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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, January 15, 2014, Vol. 17, No. 10


                            Headlines


A U S T R A L I A

DIMMEYS STORES: Placed in Administration Following AUD3MM Fine
DIMMEYS STORES: First Meeting of Creditors Set for Jan. 23
QANTAS AIRWAYS: To Axe 35 Ground-Handling Jobs in Hobart
ROCKSALT BAR: In Administration; Gift Vouchers Questioned


C H I N A

CHINA ORIENTAL: Moody's Lowers CFR to B1; Outlook Negative
FOSUN INTERNATIONAL: Moody's Reviews Ba3 CFR for Downgrade
FOSUN INTERNATIONAL: S&P Puts 'BB+' CCR on CreditWatch Negative
PARKSON RETAIL: Moody's Lowers CFR to Ba2; Outlook Negative
ROAD KING: Moody's Says Toll Road Acquisition No Rating Impact

SHIMAO PROPERTY: Fitch Rates Proposed USD Senior Notes at 'BB+'


I N D I A

AMRAPALI SILICON: ICRA Reaffirms 'B+' Rating on INR300cr Loans
B. K. INFRATECH: ICRA Puts 'B' Rating to INR5cr Fund Based Loans
BASANT ENTERPRISE: ICRA Reaffirms 'B+' Rating on Fund Based Loans
BHAGAWATI ESTATE: CARE Reaffirms 'B+' Rating on INR1.09cr Loans
BHALKESHWAR SUGARS: ICRA Reaffirms 'B' Rating on INR95.5cr Loan

BKB TRANSPORT: CARE Reaffirms 'D' Rating on INR94.79cr LT Loans
BTC TRADING: ICRA Reaffirms 'B+' Rating on Fund Based Loans
CHAHAL SPINTEX: CRISIL Reaffirms 'B-' Ratings on INR509.3MM Loans
CHHATTISGARH STEEL: CARE Reaffirms 'B-' Ratings on INR76cr Loans
DDN SFA: CRISIL Upgrades Rating on INR235MM Loans to 'B-'

ELECTRONICS TECHNOLOGY: CRISIL Puts 'D' Ratings on INR5.8BB Loans
GURUKRUPA COTGIN: CRISIL Reaffirms 'B+' Ratings on INR70MM Loans
HIMAVASANI MOTORS: CRISIL Assigns 'D' Ratings to INR70MM Loans
INDRA MARSHAL: CARE Revises Rating on INR7cr LT Loan to 'B'
KINGFISHER AIRLINES: A380 Order Cancellation Cuts Revival Chances

LALIT SYNTHETICS: ICRA Reaffirms 'B' Rating to INR8.7cr Loans
MALWA AUTO: CRISIL Rates INR80 Million Loan at 'B+'
MARUTI CASHEW: CRISIL Assigns 'B' Ratings to INR57.5MM Loans
MILESTONE MERCANDISE: CARE Reaffirms 'B' Rating on INR15cr Loans
MITTAL RICE: ICRA Reaffirms 'B' Rating on INR6cr Loans

NAYAK INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR500M Loans
NAGRAJ ALLOYS: ICRA Assigns 'B' Ratings to INR7cr Loans
NAV BHARAT: ICRA Reaffirms 'B' Rating on INR6cr Loans
NIZMAR HOTELS: CRISIL Assigns 'D' Ratings to INR156MM Loans
P. R. S. TIMBERS: CRISIL Places 'B' Ratings on INR75MM Loans

R.P. STEEL: CRISIL Reaffirms 'B' Rating on INR70MM Loan
RENUKA CONSTRUCTIONS: CRISIL Rates INR100MM Term Loan at 'B+'
SANGA AUTOMOBILES: CRISIL Assigns 'D' Ratings to INR130MM Loans
SARADA STARCH: CRISIL Reaffirms 'D' Ratings on INR200MM Loans
SHAGUN ORGANISERS: CRISIL Lowers Rating on INR150MM Loan to 'D'

SHANKAR PARVATI: ICRA Assigns 'B+' Rating to INR4.9cr Loan
SHREE NURSINGSAHAY: CRISIL Cuts Rating on INR150MM Loans to 'B'
SHRI HANUMANT: CARE Cuts Rating on INR8.0cr Bank Loans to 'D'
SHRISTI PLYWOOD: CRISIL Assigns 'B' Rating to INR70MM Loan
SK ENTERPRISES: CARE Assigns 'B+' Rating to INR6cr LT Bank Loans

SM CONSTRUCTIONS: ICRA Assigns 'B+' Rating to INR8.5cr Loan
SPECIALITY CANS: ICRA Suspends 'B+' Rating on INR8cr Loans
SURANA GREEN: CRISIL Assigns 'B-' Ratings to INR325MM Loans
SWASTIK ARMAAN: ICRA Assigns 'B' Rating to INR6cr Loan
WATERFLO PIPING: CARE Reaffirms 'B' Rating on INR7.25cr LT Loans


S O U T H  K O R E A

KOREA ELECTRIC: Expects to Post Profit After 6 Years of Losses


T A I W A N

ACER INC: CEO Attributes Losses to Early Entry to Ultrabook PCs


T H A I L A N D

THAI AIRWAYS: Denies bankruptcy Rumors in Social Media


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A U S T R A L I A
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DIMMEYS STORES: Placed in Administration Following AUD3MM Fine
--------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that iconic discount retailer
Dimmeys has been placed in administration, following a AUD3 million
penalty for breaching product safety laws late last year.

Richard Cauchi -- richard.cauchi@svp.com.au -- Peter Gountzos --
peter.gountzos@svp.com.au -- and Michael Carrafa --
michael.carrafa@svp.com.au -- from SV Partners were appointed as
administrators on January 13, SmartCompany discloses.

In December 2013, the Federal Court of Australia has declared that
Dimmeys has contravened the product safety provisions of the
Australian Consumer Law.  According to a notice posted in the
Company's website, Dimmeys breached the law by supplying and offering
for supply to the public girls padded swimwear, baby bath squeeze toy
sets, cosmetics - shower gift sets, and basketball rings, which did
not comply with the relevant safety standards.  SmartCompany said the
Consumer Affairs Victoria uncovered 14,000 of the unsafe items being
sold by the retailer.

The Federal Court of Australia ordered Dimmeys to pay penalties
totaling AUD3,000,000.  Starite Distributors Pty Ltd. was also found
to have breached the law by supplying the goods to Dimmeys for resale
to the public.  Starite was fined AUD600,000.

The Court has also imposed injunctions restraining Dimmeys and Starite
from carrying on a business of supplying, to retailers or to
consumers, any goods of a kind or class for which there exists a
safety standard.

Douglas Edward Zappelli, a director of both Dimmeys and Starite, was
further found to have been involved in the companies' contraventions
of the Australian Consumer Law.  Mr. Zappelli was fined AUD120,000.
He was also disqualified for six years from managing operations and
restrained from being involved in carrying on a business involving the
supplying of any goods of a kind or class for which there exists a
safety standard with any person.

Mr. Cauchi told SmartCompany the likely cause of Dimmeys voluntary
administration was the high penalty.

"It's safe to say it's probably as a consequence of the fine . . . All
the stores will continue to trade as normal and we intend to keep them
under control for the time being," SmartCompany quoted Mr. Cauchi as
saying.  "In essence, neither the stores nor the business had a large
debt. The principal debt is really to the related parties for stock
supplies. There are very few external creditors."

Mr. Cauchi said he will look to sell the business.  "I will continue
to trade the business with a view to assess its operations and then
look to advertise for the sale of the business," Mr. Cauchi told
SmartCompany.

"I always hope to find a buyer, it's always something we'd like to see
come out in the wash, but we can't control the advertising process and
I can't pre-empt whether or not we'll find an interested party."

For now, Dimmeys 500 employees are safe. However, as the business is
assessed there may be redundancies, SmartCompany noted.  "Until we
assess the operations of the company as a whole, nothing will change,"
Mr. Cauchi said.

SmartCompany recalled that Mr. Zappelli took over the running of the
160-year-old company in 1996 and within that time Dimmeys has been
involved in four cases of selling hazardous products or items which
were incorrectly labelled.

Dimmeys Stores Pty Ltd is Australia-based discount retailer.


DIMMEYS STORES: First Meeting of Creditors Set for Jan. 23
----------------------------------------------------------
The First Meeting of Creditors of Dimmeys Stores Pty Ltd. is scheduled
to be held on Thursday, January 23, 2014, according to a statement
issued by SV Partners, who was appointed voluntary administrators of
the discount retailer.

Messrs. Richard J. Cauchi, Peter Gountzos and Michael Carrafa of SV
Partners in Melbourne have been appointed Voluntary Administrators of
Dimmeys on January 13 by the company's directors.

During the period of administration, the directors' powers are
suspended and the Joint and Several Administrators' act as the
company-s agents and effectively control the company-s business,
property and affairs.

The Administrators said they are currently examining the trading and
financial position of the company and at this stage, all Dimmeys
stores will continue to trade as normal.  The Administrators added
that they will also be assessing the viability of the company's
business with a view to placing the company's business and assets on
the market for sale.

All queries should be directed to the SV Partners Melbourne office at:

         SV Partners
         Level 17
         200 Queen Street
         MELBOURNE, VIC 3000
         Tel: (03) 9669 1100
         Fax: (03) 9670 4435
         Email: melbourne@svp.com.au

Dimmeys Stores Pty Ltd is Australia-based discount retailer.


QANTAS AIRWAYS: To Axe 35 Ground-Handling Jobs in Hobart
--------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Qantas
Airways will axe all 35 of its ground-handling staff in Hobart as it
shifts the operations of services to the Tasmanian capital to its
regional offshoot, QantasLink, sparking accusations that it is
downgrading operations to the state.

SMH relates that the airline will stop operating its Boeing 737
aircraft on flights to Hobart from the mainland from the middle of
April, and replace them with QantasLink's smaller 125-seat Boeing
717s.

However, the frequency of services to the mainland will rise by an
extra daily return flight between Hobart and Melbourne, the report
relays.

According to the report, Qantas told the 35 ground staff in Hobart
that their roles would be made redundant, with its regional offshoot
seeking contractors to perform the ground-handling work at the city's
airport.

The airline said the changes were about "making sure we have the right
aircraft on the right routes in support of leisure and business travel
opportunities between Tasmania and the mainland".

SMH reports that QantasLink will recruit 30 flight attendants and 15
pilots who will be based in Hobart.

But Tasmanian MP Andrew Wilkie said the job cuts were an example of
"another alarming downgrade of Tasmania" in the airline group's
network, SMH relays.

"No wonder Qantas is in trouble financially. It's effectively
abandoning destinations, axing staff and patching it up with
subcontractors," SMH quotes Mr. Wilkie as saying. "When people fly
Qantas they expect just that, not a succession of subcontractors."

The report notes that Qantas outlined plans last month to axe at least
1000 positions from across the company, including Jetstar, over the
next year. It has not revealed what part of the business will be hit
hardest by the job cuts, other than to say that it will be a staged
process.

Last month, SMH recalls, Qantas sought voluntary redundancies from
domestic cabin crew, engineering support staff and managers but has
yet to reveal the number of staff who applied.

With it facing a loss of up to AUD300 million in the first half,
Qantas is trying to cut the cost of its premium domestic operations to
within 5 per cent of Virgin's by 2015, down from about 10 to 15 per
cent at present, according to SMH.

SMH notes that as well as the job cuts, the carrier plans to strip out
an extra $2 billion in costs in the next three years.  It is also
considering partial sales of the Frequent Flyer loyalty program and
Jetstar, and outright sales of other businesses such as freight, as
part of a company-wide strategic review, the report adds.

                       About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 13, 2014, Moody's Investors Service has downgraded to Ba2 from
Baa3 Qantas Airways Limited's senior unsecured rating. Qantas' short
term rating has also been downgraded to NP (Not Prime) from P-3. This
concludes the review initiated on Dec. 5, 2013, following Qantas'
announcement and market update that it was now expecting an underlying
loss before tax of AUD250 to AUD300 million for the six months ended
Dec. 31, 2013.

At the same time, Moody's has assigned a Corporate Family Rating
(CFR) of Ba1 to Qantas. The CFR, which is typically assigned to
non-investment grade corporates, reflects Moody's opinion on
Qantas' ability to honour its financial obligations as if it had a
single class of debt and a single consolidated legal entity structure.
The outlook for the ratings is negative.


ROCKSALT BAR: In Administration; Gift Vouchers Questioned
---------------------------------------------------------
Illawarra Mercury News reports that Rocksalt Bar and Grill, a
restaurant in Wollongong NSW, Australia, has ceased operating and was
handed over to administrators.

The closure leaves a number of people who received Rocksalt gift
vouchers in their Christmas stockings wondering whether they will be
able to redeem them, according to the report.

In a statement issued by DConsult Pty Limited, trading as Rocksalt Bar
& Grill, the troubles were attributed to "a series of complex ongoing
issues" not foreseen by the company's sole director, Deanna Lea, the
report discloses.

The company directed customers holding a voucher from deal-based Web
site Groupon -- which had been selling coupons for discounted seafood
platters, expiring Feb. 12 -- to make contact with Groupon for a
refund as "Rocksalt only receives payment on Groupon vouchers after
presentation," the report says.

People with vouchers bought directly from Rocksalt were advised a
solution was being devised, the report relays.

