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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

          Wednesday, October 23, 2013, Vol. 16, No. 210


                            Headlines


A U S T R A L I A

BANKSIA SECURITIES: Investors Receive 5% Payment
BANKSIA SECURITIES: Receivers Warn of More Legal Action
GUNNS LIMITED: Two Portfolios Get Global Interests
SCOTCHMANS HILL: Put Up For Sale After Family Feud
STATUS: Placed in Voluntary Liquidation


C H I N A

ANTON OILFIELD: Fitch Assigns 'BB' Issuer Default Rating
ANTON OILFIELD: Moody's Assigns 'Ba2' Corporate Family Rating
CHINA GINSENG: Incurs $3.6 Million Net Loss in Fiscal 2013
GUANGZHO R&F: Moody's Assigns 'Ba2' CFR; Outlook Stable
R&F PROPERTIES: Moody's Rates $600MM Sr. Unsec. Notes 'Ba3'


I N D I A

AMBIKA AGRO: CRISIL Assigns 'BB-' Ratings to INR80MM Loans
BAJAJ HOTELS: CRISIL Lowers Rating on INR100MM Term Loan to 'D'
BATRA EXPORTS: CRISIL Lowers Rating on INR100MM Loan to 'B+'
BRINDAVAN BEVERAGES: CRISIL Ups Ratings on INR951.2MM Loans to BB
CREATIVE TEXTURE: CRISIL Assigns 'B' Ratings to INR150MM Loans

DASMESH MECHANICAL: CRISIL Cuts Ratings on INR180MM Loans to 'D'
ECP INDUSTRIES: CRISIL Raises Rating on INR56MM Loan to 'BB-'
ELPRO INTERNATIONAL: CRISIL Cuts Ratings on INR175MM Loans to BB+
GK ARPL: CRISIL Assigns 'D' Ratings to INR165MM Loans
GOYAL GLASSWARE: CRISIL Ups Ratings on INR338.5MM Loans to 'B+'

KALLAM MODERN: CRISIL Reaffirms 'D' Ratings on INR120MM Loans
KAUSHALYA INFRA: CRISIL Suspends 'BB+' Rating on INR400MM Loans
LINIT EXPORTS: CRISIL Ups Ratings on INR69.9MM Loans to 'BB+'
MIDHUNAM SPINNERS: CRISIL Reaffirms B+ Ratings on INR125.7M Loans
NARAIN SINGH: CRISIL Cuts Ratings on INR21.5MM Loans to 'B-'

NEW-TECH STEEL: CRISIL Assigns 'D' Ratings to INR405MM Loans
ORBIT ELECTRO: CRISIL Assigns 'B+' Ratings to INR50MM Loans
PATEL WOOD: CRISIL Suspends 'D' Ratings on INR1.05BB Loans
RAJESHWAR GINNING: CRISIL Assigns 'BB-' Rating to INR50MM Loans
RICHA PARTICLE: CRISIL Reaffirms 'B+' Ratings on INR68.6MM Loans

SPBM FOUNDATION: CRISIL Raises Rating on INR85MM Loan to 'BB'
SRI CHANDRA: CRISIL Reaffirms 'B' Ratings on INR137.5MM Loans
SRI SAI: CRISIL Assigns 'B' Ratings to INR200MM Loans
STARSHINE NIRMAN: CRISIL Suspends 'BB-' Ratings on INR46MM Loans
SUBH LAXMI: CRISIL Assigns 'BB' Ratings to INR140MM Loans

VENTURE STEELS: CRISIL Cuts Ratings on INR70MM Loans to 'D'
VIJAY ENG'G: CRISIL Reaffirms BB- Ratings on INR25.5MM Loans
WATERLINE HOTELS: CRISIL Suspends 'B+' Ratings on INR270MM Loans


M O N G O L I A

MONGOLIA: Banks Under Pressure From State Involvement, Fitch Says


N E W  Z E A L A N D

SOLID ENERGY: Secures Restructuring Deal With Banks


V I E T N A M

VINGROUP JSC: Fitch Affirms 'B+' Issuer Default Ratings
VINGROUP JSC: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


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A U S T R A L I A
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BANKSIA SECURITIES: Investors Receive 5% Payment
------------------------------------------------
Everard Himmelreich at The Standard reports that investors in the
failed Banksia Securities Limited (BSL) finance company received a
five cents in the dollar payment on October 18, lifting the return
received so far to 70 cents in the dollar.

According to the report, Banksia's receivers McGrathNicol said the
five-cent payment was part of its earlier forecast that investors
would receive a total of 80 to 85 cents in the dollar.

The Standard relates that receiver Tony McGrath said the timing
and amount of future repayments to BSL debenture holders was
directly linked to the success of the sale process for Banksia
Mortgage Fund (BMF).

It was also dependent on further sales of BSL's remaining poorly-
performing loans, Mr. McGrath, as cited by The Standard, said.

Both BSL and BMF were part of the Banksia Financial Group. BSL
also had a financial interest in BMF.

BMF had remained solvent after BSL's collapse last year but
applied a few months ago to be wound up, the report notes.

                      About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately AUD660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


BANKSIA SECURITIES: Receivers Warn of More Legal Action
-------------------------------------------------------
Everard Himmelreich at The Standard reports that receivers for
Banksia Securities Limited (BSL) finance company have warned there
might be more legal action taken over the company's collapse.

In a circular to investors released on October 18, receivers
McGrathNicol said they had completed their examination of BSL
directors and managers but were careful about releasing
information gained because "there may be litigation arising from
the failure of BSL," The Standard relates.

The Standard notes that the directors, auditors and trustee for
BSL and the associated Cherry Fund already face a class action by
investors in the two companies.

At the time of its collapse in October last year, BSL owed about
AUD660 million to about 16,000 investors throughout Victoria, the
report recalls.

McGrathNicol has so far paid investors 70 cents in the dollar on
their investment and has said it hopes to pay another 10 to 15
cents in the dollar, the report says.

Further payments will depend on the success of the sale of Banksia
Mortgage Fund's (BMF) loan portfolio, the report adds.

The Standard notes that both BMF and BSL were part of the Banksia
Financial Group and BSL had AUD54 million in loans to BMF.

The receivers said the sale process for the BMF loan portfolio was
"proceeding to expectations," The Standard adds.

                      About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately AUD660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


GUNNS LIMITED: Two Portfolios Get Global Interests
--------------------------------------------------
Carolyn Cummins at The Sydney Morning Herald reports that global
interest is being fielded for former parts of the greater Gunns
estate -- the AFPT and AFPT 2 timberland portfolios -- that have
been put on the market.

SMH says prospective buyers range from Australian pension funds,
high net-worth individual investors and overseas-based pension
funds.

SMH relates that a price tag of about AUD50 million was suggested
for the 94 forestry products in the portfolio.

According to SMH, The Tasmanian assets are being sold by CBRE
Agribusiness on behalf of Peter Anderson --
panderson@mcgrathnicol.com -- and Shaun Fraser --
sfraser@mcgrathnicol.com -- of McGrathNicol as "Joint and Several"
receivers and managers of the Australian Forestry Plantations
Trust (AFPT) and the Australian Forestry Plantations Trust Number
2 (AFPT 2).

SMH relates that David Smith, CBRE's head of timberland
transactions, said the sale campaign had already generated wide-
ranging preliminary interest. The two portfolios were being
offered for sale in one line or separately, Mr. Smith, as cited by
SMH, said.

They comprise 94 properties with a total of about 11,757 hectares
of hardwood plantation across an area of 21,777 hectares, the
report relays.

The portfolios also include 17 residential houses as well as an
extensive road network.

"We have already fielded inquiries from domestic pension funds and
institutions, local farmers, high net-worth investors, offshore
institutions and even an international pulp mill owner interested
in future fibre security," Mr. Smith said in a statement, SMH
reports.

There also had been interest from people considering the managed
conversion of the land back to various forms of agriculture, the
report adds.

                         About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.


SCOTCHMANS HILL: Put Up For Sale After Family Feud
--------------------------------------------------
Business Spectator reports that Scotchmans Hill will be sold after
a multi-million dollar family dispute sent the business into
voluntary administration.

A creditor's report, produced by administrator Stewart McCallum
-- stewart.mccallum@fh.com.au -- of Ferrier Hodgson, revealed the
company owes AUD9.18 million to unsecured creditors, Business
Spectator relates.

Of that figure AUD4.19 million is owed to David and Vivienne
Browne, founders of the winery and parents of the current managing
director, Matthew Browne, the report discloses.

According to the report, Mr. McCallum's said in the report the
company's current financial situation is due to a "lack of
adequate working capital and the leakage of cash from the business
to related parties," and "the family dispute leading to the demand
from the Scotchmans Hill Group Super Fund for
AUD4.8 million.

In the report, Mr. McCallum noted "The claim is made up of a loan
of AUD2.2 million and AUD2.6 million in accrued interest, Business
Spectator relays.

"I note that this amount was only booked into the accounts in
August 2013, following receipt of the demand notice."

Business Spectator notes that Rabo Bank has appointed receivers
Kate Warwick -- kate.warwick@au.pwc.com -- and Guy Edwards --
guy.edwards@au.pwc.com -- of PwC to settle the company's debt and
Richard Cauchi -- richard.cauchi@svp.com.au -- of SV Partners has
been appointed to liquidate the Scotchmans Hill Group Super Fund.

According to the report, Tim Altschwager --
tim.altschwager@colliers.com --of Colliers International, who is
selling the business on behalf of the receivers, said there is
plenty of interest in the estate.

"Our marketing hasn't really commenced yet but there has already
been quite a bit of interest. It's a high profile and high quality
asset and we're expecting quite a bit of interest," the report
quotes Mr. Altschwager as saying.


STATUS: Placed in Voluntary Liquidation
----------------------------------------
Coleby Nicholson at Jeweller reports that Status, the bold
jewellery and watch retail concept, once predicted to have 12
stores, has been placed into voluntary liquidation with debts
exceeding AUD3 million.

Jeweller relates that insolvency firm Dean-Willcocks was appointed
on October 4 and has issued a draft report revealing the estimated
deficiency in the company's assets to be more than AUD3.1 million,
with unsecured creditors being owed
AUD2.6 million.

Status was led by former Pandora Jewellery head of marketing
Jeff Burnes, the report discloses. The first Status store was
opened at Westfield Chatswood in late May 2012. At that time
Burnes forecast the launch of a further three NSW-based stores in
2012 and plans for another five to open throughout 2013 with the
ultimate aim of 12 stores nationally.



