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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, January 20, 2014, Vol. 17, No. 13


                            Headlines


A U S T R A L I A

BRISCONNECTIONS GROUP: Receiver Suspends Toll Road Sale
GUNN TIMBER: Pitcher Partners Appointed as Administrators
KAGARA LTD: Mungana Acquires Northern Queensland Assets
MARINER FINANCIAL: Wilson Group Buys Sydney Opera House Carpark
YULLEBA PROSPECTING: PPB Advisory Appointed as Administrators


C H I N A

CHINA LOGISTICS: Re-Hires RBSM LLP as Accountants
CHINA LOGISTICS: China Direct Held 7.8% Equity Stake at Jan. 31
CHINA SOUTH: Moody's Says Investment No Rating Impact on Tencent
CHINA SOUTH: Moody's Says Tencent Investment No Impact on B2 CFR
FANTASIA HOLDINGS: Moody's Assigns B2 Rating to Sr. Unsec. Notes

FANTASIA HOLDINGS: S&P Rates Proposed US-$ Denominated Notes 'B+'
LDK SOLAR: Noteholders Agree to Forbear Payment Until Jan. 23
SUNTECH POWER: Zhou Resigns as Director, Interim CEO & CFO, Pres.
YUZHOU PROPERTIES: S&P Assigns 'B' Rating to Proposed US$ Notes
* CHINA: Troubled Shadow Bank Product Tests No-Default Policy


I N D I A

ADITYA INDUSTRIES: CRISIL Cuts Rating on INR75MM Loans to 'D'
ANUSPAA HERITAGE: CRISIL Assigns 'B' Ratings to INR183MM Loans
ARIDO CERAMIC: ICRA Assigns 'B' Ratings to INR10cr Loans
BENTEC INDIA: CRISIL Reaffirms 'B-' Rating on INR150MM Loan
BHAGYA DIAMOND: ICRA Rates INR6cr Cash Credit at 'B+'

BRAND CONCEPTS: CRISIL Reaffirms 'B-' Ratings on INR100MM Loans
DD INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR30cr Loan
EASTERN INFRATECH: ICRA Reaffirms B Ratings on INR8.32cr Loans
FAMILY HEALTHCARE: ICRA Reaffirms 'B+' Rating on INR10.2cr Loans
GARG & COMPANY: CARE Reaffirms 'B+' Rating on INR12cr LT Loans

GOLDEN CELLAR: ICRA Reaffirms 'B+' Rating on INR5cr LT Loan
GOPISH PHARMA: CRISIL Lowers Rating on INR123.7MM Loans to 'D'
GURUNANAK EDUCATIONAL: ICRA Cuts Rating on INR19.07cr Loans to D
JINDAL WOOD: CARE Reaffirms 'B+' Rating on INR1cr LT Loans
K S OVERSEAS: CRISIL Reaffirms 'B+' Ratings on INR600MM Loans

K. S. ENTERPRISES: CRISIL Cuts Rating on INR140MM Loans to 'B+'
KABRA PLASTICS: CRISIL Reaffirms 'B+' Ratings on INR513.4MM Loans
KALINGA FERRO: CRISIL Reaffirms B+ Ratings on INR130MM Loans
KAMAL AGRO: CRISIL Reaffirms 'B' Ratings on INR140MM Loans
MAHASU PEAK: ICRA Assigns 'B' Ratings to INR8.75cr Loans

NATIONAL CAPSULES: CRISIL Assigns 'B' Ratings to INR100MM Loans
NEPTUNE INDUSTRIES: CARE Rates INR18.98cr Long-Term Loans at 'B'
NEYSA JEWELLERY: CRISIL Reaffirms 'D' Ratings on INR1.59BB Loans
PARAS BHAVANI: CARE Assigns 'B+' Rating to INR46.75cr Loans
PASHUPATI TRADERS: CRISIL Assigns 'B+' Ratings to INR150MM Loans

POTLURI SURYA: CRISIL Assigns 'B-' Ratings to INR30MM Loans
PUNJAB METAL: CARE Revises Rating on INR3cr Loan From 'B+'
RADHE RENEWABLE: CRISIL Cuts Rating on INR140MM Loans to 'B'
S.V.S. MOOKAMBIKA: CRISIL Assigns 'B+' Rating to INR130MM Loans
SREE KUMAR: CRISIL Reaffirms 'B' Ratings on INR149.8MM Loans

TURBO TECH: ICRA Reaffirms B- Rating on INR4cr Long-Term Loan
UMESH INDUSTRIES: CARE Rates INR9.75cr Long-Term Loans at 'B'


J A P A N

JAPAN: Fitch Says External Deficit Highlights Fiscal Risks


X X X X X X X X

PETRON PACIFIC: Files for Chapter 7 in Eastern Virginia
* Moody's Says South & Southeast Asia Sovereign Ratings Stable


                            - - - - -


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


BRISCONNECTIONS GROUP: Receiver Suspends Toll Road Sale
-------------------------------------------------------
Brett Cole at Business Spectator reports that PPB Advisory, the
receiver of BrisConnections Group, has decided to suspend a sale
of the bankrupt 6.7 kilometre Brisbane toll road during the
auction of Queensland Motorways Ltd, which is scheduled to close
at the end of March in a sale that could fetch more than
AUD4 billion.

The report says BrisConnections' receiver and creditors, including
Australia and New Zealand Banking Group Ltd, BNP Paribas SA,
United Overseas Bank Ltd and UniCreidt SpA, had hoped to begin a
sale process as soon as this month. Investor appetite for
Australian infrastructure assets from superannuation and foreign
pension funds is strong, the report notes.

But the sale of Queensland Motorways, which owns a 62 kilometre
network of tolled roads, bridges and infrastructure in the
Brisbane area, has captured global attention, according to
Business Spectator.  PPB has decided that rather than running a
competing sale process against Queensland Motorways it would be
better if it delayed a BrisConnections sale, the report relates.

The report notes that Fort Street Advisers has been appointed to
monitor BrisConnections on behalf of the creditors.

Business Spectator notes that QIC Ltd is selling Queensland
Motorways and has appointed Macquarie Group Ltd and UBS AG to
manage its sale. Queensland Motorways is seen as the natural
acquirer of BrisConnections as there are opportunities to
integrate with other infrastructure assets such as the 6.8
kilometre Clem Jones Tunnel it bought last year for
AUD618 million, the report adds.

Australia-based BrisConnections Group (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is engaged in designing,
constructing, operating, maintaining and financing Airport Link in
Australia.  Airport Link is a 6.7 kilometer toll road, mainly
underground, connecting the North-South Bypass Tunnel, Inner City
Bypass and local road network at Bowen Hills, to the northern
arterials of Gympie Road and Stafford Road at Kedron, Sandgate
Road and the East West Arterial leading to the airport.

David McEvoy, Christopher Hill, and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

As reported in TCR-AP on Feb. 20, 2013, Yahoo!7, citing a release
to the ASX, said BrisConnections went into administration citing
low traffic levels and debts worth more than the tunnel.
BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


GUNN TIMBER: Pitcher Partners Appointed as Administrators
---------------------------------------------------------
Bryan Kevin Hughes of Pitcher Partners was appointed administrator
of Gunn Timber Suppliers Pty Ltd on Jan. 14, 2014.


KAGARA LTD: Mungana Acquires Northern Queensland Assets
-------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that FTI Consulting,
the liquidator of collapsed Kagara Ltd, has sold some of the
company's Chillagoe mines in north Queensland to associate Mungana
Goldmines.  Reportedly, the AUD15 million deal will see the gold
and base metal miner obtain a couple of convertible notes, the
report relates.

dissolve.com.au says Kagara is the owner of 60.7% of Mungana and
could have an increased stake of 73% when the first convertible
note will be exercised. It has been noted that even if the Mungana
deal will not give Kagara some cash, it will simplify the
liquidation of the company, the report notes.

