customers which indicates
the company's technical competence.

Apex Auto Limited is engaged in the fabrications of parts for the
earth-moving and construction equipment industries. It was set up
in 1995 to manufacture components for smaller range of excavators
of Tata Hitachi Construction Machinery Company Limited [erstwhile
Telco Construction Equipment Company Limited] (THCM). Currently,
the company manufactures components for excavators, back hoe
loaders, cranes, compactors, transit mixers, underground drilling,
crushing & screening equipments for the domestic and international
market.

Recent Results

The company reported a net loss of INR10.13 crore in FY14 on an
operating income (OI) of INR111.62 crore, as compared to a net
profit of INR0.23 crore on an OI of INR164.58 crore during FY13.


CARE CORUPACK: CRISIL Suspends B+ Rating on INR132.5MM Loans
------------------------------------------------------------
RISIL has suspended its ratings on the bank facilities of Care
Corupack Ltd.

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

   Proposed Long Term
   Bank Loan Facility     12.5      CRISIL B+/Stable Suspended

   Term Loan              45        CRISIL B+/Stable Suspended

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

CCL was incorporated as Care Beverages (India) Ltd in 1995; it got
its current name in 2001. CCL has recently shifted its operations
from Kalol to Dholka (both in Gujarat), with enhanced capacity of
1000 tonnes per month (tpm) from 150 tpm. CCL derives around 80
per cent of its topline from sales of corrugated boxes and the
rest from trading in paper. Majority of the company's production
comprises outer boxes for bulk packaging.


CHAITANYA TRACTORS: CRISIL Suspends B+ Rating on INR22.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chaitanya Tractors and Automobiles.


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 Suspended
   Cash Credit            15        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable Suspended
   Short Term Loan         7.5      CRISIL A4
   Term Loan               2.5      CRISIL B+/Stable Suspended

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

CTA was set up as a partnership firm in 2008 by the Tambe family.
The firm is a dealer of tractors and two-wheelers of M&M for the
districts of Junnar, Ambegaon, and Khed (all in Maharashtra); CTA
is the only authorized dealer for M&M tractors in these regions.
The firm derives over 95 per cent of its revenues from the tractor
segment, and the rest from the two-wheeler segment.


D C METALS: ICRA Revises Rating on INR30cr Loan to 'D'
------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR30.00
crore fund based facilities of M/s. D C Metals to [ICRA]D from
[ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits    30.00        Revised to [ICRA]D from
                                     [ICRA]B

The rating downgrade takes into account the unfavourable debt
servicing pattern of the company which is reflected from continued
overutilization of cash credit facilities persisting for a
stretched period. The delays are largely on account of tight
liquidity profile of the firm as the working capital intensity of
its operations remained high on account of elongated receivables.
The rating also takes into account the intensely competitive
nature of the aluminium trading industry and limited value-
addition involved in the business, which results in thin
profitability and nominal accruals and weak financial risk profile
characterised by a leveraged capital structure and depressed
coverage indicators. However, the rating favourably factors in the
healthy growth in revenues in FY14 on the back of financial
support extended by the partners in the form of unsecured loans
and capital infusion; and the long experience of the partners in
the aluminium trading business.

Established in 1984, M/s. D C Metals is a partnership firm engaged
in the trading of aluminium products namely ingots, wire rods,
cast strips, cold rolled/hot rolled products etc. The firm is
promoted by Mr. Kesarimal Bhansali, who has an industry experience
of over 40 years. The customer base of the firm mainly comprises
end users making value added products such as automobile parts,
aluminium conductors, utensils, sheets etc.

Recent Results
In 2012-13, DCM reported a profit after tax (PAT) of INR0.23 crore
on an operating income of INR119.71 crore. As per the provisional
results for 2013-14, DCM has registered a profit before tax of
INR0.77 crore on an operating income of INR188.15 crore.


DAYAKAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR55MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dayakar
Enterprises (DE) continues to reflect DE's average financial risk
profile marked by its small net worth, moderate total outside
liabilities to tangible net-worth ratio, and average debt
protection metrics.

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

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
exposure to intense competition in the tobacco trading business
resulting in its low profitability margins, and its exposure to
regulatory risks in the tobacco industry. These rating weaknesses
are partially offset by the extensive industry experience of DE's
promoter in the tobacco industry, its established relations with
customers, and the firm's efficient working capital management.

Outlook: Stable

CRISIL believes that DE will continue to benefit over the medium
term from its promoter's extensive experience in the tobacco
industry and its established relations with customers. The outlook
may be revised to 'Positive' if the firm registers a substantial
and sustained increase in its profitability margins, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion from its promoter. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the firm's profitability margins, or significant deterioration in
its capital structure caused most likely because of a stretch in
its working capital cycle.

DE was set up as a proprietorship firm in 1996 by Mr. P. Dayakar.
The firm trades in two varieties of tobacco - Virginia flue-cured,
and Burley. The firm is based in Tangutur, Andhra Pradesh.


GURU RICE: CRISIL Raises Rating on INR210MM Loans to 'B+'
---------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Guru Rice Mills to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           180        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan               8        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     22        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that GRM's credit risk
profile will improve over the medium term, driven by its enhanced
scale of operations and sustained operating profitability. The
firm's net sales grew by around 57 per cent year-on-year to INR951
million in 2013-14 (refers to financial year, April 1 to March
31), driven by the increase in paddy prices and enhancement of its
milling capacity to 4 tonnes per hour (tph) from 3 tph. It had
sustained its operating margin during the year. CRISIL believes
that the firm will maintain its revenue growth and sustain its
margin in 2014-15.

The upgrade also factors in GRM's improved financial risk profile,
marked by better gearing and debt protection metrics. Its gearing
has improved to 4.6 times as on March 31, 2014, from 7.8 times a
year earlier due to lower-than-expected working capital debt and
an improved net worth; its net worth is estimated to around INR39
million as on March 31, 2014. Its debt protection metrics have
improved significantly, with net cash accruals to total debt and
interest coverage ratios estimated at around 0.06 times and 1.7
times, respectively, for 2013-14, as against 0.02 times and 1.29
times, respectively, in 2012-13.

The rating reflects GRM's small scale of operations in a
fragmented industry, and its susceptibility to vagaries of the
monsoons. These rating weaknesses are partially offset by the
company's enhanced scale of operations, the extensive experience
of its promoters in the rice industry, and its moderate financial
risk profile.

For arriving at the rating, CRISIL has treated unsecured loans of
INR5.1 million as on March 31, 2014, extended by GRM's partners
and their family members, as neither debt nor equity, as these
loans are subordinated to bank debt.
Outlook: Stable

CRISIL believes that GRM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if GRM's liquidity improves, driven
by higher-than-expected net cash accruals and moderation in
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if there is significant deterioration in the
firm's liquidity or capital structure, or pressure on its
profitability.

