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        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

            Monday, April 6, 2015, Vol. 18, No. 066


                            Headlines


A U S T R A L I A

COMPLETE TRAVEL: First Meeting Set For April 16
LS NEWCO: Moody's Assigns (P)Ba2 CFR; Outlook Stable
PURUS HEALTH: First Creditors' Meeting Slated For April 14


C H I N A

ANTON OILFIELD: Fitch Lowers IDR to 'B+'; Outlook Negative
ANTON OILFIELD: Moody's Downgrades CFR to B2; Outlook Negative
CHINA PROPERTIES: Fitch Affirms B- LT Issuer Default Ratings
EVERGRANDE REAL: High Leverage Key Constraint on Fitch's BB- IDR
EVERGRANDE REAL: Weak 2014 Results No Impact on Moody's B1 CFR

GOLDEN EAGLE: Fitch Lowers IDR to 'BB+'; Outlook Stable
GREENTOWN CHINA: Moody's Reviews 'B1' CFR for Upgrade
HONGHUA GROUP: Fitch Lowers IDR to 'BB-'; Outlook Negative
HONGHUA GROUP: Moody's Downgrades Sr. Unsec Debt Ratings to B3
SHIMAO PROPERTY: 2014 Results Within Expectations, Fitch Says

SOUND GLOBAL: S&P Lowers CCR to 'B' on Weakened Governance
YANLORD LAND: S&P Lowers CCR to 'B+'; Outlook Stable


H O N G  K O N G

GOLDEN MIND: Myanmese Helper Agency Shuts Down
MIE HOLDINGS: Fitch Affirms 'B' IDR; Outlook Stable


I N D I A

AIR INDIA: Pilots May Go on Strike to Protest Against Salary Dues
AMBIKA OVERSEAS: ICRA Reaffirms B Rating on INR15cr FB Loan
AMBUJA PIPES: ICRA Reaffirms 'B' Rating on INR11.9cr LT Loan
ANUSH FINLEASE: CARE Reaffirms D Rating on INR82.39cr LT Loan
APOLLO CONCAST: ICRA Suspends B Rating on INR3.5cr Term Loan

ARHAM COLLOIDS: ICRA Suspends B+/A4 Rating on INR24.25cr Loan
BALAJEE PLY: ICRA Assigns B- Rating to INR3.3cr Cash Credit
BKB TRANSPORT: CARE Reaffirms D Rating on INR87.62cr LT Loan
BLUEARTH ENERGY: ICRA Puts SP 2D Grading on Weak Fin'l Strength
CITY VIEW: CARE Reaffirms D Rating on INR370cr LT Loan

COIMBATORE INTEGRATED: CARE Reaffirms D Rating on INR5cr Loan
DEEPAK SINGAL: ICRA Revises Rating on INR8cr Fund Based Loan to B
DHARESHWAR COTTON: ICRA Reaffirms B Rating on INR7cr Cash Credit
DIVYA AGRO: CARE Assigns B+ Rating to INR9.60cr LT Loan
FURBO SECURITY: Weak Financial Strength Cues ICRA 'SP 3D' Grading

GCL PRIVATE: CARE Assigns B Rating to INR17.71cr LT Loan
GENCOR PACIFIC: ICRA Assigns B+ Rating to INR9.11cr Term Loan
GINA DEVELOPERS: CARE Revises Rating on INR11.92cr Loan to BB-
GTL LIMITED: CARE Reaffirms D Rating on INR3,900cr ST Loan
HASTI PETRO: CARE Assigns B+ Rating to INR26cr LT Loan

HMT MACHINE: CARE Lowers Rating on INR44.82cr LT Loan to D
INDO VACUUM: ICRA Assigns B+ Rating to INR6.20cr LT Loan
JAI BALAJI: CARE Reaffirms D Rating on INR2,327.68cr LT Loan
JANAM STEEL: CARE Reaffirms B+ Rating on INR10cr LT Bank Loan
JAYCO CERAMIC: ICRA Suspends B- Rating on INR4.44cr Term Loan

LAKSHMI SUGAR: ICRA Lowers Rating on INR60cr Fund Based Loan to D
MA SARSINSA: ICRA Suspends B+ Rating on INR24cr LT Loan
MAHAVIR SUBMERSIBLES: ICRA Assigns SP 3D Grading
MERIDIAN MEDICAL: ICRA Suspends D Rating on INR46.5cr Bank Loan
NEETY EURO: ICRA Puts SP 3D Grading on Weak Financial Strength

NILACHAL IRON: CARE Lowers Rating on INR75.99cr LT Loan to D
NUTRIVET COMPANY: ICRA Puts B- Rating on INR7cr Fund Based Loan
SHIV MARINE: CARE Rates INR7cr LT/ST Bank Loan at 'B+/A4'
SHIV SHAKTI: CARE Reaffirms B+ Rating on INR13.95cr LT Loan
SHREE GURUNANAK: ICRA Reaffirms B Rating on INR6cr LT Loan

SHUBHAM GINNING: CARE Reaffirms B+ Rating on INR20cr LT Loan
SONA ALLOYS: CARE Ups Rating on INR952.53cr LT Loan to B+
SPANCO LIMITED: CARE Reaffirms D Rating on INR588.5cr Loan
SREE SATYA: ICRA Reaffirms B+ Rating on INR7.45cr Cash Credit
TECHNOMARK ENGINEERS: ICRA Reaffirms B+ Rating on INR9cr FB Loan

TEX-STYLES INTERNATIONAL: ICRA Cuts Rating on INR4cr Loan to D
TGB BANQUETS: CARE Revises Rating on INR106.11cr LT Loan to B+
THEME EXPORT: ICRA Assigns B+ Rating to INR1.1cr Term Loan
TULSHYAN METALS: CARE Assigns B Rating to INR2.00cr LT Loan
VENKATESHWARA POWER: ICRA Suspends B+ Rating on INR236.83cr Loan


I N D O N E S I A

INDOSAT TBK: Moody's Says Overall 2014 Results Within Expectation
LIPPO KARAWACI: Fitch Affirms 'BB-' IDR; Outlook Stable
PROFESIONAL TELEKOMUNIKASI: Moody's Upgrades CFR to Ba1


J A P A N

YMOBILE CORP: S&P Raises CCR to 'BB+' & Removes from Watch Pos.


N E W  Z E A L A N D

MEDIA COUNSEL: Owner Found Guilty of Fraud
SQUASHGYM PALMERSTON: In Danger of Going Into Liquidation


S I N G A P O R E

MAXPOWER GROUP: Fitch Withdraws 'B' Expected LT FC IDR


V I E T N A M

VIETNAM: S&P Affirms 'BB-' Rating; Outlook Stable


                            - - - - -


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


COMPLETE TRAVEL: First Meeting Set For April 16
-----------------------------------------------
Giovanni Maurizio Carrello and Mathieu Tribut of BRI Ferrier
Western Australia were appointed as administrators of Complete
Travel Management Pty Ltd on April 2, 2015.

A first meeting of the creditors of the Company will be held at
BRI Ferrier Western Australia, on April 16, 2015, at 10:00 a.m.


LS NEWCO: Moody's Assigns (P)Ba2 CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba2 corporate
family rating to LS Newco Pty Ltd.

At the same time, Moody's has assigned a provisional (P)Ba2 senior
secured rating to the proposed USD equivalent of AUD800 million
First Lien Term Loan B facility.

This is the first time that Moody's has assigned ratings to LS
Newco Pty Ltd.

The ratings outlook is stable.

"LS's ratings reflect its well-established position in a number of
key services sectors, including as Telecommunications Services
Provider where it is a principal network services provider to
Telstra Corporation Limited (A2 stable), the National Broadcast
Network (NBN unrated) and New Zealand based Chorus Limited (Baa3
stable)", says Maurice O'Connell, a Moody's Vice President and
Senior Credit Officer. "The rating also reflects LS' position as a
principal service provider in Infrastructure Operations and
Management ("O&M) with particular strong market positioning in
Motorways & Tunnels, Environmental Remediation, Water,
Transmission and Distribution", adds O'Connell.

"Medium term revenue is underpinned by both existing contract
pipelines as well as good growth opportunities stemming from a
growing pipeline of infrastructure spending", says O'Connell,
adding "at the same time, its telecommunications business will
continue to benefit from NBN rollout as well as continuing network
rollout by telecommunications carriers."

The rating takes into consideration that LS is a new entity but
whose businesses have a solid track record benefiting from long-
established relationships with blue chip customers. However, LS
operates in a competitive environment. It remains subject to the
inherent risks associated with efficient project execution,
sustaining a high level of contract renewals and success in new
contract tenders at commercial margins.

LS has a level of concentration risk, particularly to the National
Broadcast Network (NBN). NBN is the major revenue and EBITDA
growth driver over the next 2-3 years.

LS has an moderate financial profile for the rating, with gross
adjusted Debt/EBITDA expected to be around 4.25 times in FY2015.
Moody's notes that LS plans to maintain AUD 300 million of cash to
be held as security for bonding lines. Moody's considers that the
likelihood of bonding lines being called is small. As such, the
amount of cash which will be secured for the benefit of the
bonding line providers would reduce leverage on a net basis to the
extent that it is intended to be ultimately used to reduce debt.

With low capital expenditure requirements Moody's anticipate that
LS will generate free cash flow which will be available to reduce
debt over time.

The stable outlook reflects Moody's expectation that LS will
continue to win its share of new contracts at commercial margins
in a generally supportive market.

Upward rating trends could emerge in the medium term if there is a
sustained improvement in LS's adjusted debt to EBITDA; such that
adjusted gross debt/EBITDA falls below 3.5 times and/or adjusted
net Debt/EBITDA falls below 2.25 times, on a consistent basis.

On the other hand, the rating could face downgrade pressure if
adjusted debt to EBITDA exceeds 5 times and /or adjusted net
Debt/EBITDA exceeds 3.5 times on a consistent basis.

The principal methodology used in this rating was Construction
Industry published in November 2014.

LS Newco Pty Ltd is a leading integrated provider of industrial
and civil services to clients in Australia and New Zealand across
the telecommunications, roads, water, power, utilities and
environmental sectors.


PURUS HEALTH: First Creditors' Meeting Slated For April 14
----------------------------------------------------------
Maxwell Prentice & David Sampson of BPS Recovery were appointed as
administrators of Purus Health And Medical Technologies Pty Ltd on
March 31, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 106 Hardware Street, in Melbourne, Victoria, on
April 14, 2015, at 11:00 a.m.



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


ANTON OILFIELD: Fitch Lowers IDR to 'B+'; Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded Anton Oilfield Services Group's
(Anton) Long-Term Issuer Default Rating and senior unsecured
rating to 'B+' with a Recovery Rating of RR4 from 'BB-'.  The
Outlook remains Negative.

The downgrade reflects Anton's tightening liquidity, which stems
from a rise in short-term debt to fund working capital needs,
growth in operating expenses despite revenue contraction, and
continuing high capex for 2015, amid challenging market
conditions.  Anton's business mix has also tilted towards overseas
markets, especially Iraq, which elevates the company's business
risk.

The Negative Outlook captures uncertainties over the company's
ability to aggressively cut costs and to continue to secure new
orders at reasonable margins.  The company also has considerable
refinancing requirements over the next 18 months.

KEY RATING DRIVERS

Cost Efficiencies Yet to Materialise: Anton has taken steps to
improve cost efficiency, including via staff cuts, since the
market downturn in 2H14, but the impact of these measures has yet
to materialize.  The ratio of selling, general and administrative
(SG&A) expenses to revenue rose to 26% in 2014, compared with 19%
in 2013.  In particular, staff expenses increased 30% in 2H14 from
1H14, despite a decline in revenue over the same period.  Anton
would need very aggressive cost cuts to revert to a bottom line
profit in 2015, because its revenue generation is not likely to
improve markedly.

Challenging Industry Conditions: The rapid decline of oil prices
has resulted in project cancellation or shrinkage in 2H14.  Fitch
does not expect the situation to improve significantly in 2015
given the capex cuts announced by many oil majors, including those
of China, which is Anton's core market.  In addition, in China,
independent service providers are now at a disadvantage compared
to the in-house service arms of the state-owned enterprises.
While Anton was able to secure new orders, most of these are at
margins thinner than historical levels.

Increasing Overseas Exposure: Anton has turned to markets overseas
to offset the impact of the sluggish domestic market.  The company
has expanded its business in Iraq, which accounted for 24% of
total revenue in 2014, up from 16% a year earlier.  Although
Anton's geographical diversity is enhanced, geopolitical risk is
higher in Iraq, and Anton faces stiff competition in overseas
markets.

Persistent Negative Free Cash Flow: Anton plans capex of about
CNY400m in 2015, higher than Fitch's previous expectation.  There
appears to be little flexibility, as a large share of this capex
relates to payments for equipment orders made in 2014, according
to Anton's management.  As a result, a considerable free cash flow
deficit will persist in 2015, and the net debt position is not
likely to improve.  Fitch expects the company's net debt to remain
at around CNY1.9bn-2.2bn at end-2015, compared with CNY1.9bn at
end-2014.

Substantial Refinancing Requirement: At end-2014, Anton had
CNY993.45m of debt maturing within a year, compared with CNY395.9m
at end-2013.  There was a 75% rise in short-term debt (excluding
current maturities of long-term bonds) to fund working capital at
a time when the working capital conversion cycle was lengthy.  The
company will face refinancing pressure again in 2016, when another
CNY200m of domestic bonds mature in August.

However, management says the company has already managed to
refinance CNY200m of working capital loans since the start of
2015; and the company is due to complete another refinancing
arrangement for CNY300m of domestic bonds maturing in May 2015.
The company also has some financial flexibility.  At end-2014,
Anton had unrestricted cash of CNY759.8m and undrawn credit
facilities of CNY526.3m.  Most of its assets are largely
unencumbered, apart from accounts receivable of CNY346.64m (which
account for 25% of third-party trade receivables) being secured
under a receivable financing facility of CNY320m.

Tight Rating Headroom: Anton's considerable refinancing needs and
its expected free cash flow deficit limit its rating headroom.
Fitch estimates Anton's FFO net leverage at over 6x and FFO fixed
charge cover at below 2x for 2015, aggressive for its 'B+' rating
given its weakened business risk profile and liquidity needs.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- Revenue and gross margin in 2015 to remain steady compared
      with 2014, a marginal improvement expected thereafter
   -- Working capital cycle to marginally improve
   -- Capex of CNY400m in 2015

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a downgrade include:

   -- An inability to improve profitability, with EBITDA/revenue
      remaining under 20%
   -- FFO-adjusted net leverage of over 5x or FFO fixed charge
      cover of less than 2.5x on a sustained basis
   -- A continued shrinkage in order backlog and weakening of
      market position in China and/ or a rise in operational
      risks as a result of overseas expansion
   -- A further deterioration in working capital conversion cycle
   -- Substantial outlays for capex in periods of weak operating
      cash flow generation
   -- A further weakening of liquidity

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable include:

   -- FFO-adjusted net leverage below 5x or fixed charge cover
      above 2.5x on a sustained basis
   -- Recovery in profitability with EBITDA margin improving to
      around 20% on a sustained basis
   -- A continued increase in order backlog but without
      increasing its overall risk profile
   -- Comfortable liquidity position


ANTON OILFIELD: Moody's Downgrades CFR to B2; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Anton Oilfield Services
Group's corporate family and senior unsecured bond ratings to B2
from Ba3.

The ratings outlook remains negative.

"The ratings downgrade reflects its very weak H2 2014 results,
which materially increased its debt leverage and further weakened
its liquidity position, given the company's negative cash flow
from operations," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

Anton's adjusted debt/EBITDA rose to around 9.7x in 2014 from 3.5x
in 2013, as adjusted debt grew to RMB2.74 billion at end-2014 from
RMB2.43 billion at end-2013, and its adjusted EBITDA margin fell
to 13.6% from 27.7%.

The deterioration in its performance was mainly because of its
poor results in H2 2014, caused by delays in projects for some of
its major customers against the backdrops of lower oil prices and
the anti-corruption campaign, higher pricing pressure and
additional costs to support new business.

Revenue declined by 35.1% year-on-year to RMB959 million in H2
2014 from RMB1,477 million in H2 2013. Its adjusted EBITDA margin
fell to 1.1% from 28.3% and reported cash flow from operations was
a negative RMB186 million compared with a positive RMB381 million.

"The ratings downgrade and the negative outlook also reflect our
expectation that Anton's ability to meaningfully recover its
profitability and financial leverage from the very weak levels
seen in 2014 will be challenged by the ongoing weakness in oil
prices," adds Lu.

The low crude oil prices, which are expected to persist over the
next few years, should keep upstream oil and gas companies'
capital spending low.

Moody's expects this situation will continue to pressure Anton's
revenue growth and profitability, although these factors will be
partially offset by its new oilfield waste management service
business, more project wins in Iraq, increased management of
working capital, and cost controls, including a significant
headcount reduction.

In this regard, Moody's expects adjusted debt/EBITDA to stay about
7.0x and adjusted EBIT/interest to be around 1x over the next 12-
18 months. These ratios position the company at the weak end of
the B2 rating category.

Downward rating pressure could increase over the next few quarters
if the company fails to significantly improve profitability and
financial leverage.

At the same time, Anton's B2 ratings are supported by its (1)
leading position in the domestic oil services sector in China,
where growth in natural gas production is moderate; (2)
diversified revenue base, supported by its integrated business
model; (3) technical competitive edge in providing key signature
services; and (4) strategic alliance with, and technical support
from, Schlumberger Ltd (Aa3 stable).

On the other hand, Anton's B2 ratings are constrained by (1) its
small scale and customer concentration; (2) its weak operating
cash flow due to high working capital needs; (3) increasing
competition; and (4) lower oil prices that are impacting revenue
growth.

The ratings outlook could return to stable if Anton improves
revenue growth and profitability, such that adjusted debt/EBITDA
stays at 6.0x-6.5x or below on a sustained basis.

On the other hand, downward rating pressure could emerge if (1)
Anton's order book declines materially; (2) its financial position
weakens, such that adjusted debt/EBITDA exceeds 6.5x or its EBITDA
margin stays below 15% on a sustained basis; or (3) its liquidity
position weakens significantly.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.

Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999. It is a leading Chinese oil-services company focusing
mainly on the country's fast-growing natural gas sector. The
company offers integrated oil/gas field services solutions,
covering various phases of field development, including down-hole
operation services, well-completion technologies, drilling
technologies, and tubular services.


CHINA PROPERTIES: Fitch Affirms B- LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has revised the Outlook on China Properties Group
Limited's (CPG) ratings to Negative from Stable, and has affirmed
its Long-Term Foreign Currency and Local Currency Issuer Default
Rating (IDRs) at 'B-'. Fitch has also affirmed the company's
senior unsecured rating at 'B-' with Recovery Rating at 'RR4'.
The Outlook revision to Negative reflects the company's current
tight liquidity position, which is mainly due to very limited cash
inflow from contracted sales in past three years, a HKD2bn debt
repayment that falls due 2015, and significant planned development
expenditure in the next 12 to 24 months.

Key risks that may result in insufficient liquidity at the company
include refinancing risk for maturing debt, execution risk in
selling completed projects, and a call to repay a shareholder's
loan without any improvement in the company's operating cash
flows.

KEY RATING DRIVERS
Limited Sales Record: CPG plans to speed up its project
construction as well as contracted sales in 2015 and 2016.
However, there is significant risk in the execution of its
strategy to meet its sales target of CNY4bn in 2015 and CNY7bn in
2016, because of its very limited sales track record. In 2014, CPG
generated contracted sales of CNY80m, much less than the CNY200m
in 2013 and CNY639m in 2012, both of which were already lower than
contracted sales of its 'B' rated peers. CPG's total gross floor
area sold in 2014 was 9,400 sqm, 90% of which was from the
Chongqing Manhattan project.

Short-term Liquidity Concern: CPG had limited cash inflow from
contracted sales in 2014 but a large amount of debt repayable in
2015. About CNY1.78bn of onshore loans mature in 2015, of which
CNY950m is repayable in the first half. CPG is currently
negotiating with local banks on refinancing plans, and success in
obtaining over CNY1bn in loans before June 2015 is essential for
CPG to maintain sufficient operational liquidity.