According to dissolve.com.au, it was mentioned in some reports
that depressed metal prices had affected Kagara's asset sale.
dissolve.com.au adds that Mungana's Chiollagoes portfolio gold
rights was retained by the company deterring potential buyers.

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Ryan, Mark Englebert, Quentin Olde, and Stefan Dopking of
FTI Consulting were appointed Joint and Several Administrators of
Kagara Ltd and certain subsidiaries on April 29, 2012.


MARINER FINANCIAL: Wilson Group Buys Sydney Opera House Carpark
---------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the Wilson Group
has acquired the Sydney Opera House carpark.

Receivers KordaMentha has held control of the carpark since 2011
following the collapse of Mariner Financial, the report recalls.

The carpark was completed in 1993. Operated by Wilson Parking, the
carpark has around 1,200 parking bays. Before the Wilson Group
acquired the property, sellers believed that it will draw overseas
and private investors due to the high yield on offer, adds
dissolve.com.au.


YULLEBA PROSPECTING: PPB Advisory Appointed as Administrators
-------------------------------------------------------------
Robert Ditrich -- rditrich@ppbadvisory.com -- and Craig Crosbie
-- ccrosbie@ppbadvisory.com -- of PPB Advisory were appointed
administrators of Yulleba Prospecting Pty Ltd on Jan. 16, 2014.



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


CHINA LOGISTICS: Re-Hires RBSM LLP as Accountants
-------------------------------------------------
China Logistics Group, Inc., informed its independent registered
public accounting firm HHC CPA Corporation that Company was
terminating the client-auditor relationship, effective Jan. 6,
2014.  Also on January 6, the Company re-engaged RBSM LLP as the
Company's independent registered public accounting firm.  HHC had
served as the Company's independent registered public accounting
firm since Nov. 12, 2013.  The dismissal of HHC and engagement of
RBSM LLP was approved by the Board of Directors of the Company on
Jan. 6, 2014.

HHC had never issued a report on the Company's financial
statements.  During the period of time that HHC served as the
Company's independent registered public accounting firm the
Company said it had no disagreements with the firm.

RBSM LLP previously served as the Company's independent auditor
from Feb. 8, 2013, until its dismissal by the Company on Nov. 12,
2013.  During its prior engagement as the Company's independent
registered public accounting firm, RBSM LLP reported on the
Company's consolidated financial statements for the year ended
Dec. 31, 2012.

                      About China Logistics

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia.  The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.

The Company' balance sheet at June 30, 2013, showed $3.55 million
in total assets, $3.57 million in total liabilities, and a
stockholders' deficit of $17,822.

"The Company has an accumulated deficit of $20,553,440 at
June 30, 2013 and a working capital deficit of $138,121 at June
30, 2013. During the six months ended June 30, 2013, the Company
used cash in operating activities of $82,417.  The Company has
incurred net (loss) income of $(307,624) and $695,507 for the six
months ended June 30, 2013 and 2012, respectively.  The Company's
ability to continue as a going concern is dependent upon its
ability to generate profitable operations in the future and to
obtain any necessary financing to meet its obligations and repay
its liabilities arising from normal business operations when they
come due.  The outcome of these matters cannot be predicted at
this time.  These matters raise substantial doubt about the
ability of the Company to continue as a going concern," according
to the Company's quarterly report for the period ended June 30,
2013.


CHINA LOGISTICS: China Direct Held 7.8% Equity Stake at Jan. 31
---------------------------------------------------------------
In a Schedule 13D filed with the U.S. Securities and Exchange
Commission, China Direct Investments, Inc., disclosed that as of
Jan. 31, 2013, it beneficially owned 4,022,336 shares of common
stock of China Logistics Group Inc. representing 7.88 percent of
the shares outstanding.  A copy of the regulatory filing is
available for free at http://is.gd/yogLGc

                      About China Logistics

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia.  The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.

The Company' balance sheet at June 30, 2013, showed $3.55 million
in total assets, $3.57 million in total liabilities, and a
stockholders' deficit of $17,822.

"The Company has an accumulated deficit of $20,553,440 at
June 30, 2013 and a working capital deficit of $138,121 at June
30, 2013. During the six months ended June 30, 2013, the Company
used cash in operating activities of $82,417.  The Company has
incurred net (loss) income of $(307,624) and $695,507 for the six
months ended June 30, 2013 and 2012, respectively.  The Company's
ability to continue as a going concern is dependent upon its
ability to generate profitable operations in the future and to
obtain any necessary financing to meet its obligations and repay
its liabilities arising from normal business operations when they
come due.  The outcome of these matters cannot be predicted at
this time.  These matters raise substantial doubt about the
ability of the Company to continue as a going concern," according
to the Company's quarterly report for the period ended June 30,
2013.


CHINA SOUTH: Moody's Says Investment No Rating Impact on Tencent
----------------------------------------------------------------
Moody's Investors Service says that the announcement by Tencent
Holdings Limited (Baa1 positive) that it will make a 9.9%
strategic investment in China South City (CSC, B2 positive) is
credit positive but will have no immediate impact on Tencent's
Baa1 issuer rating and positive outlook.

In addition to the approximately HKD1.5 billion share
subscription, CSC has granted an option to Tencent to further
subscribe at HKD3.5 per share within a two-year subscription
period. The option would require Tencent to pay another
approximately HKD857 million, upon which it would hold an
accumulated 13.0% stake in CSC.

CSC develops and operates large-scale integrated logistics and
trade centers in China, with supporting residential properties and
commercial facilities. CSC operates one integrated logistics and
trade center in Shenzhen and is developing new trade centers in
Nanning, Nanchang, Xian, Harbin, Zhengzhou and Hefei. It reported
HKD7.49 billion in revenues and HKD2.75 billion in net profit for
the fiscal year ended March 2013 (FY2012/13).

"Tencent reported revenue of RMB6.9 billion for its e-commerce
business for the 12-month period ended 30 June 2013 (13% of its
total revenue). Compared to building a logistic system from
scratch, the partnership with CSC is a quick and cost effective
way to increase Tencent's e-commerce capabilities," says
Lina Choi, a Moody's Vice President and Senior Analyst.

The total investment, including the additional capital should
Tencent exercise the option, would be approximately HKD2.35
billion (RMB1.84 billion). This is small relative to Tencent's
cash balance and its operating cash flow.

As of June 30, 2013, Tencent had a total cash and deposits balance
of RMB47 billion. In addition, its reported operating cash flow
for the 12-month period ended June 30, 2013 was RMB22.4 billion.

"Tencent is able to fund the investment from its internal
financial resources, and upon completion of the investment its
credit metrics will still support its Baa1 issuer rating and
positive outlook," adds Ms. Choi.

CSC's land and warehouse facilities could benefit Tencent if it
decides to engage in logistics activities supporting its e-
commerce business. At present, Moody's expects that synergies and
benefits from the strategic investment will take time to play out.
Tencent may also incur further investments in the future to help
CSC expand its scale. Moody's does not expect significant
contributions from the investment in CSC in the next 12-18 months.

Tencent Holdings Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (1) business risk and
competitive position compared with others within the industry; (2)
capital structure and financial risk; (3) projected performance
over the near to intermediate term; and (4) management's track
record and tolerance for risk. Moody's compared these attributes
against other issuers from both within and outside Tencent
Holdings Limited's core industry and believes Tencent Holdings
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Tencent Holdings Limited is one of the largest providers of
Internet services, and operates leading social networking
services, online portals and online game platforms in China. It
generated RMB43.9 billion (USD6.75 billion) of revenue and RMB19.0
billion (USD2.9 billion) of Moody's adjusted EBITDA in 2012.
Tencent is approximately 34%-owned by Naspers Limited (Baa3
stable).