GRM was established as a partnership firm in 2001 in Amritsar
(Punjab) by Ms. Rekha Dhawan, Mr. Anil Kumar, Mr. Mukesh Kumar,
and Mr. Naresh Kumar. The firm is mainly engaged in milling and
marketing of high-grade varieties of rice, such as basmati. GRM's
partners have over two decades of experience in the rice-milling
industry through group entities.


K.P. GARMENTS: CRISIL Suspends B+ Rating on INR400MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of K.P.
Garments Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            240       CRISIL B+/Stable Suspended

   Proposed Long Term
   Bank Loan Facility     160       CRISIL B+/Stable Suspended

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

KPGPL was set up in 1999 as a proprietary concern by Mr. Hiren
Panchal; it was reconstituted as a private limited company in
2005. The company manufactures ready-made garments and trades in
silk, linen, and cotton and denim yarn. KPGPL has its
manufacturing facility in Kolkata (West Bengal).


M R AGRO: ICRA Reaffirms 'B-' Rating on INR3.29cr Loans
-------------------------------------------------------
The rating of '[ICRA]B-' has been reaffirmed/assigned to the
INR0.89 crore term loans (reduced from INR1.15 crore) and INR2.40
crore fund based facility (enhanced from nil) of M R Agro
Industries. The rating of [ICRA]A4 has also been reaffirmed to the
INR12.00 crore (enhanced from INR9 crore) short-term fund based
facilities of MRAI.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term Loan                 0.89        [ICRA]B- reaffirmed
   Fund based limits         2.40        [ICRA]B- assigned
   Export Packing Credit    12.00        [ICRA]A4 reaffirmed

The ratings continue to take into account the firm's weak
financial profile characterized by high gearing levels, low
profitability and weak coverage indicators. The ratings further
take into account the high competitive intensity in agro-
commodities trading resulting from low entry barriers; exposure of
firm's profitability to any adverse changes in export incentives;
and vulnerability of the firm's operations to government's export
policies and to agro-climatic conditions. ICRA also notes that
MRAI is a partnership firm and any significant withdrawals from
the capital account could adversely impact its net worth and
thereby the capital structure. The ratings however positively
consider the experience of the promoter in agro-commodities
trading, favourable location of the firm with proximity to raw
material sources, and positive export prospects for the company's
products resulting in healthy growth in scale of operations in
FY14.

M R Agro Industries was established in 1999 and is primarily
engaged in processing of natural sesame seeds to produce hulled
sesame seeds which are then sold to the export market. The firm is
also engaged in trading of natural sesame seeds, cumin seeds,
fennel seeds, peanuts etc. The firm is currently managed by Mr.
Mitesh Patel, Mr. Ramji Patel, Mr. Bhagwan Patel and Mr. Ranchodas
Patel.

Recent Results
During FY13, MRAI reported an operating income of INR129.41 crore
(as against INR120.54 crore during FY13) and profit after tax of
INR0.40 crore (as against INR0.33 crore during FY13).


MAHESHWARI COAL: CRISIL Suspends D Rating on INR146MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maheshwari Coal Beneficiation and Infrastructure Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        20         CRISIL D Suspended
   Cash Credit           60         CRISIL D Suspended
   Term Loan             66         CRISIL D Suspended

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

MCBI, set up in 2006, trades in coal and undertakes washing of
coal at Bilaspur (Chhattisgarh). The company is being managed by
Mr. Anil Kumar Mundra.


MRG AUTO: CRISIL Reaffirms B Rating on INR290MM Loans
-----------------------------------------------------
CRISIL's rating on the bank facilities of MRG Auto Private Limited
continues to reflect MRG Auto's weak financial risk profile marked
by high gearing and weak debt protection metrics. The rating also
factors in the company's small scale of operations, and exposure
to risks inherent in the intensely competitive automobile (auto)
dealership market. These rating weaknesses are partially offset by
MRG Auto's established track record in the auto dealership segment
in Ludhiana (Punjab).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            230       CRISIL B/Stable (Reaffirmed)
   Overdraft Facility      60       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MRG Auto's business risk profile will
continue to benefit over the medium term from its established
track record in the auto dealership segment. The outlook may be
revised to 'Positive' if MRG Auto reports significant business
growth and significant improvement in profitability, thereby
enhancing its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company's liquidity deteriorates,
or if it undertakes debt-funded capital expenditure programme, or
if its working capital requirements increase.

Update
MRG Auto's net sales declined by around 11 per cent year-on-year
and are estimated around INR1.5 billion in 2013-14 (refers to
financial year, April 1 to March 31). The decline was because of
the weak economic environment and intense competition in the auto
dealership market in Ludhiana (Punjab). The company's operating
margin in 2013-14, although in line with CRISIL's expectation, is
likely to remain around 5.5 per cent over the medium term on
account of low bargaining power with its principles.

MRG Auto has moderate working capital requirements, indicated by
estimated gross current assets (GCAs) 120 to 130 days as on
March 31, 2014, in line with past trend. The GCA days  emanate
from inventory of 70 to 75 days, and advance payments to Hyundai
Motor India Ltd to book diesel vehicles. MRG Auto mainly funds its
working capital requirements through working capital limits, which
remain almost fully utilised, and loans against property from non-
banking financial companies (NBFCs).

MRG Auto is likely to report net worth of INR105 million to INR110
million as on March 31, 2014. The company contracted large debt to
fund working capital requirements, which along with moderate net
worth, resulted in high total outside liabilities to tangible net
worth ratio, estimated at between 4.3 to 4.4 times as on March 31,
2014. The company's debt protection metrics are estimated to have
remained weak, reflected in low interest coverage ratio in the
range of 1.2 times in 2013-14.

MRG Auto was set up by Shri Ishwar Dass Garg in 1997, to manage an
auto dealership. The company currently operates two showrooms
under the Pioneer Hyundai brand in Ludhiana. In 2013-14, MRG Auto
launched a showroom for used Hyundai cars under the Hyundai
Advantage brand. The promoter also manages dealerships for Honda
through a separate legal entity.