High Capex Needs: While CPG settled all the land premiums for
existing projects more than five years ago at low costs, it has
aggressive development plans in 2015-2017, with significant
development expenditure, which the management estimates at over
HKD5bn. The company is positioning SH Concord and SH Cannes as
high-end integrated projects, pushing up the unit development
costs above peers' projects. The construction cost for retail
properties at the two projects will be more than CNY20,000 per
sqm, and for residential properties at around CNY3,000 per sqm.
Fitch expects the company's total debt to rise further unless it
successfully realises significant cash inflow from property pre-
sales.

Prime Locations: CPG's financial flexibility is mainly provided by
the large amount of unpledged investment properties located in
prime locations in downtown Shanghai and Chongqing. The investment
properties generate only limited recurrent income, while they were
valued at HKD59bn at end-2014. Although CPG's total debt increased
more than 40% in the past two years, Fitch estimates its leverage,
measured by net debt/adjusted inventory after excluding market
revaluation of investment properties, at less than 30% at end-
2014.

Shareholder Support: CPG's chairman and 75% shareholder, Wong Sai
Chung, has provided significant financial support by subscribing
to HKD500m of convertible notes, and providing shareholder's loans
with outstanding balance of HKD1.39bn as of end-January 2015.
Given the significant amount, the shareholder's loans are
important to the company's financial position. While the
shareholder's loans are classified as repayable upon demand, Fitch
believes CPG will take into account its cash flow position before
repaying the loans.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- CPG successfully obtaining enough refinancing and project
      development loans

   -- Fully achieving its contracted sales target in 2015, and
      over 80% of its sales target in 2016

   -- Aggressive development plan with significant expenditure in
      the next 24 months

   -- CPG positioning SH Concord and SH Cannes as high-end
      integrated projects, resulting in higher unit development
      costs than that at its peers

RATING SENSITIVITIES

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

   -- Deterioration in CPG's liquidity position, which may be
      as a result of failure to refinance maturing debt

   -- Failure in reaching 40% of its contracted sales target in
      2015 under the current development expenditure plan

   -- Repayment of shareholders' loans without any improvement in
      the company's operating cash flows

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable include:

   -- Contracted sales of over HKD5bn and recognised revenue of
      over HKD3bn while sustaining current strong financials.

   -- No single project accounting for over 70% of total sales.


EVERGRANDE REAL: High Leverage Key Constraint on Fitch's BB- IDR
----------------------------------------------------------------
Fitch Ratings says that Chinese homebuilder Evergrande Real Estate
Group Limited's (Evergrande) leverage at end-2014 remained high,
and continues to be a key constraint on its Long-Term Foreign-
Currency Issuer Default Rating (IDR) and foreign-currency senior
unsecured rating of 'BB-'.

The Negative Outlook placed on the IDR since September 2014
reflects the very narrow gap between its credit metrics and the
levels that may trigger negative rating action and the
uncertainties with Evergrande's financial discipline.

Evergrande's net debt/adjusted leverage remained high at 53% at
end-2014 (end-June 2014: 57%), and above levels at its peers. The
company has relied on debt to fund expansion in its property
development business, while investing in new businesses during the
year.

The company has announced it plans to deleverage in 2015, largely
through increasing sales efficiency. With the company still in
growth mode for its property development and property investment
segments, and the ongoing capex for its new businesses, though, it
remains to be seen if company can deleverage quickly.

Evergrande's contracted sales rose 24% to CNY131bn in 2014,
exceeding its CNY110bn target, despite a slower housing market.
The company is targeting CNY150bn in contracted sales in 2015,
growth of 15% from its already large base. Its EBITDA margin fell
to around 15% from 19% in 2013, which was in line with the
industry trend. Fitch believes Evergrande's economies of scale
provided a buffer for the decline compared to smaller scale peers.

The company's cash balance of CNY59.5bn end-2014 will not fully
cover its short-term debt of CNY79.7bn and outstanding land
premium of CNY24.5bn. Fitch expects the company to bridge the
deficit by relying on onshore financing, aside from tapping its
CNY51bn of undrawn bank facilities.


EVERGRANDE REAL: Weak 2014 Results No Impact on Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service said Evergrande Real Estate Group
Limited's credit metrics weakened in 2014, but are generally
within expectations and have no impact on its B1 corporate family
rating and negative outlook.

"However, we have maintained our negative ratings outlook on
Evergrande to reflect our concerns over its weak liquidity profile
and increased investments in non-property businesses," says Franco
Leung, a Moody's Vice President and Senior Analyst.

"And Evergrande's ratings could be under pressure if the weak
credit metrics or liquidity profile persist," adds Leung.

The company reported a material increase in gross debt to around
RMB156 billion at end-2014 from RMB108.8 billion at end-2013, as
well as a notable rise in its perpetual capital securities --
which Moody's includes as debt - to RMB52.9 billion from RMB25
billion over the same period.

Its debt leverage, as measured by revenue to debt and adjusted
debt to capitalization -- including perpetual capital securities -
- deteriorated to about 53.3% and 80.2% in 2014 from 70% and 73.9%
in 2013, respectively.

The company continues to pursue debt-funded expansion to support
both its property and non-property businesses.

As such, Moody's expects revenue to debt will remain between 50%
and 60% in the next 12 months, which weakly positions it in the B1
category.

Evergrande's liquidity profile is weak, with cash/short-term debt
declining to 78% at end-2014 from 150% at end-2013 as short-term
debt surged to RMB76.4 billion from RMB35.8 billion despite an 11%
increase in its cash balance over the same period.

Moody's projects that Evergrande's operating cash flows --
together with RMB59.5 billion cash on hand at end-2014 -- will
unlikely fully cover its short-term debt of RMB76.4 billion and
committed land payment obligations over the next 12 months.

But in Moody's view, the company will continue to receive funding
support from its onshore banks and other lenders, given its large-
scale operations and established relationships with its core
banks.

In 2014, the company recorded contracted sales of RMB131.5
billion, representing an about 31% increase from 2013.

At the same time, the company reported strong cash receipts from
property sales. It reported RMB112.4 billion in cash receipts, or
about 85% of its contracted sales in 2014, largely unchanged from
2013. The cash inflows continue to support its business expansion.

At end-2014, the company's land bank totaled about 147 million
square meters (sqm), largely unchanged from about 151 million sqm
at end-2013. Moody's expects its diversified land bank portfolio
will continue to support sales growth in the next 12-18 months.

Evergrande has continued to invest in non-core businesses which
partly contributed to the weakening in its credit metrics. Its
investment in non-core businesses will take time to generate
meaningful cash flows, and they will likely continue to incur
losses or consume capital over the coming 12-18 months.

The company recently identified four businesses outside its core
property sector as growth areas, namely spring water, grain & oil,
dairy and health.

In 2014, its spring water business alone incurred a loss of
RMB2.37 billion, which accounted for around 2.1% of revenue. This
business also contributed to the material increase in selling and
marketing expenses, which rose 112% year-over-year to RMB9.1
billion in 2014. As a result, adjusted EBITDA margin declined to
17.5% in 2014 from 21.5% in 2013.

Evergrande's gross profit margins decreased slightly to 28.5% in
2014 from 29.5% in 2013. This was largely in line with the
industry trend of a general decline in profit margins.

While Moody's believes that the gross profit margins for its
property business will stabilize at around 27%-28%, EBITDA margins
will be under pressure and remain between 15% and 20% due to
expenses incurred for its non-property segments.

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


GOLDEN EAGLE: Fitch Lowers IDR to 'BB+'; Outlook Stable
-------------------------------------------------------
Fitch Ratings has downgraded China-based department store operator
Golden Eagle Retail Group Limited's (Golden Eagle) Long-Term
Issuer Default Rating (IDR) and senior unsecured rating to 'BB+'
from 'BBB-'.  The Outlook is revised to Stable from Negative.

The downgrade reflects deterioration of Golden Eagle's operating
environment and the longer investment payback period on stores
opened in past few years, which have resulted in weaker credit
metrics that have already been under pressure from continued capex
and acquisitions.

The Stable Outlook reflects Golden Eagle's sufficient liquidity,
with its operating cash flow and its CNY5.4bn available cash able
to meet its committed capex.

KEY RATING DRIVERS

Weaker Cash Generation: Golden Eagle saw CNY500m working capital
outflow in 2014 because the ending balance of prepaid shopping
cards fell as it sold fewer cards during the year.  This reduced
net cash from operations to CNY1.1bn from CNY1.7bn a year ago.
Before 2013, the company enjoyed higher negative working capital
each year as its business expanded.  Fitch expects Golden Eagle's
cash generation to continue to be weak because it continues to
face pressure from declining prepaid shopping cards sales.
Slowing sales and the need to hold more inventory for direct sales
will also require more working capital in the next two to three
years.

Longer Payback Period for New Stores: Golden Eagle's earnings are
also under pressure because new stores are taking longer to start
generating profits because of competition from other department
stores and other retail formats like shopping malls, specialty
stores and e-commerce retailers.  At end-2014, eight of its 27
stores that have been open for more than two years were
unprofitable at the EBIT level.  At end -2013, only four stores in
operation for over two years out of a total of 26 stores were
unprofitable.

Higher Leverage to Persist: The difficult operating environment
has resulted in Golden Eagle's payables adjusted net leverage
increasing to 3.27x in 2014 from 2.3x in 2013.  Fitch estimates
that Golden Eagle's payables adjusted net leverage ratio will
remain above 3.0x in the next 24 months as the company still has
quite an aggressive new store pipeline.  In addition, the company
has continued investing in merchandising and marketing to cope
with weak retail sentiment and structural changes in the industry.
These initiatives, however, will only improve earnings
meaningfully over the longer term.

Challenging Retail Market: Golden Eagle's same-store sales fell
5.5% in 2014 compared with growth of 2.9% a year ago.  The company
has taken steps, including launching private and exclusive labels
and adding more lifestyle elements to its stores, to stem the
slide, but the success of these efforts also depend on improvement
in consumer sentiment.  The challenge is compounded by the lack of
differentiation among department stores and changing shopping
behaviour among consumers.

Adequate Liquidity: The company's unrestricted cash and cash
equivalents remained robust at CNY5.4bn at end-2014, sufficient to
cover its short-term debt of CNY3.1bn and near-term capex
requirements.  Golden Eagle's annual capex budget of around
CNY1.5bn for store expansion in 2015-17 is flexible because it is
going to acquire some stores from its parent and will be able to
get favourable terms, such as timing of the acquisitions and mode
of payment.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Neutral to low single-digit same-store sales growth in
      China
   -- EBITDA margin to slightly weaken but sustain above 40%
   -- Customer prepayment to fall 8% in 2015 but stabilise after
      that
   -- Annual capex budget of about CNY1.5bn with limited
      acquisition outlay
   -- 30% dividend payout

RATING SENSITIVITIES

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

   -- Adjusted FFO net leverage (adjusted for lease, payables,
      and customer deposits) being sustained above 3.75x
   -- EBITDA margin being sustained below 40%
   -- Sustained negative free cash flow

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Recovery of the business environment such that it sustains
      growth in same-store sales
   -- Proven ability to reach EBIT breakeven for new stores
      within three years of operation
   -- Sustained positive free cash flow
   -- Adjusted FFO net leverage (adjusted for lease, payables,
      and customer deposits) being sustained above 3x


GREENTOWN CHINA: Moody's Reviews 'B1' CFR for Upgrade
-----------------------------------------------------
Moody's Investors Service placed Greentown China Holdings
Limited's B1 corporate family rating and its B2 senior unsecured
rating under review for upgrade.

The rating review follows the announcement on 27 March of the
completion of the sale of a 24.3% equity stake in Greentown to
China Communications Construction Group (Limited) (CCCG, unrated)
from Greentown's Co-Chairman Mr. Song Weiping, his wife Ms. Xia
Yibo and Chief Executive Officer Mr. Shou Bainian.

"The acquisition by CCCG, a large wholly state-owned enterprise in
the infrastructure construction industry, will create more
property development opportunities for Greentown, widen its
financing channels, and improve its corporate governance," says
Fiona Kwok, a Moody's Analyst.

CCCG has nominated Mr. Zhu Bixin and Mr Sun Guoqiang as two of the
four executive directors of Greentown. Mr. Zhu acts as the Co-
Chairman of the Board together with Mr. Song; and Mr. Sun is one
of the three members of the investment committee of Greentown.

Moody's expect CCCG will proactively participate in Greentown's
management.

The review will focus on: (1) the corporate strategy of Greentown,
given the change in its key shareholders and changes in its board
of directors; (2) the operational impact as a result of the
management change; (3) the impact from the possible disposal of
the joint-venture platform with Sunac; and (4) the financial and
operational support available from the largest shareholders.

Greentown's 2014 results -- announced on 30 March -- are also in
line with Moody's expectations. After pro-rata consolidation of
the contributions of jointly-controlled entities and associates
and its perpetual securities, its estimated adjusted
EBITDA/interest and revenue/debt are around 1.6-1.8x and 85%-90%
respectively.

Although Greentown's reported cash holdings of RMB9.1 billion and
operating cash inflow are not sufficient to cover short-term debt
of RMB12.1 billion and committed land payments of RMB5.2 billion,
Moody's expect it to have good access to onshore financing to meet
its short-term obligations, given its strengthened shareholder
composition.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou City and Zhejiang
Province. As of December 2014, the company had 98 projects with a
total gross floor area of 34.89 million square meters. Of this
total, 19.06 million square meters were attributable to the
company.

Greentown was listed on the Hong Kong Stock Exchange on July 2006.
China Communications Construction Group (Limited) (CCCG, unrated)
and Wharf (Holdings) Limited (unrated) are both the largest
shareholders, each with 24.29% equity stakes in the company; Mr.
Song Weiping, the founder and the co-chairman, owns 10.46% at 27
March 2015.

China Communications Construction Co. Ltd. (A3 stable) is the core
subsidiary of CCCG, with the former accounted for more than 99% of
CCCG's total revenues and 96% of CCCG's total assets in 2013.


HONGHUA GROUP: Fitch Lowers IDR to 'BB-'; Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded Honghua Group Limited's (Honghua)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
to 'BB-' from 'BB'.  Meanwhile, the Outlook has been revised to
Negative from Stable.

The downgrading reflects deterioration in Honghua's profitability
and cash flow generation in a difficult operating environment in
2014.  The company's adjusted EBITDA margin dropped to below 9% in
2014 from 11.4% in 2013, and it is not likely to recover in 2015.
We expect its FFO adjusted net leverage ratio to increase to
around 4x from 2.6x at end-2013 and to remain above 3x for the
next 12-18 months.

The Negative Outlook reflects our expectation that operating
environment will continue to be difficult in 2015, which may
hinder Honghua's deleveraging process.

KEY RATING DRIVERS

Adverse Operating Environment: The Chinese government's 2014 anti-
graft campaign in the domestic oil and gas sector had a chilling
effect on private oilfield services providers.  In addition, the
sharp decline in global oil prices in 2H14 prompted producers to
reduce their shale and offshore drilling activities, and cut
capex.

Services and Offshore Drilling Hit: Honghua's oilfield services
business segment posted an operating loss of CNY215.4m in 2014
(2013: CNY32.9m profit) after state-owned oil and gas companies
delayed signing outsourcing contracts.  Honghua's recent expansion
into offshore drilling equipment manufacturing was followed by the
oil price plunge that has curbed offshore drilling activities.  As
a result, the company's offshore drilling equipment manufacturing
business had a deeper operating loss of CNY150.4m in 2014 (2013:
loss of CNY27.8m).  At current oil prices, Honghua will find it
very challenging to secure new orders for its new manufacturing
facility.

Land Rigs Relatively Stable: Honghua's core businesses in land
rigs fabrication and parts supply remain relatively stable
compared with other segments.  Total revenue from the two segments
was CNY7.24bn, compared with CNY 7.44bn a year earlier.  Operating
margins for the two businesses narrowed slightly during 2014, and
whether this trend continues will partly depend on the financial
strength of onshore drillers, especially those operating in
Venezuela and Russia, which face international sanctions with
weakening currencies and slowing economic growth.

Capex Discipline Important: Honghua's capex spending in 2013 and
2014 were in support of expansion into oilfield services and
construction of an offshore drilling equipment manufacturing base.
While this was intended to diversify Honghua's product offerings,
it also put pressure on the balance sheet.  Fitch expects
Honghua's free cash flow generation to remain neutral for the next
two years with approximate annual capex of CNY300m.

Liquidity Not an Immediate Concern: At end-2014, Honghua had
short-term borrowings of CNY2.8bn.  Although it only had
unrestricted cash of CNY1.44bn and pledged bank deposits of
CNY612.7m, the company says it has unused bank facilities of about
CNY10bn from various domestic lenders.  Fitch does not see
liquidity as an immediate concern, not only because the company
can roll over its short-term debt, but also because its fixed
assets (end-2014: CNY3.2bn) can be used as collateral for further
borrowing.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Brent oil price of USD55/barrel for 2015, USD65/barrel for
      2016, and USD80/barrel thereafter;
   -- Steady average price for Honghua's contracts;
   -- No material counter-party risk from customers;
   -- Capex of about CNY300m each year for 2015-2016

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action include:

   -- EBITDA margin below 8% (2013: 11.4%) on a sustained basis
   -- FFO adjusted net leverage of over 4x (2013: 2.6x) on a
      sustained basis
   -- Negative free cash flow generation during the industry
      downturn
   -- Continued weakening of its market position in land rigs and
      poor execution of contracts for offshore rigs

Positive: Future developments that may, individually or
collectively, result in the rating Outlook being revised to Stable
include:

   -- The company avoids breaching negative rating guidelines
      over the next 12-18 months


HONGHUA GROUP: Moody's Downgrades Sr. Unsec Debt Ratings to B3
--------------------------------------------------------------
Moody's Investors Service downgraded Honghua Group Limited's
corporate family and senior unsecured debt ratings to B3 from B2.

The ratings outlook remains negative.

"The rating downgrade has been prompted by Honghua's weaker-than-
expected results for 2014 and reflects our concern that the
company's operations and credit metrics will worsen in the next
12-18 months because of sustained low oil prices," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

Honghua's revenue fell 2.9% year-on-year to RMB7.8 billion in 2014
and its EBITDA margin fell to 9.9% in 2014 from 14.2% in 2013, due
mainly to losses in the oil and gas engineering services segment
and higher transportation costs.

Consequently, its adjusted EBITDA declined to RMB772 million in
2014 from RMB1,140 million in 2013, which in turn resulted in a
rise in its adjusted debt/EBITDA to 6.9x from 4.2x.

Moody's expects Honghua's operating and financial profiles to
remain under pressure in the next 12-18 months because of expected
ongoing weakness in crude oil prices, which will reduce upstream
oil and gas companies' capital spending and, accordingly, their
demand for new onshore and offshore rigs, such as those produced
by Honghua.

In addition, Moody's expects weak business conditions in Russia
(Ba1 negative) and Venezuela (Caa3 stable), major markets for
Honghua, will weaken new orders in the next 12-18 months.

While the Middle East, also one of Honghua's core markets, is less
affected in the current downturn, Moody's anticipates Honghua will
have overall lower revenue for 2015 and the suppressed nature of
profit margins will keep its EBITDA at a low level.

As a result, Moody's projects that Honghua's debt/EBITDA will rise
to 7.0x-7.5x from 6.9x in 2014 and its EBITDA/interest will fall
to about 2.0x from 3.0x.

Moody's considers that these financial ratios are more in line
with the B3 rating category.

"The downgrade and negative outlook also reflect our concern over
the company's liquidity position, particularly given the difficult
period ahead," adds Tsang.

The company's cash coverage for debt maturing in the 12 months to
end-December 2015 is well below 1x. Furthermore, its weakening
profits and higher financial leverage raise its level of
refinancing risk.

Moody's will closely monitor the company's liquidity position, and
will consider downgrading the rating in case of a further
deterioration.

At the same time, Honghua's B3 corporate family rating continues
to reflect its strong market position in its onshore drilling rigs
and equipment business, as well as its diversified level of
geographic coverage.

On the other hand, Honghua's rating is constrained by its exposure
to the volatility in oil prices, weak liquidity, as well as the
execution and financial risks associated with its expansion into
the offshore drilling rig business.

Downward rating pressure could emerge if Honghua's financial
position -- its debt leverage and interest coverage -- deteriorate
further beyond Moody's expectations.