In a notice filed with the Australian Securities and Investments
Commission, DConsult said Darren John Vardy and Ian James Purchas were
appointed as administrators.



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C H I N A
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CHINA ORIENTAL: Moody's Lowers CFR to B1; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded China Oriental Group Company
Limited's corporate family rating and its senior unsecured rating to
B1 from Ba3.

The ratings outlook is negative.

This rating action follows the company's announcement on 10 January
2014 that it's likely to experience a substantial decline in profit or
may even incur a loss in 2013 as compared to the profit made in 2012.

RATINGS RATIONALE

"The downgrade reflects the deterioration in China Oriental's credit
profile, as a result of its decreased market share and potential
impairment and provision for certain assets and receivables as
indicated by the company's announcement," says Jiming Zou, a Moody's
Assistant Vice President and Analyst.

Moody's estimates that the company's domestic market share weakened in
2013 as a result of a decline in production volume, despite an overall
increase in steel output in China. The company reduced its sales
volume to cope with the weak demand for its product and to stem losses
from its cold rolled products.

In addition, declining average selling prices of steel products, as a
result of oversupply and fierce price competition, also contributed to
low profitability. Its adjusted EBIT margin is estimated to have
stayed low at about 1.9% in 2013, similar to the level in 2012.

"The downgrade also incorporates our expectation that China Oriental's
financial metrics will remain more consistent with the B1 rating than
Ba3. We don't expect a swift improvement in the domestic market, given
the lingering oversupply and despite progress on capacity reduction.
Demand for China Oriental's steel products will remain weak in 2014 as
the government is switching the growth driver from infrastructure
investments to consumer spending," adds Zou, who is also the lead
analyst for China Oriental.

Moody's estimates that China Oriental's adjusted debt/EBITDA will
remain high at 5.0x-5.5x in 2013 and 2014, which is weak for the Ba3
rating category. Although the company experienced lower debt levels in
2013, as a result of declining raw material prices and a corresponding
release of working capital, this was offset by a decline in earnings.

On the other hand, the possible impairment of certain of its fixed
assets and receivables shows heightened counterpart risk when dealing
with business partners in the steel industry. In particular, China
Oriental announced in November 2013 that RMB234 million due from
Hengfeng is in doubt and may result in an impairment provision.

The B1 rating is still supported by China Oriental's domestic market
leadership in the H-section steel products as well as its efficient
steel production compared to other domestic peers, despite a lower
market share in 2013. It also reflects the company's ability to
benefit from long-term domestic demand with its broad range of
long-steel products.

The negative outlook primarily reflects Moody's expectation for China
Oriental's weak liquidity. As of June 2013, its cash balance of RMB3.2
billion was insufficient to cover its short-term debt of RMB4 billion.
Although the company can utilize its bank-guaranteed acceptance notes
receivables as a liquidity buffer (RMB3.8 billion as of June 2013),
the cash conversion of these notes is subject to market liquidity and
bank credit risks. In addition, China Oriental has about $490 million
outstanding senior notes due in August 2015.

An upgrade is unlikely, given the negative outlook. The outlook could
return to stable, if the company improves its liquidity profile, slows
down its investments in non-core businesses and maintains its adjusted
debt/EBITDA below 5.5x and EBITDA/interest above 2.5x.

The rating will be under pressure for further downgrade if the
company's adjusted debt/EBITDA rises above 5.5x-6x and EBITDA/interest
falls below 2.3x-2.5x.

The principal methodology used in this rating was Global Steel
Industry Methodology published in October 2012.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11 million tonnes per annum, mainly manufactures H-section
steel products and HR strips/strip products at its steel mills in
Hebei province. The company was listed on the Hong Kong Stock Exchange
in 2004. It is 45%-owned by its founder, Mr. Han Jingyuan, and 29.6%
by ArcelorMittal.


FOSUN INTERNATIONAL: Moody's Reviews Ba3 CFR for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed Fosun International Limited's Ba3
corporate family and B1 senior unsecured ratings under review for
downgrade.

RATINGS RATIONALE

The rating action follows Fosun's announcement that it has won the bid
for the proposed acquisition of 80% of the share capital and voting
rights of Fidelidade -- Companhia de Seguros, S.A. (unrated),
Multicare - Seguros de Saude, S.A. (unrated), and Cares- Companhia de
Seguros, S.A (unrated), all of which are wholly-owned subsidiaries of
Caixa Seguros e Saude, SGPS, S.A.(CSS, unrated), the insurance arm of
Portugal's state-owned bank, Caixa Geral de Depositos, S.A. (CDS, Ba3
negative), for an aggregate consideration of EUR1 billion.

Fosun will also acquire up to 5% of shares in Fedelidade, if such
shares are not acquired by the employees of insurance companies, as
part of a privatization process. The remainder of Fedelidade's share
capital and voting rights will continue to be owned by CSS.

Fosun has not disclosed details of the terms and conditions of the
acquisition, or how it plans to fund the transaction.

"Our review of Fosun's ratings reflects the uncertainties associated
with the company's funding plan, as well as the execution risks
involved in the transaction," says Lina Choi, a Moody's Vice President
and Senior Analyst.

"The consideration for the transaction exceeds Fosun's cash resources
and internally generated cash. We therefore expect that the company
will need external funding, dispose some of its investments, or both.
Such possibilities, if they eventuate, could weaken its financial
profile and liquidity position," adds
Ms. Choi, who is also the Lead Analyst for Fosun.

"The transaction also represents its higher than expected risk
appetite in pursuing growth. Fosun made several large acquisitions and
investments last year. While the company has been actively recycling
its capital, it still relies heavily on external debt and equity
capital to fund its investments," adds Ms. Choi.

"In addition, the investment will expose Fosun to execution risks.
While the company has some experience managing overseas investments,
it is unfamiliar with Portugal's insurance market and local
regulations," says Kai Hu, a Moody's Vice President and Senior Credit
Officer.

"The company also faces the challenges of customer, core employee and
sales channel retention," says Mr. Hu, who is also a Local Market
Analyst for Fosun.

"Nonetheless, the insurance businesses should comprise one of Fosun's
largest segments in terms of assets and income contributions after the
acquisition. Moreover, the increased portfolio and geographic
diversification afforded by the deal will reduce Fosun's exposure to
systematic risks in China. In addition, the company could benefit from
synergies between its insurance businesses in China and elsewhere,"
adds Mr. Hu.

Moody's review will focus on: 1) the final considerations and terms
and conditions of the transaction, 2) Fosun's financing plan, 3) its
business plan to manage CSS, 4) its overall strategy to manage its
investment portfolio and growth, and 4) Fosun's business and financial
profile, following the acquisition.

Fosun's ratings will likely be downgraded by one-notch if (1) the
company adopts an aggressive debt funded approach, such that the
majority of the acquisition is funded by debt, and the company's
financial profile -- particularly the holding company's liquidity
profile -- deteriorates, and (2) if there are higher than expected
risks associated with the transaction.

On the other hand, the ratings could be confirmed if: (1) Fosun
funding approach is balanced, such that the company does not rely
heavily on debt, and uses other funding channels such as third party
strategic investors, or proceeds from the disposal of its investments,
or (2) Fosun has a solid business plan for CSS and the addition of the
new insurance businesses is proved to help reduce the overall risk
profile of Fosun.

Moody's considers Fosun as a conglomerate for the purpose of its
analysis because of the company's ties with some of its core
subsidiaries, given the number of intra-group guarantees and
cross-default provisions.

The company's ratings therefore take into consideration the
performance of its operating entities, as well as its consolidated
credit metrics.

Moody's does not apply a single standard industry methodology in
assessing Fosun, because of the company's diverse business interests.
Moody's evaluates the credit profiles of each of Fosun's segments by
using the relevant methodologies for the pharmaceutical, steel,
mining, home building, and investment-holding companies. Moody's also
analyzes the results from these methodologies in accordance with the
rating framework for conglomerates.

Fosun 's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared with
others within the industry; (ii) capital structure and financial risk;
(iii) projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Fosun's core industry and believes Fosun's ratings are
comparable to those of other issuers with similar credit risk.

Fosun International Limited was founded in 1992. It focuses on the
core businesses of: (1) steel, (2) property, (3) pharmaceuticals and
healthcare, and (4) mining.

Apart from its core businesses, Fosun has a growing presence in other
areas such as insurance and asset management. It also has a
significant portfolio of Chinese and overseas investments in listed
companies, equity interests in operating businesses and investment
partnerships that are not publicly listed.

Fosun became the holding company of the group in 2005. Headquartered
in Shanghai, it was listed on the Hong Kong Stock Exchange in 2007.
The group is 58% indirectly-owned by its chairman, Mr. Guangchang Guo.
Mr. Guo and three other founders indirectly own a combined share of
79.03% in the holding company.


FOSUN INTERNATIONAL: S&P Puts 'BB+' CCR on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'BB+'
long-term corporate credit rating and 'cnBBB' long-term Greater China
regional scale rating on China-based conglomerate Fosun International
Ltd. on CreditWatch with negative implications.  S&P also placed its
'BB+' long-term issue rating and 'cnBBB' Greater China regional scale
rating on the company's outstanding senior unsecured notes on
CreditWatch with negative implications.

"We placed the ratings on CreditWatch because Fosun's financial
strength is likely to weaken beyond our base-case expectation for the
rating if the company uses debt to finance its recently-announced
acquisition of about euro 1 billion," said Standard & Poor's credit
analyst Huma Shi.

Fosun will acquire 80% of the wholly-owned subsidiaries of Caixa
Seguros e Saude SGPS S.A., the insurance arm of Caixa Geral de
Depositos S.A., a 100% state-owned Portugal-based bank.  Fosun is yet
to finalize the funding arrangement for the acquisition.

In S&P's view, Fosun is still transitioning from an industrial company
into an investment holding company.  It has an aggressive expansion
appetite and an evolving business strategy.  Fosun has in the past 12
months made a number of diverse investments and acquisitions across
industries and geographies.  S&P expects such activities to continue
and weigh on Fosun's already-high leverage
and cash flow coverage over the next 12 months.

Nevertheless, S&P believes Fosun's liquidity is "adequate," as S&P's
criteria define the term.  The company has Chinese renminbi (RMB)
21.65 billion in cash on its balance sheet as of the end of June 30,
2013.  In addition, Fosun has RMB8.5 billion in investments in listed
equities at the holding company level.  These provide some financial
flexibility in the absence of financial distress.

Fosun's recent rapid growth has increased the diversity in its asset
portfolio, in S&P's opinion.  The company has also started divesting
assets and has generated good returns and realized value.

S&P aims to resolve the CreditWatch within the next three months.

"In resolving the CreditWatch, we will review the acquisition,
including the capitalization and the financial performance of the
insurance companies that Fosun will acquire," said Ms. Shi.  "We will
also assess the likely financial impact on Fosun's overall credit
profile, including the likelihood of further capital injection into
the acquired companies. Moreover, we will discuss with Fosun's
management the funding arrangement, Fosun's long-term growth appetite,
and the financial policies relating to such growth."

S&P will assess Fosun's financial performance, particularly its EBITDA
interest coverage, given the diversified nature of the company's
business.


PARKSON RETAIL: Moody's Lowers CFR to Ba2; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 Parkson
Retail Group Limited's corporate family rating and senior unsecured
debt rating.

The rating outlook is negative.

This action concludes Moody's review for downgrade initiated on 22
November 2013.

RATINGS RATIONALE

"The downgrade reflects the intensification of the structural
challenges facing Parkson, including intense competition from other
retailers, rising rents, and difficulties in ramping up new stores,"
says Alan Gao, a Moody's Vice President and Senior Analyst.

"These negative developments, together with its aggressive store
expansion strategy, will continue to pressure the company's
profitability and credit metrics." adds Gao.

Parkson's operating profit for the first 9 months of 2013 dropped by
40% year-on-year to RMB504 million, while its overall merchandise
gross margin declined to 17.6% from 18.1% in 2012, continuing the
downtrend evident since 2010 when it was 19.0%. Its same-store-sales
decline widened to 4.2% in 3Q 2013 from 0.7% in 1H 2013.

These weak results were primarily driven by decreased concessionaire
rates and increased rent expenses.

Moody's expects Parkson's profitability to remain pressured, with its
adjusted EBIT margin to drop to around 23% in 2013 and 2014 from 32%
in 2012. This is because its same-store-sales growth will likely
remain subdued due to the rising threat from internet retailing and
shopping malls. In addition, rents are prone to upward pressure due to
its low ratio of self-owned stores.

As a result of weaker earnings, rising rent expenses -- which Moody's
treats as adjusted debt -- and its new store expansion, adjusted
debt/EBITDA ratio will likely deteriorate to around 5.3x during 2014
-- similar to 2013 -- from 3.9x in 2012. Its retained cash
flow(RCF)/adjusted net debt will also fall to 17%-20% from 25%, if net
debt is adjusted for its principal guaranteed short-term investments.

Despite these challenges, the Ba2 ratings acknowledges Parkson's
well-recognized brand name, national presence, and low inventory and
collection risks. The ratings also incorporate Moody's expectation
that the company will maintain a strong liquidity profile, given its
sizeable liquidity buffers, which were RMB4.3 billion as of September
2013, including principal guaranteed short-term investments. But such
buffers will likely decrease to fund negative free cash flow stemming
from its large capital expenditure programs.