NATIONAL CENTRE: ICRA Reaffirms B+ Rating on INR8.8cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR8.8
crore* term loan of National Centre for Development of Technical
Education.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              8.80        [ICRA]B+ reaffirmed

The rating continued to take into consideration NCDTE's small
scale of operations with a single institute being run at present,
limited number of courses offered by the college and low student
intake in the couple of courses adversely impacting the overall
admission of the college during the last four academic years. In
addition, the significant increase in employee expenses without
corresponding increase in fees revenue adversely impacted the
operating profitability during the last two financial years. The
rating also reflects the limited financial flexibility of the
Trust with respect to determining the fee structure, which is
entirely regulated by the State Government. The rating is
supported by favourable demand outlook for higher education in
India, the accreditation of the college and courses by AICTE, and
moderate capital structure and coverage indicators of the entity,
which are expected to remain at that levels in the near term. ICRA
also notes that the trust is in the process of starting new
courses in the near term which is likely to mitigate the risks
arising out of limited number of courses.

National Centre for Development of Technical Education is a
charitable trust established in 2007 with a motive to impart
higher education in India. The trust currently manages Global
Institute of Management and Technology (GIMT) which was
established in 2009 at Krishnanagar, West Bengal. GIMT offers
bachelor degree in five streams viz. Computer Science &
Engineering, Electronics & Communication Engineering, Electrical
Engineering, Civil Engineering and Mechanical Engineering. The
total intake capacity is 360 at present.

Recent Results
As per provisional numbers, the entity registered a net surplus of
INR1.63 crore on an operating income of around INR6.37 crore in FY
2014. In FY 2013, NCDTE reported a net surplus of INR0.70 crore on
an operating income (OI) of INR5.53 crore


NEXO STRUCTURES: ICRA Assigns 'B' Rating to INR5.0cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR5.00 crore
fund based limits of Nexo Structures Private Limited. ICRA has
also assigned a short term rating of [ICRA]A4 to the INR2.50 crore
non-fund based limits of Nexo.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       5.00       [ICRA]B assigned
   Non Fund Based Limits   2.50       [ICRA]A4 assigned

The assigned ratings factor in Nexo's relatively modest scale of
operations and its weak profitability in its steel fabrication
business. The ratings further take into consideration the high
working capital intensity (NWC/OI of 107% as on 31st March 2013)
of the business on account of high inventory and receivable levels
leading to high working capital requirements. Reliance on external
debt and unsecured loans from promoters and family for working
capital funding has resulted in relatively high gearing (2.52
times as on 31st March 2013). This coupled with thin profitability
has resulted in weak debt coverage indicators, and stretched
liquidity profile as reflected in fully utilized working capital
limits. Further, the ratings take into account the highly
competitive and fragmented nature of the steel fabrication
industry, limited value additive nature of the business and
vulnerability of margins to raw material price volatility although
the risk is mitigated to an extent given the presence of price
escalation clause in majority of the contracts. These factors
coupled with high interest expenses have resulted in the company
making losses in the past. However, the ratings draw comfort from
the long experience of the promoters in the metal fabrication
business, long track record of operations of the company, and its
established relationships with reputed customers such as Bharat
Heavy Electricals Limited (BHEL), Alstom T&D India Limited, Larsen
& Toubro Limited etc. which has enabled it to secure regular
orders from them.

Going forward, ability of the company to improve its profitability
and enhance the scale of operations while managing working capital
intensity of the business would remain the key rating
sensitivities.
Nexo Structures Private Limited was incorporated in 1997 by Mr.
Baldev Singh and its manufacturing facility is situated in
Ludhiana (Punjab). The company is engaged in the fabrication of
steel products and structures for transmission towers and sub
stations. Some of the customers of the company include reputed
names such as Bharat Heavy Electricals Limited (BHEL), Alstom T&D
India Limited, Larsen & Toubro Limited etc.

Recent Results

For FY2013, the company has achieved an operating income of
INR13.95 crore and a net loss of INR0.34 crore as against an
operating income of INR22.61 crore and a net loss of INR1.36 crore
in FY2012.


PT. DEEN: ICRA Assigns 'B+' Rating to INR12.37cr Bank Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR12.37
crore fund based bank facilities of Pt. Deen Dayal Upadhyay
Shikshan Trust.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Bank       12.37       [ICRA]B+ assigned
   facilities

The assigned rating takes into account the moderate occupancy
levels witnessed by colleges operating under the trust, with
institutes having witnessed a decline in fresh admission rate in
AY2013-14 to 41% (of the sanctioned intake) as against 52% in AY
2012-13. Consequent to the moderate occupancy levels, despite
witnessing increasing revenue receipts over the last three years
(aided by increased course offerings as well fee hikes), the
growth in the operating surplus and thus accruals have remained
subdued. Further as trust introduced new courses during this
period, it undertook significant investment towards
infrastructural development, which given the modest accruals and
scheduled repayments kept its liquidity position stretched as it
relied on contribution from sponsors towards aforementioned
capital expenditure. This dependence is reflected in steady
increase in levels of unsecured loans infused by the trustees over
the last four years. High debt levels coupled with modest corpus
and accruals in turn have translated into a weak financial profile
for the trust, characterized by high gearing and subdued debt
coverage indicators.

While the existing student base lends short term revenue
visibility, the ability of the trust to ramp the occupancy levels
will remain critical to support revenue receipts and thus accruals
in the medium term and hence would be a key rating monitorable.
This especially becomes critical given the downward revision in
the fee structure for major revenue generating course (B.Tech) for
AY13-14, which is expected to remain valid till AY15-16. ICRA also
notes that in the backdrop of moderate occupancies, declining
admission rate, revised fee structure and scheduled debt
repayments, incremental investments, if any, would require timely
funding tie-ups to maintain the liquidity. While the funding
requirements in the past have primarily been met through unsecured
loans infused by the trustees, their ability to do so going
forward in a timely manner may remain critical for debt servicing.
The rating however favourably factors in the experienced
management of the trust, who have more than a decade of experience
in the education sector.

Established in 2007, Pt. Deen Dayal Upadhyay Shikshan Trust is
non-profit charitable trust and runs five colleges in single
campus based out of Jhansi (Uttar Pradesh). These colleges offer
graduate and post graduate courses in engineering, management,
computer application, pharmacy, bio-technology and diploma courses
and catered to 2,247 students in AY 2013-14. The trust is managed
by Mr. S K Rai, who has more than a decade of experience in the
education sector.

Recent Results
Trust reported net surplus of INR0.28 crore on revenue receipts of
INR19.06 crore during FY2013 as against net surplus of INR0.26
crore on revenue receipts of INR15.80 crore in FY2012. As per
provisional estimates, trust has generated revenue receipts of
INR22.50 crore in FY2014.