Such deterioration could result from: (1) a material slowdown in
its onshore drilling rig business and/or its offshore business not
developing as planned; (2) a decline in profit margins; and/or (3)
substantially higher financing costs.

A deterioration in Honghua's liquidity position, with its
cash/short-term debt ratio falling below 50%, or evidence that the
company is unable to access bank funding, would also be negative
for the ratings.

A rating upgrade in the near term is unlikely, given the negative
rating outlook and the weak operating environment for
manufacturers of oil drilling equipment.

The outlook could return to stable if the company (1) improves its
revenue and earnings and maintains a healthy flow of backlog; (2)
lowers adjusted debt/EBITDA below 6.5x and (3) improves its
liquidity position through lowering its dependence on short-term
debt, such that its cash/short-term debt ratio stays above 80%.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008.Honghua manufactures onshore drilling rigs and equipment,
offshore drilling platforms, and equipment packages. It also
engages in oil and gas engineering services.


SHIMAO PROPERTY: 2014 Results Within Expectations, Fitch Says
-------------------------------------------------------------
Fitch Ratings says Shimao Property Holdings Limited's (BB+/Stable)
2014 annual results are in line with expectations and have no
impact to the Chinese property developer's rating.
Shimao's contracted sales in 2014 increased 4.8% to CNY70.2bn and
met its contracted sales target of CNY70bn. Its 2014 contracted
sales by gross floor area rose 10.5% to 5.79m sqm, while the
average selling price (ASP) for contracted sales decreased 5.3% to
CNY12,129 per sqm.

EBITDA margin dropped to 26.3% in 2014 from 29.0% in 2013 due to
lower recognised ASP. Churn weakened and the ratio of total
contracted sales to total debt fell to 1.13x at end-2014 from
1.34x a year earlier. Fitch expects EBITDA margin of around 23%-
25% and the ratio of contracted sales to total debt to be around
1.2x-1.3x in the next 18-24 months.

Leverage, measured by net debt to adjusted inventory, was at 26.5%
at end-2014 compared with 28.4% at end-2013. Fitch expects the
company to maintain its leverage at around the current level for
next 12-18 months.


SOUND GLOBAL: S&P Lowers CCR to 'B' on Weakened Governance
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Sound Global Ltd. to 'B' from
'BB-'.  At the same time, S&P lowered the issue rating on the
company's senior unsecured notes to 'B-' from 'B+'.  S&P also
lowered its long-term Greater China regional scale ratings on the
company to 'cnBB-' from 'cnBB+' and on the notes to 'cnB' from
'cnBB'.  In addition, S&P placed all the ratings on CreditWatch
with negative implications.  Sound Global is a water and
wastewater treatment solution provider based in China.

"We lowered the ratings on Sound Global to reflect our view that
the company has governance deficiencies in terms of its internal
controls, financial reporting reliability, and financial
transparency," said Standard & Poor's credit analyst Gloria Lu.
S&P therefore now assess the company's management and governance
as "weak," compared with "fair" previously.

On April 1, 2015, Sound Global announced that its auditor had
identified potential issues relating to the company's financial
position, which prevented Sound Global from publishing its annual
results by March 31, 2015, the filing deadline set by the Hong
Kong stock exchange.  The company will consider engaging
independent forensic accountants to conduct an investigation, if
necessary.  Sound Global also announced the resignation of one of
its independent non-executive directors, Mr. Wong See Meng.

"We placed the ratings on CreditWatch to reflect our view that
Sound Global's liquidity could come under stress because of the
audit issues and missed filing deadline," said Ms. Lu.  S&P sees
an increased likelihood that Sound Global may not fulfill its
obligation to complete a scheduled covenant test based on the
audited results for the company's outstanding U.S. dollar senior
unsecured notes.  Under the issuance terms, noteholders could
demand immediate payment if Sound Global fails to meet its
obligation and take remedy action in due course.

Sound Global's cash position and offshore unrestricted cash are
not clear because they were last reported in mid-2014.  The
financial statements for 2014 are not available.  The company
reported consolidated unrestricted cash and a bank balance of
Chinese renminbi (RMB) 3.753 billion as of June 30, 2014.  In
addition to the U.S. dollar notes due August 2017, Sound Global
has another US$110 million syndicate bank loan maturing in October
2018, and S&P believes the company is obligated to provide its
audited financial statements in due course. Sound Global has total
outstanding debt of RMB3.543 billion as of
June 30, 2014.

S&P aims to resolve the CreditWatch within 90 days or after Sound
Global publishes its audited financial statements, and S&P get
more clarity and confirmation from the management regarding its
financial position, whichever is earlier.

S&P may lower the rating if it assess that the company's ability
to meet its obligations has deteriorated meaningfully because of a
low cash balance, accelerated debt repayment, or weakened
refinancing ability.

S&P may resolve the CreditWatch and affirm the rating if it assess
that: (1) Sound Global's financial position is stable; (2) the
company can meet its short-term obligations with sufficient
buffers; and (3) it does not face material difficulty in raising
new funding from the market.


YANLORD LAND: S&P Lowers CCR to 'B+'; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on China-based property developer Yanlord Land Group Ltd.
to 'B+' from 'BB-'.  The outlook is stable.

S&P also lowered its issue rating on the company's outstanding
senior unsecured notes to 'B+' from 'BB-'.  At the same time, S&P
affirmed its 'cnBB' long-term Greater China regional scale ratings
on Yanlord and its notes.

"We lowered our rating on Yanlord to reflect our expectation that
the company's leverage and interest coverage are unlikely to
materially improve in the next 12 months," said Standard & Poor's
credit analyst Dennis Lee.  "In our view, Yanlord's revenue growth
and scale expansion in 2015 will not be sufficient to offset its
declining profitability and expected debt increase."

S&P expects Yanlord's margins to continue weakening over the next
12 months.  S&P also believes the negative impact from the market
downturn in 2014 and increasing land and construction costs have
not been fully reflected in Yanlord's revenue and margins.  The
company will gradually recognize the sales contracted in 2014 over
the next two years.

S&P believes Yanlord's profitability in the long run will largely
be constrained by its limited land reserves, particularly its
depleting land reserves in its core market, Shanghai.  Yanlord's
existing land reserve of 4.3 million square meters is small when
compared with peers, and it is not sufficient to support the
company's expansion, in S&P's view.

"Yanlord will likely need to replenish land reserves significantly
and may do so in Shanghai and other higher-tier cities.  The
rising land cost in top-tier cities will squeeze its margin,"

Mr. Lee said.  "On the other hand, sales prices in these cities
are also higher.  Hence, we do not expect Yanlord's profitability
to change significantly from 2015 onward."

S&P expects Yanlord to increase debt, given higher construction
expenditure and land acquisitions in the next two years.  This is
to support its strategic focus on scale expansion and faster
turnover.  In S&P's view, Yanlord's expansion during an industry
downturn exposes it to higher financial risks.

"Despite challenging market conditions, we forecast 25%-30% sales
growth for Yanlord in 2015.  The growth is mainly supported by
increased saleable resources that the company invested in over the
past two years," Mr. Lee said.

Yanlord's debt-to-EBITDA ratio is stronger than its peers with a
"highly leveraged" financial risk profile.  Its EBITDA interest
coverage is also better than its peers'.  In S&P's comparable
rating analysis, the company therefore received a "positive"
assessment under the modifier section.

The stable outlook reflects S&P's view that Yanlord's leverage
will remain high, with a debt-to-EBITDA ratio at about 6x, in the
next 12 months.  S&P also expects its profitability to weaken
further due to increasing market competition and rising
construction and land costs.  Nevertheless, Yanlord's sales and
revenue growth could partially offset its high leverage and
declining profitability.

S&P could lower the rating if Yanlord's contracted sales do not
grow in 2015, or if the company's gross margin declines
substantially, such that its EBITDA interest coverage falls below
2x on a sustained basis.  S&P's sensitivity analysis suggests that
a gross margin of lower than 23%, with other assumptions in its
base case remaining unchanged, would indicate such weakness.

S&P could raise the rating if Yanlord cautiously manages its
balance sheet while expanding, such that its debt-to-EBITDA ratio
improves to below 5x sustainably.  S&P's sensitivity analysis
suggests that contracted sales above RMB18 billion and gross
margin rebounding above 30% in 2015, with other assumptions remain
constant, would indicate such strength.



================
H O N G  K O N G
================


GOLDEN MIND: Myanmese Helper Agency Shuts Down
----------------------------------------------
Phila Siu at The South China Morning Post reports that the only
recruitment agency in Hong Kong permitted to bring in maids from
Myanmar, has folded, with its owner at least HK$2 million out of
pocket and accusing the Myanmese government of victimisation.

Law Yiu-keung, managing director of Golden Mind Recruitment, said
the government in the former pariah state had not given him any
business since he fulfilled his initial quota of bringing in 200
maids, according to the Post.

The Post relates that Mr. Law said he was frustrated because after
he made a request for 400 more places in October last year, he had
flown to Myanmar more than 10 times to try to meet the labour
minister. On each occasion his Myanmese partner told him a meeting
with the minister had been secured, but it never took place.

Now heavily indebted, he may have to declare bankruptcy, the
report says.

"Why is the Myanmese government doing this to me? I am so sincere
in helping the government open up the market," Mr. Law told the
Post on the last day of his business on March 31.  "If they no
longer want to give me more quotas, they should have let me known
earlier. I have applied for 400 more quotas but I have never
received a reply on whether I will get it or not."

Angry and frustrated, he said he felt like he had fallen into a
trap, the Post relates.

The report relates that since he started the business about four
years ago, he has invested HK$3.5 million but has only made HK$1.5
million. On top of that, he has to deal with HK$500,000 of loans.

According to the report, Mr. Law said each Myanmese helper who
came to Hong Kong needed to borrow HK$13,000 to cover expenses,
such as visa applications and physical checks.

Fifty of the 200 maids he brought in have left Hong Kong and now
Law needs to take responsibility for their loans, totalling about
HK$500,000. Many quit because they could not get used to the life
here or the work was not what they expected, the report notes.

With operating expenses costing him more than HK$100,000 a month,
Mr. Law said he had no choice but to close his business, according
to the Post.


MIE HOLDINGS: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed MIE Holdings Corporation's (MIE) Long-
Term Issuer Default Rating at 'B'.  The Outlook is Stable.  At the
same time, MIE's senior unsecured rating and the ratings of its
USD200 million notes due in 2018 and USD500 million notes due in
2019 have been affirmed at 'B', with a Recovery Rating at 'RR4'.

KEY RATING DRIVERS

Limited Rating Headroom: Fitch expects MIE's cash flow in 2015 to
shrink significantly because of a decline in production and low
oil prices.  As a result, MIE's leverage and coverage metrics will
weaken sharply.  Fitch expects the company's FFO net leverage to
increase to above 5x in 2015 (2014: 2.7x).  The rating will be
pressured if there is further delay in the completion of a central
processing facility for debottlenecking in Kazakhstan (currently
planned for 1H16), failure to increase production at Sino Gas &
Energy Ltd (SGE), or tightening of the company's liquidity.
However, the affirmation of MIE's ratings with a Stable Outlook is
based on Fitch's expectation of
an improvement in its credit profile with higher oil prices in the
medium term in line with Fitch's oil price deck, and on the
expectation that the company will be able to ramp up production
from 2016.

Capex Deferred: To preserve cash, MIE has scaled back or deferred
some of its investments in 2014, and Fitch expects capex,
including those of SGE, to decline by about 50%-60% in 2015.
Although investment deferrals preserve cash, they delay production
increases and reserve replacements.  This is of particular concern
for MIE's oil projects in China, which have net proved oil and gas
reserve life of only four years, although there is good growth
potential for overall production and reserves in its Chinese gas
projects and Kazakhstan oil fields.

Small Scale, Geographic Concentration: MIE's ratings reflect the
upstream nature of its business, and its small operating scale.
At end-2014, MIE had net proved oil and gas reserves of 116.8
million barrels of oil equivalent (mmboe), with net production of
16,373 barrels per day.  While the increase in production in
Kazakhstan has improved MIE's income diversity, over 60% of the
company's net production and over 90% of EBITDA in 2014 was still
generated by oilfields in north-eastern China, under production
sharing contracts (PSCs) with PetroChina Company Limited
(A+/Stable).

Vulnerable to Oil Price Cycles: As a small-scale upstream
exploration and production company with primarily liquid-based
production, MIE is highly exposed to the fluctuations in crude oil
prices.  MIE's realized oil sale price declined 11% in 2014 to
USD85.99/barrel, which is likely to stay at historically low
levels in 2015.  Its exposure to gas is however expected to
increase with the ramp-up of production at SGE.

Manageable Liquidity: MIE's near-term refinancing risk is
manageable.

The next major unsecured debt maturity is USD35m (about CNY220m)
due in November 2015.  At end-2014 MIE had cash balances of
CNY689m and USD82m available under a credit facility from China
Construction Bank.

According to the company, the credit facility is available for
drawdown until December 2015 and no drawdown condition applies.
However, MIE's has significant refinancing risks in 2018 and 2019
when USD700m of notes fall due.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

   -- Oil prices in line with Fitch's base case price deck as
      outlined in the "Fitch Oil and Gas Assumptions Summary",
      dated Feb. 11, 2015;
   -- Total production volume at consolidated entities to decline
      by 30%-40% in 2015 and gradually increase afterwards on the
      assumption that the Kazakhstan central processing facility
      for debottlenecking is completed by mid-2016
   -- Working capital conversion cycle to remain stable
   -- Capex of CNY600m-700m in 2015

RATING SENSITIVITIES

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

   -- Further deferral of the completion of debottlenecking
      infrastructure in Kazakhstan leading to delays in
      production growth
   -- Slower-than-expected production ramp-up at SGE, impacting
      cash flow upstream to MIE through shareholders' loan
      repayment
   -- Deterioration of liquidity position, which could be a
      result of weaker-than-expected cash flow generation or
      unexpected investments
   -- FFO net adjusted net leverage of more than 3x (2014: 2.7x)
      on a sustained basis
   -- FFO gross interest coverage of less than 4.5x (2014: 4.4x)
      on a sustained basis

Given MIE's scale and the current challenging operating
environment, Fitch does not expect positive developments to the
rating or outlook in the medium term.



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


AIR INDIA: Pilots May Go on Strike to Protest Against Salary Dues
-----------------------------------------------------------------
The Times of India reports that pilots of Air India, the state-
owned carrier, are discussing the possibility of going on strike
to protest against being paid only part of their salaries over
about two years.

"Strike is one of the options that we are looking at to protest
against payment of 75% of our salaries. We have not sent any
notice to the management yet on the same," said a pilot involved
in the discussions, the report relays.

The report says the pilot said they are fighting against the
"arbitrary" cut by the management.

"The matter is now in the Supreme Court. But a cut in salary leads
to mental stress and we may choose not to work under stress, as
that is unsafe," he added.

According to the report, the airline had cut the salary of pilots
by up to 25% following the recommendations of the Dharmadhikari
Committee, which proposed changing the salary structure of Air
India employees by removing productivity-linked incentives.

An Air India official said it has not received any notice on the
issue, the report relays. "We are regularly talking to them and
there is no reason for a strike at this juncture," the official,
as cited by TOI, said.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMBIKA OVERSEAS: ICRA Reaffirms B Rating on INR15cr FB Loan
-----------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR15 crore bank
facilities of Ambika Overseas (AOS).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based Limit          15.00         [ICRA]B; Reaffirmed

ICRA's rating reaffirmation takes into account the year-on-year
decline in AOS' revenues in 2013-14, on account of slowdown in the
demand for its products in the domestic markets and stagnant in
exports. Further, the rating reaffirmation also takes into account
the moderation in the firm's financial profile as reflected in
lower profitability and marginally weaker debt protection
indicators in FY2014. The rating also takes into account AOS' high
working capital intensity of operations owing to high inventory
and receivable days, impacting liquidity. Further, ICRA also takes
note of the vulnerability of AOS' profitability to fluctuations in
exchange rates, given that about half of its revenues are derived
from exports. ICRA also takes note of the entity's status as a
partnership firm exposing it to risks of capital withdrawal,
dissolution etc. ICRA however, favorably factors in the extensive
experience of the promoters and the firm's well diversified sales
mix, due to its even dependence on domestic and export markets.

Going forward the ability of the firm to register a sustained
improvement in its sales and profit margins, along with attaining
optimal working capital intensity, will be the key rating
sensitivities.

Incorporated in 1999, AOS manufactures hand tools like spanners,
plumbing tools, pliers, punches, hammers etc and sells them under
its brand name 'Ambika'. The firm's plant at Jalandhar, Punjab,
has a manufacturing capacity of about 2,500 metric tonnes per
annum (MTPA).

Recent Results
AOS reported a net profit of INR1.28 crore on an operating income
of INR39.51 crore in FY 2013-14, as against a net profit of
INR1.42 crore on an operating income of INR44.84 crore in the
previous year.


AMBUJA PIPES: ICRA Reaffirms 'B' Rating on INR11.9cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR11.00
crore (reduced from INR12.00 crore) cash credit limits and INR0.90
crore (reduced from INR2.36 crore) term loan of Ambuja Pipes
Private Limited at [ICRA]B and has also reaffirmed the short term
rating assigned to the INR9.25 crore non-fund based limits of APPL
at [ICRA]A4. ICRA has also reaffirmed its rating of
[ICRA]B/[ICRA]A4 on the INR2.85 crore unallocated limits of APPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-
   Long Term               11.90      [ICRA]B; reaffirmed

   Non Fund Based Limits-
   Short Term               9.25      [ICRA]A4; reaffirmed

   Unallocated-Long/Short
   Term                     2.85      [ICRA]B/[ICRA]A4; reaffirmed

ICRA's ratings continue to be constrained by the intensely
competitive and fragmented nature of the steel tubes/pipes
industry and competition from substitutes like Poly Vinyl Chloride
(PVC) pipes. The ratings also factor in the company's exposure to
raw material price fluctuations and the cyclical nature of the
steel industry, which has resulted in fluctuating profitability
margins in the past. The ratings also take into account the
working capital intensive nature of the business which has
necessitated reliance on bank borrowings. This coupled with the
company's moderate profitability has resulted in weak coverage
indicators for the company, with TD/OPBDITA at elevated levels of
4.16x, interest coverage at 1.16x and NCA/TD at 5% for 2013-14.
However, the ratings continue to derive comfort from the company's
experienced management and positive demand outlook in the medium
term for steel pipes in India.

Going forward, APPL's ability to maintain a sustained improvement
in its profitability which will lead to comfortable debt
protection metrics will be the key rating sensitivity.

APPL was incorporated in 1999 and manufactures Electric Resistance
Welded (ERW) pipes and Galvanized Iron (G.I.)/Steel tubes and
pipes at its facility in Jaipur, Rajasthan. The facility has an
annual capacity of 21,000 Metric Tonnes (MT) of ERW pipes and 6000
MT of GI pipes. The company also trades in Hot Rolled (HR) coils.
The company sells its products to both government and private
sector clients. The company's government clients include Gujarat
Water Supply and Sewerage Board and the Public Health Engineering
Department, Rajasthan, mainly for the drinking water department.

Recent Results
APPL reported a net profit of INR0.07 crore on an operating income
of INR62.92 crore for the year ended March 31, 2014 as compared to
a net profit of INR0.03 crore on an operating income of INR61.64
crore for the previous year.


ANUSH FINLEASE: CARE Reaffirms D Rating on INR82.39cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Anush Finlease And Construction Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     82.39      CARE D Reaffirmed

Rating Rationale
The rating takes into account the ongoing delays in servicing of
the company's debt obligations.

Anush Finlease and Construction Pvt Ltd (AFCPL), incorporated in
January 1997 is promoted by Mr B.L Gupta, Mr Pramod Mittal and Mr.
Rajeev Sharma. AFCPL is constructing an integrated Hotel-cum-
Shopping Arcade Project in Shahdara, New Delhi under the brand
name 'Holiday Inn' of Intercontinental Holiday Group (IHG). The
total cost of the project is estimated to be INR415cr to be funded
through debt of INR250 cr (INR82.39 crore tied up) and remaining
through promoter's equity contribution.