The negative outlook highlights the uncertainty over Parkson's ability
to arrest the trend of deterioration in its profitability and
financial metrics over the next 12-18 months, given the unfavorable
operating environment and its ambitious expansion strategy.

Near-term upgrade pressure will be limited, given the negative
outlook. However, the outlook could return to stable if Parkson can
curb the deterioration in the same-store-sales of its mature stores
and turn around the profitability of its new stores.

Financial metrics that Moody's would consider for returning the
outlook to stable include adjusted EBIT margin above 24%, adjust
debt/EBITDA below 5.0x, and RCF/adjusted net debt above 18% (after
taking into account principal guaranteed investments) on a sustained
basis

The rating could experience downward pressure if Parkson fails to
stabilize its profitability and financial metrics due to (1) rising
competition; (2) there is an erosion in its bargaining power over its
concessionaires/suppliers; or (3) it makes large investments in store
expansion.

Credit metrics which indicate downgrade pressure would include
adjusted EBIT margin below 20%-22%, adjusted debt/EBITDA above
5.5x-6.0x, and RCF/adjusted net debt below 14-16%% on a sustained
basis.

Furthermore, any sign that the company is extending financial support
to its parent, the Lion Group, would also pressure the ratings.

The principal methodology used in this rating was the Global Retail
Industry Methodology published in June 2011. Please see the Credit
Policy page on www.moodys.com for a copy of this methodology.

Parkson Retail Group Limited, listed on the Hong Kong Stock Exchange,
is one of the largest operators of department-store chains in China.
As of the year-end of 2013, it had 58 self-owned stores and one
managed store in 37 cities. It targets the middle- and
middle-upper-end of the Chinese retail market. It is 51.5% owned by
Parkson Holdings Berhad (PHB), an affiliate of Malaysia's Lion Group.


ROAD KING: Moody's Says Toll Road Acquisition No Rating Impact
--------------------------------------------------------------
Moody's Investors Service says Road King Infrastructure Limited's
acquisition of the operating rights of the Machao Expressway is credit
negative, but has no immediate impact on its B1 corporate family and
senior unsecured ratings.

The rating outlook remains positive.

"The acquisition is credit negative because it increases the property
developer's financial risk in the next 6 to 12 months, although such a
transaction is in line with the company's long-term business
strategy," says Franco Leung, a Moody's Assistant Vice President and
Analyst.

Moody's estimates that Road King's debt will increase by about
9-10% as a result of the transaction as the company could provide a
shareholder's loan and raise debt to settle the costs incurred before
the expressway began operation.

As a result, its adjusted debt /capitalization ratio -- including the
prorated debt of its jointly controlled entities -- would increase to
55-56% at end-June 2013, up from the actual 53.2% recorded for that
date. Its adjusted interest coverage would weaken to around 2.4x, down
from the actual 2.6x.

In addition, Road King will need to consume internal cash of about
RMB121 million for settling the unpaid amount of the tender offer for
the equity interests immediately after the transaction is approved.

Moreover, Moody's expects it will take 2-3 years before the expressway
generates meaningful cash flows for Road Kong as it is relatively new.
It only commenced operations at end-2013. Road King's interest
coverage from its toll road income will therefore weaken amid higher
adjusted interest expenses.

However, Road King has an adequate cash buffer to cover the
acquisition. Moody's expects its cash balance of HKD6.4 billion at
end-June 2013 and operating cash flows will be adequate to cover its
short-term debt of HKD5.55 billion, outstanding land payments, and the
acquisition's costs.

Moody's maintains its positive outlook on Road King's rating to
reflect the company's improved ability to stabilize the contracted
sales growth of its property business and its continued prudent
financial management. Such factors will in turn mean a credit profile
stronger than those of its B1 peers.

Moody's will continue to review the company's business and financial
strategy, particularly in relation to the use of debt for business
expansion.

On January 9, 2014, Road King announced that it has successfully
tendered for the acquisition of a 49% equity interest in the operating
rights of the Machao Expressway in the Anhui Province. The operation
rights will last for a period of 30 years, subject to approval of the
relevant government departments.

On top of the tender price of RMB271 million for the equity interests,
Moody's expects that Road King or the project company will incur debt
for the repayment of approximately RMB500-600 million in loans.

In addition, Road King or the project company will have to arrange
payment for approximately RMB500 million to settle all the outstanding
pre-operation costs of the Machao Expressway. The expressway was
wholly owned by Anhui Transportation Investment Group Co., Ltd, a
state-owned enterprise before the announcement. The transaction's
completion is subject to the approval of relevant government
departments.

"Given Road King's good track record of operating the toll-road
business, we believe the execution risk of the new acquisition is
low," adds Mr. Leung, who is also the lead analyst for Road King.

In recent years, Road King's property business has outgrown its
toll-road business. The latest investment by the company would help
balance its business composition.

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

Established in 1994, Road King Infrastructure Limited is a
Hong Kong-listed company with investments in toll roads as well as
investment projects in China.


SHIMAO PROPERTY: Fitch Rates Proposed USD Senior Notes at 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned property developer Shimao Property Holdings
Limited's (Shimao; BB+/Stable) proposed seven-year senior unsecured US
dollar denominated notes an expected rating of 'BB+(EXP)'.

The bonds are rated at the same level as Shimao's senior unsecured
Rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The final ratings are
contingent upon the receipt of final documents conforming to
information already received.

KEY RATING DRIVERS

Strategic Focus Improves Performance: Shimao has refocused on key
regions and cities where it has operational advantages.  Its expansion
into new cities and third- and fourth-tier cities remains selective.
Improved internal management in eight key regions allows better
day-to- day management of regional operations and sales.  For the 11
months ended 30 November 2013, the group realized contracted sales of
CNY61.3bn, exceeding its 2013 sales target of CNY55bn by 11.4%.  Fitch
expects contracted sales to continue to grow in 2014.

Shift in Product Mix: To raise contracted sales, Shimao adjusted its
residential property development mix to focus on first-time home
buyers and buyers upgrading their homes, as well as improved the
quality of its housing stock.  Shimao continues to focus on
small-to-medium sized units of 90sqm-140sqm, which account for around
75%-80% of its units available for sale for 2013 and 2014.  Shimao has
one of the highest recurring rental income streams and the highest
rental income to EBITDA ratio among Chinese property companies rated
by Fitch in the 'BB' category.

Delivery of Prudent Financial Strategy: During the challenging
operating environment in 2011, Shimao demonstrated operational
flexibility and prudent financial management.  It slowed down land
acquisition to conserve cash.  The company continues to have strong
financial support from over 10 onshore and offshore banks.
Management's focus on maintaining ample liquidity and ready access to
various funding channels further supports its ratings.

Solid Recurring Income: The company's 64%-owned Shanghai Shimao
provides rental income while Shimao's hotel operations are another
source of recurring income.  Management expects to continue investing
in commercial and retail properties and hotels.  Fitch believes this
will offer additional financial flexibility for the group if required.
However, over the past three years, more than 90% of Shimao's revenue
was from property sales.

Stable Operating Performance: Fitch expects Shimao to maintain a
stable operating performance and prudent financial policies in the
short-to-medium term and to continue to increase its contracted sales
in 2014 to more than CNY70bn.  A large and well-located land bank of
37.2 million sqm across China as of 30 June 2013 and its proven track
record in selective expansion to third and fourth-tier cities will
also underpin its stable performance.

Sufficient Liquidity: At June 2013 Shimao had CNY18.9bn in cash (of
which CNY2.1bn was restricted cash) and CNY20bn in unused bank credit
facilities.  Fitch expects the group to maintain sufficient liquidity
to fund development costs, land premium payments and debt obligations
during 2013-2015, based on its diversified funding channels and
flexible land acquisition strategy.

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

  -- continued weakening of the operating environment, leading to
     EBITDA margin erosion below
     20% (1H 2013: 28%)
  -- aggressive debt-funded expansion leading to net debt-to-
     inventory exceeding 40% (1H 2013: 51.4%)
  -- Contracted sales/gross debt below 1.25x (1H 2013: 1.3x) on a
     sustained basis
  -- Tightening liquidity due to a sustained fall in free cash
     flows, or weakened access to financing
     channels

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

  -- Longer track record of stable business growth
  -- Expansion, improved scale and cash efficiency without impact
     on profitability, with EBITDA margin above 20% on sustained
     basis
  -- Demonstrated leverage flexibility, with debt-funded
     expansion leading to net debt-to-inventory below 35% on a
     sustained basis
  -- Contracted sales/gross debt above 1.25x on a sustained basis



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


AMRAPALI SILICON: ICRA Reaffirms 'B+' Rating on INR300cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR300 crore
term loans of Amrapali Silicon City Pvt Ltd at '[ICRA]B+'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             300       [ICRA]B+; Re-affirmed

The rating reaffirmation factors in experience of its promoters in the
real estate business, low approval risk for the project, healthy
bookings achieved, and advanced stage of construction of the project.
The rating is, however, constrained by the residual execution risk and
the funding risk arising from the fact that the residual project cost
is to be met primarily from the customer advances which will be
contingent on the timing of the remaining bookings and collection
efficiency in the project. While the customer advances received so far
have been healthy, and fund infusion from private equity player has
reduced dependence on promoter's contribution, a large part of the
funds have been advanced to associated companies which has reduced the
available financial flexibility.

Going forward, the company's ability to timely service the debt,
collect customer advances and adherence to the construction schedule
will be amongst the key rating sensitivities.

Incorporated in February 2010, ASCPL is a Special Purpose vehicle
promoted by the Amrapali Group for developing a group housing project
called "Amrapali Silicon City" over 34.44 acre of plot in Sector-76,
Noida.

The total saleable area in the project is 5.06 million square feet.
The land has been secured on lease basis from New Okhla Industrial
Development Authority (NOIDA). The total land premium is INR361 crore
payable in installments till the year 2020 along with the interest.
However, the company will have to pay the entire outstanding land
premium before the final registry.


B. K. INFRATECH: ICRA Puts 'B' Rating to INR5cr Fund Based Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR5.00 crore
fund based bank limits of B. K. Infratech Private Limited. ICRA has
also assigned a short-term rating of '[ICRA]A4' to the INR7.00 crore
non-fund based bank limits of BKIPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Rated on long-term
   scale
   Fund based limits       5.00         [ICRA]B Assigned

   Rated on short-term
   scale

   Non-fund based limits   7.00         [ICRA]A4 Assigned

The rating favorably factors in the long standing experience and
expertise of the promoters of BKIPL in the construction industry, with
an established relationship with its clients, which has enabled it to
garner repeat orders over the years.

The rating is, however, constrained by the company's exposure to
project concentration risks, given that 58% of the order book, as of
August 2013, is attributable to the top three orders. Most of the
orders in the company's order book are expected to be completed in the
next six months, due to which the company needs to ensure new order
inflow for guaranteed revenue visibility. The company has been
witnessing margin pressures evidenced by high input costs, resulting
in declining operating profits, over the past year. High working
capital limits utilization, with instances of overutilization in the
past nine months due to the need to fund the company's working capital
requirement. The rating is also constrained by BKIPL's small scale of
operations, low net worth, and its exposure to geographical
concentration risks, since most of the company's orders are located in
Maharashtra.

B. K. Infratech Private Limited was incorporated in 2006. The company
is engaged in civil construction activities-such as, construction of
airport runways, aprons and terminal buildings, roads, and
buildings-for government organizations. BKIPL was founded by
technocrats proficient in the construction industry, and widely
experienced in handling construction projects. The company is promoted
by Mr. Chaterjee and Mr. Deshpande, who are also the promoters of
Vishal Infrastructure Limited. Around 75% of the total stake in BKIPL
is held by the promoter families of VIL. BKIPL used to undertake
sub-contracting work from VIL in the past. At present, however, none
of the orders in the order book of the company is sub-contracted from
VIL. BKIPL has a reputed client base, which includes the Airport
Authority of India (AAI), the National Thermal Power Corporation
Limited, the Public Works Department (PWD) of Maharashtra, and the
Defense Research and Development Organization (DRDO), among others.


BASANT ENTERPRISE: ICRA Reaffirms 'B+' Rating on Fund Based Loans
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the fund based
facilities of Basant Enterprise.

The reaffirmation of the rating takes into account BE's high financial
risk profile characterized by low margins given the limited value
addition in the trading business and its weak debt service coverage
indicators. The rating is also constrained by the vulnerability of the
firm's profitability to the high competitive intensity due to the
presence of large number of players in the business. The ratings
further take into account the vulnerability of the profitability to
fluctuations in foreign exchange rates as well as commodity price
risk, though the risk is mitigated to a large extent as the firm
hedges currency fluctuation risk through forward contracts and price
volatility risk through commodity exchanges. ICRA also notes that BE
is a proprietorship firm and any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels.

ICRA, however, has favorably factored in the long track record of the
proprietor and the Basant group, the established market position of
the firm, its favorable location as well as its diversified and
established customer base.

Established in 2007 as a proprietorship firm, Basant Enterprise is
operated by Mr. Mohit Jalan and is engaged in the business of trading
various agro commodities and precious metals like gold, silver,
diamond, etc. BE belongs to the Basant Group of Ahmedabad which has
been in existence for more than 100 years and has several other
entities operating in similar lines of business.