CHINA SOUTH: Moody's Says Tencent Investment No Impact on B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Tencent Holdings Limited's
(Baa1 positive) equity subscription is credit positive for China
South City Holdings Limited (CSC), but will not immediately impact
CSC's B2 corporate family rating and B3 senior unsecured rating
with a positive outlook.

On 15 January 2014, China South City Holdings Limited (CSC, B2
positive) announced that Tencent Holdings Limited (Baa1 positive),
one of the largest providers of internet services in China, will
make a HKD1.5 billion equity subscription for a 9.9% stake in CSC.
Following this initial investment, Tencent will have an option
within the next two years to subscribe to additional shares. This
would raise its stake in CSC to about 13%.

The investment by Tencent will strengthen CSC's equity base and
liquidity position, and will support the establishment of an e-
commerce platform for the management and operation of CSC's trade
and logistics centers.

The investment by Tencent will improve CSC's liquidity position by
HKD1.5 billion, further raising its cash balance from the level of
HKD9.1 billion reported as of 30 September 2013. Moody's expects
CSC will have ample liquidity for the development of its large-
scale trade and logistics centers in the next 12-18 months. CSC's
large funding requirements arise from the development of about 5
million square meters of gross floor area as of September 30, 2013
in seven provincial capital cities of China.

Tencent's share subscription will enhance CSC's equity base and
support an adequate capital structure for the development of its
large-scale trade centers. Subsequent to the share subscription,
CSC's pro-forma debt to book capital will improve to 42% from 44%
as of end-September 2013. If Tencent exercises the option to
subscribe to new shares in the next two years, this will further
improve CSC's equity base.

The investment by Tencent will also expedite the development of
CSC's e-commerce platform. CSC will be able to leverage Tencent's
expertise in internet services for the establishment of its
integrated online and offline trade services, including e-
commerce, outlet services for branded goods, online-to-offline
retail business, online payment and warehousing and logistics
arrangements.

Tencent's investment in CSC also reflects the expected long-term
commercial value CSC can generate from its tenants and merchants
through the operation of trade and logistics centers. Tencent is
one of the largest providers of internet services and operates
leading social networking services, online portals and online game
platforms in China.

Moreover, the integrated online trade services and internet
platform, once established, will provide more value-added services
to CSC's tenants and merchants. This is expected to further
enhance the competitiveness of CSC's trade centers which, in turn,
should help secure new customers.

However, Moody's expects that benefits from the investment by
Tencent will take time to play out.

CSC continues to face the execution risks arising from its fast
expansion to new locations. It has a limited track record of
operating trade centers outside of Shenzhen.

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

China South City Holdings Limited, listed on the Hong Kong Stock
Exchange, is a developer and operator of large-scale integrated
logistics and trade centers in China. The company operates one
center in Shenzhen and is developing new trade centers in Nanning,
Nanchang, Xian, Harbin, Zhengzhou and Hefei.


FANTASIA HOLDINGS: Moody's Assigns B2 Rating to Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by Fantasia Holdings Group Co.,
Limited.

The rating outlook is stable.

The proceeds from the USD notes issuance will be used to refinance
some of the company's existing indebtedness, fund property
development and for general corporate purposes.

RATINGS RATIONALE

The notes will provide funding to settle outstanding land
premiums. Based on Moody's estimation, Fantasia will need to
finance around RMB1.3 billion arising from its recent land
acquisitions, net of RMB960 million receipts from share
subscriptions and RMB405 million from the disposal of China Land
Property Holdings.

"The issuance of the USD notes will strengthen Fantasia's
liquidity position, help finance its land acquisitions and extend
its debt maturity profile," says Jiming Zou, a Moody's Assistant
Vice President and Analyst.

While the company's debt leverage will increase after the notes
issuance, its EBITDA/interest expense is likely to be in the range
of 2.5x-3.0x for the next 1-2 years. This level still supports its
B1 corporate family rating.

The risk of a further hike in debt leverage is also mitigated by
Fantasia good sales track record in 2013, when it achieved its
target of RMB10 billion contracted sales. Such sales momentum will
likely continue and provide liquidity to reduce the need for more
debt to fund development.

Fantasia's B1 corporate family rating continues to reflect its
established business model, which balances the development of
commercial and residential properties. Its rating also factors in
its good operating track record and acceptable financial profile.
It has an established track record in Shenzhen and Chengdu, and
has started expanding to other regions.

At the same time, the rating is constrained by the risk of
geographic concentration as well as the execution risk associated
with the company's expansion into new regions.

Also, the scale of its operations, the size of its land bank and
its moderately high debt leverage -- with a debt/capitalization
ratio of around 55%-60% -- position the company in the high
single-B rating category.

The stable outlook on the ratings reflects Moody's expectations of
continued stability in Fantasia's financial profile, adequate
liquidity, and measured expansion strategy.

Upward pressure on its ratings could emerge if Fantasia can (1)
broaden its asset base and geographic footprint with
diversification apparent in contracted sales; (2) consistently
achieve its sales targets; (3) maintain strong financial
discipline, while implementing its growth strategy; and (4)
maintain sound liquidity.

Moody's sees EBITDA/interest coverage consistently above 3x and
adjusted debt/capitalization below 50% as indications for a
potential rating upgrade.

The ratings could be downgraded if (1) Fantasia's sales were to
fall significantly short of Moody's expectations; (2) the company
were to pursue aggressive land acquisitions, or expansion
activities that pressure its liquidity; or (3) it failed to
maintain a disciplined approach to financial management.

Adjusted debt/capitalization consistently above 55%-60% and
EBITDA/interest coverage below 2.0x-2.5x would indicate a
potential rating downgrade.

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

Fantasia Holdings Group Co, Limited, is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009.

As of end-June 2013, it had a land bank (with land-use rights) of
8.7 million sqm of GFA, mainly in Chengdu and the Pearl River
Delta. It develops high-end office buildings and luxury
residential properties, targeting small- and medium-sized
enterprises (SMEs) and affluent individuals.


FANTASIA HOLDINGS: S&P Rates Proposed US-$ Denominated Notes 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and its 'cnBB' Greater China regional scale rating to a proposed
issue of U.S.-dollar-denominated senior unsecured notes by
Fantasia Holdings Group Co. Ltd. (BB-/Stable/--; cnBB+/--).
Fantasia will use the proceeds to refinance its existing debt,
finance its existing and new projects, and for general corporate
purposes.  The rating on the notes is subject to S&P's review of
the final issuance documentation.

The issue rating on Fantasia's proposed notes is one notch below
the corporate credit rating to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  In S&P's view, the
company's ratio of priority borrowings to total assets will remain
above S&P's notching threshold of 15% for speculative-grade debt.

The rating on Fantasia reflects the company's execution risk as it
expands into new markets, its increased appetite for debt-funded
expansion, and smaller business scale than peers'.  Fantasia's
somewhat diversified product mix, low-cost land reserves, and
established market position in Chengdu temper the weaknesses.

Fantasia achieved contract sales of Chinese renminbi
(RMB) 10.1 billion in 2013, which is generally in line with S&P's
expectation of RMB9.7 billion.  S&P forecasts the company's
revenue to increase to about RMB8 billion in 2013 from
RMB6.23 billion in 2012.  However, due to aggressive land
acquisitions and higher-than-expected construction cost, S&P
expects the financial metrics of Fantasia in 2013 to be weaker
than its previous forecast, although they should still be
commensurate with the rating.  In S&P's base-case scenario, the
ratio of debt to EBITDA will rise above 4x and EBITDA interest
coverage will decline to about 3x.  The company's margin is also
declining because of the change in product mix.  Nonetheless, its
EBITDA margin of above 30% is still higher than similarly rated
peers.