Project update
There has been considerable delay in commencement of commercial
operations of the hotel-cum shopping arcade project envisaged by
AFCPL. The project has undergone changes in scope and cost since
was originally conceived. This is mainly on account of frequent
changes in the scope of the project led by the changes in the
management partner. However due to continuous delays and
unavailability of required funds, there has been further delays in
the completion of the project. The total project cost has also
increased significantly and is now estimated at INR361 cr as
against earlier estimated cost of INR325.13 cr. The revised
project cost is proposed to be funded through debt of INR147cr and
promoter's contribution of INR214cr. However, AFCPL is yet to tie
up for the incremental debt requirement.


APOLLO CONCAST: ICRA Suspends B Rating on INR3.5cr Term Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR3.50
crore fund based term loan facility and INR1.50 crore fund based
credit facility of Apollo Concast Private Limited (ACPL). ICRA has
also suspended the [ICRA]A4 rating assigned to the INR1.00 crore
non fund based facility of ACPL. The suspension follows ICRAs
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                    Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.50        [ICRA]B Suspended
   Term Loan             3.50        [ICRA]B Suspended
   Bank Guarantee        1.00        [ICRA]A4 Suspended

Incorporated in 2011 as a private limited company, Apollo Concast
Private Limited was promoted by Mr. Vinod Patel and Mr. Himashu
Shah and is engaged in the manufacturing of Mild Steel Ingots
through Induction furnace route. The company has an installed
capacity of 18000 TPA of ingot manufacturing at its manufacturing
unit in Bhavnagar. Mr. Vinod Patel and Mr. HImanshu Shah have
promoted "Apollo Group" which includes other entities like Apollo
Vikas Steels Private Limited, Saibaba Ship breaking Corporation,
Apollo gases and Apollo Oxygen Industries.


ARHAM COLLOIDS: ICRA Suspends B+/A4 Rating on INR24.25cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR24.25 crore bank facilities
of Arham Colloids. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


BALAJEE PLY: ICRA Assigns B- Rating to INR3.3cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR4.90
crore fund based bank facilities of Balajee Ply Product Private
Limited. ICRA has assigned its short term rating of [ICRA]A4 to
the INR2.0 crore non fund based bank facilities of BPP. ICRA has
also assigned its long-term rating of [ICRA]B- and its short term
rating of [ICRA]A4 to the INR0.20 crore unallocated bank
facilities of BPP.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term Fund Based      3.30        [ICRA]B-; Assigned
   Facility - Cash credit


   Long-term Fund Based      1.60        [ICRA]B-; Assigned
   Facility - Term Loan

   Short-term Non-Fund       2.00        [ICRA]A4; Assigned
   Based Facility-Bank
   Guarantee

   Unallocated              0.20         [ICRA]B-/[ICRA]A4;
                                         Assigned

ICRA's ratings are constrained by the highly competitive nature of
the industry that BPP operates in, and the limited value-add
nature of business which keeps the profitability of the company
range bound.

The company's profitability is also exposed to adverse
fluctuations in exchange rates, as it has a significant dependence
on imports for meeting its raw material requirements and does not
have a hedging mechanism in place. Further, the revenues of the
company are dependent on the housing/construction industry,
thereby rendering the company vulnerable to any slowdown in the
sector. ICRA also takes note of the company's modest scale of
operations, its elevated TOL/TNW and its thin DSCR. However, the
ratings favourably take into account the extensive track record of
the promoters in plywood manufacturing and its established
relationship with suppliers and distributors, along with its pan
India presence.

Going forward the ability of the company to scale up its
operations while reducing it working capital requirements, along
with improving its coverage indicators will be the key rating
sensitivities.

BPP was incorporated in 1997 and is promoted by Mr. Sumeer Chand
Jain. The company trades in timber and manufactures plywood at its
facility in Jaipur, Rajasthan. Raw materials (timber, veneer,
adhesives and chemicals) are imported from Hong Kong and Singapore
based suppliers and also procured locally from traders. Plywood
and timber are sold to wholesale distributors/dealers across
India.


BKB TRANSPORT: CARE Reaffirms D Rating on INR87.62cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
BKB Transport Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term             87.62       CARE D Reaffirmed

Rating Rationale
The rating continues to take into account past and ongoing delays
in debt servicing on account of stressed liquidity position of the
company. The ability of the company to improve its liquidity and
regularize its debt servicing will be the key rating sensitivity.

BKB Transport Pvt. Ltd (BKB) was incorporated in 1990 by one Shri
Pramod Kumar Agarwal for the purpose of carrying out the business
of coal transportation. Since then, the company forayed into
contract mining activities (open cast) and is, currently, into
activities like site leveling, excavation, evacuation, surface
mining, drilling, blasting and other related civil
construction.

BKB executes mining contracts on behalf of principals (both public
and private sector), on the basis of tenders floated by the
principals. Some of the reputed principals of BKB include Bharat
Coking Coal Ltd. (BCCL), Damodar Valley Corporation (DVC),
Hindustan Aluminum Co Ltd (Hindalco), Jindal Steel and Power Ltd.
and Eastern Railways.

Shri. Pramod Kumar Agarwal (MD), a graduate with more than three
decades of experience in this line of business, looks after the
day-to-day affairs of the company.

For FY14 (refers to the period April 01 to March 31), BKB reported
a PAT of INR4.9 crore (PAT of INR4.4 crore in FY13) on a total
operating income of INR292.8 crore (Rs.299.9 crore in FY13).


BLUEARTH ENERGY: ICRA Puts SP 2D Grading on Weak Fin'l Strength
---------------------------------------------------------------
ICRA has assigned SP 2D grading to Bluearth Energy Private Limited
indicating 'High Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake solar projects. The
grading is valid for a period of two years from the date of
assignment of grading i.e. till March 19, 2017 after which it will
be kept under surveillance.

Grading Drivers
Strengths
* Strong technical and managerial acumen as well as relevant
   prior experience of one of the promoters

* Bulk orders fetched from institutional clients, which reflects
   adequate quality of products supplied and services offered,
   and also provides revenue visibility in the near term

* Ability to offer customized solutions through internally
   developed electronic components and remote monitoring systems

Risk Factors
* Small scale of current operations with low geographical
   diversification; however, the company is in the process of
   expanding its business across geographies

* Limited number of manpower at present; expansion of manpower
   would remain critical to business growth

* Increasing competition from a large number of players in the
   solar system integration business, which is likely to exert
   pressure on margins and revenue growth

* Low tangible net worth relative to total outside liabilities

Fact Sheet

Bluearth Energy Private Limited

Date of Incorporation:
28th May 2012

Office Address:
F/152, South S. K. Puri, Boring Road, Patna 800 001, Bihar

Directors:
Mr. Mukul Milind Ojha
Mr. Awadh Bihari Ojha

Incorporated in May 2012, Bluearth Energy Private Limited (BEPL)
is engaged in system integration of solar photo voltaic (SPV)
projects. The company at present operates primarily in Jharkhand
and Bihar, and is in the process of expanding presence in the
states like West Bengal, Uttarakhand, Uttar Pradesh, etc.

SI Related Business - High Performance Capability

Promoter Track Record:

Till February 2015, BEPL installed/sold SPV systems of around 303
KWp. The key promoter, Mr. Mukul Milind Ojha, possesses high
technical and managerial acumen as well as relevant prior
experience. An electrical engineer from IIT, Delhi, and a PGDM
from IIM, Ahmedabad, Mr. Mukul Milind Ojha has worked in a number
of recognized technology based companies in his professional
career of 12 years, and also held a leading position in a reputed
company in the solar technology space before setting up BEPL.
Another promoter and founder director of BEPL, Mr. Awadh Bihari
Ojha, is a senior advocate. He primarily remains involved with the
statutory and legal matters of BEPL.

Technical competence and adequacy of manpower:

BEPL has installed a significant number of SPV systems for solar
powered water pumps used in rural water distribution systems as
well as solar powered petrol pumps. For the solar powered water
pumps, the company has developed a system for remotely monitoring
the performance of the SPV

* The grading is for Solar PV system and the volume of water
distributed on a daily basis. It also offers remote monitoring
services for other SPV projects. BEPL has also internally
developed some ancillary components, and undertakes assembling of
the same to provide customized solution to its customers. However,
the extent of backward integration in its operation is low.

Apart from the key promoter Mr. Mukul Milind Ojha, the technical
team of the company comprise of three other technical persons. The
second tier management of the company includes an electrical
engineer from IIT, Delhi, having 14 years of experience in
development of electronic system designs, and a graduate
electrical engineer with relevant experience of around 3 years.
BEPL, in its technical team, has another graduate engineer who is
engaged in development of data management system, and three other
employees who have limited educational qualification, but are
experienced in electrical workmanship and carry out maintenance
and installation works for BEPL. The company has also appointed an
advisor for management of human resource processes, having
adequate academic qualification, and a procurement and accounts
manager as part of the company's second tier management. The
company has a small scale of operations and limited number of
manpower at present. Expansion of manpower would remain critical
to its business growth.

Quality of suppliers and tie ups:

BEPL procures components from recognized suppliers. Solar modules
are purchased from suppliers like Vikram Solar Pvt. Ltd. and PV
Power Technologies Pvt. Ltd. It purchases Kaco make inverters from
the Indian channel partner of Kaco New Energy, Germany. Inverters
are also purchased from companies like Emerson, Sukam and
Luminous. Batteries are procured from Luminous, as well as from
Exide from time to time. BEPL assembles charge controllers and
also procures from suppliers, as per requirement. DC solar pumps
are mostly procured from Rotmag, whereas Shakti Pump make AC pumps
are normally purchased. At present, BEPL does not have any long
term agreement or technology tie-up with any the suppliers.

Customer and O&M Network: At present the company primarily
operates in Jharkhand and Bihar. However, it is in the process of
expanding presence in the states like West Bengal, Uttarakhand,
Uttar Pradesh, etc. It has three branch offices at present, and
has tie-up with three distributors. The company, as a vendor of an
established contractor in the field of environmental planning &
management, has installed solar powered water pumps in more than
40 water distribution systems in rural Bihar, which belong to a
project undertaken by public health & engineering department
(PHED) of Bihar. The company has also secured orders for similar
projects from another contractor, and has pending orders for
solarization of around 300 water pumps. The company has also
solarized around 70 petrol pumps owned by dealers of Indian Oil
Corporation Ltd (IOCL), and is in the process of installing a 20
KWp SPV system for solarization of IOCL's bottling plant in
Kalyani, West Bengal. BEPL also have other institutional clients
and individuals in its customer portfolio. The company offers
annual maintenance contract (AMC) including extended period of
warranty for the components for up to 5 years, depending on
customers' requirement.

Bulk orders generated by BEPL from reputed institutional clients
reflects adequate quality of products supplied and services
offered, and also provides revenue visibility in the near term, at
least. Nevertheless, increasing competition from a large number of
players in the solar system integration business is likely to
exert pressure on margins and revenue growth of players like BEPL
going forward.

The overall performance capability is high.

Financial Strength - Weak

Revenues:
BEPL's revenue stood at a modest level of INR1.54 crore in 2013-
14. Till February 2015 in the current fiscal, the company has
achieved a turnover of INR1.53 crore.

Return on Capital Employed (RoCE):
Comfortable return on capital employed of 52.55% during 2013-14,
on the back of less capital intensive nature of operations.

Total Outside Liabilities/Tangible Net worth:
The ratio stood at an aggressive level of 4.25 time as on 31st
March 2014.

Interest Coverage Ratio:
Strong interest coverage of 14.68 time in 2013-14, aided by low
financial expenses.

Net-Worth (Promoters + Entity + Group):
The net worth of BEPL stood at a low level of INR0.16 crore as on
31st March 2014. The promoter's net worth is valued at INR1.7
crore. No other group entity's net worth has been reported. The
aggregate net worth of the entity and promoter stands at a modest
level.

Current Ratio:
The ratio stood at a moderate level of 1.24 time as on 31st March,
2014.

Relationship with bankers:
Positive feedback has been received from the banker about the
company's financial discipline, promoters' strength and general
conduct.

The overall financial profile is weak.


CITY VIEW: CARE Reaffirms D Rating on INR370cr LT Loan
------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
City View Bangalore Properties Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    370.00      CARE D Reaffirmed
   Short-term Bank Facilities   195.00      CARE D Reaffirmed

Rating Rationale
The rating takes into account the ongoing delays in servicing of
the company's debt obligations.

City View Bangalore Properties Private Limited (CVB) is developing
a high end mixed-use hospitality project, having verticals like
hotel, residential, commercial and retail space in tie up with
Four Seasons, at Ganganagara, Bangalore. Initially, CVB was
promoted by Goldman Sachs (GS) and Century Group holding 73% and
27% of equity capital in the company respectively. However, during
FY15, GS has sold its stake to Blackstone group and Embassy group.
The project cost of INR840 crore is to be financed in the debt-
equity mix of 0.79 times, term debt of INR370 crore and the
promoters' contribution and internal accruals/customer advances of
INR470 crore.

Project update
During FY15 (refers to period April 1 to March 31), GS has sold
its 73% stake in CVB to Embassy Property Development and
Blackstone Group. Despite of change in ownership of the company,
there has been no significant development in the project on
account of which there has been delays in the repayment of debt
obligations. Furthermore, the project cost is also expected to
increase substantially due to delay in project implementation.


COIMBATORE INTEGRATED: CARE Reaffirms D Rating on INR5cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities &
instruments of Coimbatore Integrated Waste Management Co. Pvt.
Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term fund-based
   Bank Limits                   4.64       CARE D Reaffirmed

   Short-term non-fund-
   based Bank Limits             5.00       CARE D Reaffirmed

Rating Rationale
The reaffirmation of the rating assigned to the bank facilities &
instruments of Coimbatore Integrated Waste Management Co. Pvt. Ltd
(CIWL) is on account of on-going delay in servicing of rated debt
obligations due to company's weak liquidity position.

CIWL is a joint venture of United Phosphorus Limited (UPL) and
Bharuch Enviro Infrastructure Limited (BEIL) initially having
stake of 51% and 49%, respectively. BEIL is a subsidiary of Tatva
Global Environment Ltd. (TGEL), a company belonging to the
promoters of UPL. At present, TGEL holds 99.98% stake in CIWL and
the balance is held by BEIL. The TGEL group comprises eight
companies engaged in providing environment management solutions
for cities, townships, municipalities, industrial estates,
commercial, industrial and residential customers across the
country.

The company reported loss of INR3.97 crore on a total operating
income (TOI) of INR20.32 crore in FY14 (refers to the period April
01 to March 31) as compared with net loss of INR7.94 crore on TOI
of INR19.91 crore in FY13.


DEEPAK SINGAL: ICRA Revises Rating on INR8cr Fund Based Loan to B
-----------------------------------------------------------------
ICRA has revised its long term rating on the INR8.0 crore fund
based limits of Deepak Singal Engineers & Builders Private Limited
to [ICRA]B from [ICRA]B+. ICRA has reaffirmed its short term
rating of [ICRA]A4 on the INR8.0 crore non fund based facilities
of DSEBPL.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund Based Facilities       8.0        [ICRA]B; revised from
                                          [ICRA]B+

   Non-Fund Based Facilities   8.0        [ICRA]A4; Reaffirmed

ICRA's rating revision is driven by continued decline in DSEBPL's
operating income (OI) coupled with deterioration in the company's
working capital intensity as evident in NWC/OI* of around 80% in
FY14 up from 62% in the previous year. The outstanding receivables
of DBSEPL stood at INR12.11 crore as on March 31, 2014 against an
operating income of INR13.21 crore in FY2014. Further, ICRA notes
that the progress of the order book has been slow in the recent
past owing to pending order book entirely consisting of Ludhiana
PWD where debtors realization is very slow. The ratings further
take into account highly competitive nature of the construction
industry resulting in moderate cash profits.

The ratings however, draw comfort from the company's established
track record in the construction industry and extensive experience
of company's promoters. However, going forward, DSEBPL's ability
to secure and execute new orders, diversify its client base and
realise the debtor while improving its profitability and working
capital intensity will be the key rating sensitivity factors.

DSEBPL is is a civil work contractor and primarily works in Punjab
state. The company is construction for the last 20 years and has
undertaken and completed many construction projects in Punjab. The
company is being run by Mr. Deepak Kumar Singal who has extensive
experience in construction line. It is a closely held company by
the Singal family and Mr. Deepak Singal holds majority shares in
it.

DSEBL is on the approved list of contractors with Punjab
Government, Department of PSEB, PIDBD, PWD (B&R) Punjab, Punjab
Housefed, Punjab Mandi Board, Municipal Corporation, Ludhiana and
local Bodies Punjab.

Recent Results:

During FY14, the company reported profit after tax (PAT) of
INR0.07 crore on a turnover of INR13.21 crore as compared to PAT
of INR0.21 crore on a turnover of INR17.30 crore during the
corresponding period last year.


DHARESHWAR COTTON: ICRA Reaffirms B Rating on INR7cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR1.08 crore
(reduced from INR1.46 crore) term loan and INR7.00 crore cash
credit facilities of Dhareshwar Cotton Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     7.00        [ICRA]B; Reaffirmed
   Term Loan             1.08        [ICRA]B; Reaffirmed

The rating continues to be constrained by the company's modest
scale of operations, with weak financial profile characterized by
thin profitability, stretched capital structure and weak coverage
indicators and the fragmented nature of the cotton ginning
industry resulting in high competitive intensity. The rating is
further constrained on account of low value add nature of
operations and intense competition on account of the fragmented
industry structure leading to thin profit margins. The rating also
takes into account vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota.

The rating however, favorably factors in the company's strategic
location in cotton growing belt which ensures easy availability of
cotton and the moderately diversified product profile due to
presence in crushing operations.

Incorporated in 2011, Dhareshwar Cotton Pvt Ltd. (DCPL) is engaged
in cotton ginning, pressing and seed crushing business. The
company has 28 ginning machines with an intake capacity of around
120 MTPD of raw cotton to produce cotton bales and cotton seeds.
For seed crushing, the company has installed 4 expellers with an
intake capacity of around 35 MTPD of cotton seeds to produce oil
and oil cakes. The company is managed jointly by Mr. Sanjay
Namera, Mr. Durlabhji Bhagiya, Mr. Ganesh Devda and Mr. Arvind
Bhagiya who are also directors of the company.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR30.19 crore with profit after tax (PAT) of
INR0.04 crore.


DIVYA AGRO: CARE Assigns B+ Rating to INR9.60cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Divya Agro
Roller Flour Mills Private Limtied.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.60       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Divya Agro Roller
Flour Mills Private Limited (DFPL) is constrained by its nascent
stage of operations with project stabilization risk, low
bargaining power against Britannia Industries Limited (BIL),
competitive nature of the industry marked by the presence of
several unorganized players and seasonal nature of availability of
wheat.

The rating, however, derives strength from the experience of the
promoter and letter of intent from BIL to purchase wheat flour
from DFPL.

Stabilization of operations and achievement of the envisaged sales
and profitability in light of competitive nature of the industry
are the key rating sensitivities.

Based out of Hyderabad, DFPL was incorporated on December 11,
2011, by Mr Kapil Gupta, Mr Vishal Vijaywargi and Mr Nandlal
Vijaywargi for setting up a manufacturing unit for the production
of Maida, Suzi, Atta and Bran with an installed capacity of 60,000
Metric Tonnes per annum (65% Maida, 4% Suzi, 9% Atta and 18%
Bran). The project was completed in December 2014 and trial
production of the unit commenced from January, 2015, while
commercial operations will begin from April 01, 2015. The plant
was set up at a total cost of INR14.34 crore which was funded by
equity of INR6.14 crore and term loan of INR8.20 crore with a debt
equity of 1.34 times.

Presently, the company proposes to sell wheat flour to BIL;
however, going forward, it will concentrate on selling in the open
market as well. Wheat being the raw material of the company will
be sourced from the local farmers and used for producing Maida and
Atta.


FURBO SECURITY: Weak Financial Strength Cues ICRA 'SP 3D' Grading
-----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Furbo Security Solutions
Private Limited, indicating 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake off-
grid solar projects. The grading is valid till March 15th 2017
after which it will be kept under surveillance.