Recent Results

In FY 2013, BE reported an operating income of INR179.34 crore (as
against INR35.29 crore during FY 2012) and profit after tax of INR0.25
crore (as against INR0.17 crore during FY 2012).


BHAGAWATI ESTATE: CARE Reaffirms 'B+' Rating on INR1.09cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bhagawati Estate Warehouse.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            1.09       CARE B+ Reaffirmed

   Long-term/Short-
   term Bank
   Facilities            4.00       CARE B+/CARE A4 Reaffirmed

   Short-term Bank
   Facilities            0.70       CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Bhagawati Estate
Warehouse continue to remain constrained on account of the limited
track record of operations, risk pertaining to warehouse receipt
funding business and moderately weak financial risk profile
characterized by low profitability, low net-worth base and highly
leveraged capital structure. The ratings factor in the decline in its
total operating income (TOI) during FY13 (refers to the period April 1
to March 31) and elongation of operating cycle.

The ratings, however, continue to derive strength from the
long-standing experience of the group in agri-warehousing and trading
of commodities and its proximity to the agro-producing region of
Madhya Pradesh.

BEW's ability to increase its scale of operations along with its
profitability, capital structure and liquidity position will remain
the key rating sensitivities.

BEW was formed as a proprietorship firm in January 2009 by Ms Lata
Singh to undertake the business of warehousing and trading of
agro-commodities like potatoes, wheat, pea, chickpea and
lentil. BEW has two associate concerns, namely, Bhagawati Development
Services Private Limited (BDSPL - rated CARE B+/ CARE A4) and
Bhagawati Cools Private Limited (BCPL - rated CARE
BB-/CARE A4), which are engaged in similar line of business and also
have distributorship of Indo Farm tractors and Mahindra and Mahindra
(M&M) tractors, respectively, in Madhya Pradesh.

During FY13, BEW reported a total operating income of INR2.73 crore
(FY12: INR5.13 crore) and PAT of INR0.04 crore (FY12: PAT of INR0.07
crore). During 9MFY14 (provisional), BEW achieved sales of INR2.50
crore.


BHALKESHWAR SUGARS: ICRA Reaffirms 'B' Rating on INR95.5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for INR95.50
crore term loans of Bhalkeshwar Sugars Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             95.50       [ICRA]B; reaffirmed

The reaffirmation of rating factors in the delays in project execution
owing to monsoons and delay in equipment supply from suppliers which
has resulted in postponement of COD from Oct, 2013 to Jan, 2014; this
delay has led to minor increase in the project cost by 3% and have
also resulted in minimal time for stabilization of operations and cane
mobilization. However cane availability risk is mitigated given that
BSL's investor base consists of sugarcane farmers. The rating is also
constrained by the high cane costs which coupled with the current low
sugar realizations are likely to put pressure on the profitability of
the company. Further, the debt repayment burden remains high and the
company's ability to service its debt obligations during FY15
critically depends on achieving healthy capacity utilization (~90%)
and healthy contribution margins. The rating continues to be
constrained by the exposure of BSL's operations to agro climatic risk
on cane availability, high regulatory risk inherent in sugar sector
and leveraged funding of the project.

However, ICRA draws comfort from the minimal project execution risk
with 90% of the project cost incurred as on Dec, 2013. The sugar
project is ready for commencement of operations and cogen unit in
advanced stages of completion. The rating also positively factors in
the integrated nature of operations with cogen unit which is expected
to provide cushion to profitability during cyclical downturn in the
sugar industry, FRP linked sugarcane payments in Karnataka which
insulates in case of downturn in sugar price and the long experience
of promoter and key management personnel in the sugar sector.

Going forward, the company's ability to stabilize its newly commenced
plant in a timely manner and achieve the desired operating parameters
(healthy capacity utilization, adequate crushing volumes, recovery
rates and contribution margins) are the key rating sensitivities.

Bhalkeshwar Sugars Limited was incorporated in 2000 and is promoted by
Mr. Prakash Khandre. The company is setting up a sugar plant in Bhalki
in Bidar district of North Karnataka. The first phase of the project
is scheduled to be commissioned in
January 2014, at an effective project cost of INR147.87 crore. In this
first phase BSL will commission 2500 TCD sugar plant and 14 MW
cogeneration unit, while in the second phase it has plans to expand
the sugar capacity to 5000 TCD and cogen capacity to 30 MW.


BKB TRANSPORT: CARE Reaffirms 'D' Rating on INR94.79cr LT Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
BKB Transport Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           94.79       CARE D Reaffirmed

Rating Rationale

The rating of BKB Transport Pvt. Ltd. factors in the delays in debt
servicing on account of the stretched liquidity position of the
company.

BKB Transport Pvt. Ltd was incorporated in 1990 by Mr. Pramod Kumar
Agarwal for the purpose of carrying out the business of coal
transportation. Since then, the company has forayed into contract
mining activities (open cast), and is currently into activities like
site leveling, excavation, evacuation, surface mining, drilling,
blasting and other related civil construction. BKB executes mining
contracts on behalf of the principals (both public and private
sector), on the basis of tenders floated by the principals.

During FY13, BKB achieved net sales of INR298.3 crore (FY12- 231.6
crore) (April 2012 to March 2013) and PAT of INR4.4 crore in FY13
(FY12 - INR3.5 crore).


BTC TRADING: ICRA Reaffirms 'B+' Rating on Fund Based Loans
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the fund based
facilities of BTC Trading Co.

The reaffirmation of the rating takes into account BTC's moderate
financial risk profile characterized by de-growth in operating income
in FY 2013 and low profitability margins given the limited value
addition in the trading business. The rating is also constrained by
vulnerability of the firm's profitability to the high competitive
intensity due to the presence of large number of players in the
business. The rating further takes into account the vulnerability of
the profitability to fluctuations in foreign currency exchange rates
as well as commodity price risk, though the risk is mitigated to a
large extent as the firm hedges currency fluctuation risk through
forward contracts and price volatility risk through commodity
exchanges. ICRA further notes that BTC is a proprietorship firm and
any significant withdrawals from the capital account would affect its
net worth and thereby the gearing levels.

ICRA, however, has favorably factored in the long track record of the
proprietor and the Basant group, the established market position of
the firm, favorable location as well as a diversified and established
customer base.

Established in 2006 as a proprietorship firm, BTC Trading Co. (BTC) is
currently operated by Mr. Prakash Jalan and is engaged in the business
of trading various agro commodities and precious metals like gold,
silver, diamond, etc. BTC belongs to the Basant Group of Ahmedabad
which has been in existence for more than 100 years and has several
other entities operating in similar lines of business.

Recent Results

In FY 2013, BTC reported an operating income of INR76.70 crore (as
against INR78.77 crore during FY 2012) and profit after tax of INR0.22
crore (as against INR0.17 crore during FY 2012).


CHAHAL SPINTEX: CRISIL Reaffirms 'B-' Ratings on INR509.3MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chahal Spintex Ltd continue
to reflect CSL's weak liquidity, along with its below-average
financial risk profile, marked by high gearing and moderate working
capital requirements. The ratings also factor in the susceptibility of
the company's operating margin to volatility in input prices, and its
small scale of operations in the intensely competitive yarn industry.
These rating weaknesses are, partially offset by the extensive
experience of CSL's promoters in the cotton yarn industry, and the
company's healthy revenue growth over the past four years.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee            4      CRISIL A4 (Reaffirmed)

   Cash Credit             160      CRISIL B-/Stable (Reaffirmed)

   Term Loan               349.3    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CSL will continue to benefit over the medium term
from the promoters' extensive experience in the cotton yarn industry.
The outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
higher-than-expected cash accruals; and if its financial risk profile
improves driven by a large capital infusion from the promoter.
Conversely, the outlook may be revised to 'Negative' if CSL reports
lower-than-expected profitability, along with higher-than-expected
working capital requirements and debt-funded capital expenditure
(capex) programmes, thus weakening its financial risk profile and
liquidity.

Update

CSL's net sales grew 27 per cent year on year to around INR1.3 billion
in 2012-13 (refers to financial year, April 1 to
March 31) driven mainly by increased sales volumes and realization of
cotton yarn. The company's operating margins decreased by around 80
basis points to 9.6 per cent in 2012-13 because of increased fixed
costs due to increased spindle capacity.

CSL has moderate working capital requirements, with estimated gross
current assets (GCAs) of around 109 days as on March 31, 2013; the
GCAs have ranged between 110 and 130 days since 2011-12, due to
company's high inventory which has remained around 110-days over the
same period. As a result, CSL extensively utilized its bank limits,
reflected from peak season utilization of 99 per cent during October
to March; with average utilization of 74 per cent for the 12 months
through November 2013.

CSL's net worth was moderate at around INR167 million, as on March 31,
2013. Due to large debt-funded capex in the past and moderate working
capital requirements, CSL had a high gearing of around 4.1 times as on
March 31, 2013.

CSL generated cash accruals of around INR60 Million in 2012-13 against
repayment of INR71 Million and its cash accruals in 2013-14 are
expected to remain tightly matched against term debt obligations.

CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and his
family. It is involved in manufacturing cotton yarn at its unit in
Bhatinda (Punjab).


CHHATTISGARH STEEL: CARE Reaffirms 'B-' Ratings on INR76cr Loans
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Chhattisgarh Steel & Power Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities
   (Term loan)             47        CARE B- Reaffirmed

   Long-term Bank
   Facilities
   (Fund-based)            29        CARE B- Reaffirmed

   Short-term Bank
   Facilities
   (Non-fund Based)        24        CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by CSPL's small scale of
operations, absence of long-term power purchase agreement and weak
financial profile. The ratings, however, continues to
draw strength from the experienced management and strategic location
of the plant with proximity to input sources and market.

The ability to successfully stabilize the Ferro Alloy plant and
improve the liquidity position would remain the key rating
sensitivity.

Incorporated in 2003, Chhattisgarh Steel & Power Ltd. belongs to the
Raipur-based SBL group. The company was promoted by Sh. Alok
Choudhari, Sh. Mahesh Goyal and Sh. Anoop Agrawal and began successful
operations as an independent thermal power producer (30 MW).

However, November, 2012 two new promoter directors Mr. Vidit Sharma
and Mr. Santosh Singh Inda were appointed, following resignation of
two promoter directors, Mr. Agarwal and Mr. Goyal.
Recently the company has set up a Ferro Alloy Plant of 30000 MTPA in
the existing factory premises at Village Amjhar, Tehsil Champa, Distt.
Janjgir Champa (C.G.).

In FY13 (refers to the period April 2012 to March 2013), on an
operating income of INR28.7 crore (P.Y. INR57 crore), CSPL incurred a
net loss of INR7.1 crore (P.Y. net loss of INR10 crore) in FY13. In
H1FY14, the company has an operating income of INR3.8 crore and
incurred a net loss of INR7.3 crore.


DDN SFA: CRISIL Upgrades Rating on INR235MM Loans to 'B-'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of DDN
SFA Ltd to 'CRISIL B-/Stable' from 'CRISIL D' while reassigning its
'CRISIL A4' rating to the short-term bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            15      CRISIL A4 (Reassigned)

   Cash Credit              100      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                110      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term        25      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by DDN over
the six months through December 2013. The upgrade also factors in
CRISIL's belief that the company will generate adequate accruals to
meet its maturing term loan obligations over the medium term.

The ratings reflect DDN's large working capital requirements, driven
by the need to maintain a stock of finished goods after carrying out
production in the peak sugarcane season, which exposes the company to
fluctuations in the price of jaggery. DDN also has a below-average
financial risk profile marked by a modest net worth, high gearing and
below-average debt-protection metrics. These rating weaknesses are
partially offset by the extensive experience of DDN's promoters in the
sugar and jaggery industry.

Outlook: Stable

CRISIL believes that DDN will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports a substantial and
sustained improvement in its revenues, while sustaining its
profitability margins. A sizeable increase in its net worth on the
back of an equity infusion by the promoters, leading to improvement in
its capital structure, may also result in a 'Positive' outlook.
Conversely, the outlook may be revised to 'Negative' if DDN's working
capital cycle stretches, leading to deterioration in its liquidity, or
if it undertakes a large, debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

DDN, based in Latur (Maharashtra) was incorporated in 2010, and
started operations in December 2011. Promoted by Mr. Dilip Nade, the
company is a manufacturer of jaggery powder. Prior to the
incorporation of DDN, the promoter was engaged in jaggery trading
through a family enterprise.

DDN has reported a profit after tax (PAT) of INR2.2 million on net
sales of INR205.6 million for 2012-13 (refers to financial year, April
1 to March 31), against a PAT of INR1.0 million on net sales of
INR36.7 million for 2011-12.


ELECTRONICS TECHNOLOGY: CRISIL Puts 'D' Ratings on INR5.8BB Loans
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank facilities
of Electronics Technology Parks- Kerala (ETP- Kerala) and has assigned
its 'CRISIL D' rating to these facilities. The rating had been
suspended by CRISIL as per its rating rationale dated November 19,
2013 as ETP- Kerala had not provided the necessary information
required for reviewing the rating. ETP- Kerala has now shared the
requisite information.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan          3,882.4    CRISIL D (Assigned;
                                      Suspension Revoked)

   Proposed Long-Term      2,051.4    CRISIL D (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating reflects instances of delay by ETP- Kerala in meeting its
debt servicing obligations. The delay has been caused by the company's
weak liquidity. There has been delay in receipt of grant from the
Government of Kerala (GoK), thereby adversely impacting its liquidity
position. CRISIL believes that ETP- Kerala's liquidity will remain
weak in the near term.