The stable rating outlook on Fantasia reflects S&P's expectation
that the company will improve its property sales and maintain
higher-than-peers profitability to offset increased borrowing.
S&P also anticipates that the company can maintain "adequate"
liquidity, as S&P's criteria define the term, while pursuing
growth.


LDK SOLAR: Noteholders Agree to Forbear Payment Until Jan. 23
-------------------------------------------------------------
LDK Solar Co., Ltd., has entered into a new 15-day forbearance
arrangement with holders of a majority in aggregate principal
amount of its US$-Settled 10 percent Senior Notes due 2014.  The
new forbearance arrangement, which expires on Jan. 23, 2014,
relates to the interest payment due under the Notes on Aug. 28,
2013.  That interest payment is still unpaid.  It is LDK Solar's
intention to find a consensual solution to its obligations under
the Notes as soon as possible and LDK Solar remains hopeful that
it will be able to achieve that goal.

As reported previously, LDK Solar has engaged Jefferies LLC as a
financial advisor for strategic advice in connection with the
Notes and LDK Solar's other offshore obligations.  Holders of LDK
Solar's offshore debt obligations may contact Augusto King at
aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com,
Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at
rklein@Jefferies.com with any questions.

Sidley Austin is acting as counsel to LDK Solar, led by Thomas
Albrecht at talbrecht@sidley.com, and Timothy Li at
htli@sidley.com.  LDK Solar understands that Ropes & Gray is
acting as counsel to a group of noteholders, led by Daniel
Anderson (daniel.anderson@ropesgray.com) and Paul Boltz
(paul.boltz@ropesgray.com).  LDK Solar also understands that
Houlihan Lokey has been engaged as financial advisor to that same
group of noteholders; holders of the Notes may contact Brandon
Gale at bgale@hl.com with any questions.

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


SUNTECH POWER: Zhou Resigns as Director, Interim CEO & CFO, Pres.
-----------------------------------------------------------------
Suntech Power Holdings Co., Ltd. announced that on Jan. 7, 2014,
Mr. Weiping Zhou resigned as a director of the Company, interim
Chief Executive Officer, interim Chief Financial Officer, and
President with immediate effect. Mr. Zhou cited personal reasons
for his departure. Suntech plans to announce new management
pending final review by Suntech's board of directors and Joint
Provisional Liquidators (JPLs).

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces
solar products for residential, commercial, industrial, and
utility applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of
its 3 percent Convertible Notes a notice of default and
acceleration relating to Suntech's non-payment of the principal
amount of US$541 million that was due to holders of the Notes on
March 15, 2013.  That event of default has also triggered cross-
defaults under Suntech's other outstanding debt, including its
loans from International Finance Corporation and Chinese domestic
lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court
in White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350),
by holders of more than US$1.5 million of defaulted securities
under a 2008 US$575 million indenture.  The Chapter 7 Petitioners
are Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.


YUZHOU PROPERTIES: S&P Assigns 'B' Rating to Proposed US$ Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and 'cnBB-' Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Yuzhou Properties Co. Ltd. (B+/Stable/--; cnBB/--).  The
ratings are subject to S&P's review of the final issuance
documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Yuzhou to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  The company will use
the proceeds from the proposed issuance for general corporate
purposes and refinancing existing debt.

S&P expects Yuzhou's increasing property sales to largely offset
the company's higher debt level.  In S&P's base case, it estimates
the debt-to-EBITDA ratio will remain 4.5x-5.0x over the next 12
months, below its downgrade trigger of 5.0x.

The rating on Yuzhou reflects the China-based property developer's
limited operating flexibility because of its small operating scale
and high geographic and project concentration.  Yuzhou's limited
track record and expansion into new markets could also heighten
business and execution risks.  The company's leading market
position in Xiamen, its low-cost land bank, and above-average
profitability compared with that of similarly rated peers temper
the above weaknesses.


* CHINA: Troubled Shadow Bank Product Tests No-Default Policy
-------------------------------------------------------------
Heng Xie and Gabriel Wildau at Reuters report that a high-yielding
investment product based on a loan to an indebted coal company is
offering the latest test of China's willingness to permit defaults
in its shadow banking system.

If the product, which is scheduled to mature on Jan. 31, fails to
pay out as promised, it could shatter the widespread assumption
that even risky investments carry implicit guarantees from the
government and state-owned banks, Reuters relates.

According to Reuters, economists said China's zero-tolerance
policy towards default has distorted capital allocation, as credit
flows to the firms most able to call on a bailout if problems
arise, rather than those with the most productive businesses.

Reuters relates that Industrial and Commercial Bank of China , the
world's largest bank by assets, said on January 16 that it would
not assume the "main responsibility" for repaying investors in a
troubled off-balance-sheet investment product that it helped to
market.

ICBC's shares have fallen two weeks ago amid speculation it would
be forced to help repay investors in a CNY3 billion ($496 million)
investment product issued by China Credit Trust Co Ltd but
marketed through an ICBC branch in central China, noted the
report.

"Regarding this unsubstantiated rumour, a situation completely
does not exist in which ICBC will assume the main responsibility
(for the trust product)," an ICBC spokesman told Reuters by phone.

The bank's statement leaves unresolved the question of how or
whether investors in the product will be repaid. Industry players
said the bank is probably seeking a resolution, Reuters notes.



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


ADITYA INDUSTRIES: CRISIL Cuts Rating on INR75MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Aditya
Industries (Mumbai) to 'CRISIL D / CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             10      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit        30      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility      16.7    CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

    Term Loan              18.3    CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by ADM in
servicing its debt due to weakened liquidity, with significantly
lower-than-expected cash accruals and a stretched working capital
cycle. Sluggish demand from the construction industry has resulted
in a decline in ADM's revenues and restricted its profitability,
causing inadequacy of cash accruals vis-a-vis the firm's debt
obligations for 2013-14 (refers to financial year, April 1 to
March 31). ADM has witnessed a slowdown in inventory movement,
leading to fully utilised bank limits, thus stretching its
liquidity.

The ratings also reflect ADM's modest scale of operations in the
fragmented polyvinyl chloride (PVC) products industry, along with
the firm's weak financial risk profile, marked by its small net
worth, aggressive gearing and inadequate debt protection metrics.
Moreover, ADM's operating margin is susceptible to volatility in
PVC resin prices. However, the firm benefits from the extensive
experience of its promoters in the PVC products industry.

ADM was established in Mumbai (Maharashtra) in 1995 as a
partnership firm. It manufactures PVC products, such as hosepipes,
doors, trunks, and windows. ADM's manufacturing facility in Mumbai
(Maharashtra) has an installed production capacity of 5000 tonnes
per annum. The firm markets its products under the Penguin brand.

ADM is managed by the promoters, Mr. Ankur Master and Mrs.
Chandrika Master.

ADM reported a net loss of INR6 million on net sales of INR183
million for 2012-13, vis-a-vis a net profit of INR4 million on
net sales of INR201 million for 2011-12.


ANUSPAA HERITAGE: CRISIL Assigns 'B' Ratings to INR183MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Anuspaa Heritage Products Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  66     CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility         77     CRISIL B/Stable

   Letter of Credit           15     CRISIL A4

   Bill Discounting            2     CRISIL A4

   Cash Credit                40     CRISIL B/Stable

The ratings reflect AHP's weak financial risk profile, marked by
high debt levels. The ratings also factor in the company's low
capacity utilisation, declining operating profitability, and small
scale of operations. These rating weaknesses are partially offset
by the extensive experience of AHP's promoters in the soap
industry.