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C H I N A
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ANTON OILFIELD: Fitch Assigns 'BB' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned China-based Anton Oilfield Services
Group (Anton) a Foreign-Currency Issuer Default Rating of 'BB'
with Stable Outlook and a Senior Unsecured rating of 'BB'. At the
same time, the agency has assigned a 'BB(EXP)' rating to Anton's
proposed issue of senior unsecured USD notes.

Key Rating Drivers

Well-Placed in China's Oilfield Services Market: Anton has a
strong track record and market position at the high-end of the on-
shore oilfield services market in China, which includes
directional drilling, multi-stage fracturing and drilling fluids.
These account for a large share of the company's revenues and
earnings and will continue to be its key growth drivers. It is one
of the largest independent on-shore oilfield services providers in
China, with one of the widest service offerings. The company's
services cover drilling, well completion, down-hole services and
various tubular services.

Fitch expects more intense competition in the oilfield services
market in the medium- to long-term. However, Anton's well-
established presence, relationship with key customers, its
technical capabilities and the ability to attract talent will help
the company remain competitive.

Limited Operational Scale: Anton's operating scale is small
relative to similarly rated international oilfield services
providers such as Eurasia Drilling Company Limited (BB/Stable),
Seacore Holdings Inc (BB-/Stable) and Aker Solutions ASA
(BB/Stable). Anton's revenue and EBITDA were CNY2005m (USD323m)
and CNY480mn respectively in 2012, although these are expected to
grow at a robust clip. However, considering Anton's market
position, prospects and business risks relative to other oilfield
service providers and China's Hilong Holding Limited (BB/Stable),
a drill pipe and coating materials manufacturer and oil field
service provider), Fitch considers the 'BB' ratings of Anton to be
appropriate.

Market Dynamics Support Growth: Private companies, like Anton and
foreign players such as Schlumberger and Halliburton Company (A-
/Stable), account for only around 30% of the oilfield services
contracts by value in China, with the rest taken by the in-house
service divisions of the three national oil & gas companies. While
the independents' market share is small, it is still substantial
and Fitch expects the overall market to expand as China steps up
its energy production. The spending on unconventional oil & gas
exploration, development and production will also increase
substantially, raising demand for high-end oilfield services,
which will benefit Anton. It is likely that independent service
providers will continue to account for much of such services in
the foreseeable future.

Upstream Capex Offers Stability: The oilfield services sector is
vulnerable to swings in hydrocarbon prices and the resultant
volatility in upstream capex. However, given the state's goals on
production increases in China, especially gas, we believe the
upstream expenditure is less susceptible to global hydrocarbon
prices, providing a higher level of stability to the established
oilfield service providers in China relative to many of their
international peers. This is also reflected in the high level of
utilization rates for Anton's equipment and capacity.

Dependence on China Not Necessarily Negative: Anton generates 75-
80% of its revenue from China and nearly all its domestic revenue
are from subsidiaries of China National Petroleum Corporation
(A+/Stable; 59% of 2012 total revenue) and Sinopec (A+/Stable; 18%
of 2012 revenue), which reflects the dominance of these two
entities in China's on-shore upstream sector. Anton operates in
the major production basins in China, including Ordos, Tarim and
Sichuan, which gives it some geographic diversification within the
country. Given Anton's established relationship with these
entities, the dynamics in China as well as the importance of
Anton's services, Fitch does not consider the high reliance on
China or the national oil companies for cash generation to be a
major credit concern. The national oil companies tend to rely on
external service providers for complicated jobs, which will
continue to benefit Anton. A large share of Anton's overseas
revenue also comes from projects associated with the Chinese
majors, which mitigates operational risks overseas. While Anton is
looking to expand its overseas business, Fitch expects the
majority of its revenues to continue to be generated domestically.

Partnership with Schlumberger: Schlumberger has had a 20% share in
Anton since July 2012, and is now the second-largest shareholder,
after the founder (and chairman and CEO) who has an effective
holding of 32.4%. The involvement of Schlumberger as a shareholder
and a business partner in China-- the two companies operate under
a multi-year strategic partnership agreement-- is beneficial to
Anton's business profile. The 'BB' rating of Anton does not
incorporate any notching up for any implicit financial support
from Schlumberger.

Negative Free Cash Flow from Capex: Fitch expects Anton to incur a
higher level of capex than in the past three years to 2012 over
the medium-term in the areas of pressure pumping, coiled tubing,
drilling equipment and well completion equipment to expand its
services. The higher capex will exert pressure on both leverage
and interest coverage, which were strong at end-2012 (fund flow
from operations to net adjusted debt of -0.1x, and FFO fixed
charge coverage of around 15x). Fitch however expects Anton to
maintain its financial leverage below 2.5x. A measured approach to
capex, sustenance of its asset-light business model, and sound
management of working capital are important to maintaining Anton's
credit profile within Fitch's expectations. The company has a high
level of flexibility in its capex given the granularity of its
capex items, and as such, spending can be scaled back if business
growth is materially less robust than expected. The proposed note
issue should provide adequate liquidity to support the company's
investments in the medium-term.

Rating Sensitivities

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

-- FFO-adjusted net leverage of over 2.5x or FFO fixed charge
   cover less than 5.0x on a sustained basis

-- a sustained erosion of Anton's market position -- especially
   in down-hole and drilling, an elevation of business risk
   profile or EBITDA margins falling below 20% (24% in 2012) on
   a sustained basis

Positive: Future developments that may, individually or
collectively, result in positive rating action:

-- Fitch does not expect any positive rating action on Anton in
   the medium-term as its strengths and prospects are factored
   into the current ratings and its limited operating scale
   vis-a-vis similarly rated peers.


ANTON OILFIELD: Moody's Assigns 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Anton Oilfield Services Group.

At the same time, Moody's has assigned a provisional (P)Ba2 senior
unsecured rating to its proposed USD notes.

The outlook for the ratings is stable.

The proceeds from the proposed bonds will be used to fund the
company's capex and general working capital needs.

Ratings Rationale:

"Anton Oil's Ba2 corporate family rating reflects its leading
position in the domestic oil services sector in China, which
benefits from strong growth in natural gas production," says Alan
Gao, a Moody's Vice President and Senior Analyst.

The favorable demand environment for Anton Oil's services are
underpinned by (i) rising natural gas production under the
government's policy to increase conventional natural gas resources
by 38%, or 3.5 trillion cm, between 2010 and 2015, and natural gas
production by 86% from 94.8 billion cm in 2010 to 176 billion cm
in 2015; and (ii) the industry's increasing level of investments
for raising the production yields of its existing wells and to tap
into abundant -- but more technically challenging -- non-
conventional gas reserves.

"The Ba2 rating also recognizes Anton Oil's diversified revenue
base, which is in turn supported by its integrated business model.
The latter covers various phases of oil and gas field development,
including down-hole operation services; well completion
technologies; drilling technologies; and tubular services," says
Gao, who is the lead analyst for Anton Oil.

The company's integrated business model which has 4 key segments -
- down-hole operation services; well completion technologies;
drilling technologies; and tubular services -- provide good
diversification and hence some stability in its revenue
generation. Its down-hole operation service generated 43% revenue
and 57% EBITDA in 2012. The drilling cluster contributed 22%
revenue and 13% EBITDA in 2012, witnessing the highest year-on-
year growth of 119% among the 4 business clusters.

"Moreover, the company's competitive edge in technologies, which
fosters repeat business from the dominant Chinese NOCs, also
supports its Ba2 rating," says Gao.

Anton Oil's technical edge is reinforced by its strategic alliance
with Schlumberger Ltd. (A1 stable), the world's largest oil
services provider and which has a 20% equity stake in Anton Oil.
Its key competitive edge lies in its premium oil services,
particularly in the down-hole operations and drilling technology,
where the competition is more on quality and efficiency rather
than pure pricing. Its signature services include directional
drilling, multistage fracturing, and coiled tubing. Such services
have relatively high entry barriers. These signature services
represented 48% of total revenue in 2012.

"On the other hand, Anton Oil's Ba2 ratings are constrained by its
relatively small revenue base," says Gao.

Its US$323 million in revenue in 2012 was only a fraction of the
US$36.6 billion which Petro China spent as E&P capital
expenditure. PetroChina accounted for around 80% of China's total
gas production in 2012.

Anton Oil's small scale means that its buffer against possible
down cycles in the oil and gas sector or event risk is small
relative to the global companies.

Another challenge is increasing competition from the in-house
service bureaus of state-owned national oil companies and
multinational oil services providers which are financially
stronger. The in-house service bureaus of the state-owned
companies traditionally focus on the low end of the market and
enjoy a high 70% market share. Multinationals enjoy strong
technical advantages, but their high cost structure constrains
their market share to only around 10%.

"The Ba2 rating has also considered the increase in debt funding
to support its expansion," says Gao.

Anton Oil's new expansion plan will substantially increase its
equipment fleet to meet surging demand for directional drilling
and multistage fracturing. Thus its capital expenditures will rise
substantially, which will, in turn, increase the company's debt
leverage with -- adjusted debt/EBITDA at 3x-3.5x -- in the next
12-18 months, and matching a Ba2 profile. The risk of a further
increase in debt leverage is mitigated by the company's ability to
adjust its capital expenditure if market conditions deteriorate.

Anton Oil has adequate liquidity. Its cash balance of RMB363
million as of June 2013 and estimated annual operating cash flow
of RMB340 million are enough to cover its short-term debt of
RMB402 million as of June 2013.

The stable outlook reflects Moody's expectation that Anton will
benefit from the secular growth in China's oil field service
sectors, maintain its strong relationship with the major domestic
oil companies, and prudently execute its expansion plans.

Upward rating pressure could emerge over the medium term if Anton
Oil: (1) successfully increase its scale and achieves its planned
sales growth, while also maintaining its gross margins; (2)
establishes a track record of developing a strong order book with
increased diversity in its client base; and (3) improves its
credit metrics such that adjusted debt/EBITDA falls below 2.5x -
3.0x on a sustainable basis.

Downward rating pressure could emerge if (1) Anton Oil's order
book declines materially; or (2) its financial position weakens,
such that adjusted debt/EBITDA exceeds 4x, resulting from: (a) an
inability to pass on cost increases to its customers, as evidenced
by its EBITDA margin declining below 20%; (b) greater pressure on
its working capital, and which prompts it to raise a substantial
amount of debt; or (c) a more aggressive debt-funded expansion
plan or a dividend payout ratio that weakens its leverage and/or
liquidity.