ETP- Kerala has a healthy business risk profile supported by its
established brand name and support from the GoK. However, the
company's financial risk profile is constrained due to large debt
contracted for its on-going projects and weak liquidity.
About the Company

ETP- Kerala was promoted by the GoK in 1993. It is India's first
technology park, and among the three largest information technology
(IT) parks in India. This is the first technology park to be assessed
at Capability Maturity Model Integration Level 4, and to obtain
International Standards Organisation (ISO) 9001:2000 certifications.

Phase I and Phase II of ETP- Kerala were completed by 2008-09 and
2006-07 respectively, while Phase III, Phase IV and Kollam IT Park are
in the construction process. The company's revenues are expected to
increase substantially post occupancy of land under Phase III, Phase
IV and Kollam IT Park.


GURUKRUPA COTGIN: CRISIL Reaffirms 'B+' Ratings on INR70MM Loans
----------------------------------------------------------------
CRISIL rating on long-term bank facilities of Gurukrupa Cotgin Pvt Ltd
continues to reflect GCPL's weak financial risk profile, marked by
high gearing and a small net worth, and its modest scale of operations
with a low operating margin. These rating weaknesses are partially
offset by the company's efficient working capital management and the
extensive experience of its promoters in the cotton industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              40      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       11.5    CRISIL B+/Stable (Reaffirmed)

   Term Loan                18.5    CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated GCPL's outstanding
unsecured loans of INR13.3 million from its promoters and other
affiliates as on March 31, 2013, as neither debt nor equity. This is
because these loans are subordinated to bank loans and are likely to
be retained in the business over the medium term.
Outlook: Stable

CRISIL believes that GCPL will continue to benefit over the medium
term from its promoters' extensive industry experience its efficient
working capital management policies. The outlook may be revised to
'Positive' if the company's scale of operations and profitability
improve considerably, leading to substantial cash accruals and an
improvement in its liquidity. Conversely, the outlook may be revised
to 'Negative' if GCPL's profitability declines, or its working capital
requirements, especially its inventory levels, are higher than
expected, leading to deterioration in its financial risk profile,
particularly its liquidity

Update

GCPL's operating revenues declined by 31 per cent to INR268.2 million
in 2012-13 (refers to financial year, April 1 to
March 31) from INR388.1 million in 2011-12.  The decline in revenues
was because of lower output of cotton in the company's procurement
area around the Vidarbha region (Maharashtra) during the year. GCPL's
operating margin has remained stable at 3.27 per cent in 2012-13 as
against 3 per cent in 2011-12.

GCPL's operations have low working capital requirements, as reflected
in its gross current assets (GCAs) of around 70 days as on March 31,
2013, compared with 41 days as on March 31, 2012. The GCA days mainly
comprised inventory of 55 days and receivables of 13 days as on March
31, 2013. The company had maintained higher inventory at the end of
2012-13 because of higher price expectations in 2013-14. GCPL had low
creditors of 20 days as on March 31, 2013, as the payment to local
farmers for procurement of raw cotton (kapas) is made within 8 to 10
days. On account of low working capital requirements, GCPL's average
bank limit utilisation has been low, at around 57 per cent during the
11 months through September 2013.

GCPL's financial risk profile is weak, marked by high gearing of 2.2
times and a small net worth of INR17 million, as on March 31, 2013.
However, the company's debt protection metrics were moderate, with net
cash accruals to total debt and interest coverage ratios of 11 per
cent and 2 times, respectively, in 2012-13.

GCPL reported a profit after tax (PAT) of INR0.67 million on net sales
of INR268 million for 2012-13, as against a PAT of INR0.79 million on
net sales of INR388 million for 2011-12.
About the Company

GCPL undertakes ginning and pressing of raw cotton. Set up in 2008,
the company has 24 ginning machines and one pressing machine. It is
managed by Mr. Vishal Vajani and his family.


HIMAVASANI MOTORS: CRISIL Assigns 'D' Ratings to INR70MM Loans
--------------------------------------------------------------
CRISIL has assigned its' CRISIL D' rating to the long-term bank
facilities of Himavasani Motors Pvt Ltd. The rating reflects instances
of delay by the company in servicing its debt, due to weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                18.4     CRISIL D

   Cash Credit              50.0     CRISIL D

   Proposed Long Term
   Bank Loan Facility        1.6     CRISIL D

HMPL also has a weak financial risk profile, constrained by its
start-up operations. However, the company benefits from the extensive
industry experience of its promoters.
About the Company

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The company is
promoted by Mr. Suresh Kumar and his family, and runs a commercial
vehicle showroom in the district. HMPL is an authorised dealer for
commercial vehicles of Tata Motors Ltd (TML; CRISIL AA/Stable/CRISIL
A1+).


INDRA MARSHAL: CARE Revises Rating on INR7cr LT Loan to 'B'
-----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities of
Indra Marshal Power Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7.00      CARE B Revised from
                                    CARE B+

   Short-term Bank
   Facilities             9.28      CARE A4 Reaffirmed

Rating Rationale

The long-term rating assigned to the bank facilities of Indra Marshal
Private Limited was revised on account of the substantial decline in
its total operating income (TOI) and gross cash accruals (GCA) in FY13
(refers to the period April 1 to March 31) along with the moderation
in its liquidity position.

Furthermore, the ratings continue to remain constrained on account of
its financial risk profile marked by the modest net-worth base, weak
debt coverage indicators along with stretched liquidity position,
susceptibility of profitability to volatile raw material prices,
dependence of IMPL on the government bodies along with fixed price
contracts and highly fragmented nature of the industry.

The ratings, however, draw comfort from the experienced promoters
along with the long track record of the entity, reputed and
established clientele base and strong marketing & distribution
network.

The ability of the company to increase its scale of operations along
with an improvement in profitability margins and capital structure is
the key rating sensitivity.

Incorporated in 1968, IMPL belongs to the Jhawar Group based in
Indore. IMPL was originally constituted as a partnership concern by
Late Mr Jai Narayan Jhawar. The firm was converted into a
private limited company in 2009. IMPL is engaged in assembling pumping
set with horsepower of 3.5 to 20 and air (garage) compressors which
are used for agricultural purposes. The company has an installed
capacity of 56,000 pumps and 5,000 compressors per annum as on March
31, 2013. The company imports 90% of the required components (spare
parts) from China and the rest from the domestic market. The company
sells its assembled pump sets and compressors to the irrigation
department of the state governments and reputed private players. The
assembled pumps are sold under the brand name 'Indra Marshall'. The
company has a PAN India presence with a network of 275 dealers. IMPL
is an ISO 9001:2008 certified company.

During FY13, IMPL reported a PAT of INR0.15 crore on a TOI of INR17.45
crore as against a PAT of INR0.63 crore on a TOI of INR31.83 crore in
FY12. During HIFY14 (provisional), IMPL achieved a TOI of INR13 crore.


KINGFISHER AIRLINES: A380 Order Cancellation Cuts Revival Chances
-----------------------------------------------------------------
Anurag Kotoky and Andrea Rothman at Bloomberg News report that
Airbus SAS canceled Kingfisher Airlines Ltd.'s order for superjumbos,
reducing chances for resumption of services by the grounded Indian
carrier.

The orders for five A380s and another five A350-800 planes were
scrapped by Airbus, John Leahy, chief operating officer of the
Toulouse, France-based planemaker, told Bloomberg.  The report relates
that Prakash Mirpuri, a spokesman at the carrier, said Kingfisher is
trying to restart operations and the orders were canceled as it has no
plans for long-haul services.

According to Bloomberg, the cancellations add to the woes of
Kingfisher chairman Vijay Mallya after an Indian court last month
voided Diageo Plc's acquisition of a stake in the liquor tycoon's
United Spirits Ltd.  Kingfisher, which lost its airline license last
year, said it doesn't have any source of revenue and is in talks with
an investor for funds, Bloomberg adds.

"It is very difficult to restart, given the extreme circumstances that
they are in, you have to pay a lot of debt, pay employees and the
whole process requires massive funding," Bloomberg quotes Kapil Kaul,
chief executive officer for South Asia, CAPA Center for Aviation in
New Delhi, as saying. "It doesn't seem to be a feasible case."

Bloomberg says Kingfisher, the only Indian carrier to order A380s, has
grounded planes since October 2012.  The airline lost its operating
license in January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and airports
as losses widened amid rising fuel costs and competition.  Bloomberg
reports that Mr. Mirpuri said in an e-mail on January 13 the airline
continues its efforts to recapitalize and restart services.

"There is absolutely no source of revenue/income for the company as a
result of which the company does not have the means and is not in a
position to pay employees dues," Mirpuri said in a separate e-mailed
statement cited by Bloomberg. "We are doing our best to revive the
airline."

Kingfisher had total debt of INR91.4 billion ($1.5 billion) as of
Sept. 30, according to data compiled by Bloomberg.

The Indian carrier, which once had as many as 68 aircraft in its
fleet, now has just one active plane, an Airbus A319 corporate jet,
Bloomberg discloses citing aircraft tracking website planespotters.net
and regulator data.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and Mumbai.


LALIT SYNTHETICS: ICRA Reaffirms 'B' Rating to INR8.7cr Loans
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating assigned to INR8.70 crore
(enhanced from INR5.0 crore) long term fund-based bank facilities of
Lalit Synthetics Private Limited. ICRA has also reaffirmed '[ICRA]A4'
rating assigned to Rs.0.30 crore (reduced from INR4.0 crore)
short-term non-fund based bank facilities of LSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based facilities      8.70         [ICRA]B (Reaffirmed)

   short-term non-
   fund based
   facilities            0.30        [ICRA]A4 (Reaffirmed)

The rating reaffirmation continues to take into account the company's
weak financial profile which is on account of low profitability and
high leverage. Highly competitive and fragmented fabric manufacturing
industry with low entry barriers and limited product differentiation
limits the pricing ability of the company, resulting in low
profitability and accruals. Moreover, the working capital intensive
nature of business owing to long receivable and manufacturing cycle,
has resulted in high dependence on debt borrowing to achieve growth,
given the low accruals, which has kept the leverage high The rating
also continues to take into account the high geographical and customer
concentration of the garment business with entire sales to limited
clients in Middle East countries and also the exposure to foreign
exchange fluctuation in absence of any hedging policy and long
receivable period.

The rating however favorably takes into account the steady revenue
growth over the years on account of improved capacity utilization and
forward integration into garmenting and the experience of promoters in
the textile business.

While ICRA expects LSPL's profitability to remain low for the fabric
sales given the low value-add nature of the product, company's ability
to improve profitability by increased focus on garment business and
creating a diversified client base for garments, and improving the
working capital cycle to minimize funding requirements while achieving
growth would be key rating sensitivities.

Lalit Synthetics Pvt Ltd was incorporated in 1987 by Aggarwal family
along with their friends and relatives and is engaged in manufacture
of knitted fabric and garments. LSPL's manufacturing unit is located
in Ludhiana and company primarily sells the fabric in domestic market
while the garments are exported to the Middle Eastern countries. For
FY 13, the company reported a topline of INR43.5 crore and a PAT of
INR0.1 crore.


MALWA AUTO: CRISIL Rates INR80 Million Loan at 'B+'
---------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Malwa Auto Sales Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B+/Stable

The rating reflects MAPL's below-average financial risk profile marked
by leveraged capital structure and moderate interest coverage ratio
and modest scale of operations in the intensely competitive auto
dealership industry. These rating weaknesses are partially offset by
the benefits MAPL derives from its promoters' extensive experience in
the automotive dealership business and sole-authorised distributorship
of Hyundai Motors India Ltd. in Sonipat (Haryana).

Outlook: Stable

CRISIL believes that MAPL will maintain a stable business risk profile
over the medium term backed by its promoter's extensive experience in
automobile dealership business and established relationship with its
principal HMIL. CRISIL may revise the outlook to 'Positive' if the
company's financial risk profile improves on account of better than
expected accruals led by improvement in scale and operating
profitability. Conversely, the outlook may be revised to 'Negative' if
MAPL's working capital management weakens further or if it undertakes
any debt funded capex plans leading to further deterioration in
overall financial risk profile.

MAPL was incorporated by Mr. Nitin Sharma and his family members in
2002. The company commenced its operations in 2009, with dealership
agreement of HMIL. Currently, the company is a sole authorised
automobile dealer for HMIL in Kundli (Haryana), Sonipat (Haryana),
Gohana (Haryana) and Gannaur (Haryana). MAPL has three showrooms in 3S
format and one outlet.


MARUTI CASHEW: CRISIL Assigns 'B' Ratings to INR57.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Maruti Cashew Processors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 3.9     CRISIL B/Stable
   Cash Credit              50.0     CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        3.6     CRISIL B/Stable

The rating reflects SMCP's modest scale of operations in an intensely
competitive cashew processing industry and subdued financial risk
profile marked by low net worth, high gearing and modest debt
protection metrics. These rating weaknesses are partially offset by
the extensive experience of SMCP's partners' in the cashew processing
industry.
Outlook: Stable

CRISIL believes that SMCP will continue to benefit over the medium
term from its partners extensive experience in the cashew processing
industry. The outlook may be revised to 'Positive' in case there is
significant and sustained improvement in the firm's revenues and
profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the firm's revenues or
profitability margins or an elongation of its working capital cycle
resulting in a weakening in its financial risk profile.