Outlook: Stable

CRISIL believes that AHP's business and financial risk profiles
will remain weak over the medium term on account of low capacity
utilisation, low accruals, and high debt levels. The outlook may
be revised to 'Positive' if the company registers higher-than-
expected revenues and profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in AHP's financial risk
profile, most likely due to lower-than-estimated profitability and
revenues or higher-than-expected increase in its working capital
requirements.

Incorporated in 2006 by Mr. Rakesh Bansal and Mrs. Anuradha
Bansal, AHP manufactures soap cakes. More than 80 per cent of its
revenues is derived from contract manufacturing, while the rest is
from its own brands-Anuspaa and Anuved. The company has two
manufacturing units in Parwanoo (Himachal Pradesh).

AHP reported a profit after tax (PAT) INR4.0 million on net sales
of INR251.2 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT and net sales of INR3.6
million and INR227.7 million, respectively, for 2011-12.


ARIDO CERAMIC: ICRA Assigns 'B' Ratings to INR10cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR7.00 crore term
loan and INR3.00 crore fund based cash credit facilities of Arido
Ceramic. ICRA has also assigned an '[ICRA]A4' rating to the
INR1.15 crore short term non fund based facilities of AC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             7.00       [ICRA]B assigned
   Cash Credit Limit     3.00       [ICRA]B assigned
   Bank Guarantee        1.15       [ICRA]A4 assigned

The assigned ratings take into account the lack of track record of
Arido Ceramics' operations, limited product portfolio of ceramic
wall tiles constraining institutional sales and the highly
competitive business environment given the fragmented nature of
the tiles industry. Further, the assigned ratings are constrained
by the vulnerability of fAC's profitability to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power. While assigning the ratings, ICRA also
notes that the financial profile is expected to remain stretched
in the near term given the debt funded nature of the project and
the impending debt repayment.

The assigned ratings, however, favourably consider experience of
partners in the ceramic industry coupled with the marketing
support from the established group concern and the location
advantage, giving it easy access to raw material.

Incorporated in May 2013, Arido Ceramic (AC) is engaged in the
manufacture of digitally printed ceramic glazed wall tiles. The
manufacturing unit of the firm is located in Morbi, Gujarat, with
an installed capacity of 30,000 MTPA. The commercial production is
projected to commence in April 2014. The firm is promoted and
managed by Mr. Rakesh Suvariya along with fifteen other partners.


BENTEC INDIA: CRISIL Reaffirms 'B-' Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Bentec India Ltd
continue to reflect BIL's weak financial risk profile, marked by
stretched liquidity and working capital intensity of operations.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoter's extensive industry
experience and diverse business risk profile.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          420     CRISIL A4 (Reaffirmed)
   Cash Credit             150     CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        100     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that BIL's credit risk profile will continue to
benefit from its promoter's extensive experience in the meter
manufacturing business. The outlook may be revised to 'Positive'
if the company's working capital cycle shortens on account of
faster realization of payments from its customers or there is
large equity infusion by the promoter, strengthening its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of any further stretch in working capital or unanticipated
capital expenditure or decline in profitability, leading to
further weakening in its financial risk profile.

Update
BIL's revenues declined by 14.6 per cent to INR1.24 billion in
2012-13 (refers to financial year, April 1 to March 31) from
INR1.46 billion in 2011-12 on account of lower orders of static
meters received through tenders from state electricity boards
(SEBs). The company's operating margin improved to 4.96 per cent
in 2012-13 as compared to 1.66 per cent in 2011-12 on account of
higher proportion of higher margin products sold in 2012-13.

BIL's operations remain working capital intensive, as reflected in
gross current assets of 455 days as on March 31, 2013. The
company's receivables deteriorated in 2012-13, as shown in debtor
cycle of 222 days as on March 31, 2013 from 165 days as on March
31, 2012 reflecting the delays faced by BIL in realizing the
payment from its customers, mainly the SEBs. This is supported by
creditors of 184 days as on March 31, 2013 as compared to 153 days
as on March 31, 2012. On account of its large working capital
requirements, BIL had average bank limit utilization of 97 per
cent for the 11 months ended September 2013.

BIL has a healthy capital structure reflected in a gearing of 0.58
times as on March 31, 2013. The company's debt protection metrics
though have been weak with interest coverage and net cash accruals
to total debt ratios at 1.3 times and 4 per cent, respectively,
for 2012-13. BIL had a net worth of INR591.1 million and
unencumbered cash balance of INR23.2 million as on March 31 2013.
The company infused equity of INR65 million and unsecured loans of
INR66 million in 2012-13 to support its operations.  It had
generated cash accruals of INR12.3 million in 2012-13 against
which it has no debt repayment obligation which partially support
the liquidity.

Incorporated in 1987, BIL (formerly known as Bentec Electricals
and Electronics Private Limited) manufactures electric meters and
electrical wires. The company is promoted by Mr. Anup Bhartia.
BIL's main customers are various SEBs, corporates such as Damodar
Valley Corporation Ltd and National Hydel Power Corporation Ltd,
and various housing cooperatives. BIL is based in Kolkata, West
Bengal.


BHAGYA DIAMOND: ICRA Rates INR6cr Cash Credit at 'B+'
-----------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to INR6.00 crore long
term fund based facilities of Bhagya Diamond Jewellery Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+ assigned

The assigned rating is constrained by BDJPL's weak financial risk
profile as evident from thin profitability and leveraged capital
structure. The rating also takes into account of stretched
liquidity position evident from high utilization of working
capital limits also resulting from high inventory levels. The
rating is further constrained on account of intense competitive
intensity in gems & jewellery business and susceptibility of
margins to fluctuating prices of gold and rough diamond.
However, the rating favorably factors in the long standing
presence of the promoters in the jewellery business; healthy
growth in operating income and strong association with customers
ensuring repeat orders.

Bhagya Diamond Jewellery Private Limited was incorporated in 2009
and is primarily engaged in trading of gold ornaments and diamond
jewellery along with manufacturing jewellery in limited
quantities. The promoters of the company are involved with a few
other companies engaged in similar line of activity in Ahmedabad.
The company has strong association with established jewellery
manufacturers and reputed retail jewellers in Ahmedabad.


BRAND CONCEPTS: CRISIL Reaffirms 'B-' Ratings on INR100MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Brand Concepts Pvt Ltd
continue to reflect the company's weak financial risk profile,
marked by a high gearing, and a small net worth. The ratings also
factor in BCPL's weak debt protection metrics and large working
capital requirements. These rating weaknesses are partially offset
by the benefits that BCPL derives from its all-India exclusive
licensing arrangement with established brands, low dependence on a
single channel of distribution, low product concentration, and an
experienced management team.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              77      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit         30      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        6.1    CRISIL B-/Stable (Reaffirmed)

   Term Loan                16.9    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BCPL will continue to benefit from its
established position in the branded goods segment and the
experience of its management team over the medium term. The
outlook may be revised to 'Positive' if the company scales up its
operations and enhances its operating margin without a significant
increase in its working capital requirements, coupled with an
improvement in its gearing and infusion of equity capital by the
promoters, thereby improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if BCPL is unable to ramp up its operations, leading to
continued pressure on its capital structure and weak debt
protection metrics.

Update
BCPL's revenues registered a 51 per cent year-on-year growth to
around INR328 million in 2012-13 (refers to financial year, April
1 to March 31); the company's revenue growth has been primarily
driven by increased sales through BCPL's own stores and sales
through dealers. An improvement in sales in 2012-13 led to a
reduction in fixed costs per unit, thus improving BCPL's operating
margin to 4.63 per cent vis-a-vis a negative operating margin
registered in 2011-12 due to operating losses.

BCPL has working-capital-intensive operations with its estimated
gross current assets (GCAs) of around 237 days as on March 31,
2013 driven by inventory of around 72 days and receivables cycle
of 157 days, leading to high bank limit utilization of 98 per cent
over the past 12 months ended through September 2013. The
company's GCAs have ranged between 235 and 320 days from 2008-09
to 2012-13.