CHINA GINSENG: Incurs $3.6 Million Net Loss in Fiscal 2013
----------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013, as compared with a net loss of $2.92 million
on $4.31 million of revenue for the year ended June 30, 2012.

The Company's balance sheet at June 30, 2013, showed $5.36 million
in total assets, $6.52 million in total liabilities and a $1.16
million total stockholders' deficit.  As of June 30, 2013, the
Company had working capital deficit of $1,223,760, compared to a
working capital deficit of $1,077,872 as of June 30, 2012.

Meyler & Company, LLC, in Middletown, NJ, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2013.  The independent auditors noted that the
Company has incurred an accumulated deficit of $5,761,409 since
inception, has a negative working capital of $1,077,872, and there
are existing uncertain conditions the Company faces relative to
its ability to obtain working capital and operate successfully.
These conditions raise substantial doubt about its' ability to
continue as a going concern.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/eIcCUo

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


GUANGZHO R&F: Moody's Assigns 'Ba2' CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Guangzhou R&F Properties Co Ltd.

The rating outlook is stable.

Ratings Rationale:

"Guangzhou R&F's Ba2 corporate family rating reflects its track
record of operating through the cycle," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Guangzhou R&F's contracted sales only showed a marginal decrease
during the down cycle -- its attributable contracted sales fell by
only 1% in 2008 and 4% in 2011.

"The rating also considers its balanced geographic diversity,"
adds Tsang, who is also Lead Analyst for Guangzhou R&F.

Guangzhou R&F has a well-balanced land bank in 19 cities and in 9
provinces as of June 2013. The benefits of this geographic
diversification include decreasing the company's exposure to the
volatility in local economies and partly offsetting the impact of
home purchase restrictions strictly enforced in some major first-
and second-tier cities.

"Moreover, high profitability also supports its Ba2 rating," says
Tsang.

Guangzhou R&F's high profitability is the result of its business
model of selling mid- to high-end residential and commercial
properties.

Moreover, it has reasonable land costs, maintaining around 17% of
the recognized selling price since 2008. This will provide some
cushion against declining prices in a market slowdown.

Guangzhou R&F maintained its gross profit at around 40% for the
last 5 years, with the exception of 2008 and 2009, when it had to
cut prices to sell its inventory,

Guangzhou R&F's Ba2 rating is constrained by its high debt
leverage which limits funding flexibility of the company.

Owing to its thin equity base, high dividend payout ratio and
expansion strategy, its debt leverage -- measured as adjusted
debt/capitalization -- was high at 64% in 1H 2013.

On the other hand Guangzhou R&F's debt service ability is
supported by its strong profitability. Its EBITDA/interest
coverage of 3.4x for the 12-month period ended June 2013 remained
in line with other Ba2 peers.

Moody's expects its interest cover ratio to remain at around 3.0x-
3.5x in the next 12-18 months.

Guangzhou R&F's good liquidity position also mitigates its high
debt leverage.

As of end-June 2013, it had cash-on-hand of RMB19.3 billion, which
was more than enough to cover its short-term maturing debt of
RMB9.4 billion, including RMB2.0 billion in offshore bonds due
April 2014 and unpaid land premiums of approximately RMB7.3
billion.

The stable outlook reflects Moody's expectation that Guangzhou R&F
will continue to generate strong contracted sales as well as
maintain its current gross profit margin and good liquidity
position.

Upward rating pressure could emerge over the medium term if the
company can demonstrate a track record of improving its financial
profile, especially in its debt leverage through further
geographical diversification, successful sales execution, while
maintaining good profitability and disciplined land acquisitions.

Moody's will consider an upgrade if the company maintains adjusted
debt/capitalization below 50%-55% and EBITDA/interest above 4x--
4.5x.

On the other hand, downward rating pressure could emerge if: (1)
the company significantly falls short of its property sales
target; (2) it materially accelerates development, and/or executes
an aggressive land acquisition plan, such that its liquidity
weakens with cash falling substantially below the level of short-
term debt; or (3) its interest cover falls below 3.0x or
debt/capitalization rises above 65% on a sustained basis.


R&F PROPERTIES: Moody's Rates $600MM Sr. Unsec. Notes 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to R&F Properties (HK) Company Limited (R&F HK), a
wholly-owned subsidiary of Guangzhou R&F Properties Co Ltd (Ba2
stable).

Moody's has also assigned a Ba3 bond rating to the $600 million
8.75% senior unsecured notes due 2020.

The notes were issued by Caifu Holdings Ltd (unrated) in January
2013 and are unconditionally and irrevocably guaranteed by R&F HK.
They are supported by a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed between Guangzhou R&F, R&F HK and
the bond trustee.

The ratings outlook is stable.

Ratings Rationale:

"R&F HK's Ba3 corporate family rating reflects its standalone
credit strength and a two-notch ratings uplift, based on expected
strong financial and operating support from its parent," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

The two-notch rating uplift reflects Moody's expectation that
Guangzhou R&F will extend strong support to R&F HK for the
following reasons:

(1) Guangzhou R&F's full ownership of R&F HK, that Guangzhou R&F's
management intends to maintain;

(2) R&F HK as the primary platform for the group, to raise funds
from the offshore bank and capital markets for investment in
property projects in China;

(3) Guangzhou R&F's track record of financial support to R&F HK,
including the guarantee provided by Guangzhou R&F to support R&F
HK's offshore bond issuance of $800 million in 2011 and 2012; and

(4) the reputational risks that Guangzhou R&F could face if R&F HK
defaults.

"R&F HK's standalone credit profile reflects the recurring cash
flow from its high quality investment property portfolio as well
as adequate liquidity. But these strengths are constrained by the
current small scale of operations," says Tsang, who is also
Moody's Lead Analyst for R&F HK.

R&F HK holds a portfolio of established investment property
investment businesses -- including the group's headquarters,
Guangzhou R&F Center, The Ritz-Carlton Guangzhou and Grand Hyatt
Guangzhou. This portfolio generates recurring cash flow, which is
used to support its volatile property development business.

The Ba3 bond rating has considered (1) the subordination risk
arising from the onshore debt of R&F HK, which exceeds 15% of its
total assets; and (2) the financial support from the parent,
Guangzhou R&F through a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed.

The stable outlook reflects Moody's expectation that R&F HK will
obtain full operating and financial support from Guangzhou R&F,
and that it will continue to be its sole offshore financing and
investment platform.

Moody's will consider a rating upgrade if (1) R&F HK improves its
scale and diversity; and (2) R&F HK improves its credit profile,
such as a reduction in debt leverage on a sustainable basis.

On the other hand, downward pressure on the rating could arise if
(1) there is evidence of a reduction in ownership or weakening in
support from Guangzhou R&F, or a deterioration in Guangzhou R&F's
credit profile; (2) R&F HK fails to maintain its good liquidity
buffer; or (3) R&F HK materially accelerates development, and
rolls out an aggressive land acquisition plan, such that debt
leverage increases on a sustained basis.



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


AMBIKA AGRO: CRISIL Assigns 'BB-' Ratings to INR80MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of M/s. Ambika Agro Industries (AAI; part of
the Atal group).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL BB-/Stable (Assigned)
   Term Loan              30      CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of AAI's promoters in the
cotton ginning industry and their funding support. These rating
strengths are partially offset by the group's below-average
financial risk profile marked by small net worth and moderate debt
protection metrics, small scale of operations with low
profitability, and susceptibility of its business and
profitability to changes in government policies and fluctuations
in cotton prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AAI and Rajeshwar Ginning & Pressing
Factory (RGPF) together referred to as the Atal group. This is
because both these entities are managed by same promoters, are in
same line of business and have strong operational and financial
linkages.

Also, CRISIL has treated the INR15.3 million of interest-bearing
unsecured loan extended to group by its promoters and affiliates
as neither debt nor equity as the same is expected to be retained
in the business.

Outlook: Stable

CRISIL believes that the Atal group will continue to benefit over
the medium term from its promoters' extensive experience in the
cotton ginning industry. The outlook may be revised to 'Positive'
if the group registers significant growth in revenues while
improving its profitability leading to higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the group's financial risk profile, especially its liquidity,
deteriorates further due to lengthening of its working capital
cycle or due to a pressure on its cash accruals or the group
undertakes a larger-than-expected debt-funded capital expenditure
programme.

The Atal group, based in Akola (Maharashtra) is promoted by Mr.
Jugal Kishore Atal and his family members. It has been engaged in
ginning and pressing of raw cotton through AAI and RGPF which were
set up in 2003 and 2004, respectively. The group has set up a
cotton oil extraction unit under AAP in 2013 and another unit is
being set up in RGPF.

The Atal group's profit after tax (PAT) and net sales are
estimated at INR4.7 million and INR834 million, respectively, for
2012-13 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR3.4 million on net sales of INR850.6 million
for 2011-12.


BAJAJ HOTELS: CRISIL Lowers Rating on INR100MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bajaj Hotels (BH) to 'CRISIL D' from 'CRISIL B+/Stable'. The
rating downgrade reflects instances of delay by Bajaj Hotels in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                100      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating also considers BH's start-up nature of operations and
vulnerability of its performance to the level of economic activity
in and around its area of operations. These rating weaknesses are
partially offset by benefits that BH derives from favourable
location of the hotel and association with Ginger Hotels for
management of the hotel.

BH was setup in 2009, as a partnership firm of Mrs. Alka Bajaj and
Mrs. Reeta Bajaj. The firm is managed by Mr. Ravi Bajaj (husband
of Mrs. Alka Bajaj) and his brother, Mr. Raman Bajaj (Husband of
Mrs. Reeta Bajaj). The firm is constructing a mall-cum-hotel in
Amritsar (Punjab). The company has tied up with Ginger Hotels
(Roots Corporation Limited, subsidiary of The Indian Hotels
Company Limited) for management of the hotel. The hotel is
expected to commence its commercial operations in January 2013.


BATRA EXPORTS: CRISIL Lowers Rating on INR100MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Batra Exports to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The rating downgrade reflects sustained deterioration in BE's
financial risk profile, resulting from lower-than-expected
profitability. BE's operating profit declined to 2.6 per cent in
2012-13, vis-…-vis 5.1 per cent in the preceding year. The decline
in operating profit was primarily on account of increased
proportion of low margin trading income in the overall revenues of
BE in 2012-13. The total turnover of BE improved marginally by
around 11 per cent to INR 981 million in 2012-13. Consequently, on
account of the lower accretion to reserves the firm's capital
structure remained lower-than-expected with a gearing of 5.3
times, and a total outside liabilities to tangible net worth
(TOLTNW) ratio of around 16 times as on March 31, 2013. The debt
protection metrics were also below average with interest coverage
and net cash accruals to debt (NCATD) ratios at 1.2 times and 0.03
times, respectively, for 2012-13. CRISIL believes that BE's
financial risk profile will remain constrained by its small net
worth and its large working capital cycle over the medium term,
leading to extensive reliance on short-term debt to fund its
incremental working capital requirements.