SAMSVIK INDUSTRIES: CRISIL Suspends D Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Samsvik
Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL D Suspended

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, SIPL is 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'

Incorporated in 2010, SIPL assembles water pump sets, DG sets,
cylinder liners, cylinder head assembly, and crankshafts. Its
manufacturing facility, located at Kolkata (West Bengal [WB]), has
installed capacity to manufacture 4200 pieces of pump sets, 900
sets of DG sets, 3000 pieces of cylinder liners, 3000 sets of
cylinder head assembly, and 1500 pieces of crankshafts. SIPL
primarily procures necessary spare parts and castings and
assembles the finished products. The company primarily caters to
the requirements of the replacement market in WB. The products are
customised based on customers' requirements. SIPL also purchases
finished products from other manufactures to meets customers'
orders. Trading sales constituted more than 50 per cent of the
company's total revenue in 2010-11 (refers to financial year,
April 1 to March 31).


SHIVAM COTTON: ICRA Revises Rating on INR9.70cr Loan to 'B+'
------------------------------------------------------------
ICRA has revised the rating on the INR9.70 crore (reduced from
INR13.00 crore) long-term fund based cash credit facility of
Shivam Cotton Industries from [ICRA]B to [ICRA]B+. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR0.25 crore
short term fund based limit of SCI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        9.70       Revised to [ICRA]B+
   Based-Cash Credit                from [ICRA]B
   Facility

   Short Term Fund       0.25       [ICRA]A4 assigned
   Based

The rating revision takes into account the consistent growth in
operating income, improvement in profitability and coverage
indicators in the last two years and continues to favourably
factor in the long standing experience of the promoters in the
cotton ginning and cottonseed crushing industry. ICRA also
positively considers the stable demand outlook for cotton and its
derivative products and the favourable location of the firm's
plant with respect to raw material procurement.

The ratings however continue to remain constrained by the firm's
relatively modest scale of cotton ginning and seed crushing
operations, the limited value addition in the cotton ginning
business and the highly fragmented and competitive nature of the
industry. The ratings also consider the vulnerability of firm's
profitability to movements in cotton prices which are subject to
seasonality and crop harvest as well as the regulatory risk with
regard to imposition of MSP. The ratings also take into account
the firm's weak financial risk profile characterized by low
profitability margins, adverse capital structure and high working
capital intensity. The ratings also consider 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.

Shivam Cotton Industries was established in the year 1998 as a
partnership firm and is engaged in ginning, pressing of raw cotton
and crushing of oil seed. The firm's manufacturing facility is
located at Karjan, Gujarat and is equipped with 36 ginning and 1
press with a total production capacity of 300 bales per day or 51
MTPD and 10 expellers with capacity of crushing 8571 MTPA of
cottonseeds. SCI is promoted by Mr. Vikram Patel, Mr. Shailesh
Patel and other members of the Patel family who have over fifteen
years of experience in the cotton ginning, pressing and cottonseed
crushing industry.

Recent Results
For the year ended March 31, 2013, Shivam Cotton Industries (SCI)
reported an operating income of INR80.49 crore and a profit after
tax of INR0.50 crore. Further, during FY 2014 the firm reported an
operating income of INR84.77 crore and profit after tax of INR0.78
crore (as per unaudited provisional numbers).


SHIVANI HOT: CRISIL Suspends 'D' Rating on INR190MM Loans
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shivani
Hot Rolled Steels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      90       CRISIL D Suspended

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

SHRL was started in 1990 as Shivani Steels, the proprietorship
concern of Mr. Jang Bahadur Singh, and was reconstituted as a
private limited company in 2005. The company trades in various
steel products, including hot-rolled and cold-rolled coils,
sheets, angles, channels and beams, in the domestic market. SHRL
has its registered office and warehouse in Mumbai.


SPECIALITY SILICA: CRISIL Ups Rating on INR172.5MM Loans to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Speciality Silica Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            47.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Long Term     30         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL C')

   Term Loan              95         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL C')

The rating upgrade reflects CRISIL's belief that SSPL's financial
risk profile will improve over the medium term, backed by the
ramp-up in its operations, its healthy profitability, and the
absence of debt-funded capital expenditure plans. Furthermore, the
company is supported by the continuous infusion of unsecured loans
by its management. The rating upgrade also factors in timely debt
repayment by SSPL over past 18 months.CRISIL believes that SSPL's
gearing will remain below 2 times as on March 31, 2015; its
interest coverage ratio will remain above 1.7 times and its net
cash accruals to total debt (NCATD) ratio at around 0.3 times in
2014-15 (refers to financial year, April 1 to March 31). The
company's gearing improved to 3.14 times as on March 31, 2014,
from 4.30 times as on March 31, 2013. Its debt protection metrics
too improved, with NCATD and interest coverage ratios of 0.15
times 1.81 times, respectively, for 2013-14.

The rating reflects SSPL's small scale of operations in the
intensely competitive and commoditised precipitated silica
industry. This rating weakness is partially offset by the
extensive experience of the company's promoter in the chemicals
business and its moderate financial risk profile.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from the extensive industry experience of its promoter and
his funding support. The outlook may be revised to 'Positive' if
the company's financial risk profile improves, most likely because
of more-than-expected increase in its scale of operations and
improvement in its profitability, along with continued funding
support from its promoter. Conversely, the outlook may be revised
to 'Negative' if SSPL's financial risk profile, particularly its
liquidity, deteriorates, most likely because of lower-than-
expected cash accruals or a stretch in its working capital cycle.

SSPL produces precipitated silica with capacity of 6000 tonnes per
annum. It is promoted by Mr Ravi Soni, who has been associated
with the chemicals industry for around three decades. Currently,
the company primarily manufactures rubber grade silica and silica
for dental care. It commenced production in 2008-09.


SRIVENKATESHWAR TRADEX: CRISIL Keeps B+ Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Srivenkateshwar Tradex
Pvt Ltd continue to reflect STPL's small scale of operations in
the highly fragmented trading industry and its declining operating
margins and small networth. These rating weaknesses are partially
offset by the funding support the company receives from its
promoters and its diversified product profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      300        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that STPL's financial risk profile will remain
constrained over the medium term on account of a small net worth
owing to low operating margins attributed to trading nature of
business.  The outlook may be revised to 'Positive' if the
company's profitability improves, leading to higher accruals and
hence to an increase in its net worth. Conversely, the outlook may
be revised to 'Negative' if there is a more-than-expected increase
in the company's working capital requirements, or if it undertakes
a significant debt-funded capital expenditure programme, leading
to deterioration in its financial risk profile.

Update:
STPL is estimated to report an operating income of INR690 million
for 2013-14 (refers to financial year, April 1 to March 31),
against INR388 million reported for 2012-13. Its revenue
registered a compound annual growth rate of 83 per cent between
2011-12 and 2013-14, driven by its established relationships with
customers and suppliers. STPL's operating profitability declined
over this period, and is estimated at around 0.72 per cent for
2013-14, owing to an increase in the share of revenue from rice
trading in its revenue mix; rice trading offers lesser margins
than trading in timber and metal scrap. The lower demand for
timber and metal scrap in 2013-14 was driven by the slowdown in
the end-user construction and real-estate industries. However,
with the revival and improvement in demand from the end-user
industries, CRISIL believes that STPL's profitability margins will
improve and remain at 1.0 to 1.5 per cent over the medium term.