BCPL's net worth was negative INR18 million, as on March 31, 2013,
due to losses incurred over the past two years. The company's
total indebtedness to fund its working capital requirements was
high; additionally, negative net worth resulted in a high total
outside liabilities to tangible net worth ratio at negative 15.13
times as on March 31, 2013.

BCPL was incorporated in 2007 and has countrywide exclusive
licenses to sell branded goods, such as small leather goods. These
include wallets of brands such as Tommy Hilfiger and Arrow, and
women's handbags of brands such as Rocky S and Paris Hilton.


DD INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR30cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR30.0 crore cash credit facilities of DD Industries Limited.
ICRA has also reaffirmed the short-term rating of '[ICRA]A4'
assigned to the INR20.0 letter of credit facilities of DDIL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           30.0       [ICRA]B+ reaffirmed
   Letter of Credit      20.0       [ICRA]A4 reaffirmed

The rating reaffirmation takes into account the strength derived
from DD Motors' dealership of Maruti Suzuki India Limited which is
the market leader in the car segment in India. The ratings also
favorably factor in the company's strong market position in Delhi,
being among the largest dealers in terms of total vehicle sales
volumes. Also, the product mix of the company has shifted in favor
of higher-realization and higher-margin vehicles such as Swift,
Swift Dzire etc. thereby boosting the revenues as well as the
profitability. The ratings are, however, constrained by the large
exposure to group companies viz. DD Properties Limited and DD
Township Limited whose projects face execution risks. Further, the
high competitive intensity on account of presence of other MSIL
dealers and other OEM dealerships in Delhi/NCR region coupled with
weaker demand for passenger vehicles constrains revenue and
earnings growth. Also, the company's financial flexibility is
limited as is reflected in its high working capital utilization.
Going forward, the company's ability to maintain revenue growth
and improve its credit profile would be the key rating
sensitivities.

DD Industries Limited started operations in 1951 as an auto
components manufacturing business. In 1996, it ventured into the
vehicle dealership business of MSIL by setting up the division DD
Motors. Further, another division by the name of DD Fuel Solutions
was set up in 2000. DDM has four sales outlets in Delhi at
Mayapuri, Wazirpur, Okhla, and Peeragarhi. Also, it has one sales
outlet at Dehradun (Uttaranchal) and another sales-cum-service
outlet in New Tehri (40kms away from Dehradun). In FY13, another
sales outlet was added at Vikas Nagar (also near Dehradun).


EASTERN INFRATECH: ICRA Reaffirms B Ratings on INR8.32cr Loans
--------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating assigned to the INR6.02
crore term loans, INR2.00 crore cash credit and INR0.30 crore
stand-by line of credit facility of Eastern Infratech. The fund
based facilities include sub-limits of INR4.32 crore towards non-
fund based facilities for which ICRA has reaffirmed the
'[ICRA]A4'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit-
   Term Loans               6.02        [ICRA]B reaffirmed

   Fund Based Limit-
   Cash Credit              2.00        [ICRA]B reaffirmed

   Fund Based Limit-
   Stand-by Line of
   Credit                   0.30        [ICRA]B reaffirmed

   Non Fund Based
   Limits-Letter of
   Credit                  (4.32)       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account EI's small scale
of current operations and weak financial profile, reflected by
losses suffered at net level in 2012-13, an aggressive capital
structure and depressed level of coverage indicators. The ratings
also factor in the significant sectoral and geographical
concentration risks and the risks associated with EI's legal
status as a partnership firm, including the risks of withdrawal of
capital by the partners. ICRA notes that the firm has significant
debt repayment obligations in the near future, which exerts
pressure on its liquidity. The ratings, however, derives comfort
from the favourable demand outlook for PET preforms, given its
increasing use in the bottling of soft drinks and packaged
drinking water, and the fiscal benefits available to EI, which
are likely to favourably impact the profitability and cash flows
of the firm going forward, though the firm has not yet started
receiving most of the benefits.

EI was established as a partnership firm in 2010 by Mr. Pawan
Kumar Siotia and Mr. Ankit Siotia. The firm is engaged in the
manufacturing of PET preforms. The manufacturing facility of the
firm, located at the Brahmaputra Industrial Park in Kamrup (Assam)
with a capacity of 2,150 metric tonne per annum (MTPA) was
commissioned in June, 2011.


FAMILY HEALTHCARE: ICRA Reaffirms 'B+' Rating on INR10.2cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR10.20 crore
enhanced fund-based bank facilities (enhanced from INR5 crore
earlier) of Family Healthcare Hospital at '[ICRA]B+'.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund-based bank       10.20        [ICRA]B+; reaffirmed
   Facilities-Term
   Loans

The rating continues to be constrained by the firm's leveraged
capital structure and moderate debt-coverage indicators owing to
its modest scale of operations with entire revenues being
dependent on a single property. The leverage and coverage
indicators are expected to remain constrained owing to further
increase in debt levels for part-funding the Phase II expansion.
Nonetheless, ICRA acknowledges that the expansion mainly involves
addition of medical equipments, which will improve the service
offerings of the hospital and hence contribute towards improvement
in revenues and accruals. The extent of improvement in revenues
and accruals will, however, be a key rating sensitivity. Further,
the rating continues to factor in the firm's constitution as a
proprietorship concern exposing it to capital withdrawal risk and
key man risk. The rating, however, continues to derive comfort
from FHH's healthy business prospects supported by proprietor's
experience and established patient network in Ghaziabad - the
target market for the hospital; and hospital's location in
proximity to established residential clusters that is expected to
support the hospital's operating metrics going forward.

In ICRA's view, the firm's ability to improve its operating
metrics and scale of operations; maintain its operating
profitability margins at a healthy level; and strengthen its net-
worth base to improve its capital structure, will be the key
rating sensitivity.

Family Healthcare Hospital is a proprietorship concern of Dr.
Suresh Kumar Nain, which owns and operates a hospital in
Vasundhra, Ghaziabad (Uttar Pradesh). Dr. Suresh Kumar Nain - the
firm's proprietor started his practice in his clinic in Vaishali,
Ghaziabad (UP) in 2001-02. In 2006, Dr. Nain converted his clinic
into a 15-bedded nursing home. Given the increasing occupancy, the
firm shifted operations to a leased premise in Kaushambi,
Ghaziabad (UP) and expanded its capacity to 50 beds from 15 beds
earlier, in September 2009. The firm simultaneously continued to
operate its clinic in Vaishali.

In February 2012, the firm shifted its entire operations to its
own building in Vasundhra (Ghaziabad). At present, the hospital
has a licenced capacity of 100 beds, of which ~70-80 beds are
being operated.

Recent results

FHH reported an operating income of INR2.66 crore and a profit
before tax of INR0.33 crore in FY13 as compared to an operating
income of INR1.59 crore and a profit before tax of INR0.31 crore
in FY12.


GARG & COMPANY: CARE Reaffirms 'B+' Rating on INR12cr LT Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Garg & Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             12        CARE B+ Reaffirmed

The rating reaffirmation by CARE is based on the capital deployed
by the partners 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 partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating continues to remain constrained by the fluctuating
total operating income of the firm with low profitability margins,
leveraged capital structure and weak coverage indicators. The
rating is further constrained by susceptibility of Garg &
Company's profitability margins to fluctuation in the steel
prices, presence in a highly competitive industry steel industry
and its constitution as a partnership concern. The rating also
takes cognizance of the elongation of operating cycle of the firm.

The rating continues to draw comfort from the experienced
partners, direct sourcing from reputed suppliers and successful
completion of the project.