The rating reflects BE's working-capital-intensive operations, its
below-average financial risk profile, and exposure to intense
competition in a highly fragmented industry. These weaknesses are
partially offset by the extensive industry experience of BE's
promoters in the rice industry.

Outlook: Stable

CRISIL believes that BE will benefit over the medium term, from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm successfully increases its scale
of operations, while maintaining a healthy operating margin and
efficiently managing working capital, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative 'if the firm reports lower-than-expected profitability,
or contracts sizeable debt to fund its incremental working capital
requirements.

BE was set up in 2010 as a partnership firm by Mr. Surinder Kumar
and Mr. Sahil Batra for milling and selling of parboiled, steamed,
and raw basmati and non-basmati rice.

BE reported a profit after tax (PAT) of INR3 million on operating
income of INR981 million for 2012-13, and a PAT of INR2 million on
an operating income of INR860 million for 2011-12.


BRINDAVAN BEVERAGES: CRISIL Ups Ratings on INR951.2MM Loans to BB
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Brindavan Beverages Pvt Ltd to 'CRISIL BB/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           5.00     CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit            173.50     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long-Term     215.60     CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan              562.10     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that BBPL will
maintain its improved liquidity, supported by generation of cash
accruals of more than INR350 million in 2013-14 (refers to
financial year, April 1 to March 31), prepayment of term debt
obligations falling due till March 31, 2014, and maintenance of
healthy fixed deposits. The rating upgrade also reflects CRISIL's
belief that no further investment will be made by BBPL over the
medium term in real-estate-related projects.

The ratings reflect the extensive experience of BBPL's promoters
in bottling and distribution of soft drinks, its franchisee
agreement with Coca Cola India Pvt Ltd (Coke), and its above-
average financial risk profile. These rating strengths are
partially offset by the company's susceptibility to regulatory
changes, to volatility in raw material prices, and to intense
market competition, and its substantial exposure to real estate
investments.

Outlook: Stable

CRISIL believes that BBPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
exclusive franchisee agreement with Coke. The outlook may be
revised to 'Positive' if BBPL achieves more-than-expected growth
in its revenues and maintains its profitability margins, while
reducing its real estate exposures, leading to significant
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a larger-than-
expected debt-funded capital expenditure programme, or extends
financial support to its non-core businesses (real estate) or
associate entities.

BBPL, promoted by Mr. S N Ladhani, was a franchisee bottler and
distributor of Parle (Exports) Pvt Ltd (Parle) in southern
Karnataka. On acquisition of Parle's soft drink business by Coke
in 1993, BBPL became the first franchisee of Coke in India.
Currently, BBPL is a franchisee bottler and distributor for Coke
for its carbonated soft drinks, fruit-based drinks, and packaged
drinking water. The franchise is for 16 districts in Uttar
Pradesh.


CREATIVE TEXTURE: CRISIL Assigns 'B' Ratings to INR150MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of The Creative Texture.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             46.1     CRISIL B/Stable (Assigned)

   Cash Credit           42.5     CRISIL B/Stable (Assigned)

   Proposed Long-Term    61.4     CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects CT's weak financial risk profile, marked by
its weak capital structure and weak liquidity due to large working
capital requirements and small cash accruals. The rating also
factors in CT's small scale of operations in a fragmented textile
industry. These rating weaknesses are partially offset by the
benefits that CT derives from its promoters' extensive experience
in the textile industry and funding support extended by them.

For arriving at its rating, CRISIL has treated CT's interest-free
unsecured loan of INR14.2 million, extended by the promoters and
affiliates, as neither debt nor equity (NDNE) as the same is
expected to be retained in the business.

Outlook: Stable

CRISIL believes that CT will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if CT
significantly improves its scale of operations and profitability,
leading to better-than-expected cash accruals and improvement in
its financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' if the firm's financial
risk profile weakens further because of a stretch in the working
capital cycle or pressure on its scale and profitability, thereby
leading to lower-than-expected cash accruals.

CT, set up in 2005 as a partnership firm, is currently promoted by
Mr. R Balaji, his father Mr. A Ramasamy, his mother Mrs. R Kamala,
and his sister Ms. R Kavitha as the partners. The firm
manufactures various types of fabrics such as grey fabrics, dyed
and printed fabrics, and dyed made ups, which are primarily used
in manufacturing bed sheets, blankets, and bath products. CT has
its manufacturing facility located at Sivakasi (Tamil Nadu).

CT's profit after tax (PAT) and net sales were estimated at INR4.2
million and INR215.1 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the firm reported PAT of
INR2.4 million on net sales of INR147.6 million for 2011-12.


DASMESH MECHANICAL: CRISIL Cuts Ratings on INR180MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dasmesh Mechanical Works to 'CRISIL D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                130      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delays by DMW in
servicing its term debt obligations. The delays were on account of
weak liquidity, driven by working capital intensive nature of
operations.

DMW continues to have a weak financial risk profile, marked by a
small net worth, high gearing and below-average debt protection
metrics, modest scale of operations in the highly fragmented
agricultural implements industry, and working-capital-intensive
operations. These rating weaknesses are partially offset by DMW's
proprietor's extensive experience in the agricultural implements
industry.

DMW was set up in 1972 as a proprietorship firm by Mr. Sawaranjit
Singh. The firm manufactures tractor-mounted agricultural
implements such as seed drills, rotary tillers, double-notched
coulters, and straw reapers. Its manufacturing facility in
Amargarh (Punjab).

DMW reported a profit after tax (PAT) of INR4.3 million on net
sales of INR604.6 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.3 million on net sales
of INR492.1 million for 2011-12.


ECP INDUSTRIES: CRISIL Raises Rating on INR56MM Loan to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
ECP Industries Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         15      CRISIL A4+ (Upgraded from
                                  'CRISIL A4')

   Cash Credit            56      CRISIL BB-/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Letter of Credit       12      CRISIL A4+ (Upgraded from
                                  'CRISIL A4')

The ratings upgrade is driven by the improvement in ECP's
financial risk profile, particularly its liquidity, as compared to
CRISIL's expectations. The company's financial risk profile has
improved consistently over the past three years, backed by
infusion of equity capital and full payment of its fixed debt,
resulting in low gearing. The gearing improved to an estimated 0.4
times as on March 31, 2013, from around 0.7 times as on March 31,
2010. ECP's debt protection metrics have also improved, supported
by its increasing cash accruals. Though the company's cash
accruals are expected to remain steady over the medium term, these
will support its working capital requirements in the absence of
any fixed debt obligations, thereby enhancing its liquidity.
Additionally, because of stable operations and an improvement in
working capital management, the company's bank line utilisation
improved to less than 90 per cent in the ten months through August
30, 2013, vis-…-vis almost 100 per cent in the one year prior to
that.

The ratings reflect customer concentration in ECP's revenue
profile, and its working-capital-intensive operations. These
rating weaknesses are partially offset by ECP's above-average
financial risk profile, marked by low gearing and comfortable debt
protection metrics, and the promoters' extensive experience in
manufacturing domestic liquefied petroleum gas (LPG) cylinders.

Outlook: Stable

CRISIL believes that ECP will continue to benefit from its
established position, the promoters' extensive experience in the
domestic liquefied petroleum gas (LPG) cylinder market, and its
above-average financial risk profile, marked by low gearing and
comfortable debt protection metrics over the medium term. The
outlook may be revised to 'Positive' if there is a substantial and
sustainable improvement in the company's revenues and
profitability over the medium term. Conversely, the outlook may be
revised to 'Negative' if ECP reports a sizeable decline in its
operating margin; or stretched liquidity from larger-than-expected
working capital requirements; or payout of penalty imposed by the
Competition Commission of India.

Incorporated in 1983, ECP (formerly, Eastern Cylinders Pvt Ltd)
manufactures domestic LPG cylinders, with a capacity to produce
546,000 cylinders per annum on a single shift basis. The company
acquired its current name in 1998. Its product profile includes
LPG cylinders and LPG pressure regulators. ECP manufactures LPG
cylinders of various capacities, ranging from small domestic
cylinders to large commercial containers as per the customer's
requirements, conforming to various specifications, such as BS
5045, DOT 4BA, ISO 4706, and IS 3196. However, the company
constitutes over 90 per cent of revenue from the 14.2 kilogram
cylinder. ECP manufactures cylinders for oil marketing companies,
such as Indian Oil Corporation Ltd, Bharat Petroleum Corporation
Ltd, and Hindustan Petroleum Corporation Ltd.

ECP's profit after tax (PAT) and net sales were estimated at
INR4.39 million and INR320 million, respectively, for 2012-13
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR2.50 million on net sales of INR261 million
for 2011-12.


ELPRO INTERNATIONAL: CRISIL Cuts Ratings on INR175MM Loans to BB+
-----------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Elpro
International Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB-/Stable/CRISIL A3'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        15       CRISIL A4+ (Downgraded
                                  from 'CRISIL A3')

   Cash Credit           20       CRISIL BB+/Stable (Downgraded
                                  from 'CRISIL BBB-/Stable')

   Letter of Credit      10       CRISIL A4+ (Downgraded from
                                  'CRISIL A3')

   Term Loan            155       CRISIL BB+/Stable (Downgraded
                                  from 'CRISIL BBB-/Stable')

The rating downgrade is driven by CRISIL's expectations that EIL's
gearing and debt protection metrics would be significantly below
initial expectations. This will be mainly due to additional debt
contracted for EIL's new commercial project and lower revenues in
respect of leased properties, coupled with subdued response to
company's ongoing residential project 'Metropolitan'. CRISIL has
also factored lower likelihood of monetisation of its stake in PNB
Metlife India Insurance Company Ltd, leading to lower financial
flexibility.

The rating reflects the benefits that EIL derives from its track
record in the execution of real estate development projects and
financial flexibility emanating from its ability to monetise
surplus land assets. The ratings also factors in financial support
from group entities. These rating strengths are partially offset
by EIL's exposure to risks related to its ongoing residential and
commercial project and susceptibility of its revenues and earnings
profile to the cyclicality in the real estate sector.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elpro international Ltd and its
subsidiary Elpro Estates Ltd (EEL), together referred to as the
Elpro group, herein. This is because there are significant
business and financial linkages between these two companies.