STPL's financial risk profile remains moderate, with its interest
coverage ratio estimated at 5.2 times for 2013-14 and its total
outside liabilities to tangible net worth (TOLTNW) ratio at 2.87
times as on March 31, 2014. The company had an interest coverage
ratio of 5.0 times for 2012-13 and a TOLTNW ratio of 9.99 times as
on March 31, 2013. The improvement in the TOLTNW ratio is
attributed to an increase in the company's net worth owing to
capital infusion of INR30 million by its promoters in 2013-14. Its
liquidity remains healthy, marked by no utilisation of its working
capital limits of INR100 million over the 12 months ended March
31, 2014. However, it had low cash accruals, estimated at INR4.2
million for 2013-14 against negligible debt obligations. CRISIL
believes that STPL's small net worth and low cash accruals will
continue to constrain the company's financial flexibility over the
medium term.

STPL, on a provisional basis, reported a profit after tax (PAT) of
INR4.2 million on net sales of INR690 million for 2013-14, as
against a PAT of INR4.4 million on net sales of INR388 million for
2012-13.

Incorporated in 2010, STPL is based in Delhi and is owned by the
Solanki family. The company is managed by Mr. Rahul Solanki who
also serves as its director. STPL trades in rice, teak wood logs,
and metal scrap.


VENKY HI-TECH: CRISIL Suspends 'D' Rating on INR290MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Venky
Hi-Tech Ispat Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            240       CRISIL D Suspended
   Letter of Credit        15       CRISIL D Suspended
   Term Loan               35       CRISIL D Suspended

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

VHIL, incorporated in 2003, is presently being promoted by Mr.
Krishna Raj Gupta. VHIL manufactures ingots and thermo-
mechanically treated bars with annual capacity of 36,000 tonnes
and 84,000 tonnes, respectively.


VISWATMA MERCHANDISE: CRISIL Suspends D Rating on INR250MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Viswatma
Merchandise Private Limited.


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            155       CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility       2       CRISIL D Suspended

   Standby Line of Credit   8       CRISIL D Suspended

   Term Loan               85       CRISIL D Suspended

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

Incorporated in 2011, Viswatma Merchandise Pvt Ltd (Viswatma) has
diversified business interests, including cold storage and
warehousing facilities, and a rice mill. Its cold storage and
warehousing facilities are located in Kaliagunj, Dinajpur district
(West Bengal). The total capacities at the cold storage and
warehouse are 40,000 square feet and 10,000 tonnes, respectively.
The company also uses its storage facilities to store and and sell
a variety of seasonal agricultural products, including jute,
wheat, paddy, onion, potato, and garlic. Viswatma's daily
operations are looked after by its director, Mr. Sanjay Gadia.


WEBFIL LIMITED: ICRA Assigns 'C+' Rating to INR3.38cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C+ to INR3.38 crore
fund based cash credit facility and INR10.30 crore1 non fund based
bank facilities of Webfil Limited. The non fund based facilities
are also rated on the short term scale for which ICRA has assigned
a rating of [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.38        [ICRA]C+ Assigned
   Letter of Credit      5.40        [ICRA]C+/[ICRA]A4 Assigned
   Bank Guarantee        4.90        [ICRA]C+/[ICRA]A4 Assigned

The assigned rating takes into account WL's existing delays in
payment of interest on loans taken from WBIDC and the Government
of West Bengal (GoWB) and highly adverse capital structure on the
back of its large accumulated losses. Additionally ICRA takes
cognizance of the large accumulated inventory of the company which
is ageing; the same, if written off, might result in additional
losses. ICRA also takes note of WL's strong research and
development capability, having developed digital products for the
domestic market that carries a high margin. Such high margin
products results in healthy profits in the digital division which
more than offsets the losses of the company's filament division.

Webfil Limited was incorporated in 1979 as a Joint Venture company
of West Bengal Infrastructure Development Corporation Ltd and the
Andrew Yule group. The company is currently engaged in
manufacturing tungsten filament wires used in luminaries and
digital products primarily used in communication and surveillance
services.

Recent Results

WL registered a profit after tax of INR0.37 crore on the back of
an operating income of INR20.32 crore in 2013-14. In 2012-13, the
company registered a profit after tax of INR0.46 crore on the back
of an operating income of INR21.00 crore.



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


MARQUEE LAND: Moody's Rates Proposed Sr. Unsec. Notes (P)B2
-----------------------------------------------------------
Moody's has assigned a provisional (P)B2 senior unsecured rating
to the proposed senior unsecured notes to be issued by Marquee
Land Pte. Ltd. -- a wholly owned subsidiary of PT Modernland
Realty Tbk (Modernland, B2 stable) -- guaranteed by Modernland and
its subsidiaries.

The outlook for the rating is stable.

The provisional status of the rating will be removed upon
completion of the bond issuance with all satisfactory terms and
conditions met.

The proceeds from the proposed issuance will be used to repurchase
the 2016 notes, repay certain bank loans, acquire land, and for
working capital and other general corporate purposes.

Ratings Rationale

On July 14, 2014, Modernland announced (1) an exchange offer to
issue five-year senior unsecured notes, in exchange for the
existing senior unsecured 2016 notes issued by Modernland Overseas
Pte. Ltd. (B2 stable); and (2) a consent solicitation from holders
of the 2016 notes to make certain proposed amendments to the terms
of the indenture governing the notes, including revision of the
fixed charge coverage ratio to 2.5x from 3.25x.

"The assignment of a (P)B2 senior unsecured rating is based on
Moody's  assumption that the proposed issuance is largely for
refinancing, and that any additional funds raised will not result
in a significant increase in Modernland's total debt at the end of
this year, as compared to the previous year," says Jacintha Poh, a
Moody's Assistant Vice President and Analyst.

Any deviation from the expectation will pressure its B2 corporate
family rating and the bond rating.

"Although successful completion of the exchange offer and bond
issuance will lengthen Modernland's debt maturity profile and
improve its liquidity position, Moody's  remain cautious over the
company's ambitious land acquisition at Bekasi," adds Poh, also
the Lead Analyst for Modernland.

As of 31 March 2014, the company had cash and cash equivalents of
IDR480 billion, covering only 0.52x of its short-term debt of
IDR930 billion.