Maruti Cashew Processors is a partnership firm established in 2008 by
Mr. Deepak Naik and Mr. Ganesh Naik. SMCP is engaged in the business
of processing raw cashew nuts and selling of cashew kernels. The firm
mainly caters to the domestic markets.

For 2012-13 (refers to financial year, April 1 to March 31), SMCP
reported a profit after tax (PAT) of INR1.0 million on net sales of
INR54.1 million, against a PAT of INR1.1 million on net sales of
INR63.5 million for 2011-12.


MILESTONE MERCANDISE: CARE Reaffirms 'B' Rating on INR15cr Loans
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Milestone Mercandise Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             15        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Milestone Mercandise Pvt
Ltd continues to be constrained by the strained liquidity position as
evident from the instances of overdrawals in the 12 months ending
September 2013. Moreover, the ratings are further constrained by the
company's small size of operations, fixed-margin business and no
pricing power coupled with dependence on United Breweries Group. The
ratings also take into account, the highly regulated nature of the
alcoholic beverages industry which is subjected to high state taxes
and moderate entry barriers in the distribution segment.

Nonetheless, the rating derives strength from the experience of the
promoters in the beverage distribution industry and presence of
reputed brands and institutional customers in the company's
portfolio.

The ability of the company to effectively manage its working capital
and any change in policy by the principals constitute the key rating
sensitivities.

Incorporated in 1996, Milestone Mercandise Pvt Ltd is engaged in the
distribution of alcoholic & non-alcoholic beverages and is the anchor
distributor of the United Breweries Ltd & Nashik Vintners Pvt Ltd
(Sula Wines). MMPL distributes prominent brands in beer, IMFL and wine
category to institutional customers in Mumbai & Goa like star-graded
hotels, clubs & pubs, highend restaurants and wholesalers.

Some of the popular brands in the company's portfolio include:
Kingfisher Draught and Lager Beer in pints and cans, Heineken Beer,
Asahi Beer, Sula Branded Wines, Four Seasons Wines, Hardy's
Wines (Australian), scotches such as Whyte and Mackay, Jura, Dalmore,
Black Dog and IMFL's like Antiquity, Royal Challenge, Signature and
McDowell's No. 1. In FY13 (refers to the period April 1 to March 31),
nearly 63% of the company's revenue was
generated from the sale of Beer, around 35% from the sale of Wines &
Spirits and the remaining 2% from the sale of beverages. Furthermore,
approximately 96.7% of the revenue is generated from the Mumbai region
and the rest 3.3% from the state of Goa.

During FY13, MMPL reported a PAT of INR 1.11 crore (FY12: PAT of
INR1.08 crore) on a total income of INR119.55 crore (FY12: INR113.26
crore). Furthermore, in 7MFY13 (unaudited), the company has reported a
PAT of INR0.19 crore on a total income of INR69.73 crore.


MITTAL RICE: ICRA Reaffirms 'B' Rating on INR6cr Loans
------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR6.00 crore fund based
limits of Mittal Rice and General Mills.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits      6.00       [ICRA]B reaffirmed

The rating reaffirmation takes into account the highly competitive and
low value additive nature of the rice milling industry which results
in limited pricing power vis-a-vis consumers and suppliers (paddy
farmers). These factors, coupled with the small size of the firm's
rice milling unit have resulted in relatively weak profitability
indicators and given the fundamental industry dynamics, ICRA does not
expect any change in the near future. Further, the firm's working
capital intensive operations have been largely debt funded resulting
in high gearing and weak debt coverage indicators. ICRA also factors
in the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. ICRA however
draws comfort from the proximity of the mill to a major rice growing
area which results in easy availability of paddy and stable demand
outlook given that India is a major consumer (rice being an important
staple of the Indian diet) and exporter of rice.

Mittal Rice and General Mills was established in 1978 as a partnership
firm by Mr. R.D.Mittal and Mr. Naresh Mittal. The firm is engaged in
milling of basmati rice. The firm's milling unit is based out of
Cheeka. The firm has an installed capacity of 3 ton/hour for milling
of rice. The key raw material for the firm is basmati paddy which is
mostly procured from the "mandis" of Karnal and Cheeka (Haryana)
during the paddy buying season i.e. September to December every year.
The firm also buys paddy from the market in off season period
depending on its requirements.

Recent Results

The firm reported net profit of INR0.49 lakhs on an operating income
of INR17.18 crores in 2012-13 as against net profit of INR0.38 lakhs
on operating income of INR13.71 crores in 2011-12.


NAYAK INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR500M Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Nayak Infrastructure Pvt Ltd
continues to reflect NIPL's below average liquidity, as reflected in
its high gross current asset days and high bank limit utilization.
These weaknesses are partially offset by the long-standing experience
of NIPL's promoters in the civil construction industry and established
its relationship with NEFR.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           425      CRISIL A4 (Reaffirmed)

   Cash Credit              400      CRISIL B/Stable (Reaffirmed)

   Standby Line of
   Credit                   50       CRISIL A4 (Reaffirmed)

   Term Loan                100      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case the working capital management of
the company improves, resulting in better liquidity or if the
promoters infuse funds in the company to support the additional
working capital requirements. Conversely, the outlook may be revised
to 'Negative' in case it incurs larger-than-expected, debt-funded
capex, leading to deterioration in capital structure. The outlook may
be revised to 'Negative' in case of larger-than-expected working
capital requirements, leading to pressure on liquidity.

Update

The operating revenues of NIPL remained stable in 2012-13 at around
INR 2.1 billion as against that of INR 2.0 billion in the preceding
year 2011-12. NIPL has been able to maintain its large scale of
operations on the back of its established relationship with its main
customer North Eastern Frontier Railways. The operating profitability
of NIPL was at around 11.76 per cent for 2012-13.

The operations continued to remain moderately working capital
intensive with gross current assets of around 157 days as on March 31,
2013 as against that of 140 days in the preceding year. The working
capital requirements were high primarily on account of delays in
receipt of funds from North Eastern Frontier Railways leading to below
average liquidity profile for the company. The debtors of NIPL as on
March 31, 2013 were at 81 days. As a result of large working capital
requirements average utilization of the cash credit facilities of NIPL
over the past 9 months ended September 2013 was nearly 100 per cent.

The financial risk profile of the company continued to remain above
average marked by low gearing and high interest coverage. The gearing
as on March 31, 2013 stood at 1.23 times while the interest coverage
of NIPL in 2012-13 was around 4.7 times. The overall financial risk
profile of NIPL though was constrained on account of the below average
liquidity profile of the company.

NIPL was incorporated in December 2007 by reconstituting a partnership
firm as a private limited company. NIPL is a Class I contractor for
NEFR and constructs bridges, undertakes earthwork, constructs tunnels,
cuts hills, and designs the layout of tracks in Northeast India. The
company was also awarded a contract by Oil India Limited in 2012-13.


NAGRAJ ALLOYS: ICRA Assigns 'B' Ratings to INR7cr Loans
-------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR6.0
crore cash credit fund based facilities and Rs.1.0 crore term loan
fund based facilities of Nagraj Alloys Private Limited.  ICRA has also
assigned [ICRA]B and the short term rating of [ICRA]A4 to the INR13.0
crore untied facilities of NAPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits-
   Cash Credit              6.0       [ICRA]B assigned

   Fund based limits
   Term Loan                1.0       [ICRA]B assigned

   Untied Limits           13.0       [ICRA]B/[ICRA]A4 assigned

The ratings are constrained by Nagraj Alloys Private Limited's modest
scale of operations with limited operational track record in a
fragmented industry with low entry barriers and the vulnerability
associated with the movements in metal scraps and alloy prices, due to
its commoditized nature. This risk is heightened by the company's high
inventory levels. The ratings also take into account the company's
highly leveraged capital structure attributable to low net-worth
against high reliance on working capital borrowings. ICRA also notes
the company's exposure to regulatory risk surrounding the use of toxic
metals.

However, the ratings positively factor in the long standing experience
of its promoters in the metal trading and scrap processing business
through the company's sister concerns and the presence of secured
orders through annual sale agreements which lends visibility to the
revenues of the company in the near term.

Nagaraj Alloys Private Limited jointly promoted by Mr. Prakash
Waghdhare and Mrs. Sindhu Prakash Waghdhare was incorporated in
November 11, 2011. The company is engaged in the trading of ferrous
and non-ferrous metal scrap and the processing of used lead acid
batteries copper cable scraps to manufacture lead ingots and copper
billets respectively. The company has its manufacturing unit setup in
Nagpur, Maharashtra with an installed capacity of 1825 metric tonnes
per annum (MTPA) to process metal scraps.

Recent Results

The company recorded a profit before tax of INR0.3 crore on an
operating income of INR14.8 crore for the year ending March 31, 2013.


NAV BHARAT: ICRA Reaffirms 'B' Rating on INR6cr Loans
-----------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR6.00 crore fund based
limits of Nav Bharat Rice and General Mills.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits        6.00        [ICRA]B reaffirmed

The rating reaffirmation takes into account the highly competitive and
low value additive nature of the rice milling industry which results
in limited pricing power vis-a-vis consumers and suppliers (paddy
farmers). These factors, coupled with the small size of the firm's
rice milling unit have resulted in relatively weak profitability
indicators and given the fundamental industry dynamics, ICRA does not
expect any change in the near future. Further, the firm's working
capital intensive operations have been largely debt funded resulting
in high gearing and weak debt coverage indicators. ICRA also factors
in the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. ICRA however
draws comfort from the proximity of the mill to a major rice growing
area which results in easy availability of paddy and stable demand
outlook given that India is a major consumer (rice being an important
staple of the Indian diet) and exporter of rice.

Incorporated in 1987, Nav Bharat Rice and General Mills is a
partnership firm engaged milling of rice with an installed capacity of
4 tons/hour. The firm has been promoted by Mr. Subhash Chand and Mr
Rajinder Kumar. The key raw material for the firm is basmati paddy
which is mostly procured from the "mandi" of Karnal and Cheeka
(Haryana) during the paddy buying season i.e. September to December
every year. The firm also buys paddy from the market in off season
period depending on its requirements.

Recent Results

The firm reported a net profit after tax of INR0.01 crore on an
operating income of INR21.13 crores in 2012-13 as against a profit
after tax of INR0.01 crore on operating income of INR20.65 crores in
2011-12.


NIZMAR HOTELS: CRISIL Assigns 'D' Ratings to INR156MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Nizmar Hotels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  150    CRISIL D
   Bank Guarantee             2.5    CRISIL D
   Cash Credit                3.5    CRISIL D

The ratings reflect the company's continuously overdrawn cash credit
facility and recent delays in servicing its debt obligations. The
delays are driven by NHPL's weak liquidity, resulting from its
continued depressed cash accruals and ongoing renovation of the hotel
property leading to negligible revenue.

NHPL also has a weak financial risk profile, marked by its small net
worth and a large debt-funded capital expenditure programme. Moreover,
the company has a small scale of operations, commensurate with its
capacity in a highly fragmented hospitality industry. NHPL, however,
benefits from the extensive industry experience of its promoters in
the industry.

NHPL was set up in 1986 by Goa-based Nizari family. Initially, the
company was engaged in real estate development in Goa. In 1995, NHPL
purchased a hotel, renovated it and named it the Nizmar Resort in
1999. Currently, the company is renovating the entire hotel, at a cost
of around INR187.5 million, primarily funded by INR150 million in
debt.


P. R. S. TIMBERS: CRISIL Places 'B' Ratings on INR75MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of P. R. S. Timbers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        40      CRISIL B/Stable

   Cash Credit               35      CRISIL B/Stable

   Letter of Credit          25      CRISIL A4

The ratings reflect PRS's modest scale of operations in a highly
fragmented timber industry; along with below-average financial risk
profile, marked by small net worth, low total outside liabilities to
tangible net worth ratio, and weak debt protection metrics. The
ratings also factor in the susceptibility of PRS's operating margin to
volatility in raw material prices and foreign exchange rates. These
rating weaknesses are partially offset by the promoter's extensive
experience in the timber trading segment.

Outlook: Stable

CRISIL believes that PRS will continue to benefit over the medium term
from the promoters' extensive experience in the timber industry. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves significantly, supported by an increase in its scale
of operations and a considerable enhancement in its operating margin,
along with a capital infusion. Conversely, the outlook may be revised
to 'Negative' if PRS's financial risk profile weakens, due to a large,
debt-funded capital expenditure (capex) programme; or a decline in its
scale of operations and operating margin. Any increase in PRS's
working capital cycle, thus weakening its liquidity, could also result
in a 'Negative' outlook revision.

PRS was established by Mr. P Senthil Kumar as a proprietorship firm in
Nagercoil (Tamil Nadu) in 2004. The firm trades and processes timber
logs.

PRS reported a net profit of INR0.6 million on net sales of INR243.3
million for 2012-13 (refers to financial year, April 1 to March 31);
the firm reported a net profit of INR0.4 million on net sales of
INR98.2 million for 2011-12.