Outlook: Stable

CRISIL believes that EIL will maintain a stable business risk
profile on the back of its demonstrated track record of execution
in respect of commercial and residential real estate projects. The
company also benefits from the funding support extended by its
group entities. The outlook may be revised to 'Positive' if the
company generates higher-than-expected response to its ongoing
project, resulting in improved flow of advances, thereby
translating to overall improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if EIL faces
subdued response to its project and lower-than-envisaged flow of
customer advances or faces challenges in monetising its
investments, thereby translating to higher dependence on external
funding to support its growth plans.

EIL was incorporated in July 1962, as a public limited company, in
technical and financial collaboration with General Electric, USA.
The company is engaged in production and marketing of electrical
equipment such as lightening arrestors, secondary surge arrestors,
real estate development, and windmill operation. Majority of the
company's revenues are from the real estate segment.

Elpro Estates (EE) (formerly Trump Properties Pvt Ltd) is a
subsidiary of EIL. EE is engaged in the development of a 5 lakh
square feet (sq ft) mall at Pune (Maharashtra).

EIL reported on consolidated basis, net profit of INR59.6 million
on net sales of INR340.3 million for 2012-13 (refers to financial
year, April 1 to March 31), against a net loss of INR25.9 million
on net sales of INR314.5 million for 2011-12.


GK ARPL: CRISIL Assigns 'D' Ratings to INR165MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facilities of GK ARPL Ventures. The rating reflects instances of
delays by GK in servicing its debt obligations; the delays are
because of the firm's cash flow mismatched owing to relatively
slow pace of bookings and receipts.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term       75      CRISIL D (Assigned)
   Bank Loan Facility

   Term Loan                90      CRISIL D (Assigned)

GK also has a susceptibility to risks related to project
implementation, and revenue concentration. However, GK benefits
from its promoters' and the management team's extensive industry
experience and the firm's established market presence in
Hyderabad.

GK is a Joint Venture between Arthveda Fund Management Private
Limited and G.K Group, incorporated in March 2008. The G.K group
has been in the real estate industry for more than 25 years. The
group is engaged in development and sale of residential apartments
and villas from the inception, in and around Yapral and
Sainikpuri, Hyderabad. G.K group has completed more than 32
projects since 2005 in Yapral area. These projects aggregate to
over 1 million square feet (msf) of saleable area in the Yapral,
Hyderabad. GKAV is currently in the process of development and
sale of 490 residential apartments (255 apartments in Phase 1 and
235 apartments in phase 2) spread over 9.5 acres of land in
Yapral, Hyderabad.


GOYAL GLASSWARE: CRISIL Ups Ratings on INR338.5MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Goyal Glassware Pvt. Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           95.0     CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Letter of Credit      29.2     CRISIL A4 (Reaffirmed)

   Proposed Long-Term    18.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B/Stable')

   Term Loan            225.0     CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in business risk
profile of Goyal Glassware Private Limited (GGL) formally known as
Goyal Iron & Steel Works, with the commencement of operations in
timely manner. GGL has reported better-than-expected revenues in
the past six months with a moderate operating margin and funding
support from promoters in the form of unsecured loan. CRISIL
believes that the business risk profile of the company will remain
constrained over the medium term due to limited scale of
operations.

The ratings reflect GGL's average financial risk profile with
average capital structure and its working-capital-intensive
operations. These weaknesses are partially offset by the
experience of the company's promoters in the glass industry.

Outlook: Stable

CRISIL believes that GGL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of more-than-expected
increase in the company's revenues with improvement in its
operating margin and effective working capital management, and
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if GGL reports less-than-expected
revenues or profitability, resulting in lower-than-anticipated
cash accruals, or if it undertakes a debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

GGL, incorporated in 2013, is engaged in manufacturing glass
bottles mainly for the liquor industry; it is based in Firozabad
(Uttar Pradesh). The company was originally established as Goyal
Iron & Steel Works (GISW) based in Agra, on April 4, 1996, and
manufactured mild steel ingots, and other castings. The firm was
reconstituted as GGL in 2013. GGL is promoted by Mr. Nitesh Goyal
along with his family and friends.


KALLAM MODERN: CRISIL Reaffirms 'D' Ratings on INR120MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Kallam Modern Rice Mills
Pvt Ltd (KMRPL; part of Sri Ramabrahma rice group), continue to
reflect instances of delay by Sri Ramabrahma rice group in
servicing its term debt; the delays have been caused by the
group's weak liquidity.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           82.5     CRISIL D (Reaffirmed)

   SME Credit             2.5     CRISIL D (Reaffirmed)

   Working Capital        2.5     CRISIL D (Reaffirmed)
   Facility

   Long-Term Loan        26.5     CRISIL D (Reaffirmed)

   Proposed Long-Term     6.0     CRISIL D (Reaffirmed)
   Bank Loan Facility

The Sri Ramabrahma rice group also has a modest scale of
operations in the fragmented rice industry, and working-capital-
intensive operations. The rating also factors in the
susceptibility of the group's operating margin to any adverse
impact of government regulations, and to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of the Sri Ramabrahma rice group's
promoters in the rice milling industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMRPL and Sri Ramabrahma Modern Rice
Mills Pvt Ltd (SRMPL). This is because both companies together
referred to as the Sri Ramabrahma rice group, operate under a
common management, and are in the same line of business.

KMRPL commenced operations in June 2011 by milling and processing
paddy into rice, rice bran, broken rice, and husk. The company has
a rice mill near Guntur (Andhra Pradesh). KMRPL was promoted by
Mr. Peri Reddy (brother-in-law of Mr. Brahma Reddy) and his family
members.

SRMPL commenced operations in September 2011 and undertakes
milling and processing paddy into rice, rice bran, broken rice,
and husk. It has a rice mill is near Guntur (Andhra Pradesh).
SRMPL was promoted by Mr. Brahma Reddy and his family members.


KAUSHALYA INFRA: CRISIL Suspends 'BB+' Rating on INR400MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kaushalya Infrastructure Development Corporation Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         340     CRISIL A4+ Suspended
   Cash Credit            400     CRISIL BB+/Stable Suspended

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

KIDC was set up in 2001 for undertaking projects in infrastructure
development, such as construction of roads, bridges and industrial
undertakings. The company has undertaken several projects in
roads, highways, with the Government of West Bengal and the
National Highway Authority of India (NHAI). Mr. Ramesh Kumar Mehra
is the chairman and founder of KIDC. His son, Mr. Prashanth Mehra,
is the managing director and looks after the day-to-day operations
of the company.


LINIT EXPORTS: CRISIL Ups Ratings on INR69.9MM Loans to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Linit Exports Pvt Ltd (LEPL; part of the Linit group) to 'CRISIL
BB+/Stable' from 'CRISIL BB/Stable' and reaffirmed its rating on
LEPL's short-term bank facilities at 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Buyer Credit Limit     25.8     CRISIL BB+/Stable (Upgraded
                                   from 'CRISIL BB/Stable')

   Export Packing        130.0     CRISIL A4+ (Reaffirmed)
   Credit

   Mortgage Loan          43.3     CRISIL BB+/Stable (Upgraded
   Facility                        from 'CRISIL BB/Stable')

   Rupee Term Loan         0.8     CRISIL BB+/Stable (Upgraded
                                   from 'CRISIL BB/Stable')

The upgrade is driven by improvement in the Linit group's
financial risk profile, particularly its liquidity, because of
moderation in debt obligations. The group repaid maturing buyer's
credit of INR44 million in September and October 2013 by selling
its old manufacturing facility in Vasai (Maharashtra) for INR64
million. The remaining debt obligations will be comfortably met
through expected internal accruals over the medium term. The
group's gearing is expected to improve to around 1.2 times over
the medium term from 1.9 times as on March 31, 2013. The upgrade
also factors in improvement in the Linit group's sales and
operating margin in 2012-13 (refers to financial year, April 1 to
March 31), which is expected to be sustained over the medium term.
CRISIL expects the Linit group's financial risk profile to remain
stable in the absence of any major capital expenditure (capex)
plan over the medium term.

The ratings reflect the extensive industry experience of the Linit
group's promoters, the strong operational efficiencies that the
group derives from its stringent operational policies, and
improvement in its financial risk profile driven by repayment of
debt availed for funding capex in the past. These rating strengths
are partially offset by the Linit group's exposure to geographical
and customer concentration risks, and its small scale of
operations in the intensely competitive engineering products
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LEPL and Linit Technologies Pvt Ltd
(LTPL), together referred to as the Linit group. Both the
companies are under the same management, involved in similar
business, and have considerable financial synergies.

Outlook: Stable

CRISIL believes that the Linit group will maintain its financial
risk profile on the back of moderate cash accruals and no major
capex plan over the medium term. The group's business risk profile
will benefit from its established clientele and its promoters'
experience in the industry. The outlook may be revised to
'Positive' if the Linit group registers larger-than-expected cash
accruals or manages its working capital efficiently, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if the Linit group's profitability declines,
or its working capital cycle lengthens, resulting in weakening in
its liquidity.

LEPL was set up in 1998 by Mr. Nitin Karjatkar and his wife, Mrs.
Lily Karjatkar. In 2006, LEPL set up its own facilities for
manufacturing engineering components used in pumps and valves, and
for general engineering applications. LEPL's promoters set up LTPL
in 2011-12; the company commenced operations in January 2011. LTPL
currently does jobwork for LEPL and will gradually increase its
presence in the domestic market. LTPL does not have its own
machines and uses machines of LEPL on lease.


MIDHUNAM SPINNERS: CRISIL Reaffirms B+ Ratings on INR125.7M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Midhunam
Spinners Private Limited continues to reflect MSPL's modest scale
of operations in the intensely competitive textiles industry, and
below-average financial risk profile marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of MSPL's promoters
in the textile industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           80.0     CRISIL B+/Stable (Reaffirmed)

   Long-Term Loan        25.0     CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term    20.7     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that MSPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the company
registers higher-than-expected revenues, while it improves its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if MSPL generates lower-than-expected
cash accruals, or undertakes a large, debt-funded capital
expenditure programme, resulting in weakening of its financial
risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), MSPL
is expected to record revenues of INR133 million, which represents
a moderate year-on-year growth of 17 per cent. In 2013-14, the
company's revenues are expected to grow at a healthy rate,
supported by addition of new customers and enhanced capacities; it
registered revenues of around INR70 million for the five months
through August 2013. However, MSPL's operating profitability, at
around 8.2 per cent for 2012-13, was lower than CRISIL's
expectations. This was primarily due to lower price realisation on
its products.