Nonetheless, the contractual payments from PT Alam Sutera Realty
Tbk (Alam Sutera, B1 stable) will support Modernland's cash flow
and liquidity, providing a window of up to 24 months for
Modernland to execute its business plan, particularly at Jakarta
Garden City (JGC) township -- the company's main growth driver.

The instalments from Alam Sutera are expected to amount to IDR900
billion per annum in 2014 and 2015 and IDR600 billion in 2016. In
the first quarter of 2014, payments from Alam Sutera accounted for
65% of Modernland's cash receipts.

In the fourth quarter of this year, Modernland is also expected to
receive 95% of the USD45.7 million payment on its sale of
commercial land plots at JGC township to PT AEON Mall Indonesia
(unrated), further supporting its cash flow.

On marketing sales performance, Modernland has achieved its target
for the industrial segment in the first five months of 2014,
recording IDR757 billion of pre-sales at Modern Cikande Industrial
Estate against a full-year target of about IDR1.1 trillion.

In the residential segment, the company recorded IDR516 billion of
pre-sales at the end of May 2014 through the successful sale of
212 residential units at JGC township. Modernland has a full-year
target of about IDR1.8 trillion and plans to launch approximately
670 additional residential units at JGC township in the second
half of this year to achieve that.

"Although Modernland has made some progress at the Jakarta Garden
City township since the acquisition in November 2013, its
execution track record remains short and the township is still at
a relatively young stage," says Dylan Yeo, a Moody's Associate
Analyst.

The stable outlook reflects Moody's expectation that Modernland
will maintain financial discipline while pursuing growth, achieve
its sales targets and grow its operational cash flow; supported by
contractual payments from Alam Sutera over the next 24 months.

Upward rating pressure is unlikely over the near to medium term,
but could emerge if Modernland can: (1) roll out its expansion
strategy successfully, supported by sustained improvements in
sales performance and positive free cash flow generation; (2)
lengthen its debt maturity profile; and (3) demonstrate solid
liquidity through cash balances and committed facilities.

Credit metrics that will support an upgrade include adjusted
EBITDA/interest coverage above 4.0x, adjusted leverage below 45%,
adjusted debt/EBITDA below 3.5x and total revenues of more than
IDR4.0 trillion on a sustained basis.

On the other hand, downward rating pressure could emerge if
Modernland's financial and liquidity profiles weaken, owing to:
(1) problems related to the implementation of its business plan
and difficulties associated with meeting its sales targets,
particularly in relation to Jakarta Garden City; (2) a weakening
of the property market in Indonesia; and (3) a weakening of Alam
Sutera's credit profile, such as to adversely affect Alam Sutera's
ability to service instalment payments on land purchases from
Modernland.

Moody's considers the following credit metrics as triggers for a
rating downgrade: adjusted EBITDA/interest coverage below 2.0x,
adjusted leverage above 50%, adjusted debt/EBITDA above 5.0x,
total revenues below IDR1.8 trillion-IDR2.0 trillion and negative
free cash flows on a consistent basis.

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

Established on 8 August 1983, PT Modernland Realty Tbk is an
integrated property developer in Indonesia. It focuses on
industrial town development, as well as residential and township
developments. It also has small exposures to the hospitality and
commercial property segments. The company was listed on the
Jakarta Stock Exchange in 1993, and is 63% owned by the Honoris
family either directly or through various holding companies,
including a 29.75% stake held by AA Land Pte Ltd (unrated).


MODERNLAND REALTY: S&P Affirms 'B' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on PT Modernland Realty Tbk.  The outlook
is stable.  S&P also affirmed its 'axBB-' long-term ASEAN regional
scale rating on the Indonesia-based property developer.  At the
same time, S&P affirmed its 'B' long-term issue rating on the
company's guaranteed outstanding senior unsecured notes.

S&P also assigned its 'B' issue rating to a proposed senior
unsecured notes issue of up to US$190 million by Marquee Land Pte.
Ltd., a special purpose vehicle that Modernland owns.  Modernland
will guarantee these notes.  The ratings on the notes are subject
to S&P's review of the final issuance documentation.

S&P's rating affirmation reflects Modernland's small scale, its
appetite for debt-funded expansion, and execution risks associated
with rapid expansion.  The company's strong foothold in West
Jakarta, scalable business model, and good operating efficiency
stemming from high asset turnover temper these weaknesses.

Modernland's execution risk surrounding the company's rapid
expansion and project concentration support its "vulnerable"
business risk profile.  In S&P's view, rapid expansion could test
Modernland's financial and operational capabilities.  For 2014 and
2015, S&P believes its Jakarta Garden City development project
will contribute at least 50% of revenue.

"We don't expect Modernland to be materially affected by the
recent stricter mortgage rules in Indonesia and subdued demand for
property owing to the general elections," said Standard & Poor's
credit analyst Kah Ling Chan.  "This is because the company's
substantial amount of land sold in the past year will underpin its
earnings and cash flow."

S&P expects Modernland's debt-funded growth appetite to remain
high, as the company continues to replenish its land reserves.  It
has a high sell-through rate, which indicates a high land
utilization rate.  Modernland needs to continue to aggressively
augment its land reserves in its Modern Cikande Industrial estate
and expand the land reserves in its Modern Bekasi project before
its launch in 2016.

Modernland's significant debt appetite to support capital
expenditure for its planned expansion is reflected in its
"aggressive" financial risk profile.  Moreover, the company's cash
flow is volatile owing to the cyclical property-development
business.  Weaker-than-expected property sales can lead to
significant changes in the company's financial metrics.  S&P
forecasts Modernland's marketing sales in 2014 at about Indonesian
rupiah (IDR) 3.5 trillion.  S&P expects sales in its residential
segment, which were slow in the first half of 2014, to pick up in
the second half.

Modernland's financial risk profile also reflects the company's
short record of consistently managing its financial performance.
The company's history of debt restructuring during the Asian
financial crisis in 1998-1999, its recent rapid growth driven by
lumpy property sales proceeds, minimal recurring income, and
management's untested record in expansion weigh more heavily in
S&P's analysis.

Modernland intends to use the bulk of the proceeds from its
proposed notes to pay off existing debt, and the rest for land
bank acquisition and general corporate purposes.

"The stable outlook reflects our expectation that Modernland's
better property sales and stable margins will offset higher debt
in the next 12 months.  We also expect the company to maintain
prudent financial management while pursuing its expansion
strategy," Ms. Chan said.

S&P may lower the rating if Modernland deviates from its core
business and strategy.  S&P may also lower the rating if
Modernland's debt-funded land acquisitions and expansion are
larger than S&P expects or the company's contract sales in 2014
and 2015 are substantially below our expectations, such that the
debt-to-EBITDA ratio is above 4.5x or EBITDA interest cover is
less than 2x.