R.P. STEEL: CRISIL Reaffirms 'B' Rating on INR70MM Loan
-------------------------------------------------------
CRISIL's ratings on the bank facilities of R.P. Steel Industries
continue to reflect its weak financial risk profile, marked by small
net worth, low operating margin, and large working capital
requirements. The ratings also factor in the small scale of operations
and the firm's vulnerability to volatility in steel prices. These
rating weaknesses are partially offset by the extensive experience of
RP Steel's proprietor in the steel trading business.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable (Reaffirmed)

   Letter of Credit         100      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RP Steel will continue to benefit from its
proprietor's extensive experience in steel trading. The firm's
financial risk profile is expected to remain weak because of its large
working capital requirements and small net worth. The outlook may be
revised to 'Positive' if RP Steel's financial risk profile
strengthens, primarily because of improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in the firm's profitability or capital
structure, or if it undertakes a debt-funded capital expenditure
programme over the medium term.

RP Steel was set up in 1984 by Mr. Purushotam Agarwal. It trades in
iron and steel long products such as rounds, billets, blooms, pig
iron, wire rods, thermo-mechanically treated bars/rebars, and imported
scrap.

RP Steel reported profit before tax (PBT) of INR1.4 million on net
sales of INR1,329 million for 2012-13 (refers to financial year, April
1 to March 31) against reported PBT of INR0.5 million on net sales of
INR340 million in 2011-12.


RENUKA CONSTRUCTIONS: CRISIL Rates INR100MM Term Loan at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Renuka Constructions.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Proposed Term Loan        100       CRISIL B+/Stable

The rating reflects RC's exposure to risks related to completion,
funding, and saleability of its ongoing project, accentuated by the
initial stage of project implementation. The rating also factors in
the firm's vulnerability to the cyclical demand inherent in the Indian
real estate sector. These rating weaknesses are partially offset by
the extensive experience of RC's partners in the real estate sector in
Nasik (Maharashtra).
Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium term
from the extensive experience of its partners in the real estate
sector. The outlook may be revised to 'Positive' if the firm reports
better-than-expected progress in the construction of its project and
booking of units in it, along with receipt of customer advances,
resulting in sizeable cash inflows. Conversely, the outlook may be
revised to 'Negative' if RC reports lower-than-expected customer
bookings, and faces a project time or cost overrun, resulting in
lower-than-expected cash inflows and deterioration in its financial
risk profile, particularly its liquidity.

RC was set up as a partnership firm in 2012-13 (refers to financial
year, April 1 to March 31) by Mr. Bharavnath Kadlag, Mr. Hansraj
Deshmukh, Mr. Hemant Godse, and Mr. Sherzad Patel. The firm is
developing Rivera, a residential real estate project, in Nashik. The
project is being developed under a joint development agreement with
the landowners; in lieu of the land, RC will handover around 13 flats
out of the total 28 flats to the landowners.


SANGA AUTOMOBILES: CRISIL Assigns 'D' Ratings to INR130MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sanga Automobiles Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                   16    CRISIL D

   Proposed Long-Term
   Bank Loan Facility         2.3    CRISIL D

   Bank Guarantee            11.7    CRISIL D

   Cash Credit              100.0    CRISIL D

The ratings reflects instances of delays by SAPL in servicing its term
debt obligations; the delays have been caused by the company's weak
liquidity position, owing to large working capital requirements
coupled with large term debt repayments.

SAPL's ratings also factors in its modest scale of operations in
highly fragmented industry and its exposure to high competition in the
fragmented automobile dealership industry. These rating weaknesses are
partially offset by the benefits SAPL derives from its promoters'
extensive experience in the automotive dealership business, and
financial support it receives from them.

SAPL, incorporated in 2004 by Mr. Aminuddin Kagzi, is an authorized
dealer of Maruti Suzuki India Ltd. (MSIL; rated CRISIL
AAA/Stable/CRISIL A1+) vehicles in Jaipur (Rajasthan). The company has
two showrooms and three workshops in Jaipur (Rajasthan).


SARADA STARCH: CRISIL Reaffirms 'D' Ratings on INR200MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sarada Starch & Chemicals
Pvt Ltd continues to reflect delays by SSCPL in servicing its term
debt; the delays have been caused by SSCPL's weak liquidity due to
initial stage of operations and working-capital-intensive operations.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee            10        CRISIL D (Reaffirmed)
   Term Loan                190        CRISIL D (Reaffirmed)

SSCPL has a small scale of operations, coupled with its below-average
financial risk profile, marked by low gearing and weak debt protection
metrics. These rating weaknesses are partially offset by SSCPL's
healthy growth prospects in its end-user industry, and support from
the MLA group that promotes SSCPL.

Update

SSCPL registered modest revenues of INR99.0 million in 2012-13 (refers
to financial year, April 1 to March 31) which was its first year of
operations (refers to financial year, April 1 to March 31) and
estimated to have recorded revenues of around INR200 million in the
first six months of 2013-14 (from April 2013 to September 2013). The
company recorded losses at the operating level during 2012-13 on
account of nascent stages of operations. The profitability level is
expected to remain constrained over the medium term. The financial
risk profile remains below-average marked by weak debt protection
metrics on account of losses incurred with interest coverage ratio and
net cash accruals to total debt (NCATD) ratio at -0.7 times and -0.16
times respectively, low gearing of 0.69 times and moderate net worth
of INR287 million as on March 31, 2013.

CRISIL believes that SSCPL's liquidity will remain weak over the
medium term with cash accruals estimated to be insufficient to repay
its significant debt obligations.

Incorporated in February 2009, SSCPL is promoted by the Agarwal family
and the MLA group. The company manufactures starch and glucose at its
plant in Malda (West Bengal).

SSCPL reported a net loss of INR59.4 million on net sales of INR99.0
million in 2012-13.


SHAGUN ORGANISERS: CRISIL Lowers Rating on INR150MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
Shagun Organisers Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            150      CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by SOPL in servicing
its debt; the delays have been caused by the company's weak liquidity
resulting from delays in project execution and lower-than-expected
booking rates.

SOPL is also exposed to demand risks associated with its project and
to the cyclicality inherent in the real estate industry. However, SOPL
benefits from the extensive industry experience of its promoters and
fund support from its group companies.

SOPL was established in April 2008 by Mr. Rajesh Poddar and Mr. Dinesh
Shah. SOPL is currently engaged in developing a residential real
estate project, Retreat Height, in Vesu, Surat (Gujarat).


SHANKAR PARVATI: ICRA Assigns 'B+' Rating to INR4.9cr Loan
----------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR1.47 crore term
loans and INR4.90 crore cash credit facility of Shankar Parvati
Industries.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based-Cash Credit       4.90       [ICRA]B+ assigned

   Long Term Fund
   Based-Term Loan         1.47       [ICRA]B+ assigned

The assigned rating is constrained by the limited value addition in
the cotton ginning business, the highly fragmented and competitive
nature of the industry and the vulnerability of firm's profitability
to movements in cotton prices which are subject to seasonality and
crop harvest. The rating also takes into account the firm's weak
financial risk profile characterized by low profitability, aggressive
capital structure and weak coverage indicators. The rating also
considers any potential impact on net worth and gearing levels in case
of any substantial withdrawal from capital account given the
constitution as a partnership firm.

The rating, however, takes comfort from the favourable demand outlook
for cotton and its derivative products and the favourable location of
the firm's plant with respect to raw material procurement. ICRA also
positively considers the long standing experience of SPI's promoters
in the cotton industry.

Shankar Parvati Industries was established as a partnership firm in
2005, and is engaged in the manufacturing of cotton bales and
cottonseeds through ginning and pressing of raw cotton. The firm
markets cotton bales to merchant traders and cottonseeds to local oil
mills. SPI operates from its plant located in Kadi, Mehsana with a
total installed input capacity of processing 20160 MT of cotton per
annum. SPI is currently managed and owned by Ms. Shilpaben G Patel, Mr
Vinodkumar K Patel, Ms. Daxaben V Patel and Mr. Kantilal A Patel.

Recent Results

During FY 2013, SPI reported an operating income of INR59.38 crore and
profit after tax of INR0.10 crore as against operating income of
INR34.84 crore and profit after tax of INR0.04 crore in FY 2012.


SHREE NURSINGSAHAY: CRISIL Cuts Rating on INR150MM Loans to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
Shree Nursingsahay Mudungopal (Engineers) Private Limited to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', while the rating on the company's
short-term bank facilities has been reaffirmed at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               120     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of credit &
   Bank Guarantee             60     CRISIL A4 (Reaffirmed)

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

The downgrade in rating reflects the expected deterioration in
SNMEPL's liquidity profile over the medium term because of increased
working capital requirements primarily due to the stretched debtor
situation and continued weak profitability levels. This is because of
non-recovery of debtors of more than INR25 million outstanding for
more than 36 months; non-recovery can have a significant negative
impact on SNEMPL's financial and liquidity risk profile.

CRISIL's ratings continue to reflect the company's weak financial risk
profile, marked by a small net worth, a high total outside liabilities
to tangible net worth ratio, and weak debt protection metrics. The
ratings also factor in SNMEPL's large working capital requirements,
marked by high gross current assets. These rating weaknesses are
partially offset by the extensive experience of its promoters in the
electrical equipment distribution industry.
Outlook: Stable

CRISIL believes that SNMEPL will continue to benefit over the medium
term because of its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in SNMEPL's net cash accruals or prudent working capital
management leading to an improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in SNMEPL's revenues and profitability, resulting in a
significant decline in cash accruals, or the company undertakes a
large, debt-funded capital expenditure programme, further weakening
its capital structure.

Set up in 1949, SNMEPL trades industrial electrical equipment such as
diesel generator sets, high-tension transformers, circuit breakers,
wires and cables, capacitors, protection relays, industrial fans, and
misting systems. The company is headquartered in New Delhi.

SNMEPL reported a profit after tax (PAT) of INR 0.5 million on net
sales of INR947.9 million for 2012-13 (refers to financial year, April
1 to March 31), as against a PAT of INR2.2 million on net sales of
INR859.2 million for 2011-12.


SHRI HANUMANT: CARE Cuts Rating on INR8.0cr Bank Loans to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Shri Hanumant Refoils Incorporation.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            3.50       CARE D Revised from
                                    CARE B+
   Short-term Bank
   Facilities            4.50       CARE D Revised from
                                    CARE A4

Rating Rationale

The revision in ratings assigned to the bank facilities of Shri
Hanumant Refoils Incorporation primarily factors in irregularity in
servicing of its debt obligations.

Ahmedabad (Gujarat) based, Shri Hanumant Refoils Incorporation was
formed in May 2007 as a proprietorship concern by Mr. Hitendra
Thakkar. SHRI is engaged in trading of agro commodities mainly rice
and pulses. The firm purchases rice and pulses from domestic
processors and supplies to major wholesaler and bulk traders located
in Gujarat region.


SHRISTI PLYWOOD: CRISIL Assigns 'B' Rating to INR70MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shristi Plywood Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable

The rating reflects SPPL's weak financial risk profile marked by high
total outside liabilities to net worth (TOLNW) ratio and low interest
coverage ratio, and small scale of operations. These rating weaknesses
are partially offset by the extensive industry experience of SPPL's
promoters and tie-ups with renowned brands in the plywood industry.

Outlook: Stable

CRISIL believes that SPPL will maintain a stable business risk profile
over the medium term supported by the extensive experience of its
promoters in the plywood trading business. The outlook may be revised
to 'Positive' in case of significant and sustained increase in
company's scale of operations leading to better accruals together with
efficient working capital management. Conversely, the outlook may be
revised to 'Negative 'in case of any decline in the operating margins
or deterioration in the financial risk profile of the company.

SPPL, incorporated as a company in 2001, is engaged in the trading of
plywood & related products. The company is promoted by the Kajaria
Family and is managed by its directors Mr. Hari Krishna Kajaria and
Mrs. Roshni Kajari. SPPL is engaged in the trading of plywood
products, it is an exclusive distributor of Century's 'Decorative'
line of products, and dealers of plywood for Century and Greenply.

For 2012-13 (refers to financial year, April 1 to March 31), SPPL
reported a profit after tax (PAT) of INR1.2 million on net sales of
INR251.8 million, against a PAT of INR 1.3 million on net sales of INR
224.2 million for 2011-12.


SK ENTERPRISES: CARE Assigns 'B+' Rating to INR6cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of
SK Enterprises.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6         CARE B+ Assigned

   Short-term Bank
   Facilities             4         CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of SK Enterprises are
primarily constrained by its weak financial risk profile marked by the
fluctuating total operating income with small scale of operations, low
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The ratings are further constrained by
the proprietorship nature of its constitution and its presence in a
highly fragmented industry characterized by the intense competition.
The ratings, however, draw comfort from the proprietor's long
experience in the trading of telecommunication products and
comfortable operating cycle of the firm.

Going forward, SKE's ability to scale up its operations while
improving the profitability margins and capital structure shall be the
key rating sensitivities. Effective working capital management shall
also be a key rating sensitivity.

Bhatinda-based (Punjab) SK Enterprises is a proprietorship firm which
was established in 2000 by Mr Gaurav Kanodia. SKE is multi-brand
distributor and trader of mobile phones of brands like HTC, Micromax,
Sony and Fly etc. SKE procures mobile phones from large distributors,
manufactures, etc, and sells it to local retailers mainly in Punjab.

During FY13 (refers to the period April 1 to March 31), SKE achieved a
total operating income (TOI) of INR37.28 crore with a profit after tax
(PAT) of INR0.23 crore. During the nine months ended on Dec. 31, 2013,
the firm achieved a TOI of INR42 crore.