MSPL continues to have a weak financial risk profile, marked by a
small net worth and a high gearing. During 2013-14 MSPL has plans
to expand its capacity at an estimated cost of INR25 million,
which is to be funded by term loans of INR19 million, equity
infusion of INR4 million, and internal accruals for the rest. MSPL
has weak liquidity, marked by high bank limit utilisation and
sufficient cash accruals vis-…-vis its debt obligations. Being in
a working-capital-intensive industry, the company's bank lines
were highly utilised at 85 per cent over the 12 months through
August 2013.

For 2011-12, MSPL reported a loss of INR1.8 million on net sales
of INR115.1 million; the company reported a profit after tax of
INR0.7 million on net sales of INR146.4 million for 2010-11.

MSPL, incorporated in 1999, manufactures cotton yarn in the counts
of 20s, 30s, and 40s. The company is promoted by Mr. Armugam and
his family.


NARAIN SINGH: CRISIL Cuts Ratings on INR21.5MM Loans to 'B-'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Narain Singh Bundela & Co. to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the firm's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Bank Guarantee           41.7    CRISIL A4 (Reaffirmed)

   Cash Credit              20.5    CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan                 1.0    CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects the significant decline in NSBC's
operating revenue, which is estimated to remain low in the range
of INR50 million to INR60 million for 2013-14 (refers to financial
year, April 1 to March 31) as against earlier level of INR140
million to INR180 million in 2009-10 and 2010-11, respectively.
The decline in revenue is mainly on account of the firm's
inability to timely secure orders considering customer and revenue
concentration. The decline in revenue has led to deterioration in
NSBC's liquidity with expected annual cash accruals of around INR5
million as against earlier level of INR10 to INR11 million.

The rating reflects volatility in NSBC's revenue because of its
tender-driven business, weak financial risk profile, marked by
large working capital requirements, and high customer and
geographical concentration. These rating weaknesses are partially
offset by the extensive experience of NSBC's proprietor in the
civil construction industry.

Outlook: Stable

CRISIL believes that NSBC will benefit from its proprietor's
industry experience, over the medium term. The outlook may be
revised to 'Positive' if NSBC strengthens its business risk
profile through geographical diversity and increases its scale of
operations, leading to high growth and increased cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm's
operations face a slowdown or if it undertakes larger-than-
expected, debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Established in 1988, NSBC is a proprietorship firm based in Jhansi
(Uttar Pradesh). The firm is engaged in civil construction works
for the Railways and irrigation departments for construction of
minor bridges and ancillary works for railway lines and
construction of canals.

For 2012-13, NSBC is estimated to have reported a net profit of
around INR2.0 million on net sales of INR56.0 million; the firm
reported a profit of INR1.4 million on net sales of INR40.6
million for 2011-12.


NEW-TECH STEEL: CRISIL Assigns 'D' Ratings to INR405MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of New-Tech Steel & Alloys Pvt Ltd (New Tech).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               104.2     CRISIL D (Assigned)

   Proposed Long-Term        0.8     CRISIL D (Assigned)
   Bank Loan Facility

   Cash Credit             250.0     CRISIL D (Assigned)

   Inland/Import Letter     50.0     CRISIL D (Assigned)
   of Credit

The ratings reflect instances of delay by New Tech in servicing
its term debt; the delays have been caused by the company's weak
liquidity.

New Tech also has working-capital-intensive operations and is
exposed to intense competition in the steel industry. Moreover,
the company has a below average financial risk profile. However,
New Tech benefits from its promoters' extensive experience in the
steel industry.

New Tech, incorporated on June 6, 2003 in Assam, is promoted by
Mr. Suresh Sharma. It manufactures thermo-mechanically treated
bars, mild steel (MS) rolls, and MS ingots.


ORBIT ELECTRO: CRISIL Assigns 'B+' Ratings to INR50MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Orbit Electro Equipments Pvt Ltd (OEEPL).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            45      CRISIL B+/Stable (Assigned)

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

The rating reflects OEEPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics;
the rating also factors in the company's small scale of
operations. These rating weaknesses are partially offset by the
benefits that OEEPL derives from its efficient working capital
management.

Outlook: Stable

CRISIL believes that OEEPL will benefit from the funding support
of its promoters over the medium term. The outlook may be revised
to 'Positive' in case of significantly higher-than-expected
revenue growth with improved margins, leading to improvement in
the company's cash accruals and financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant pressure on revenue, profitability, or liquidity due
to stretch in working capital cycle, leading to deterioration in
OEEPL's financial risk profile.

OEEPL was incorporated as a private limited company by Mr. Deepen
Shah and his cousin, Mr. Palak Shah, in 2008. Mr. Deepen Shah
oversees the day-to-day operations of the company. OEEPL
manufactures fire panels and electrical panels. It is also engaged
in the business of powder coating, fabrication, and wire
harnessing. OEEPL's manufacturing units are located in
Maharashtra.

For 2012-13 (refers to financial year, April 1 to March 31), OEEPL
reported a profit after tax (PAT) of INR0.4 million on net sales
of INR489.1 million, against a PAT of INR2.4 million on net sales
of INR183.8 million for 2011-12.


PATEL WOOD: CRISIL Suspends 'D' Ratings on INR1.05BB Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Patel Wood Products Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           290.0     CRISIL D Suspended
   Letter of Credit      622.7     CRISIL D Suspended
   Term Loan             137.3     CRISIL D Suspended

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

PWPL was promoted in 1981 as a partnership firm by the Patel
family. It was reconstituted as a private limited company in 1997.
The company got its present name when it was again reconstituted
as a closely held public limited company in 2007. PWPL trades and
saws imported timber and manufactures door frames and ready-to-fit
doors and windows. The company derives around 60 per cent of its
revenues from trading sawn timber and around 40 per cent from sale
of door frames and ready-to-fit doors and windows. PWPL directly
imports timber from Malaysia as well as via Singapore. The company
undertakes shaping and sizing of the timber as per customers'
specification at its saw mill in Gandhidham (Gujarat).


RAJESHWAR GINNING: CRISIL Assigns 'BB-' Rating to INR50MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Rajeshwar Ginning & Pressing Factory (RGPF;
part of the Atal group).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of RGPF's promoters in
the cotton ginning industry and their funding support. These
rating strengths are partially offset by the group's below-average
financial risk profile marked by small net worth and moderate debt
protection metrics, small scale of operations with low
profitability, and susceptibility of its business and
profitability to changes in government policies and fluctuations
in cotton prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RGPF and M/s. Ambika Agro Industries
(AAI) together referred to as the Atal group. This is because both
these entities are managed by same promoters, are in same line of
business and have strong operational and financial linkages.

Also, CRISIL has treated the INR15.3 million of interest-bearing
unsecured loan extended to the group by its promoters and
affiliates as neither debt nor equity as the same is expected to
be retained in the business.

Outlook: Stable

CRISIL believes that the Atal group will continue to benefit over
the medium term from its promoters' extensive experience in the
cotton ginning industry. The outlook may be revised to 'Positive'
if the group registers significant growth in revenues while
improving its profitability leading to higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the group's financial risk profile, especially its liquidity,
deteriorates further due to lengthening of its working capital
cycle or due to a pressure on its cash accruals or the group
undertakes a larger-than-expected debt-funded capital expenditure
programme.

The Atal group, based in Akola (Maharashtra) is promoted by Mr.
Jugal Kishore Atal and his family members. It has been engaged in
ginning and pressing of raw cotton through AAI and RGPF which were
set up in 2003 and 2004, respectively. The group has set up a
cotton oil extraction unit under AAP in 2013 and another unit is
being set up in RGPF.

The Atal group's profit after tax (PAT) and net sales are
estimated at Rs4.7 million and INR834 million, respectively, for
2012-13 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR3.4 million on net sales of INR850.6 million
for 2011-12.


RICHA PARTICLE: CRISIL Reaffirms 'B+' Ratings on INR68.6MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Richa Particle
Board Pvt Ltd continue to reflect RPBPL's below average financial
risk profile marked by modest networth coupled with high gearing
and its working capital intensive operations. These weaknesses are
partially offset by its diverse clientele and established
marketing network.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           45.0     CRISIL B+/Stable (Reaffirmed)

   Term Loan             23.6     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RPBPL will maintain its credit risk profile
over the medium term, backed by its diverse clientele and
established marketing network. The outlook may be revised to
'Positive' if there is significant increase in its scale of
operations and/or there is a substantial increase in its net worth
on the back of equity infusion from promoters. Conversely, the
outlook may be revised to 'Negative' if the company's margins
decline from the current levels leading to weakening in debt
protection metrics.

RPBPL promoted by Mr. Chandulal K Patel in 1997, manufactures
plain and pre-laminated bagasse boards (also known as particle
boards) which are used to manufacture furniture. The company
traded in plywood until 2006. The company started manufacturing
particle boards in 2008.

RPBPL's profit after tax (PAT) and sales are estimated at INR4
million and INR145 million, respectively, for 2012-13; the company
reported PAT of INR4 million on sales of INR139 million for 2011-
12.


SPBM FOUNDATION: CRISIL Raises Rating on INR85MM Loan to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
SPBM Foundation to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             85       CRISIL BB/Stable (Upgraded
                                  from 'CRISIL BB-/Stable')

The rating upgrade reflects the significant and sustained
improvement in SPBM's business and financial risk profiles, backed
by increasing student intake, fee revision, and capital infusion.
The trust's net collection increased to a provisional INR125.7
million in 2012-13 (refers to financial year, April 1 to March 31)
from INR55.4 million in 2010-11; its net collection is expected to
improve further to about INR195.0 million in 2013-14, while it is
expected to maintain its operating surplus margin at a healthy 30
per cent for the year. This is backed by an increase in student
intake, revision in fee by 16 per cent year-on-year in 2011-12,
and capital infusion of INR14 million by trustees in 2012-13. Its
gearing has therefore improved to 0.9 times as on March 31, 2013,
from 1.15 times as on March 31, 2010, and is expected to be
maintained at this level over the medium term due to lack of any
capital expenditure (capex) plans and steady and improving
accretion to reserves. CRISIL believes that SPBM will maintain its
growth rate over the medium term on the back of the increasing
number of students and higher fees.

The rating reflects the extensive experience of SPBM's trustees in
the education sector and its improved financial risk profile,
marked by low gearing and comfortable debt protection metrics,
though it has a small net worth. These rating strengths are
partially offset by SPBM's exposure to intense competition in the
education sector in Bhubaneswar (Odisha), and its short track
record of operations.