Grading Drivers

Strengths
* Experience of the promoters in the home automation and
   security systems business

* Established relationship with suppliers and customers due
   to past experience of the promoters

* Technical team having experience in the designing and
   installation in the electronics field

* The prospect of growth and favourable outlook in the solar
   industry assisted by the favourable government policies

Risk Factors

* Nascent stage of business operations of the company and very
   Limited performance track record.

* Weak financial profile characterised by meagre revenues and
   losses at operating and net level.

* Presence of strong competition from the organized and
   unorganized sectors and highly fragmented nature of the market.

* Limited Customer and O&M Network restricted mainly to Kerala

Fact Sheet

Year of Establishment: 2010
Office Address:
XXVII/C, Kunnelakat Building, Perumanoor P.O, Cochin 15

Director: Mr. Sarath Wilson

Furbo Security Solutions is an ISO 9001-2008 certified company. It
was incorporated in December 2010 with interests in Home
automation systems, security systems etc. Now the company's core
services include Solar off-grid and grid tied power plants, solar
hybrid energy systems, solar water heating systems, solar powered
street lights, solar water pumping systems, LED lighting, Energy,
water conservation, CCTV, Biometric, Automation & Security
solutions.

* Solar PV
SI Related Business - Moderate Performance Capability

Promoter Track Record: The Managing Director of the company Mr.
Rajan M.S is a B. Tech in EEE and has 25 years of work experience
in Oil and Gas, Project consultancy. Mr. Sarath Wilson is the
other director in the company. He holds an Engineering degree and
a Masters degree in Business Administration. He has 11 yrs of
experience in Business Development and looks after the day-to-day
operation of the company. The company has been in the business of
designing and installation of security systems, access control
systems since 2010.

* Technical competence and adequacy of manpower:

The Company has a technical team is headed by the director and has
7 members who hold engineering degrees and diplomas. The technical
team is experienced in handling and designing of various
electronics installations. Most of them having vast experience in
this field by virtue of their home automation business which
involves designing, installation of electronic systems like Access
control systems, security monitoring systems etc.

* Quality of suppliers and tie ups:

The company has established relationship with reputed suppliers
like Lubi Electronics (SP3A), Emerson Network Power etc. Most of
the suppliers are from Indian origin. The company follows a
rigorous process to choose its suppliers indicating their
commitment to deliver high quality products at competitive prices
and better replacement guarantees.

* Customer and O&M Network:
The Company has limited network of clients being an entrant in the
solar space. The clientele is however diversified with both
domestic as well as institutional clients. The O&M of the company
is handled by the same technical team in charge for the
installations. The company provides one year free maintenance for
its installations and extends 15 years warranty for its supplied
products.

Financial Strength - Weak
Revenues Revenues of INR0.28 crore in FY2014
Return on Capital Employed (RoCE) -48.95%
Total Outside Liabilities / Tangible Net worth 10.2 times
Interest Coverage Ratio NA
Net-Worth (entity) Net worth of INR-0.03 crore as on 31st
March 2014
Current Ratio NA
Relationship with bankers Bankers are satisfied with company's
Conduct

The overall financial profile of the company is Weak.


GCL PRIVATE: CARE Assigns B Rating to INR17.71cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of GCL Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.71      CARE B Assigned
   Short-term Bank Facilities     4.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of GCL Private Limited
(GPL) are primarily constrained by its financial risk profile
marked by fluctuating total operating income during last 3 years
ending FY14 (refers to the period April 1 to March 31) with cash
losses in FY14, highly leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by
susceptible of profitability to fluctuation in raw material prices
and foreign exchange rates.

The ratings, however, derive strength from established track
record with experienced promoter and diversified customers and
product portfolio.

The ability of the company to increase its scale of operations and
improve profitability, capital structure and liquidity position
are the key rating sensitivities.

GPL formerly known as Girish Circular Looms Private Limited
(GCLPL), was established in June, 1985 by Mr Harish Kamath, Mr
Girish Kamath and Mrs Sangeeta Kamath. In 2013, the company was
renamed GPL. GPL is engaged in manufacturing of circular weaving
machine, tape extrusion line and conversion machinery with an
installed capacity of 1000, 50 and 100 (no's per annum),
respectively, these machines are used for the manufacturing of
knitted fabric, flexible bulk containers, tarpaulins PP/PE woven
fabric cutting bag /cover.

More than 90% of the revenue is generated through circular weaving
machine. Apart from Bengaluru, the company has its branches at
Delhi, Ahemdabad, Mumbai and Kolkata. The company sells its
machinery in the domestic (constituted to 65% in FY14) and exports
(constituted to 35% in FY14) markets. The export markets include
Saudi Arabia, Russia, Egypt and Pakistan. GPL procures its 95% of
raw material, namely, steel, and iron (mild steel, flats, sheets,
cold roll, seamless pipes) predominantly from the domestic market.


GENCOR PACIFIC: ICRA Assigns B+ Rating to INR9.11cr Term Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR9.11 crore term loans,
INR4.60 crore long term fund based facilities and INR0.04 crore
unallocated facilities of Gencor Pacific Auto Engineering Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             9.11        [ICRA]B+ assigned

   Long term fund
   based facilities       4.60        [ICRA]B+ assigned

   Unallocated            0.04        [ICRA]B+ assigned

The assigned rating takes into account significant experience of
the promoters in the auto ancillary business, long standing
relationship of the company and the promoters with its key
customers and financial support extended by the promoters in the
form of unsecured loans and compulsory convertible debentures. The
ratings however remain constrained by the modest scale of
operations, high customer concentrations with majority of the
revenues from two key customers, and susceptibility of the
earnings to cyclicality of raw material costs and foreign exchange
fluctuations; however, the company has started to hedge its
foreign exchange exposure, which is expected to mitigate the risk
to an extent. The company is planning to expand its capacity in
2015-16 to ~120 MT per month (from 75MT per month), capital
expenditure for which would be funded by a mix of bank debt,
promoter loans and internal accruals. The debt funded capital
expenditure plan is expected to adversely impact the capital
structure. Going forward, timely ramp up of operations would be
crucial in meeting its financial obligations.

Gencor Pacific Auto Engineering Private Limited, incorporated in
2009, started its operations in 2011 by acquiring a partnership
firm M/s. GJ Engineering. The company is engaged in manufacture of
aluminium castings for the automobile industry; the product
portfolio of the company includes steering motor brackets, starter
motor brackets and end plates, alternator brackets (for four
wheelers), gear box, clutch, alternators, etc. The company has two
manufacturing facilities -- in Chennai & Pondicherry -- with an
aggregate capacity of 75T/month.

Recent Result
The firm reported net profit of INR0.2 crore on an operating
income of INR21.0 crores during the year 2013-14, as against net
profit of INR0.1 crore on an operating income of INR1642 crores
during the year 2012-13.


GINA DEVELOPERS: CARE Revises Rating on INR11.92cr Loan to BB-
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gina Developers Private Limtied.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.92       CARE BB- Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of Gina
Developers Private Limited (GDPL) takes into account the
significant completion of the on-going project with increase in
bookings and significant increase in the total operating income
during FY14 (refers to the period April 1 to March 31).

The rating continues to be constrained by highly leveraged capital
structure, weak debt indicators, elongated operating cycle and
decline in profit margins. The rating, however, derives strength
from the qualified and experienced promoters and management team
and advantageous location of the projects at Bengaluru.
The ability of the company to complete the ongoing project on time
without any cost overrun and timely sell the units at envisaged
prices is the key rating sensitivity.

GDPL is incorporated in the year 2004 as a private limited company
and promoted by the directors Mr T J Thomas, Mr Tomy Thomas and Mr
S P Sugesh Kumar. GDPL is a part of the Gina group and, since its
inception, the company is engaged in developing and marketing of
residential flats and commercial complexes in and around Bangalore
city. The construction works of all the projects are outsourced to
its group concern Gina Engineering Co. Private Limited. GDPL has
completed two residential projects, namely, Gina Ronvilla, Gina
Living Waters and currently, the company is engaged in
construction of a new residential apartment project "Gina Shalom"
located at KR Puram, Bangalore, which is expected to be completed
in June 2015.


GTL LIMITED: CARE Reaffirms D Rating on INR3,900cr ST Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities &
instruments of GTL Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Fund-based
   Bank Limits                    100        CARE D Reaffirmed

   Short-term Non-fund-
   based Bank Limits            3,900        CARE D Reaffirmed

   Non-Convertible Debentures
   (NCDs)                       1,400        CARE D Reaffirmed

Rating Rationale
The reaffirmation of the rating assigned to the bank facilities &
instruments of GTL Ltd (GTL) is on account of the on-going delay
in servicing of rated debt obligations due to company's weak
liquidity position.

GTL is a network services provider that serves the network life-
cycle requirements of telecom service providers and technology
providers (OEMs), globally. The various services offered by GTL
include Network Planning & Design, Network Deployment, Network
Operations & Maintenance, Infrastructure Maintenance and Energy
Management. At consolidated level, the company reported loss of
INR562 crore on Total Operating Income (TOI) of INR2,669 crore in
FY14 (refers to the period April 01 to March 31) as compared with
net loss of INR544 crore on TOI of INR2,638 crore in FY13.
Furthermore, the company reported loss of INR631 crore on TOI of
INR1,716 crore in 9MFY15 (refers to the period April 01 to
December 31).


HASTI PETRO: CARE Assigns B+ Rating to INR26cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hasti
Petro Chemical & Shipping Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    26.00       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Hasti Petro Chemical
& Shipping Limited (HPCSL) is primarily constrained on account of
stressed liquidity position with past delays in debt servicing,
capital-intensive nature of operations and risk associated with
ongoing projects.

The rating, however, favourably takes into account the experienced
management in the logistic industry and established track record
of operations with location advantage of its dry ports. The
rating, further, derives strength from geographically diversified
revenue stream with growing scale of operations, moderate
profitability and comfortable solvency position.

The ability of the company to increase its scale of operations in
light of cyclical nature of the industry with maintaining its
profitability margin and improvement in liquidity position are key
rating sensitivities. Furthermore, timely completion of the
project within envisaged time and cost parameter is also the key
rating sensitivity.

HPCSL was initially incorporated in 1991 as Hasti Cement Limited
with the planning to install and operate cement unit in the
company. Then after, management of the company changed its
objective to operate Inland Container Depots (ICD) including
container stuffing and de-stuffing, bonded and general warehouse
facility, cargo consolidation, distribution, container storage,
freight forwarding, container repair and railway siding services.
Therefore, in September 1998, name of the company was renamed as
HPCSL.

In the year 2001, HPCSL set up its first ICD in Rajasthan at
Jodhpur, known as 'The Thar Dry Port' with the capacity to handle
60,000 Twenty-foot Equivalent Units (TEUs). It emerged as the
first privatised ICD in the state of Rajasthan and country as
well. Other players in Rajasthan are CONCOR and Rajasthan Small
Industries Corporation (RAJSICO) in the public sector.
Subsequently, in 2009, HPCSL set up its second ICD at Ahmedabad to
take advantage of growing trade in Delhi-Mumbai industrial
corridor with the capacity to handle 120,000 TEUs. Furthermore,
HPCSL has also received approval from government to set up ICD at
Jaipur and Vadodara.

During FY14 (refers to the period April 1 to March 31), HPCSL
reported a total operating income of INR82.89 crore (FY13:
INR72.92 crore) with a PAT of INR0.73 crore (FY13: INR0.66 crore).
In 7MFY15, the company has achieved TOI of INR67.80 crore.


HMT MACHINE: CARE Lowers Rating on INR44.82cr LT Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of HMT
Machine Tools Limited's.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    44.82       CARE D Revised from
   (Fund-based)                             CARE C

   Short-term Facilities
   (Non-fund-based)             12.00       CARE A4 Reaffirmed

   Short-term Bank Facilities
   (Non-fund-based)             65.90       CARE A4 Reaffirmed


Rating Rationale
The revision in rating assigned to the cash credit bank facilities
of HMT Machine Tools Ltd reflects instances of delay in servicing
the interest by the company; the delays were caused by the firm's
weak liquidity.

The ratings continue to be constrained by the weak financial risk
profile with continuous losses, stressed debt coverage indicators,
liquidity position and large working capital requirements.
However, the company benefits from the parentage, experienced
promoters and management team and funding support from GoI.

HMT Ltd (HMT) (parent of HMT Machine Tools Ltd) was incorporated
in 1953 by the Government of India (GOI) as a Hindustan Machine
Tools Pvt Ltd, subsequently renamed as HMT Limited on August 31,
1978. The company was primarily engaged in manufacturing of
watches, tractors, printing machinery, metal forming presses, die
casting plastic processing machinery, CNC systems and bearings. In
1990, the company was restructured into different business groups
such as machine tools business group, industrial machinery
business group, tractor business group, consumer business group
and food processing business group. In the year 1999-2000, these
business groups were regrouped and made subsidiaries of holding
company HMT Limited. Machine tools and Industrial machinery
business group were clubbed together and renamed as HMT Machine
Tools Limited. HMT Machine Tools Limited (HMTMTL) was registered
as a company on August 09, 1999. HMTMTL is engaged in
manufacturing of turning, grinding, gear cutting, special purpose
machines, die casting machines and plastic injection molding
machines, presses and press brakes, printing machines, CNC control
systems and precision components. Its manufacturing plants are
located at Bangalore, Pinjore (Haryana), Hyderabad (Andhra
Pradesh), Ajmer, and Kalamassery (Kerala). The major end users of
the machines manufactured by HMTMTL are the auto and auto
ancillary, railways, defense, agricultural machinery, power and
industrial intermediates.

HMTMTL was declared as sick unit under the provisions of the Sick
Industrial Act 1985 in FY06 owing to large accumulated losses and
complete erosion of tangible net worth. Company was referred to
the Board for Industrial and Financial Re-construction (BIFR) in
Dec.2005 [Case No: 501/2006] to determine the necessary
rehabilitation measures to be adopted. BIFR has sanctioned
Rehabilitation Package for the company comprising of sanctions,
waivers and exemptions from various Government agencies and banks.
It sought several concession and reliefs including the merger of
the Praga Tools Ltd Hyderabad as per the decision of GOI.
Accordingly Praga Tools Ltd. merged with HMTMTL with effect from
April 2007. Over the years the performance of the company has been
far below the stipulated performance schemes as approved by the
BIFR. Hence the company has requested for certain revival plans
from the GoI which is under consideration with the Department of
Heavy Industries.

In FY14, the company registered a total income of INR159 crore and
incurred net loss of INR52.7 crore. During 6MFY15 HMTMTL reported
sales of INR103 crore.


INDO VACUUM: ICRA Assigns B+ Rating to INR6.20cr LT Loan
--------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to the INR6.20 Crore
(enhanced from INR4.65 Crore) of fund based facilities and also
assigned [ICRA]B+/A4 to the unallocated limits of Indo Vacuum
Technologies Private Limited. ICRA has outstanding rating of
[ICRA]A4 to the INR0.85 crore non fund based limits of the
company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund
   based Limits          6.20       [ICRA]B+ Assigned

   Short term non-
   fund based Limits     0.85       ICRA]A4 Outstanding

   Unallocated Limits    0.50       ICRA]B+/A4 Assigned

The rating factors in the decline in IVTPL's revenues and the
deterioration in the working capital intensity of the company
during FY14 owing to stretched inventory days resulting in
stretched cash flows position. The ratings continue to be
constrained by the company's small scale of operations. The rating
also factors in the exposure of IVTPL to fluctuation in foreign
exchange rates given that a large portion of the raw materials is
imported and the company neither have a proper hedging policy in
place nor the bargaining power to pass on adverse movement in
prices to the customers.

However, the ratings draw comfort from the long experience of the
promoters and the successful track record of the company in the
vacuum pump industry with well established trade links.

Incorporated in 2001 by Mr. Ramesh Gudi and his family members,
Indo Vacuum Technologies Pvt. Ltd is engaged in manufacturing of a
range of vacuum pumps. The company was set up in Belgaum in 2001
with the technological support of M/s. Woosung Vacuum Co Ltd,
based out of South Korea. The company recently shifted to a new
manufacturing facility in Belgaum, Karnataka.

Recent Result
The company reported an operating income of INR6.90 Cr
(provisional financials) and net profit of INR0.50 Cr for the
financial year 2013-2014 as opposed to an operating income of
INR8.00 Cr (audited financials) and net loss of INR0.17 Cr for the
financial year 2012-2013.


JAI BALAJI: CARE Reaffirms D Rating on INR2,327.68cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jai Balaji Industries Ltd.

                                 Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities     2,327.68     CARE D Reaffirmed
   Short-term Bank Facilities      135.41     CARE D Reaffirmed
   Long/Short-term Bank             96.36     CARE D Reaffirmed
   Facilities

Rating Rationale
The aforesaid rating of Jai Balaji Industries Ltd. (JBIL) takes
into account the ongoing delays in debt servicing on account of
stressed liquidity position of the company. The ability of the
company to improve its liquidity and regularise its debt
servicing will be the key rating sensitivity.

JBIL is the flagship company of the Jai Balaji group, a decade old
business house belonging to the Jajodia family of Kolkata.

The company is an integrated steel player with four manufacturing
facilities. It is engaged in the manufacturing of sponge iron, pig
iron, ferro alloys, billets/MS ingots, DI pipes and steel
bars/rods (TMT bars), besides having backward integration for
sinter and power. Apart from manufacturing activities, the company
is also engaged in trading of steel products.

SSPL is part of the Shyam group, promoted by Mr Mahabir Prasad
Agarwal. The company was originally incorporated in the name of
Shyama Cast Private Ltd. in September 1991, which was finally
changed to its current name, Shyam Sel & Power Ltd. in April 2008.
In FY14 (12 months; refers to the period April 1 to March 31) JBIL
reported a net loss of INR321.66 crore on a total operating income
of INR1,968.10 crore as against a net loss of INR211.18 crore on a
total operating income of INR1,548.80 crore in FY13 (9 months;
refers to the period from July 1 to Mar 31). In 9MFY15, JBIL
reported a net loss of INR224.30 crore on a total operating income
of INR1,078.8 crore.


JANAM STEEL: CARE Reaffirms B+ Rating on INR10cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Janam Steel
and Alloys.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Janam Steel and
Alloys (JSA) continues to remain constrained on account of thin
profit margins, leveraged capital structure and weak debt coverage
indicators coupled with presence in highly fragmented trading
industry and limited financial flexibility owing to partnership
nature of constitution. The reaffirmation of rating also takes
into consideration the significant decline in the total operating
income (TOI) along with slight deterioration in capital structure
during FY14 (refers to the period April 1 to March 31).

The rating continues to derive benefits from vast partners
experience and established operational track record of the JSA
group of over two decades in the trading of various commodities.
The rating also considers improvement in profitability and debt
coverage indicators during FY14.

The ability of JSA to increase its scale of operations and
improvement in profit margins and capital structure while managing
its working capital requirements efficiently are the key rating
sensitivities.

Bhavnagar-based JSA was incorporated in March 1997, as a
partnership firm. Mr Kaushik D.Patel, Mr Janak S. Patel, Mr Amit
S. Patel are the partners in the firm and all of them possess more
than two decade long industry experience. JSA is engaged in the
business of trading of long steel products like TMT Bars, Angles,
Channels, Beams, etc. JSA has its main warehousing facility at
GIDC Vartej, Bhavnagar (Gujarat), and finds regular demand for its
products from industrial clusters located in Gujarat.
During FY14, JSA reported PAT of INR0.23 crore on a TOI of
INR48.22 crore as against PAT of INR0.20 crore on a TOI of
INR63.09 crore during FY13. During 11MFY15 (Provisional), JSA has
achieved TOI of INR59 crore.


JAYCO CERAMIC: ICRA Suspends B- Rating on INR4.44cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR4.44
crore fund based term loan facility and INR4.25 crore fund based
credit facility of Jayco Ceramic (JC). ICRA has also suspended the
[ICRA]A4 rating assigned to the INR0.60 crore non fund based
facility of JC. The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based - Term
   Loans                 4.44         [ICRA]B- Suspended


   Fund Based - Cash
   Credit                4.25         [ICRA]B- Suspended


   Non Fund based-
   Bank Guarantee        0.60         [ICRA]A4 Suspended

   Non Fund based-
   LC                   (1.28)        [ICRA]A4 Suspended

Established in the year 2009, Jayco Ceramic (JC) is a partnership
firm and is engaged in business of manufacturing of ceramic wall
tile. The firm was promoted by Mr. Jayesh Aghara and its family
members. The manufacturing facility of the firm is based in Morbi,
Gujarat and has an installed capacity of 21600 MTPA. It currently
manufactures wall tiles of sizes -12" X 12", 12" X 24" and 12" X
18" with the current set of machineries at its production
facilities.