SM CONSTRUCTIONS: ICRA Assigns 'B+' Rating to INR8.5cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR8.50 crore
fund based limits of SM Constructions.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              8.50        [ICRA]B+ assigned

The assigned rating is constrained by the execution risk associated
with the on-going residential project with 50% construction completed
till December 2013; moderate market risk with 30% of flats sold in the
project; moderate collection efficiency and dependence on customer
advances for project completion given that ~50% of construction cost
is derived from the same. The rating however, positively factors in
the experience of the promoters in the real estate segment along with
favorable location of the current project in terms of proximity to the
Information technology and finance hubs in Hyderabad.

The ability of the firm to successfully market and sell remaining
units in the current project and complete the project within
stipulated time are the key rating sensitivities from a credit
perspective.

Founded in 2011, SM Constructions is into real estate development in
Hyderabad in the residential segment. The promoter group consists of
Mr. Malakondiah and his family who have completed several residential
projects in Hyderabad. The firm is currently constructing a
residential apartment "SM Royal" in Chandanagar, Hyderabad at a total
cost of INR32.8 crore. The firm is part of the group which also owns
Aarush Building Materials Private Limited ([ICRA]B+/A4) which is into
manufacturing of AAC (Autoclaved Aerated Concrete) Blocks.

Recent Results

As per the audited results for FY 2013, the company reported profit
after tax of INR0.48 crore on turnover of INR10.32 crore.


SPECIALITY CANS: ICRA Suspends 'B+' Rating on INR8cr Loans
----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to the
INR8.00 crore long term fund based facilities and '[ICRA]A4' rating
assigned to the INR2 crore short term non fund based facilities of
Speciality Cans (I) Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Established in 1992, by Mr. Harshad C. Modi and Mrs. Anjali Harshad
Modi, Speciality Cans (India) Pvt Ltd is engaged in the manufacturing
of aerosol cans. At present, the company has two manufacturing units
at Vasai, Thane, one of which is used for component manufacturing and
the other for assembling of cans. Venus Industries is a group company
of SCPL which is also into can manufacturing. SCPL supplies can-making
components to this group company.


SURANA GREEN: CRISIL Assigns 'B-' Ratings to INR325MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to long-term bank
facilities of Surana Green Energy Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan        25      CRISIL B-/Stable
   Term Loan                300      CRISIL B-/Stable

The rating reflects SGEL's below-average financial risk profile marked
by high capital structure and susceptibility to risks inherent in
power generation. These rating weaknesses are partially offset by
SGEL's stable revenues from power purchase agreements with its
customers and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SGEL will continue to benefit from the assured
off-take from its customers over the medium term. The outlook may be
revised to 'Positive' if there is a significant increase in power
generation leading to higher-than-expected cash accruals and a
consequent improvement in the company's capital structure. Conversely,
the outlook may be revised to 'Negative' if there are significant
delays in payment from customers or if the company under takes a
larger than expected debt funded capex or if there is a significant
drop in power generation leading to a decline in cash accruals thereby
resulting in stretch in its liquidity position.

Set up in March 2012, SGEL is engaged in the generation of power
through windmills; the entity was formed by take-over of windmills
from its group company - Surana Green Power Limited.


SWASTIK ARMAAN: ICRA Assigns 'B' Rating to INR6cr Loan
------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to the INR6.00 crore
fund based bank facilities of Swastik Armaan Steels Private Limited.
ICRA has also assigned long term rating of '[ICRA]B' and short term
rating of '[ICRA]A4' to the INR0.50 crore unallocated limits of SASPL.
                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limit-
   Cash Credit            6.00       [ICRA]B assigned

   Unallocated            0.50       [ICRA]B/[ICRA]A4 assigned

The rating action takes into account the high competitive intensity in
the company's business of trading of steel products. Presence of a
number of players in the industry limits the operating profitability
of SASPL and also other players in the industry. In addition, rating
concerns emanate from the weak financial profile of the company marked
by a levered capital structure and also inadequate coverage
indicators. Debt levels have increased consistently to fund the
working capital requirements of a growing scale of operations, though
the promoters have also infused equity in the last two years. Low
margins coupled with relatively small scale of operations have
resulted in inadequate coverage indicators for the company. In
addition, cash flows from operations for the company have remained
weak in the last two years on account of high working capital
intensity of business. The ratings however, take into consideration
the long experience of the promoters in this business, SASPL's
established relationship with customers which ensures regular receipt
of orders and the hedging policy adopted by the company which
mitigates the forex risk for its entire payable. ICRA notes that
cyclicality inherent in the steel industry exposes SASPL to volatility
in the prices of steel for the inventory maintained. Going forward,
the ability to improve its profitability and scale of operations while
managing its working capital requirement will remain key rating
drivers for the company.

Incorporated in 2012, SASPL is involved in trading of steel products
like like Hot Rolled Stainless Steel (HRSS) plate/ coils, Cold Rolled
Stainless Steel (CRSS) plate/ coils/ strips/ sheet, HR & CR sheet/
coil/ plate, aluminium scrap and others. The company procures the
products from various manufactures and traders in the domestic market
and sells in Delhi and surrounding areas.

Recent Results

The company has reported a net profit of INR0.03 crore on an operating
income of INR42.98 crore during 2012-13; as compared to a net profit
of INR0.02 crore on an operating income of INR3.19 crore during
2011-12.


WATERFLO PIPING: CARE Reaffirms 'B' Rating on INR7.25cr LT Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Waterflo Piping System.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.25       CARE B Reaffirmed

   Short-term Bank
   Facilities            3.70       CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Waterflo Piping System
(WPS) continue to remain constrained on account of its modest scale of
operations with a short track record of manufacturing operations, its
presence in a highly competitive Chlorinated Polyvinyl Chloride (cPVC)
pipes and fittings business and vulnerability of its profitability to
the volatility in the raw material prices and foreign exchange
fluctuations.  Furthermore, the ratings also factor in the
deterioration in operating margins during H1FY14 (refers to the period
April 1 to September 30).

The above mentioned constraints continue to off-set the benefits
derived from the vast experience of the promoters in the cPVC pipe
industry with operational support from the group concerns.
Increase in scale of operations and improvement in profitability and
capital structure during FY13 (refers to the period April 01 to March
31) further strengthen the ratings.

The ability of WPS to increase its capacity utilization, improvement
in its profitability and capital structure along with better working
capital management in light of the competitive nature of the industry
would remain the key rating sensitivities.

WPS was formed on September 29, 2009, as a partnership firm and is
located in the Rajkot district of Gujarat. WPS is engaged in the
manufacturing of Chlorinated Polyvinyl Chloride (cPVC) pipes
and fittings with an installed capacity of 2,323 Metric Tonnes Per
Annum (MTPA) with pipe size ranging from 15 mm to 50 mm Outer Diameter
(OD). The products manufactured by WPS are sold under the brand name
of 'Waterflo' and are widely used in residential, commercial and
industrials buildings for hot water application.

As per the audited results for FY13, WPS reported a profit after tax
(PAT) of INR0.30 crore (net loss of INR1.59 crore in FY12) on a total
operating income of INR19.71 crore (Rs.9.56 crore in FY12). During
H1FY14, WPS registered a TOI of INR12.17 crore and incurred a loss
(before providing depreciation and tax) of INR0.28 crore.



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


KOREA ELECTRIC: Expects to Post Profit After 6 Years of Losses
--------------------------------------------------------------
Choi Kyong-ae at The Korea Times reports that the Korea Electric Power
Corp. (KEPCO) said on January 13 that it expects to make a profit for
2013, its first in six years, thanks to self-rescue efforts.

"Favorable external factors and drastic restructuring helped improve
the company's bottom line last year, after inking losses for the
previous five consecutive years," the state-run utility said in a
statement obtained by The Korea Times.

Exchange rates and oil prices fell last year compared to a year
earlier, together with two rounds of price hikes and the sale of core
assets. Executives and employees refused an increase in their wages to
help the company tackle uncertainties, KEPCO official Kim Bong-jin
told The Korea Times.

The report relates that as KEPCO failed to pass higher raw material
prices onto customers, the state-owned electricity provider has
reported a net loss every year since 2008, when the global financial
crisis erupted.

According to the report, the company said it has raised a total KRW221
billion ($209 million) through the sale of its stakes in major
affiliates such as KEPCO KPS, a power-plant maintenance services
company, KEPCO Engineering & Construction and vacant properties.

Most of the staff even returned some of their bonuses and wages, worth
a combined KRW8.5 billion, to help cut costs last year, it said, The
Korea Times relays.

The company also said drastic cost-cutting efforts and a delay in
planned investment projects resulted in KRW1.28 trillion in savings,
the report notes.

Korea Electric Power Corporation (KEPCO), an integrated electric
utility company, engages in the generation, transmission, and
distribution of electricity in South Korea. The company generates
power from nuclear, coal, oil, liquefied natural gas, hydro,
wind, and solar sources.  The South Korean government owns a 51%
share of KEPCO.



===========
T A I W A N
===========


ACER INC: CEO Attributes Losses to Early Entry to Ultrabook PCs
---------------------------------------------------------------
China Post reports that Jason Chen, Acer Inc.'s new corporate
president and chief executive officer, has attributed the struggling
PC maker's losses over the past three years to its early entry into
Ultrabooks and touch-enabled notebook PCs.

According to the report, Mr. Chen said Acer's biggest problems today
result from committing too many resources over the past two years to
thin-and-light Ultrabook PCs and touch panels used in computers, even
if they were not necessarily the wrong directions.

"Acer invested too early in the two sectors, leading to its challenges
since then," Mr. Chen said at his first meeting with the media at
Acer's headquarters in Taipei, China Post relays.

"What we need to do now is to dig ourselves out of the hole," the
report quotes Mr. Chen as saying. "There are no magic bullets. We need
to focus on the fundamentals."

Mr. Chen, a former senior vice president of worldwide sales and
marketing at Taiwan Semiconductor Manufacturing Company (TSMC), the
world's largest contract chip maker, was appointed CEO by Acer's board
of directors on Dec. 23, China Post notes.

The report relates that the new CEO said that before joining the
company, his impression of Acer was that it was better at controlling
costs than doing research and development, but he has since found that
not to be the case.

The company's management reshuffle, which led to Mr. Chen's hiring and
the return of Acer co-founder Stan Shih as chairman, was triggered by
the company's after-tax loss of NT$13.12 billion (US$443.5 million),
or NT$4.82 per share, in the third quarter of 2013, according to China
Post.

Based in Taipei, Taiwan, Acer (TWSE: 2353) -- http://www.Acer.com
-- is principally engaged in the research, development, design,
manufacture and distribution of personal computers (PCs) and notebook
computers.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2013, Fitch Ratings has downgraded Taiwan-based Acer Inc.'s
(Acer) Long-Term Foreign- and Local-Currency Issuer Default Ratings to
'BB-' from 'BB' and its National Long-Term Rating to 'BBB(twn)' from
'BBB+(twn)'. The Outlook is Negative.

The downgrade reflects Fitch's expectation that demand for PCs will
remain subdued, that Acer's market position will remain weak and that
operating losses will continue. "Given the company's weakening
position in such a highly competitive and increasingly commoditized
market, we do not believe Acer's differentiation strategy and modest
cost cutting will quickly lead to a return to profitability," Moody's
said.  According to data from IDC, Acer's worldwide PC shipments
declined 35% yoy in 3Q13, and its market share fell to 6.7% in 3Q13
from 9.5% in 3Q12.



===============
T H A I L A N D
===============


THAI AIRWAYS: Denies bankruptcy Rumors in Social Media
------------------------------------------------------
The Communication and Public Relations Department of Thai Airways
International Public Company Limited (THAI) provided clarification on
misinformation circulating through online channels regarding
bankruptcy and employee protests.

THAI denies such rumors and states it is untrue that the Company will
go into bankruptcy. Since its establishment, THAI has met all debt
payments even with low operating results in the past. Therefore, the
Company will not go bankrupt as it has never missed debt payment since
it was established.

At the end of the third quarter 2013, the Company had assets that were
primarily aircraft valued at approximately THB315,923 million and
debts including burden of interest at approximately THB183,489
million, excluding the burden of expenses for 20 leased aircraft in
the fleet. The Company has well-prepared its finances and has
sufficient liquidity. When compared to 2008, when the Company
experienced an operating loss prior to foreign exchange rate and tax
(not including aircraft impairment) as high as THB14,943 million,
whereby assets increased at a rate higher than debts, the Company
never missed a debt payment then. The Company, therefore, confirms
that it has financial stability, a well-prepared plan, and is
considering to adjust its strategy in order for the Company to have a
better operating result on a regular basis.

Regarding flight delays on Jan. 5, 2014, the Company currently lacks
outsourced manpower at Suvarnabhumi Airport, causing work slowdown at
the airport for tasks that require experience and expertise. The
Management has corrected the problem and apologizes for passenger
inconvenience.

The Company confirms that messages appearing in social and online
media are rumors and that THAI employees did not intentionally delay
the flights in a show of protest.

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand.  During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world.  Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services.  In addition, the company
offers support services such as dispatch services, sales on board and
Thai shop.  Headquartered in Bangkok, THAI has a subsidiary and 10
affiliated companies.



                             *********

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, Psyche A. Castillon, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

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

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

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





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