Outlook: Stable

CRISIL believes that SPBM will continue to benefit over the medium
term from its trustees' extensive experience and the stable demand
for technical education in India. The outlook may be revised to
'Positive' if the trust scales up its operations and diversifies
its course offerings, while it maintains its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if SPBM undertakes a significantly large debt-funded
capex programme, thereby adversely impacting its financial risk
profile.

SPBM was established in Bhubaneswar in 2008 by Dr. Satya Prakash
Panda. It runs Gandhi Institute of Education and Technology. The
institute offers four-year degree courses in engineering in five
streams-computer science, mechanical engineering, electronics and
electrical engineering, electronics and telecommunication, and
civil engineering.

SPBM reported (on a provisional basis) a net surplus of INR15.1
million on net receipts of INR125.7 million for 2012-13; it had
reported a net surplus of INR4.6 million on net receipts of
INR89.7 million for 2011-12.


SRI CHANDRA: CRISIL Reaffirms 'B' Ratings on INR137.5MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Chandra Moulishvar
Spinning Mills Pvt Ltd continue to reflect the company's weak
financial risk profile, marked by a high gearing and small net
worth. The ratings also factor in SCMSM's small scale of
operations and its susceptibility to fluctuations in input costs
and to power shortage. These rating weaknesses are partially
offset by the experience of SCMSM's promoter in the textiles
industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         0.9     CRISIL A4 (Reaffirmed)
   Cash Credit           60.0     CRISIL B/Stable (Reaffirmed)
   Long-Term Loan        70.0     CRISIL B/Stable (Reaffirmed)
   Proposed Long-Term     7.5     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
Outlook: Stable

CRISIL believes that SCMSM will continue to benefit from its
promoter's extensive experience in the cotton textile yarn
industry over the medium term. The outlook may be revised to
'Positive' if the financial risk profile improves, most likely due
to an equity infusion or larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if SCMSM
undertakes a large debt-funded capital expenditure programme or if
the company's operating margin deteriorates, thereby weakening its
financial risk profile.

Update

SCMSM's revenues have grown at about 50 per cent in 2012-13
(refers to financial year, April 1 to March 31), and were
estimated at INR390.0 million, on the back of increasing demand
from its existing customers and commencement of trading in hosiery
fabric, which contributed to around INR70 million during the year.
However SCMSM's operating margin was declined to 12.0 per cent for
2012-13, due to low profitability margins in the trading business,
and an increase in power costs. However, CRISIL believes that
SCMSM will maintain its stable business risk profile supported by
its established relations with customers including Lux Industries
Ltd, and Dollar Industries Ltd.

SCMSM's financial risk profile continues to remain weak marked by
its highly leveraged capital structure and average debt protection
metrics. The company's net worth was small, estimated at INR61
million as on March 31, 2013. Its working capital requirements
continue to be debt-funded; hence, its gearing was high at 2.84
times as on March 31, 2013. SCMSM has average debt protection
metrics with estimated interest coverage of 2.11 times, and net
cash accruals to total debt (NCATD) ratio of 0.13 times for 2012-
13.

The company's liquidity is stretched, with high bank limit
utilisation and cash accruals closely matched to debt obligations.
SCMSM's bank lines were extensively utilised at 95 per cent over
the past 12 months through September 2013. The company is likely
to generate cash accruals of INR28 million vis-…-vis debt
obligations of INR23 million during 2013-14. However, the promoter
has been extending need-based financial support through unsecured
loans estimated at INR26 million as on
March 31, 2013.

SCMSM was set up in September 2004 by Mr. M Ravichandran. The
company manufactures hosiery yarn in Tirupur (Tamil Nadu).


SRI SAI: CRISIL Assigns 'B' Ratings to INR200MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Sai Pavan Industries Private Limited.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term       60      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              80      CRISIL B/Stable (Assigned)

   Long-Term Loan           60      CRISIL B/Stable (Assigned)

The rating reflects SSPIL's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
and modest scale of operations in an intensely competitive market.
These ratings weaknesses are partially offset by the extensive
experience of SSPIL's promoters in the rice industry.

Outlook: Stable

CRISIL believes that SSPIL will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the company's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile, resulting in an
improvement in SSPIL's capital structure. Conversely, the outlook
may be revised to 'Negative' if the company undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially leading to weakening in its financial risk
profile

Incorporated in 2009, SSPIL is engaged in milling of raw and
parboiled rice in Miryalguda (Andhra Pradesh). The company is
promoted by Mr. Gouru Venkateswarulu and Mr.Ranga Sridhar.

SSPIL reported a profit after tax (PAT) of INR1 million on net
sales of INR153.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.6 million on net
sales of INR353 million for 2011-12.


STARSHINE NIRMAN: CRISIL Suspends 'BB-' Ratings on INR46MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Starshine Nirman Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            40      CRISIL BB-/Stable Suspended

   Letter of Credit      300      CRISIL A4+ Suspended

   Proposed Long-Term      6      CRISIL BB-/Stable Suspended
   Bank Loan Facility

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

Incorporated in September 2008, SNPL trades various grades of
plastic granules, such as polypropylene, polyvinyl chloride, high-
density polyethylene, linear low-density polyethylene, and
polyethylene. The company earns its revenues primarily from
importing and trading of certain grades of plastic granules that
are not available in the domestic market. SNPL commenced
commercial operations during 2009-10 (refers to financial year,
April 1 to March 31) from its Kolkata (West Bengal) unit; in 2011-
12, it established a trading unit in Delhi as well. The operations
of SNPL's Delhi unit has shown significant ramp-up as compared
with its Kolkata unit, as is reflected in the fact that the Delhi
unit has booked about 76 per cent of SNPL's revenues for the five
months ended August 2011, while the Kolkata unit has contributed
only about 24 per cent.


SUBH LAXMI: CRISIL Assigns 'BB' Ratings to INR140MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Subh Laxmi Multisolution Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           60       CRISIL BB/Stable (Assigned)

   Proposed Cash         80       CRISIL BB/Stable (Assigned)
   Credit Limit

The ratings reflect the extensive experience of SLMPL's promoters
in the trading and manufacturing activities in rice industry and
the company's above average financial risk profile, marked by
moderate capital structure and debt protection metrics. These
rating strengths are partially offset by SLMPL's limited scale of
operations in a fragmented industry and exposure to adverse
changes in government policies.

Outlook: Stable

CRISIL believes that SLMPL will continue to benefit over the
medium term from its promoters' extensive experience in the rice
milling industry. The outlook may be revised to 'Positive' if the
company's scale of operations improves while maintaining the
profitability and cash accruals. Conversely, the outlook may be
revised to 'Negative' if SLMPL undertakes any large debt-funded
expansions, or its working capital cycle weakens leading to
deterioration in its financial risk profile.

Incorporated in January 2010, SLMPL is engaged in milling and
processing of par boiled rice. Its rice mill is located in Giridih
(Jharkhand). The company is promoted by Mr. Pramod Kumar Agarwal,
Mr. Surendra Kumar Agarwal, Mr. Umesh Prasad and Mr. Shravan
Kumar.


VENTURE STEELS: CRISIL Cuts Ratings on INR70MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Venture Steels Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        17.5     CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit           19.5     CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Proposed Long-Term     6.4     CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B+/Stable')

   Term Loan             26.6     CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by VSPL in
servicing its term debt. The delays have been caused by the
weakening of VSPL's liquidity, driven by stretch in working
capital cycle.

The ratings also reflect VSPL's modest scale of operations and
working capital intensive nature of its activities. These rating
weaknesses are partially offset by VSPL's established market
position and long standing experience of its promoters in the
cooling equipment industry.

Incorporated in the year 2004, VSPL is primarily engaged in
manufacturing of cooling equipments which are used in the dairy
industry. It also manufactures equipments used for storage,
transportation and processing of milk and milk products. The
company also undertakes turnkey projects to set up milk processing
plants. It has its manufacturing unit at Baramati, Maharashtra.
The day-to-day operations of the company are overseen by Mr. B. R.
Shende.

VSPL has recorded a profit after tax (PAT) of INR2.7 million on
net sales of INR134 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.6 million on net
sales of INR142 million for 2011-12.


VIJAY ENG'G: CRISIL Reaffirms BB- Ratings on INR25.5MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijay Engineering Works
(VEW) continue to reflect the extensive experience of VEW's
promoters in the construction equipment industry and its limited
vulnerability to volatility in raw material prices.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         2       CRISIL A4+ (Reaffirmed)

   Cash Credit            5       CRISIL BB-/Stable (Reaffirmed)

   Export Packing        52.5     CRISIL A4+ (Reaffirmed)
   Credit

   Standby Letter         8.5     CRISIL BB-/Stable (Reaffirmed)
   of Credit

   Proposed Long-Term    12.0     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

These rating strengths are partially offset by VEW's small scale
of operations and low operating profitability due to intense
competition in a fragmented industry, its below-average financial
risk profile, marked by a small net worth and high gearing, and
its working-capital-intensive operations.

Outlook: Stable

CRISIL believes that VEW will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations and profitability improve significantly, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if VEW's profitability declines or if its
capital structure deteriorates, most likely due to larger-than-
expected working capital requirements or capital expenditure.

Update

VEW's business risk profile remains healthy, with the firm
reporting moderate growth in revenues. Its turnover has increased
to around INR872 million in 2012-13 (refers to financial year,
April 1 to March 31) from around INR607 million in 2011-12.
However, its operating profitability declined to 2.05 per cent in
2012-13 from 3.6 per cent in the previous year. VEW's financial
risk profile remains weak, marked by small net worth of INR49
million as on March 31, 2013, despite equity infusion by promoters
of INR1.05 million in 2012-13. However the firm's gearing improved
to 1.59 times as on March 31, 2013, from 2.10 times a year
earlier. VEW's liquidity remains moderate, with the firm expected
to generate cash accruals of INR10.2 million in 2013-14, enough to
meet term debt obligations of INR5.13 million during the year. Its
bank limit utilisation was moderate at an average of 52 per cent
during the 12 months through June 2013.

VEW, on a provisional basis, reported a profit after tax (PAT) of
INR7.5 million on net sales of INR872.3 million for 2012-13, as
against a PAT of INR7.2 million on net sales of INR606.6 million
for 2011-12.