LAKSHMI SUGAR: ICRA Lowers Rating on INR60cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to bank lines of
Lakshmi Sugar Mills Co Ltd (LSM) from [ICRA]B- to [ICRA]D for
INR107.20 crore fund based limits. ICRA has also revised the short
term rating from [ICRA]A4 to [ICRA]D for INR5.40 crore non fund
based bank limits of LSM.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans            47.20      [ICRA]D (revised from
                                    [ICRA]B-)

   Fund based Limits     60.00      [ICRA]D (revised from
                                    [ICRA]B-)

   Non Fund Based         5.40      [ICRA]D (revised from
                                    [ICRA]A4)

The rating revision takes into the significantly stretched
liquidity position of the company on account of weak prevailing
sugar realization which has resulted in delays in debt servicing
by the company. Low sugar realizations, high cane costs and
relatively lower recovery rate which coupled with high finance
costs has led to net losses for the company. Though the operating
margins of the company have improved in 9M FY2014 with the
commissioning of 20MW power plant, the net margins have
deteriorated further owing to high interest and depreciation
expenses. The working capital intensity continues to remain high
on account of high inventory levels on account of seasonality of
the business leading to high working capital requirements
resulting in weak cash flows and stretched liquidity. The
debt levels of the company are quite high with a gearing of 18.43
times as on March 31, 2014 (as per the provisional results). The
coverage indicators of the company too are inadequate with an
interest coverage of 0.54 times and Net Cash Accrual/ Total Debt
of -2% in 9 months ending March 2014.

Ratings concerns also include risks arising from agro-climactic
factors and government policies concerning cane pricing and
pricing of by-products such as molasses and power. The ratings
though are supported by the long presence of LSM in the sugar
business and increase in co-gen revenues post commissioning of the
20MW co-gen plant which support the volatile sugar operations.

Lakshmi Sugar Mills Co Ltd was incorporated in 1940 in Kapurthala
state with around 1500 TCD capacity. The operations started in
1942 and continued till 1952 until the area under cultivation
decreased due to the partition. Therefore the company shifted its
operation to the existing site in Uttrakhand. Since the time of
its incorporation, capacity of sugar mill has increased many-fold,
to its current capacity of 4500 TCD with a cogen facility of 31.70
MW. In year ended June 2013, the company has reported an operating
income of INR130.50 crore and profit after tax of (-) INR7.67
crore compared to an operating income of INR120.18 crore and
profit after tax of (-) INR13.83 crore in year ended June 2012. As
per the provisional results, during 9 months ending March 2014,
the company has reported operating income of INR110.83 cr and
profit after tax of (-) INR10.64 cr.


MA SARSINSA: ICRA Suspends B+ Rating on INR24cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR24.0 crore long term fund based limits, term loan and
unallocated limits of Ma Sarsinsa Steels Pvt. Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


MAHAVIR SUBMERSIBLES: ICRA Assigns SP 3D Grading
------------------------------------------------
ICRA has assigned a 'SP 3D' grading to Mahavir Submersibles
Private Limited (MSPL), indicating the 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid solar projects. The grading is valid for a
period of two years from March 20, 2015 after which it will be
kept under surveillance.

Grading Drivers
Strengths Established technical competence in the submersible pump
space coupled with the demonstrated ability to execute solar
powered submersible projects in the recent past Extensive
dealership network, spread across several states, enabling
increased O&M and marketing related capabilities for solar
submersible pumps Long standing relationship with reputed
suppliers of pump components and other electrical hardware
increases product credibility

Risk Factors Limited track record of operations of company in the
solar segment; however long standing experience in the submersible
pump industry mitigates the risk to certain extent by leveraging
existing customer and supplier base Large number of organized/
unorganized players indicating high level of competition which may
lead to difficulties in getting client contracts and may
pressurize margins Operations of the company remain vulnerable to
the agro climatic risk associated with the submersible pumps
industry Weak financial profile characterized by modest scale of
operations, adverse capital structure and low net worth base of
INR0.87 crore as on February 28th, 2015

Fact Sheet

Year of Establishment:
1974/Reconstituted as private limited company in 2001

Office Address:
Survey No. 287, Opp. Western Petrol Pump, Kalikund-Kheda Highway,
Dholka, Ahmedabad, Gujarat-387810

Directors:
Mr. Ramesh Shah
Mr. Parthiv Shah
Mr. Gautam Shah
Mrs. Jyotsana Shah
Mrs. Paragi Shah
Mrs. Sejal Shah

Mahavir Submersibles Pvt. Ltd. (MSPL) was originally established
in 1974 as a partnership firm named Mahavir Engineering Company by
Mr. Rameshbhai Shah and other family members. The firm was
reconstituted as a private limited company in 2001 and since then
has been functioning as Mahavir Submersibles Pvt. Ltd. Mr. Ramesh
Shah and his two sons namely Mr. Parthiv Shah and Mr. Gautam Shah
are the active directors of the company.

MSPL is involved in manufacturing of submersible pumps, solar
powered submersible pumps, customized special pumps and related
water lifting equipment. MSPL is located in Dholka, Ahmedabad with
an area of 8,887 square meters with a power load of 44 KVA. The
promoters have more than four decades of experience in submersible
pump manufacturing and installation; however the promoters have
around three to four years of experience in the solar segment. The
end use of the product is in agricultural sector, industrial water
supply, residential purpose, domestic and household utilities,
etc.

SI Related Business - Moderate Performance Capability Promoter

Track Record:

Mahavir Submersibles Pvt. Ltd. (MSPL) was originally established
as Mahavir Engineering Company in 1974 as a partnership firm
between Mr. Rameshbhai Shah and other family members. In 2001 the
company was reconstituted as a private limited company under the
name of Mahavir Submersibles Pvt. Ltd. Although the company has
limited experience in the solar energy space, the promoters have
been engaged in the manufacture of submersible pumps for more than
two decades. MSPL is involved in manufacturing of submersible
pumps, solar pumps, customized special pumps and related water
lifting equipments. Most of the sale is made on tender basis to
government. The end use of the product is in the agricultural
sector, industrial water supply, residential purpose, domestic and
household utilities, etc.

Technical competence and adequacy of manpower:
MSPL has limited experience in executing solar powered submersible
pumps projects; however the company has had extensive experience
in the submersible pump business spanning four decades. MSPL has
so far (in the last three years) executed 5 solar submersible
pumps projects amounting to about (~162 kW) and has a firm order
book position of about ~450 kW of solar submersible pump
installations, translating to ~Rs. 5.46 crores; with deliverables
based in Gujarat, Maharashtra and West Bengal. The entity operates
with staff strength of about 30 personnel.

Quality of suppliers and tie ups:
The company procures raw materials from reputed vendors and enjoys
healthy working relationship with most of these suppliers. The
company shortlists the vendors based on product certifications,
quality parameters, and the service levels which suppliers can
provide; resulting in minimal hindrances caused due to faulty
supplies and increasing product credibility.

Customer and O&M Network:
MSPL has executed 5 projects of solar pump installations since
commencement of solar operations in FY 2012. The company provided
quality deliverables; timely execution and prompt after sales
service for the projects. Although currently MSPL operates a small
O&M team for its solar operations; it is supported by a team of
engineers who operate under the pumps division of the company
coupled with a wide network of distributors numbering about 37
(exclusive to the company) spread across the country. MSPL
actively ensures that the dealers are trained to undertake O&M
related activities; however this is being done in a phased manner.

Financial Strength - Weak
Revenues: INR5.41 Cr. for FY2014 (Audited)
Return on Capital Employed (RoCE): 14.07%
Total Outside Liabilities/Tangible Net worth: 7.18 times
Interest Coverage Ratio: 1.36 times
Net-Worth: The net-worth of the company is INR0.67 crore
Current Ratio: 1.43 times
Relationship with bankers:
Company has availed of CC, mortgage loan and Letter of credit,
Export Packing Credit and FBP/FBN facility.

The overall financial profile of the company is Weak.


MERIDIAN MEDICAL: ICRA Suspends D Rating on INR46.5cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR46.50
crore bank lines of Meridian Medical Research and Hospital
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.


NEETY EURO: ICRA Puts SP 3D Grading on Weak Financial Strength
--------------------------------------------------------------
ICRA has assigned a 'SP 3D' grading to Neety Euro Asia Solar
Energy (NEASE), indicating the 'Moderate Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
off-grid solar projects. The grading is valid for a period of two
years from February 20, 2015 after which it will be kept under
surveillance.

Grading Drivers
Strengths Large and diversified customer base consisting of
reputed organisations Moderate order book position from the
domestic clients indicating the demand for solar products
manufactured by NEASE; provides revenue visibility in near term
Demonstrated project execution capability of the firm with
exposure to small and medium size projects

Risk Factors
Large number of organized/ unorganized players indicating high
level of competition may lead to difficulties in getting client
contracts and may pressurize margins Small size of projects
executed for installation of solar panels Firm's limited
dealership network

Fact Sheet
Year of Establishment: 2010

Office Address:
4FF, Shree Nagar Society, opp. Golden Triangle, SP Stadium Road,
Ahmedabad, Gujarat

Partners:
Mr. Falgun Bhatt
Ms. Rujal Bhatt

Neety Euro Asia Solar Energy (NEASE) was established as a
Partnership firm by Mr. Falgun Bhatt and his wife Mrs. Rujal Bhatt
in May 2010. The entity manufactures, assembles and installs solar
photovoltaic products such as solar panels, solar street lights
and solar power plants. The manufacturing set up of the entity is
located in Gandhinagar, Gujarat. Since, the beginning of PV based
operations, the entity has supplied PV based products totalling to
about 0.54 MW. The clientele of the entity consists of reputed
government and semi government bodies such as Oil and Natural Gas
Corporation Limited, Indian Oil Corporation Limited, National
Thermal Power Corporation Limited etc. apart from private
customers. The management plans to expand its capacity by ~40 MW
in the near future.

The products manufactured by NEASE have following approvals and
certifications:

1. ISO 9001:2008 certifications
2. ISO 14001:2004 certifications
3. Products manufactured by the firm are approved by the Ministry
of New and Renewable Energy (MNRE)

SI Related Business
Moderate Performance

Capability Promoter Track Record: Neety Euro Asia Solar Energy
(NEASE) has been present in the solar photovoltaic space since
2010; during which it has installed several projects directly and
through its dealership network totaling to around ~0.54 MW. The
firm manufactures, assembles and installs solar power plants,
solar panels, solar street lights and solar water pumps. The main
promoter of the firm Mr. Falgun Bhatt has an experience of 10
years in the solar and renewable space through his proprietorship
concern Neety International (NI) which is engaged in the trading
of solar products such as solar wafers, solar cells etc. NI
carries out small solar installation projects (mainly sub
contracted by NEASE). Further, with establishment of Neety Euro-
Asia Solar Energy in 2010, the promoters commenced manufacturing,
assembly and installation of solar photovoltaic products. Prior to
establishment of Neety International in 2004, Mr. Falgun Bhatt had
a partnership stake in Jaguar Shipping and Logistic Private
Limited. The promoters have developed a dealership network
consisting of ~5-6 dealers across various states.

* Technical competence and adequacy of manpower:

NEASE has demonstrated its technical ability by installing and
executing several projects translating to about ~0.54 MW till
date. Currently, the manufacturing, assembly and installation
capacity of the firm is about 25MW per annum. The products
manufactured by the firm have ISO 9001:2008 certifications, ISO
14001:2004 certifications and TUV certifications. Additionally,
the firm's products are MNRE approved. The firm currently has
skilled engineers/supervisors who are technically qualified and
experienced to handle the production & implementation, quality
checks & internal controls, and unskilled workers. NEASE has
provided necessary training and updates the skill set of its
employees by providing them the necessary training and technical
know-how. The firm also outsources the installation and post
installation problem resolving work to its dealers who are located
in different states.

* Quality of suppliers and tie ups: NEASE manufactures, assembles
and installs solar power plants, solar panels, solar street lights
and solar water pumps. The firm mostly imports its primary raw
materials, solar cell and glass, from China and Taiwan based
companies. Further, other raw material such as Ethylene-vinyl
acetate (EVA), back sheets, Junction box and other structural
components and electronic appliances are procured domestically.
The firm sources solar modules from Taiwan based Gintech Energy
Corporation and Big Sun Energy Technology Corporation etc. Solar
glass is imported from China based Jiaozuo Succeed New Energy Co.
Ltd. The suppliers are selected based on their past track record,
quality of the products and only after the products are tested for
accuracy and reliability. The components supplied are subjected to
testing at regular interval.

* Customer and O&M Network: NEASE has executed various projects
since inception in 2010 totaling to around 0.54 MW. NEASE's
clientele consists of reputed government and semi government
bodies such as ONGC, IOCL, NTPL etc, apart from private customers.
NEASE mostly provides the O&M services through its in-house team.
The firm also has ~5-6 dealers spread across Gujarat, Rajasthan,
Uttar Pradesh Tamilnadu, Karnataka though except for the dealer
located in Uttar Pradesh, none is exclusive to the firm. Quality
deliverables, timely execution and prompt after sales service have
led to satisfactory feedback from customers

Financial Strength - Weak
Revenues: INR10.77 Cr. for FY 2015 (provisional)
Return on Capital Employed (RoCE): 11.88%
Total Outside Liabilities/Tangible Net worth: 3.50 times
Interest Coverage Ratio: 1.35
Net-Worth: Networth position of the firm is INR2.39 crore as on
28th February, 2015
Current Ratio: 1.34 times
Relationship with bankers:
The banker is not satisfied with the conduct of account.

The overall financial profile of the firm is weak.


NILACHAL IRON: CARE Lowers Rating on INR75.99cr LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Nilachal
Iron & Power Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     75.99      CARE D Revised from
                                            CARE B

   Short-term Bank Facilities    14.00      Revised from CARE A4

Rating Rationale
The aforesaid revision in the ratings takes into account the
ongoing delays in debt servicing on account of stressed
liquidity position of the company. Ability of the company to
improve its liquidity and regularize its debt servicing will be
the key rating sensitivity.

Nilachal Iron & Power Ltd. (NIPL) is engaged in manufacturing
sponge iron at its plant at Ratanpur, Jharkhand, since April
2005. It is a subsidiary of Jai Balaji Industries Ltd. (JBIL;
rated CARE D), the flagship company of the Jai Balaji group,
belonging to the Jajodia family of Kolkata. The group has an
established presence in secondary steel sector in eastern
India and has manufacturing facilities in various parts of the
eastern region for producing sponge iron, pig iron, ferro
alloys, billets, TMT bars & wire rods.

In FY14 (refers to the period April 01 to March 31), NIPL made a
loss of INR14.23 crore (P.Y. loss INR16.78 crore) on a total
operating income of INR3.66 crore (P.Y. INR23.72 crore).


NUTRIVET COMPANY: ICRA Puts B- Rating on INR7cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR9.00
crore bank limits of Nutrivet Company Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     7.00        [ICRA]B- assigned
   Unallocated           2.00        [ICRA]B- assigned

The rating factors in NCPL's modest scale of operations in its
business of trading in Ferro alloys, refractory materials and
foundry materials. The rating also takes into account the
company's moderate profitability levels owing to its trading
nature of operations and the highly competitive nature of the
industry, as well as the vulnerability of the company's
profitability to price volatility of the products it is trading
in. The rating is constrained by the company's stretched liquidity
owing to the high working capital intensity of the business, which
has led to high utilization of working capital facilities from
bank. However, the rating derives comfort from the extensive
experience of the promoters in trading in ferro alloys and
refractory materials and the significant growth in turnover
recorded by the company in the current year.

NCPL was incorporated in 1984 by Dr. N. S. Icchoponani and Dr. J.
K. Puranik and is located in Ludhiana, Punjab and was earlier
engaged in the trading of poultry and cattle feed. However, the
promoters resigned from the company in 2010. Presently the company
is engaged in the trading of Ferro alloys, refractory materials
and foundry materials and the operations of the company are being
managed by Mr. Surinder Arora and his family.

Recent Results
For 2013-14, the company reported an operating income of INR20.76
crore and a net profit of INR0.06 crore, as against an operating
income of INR6.13 crore and a net profit of INR0.03 crore in the
previous year.


SHIV MARINE: CARE Rates INR7cr LT/ST Bank Loan at 'B+/A4'
---------------------------------------------------------
CARE assigns 'CARE B+' and CARE 'A4' rating to bank facilities of
Shiv Marine Industries Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-term      7         CARE B+/CARE A4
   Bank Facilities                     Assigned


Rating Rationale
The ratings assigned to the bank facilities of Shiv Marine
Industries Private Limited (SMIPL) are primarily constrained on
account of fluctuating total operating income coupled with thin
net profit margin and moderate liquidity position during FY14
(refers to the period April 1 to March 31). The ratings are
further constrained due to its exposure to volatility in steel
scrap price, risk associated with uncut ship inventory coupled
with volatility in forex rate and its operations in volatile,
fragmented and competitive nature of ship-breaking industry.
The ratings, however, derive strength from the long-standing
experience of the promoters coupled with location advantage of
Alang yard which has unique geographical features suitable for
ship-breaking operations, favourable moves by Government of India
likely to help ship breaking industry and comfortable capital
structure and debt coverage indicators.

The ability of SMIPL to timely renew the lease with Gujarat
Maritime Board (GMB), increase its scale of operations by
acquiring ships coupled with improvement in profit margins,
capital structure and debt coverage indicators remains the key
rating sensitivities.

Alang-based (Bhavnagar, Gujarat) SMIPL was established during
August 1996 as a private limited company by Mr Prakash Shah and Mr
Bachubhai Shah. SMIPL is engaged in the ship-breaking activity.
SMIPL purchases ships, primarily bulk carriers and cargo ships
from agents which are then sold as scrap. The ship breaking
operations are carried out at premises which are taken on lease
for tenure of 10 years from Alang Port from Gujarat Maritime Board
(GMB). SMIPL purchases ships mainly from brokers through open
market and sells scraps through brokers mainly in Shihor,
Ahmedabad, Bhavnagar, Mehsana, etc, which is being used for
manufacturing of TMT bars.

During FY14, SMIPL reported TOI of INR1.07 crore and NIL profit as
against PAT of INR0.36 crore on a TOI of INR8.55 crore during
FY13. Up to March 14, 2015 (Provisional), SMIPL has achieved TOI
of INR3.64 crore.


SHIV SHAKTI: CARE Reaffirms B+ Rating on INR13.95cr LT Loan
-----------------------------------------------------------
CARE reaffirmed the ratings assigned to the bank facilities of
Shiv Shakti Sponge Iron Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    13.95       CARE B+ Reaffirmed
   Short term Bank Facilities    3.80       CARE A4 Reaffirmed

Rating Rationale
The ratings continued to remain constrained by small size of the
operations, deterioration in financial risk profile of the company
in FY14, significant exposure to group companies and lack of
backward integration vis-a-vis volatile prices of raw material &
finished goods. The ratings, however, draw comfort from the
experience of promoters and close proximity to raw material
sources. Ability of the company to operate its plant at optimal
level, improve operating margin and efficient management of
working capital are the key rating sensitivities.

Shiv Shakti Sponge Iron Ltd (SSSL) was incorporated by Mr. Bharat
Sachdeva, in August 2000, for manufacturing of sponge iron. In
January 2009, it was taken over by the current promoters -- Mr
Amit Kumar Singh & his two brothers as a part of backward
integration initiative of the Amit group. Currently, SSSL has two
kilns having aggregate sponge iron capacity of 200 tonnes per day
(TPD). This apart, the company forayed into trading of trading of
various steel products including round cuttings, MS wire, channels
and plates from FY13 onwards.

In FY14, SSSIL reported a loss of INR2.56 crore (as against profit
of INR0.12 crore in FY13) on a total operating income of INR44.82
crore (INR37.22 crore in FY13).