Going forward, increase in the scale of operations with
improvement in profitability and capital structure shall be the
key rating sensitivities.

Garg & Company was initially constituted as a proprietorship firm
in 1972 by Mr Harish Kumar Garg, and in 2009, it was converted
into a partnership concern with Mr Lokesh Jain, Mr Kailash Jain
and Mr Harish Kumar Garg as the partners having profit sharing
ratio of 33%, 33% and 34%, respectively. Mr Lokesh Jain and Mr
Kailash Jain have an experience of more than a decade, while Mr
Harish Kumar Garg has more than three and half decades of
experience in the trading of steel products. GCO is a family
managed business and the firm is engaged in the trading of steel
products, mainly CR strips, HR strips, HR coils and HR strips. The
firm sells the products mainly in Punjab.

For FY13 (refers to the period April 1 to March 31), the firm
achieved a total operating income of INR56.20 crore and PAT of
INR0.10 crore. In 7MFY14, the firm achieved a total operating
income of around INR33 crore.


GOLDEN CELLAR: ICRA Reaffirms 'B+' Rating on INR5cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned to
the INR5 crore fund based facilities of Golden Cellar Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund       5.00         [ICRA]B+ reaffirmed
   Based Limit-
   Cash Credit

The rating reaffirmation factors in Golden Cellar Private
Limited's weak financial profile characterized by de-growth in
operating income in FY13, leveraged capital structure and low
profitability on account of competitive and regulated nature of
the liquor industry. However, the ratings continue to favorably
factor in the management's long standing experience in the liquor
distribution industry and the diversified customer base of the
company.

Promoted by Mr. Ravi Jain, Golden Cellar private Limited was
incorporated as a Private Limited Company in December 1991. It was
taken over by Mr. Rakesh Dutt in the year 1994. Golden cellar
Private Limited is engaged in the distribution of well known beer
and IMFL brands for established companies like United Breweries
Limited and Khoday India Limited in Mumbai region. The company has
its registered office in Mumbai and a warehouse at Kurla, Mumbai.

Recent Results

GCPL recorded a net profit of INR0.10 crore on an operating income
of INR66.91 crore for the year ending March 31, 2013 and has
achieved sales of INR32.75 crore for the half year ending
September 2013 (as per the provisional figures disclosed by the
management).


GOPISH PHARMA: CRISIL Lowers Rating on INR123.7MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gopish Pharma Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                76     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility         33     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan                  14.7   CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by GPL in
servicing its debt obligations, and overdrawing of its cash credit
facility for more than 30 days, owing to weak liquidity marked by
stretched working capital cycle.

The rating also reflects the company's small scale of operations
and exposure to intense industry competition. These rating
weaknesses are partially offset by the extensive experience of
GPL's promoters in the pharmaceutical generic drugs industry, and
the company's continuously improving sales backed by increasing
capacities and a wide product range.

GPL has been extended interest-free unsecured loans of INR10.4
million (as on March 31, 2013) by its promoters. CRISIL has
treated these unsecured loans as neither debt nor equity, as these
loans are interest-free and are subordinated to the bank
borrowings.

GPL, promoted by Mr. Ravi Goyal and his son Mr. Ratish Goyal,
manufactures and markets a wide variety of generic drugs. Its
plant in Baddi (Himachal Pradesh) commenced commercial operations
in 2008-09 (refers to financial year, April 1 to March 31). It
derives nearly 60 per cent of its revenues from the South Indian
market; the rest is generated from the northern and western
markets in the country. GPL's promoters also operate two other
entities, which are in the business of injectable manufacturing
and specialised printing and packaging.

GPL reported a profit after tax (PAT) of INR3.5 million on an
operating income of INR386.1 million for 2012-13, against a PAT of
INR12.3 million on an operating income of INR353.0 million for
2011-12.


GURUNANAK EDUCATIONAL: ICRA Cuts Rating on INR19.07cr Loans to D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR19.07 cr
bank facilities of Gurunanak Educational Society to '[ICRA] D'
from 'ICRA BB/stable' earlier.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             16.75      [ICRA]D revised
   Unallocated            2.32      [ICRA]D revised

The revision in rating takes into account the recent delays in
debt servicing by GNES on account of a build up of receivables
owing to delayed release of fees from the State Government. The
colleges under the society had minority status till AY11-12 which
was however withdrawn with effect from AY12-13. The fee was being
reimbursed on priority basis to minority status colleges and the
withdrawal of the minority status in FY13 has caused a significant
build up of receivables which have continued for FY14 as well.
High receivables along with continued large non operating
transactions with the other group societies have lead to an
increase in working capital requirements. Further the operating
profitability has also declined significantly in FY13 to 23.43%
from above 45% levels in the past owing to an increase in employee
expenses. As such, the cash flows for GNES have remained stretched
and temporary cash flow mismatches have lead to delays in debt
servicing. GNES' timely debt servicing is contingent on lowering
its working capital requirements by limiting intergroup
transactions and through timely release of funds by the State
Government and improving the profitability levels.

Guru Nanak Education Society was formed in 1998 under AP Public
Societies Registration Act, was founded by Sri Tavinder Singh
Kohli. The six colleges under the society are spread across 34
acres of land at Ibrahimpatnam, Ranga Reddy district, Hyderabad.
The campus is well known as 'Gununanak Institutions (GNI)'. The
Registered Office and the Central Administration is located at
Secunderabad. It offers courses in the areas of technology,
pharmacy and management.


JINDAL WOOD: CARE Reaffirms 'B+' Rating on INR1cr LT Loans
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jindal Wood Products Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         1.00      CARE B+ Reaffirmed
   Facilities

   Long-term/Short-
   term Bank Facilities  22.75      CARE B +/CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Jindal Wood
Products Private Limited continue to be constrained by its weak
financial risk profile characterized by low profitability margins,
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained by the geographical concentration risk, vulnerability
of its margins to fluctuation in timber prices & currency rates,
intense competition and dependence on the real estate sector. The
ratings, however, draw comfort from the experienced promoters
coupled with long track record of operations.

Going forward, the ability of JWPL to increase its scale of
operations along with an improvement in its profitability margins
and capital structure shall be key rating sensitivities. Effective
management of the working capital and foreign currency fluctuation
risk shall also be the key rating sensitivity.

Jindal Wood Products Private Limited was incorporated in 1990 by
Mr Amar Chand Jindal, Mr Atul Jindal, Mr Amit Jindal and Mr
Prashant Goel, having an experience of more than five decades in
the processing and trading of timber logs. The company is engaged
in the business of trading and processing of timber logs which are
sold in the domestic as well as export market. Punjab Metal Works
Private Limited ('CARE B/ CARE A4') and AK Lumbers Limited are the
group associates and are engaged in the similar business.

During FY13 (refers to the period April 1 to March 31), JWPL
achieved a total operating income (TOI) of INR49.83 crore with
profit after tax (PAT) of INR0.30crore. In 8M FY14 (refers to
period April 1 to Nov. 30, 2013).  JWPL achieved a TOI of INR35
crore.


K S OVERSEAS: CRISIL Reaffirms 'B+' Ratings on INR600MM Loans
-------------------------------------------------------------
CRISIL's rating continues to reflect K S Overseas Pvt Ltd's
(KSOPL, formerly known as Kashmiri Lal Satpal) weak financial risk
profile marked by a weak capital structure and debt protection
metrics and susceptibility to volatility in raw material prices.
These weaknesses are partially offset by KSOPL's established
presence in the domestic market, a healthy contribution from
exports and partners' extensive experience in rice industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            350      CRISIL B+/Stable (Reaffirmed)
   Packing Credit         250      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSOPL will benefit over the medium term from
its partners' extensive industry experience. Its financial risk
profile is, however, expected to remain weak because of large
working capital requirements. The outlook may be revised to
'Positive' in case of substantial improvement in its profitability
and net worth, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KSOPL's
profitability declines, or if its working capital management
weakens, impacting its liquidity and financial risk profile.