The rating upside in the coming 12 months is limited because S&P
expects Modernland to take on additional debt to acquire land and
expand.  However, S&P may raise the rating if the company expands
its scale, improves diversity, and establishes a record of
consistent operational performance and disciplined financial
management while pursuing high growth.


MULTIPOLAR TBK: Fitch Affirms 'B+' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Multipolar Tbk's
(Multipolar) Long-Term Issuer Default Rating at 'B+' with Stable
Outlook. The agency has also affirmed Multipolar's senior
unsecured rating at 'B+' and USD230m notes due in 2018 at
'B+'/RR4. The notes are issued by Pacific Emerald Pte Ltd, a
wholly owned subsidiary, and guaranteed by Multipolar and certain
subsidiaries.

Key Rating Drivers

Structural Subordination: Multipolar's rating reflects the
subordination of its cash flows due to its holding company
structure. Most of its cash flows are from dividends from 50.2%-
owned PT Matahari Putra Prima (MPPA, unrated) and 20.5%-owned PT
Matahari Department Store Tbk (MDS, unrated). Therefore,
Multipolar's capacity to meet its debt obligations is contingent
upon MPPA's and MDS's ability to continue to distribute dividends.
We believe both MPPA and MDS will continue to be able to pay
Multipolar dividends over the medium term, driven by both
companies' favorable operating performance and strong financial
profile.

MPPA, which operates Hypermart, is the fastest-growing hypermarket
operator in Indonesia with 99 stores as of end-2013. It has added
new stores at double-digit counts over the past three years. MDS
has the biggest share of the market for middle-class department
stores based on annual turnover. MDS had 125 stores as of end-
2013.

Temporary Weakening in FCC: Fitch expects Multipolar's fixed
charge cover (FCC- FFO from wholly controlled entities plus
dividends/ interest expense plus rents) to fall below 2x in 2014
from 2.2x in 2013. This is due to a slower-than-expected
turnaround in its other businesses and a mismatch in the
currencies of its debt and cash flows. However Fitch expects the
ratio to improve in 2015 because 99%-owned retail subsidiary PT
Nadya Putra Investama (NPI) plans to distribute extraordinary
dividends totaling around IDR500bn (USD42m) for 2015-2017. As of
end-2013, NPI reported cash balance of IDR568bn. Fixed charge
cover is also likely to rise beyond 2015 due to more stable
operations at its other businesses, which include integrated IT
services, bookstores, and game centers.

Comfortable Liquidity: As of end-March 2014, Multipolar (excluding
MPPA) had cash balance of around IDR2trn against IDR222bn in
short-term debt. Multipolar also has no significant debt maturing
until 2018 when the USD230m notes fall due. In a distressed
scenario, Fitch believes Multipolar will be able to access
additional liquidity by monetising its various investments. For
example, Multipolar's various investment properties are worth
about IDR2trn while its shareholding at MPPA and MDS worth about
USD1.4bn at 7 July 2014.

High Fixed Cost Structure: Multipolar's strategy of renting all
its property increases its fixed costs, especially considering
retailers' thin margin buffers. Fitch believes Multipolar's
growing scale and margin stability mitigate its high fixed costs.
MPPA has been negotiating with landlords of its hypermarkets to
switch from fixed-rate rents to rents that are tied to its
turnover. This strategy has helped to cut its consolidated rent to
revenue ratio to about 4% in 2013 from about 5% previously. In
addition, Multipolar's association with mall operator PT Lippo
Karawaci Tbk (Lippo; BB-/Stable), which owns about 41% of
Multipolar's retail space provides critical operating synergy to
both parties. Multipolar's retail outlets to drive foot traffic to
Lippo's malls, while Lippo is able to offer Multipolar priority in
retail locations.

Conservative Strategy in China: Delays in new store openings and
underperformance of its existing stores have slowed down
Multipolar's business turnaround in China. However, the company's
Robbinz department stores in China have shown meaningful operating
improvement. Although Fitch does not expect significant
improvement in the Chinese business over the medium term, the risk
associated with this business is mitigated because capital
expenditure allocated to it is limited and management has
demonstrated a conservative approach in making future investment
decisions in China.

Contingent Liability to Temasek: Under the terms of an alliance
agreement with Singapore's Temasek Holdings, if MPPA fails to meet
Temasek's operating performance targets, Multipolar will have to
pay Temasek any shortfall of its USD300m investment upon the
latter's exit from MPPA. However, given the current favorable
retail market outlook, the risk of this liability crystallising
is, in Fitch's view, not high. As of 7 July 2014, Temasek's 26.1%
indirect shareholding at MPPA was worth about USD352m.
Robust Private Consumption: The outlook for modern retail in
Indonesia remains robust, driven by the country's large
population, consumers' increasing spending power, young
demographic, and high urbanisation rate. A 40% increase in the
minimum wage in the capital Jakarta in 2012 is starting to have an
impact on second-tier cities where MPAA and MDS are expanding.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
Decline in FCC to below 2x on a sustained basis. This may result
from lower-than-expected dividends or significant deterioration in
the performance of non-core businesses.

Positive rating action is not anticipated over the medium term
unless there is significant turnaround in its other businesses
that materially strengthens Multipolar's FCC on a sustained basis.
This is due to Multipolar's structural subordination and its high
fixed-cost structure.



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


MT. GOX: Bitcoin Joint Venture to Bid for Assets
------------------------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that a joint venture between a Chinese and American company plans
to launch a new bitcoin exchange in Japan by August, attempting to
fill the void left by the collapse of Mt. Gox, once the world's
largest trading platform for the crypto-currency.  According to
the report, BitOcean, a Beijing-based bitcoin ATM maker, will team
up with Atlas ATS, a New York-based exchange platform provider
that has worked for large Wall Street financial institutions.

The new venture -- BitOcean Japan -- also hopes to purchase the
assets of Tokyo-based Mt. Gox, which stopped operating in February
and filed for protection from creditors under Japan's bankruptcy
code, the report related.  While BitOcean Japan hopes to craft its
new exchange around the remains of Mt. Gox, one of the founders of
the new venture said they would create the Japan-based exchange
even if the trustee overseeing the Mt. Gox case doesn't accept
BitOcean's bid, the report further related.

                           About Mt. Gox

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

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

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

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



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


LAKE FRONT: PriceWaterhouseCooper Appointed as Receivers
--------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Lake Front
Entertainment Ltd has collapsed into receivership.  Colin McCloy -
- colin.mccloy@nz.pwc.com -- of PricewaterhouseCoopers has been
appointed as the company's receiver on July 9, the report says.