SHREE GURUNANAK: ICRA Reaffirms B Rating on INR6cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR6.00
crore long term fund based limits of Shree Gurunanak Dev Rice
Mills.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits          6.00       [ICRA]B; (reaffirmed)

The rating reaffirmation takes into account the elevated gearing
of the firm due to large working capital requirements, which have
been primarily funded by working capital borrowings. Also, the low
value added nature of operations and the intensely competitive
nature of the rice milling industry have led to low profitability
margins. The low margins coupled with the high gearing have
resulted in weak coverage indicators as reflected in low interest
coverage of 1.23 times during FY 2013-14. However, the ratings
favourably take into account the extensive experience of the
promoters and their strong relationships with several customers
and suppliers, coupled with proximity of the mill to major rice
growing areas, which results in easy availability of paddy.

SGDRM was set up in 2008 by Mr. Gurucharan Singh and his family as
a partnership firm. The firm is engaged in the milling and trading
of rice (which includes both basmati and non basmati rice). It has
a plant at Cheeka (Haryana) with a milling capacity of 4 tonnes
per hour.

Recent Results
SGDRM has reported a net profit of INR0.01 crore on an operating
income of INR18.66 crore in FY 2013-14 as compared to a net profit
of INR0.01 crore on an operating income of INR18.77 crore in the
previous year.


SHUBHAM GINNING: CARE Reaffirms B+ Rating on INR20cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shubham Ginning Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shubham Ginning
Pressing Private Limited (SGPL) continues to remain constrained on
account of its thin profitability, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by susceptibility of its profitability to raw material price
fluctuation and seasonality associated with the cotton industry
coupled with susceptibility of the operations to government
regulation. The reaffirmation of rating factors in the growth in
operating income with improvement in liquidity position albeit
deterioration in the capital structure and debt coverage
indicators during FY14 (refers to the period April 1 to
March 31).

The rating, however, continues to take into account the experience
of the promoters in the cotton ginning & pressing business and
strategic location of SGPL within the cotton producing belt of
Gujarat.

The ability of SGPL to move up in the textile value chain and
improve its profitability in light of the volatile cotton prices
and rationalization of debt levels are the key rating
sensitivities.

Jasdan-based (Gujarat), Shubham Ginning Pressing Private Limited
(SGPL) was incorporated in 2007 by Ajaybhai K Vaghasiya along with
6 other directors to undertake the business of cotton ginning &
pressing. It operates from its sole manufacturing plant located at
Jasdan (Gujarat) with installed capacity of 400 bales per day for
Cotton bales and 27885 metric tonnes per annum (MTPA) for Cotton
seeds as on March 31, 2014.

As per the audited results for FY14, SGPL reported net profit of
INR0.28 crore on a total operating income (TOI) of INR102.25 crore
as against net profit of INR0.24 crore on a total operating income
of INR65.97 crore. As per the provisional results for 11MFY15,
SGPL registered a turnover of INR120.72 crore.


SONA ALLOYS: CARE Ups Rating on INR952.53cr LT Loan to B+
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Sona Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities    952.53      CARE B+ Revised from
                                            CARE D

   Short Term Bank Facilities   115.33      CARE A4 Revised from
                                            CARE D

   Long Term/Short Term Bank
   Facilities                    20.00      CARE B+/CARE A4
                                            Revised from
                                            CARE D/CARE D

Rating Rationale

The revision in the ratings of the bank facilities of Sona Alloys
Pvt. Ltd. (SAPL) takes into account the regularisation of debt
servicing with improvement in the liquidity on the back of
moratorium in the interest and principal payment for a majority of
debt under the approved scheme of Corporate Debt Restructuring
(CDR).
The ratings continue to be constrained by high leverage, working
capital intensive operations, risk associated with volatile raw
material prices in the absence of captive iron ore and coal mines
and inherent cyclicality associated with steel industry.
The ratings, however, take comfort from the experienced promoters
and favourable steps recently taken by state and central
government to encourage local/domestic steel manufacturers.
Ability of SAPL to introduce value added products to improve its
profitability, efficiently manage its working capital along with
improvement in capital structure would be the key rating
sensitivities.

Incorporated in January 2007, Sona Alloys Pvt. Ltd. (SAPL)
operates an integrated mini steel plant with a blast furnace
capacity of 336,000 metric tonne per annum (MTPA) which commenced
operations in November 2010. The plant is equipped with a captive
power plant of 4.7 mega watt (MW) capacity with a waste heat
recovery boiler and a sinter plant with capacity of 454,000 MTPA
to use iron ore fines for steel production. Moreover, the plant
also has rolling mill with a capacity of 240,000 MTPA but the same
remained largely unutilized as it mainly produces pig iron. In
August 2013, SAPL commissioned its slag cement grinding unit with
a capacity of 132,000 MTPA.

SAPL's corporate debt restructuring proposal was approved by CDR
cell in September 2014 with a cut-off date (COD) of March 1, 2014
with a moratorium period in interest and principal payment for two
year from COD.

During FY14 (FY refers to the period April 1 to March 31), SAPL
earned a total operating income of INR859 crore with a net loss of
INR102 crore as compared with a total operating income of INR864
crore with a net profit of INR25 crore in FY13. During H1FY15
(provisional), SAPL earned a total operating income of INR340
crore with a net loss of INR42 crore.


SPANCO LIMITED: CARE Reaffirms D Rating on INR588.5cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities &
instruments of Spanco Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term fund-based
   Bank Limits                  485.00      CARE D Reaffirmed

   Long/Short-term non-
   fund-based Bank Limits       588.50      CARE D Reaffirmed

   Non-Convertible Debentures
   (NCDs)                        92.00      CARE D Reaffirmed


Rating Rationale
The reaffirmation of the rating assigned to the bank facilities &
instruments of Spanco Ltd (Spanco) is on account of on-going delay
in servicing of rated debt obligations.

Incorporated in 1995, Spanco is a leading networking and system
integration service provider in India. Spanco changed its business
profile from a telecom system integrator to that of creating
technology infrastructure to help drive governance efficiency
across the key sectors like government, power, transport and
telecom. Spanco also operates in the Business Process Outsourcing
(BPO) segment providing services both in the domestic as well as
the international markets.


SREE SATYA: ICRA Reaffirms B+ Rating on INR7.45cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR8.50 crore fund based limits of Sree Satya Sreenivasa Raw &
Boiled Rice Mill.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.45       [ICRA]B+ reaffirmed
   Term Loans            0.35       [ICRA]B+ reaffirmed
   Unallocated Limits    0.70       [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account the modest scale of
operations in the rice milling industry; and weak financial
profile characterized by thin profitability & high gearing levels
of 2.04 times as on March 31, 2014 and low debt coverage
indicators. It is further constraint by intensive competitive
nature of the industry restricting operating margins and agro
climatic risks, which can affect the availability of the paddy in
adverse weather conditions. However, the rating factors in
SSSRBRM's experienced management; long track record of operations
in the rice industry and easy availability of paddy as the firm is
located in major paddy growing region. Moreover favorable demand
prospects of the industry with India being one of the largest
producer and consumer of rice in the world.

Going forward, the firm's ability to improve its profitability and
effective management of its working capital are key rating
sensitivities.

Founded as a partnership firm in 2002, Sree Satya Sreenivasa Raw
and Boiled Rice Mill (SSSRBRM) is engaged in milling of paddy with
an installed capacity of 4 TPH (tons per hour) to produce raw &
boiled rice. The unit is located at Nellore district of Andhra
Pradesh. The firm's operations are overseen by managing partner
Mr. K Ramamohan Rao, who has more than more than 11 years of
experience in rice milling business.

Recent Results
For FY2014, the firm reported an operating income of INR33.36
crore and operating profits of INR0.94 crore as against operating
income of INR28.60 crore and operating profits of INR1.08 crore in
FY2013.


TECHNOMARK ENGINEERS: ICRA Reaffirms B+ Rating on INR9cr FB Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR9.00 crore fund based facility of Technomark Engineers India
Private Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 to the INR2.00 crore non-fund based facilities of TEIPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based facility     9.00       [ICRA]B+ reaffirmed
   Non-fund based
   Facilities              2.00       [ICRA]A4 reaffirmed

The assigned ratings consider the experience of the promoter in
the business of mechanical, electrical and plumbing services for
about four decades; TEIPL's healthy order book position which
provides revenue visibility in the near-to-medium term; and its
diversified customer base which mitigates the risk of customer
concentration. Also, the favorable long-term demand outlook for
the infrastructure sector is expected to support business growth.
The ratings are, nevertheless, constrained given the significant
competitive intensity in the business which restricts pricing
flexibility; the high working capital intensity due to increase in
receivables and the stretched capital structure and coverage
metrics; however, conversion of unsecured loans into equity during
the current fiscal is expected to improve the capital structure to
an extent.

Technomark Engineers India Private Limited (TEIPL) is primarily
engaged in rendering mechanical, electrical and plumbing (MEP)
services. The Company has an established presence in Kerala and
also caters to demand from Karnataka, Tamil Nadu and Andhra
Pradesh markets. The promoter of the Company has experience in
similar business for about four decades. The promoter established
an electronic store in 1986 and later diversified the business by
undertaking MEP contracts. In 2008, the business was converted
from a sole proprietary concern to a private limited company.

Recent results
TEIPL reported a net profit of INR0.5 crore on an operating income
of INR24.5 crore during 2013-14, against a net profit of INR0.5
crore on an operating income of INR21.3 crore during 2012-13.


TEX-STYLES INTERNATIONAL: ICRA Cuts Rating on INR4cr Loan to D
--------------------------------------------------------------
ICRA has revised the ratings assigned to the INR7.18 crore fund
and non-fund based facilities of Tex-Styles International Pvt.
Ltd. from [ICRA]B and [ICRA]A4 to [ICRA]D and simultaneously
reassigned the ratings to [ICRA]C+ and [ICRA]A4.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long term Fund Based     Nil      Revised to [ICRA]D
   Limits (Term Loan)                from [ICRA]B and
                                     simultaneously reassigned
                                     [ICRA]C+

   Short term Fund Based    4.00     Revised to [ICRA]D from
   Limit (PCL)                       [ICRA]A4 and simultaneously
                                     reassigned [ICRA]A4

   Short term Fund Based    3.00     Revised to [ICRA]D from
   Limit (FBD)                       [ICRA]A4 and simultaneously
                                     reassigned [ICRA]A4

   Short term Non Fund     (0.75)    Revised to [ICRA]D from
   Based Limit (LC)                  [ICRA]A4 and simultaneously
                                     reassigned [ICRA]A4

   Untied Limits            0.18     Revised to [ICRA]D from
                                     [ICRA]B/[ICRA]A4 and
                                     simultaneously reassigned
                                     [ICRA]C+/[ICRA]A4

The ratings revision takes into account, delays witnessed in
interest and principal repayment on term debt by TSIPL (Tex Style
International Pvt. Ltd.) during FY14, which has however been
regular in the last six months and the term loan has been repaid
fully. The ratings also takes into consideration the modest scale
of operations and a weak financial profile characterized by
moderate profitability, weak capital structure and stretched
liquidity on account of high levels of inventory held up. This has
resulted in high utilization of bank limits. ICRA also notes the
vulnerability of operations to the competitive pressure and the
fluctuations in cotton yarn prices. The ratings, however,
favorably incorporates the significant experience of the directors
in the business of garment manufacturing and the operational
support received from the group concerns.

Incorporated in 2008, Tex Styles International Pvt. ltd. (TSIPL)
is engaged in the export of readymade garments manufactured on a
made-to-order basis. The directors of the firm include Mr. Deepak
Bhavnani and Mrs. Jaya Bhavnani. The company has its registered
office at Lower Parel, Mumbai and has two manufacturing units
located in Mumbai and Bangalore respectively. TSIPL derives its
sales entirely through exports and mainly caters to Europe.
TSIPL's related concerns, M/s Tex-Styles International and M/s Hi-
Tech Fashions are also engaged in the similar line of business
since 1977.

Recent Results:
TSIPL recorded a net profit of INR0.48 crore on an operating
income of INR26.61 crore for the year ended on 31st March 2014.


TGB BANQUETS: CARE Revises Rating on INR106.11cr LT Loan to B+
--------------------------------------------------------------
CARE revokes suspension and revises the rating assigned to the
bank facilities of TGB Banquets & Hotels Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   106.11       CARE B+ Suspension
                                            revoked and rating
                                            revised from CARE BB+
Rating Rationale
The revision in the rating of TGB Banquets and Hotels Limited
(TGB) takes into account the subdued operating performance during
FY14 (refer to April 1 to March 31) and 9MFY15 marked by decline
in scale of operations, decline in profitability due to higher
interest outgo coupled with elongation in receivables exacerbating
already stressed liquidity position of the company. The rating
revision also factors inordinate delay in recovery of large amount
of loans and advances extended by it which has further led to
stress on its liquidity position.

The rating, further, continues to be constrained by moderation in
income from F&B (Food & Beverage) and banqueting segment,
geographical concentration of its operations along with presence
in a competitive and an inherently cyclical hospitality industry
which is passing through a challenging environment.

The ratings, however, continue to derive strength from TGB's
established operations in F&B and banqueting business segments in
Gujarat.

TGB's ability to increase its scale of operations along with
improvement in its profitability with increase in its free cash
flows and recovery of loans and advances extended by it would be
the key rating sensitivities.

Ahmedabad based TGB (renamed on April 19, 2013) was incorporated
in 1999 as Bhagwati Banquets & Hotels Ltd by Mr. Narendra Somani.
TGB commenced its operations in June 2002 with a three star hotel
property located in Ahmedabad, Gujarat. Presently, TGB owns and
operates two hotel properties: A three star hotel property at
Ahmedabad and a five star hotel property at Surat. TGB provides
outside catering service and operates restaurants & food courts at
Ahmedabad and Surat. TGB also has restaurants at Vadodara and
Surat under franchisee agreement.

Based on FY14 (refers to the period April 1 to March 31) audited
results, TGB reported a total operating income (TOI) of INR157.27
crore (FY13: INR165.92 crore) with a PAT of INR1.85 crore (FY13:
INR2.96 crore). Furthermore, as per 9MFY15 unaudited results, TGB
reported a TOI of INR96.67 crore with a PAT of INR2.85 crore.


THEME EXPORT: ICRA Assigns B+ Rating to INR1.1cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed its short term rating at [ICRA]A4 and assigned
its long term rating of [ICRA]B+ to the enhanced bank facilities
of INR29.95 crore (enhanced from INR16.8 crore) of Theme Export
Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              1.10       [ICRA]B+; (Assigned)

   Packing Credit
   Limit                  12.00       [ICRA]A4; (Reaffirmed)

   Foreign Bill
   Purchase/Discounting   11.00       [ICRA]A4; (Reaffirmed)

   Export Gold Card        4.60       [ICRA]A4; (Reaffirmed)

   Non Fund Based Limits   1.25       [ICRA]A4; (Assigned)
   (Letter of Credit/
   Forward Contract)

The rating reaffirmation takes into account the healthy growth in
TEPL's operating income (OI) in FY14, which registered a 24% year-
on-year increase led by strong order inflow from existing clients
and favourable currency movements during this period. This was,
however, accompanied by some moderation in profit margins. The
ratings continue to draw comfort from the long track record and
extensive experience of the promoters in the garment export
business as well as established relations with its key customers.
The ratings are, however, constrained by the weak profit margins
of the company due to significant subcontracting of work and high
rental and employee costs (Operating profit margins and net profit
margins stood at 4.9% and 0.6% respectively in FY14) and its
significant reliance on short term borrowings to meet the high
working capital requirements which have led to high gearing levels
and moderate coverage indicators. The ratings also factor in high
competitive intensity in the garment manufacturing industry and
vulnerability of TEPL's profits to adverse movements in exchange
rates, raw material prices and changes in duty drawback rates.
Going forward, the company's ability to improve its profitability
along with attaining an optimal working capital cycle will remain
the key rating sensitivity factors.

TEPL was founded by Ms. Nandani Singh (Managing Director) and Ms.
Ratna Singh (Chairperson) in 1997. TEPL designs and manufactures
high end fashion products like designer garments, accessories and
jewellery, primarily for exports. The Company has in-house
facilities for stitching, embroidery (crewel, machine and hand),
washing, finishing and packing located in Okhla, New Delhi.

Recent Results
In FY14, TEPL reported an operating income (OI) of INR93.4 crore
with a net profit of INR0.57 crore as compared to an OI of INR75.3
crore and a net profit of INR0.49 crore in FY13.


TULSHYAN METALS: CARE Assigns B Rating to INR2.00cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Tulshyan Metals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.00       CARE B Assigned
   Short term Bank Facilities    3.50       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Tulshyan Metals
Private Limited (TMPL) are primarily constrained by its small
scale of operations, lack of backward integration vis-…-vis
volatility in raw material prices, its presence in a highly
competitive, fragmented and cyclical industry. The ratings further
factor in its weak financial risk profile marked by loss from
operation, working capital intensive nature of operations with
elongated working capital cycle leading to highly leveraged
capital structure and weak debt protection metrics. The above
constraints far outweigh the comforts derived from the long track
record of operations with experienced promoters and strategic
location of its plant.

The ability of the company to scale up the level of operations
with improvement in profit level, margins and effective working
capital management would be the key rating sensitivities.

Incorporated on August 8, 2005, Tulshyan Metals Private Limited
(TMPL) was promoted by MrAshish Kumar Agrawal and family based out
of Patna, Bihar. Since inception, the company has been engaged in
the business of manufacturing MS ingots from sponge iron, CI iron
and steel scrap. The sole manufacturing unit of the company is
located in Jhumri Tilaya, Jharkhand with an installed capacity of
15,300 MTPA as on March 31, 2014. The company mainly procures raw
material (sponge iron, steel scrap, CI iron) from Tata Steel Ltd,
Jharkhand Ispat Pvt Ltd, and other local steel traders based out
of Jharkhand and Bihar.

During FY14 [refers to the period April 1 to March 31], the
company reported a total operating income of INR27.10 crore (FY13:
INR31.09 crore) and a PAT of INR0.37 crore (FY13: net loss of
INR0.04 crore). Furthermore, the company have achieved turnover of
INR22.74 crore during 10MFY15 ending on January 31, 2015.


VENKATESHWARA POWER: ICRA Suspends B+ Rating on INR236.83cr Loan
----------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ outstanding on the
INR236.83 crore long term fund based limits of Venkateshwara Power
Project Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1994, VPPL is involved in manufacturing and supply
of sugar and allied products. VPPL has a sugar manufacturing
facility in Belgaum district of Karnataka, with a crushing
capacity of 6000 tonnes crush per day (TCD). The operations of the
company are forward integrated with a bagasse-based co-generation
plant of 23 MW.



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


INDOSAT TBK: Moody's Says Overall 2014 Results Within Expectation
-----------------------------------------------------------------
Moody's Investors Service says that PT Indosat Tbk's (Ba1 stable)
overall FY2014 financial performance is in line with expectations,
with an improved operating performance in the second half of the
year offsetting a weaker first half.

Reported revenue grew by 1% year-on-year (YoY) to IDR24.1
trillion, with strong growth in data and value added services
compensating declines in voice, SMS and Interconnection revenue.

"Following its launch of 3G and data services in 2H 2014, revenue
growth for Q4 2014 was higher at 4.3% quarter-on-quarter (QoQ),
and we expect the company to maintain this growth momentum in
2015," says Nidhi Dhruv, a Moody's Assistant Vice President.

Following a subscriber clean-up exercise at the beginning of 2014
which led to a significant decline in subscriber market share,
Indosat recorded 9 million net subscriber additions in Q4 2014,
with relatively stable blended average revenue per user (ARPU) at
IDR27,200.

However, despite revenue growth and stable ARPUs, Indosat's
reported EBITDA declined by 3.1% to IDR10.1 trillion, mainly on
account of higher cost of services, marketing expenses especially
on handsets associated with its aggressive data services
campaigns, as well as one-off bad debt provisions. At the same
time, Indosat's reported EBITDA margin declined to 41.8% from
43.5% in 2013.

"We expect a continuing contraction in EBITDA margins as data
services contribute increasingly to total revenues, and data
pricing and usage remains sub-optimal. Nonetheless, Indosat's
adjusted EBITDA margin (about 48% for FY2014) remains strong for
its rating category and compares favorably on a global basis,"
says Dhruv, also the Lead Analyst for Indosat.