VEW was set up in 1960 by Mr. Tilakraj Agarwal. It is currently
being managed by his son, Mr Praveen Kumar Agarwal, Mrs. Sarlarani
Agarwal (mother of Mr. Praveen Kumar Agarwal), Mrs. Saroj Agarwal
(sister-in-law of Mr Praveen Kumar Agarwal), and Mr. Rajan Agarwal
(son of Mrs. Saroj Agarwal). VEW manufactures scaffolding
accessories, hand tools, hardware fittings, leather tool kits,
garden tools, and fasteners. About 95 per cent of its revenues is
generated from exports to Saudi Arabia, other Middle East nations,
Europe, and the Far East.


WATERLINE HOTELS: CRISIL Suspends 'B+' Ratings on INR270MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Waterline Hotels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long-Term Loan        220      CRISIL B+/Stable Suspended

   Proposed Long-Term     50      CRISIL B+/Stable Suspended
   Bank Loan Facility

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

Incorporated in 2008, WHPL is engaged in developing two projects -
Alila Hotel in Bangalore (Karnataka) and resort-cum-luxurious
villas under the venture, Feroke Project in Kozhikode (Kerala).
The company is promoted by the UKN and Kshema Geo Holdings Pvt
Ltd.



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


MONGOLIA: Banks Under Pressure From State Involvement, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says in a new report that the Mongolian government's
credit stimulus adds pressure on banks' margins, capital, and
asset quality. However, state involvement remains important to
maintain confidence in the banking sector, including banks
depending on the government for liquidity and currency risk
mitigation.

Fitch believes that the government's MNT2trn (about USD1.2bn) loan
programme and resultant margin pressure could remain in place
until the government attains sustainably low inflation through
higher interest rates or tighter fiscal policies. Steady access to
equity is an important rating driver for the rated banks, as
lending directed to strategic sectors under the loan programme
could be more susceptible to deterioration and the programme's
preferential lending rates insufficient to cover resulting loan
losses. While there are plans to securitise banks' mortgages in
Q413 to create capacity for continuous growth, it remains unclear
to what extent this benefits liquidity and capital.

Foreign-currency (FC) risk remains the main pressure point for
banks' asset quality and liquidity. The Mongolian tughrik's high
volatility can quickly lead to large currency mismatches, which
banks manage through a swap facility with the central bank. FC
deposits increased rapidly following the tughrik's 24%
depreciation from end-2012 to September 2013. Liquidity remains
tight despite improving FC loan/deposit ratios given low levels of
FC liquid assets and cashflow sensitivity to FC borrower defaults.



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


SOLID ENERGY: Secures Restructuring Deal With Banks
---------------------------------------------------
Adam Bennett at The New Zealand Herald reports that Solid Energy
has secured its restructuring deal with most of its banks and the
Government following a series of meetings on October 22 in
Christchurch.

The Herald relates that the state owned coal miner said it
received "majority support" from its five bank creditors and note
holders at the meetings.

Bank of Tokyo-Mitsubishi UFJ Ltd has not agreed to the deal, but
its opposition will not stop it from going ahead, the report
relays.

According to the report, Solid Energy said while it had the
support of most of its banks, "certain of the arrangements are
still subject to legal challenge."

The Herald notes that Bank of Tokyo-Mitsubishi lodged a legal
challenge to the deal two weeks ago in the High Court at Auckland.

But Finance Minister Bill English said: "as far as we're concerned
the deal is proceeding," the Herald reports.

He has said Bank of Tokyo's legal challenge has little chance of
succeeding but on Oct. 22 said that if it did there would be no
choice but to put the company into receivership, according to the
report.

"If the compromise is scuttled Bank of Tokyo run the risk of
losing all their money," the report quotes Mr. English as saying.

The Herald relates that Solid Energy Chairman, Mark Ford, said the
company now had "a reasonable chance to trade its way back to a
viable and financially stable position over the next three years
when the restructured credit facilities come up for review".

The deal will reduce the company's bank debt from NZ$300.5 million
to NZ$239.5 million and its medium term notes from
NZ$95 million to NZ$81.2 million, the Herald notes.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.



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


VINGROUP JSC: Fitch Affirms 'B+' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Vingroup JSC's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) at 'B+'.
The Outlook is Stable. Vingroup's senior unsecured rating has been
affirmed at 'B+'.

Fitch has also assigned a 'B+(EXP)' rating to Vingroup's proposed
USD senior note issue. The final rating is contingent upon receipt
of the final documents conforming to information already received.

Vingroup's ratings reflect its small size when compared to global
property developers and aggressive growth strategy. The ratings
also capture Vingroup's strong market position as Vietnam's
largest listed real estate developer, its sizable land bank,
adequate liquidity and Fitch's expectation that recurring EBITDA
from Vingroup's retail, hospitality and healthcare business will
offer an improved coverage to interest expense in the medium term.

The Stable Outlook reflects Fitch's expectation that the
Vietnamese property market has bottomed out, underpinned by the
recent performance of primary and secondary property
markets and macroeconomic indicators.

Key Rating Drivers

Weak Residential Sales: Vingroup's 2012 and year-to-date
residential pre-sales and new sales were significantly below
Fitch's expectations because weakness in the property market
lasted longer than anticipated. The Vietnamese authorities are,
however, committed to macroeconomic stability, including lower
inflation and a stable currency. These macroeconomic factors are
supportive of the property sector and Fitch expects to see a
marked increase in new property sales in 2014.

Aggressive Growth Strategy: Vingroup proposes to launch apartment
and villa projects of aggregate contract value in excess of
USD12.9bn between 2015 and 2018, funded predominantly by pre-
sales. Should presales fail to be in line with expectations,
Vingroup has the flexibility to scale back the project launches
and associated capital expenditure. While this could support the
company's liquidity, a prolonged period of nil or low new project
sales reduces the medium-term cash flow visibility.

Adequate Liquidity: Vingroup's cash balance improved to USD113.92m
(VND2,386.54bn) as of 30 June 2013 from USD77.18m (VND1,616.86bn)
as of 31 December 2012, while short term deposits with banks
increased to USD173.91m (VND3,643.5bn) from USD149.71m
(VND3,136.52bn). The improvement in liquidity was primarily due to
the net proceeds after debt repayment and taxes raised from the
sale of Vincom Center A in H113 (gross sales proceeds USD467m).
Liquidity would improve further in H213 because of USD236m from
the sale of Vincom Center B and USD200m investment (USD180m
through preference shares that entail cumulative dividends and
USD20m through a convertible loan) from the Warburg Pincus
consortium.

Moderate Earnings Visibility: A significant proportion of
Vingroup's earnings till end-2014 are driven by contracted sales
and handovers of three projects - Royal City, Times City and
Vincom Village. Fitch estimates that more that 65% (in terms of
contract value) of these projects have been received and that the
unbilled amount (contract value less cash collections) is adequate
to meet the residual project-specific construction costs.
Successful new property launches will provide earnings visibility
beyond 2014.

Rating Sensitivities:

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

-- Failure to achieve cash sales of at least VND5trn from
   new projects (excluding Royal City, Times City and Vincom
   Village) in the six months to June 30, 2014,

-- Material increase in external borrowings to maintain current
   liquidity position, and

-- A downgrade in Vietnam's Country Ceiling of 'B+'

Positive rating action is not expected in the medium term due to
Vingroup's exposure to the inherently cyclical property business
and its small scale.


VINGROUP JSC: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on Vingroup Joint Stock Co.
The outlook is stable.  S&P also affirmed its 'axBB-' long-term
ASEAN regional scale rating on the Vietnam-based property
developer.

At the same time, S&P assigned its 'B' long-term rating to a
proposed issue of senior notes that most of Vingroup's wholly
owned subsidiaries guarantee.  The issue rating is subject to
S&P's review of the final issuance documentation.

"The rating affirmation reflects our expectation of subdued growth
prospects for Vietnam's property market," said Standard & Poor's
credit analyst Kah Ling Chan.  "It also reflects Vingroup's
significant debt appetite and heightened risk on substantial
foreign exchange exposure.  The company's large operating scale
with a low-cost land bank, established brand name in Vietnam, and
modest, albeit growing, recurring income temper these weaknesses."

S&P views Vingroup's business risk profile as "weak" and its
financial risk profile as "highly leveraged."

Although the residential property market in Vietnam appears to
have bottomed, in S&P's opinion, the outlook over the next 12-24
months is still uncertain.  In addition, the industry risk for
Vietnam's real estate market is high because of volatile property
cycles and limited liquidity.

Vingroup's property sales have remained sluggish so far this year
with limited new units sold.  Nevertheless, sales cancellations
have tapered because all of the company's projects that were
launched in 2010 and 2011 have been completed or are close to
completion, and are ready for delivery.  The completion of the two
largest retail malls in Vietnam, Royal City and Times City, in
2013 significantly bolstered Vingroup's portfolio, which includes
several properties that generate stable recurring income.

Vingroup's financial risk profile reflects the company's large
debt-funded capital expenditure.  The company aggressively
increased its debt in the past few years to fund the construction
of new projects.  S&P estimates that Vingroup's total borrowings
will push up its ratio of debt to debt plus equity above 60% in
2013, with a ratio of funds from operations to debt of about 10%.
The ratio of debt to debt and equity was 57.7% in 2012, with debt
far exceeding funds from operations.

S&P projects Vingroup's new sales to be a modest Vietnamese dong
(VND) 18.8 trillion in 2014.  S&P expects Vingroup's gross margins
to remain stable at 45%-50%, given the company's low land costs,
and anticipate that selling prices will not decline.  The
increasing recurring income from Vingroup's hotels and retail
divisions will be insufficient to mitigate the shortfall in S&P's
projected property sales, in its opinion.

S&P raised Vingroup's management and governance score to "fair"
from "weak," as defined in its criteria.  Board representation at
Vingroup has expanded following a recent investment in the
company's retail division Vincom Retail by Warburg Pincus, a
private equity investor.

"The stable outlook reflects our expectation that Vingroup will
have adequate liquidity and some financial flexibility to weather
a tough property market in Vietnam," said Ms. Chan.  S&P expects
Vingroup to collect most of its outstanding receivables, and
believe that the company will cut capital expenditure or sell
assets to maintain a sufficient liquidity buffer if necessary.

S&P could lower the rating if Vietnam's property market does not
improve, such that Vingroup's new contract sales in 2014 are
significantly lower than S&P's base-case expectation of
VND18.8 trillion.  S&P could also lower the rating if Vingroup's
collection of outstanding receivables is delayed or is
significantly lower than it expects, or the company's debt-funded
expansion is more aggressive than it anticipates.

S&P may raise the rating if Vingroup significantly exceeds S&P's
base-case property sales forecast for 2014, maintains its market
position and profitability, and increases the diversity of its
leasing portfolio.  This assumes that Vietnam's property market
stabilizes.



===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***