Lake Front Entertainment was incorporated in April 2012. It is the
operator of Wanaka's Water Bar.

dissolve.com.au relates that the bar was shut down on July 10;
however, it reportedly opened again on July 11. It has been said
that trading at the business will continue until a buyer is found,
the report notes.



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


PAKISTAN: Moody's Affirms Caa1 Government Bond Rating
-----------------------------------------------------
Moody's Investors Service has revised the outlook on Pakistan's
foreign currency government bond rating to stable from negative.
The rating is affirmed at Caa1. Concurrently, Moody's has affirmed
the government's issuer rating and senior unsecured rating at
Caa1.

Pakistan's country ceilings remain unchanged. The long-term,
local-currency bond and deposit country ceiling is affirmed at B1,
while the long-term foreign currency bond and deposit ceilings are
affirmed at B3 and Caa2 respectively. All short-term ceilings are
also affirmed at Not Prime. The Local Currency Country Ceiling
refers to risks affecting a given country that arise from
political, institutional, financial and economic factors either
within the country or externally. These ceilings act as a cap on
ratings that can be assigned to the foreign- and local-currency
obligations of entities domiciled in the country.

Ratings Rationale

Moody's decision to revise the outlook on Pakistan's foreign
currency rating is primarily based on a stabilization in the
country's external liquidity position. This is supported by the
government's strong commitment to reforms under an ongoing program
with the International Monetary Fund (IMF). The continued
implementation of structural reforms under the program would
ensure additional tranche disbursements, further buffering
Pakistan's foreign reserves.

First Driver -- An improving external liquidity position

A key factor behind Moody's one-notch downgrade and outlook
revision for Pakistan in July 2012 was a deterioration in the
external liquidity position, due to a widening current-account
deficit, large outflows from the financial account and a decline
in international reserves to very low levels. This situation has
reversed over the past year: the current-account deficit is
modest, estimated at 1.0% of GDP for the fiscal year ended June
2014, while financial inflows have increased due to a $2 billion
Eurobond sale earlier this year, privatization proceeds, and
multilateral and bilateral funding. Importantly, repayments to the
IMF from the previously suspended program are tapering off, even
as disbursements from the ongoing program continue.

As a result, foreign reserves have risen, from a low of $2.9
billion in early February 2014 to $9.0 billion by the end of June
2014. A fall in Moody's External Vulnerability Indicator -- which
gauges the adequacy of reserves with respect to maturing external
debt obligations over the next year -- to below the 100% threshold
for the fiscal year ending June 2015 reflects the easing external
pressures.

Second Driver -- Progress on structural reforms

Despite a weak track record with previous programs, Pakistan is
making steady progress in meeting reform benchmarks under the
current, 36-month $6.8 billion Extended Fund Facility with the
IMF, which it signed in September 2013. So far, Pakistan has
cleared three program reviews, most recently at the end of June,
and received $2.2 billion of financial assistance.

The government has met 10 of 17 structural benchmarks, and appears
to be on track towards achieving the remainder. Broadly, these
goals include tax and energy sector reforms, as well as efforts to
privatize state-owned enterprises. Reform implementation may be
challenging. Nonetheless, Moody's think the authorities will
persevere to achieve the overall intent of the package.

Rationale For Affirming The Rating At Caa1

The rating captures Pakistan's structurally large fiscal
imbalances and weak debt metrics relative to B-rated peers. The
sovereign's 'Very Low' institutional strength assessment reflects
implementation risks associated with economic reforms. It also
factors in high susceptibility to event risk, both on the
political front and in terms of economic vulnerabilities that
could arise, primarily from Pakistan's inherent reliance on
bilateral and multilateral support.

What Could Move The Rating Up/Down

Upward triggers to the rating would stem from the successful
completion of the IMF program, further improvements in the
external liquidity position, continued fiscal consolidation, and
progress on structural reforms which would remove infrastructure
impediments and supply-side bottlenecks -- eventually aiding a
shift to a higher growth trajectory. Domestic political stability
and steady relations with international donors would further
support the rating.

Conversely, a stalling of the ongoing IMF program, a deterioration
in the external payments position or a worsening political
environment would be viewed as credit negative.

GDP per capita (PPP basis, US$): 3,149 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3.7% (2013 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.9% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -8.1% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1% (2013 Actual) (also known as
External Balance)

External debt/GDP: 25.5% (2013 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983; these events occurred in 1998
and 1999.

On 10 July 2014, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's governance and/or
management, have materially increased. The issuer has become less
susceptible to event risks.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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


STX GROUP: KDB Faces Sanctions for STX, Dongbu Group Crises
-----------------------------------------------------------
The Korea Herald reports that the country's financial regulators
are set to punish the state-run Korea Development Bank by holding
it responsible for poor loan management as the main creditor of
STX Group and Dongbu Group, according to local reports.

According to the report, the Financial Supervisory Service and
Financial Services Commission have recently launched a special
audit into the KDB on allegations that the bank fabricated STX
Offshore & Shipbuilding's credit rating and raised the
shipbuilder's credit limit by KRW300 billion ($294.6 million)
after ignoring inevitable loan risks.

The Korea Herald relates that KDB also faces allegations that it
offered favors to STX Group in return for the company's employment
of a former KDB official.

The report says the focus now is on whether the financial
regulators will go ahead with the sanctions, as the watchdog
agencies have so far been dragging their feet in penalizing the
local financial sector, which is seen to be responsible for the
series of mishaps -- namely data leaks and loan fraud -- that have
compromised the security of consumers.

The penalties on KDB, if handed down, would be the first in a
belated step to reprimand the local creditors, the report notes.

The banks, however, said they could not be held entirely
accountable, according to The Korea Herald.

"We have not received an official notice from the FSS or FSC, but
we do not believe the government would attempt to shift the
responsibility on us by issuing sanctions," a KDB official,
wishing to stay anonymous, told The Korea Herald. "(If found
guilty of the allegations,) it is more important that financial
regulators and the KDB solve the problem together, instead of
blaming each other."

Despite such sentiment, the report notes, financial regulators are
expected to further impose heavy punishments on the bank for
irregular practices involving the debt-ridden Dongbu Group.

Reports cited a high-ranking official as saying that regulators
will seek punitive measures against KDB, Dongbu's main creditor,
for its responsibility in leaving the group in grave jeopardy, The
Korea Herald relays.

According to the report, KDB has been the main creditor of Dongbu,
the nation's 18th-largest conglomerate by assets, since 2002.

The Korea Herald adds that the bank was under massive pressure to
normalize Dongbu, especially after the firm's self-rescue
attempts, such as selling off assets, were found to have been
futile. The KDB has been delaying a KRW20 billion rescue fund for
Dongbu Group but the watchdog criticized it for disrupting the
local financial market and causing losses to individual investors,
the report says.


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***