Management has guided to 2015 capex of about IDR6.5-7.5 trillion,
as the company looks to complete its network modernization
program, having rolled out 3G in the major cities in Indonesia.
Capex, as a percentage of revenue is expected to remain high, at
about 30% over the next two years.

Expected high capex for network modernization and spectrum
refarming will continue to weaken cash flow metrics over the next
1-2 years. Nonetheless, these investments are imperative for
Indosat to remain competitive, especially against its closest
competitor, PT XL Axiata Tbk (Ba1 stable), which has gained
significant market share over the last year.

As of Dec. 31, 2014, Indosat's adjusted leverage remained
unchanged at 2.9x, which is at the high end of our tolerance for
the rating. Approximately 46% of Indosat's total debt is
denominated in USD, however, the company hedges only about 50% of
its USD debt exposure through short-term hedges which are rolled
over periodically.

Indosat is exercising its option to call its USD650 million bond
due 2020 this year, and accordingly this is now reclassified as
short-term debt. Indosat's cash balance of IDR3.5 trillion as of
December 2014, along with our expectation of operating cash flow
of around IDR8-9 trillion in the next 12 months, will not be
sufficient to cover IDR6.5-7.5 trillion in capex and IDR 11.9
trillion of maturing debt (including the bond).

The company will refinance the bond largely through short-term USD
bank debt and some proceeds of its IDR bond issuances. Moody's
understand from management that they have committed bank
facilities to the extent of USD300 million, and are finalizing
additional facilities to the tune of around USD150 million.

Moody's expect a significant decline in Indosat's foreign exchange
exposure within the next two years, if it successfully taps the
IDR bond market to refinance USD debt. In the interim as well, the
company may find it more economical to hedge short-term USD loans,
hence alleviating some foreign exchange risk.

"In the event that Indosat does not find refinancing for its USD
bond, the company has the option to partially call back the bond.
However, given Indosat's demonstrated strong access to domestic
and international bank and bond markets, this is an unlikely
situation," adds Dhruv.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia. The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media, data
communications, and internet services. Indosat is 65% owned by
Ooredoo Q.S.C. (previously known as Qatar Telecom, A2/negative).


LIPPO KARAWACI: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed PT Lippo Karawaci Tbk's (Lippo) Long-
Term Foreign and Local Currency Issuer Default Ratings (IDR) at
'BB-' with Stable Outlook.  The agency has also affirmed Lippo's
senior unsecured rating and outstanding notes at 'BB-' and its
National Long-Term Rating at 'A+(idn)' with Stable Outlook.

Lippo's rating reflects its strong market position and
demonstrated track record in the property development and
investment property businesses, the adequate coverage provided by
the recurring EBITDA generated by its retail, healthcare,
hospitality and fee-based income business of interest and lease
rental expenditures, comfortable liquidity and low refinancing
risk due to its well spread out debt maturity profile.  The Stable
Outlook reflects the stable outlook in Indonesia for the key real
estate sub-markets Lippo operates in - residential, healthcare,
retail and hospitality.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Property Development Strategy Modified: Lippo has successfully
changed its property development strategy to focus on
condominiums, mid-market properties, and property development in
suburbs and Tier 2 cities.  In 2014, marketing sales revenue rose
to IDR5.2trn from IDR4.1trn in 2013, with condominiums accounting
for 52% (2013: 25%), followed by townships with 41% (2013: 58%)
and offices with 7% (2013:16%).

Robust Marketing Sales: The change in the property development
strategy in response to market conditions and buyers' preferences
drove the 26% increase in its property marketing sales.  Lippo's
sales to the two REITs it has sponsored, First REIT (FREIT) and
Lippo Malls Indonesia Retail Trust (LMIRT), more than doubled to
IDR3.3trn in 2014 (2013: IDR1.5trn), which has strengthened the
company's liquidity and will allow it to finance its 2015 capital
expenditure without tapping additional debt.  Lippo's consolidated
unrestricted cash balance increased to IDR3,529bn as of end-2014
from IDR1,855bn in end-2013.

Stable Recurring Businesses: Lippo's portfolio of businesses that
generate recurring revenues - retail malls, healthcare, hotels and
hospitality, and fee-based business - recorded robust revenue
growth of 28% to IDR4.7trn in 2014.  EBITDA margin from these
businesses was also maintained at 21.37% in 2014 (2013:20.47%).
These businesses are more stable than the cyclical property
development business and generate adequate cash flows for Lippo to
meet its fixed finance costs, that is, interest and lease rental
expenses.

Asset Disposal Funded Capex: Lippo has proposed to sell its stable
retail and healthcare assets to FREIT and LMIRT, and use the
proceeds to fund its capex.  This strategy, if implemented
successfully, would result in the development property leverage,
as measured by the ratio of net debt to net inventory, declining,
and Lippo's gross debt remaining below the end-2014 level of
IDR10trn till end-2017.  Lippo's capex is scalable and the company
has the flexibility to limit capex to the amount of cash raised
from asset sales to FREIT and LMIRT.

KEY ASSUMPTIONS:

Fitch's key assumptions within our rating case for the issuer
include:

   -- Property marketing sales will increase by 16% to IDR6,000bn
      in 2015 and growth in Indonesian rupiah terms will be
      sustained till end-2017
   -- EBITDA margin to remain steady at over 30%
   -- Asset sales to FREIT and LMIRT to be significantly lower in
      2015 (2014: IDR3.3trn)
   -- Starting 2015, Lippo will fund its capex through asset
      sales and accumulated cash balance. Hence gross debt will
      not exceed the end-2014 level of IDR10trn till end-2017.

RATINGS SENSITIVITIES

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

   -- Failure to sustain development property leverage (net
      debt/net inventory) at below 30% due to a prolonged
      weakness in property demand, while assuming the investment
      property fixed charge cover remains at 1.75x.
   -- Inability to pre-fund capex

Positive rating action is not anticipated due to the geographical
concentration of Lippo's businesses in Indonesia and the company's
smaller scale in relation to international peers.

The full list of rating actions is:

Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local Currency IDR affirmed at 'BB-'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'
USD250m senior unsecured notes due in 2019 affirmed at 'BB-'
USD403m senior unsecured notes due in 2020 affirmed at 'BB-'
USD150m senior unsecured notes due in 2022 affirmed at 'BB-'
National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable


PROFESIONAL TELEKOMUNIKASI: Moody's Upgrades CFR to Ba1
-------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
(CFR) for PT Profesional Telekomunikasi Indonesia ("Protelindo")
to Ba1. The outlook on the rating is stable.

"Protelindo's upgrade reflects the continued resilience in
Protelindo's financial and credit profile, such that the company
has the financial flexibility to make debt funded acquisitions and
maintain its adjusted leverage at 3.0x-3.5x and its Ba1 rating,"
says Nidhi Dhruv, a Moody's Assistant Vice President.

Protelindo's leverage has strengthened considerably through EBITDA
growth, which was driven largely by a significant increase in the
number of tenancies on its towers. Leverage also improved because
the company has not made any large debt-funded acquisitions during
the past three years. Nonetheless, Protelindo has the financial
flexibility to absorb a fully debt-funded acquisition of up to
4,000 towers.

"Should a large acquisition opportunity not arise, we believe
Protelindo will use its excess cash flows for shareholder returns
rather than to reduce debt materially. We also expect the company
to make smaller opportunistic acquisitions. As a result, our
expectation is for Protelindo's debt levels to increase, although
continued EBITDA growth will keep its debt-to-EBITDA ratio at
3.0x-3.5x and interest coverage at 4.0-4.5x," adds Dhruv, also
Moody's Lead Analyst for Protelindo.

Protelindo's credit quality is underpinned by its strong business
profile and market position. Despite Protelindo not making a
material acquisition in the past few years, it has maintained its
No.1 market position with 11,332 towers. However, over the next
quarter, PT Tower Bersama Infrastructure (TBI, Ba2 negative) will
catapult to the No. 1 position with about 14,753 towers and 22,444
tower tenants, following the completion of its pending acquisition
of Mitratel. Nonetheless, Protelindo will remain a solid No. 2
operator, with a significant lead over the No. 3 operator, PT
Solusi Tunas Pratama (STP, unrated) which had 6,651 towers as of
December 2014.

"Nonetheless, Protelindo's financial metrics are much stronger
than TBI's and STP's, although this is partly because the other
two companies have made significant debt-funded acquisitions over
the last three years. Despite only organic growth, Protelindo's
scale is larger than its peers' and its leverage and interest-
coverage metrics are stronger for the 12 months through December
2014," adds Dhruv.

Protelindo's share of revenue generated from the largest mobile
operators in Indonesia -- Telekomunikasi Indonesia (Baa1 stable),
Telekomunikasi Selular (Baa1 stable), Indosat Tbk (Ba1 stable) and
XL Axiata Tbk (Ba1 stable) -- together the 'Big 4' has increased
to about 45% as of December 2014, from 35% in December 2012. On
the other hand, its revenues from PT Hutchison 3 Indonesia (H3I,
unrated) has been consistently declining.

Moody's also considers that Protelindo's high customer
concentration and exposure to H3I may limit upward rating
direction, but does not present a material near-term negative
risk, especially given the long-term nature of the contracts.

The rating continues to benefit from Protelindo's strong market
position as one of the leading independent tower companies in
Indonesia founded on a business model which has a high degree of
revenue transparency and predictability. At the same time, the
rating reflects the relatively limited history of tenancy renewals
in Indonesia, and the limited scale of the business.

Concerns also exist regarding emerging market risk and
particularly any changes to the regulatory and political
environment in Indonesia as well as potential for the dynamics of
the tower industry to change as large telecommunications operators
strategically review options for their sizeable tower portfolios.

The outlook on the ratings is stable on the expectation that
Protelindo financials will remain strong as it continues to expand
and deleverage and that the regulatory environment remains
relatively benign.

Given the recent upgrade in Protelindo's rating, upward rating
pressure is unlikely over the next 18-24 months in light of
Protelindo's acquisition appetite and likelihood of initiating
shareholder returns. However, upward pressure may build if
Protelindo's financial profile improves significantly and there is
a track record of successful contract renewals. Specific
indicators that Moody's would consider for upgrading the rating
include adjusted debt/EBITDA declining to below 2.5x on a
consistent basis and interest coverage, as measured by adjusted
(FFO + interest)/interest, rising above 4.5x-5.0x.

Alternatively, Moody's would consider downgrading the rating if
adjusted debt/EBITDA increases and remains above 3.5x-4.0x and
(FFO + interest)/interest falls below 3.5x-4.0x. Acquisitions
substantially beyond our expectations in terms of size or price
paid, lower rental rates due to increased competition, or a
material deterioration in the financials of one of its major
tenants such as H3I would likely cause these metrics to weaken.

The principal methodology used in this rating was Global
Communications Infrastructure Rating Methodology published in June
2011.

Founded in 2003, Protelindo is one of two leading independent
tower companies in Indonesia with 11,332 telecommunication sites
serving 20,138 tenants as of 31 December 2014. It essentially
leases space on its communications towers to cellular
telecommunications operators on long-term contracts.

Protelindo is wholly owned by Sarana Menara Nusantara (SMN,
unrated), which is listed on the Indonesian Stock Exchange.
Currently, 32.7% of SMN is owned by the Hartono family, and
Protelindo's management, sponsors and advisors hold a significant
stake in the company.



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


YMOBILE CORP: S&P Raises CCR to 'BB+' & Removes from Watch Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'BB' its
long-term corporate credit and debt ratings on Japan-based
telecommunications company Ymobile Corp. and removed the ratings
from CreditWatch with positive implications, where S&P placed them
Jan. 23, 2015.  The outlook on the long-term corporate credit
rating was stable.  S&P then withdrew the ratings at the company's
request.

Ymobile will be merged into Softbank Mobile Corp. on April 1,
2015.  S&P views Softbank Mobile, which will absorb Ymobile, as a
"core" subsidiary of Softbank Corp. (BB+/Stable/--).  Accordingly,
S&P is raising its long-term ratings on Ymobile to 'BB+', equal to
Softbank's group credit profile of 'bb+'.  S&P expects Softbank
Mobile to enhance its position within the group through the merger
with Ymobile and three other telecommunications subsidiaries.



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


MEDIA COUNSEL: Owner Found Guilty of Fraud
------------------------------------------
Glenda Mary Wynyard has been found guilty in the Auckland District
Court on March 27 of 11 out of 13 Crimes Act charges laid by the
Serious Fraud Office (SFO).

The former director and owner of The Media Counsel (TMC), a media
placement agency, had been on trial for five weeks. She faced two
charges of causing loss by deception, seven charges of theft by
person in a special relationship and four charges of dishonestly
using a document in relation to approximately NZ$1.8 million of
payments to media suppliers and client invoices.

Ms Wynyard was convicted of redirecting payments that were due to
her accredited agency, Aegis, to repay a debt under an invoice
factoring facility. Ms Wynyard was also convicted of presenting
cheques she knew would not be honored and for providing false and
misleading information to the Print Media Accreditation Authority
in order to gain accreditation.

Ms Wynyard was acquitted on one count of causing loss by deception
and one count of theft by person in a special relationship.

SFO Director, Julie Read said, "New Zealand's reputation as a safe
place to invest and do business supports all businesses in New
Zealand.  This case demonstrates the importance of transparency
and integrity when conducting business, especially in hard times
where these boundaries can become blurred."

Ms Wynyard will reappear for sentencing on April 24.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2010, BusinessDay said The Media Counsel was placed into
liquidation by managing director Glenda Wynyard.  Ms. Wynyard
sent out an email to clients apologizing for "what is about to
erupt", saying financial difficulties plaguing the company over
the last year could not be overcome.  "There are many reasons
that our business faces imminent closure but the most recent is
that the purchaser we had pinned our final hopes on offered to
take over our client and staff base for free, as at Jan. 25,
2010, leaving us with a financial hole that we will not be able
to pull ourselves out from," BusinessDay quoted Ms. Wynyard as
saying in the e-mail.

Media Counsel owes creditors nearly NZ$2.5 million, with
NZ$2.2 million of that unsecured and most likely lost, Fairfax NZ
News reported.

Based in Auckland, New Zealand, The Media Counsel is an
advertising media agency.


SQUASHGYM PALMERSTON: In Danger of Going Into Liquidation
---------------------------------------------------------
George Heagney at Manawatu Standard reports that SquashGym
Palmerston North, one of New Zealand's biggest squash clubs with
763 members, is in danger of going into liquidation with a
NZ$700,000 debt.

Manawatu Standard relates that financial problems were on the
agenda at the club's annual meeting last week, where the committee
recommended the club cease its activities and a liquidator be
appointed.

According to the report, the club owes about NZ$700,000, in part
due to the costs of the legal proceedings between it, the
Palmerston North Bowling Club and the Palmerston North
Cosmopolitan Club.

The report says the three clubs fell out after an unsuccessful
merger and went to court. The legal dispute has been settled, but
SquashGym's finances took a major blow and now it is in the
position of considering voluntary liquidation, the report states.

SquashGym has given members until April 13 to vote on whether to
accept the recommendation, or try to raise NZ$350,000 to save the
club, adds Manawatu Standard.



=================
S I N G A P O R E
=================


MAXPOWER GROUP: Fitch Withdraws 'B' Expected LT FC IDR
------------------------------------------------------
Fitch Ratings has withdrawn MAXPower Group Pte Ltd's (MAXPower)
expected Long-Term Foreign Currency Issuer Default Rating (IDR) of
'B', with a Stable Outlook.  It has also simultaneously withdrawn
the expected rating of 'B(EXP)' and Recovery Rating of 'RR4' on
MAXPower Group Issuer Pte Ltd's (the issuer) proposed US dollar
secured notes, guaranteed by MAXPower.

Fitch is withdrawing the expected ratings as MAXPower is no longer
proceeding with its proposed US dollar notes issuance. Fitch's
expected ratings assumed the successful refinancing of MAXPower's
existing amortising bank debt with the proposed US dollar notes.


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


VIETNAM: S&P Affirms 'BB-' Rating; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short-term sovereign credit ratings on the Socialist
Republic of Vietnam.  The outlook on the long-term rating is
stable.  S&P also affirmed its issue ratings on Vietnam's debt and
S&P's 'axBB+' long-term and 'axB' short-term ASEAN regional scale
ratings on Vietnam.  The transfer and convertibility (T&C)
assessment remains 'BB-'.

RATIONALE

The ratings on Vietnam reflect the country's low-income economy,
underdeveloped monetary framework and capital markets, and the
risks posed by a still-evolving policy and institutional setting.
These constraints are balanced against Vietnam's strengthening
external profile, with its rising foreign exchange reserves and
modest net narrow external debt.

Vietnam's low average income, which S&P projects at US$2,220 in
2015, is a key rating constraint.  At this income level, S&P
assess that Vietnam has a lower capacity to respond to economic
shocks than sovereigns with greater average incomes.  In part, the
lower income reflects the narrower potential tax and funding bases
that the government can draw upon.

However, Vietnam's growth potential is robust, based primarily on
a well-diversified and increasingly higher value-added export
manufacturing sector.  Firming domestic demand after several years
of subdued performance should also support growth; Vietnam had
induced a slowdown to restore economic stability.  S&P projects
Vietnam's real per capita GDP will grow more than 5% annually over
the next four years.  S&P estimates the weighted average growth in
real per capita GDP to be close to 5.2% over 2009-2018.

Policymaking in Vietnam is highly centralized and opaque.
Implementation tends to rely on directives instead of market
mechanisms.  Stabilization measures over the past three years have
boosted policy credibility.  However, an inherent conflict exists
in the government's desire to maintain a significant role for the
state in the economy while striving for the greater efficiency of
a market economy.  Such an institutional setting harbors the
possibility that sovereign credit metrics could deteriorate when
changing economic conditions are not countered by timely and
effective responses.

Vietnam's monetary policy framework is weak by international
standards and is a rating constraint.  Monetary policy operates
within the confines of an exchange rate regime in which the
Vietnamese dong shows limited fluctuations against the U.S.
dollar.  The central bank does not pursue a medium- or long-term
inflation objective.  It lacks independence and is responsible for
implementing directives based on the National Assembly's economic
targets.  Lack of transparency and institutional capacity also
limit the central bank's effectiveness.  The absence of policy
tools and the underdeveloped state of financial markets hamper
monetary transmission mechanism.  The prevalent use of rate caps
to influence liquidity and channel credit to priority areas
distorts credit markets and blunts the transmission mechanism of
official rates.

Vietnam's fiscal attributes moderately support the government's
creditworthiness.  S&P projects general government debt to
increase at an average rate of just below 5% over the next three
years.  This should lower net general government debt to 43% of
GDP from S&P's current estimate of about 46%.  However, S&P assess
that the government could face moderate contingent liabilities
related to the country's banking system.

Vietnam's improving external liquidity and moderate foreign debt
position support its creditworthiness.  The sovereign's external
borrowings remain modest and are mainly low-cost with long
maturities.  S&P expects the public sector to be in a net external
creditor position in 2016.  At the same time, S&P expects gross
external financing needs to average 85% of the sum of current
account receipts and usable reserves over the next four years,
with a moderately declining trend.

OUTLOOK

The stable rating outlook reflects S&P's expectation that
Vietnam's policy stance will remain focused on macroeconomic
stability and building policy credibility.  The outlook also
incorporates S&P's expectations that the risks and inefficiencies
posed by the banking sector and state-owned enterprises will
continue to diminish as the government's reform initiatives make
gradual progress.

S&P may lower the ratings if macroeconomic imbalances reemerge in
Vietnam, with a marked deterioration in one or more key credit
metrics.

S&P may raise the ratings if there are indications that Vietnam's
per capita real GDP can grow at more than 5.5% per year over the
next five to 10 years without causing macroeconomic imbalances.
S&P may also raise the ratings if Vietnam's institutional and
governance effectiveness improves, which could be because of
greater macroeconomic policy consistency and tangible progress in
structural reforms.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors for Vietnam were
unchanged.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

Ratings Affirmed

Vietnam (Socialist Republic of)
Sovereign Credit Rating                BB-/Stable/B
ASEAN Regional Scale                   axBB+/--/axB
Transfer & Convertibility Assessment
  Local Currency                        BB-

Vietnam (Socialist Republic of)
Senior Unsecured                       BB-
Commercial Paper                       B



                             *********

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 2015.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



                 *** End of Transmission ***