KSOPL was set up by Mr. Satpal Gupta (karta) in 1959 as a Hindu
undivided family (HUF). It was reconstituted as a private limited
company effective March 2013. KSOPL mills and processes basmati
rice for sale in the domestic and export markets.

KSOPL reported a profit after tax (PAT) of INR12.4 million on an
operating income of INR1.90 billion for 2012-13 as against a PAT
of INR4.2 million on an operating income of INR1.47 billion for
2011-12.


K. S. ENTERPRISES: CRISIL Cuts Rating on INR140MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of K. S. Enterprises Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

   Standby Line of Credit     10     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

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

   Letter of Credit           10     CRISIL A4 (Assigned)

The rating downgrade reflects KSEPL's weak financial risk profile
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and below-average interest coverage ratio majorly
due to lower-than-expected profitability margins. The company has
operating margin of 2.8 per cent in 2012-13 (refers to financial
year, April 1 to March 31), lower than CRISIL's expectations of
3.5 per cent, leading to below-average cash accruals of INR1.5
million. Furthermore, the TOLTNW ratio remains high at 2.9 times
as on March 31, 2013 due to working capital intensive operations
leading to almost full utilisation of its bank lines.
The rating continues to reflect KSEPL's small scale of operations
in an intensely competitive industry, the vulnerability of the
company's operating margin to volatility in metal prices and weak
financial risk profile. These rating strengths are partially
offset by KSEPL's promoter's extensive experience in the metal
scrap trading industry.

Outlook: Stable

CRISIL believes that KSEPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case the company
significantly scales up its operations and improves its
profitability, leading to higher-than-expected cash accruals,
while it maintains or improves its capital structure. Conversely,
the outlook may be revised to 'Negative' in case KSEPL's financial
risk profile weakens further because of increase in its working
capital requirements or decline in its profitability leading to
lower cash accruals.

KSEPL was set up in 1989 by Mr. Rajesh Kumar Singal. The company,
based in New Delhi, trades in various ferrous and non-ferrous
metal scraps, which include zinc, copper, brass, nickel, and steel
scraps. The company has also started trading in food products like
pasta and macaroni under its own brand Wheatley.

For 2012-13, KSEPL reported, on a provisional basis, a profit
after tax (PAT) of INR1.2 million on net sales of INR512.9
million; the company had reported a PAT of INR1.1 million on net
sales of INR473.3 million for 2011-12.


KABRA PLASTICS: CRISIL Reaffirms 'B+' Ratings on INR513.4MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kabra Plastics Ltd
continue to reflect KPL's weak financial risk profile, marked by
high gearing and weak debt protection measures, and its limited
pricing flexibility in the fragmented and competitive packaging
industry. These rating weaknesses are partially offset by the
extensive experience of KPL's promoters in the packaging industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           2.2     CRISIL A4 (Reaffirmed)

   Cash Credit            150.0     CRISIL B+/Stable (Reaffirmed)

   Inland/Import Letter
   of Credit               40.0     CRISIL A4 (Reaffirmed)

   Term Loan              300.1     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      63.3     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPL will maintain its business risk profile
over the medium term, backed by promoters experience in the
packaging industry. The outlook may be revised to 'Positive' if
KPL reports better-than-expected operating margins and its scale
of operation improves significantly, leading to improvement in
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case the financial risk profile of the company
deteriorates on account of elongated working capital cycle or
large debt funded capex, or less-than-expected operating margin
results in lower than expected accruals and hence stretched
liquidity position.

Update
KPL registered gross sales of INR1.31 billion in 2012-13 (refers
to financial year, April 1 to March 31), a decline of 5.7 per cent
year-on-year; which was lower than CRISIL's expectation.  However,
this was majorly due to sale of Daman plant in 2012-13, and its
Surat plant getting operational towards the later part of the
year. The company has achieved revenues of around INR400 million
in the first half of 2013-14 and is expected to register marginal
decline of 5 per cent on y-o-y basis. Decrease in trading activity
of KPL led to improvement in its operating margins. The operating
margin in 2012-13 has improved to 6.4 per cent from 3.4 percent in
2011-12 and is expected to remain in the range of 7 percent to 7.5
percent backed by shift in production activity to higher value
added products. Working capital requirement of KPL as reflected by
GCA of 76 days as on 31 March 2013 as compared to 178 days as on
31 March 2012 and is expected to increase around 100-110 days over
medium term backed by stabilisation of operations at Surat plant.
KPL has executed capex of INR24 Cr towards installation of CPP
machinery over two years ended September 2013. Capex has been
completed and CPP machinery is operational since November 2013.
The gearing of KPL continues to remain high at 1.9 times as on
March 31, 2013 and is expected to remain around 2 times over
medium term. Debt protection metrics is marked by weak interest
coverage ratio of 1.3 times and low Net Cash Accrual to Adjusted
Debt (NCATD) of 4.7%.  Interest coverage ratio is expected to
remain in the range of 1.5 to 1.8 times while NCATD is expected to
remain in the range of 6.5 percent to 9 percent over medium term.
Liquidity of KPL continues to remain stretched, marked by near
full bank limit utilization and high term debt repayment
obligation vis-a-vis cash accruals generated. KPL has repayment
obligation of INR21.7 million in 2013-14 against which it is
expected to generate accruals of INR24.6 million. CRISIL believes
that KPL's liquidity will remain constrained on account of low
accruals vis-a-vis its term debt repayment obligation in medium
term.

For 2012-13, KPL on provisional basis reported a profit after tax
(PAT) of INR5.9 million on net sales of INR1.18 billion, against a
PAT of INR2.5 million on net sales of INR1.32 billion for 2011-12.

KPL was incorporated in 1995 and is promoted by Mr. Binod Kumar
Kabra. Mr. Kabra has been in the packaging industry since 1978.
KPL's product profile comprises plain and metalized biaxially-
oriented polypropylene films (BOPP) and Cast Polypropylene films
(CPP).


KALINGA FERRO: CRISIL Reaffirms B+ Ratings on INR130MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kalinga Ferro Ispat Pvt
Ltd continue to reflect KFIPL's weak financial risk profile,
marked by a small net worth and weak debt protection metrics,
limited track record, and vulnerability to cyclicality in the
steel industry. These rating weaknesses are partially offset by
the extensive industry experience of KFIPL's promoters in the
steel industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              75      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         10      CRISIL A4(Reaffirmed)
   Term Loan                55      CRISIL B+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that KFIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if KFIPL reports more-than-expected cash
accruals and better working capital management. Conversely, the
outlook may be revised to 'Negative' if the company's
profitability and revenues decline further, resulting in less-
than-expected cash accruals. The outlook may also be revised to
'Negative' or if it undertakes any larger-than-expected debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile. Deterioration in KFIPL's liquidity
owing to considerable delays in realisation of receivables could
also lead to a revision in outlook to 'Negative'.

KFIPL was established in 2005 with its corporate office at Kolkata
(West Bengal). The Company is involved in thhe manufacturing and
trading of ferro-chrome. The manufacturing unit is located at
Dist. Jajpur, Orissa. KFIPL was acquired in 2010 by Mr. Giriraj
Ratan Binani. The Company started its commercial operations in
July 2010 and has capacities of 8052 metric tonnes per annum.

KFIPL reported a profit after tax of INR2.6 million on net sales
of INR159 million for 2012-13, as against a net loss of INR7.3
million on net sales of INR521 million for 2011-12.


KAMAL AGRO: CRISIL Reaffirms 'B' Ratings on INR140MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamal Agro
Industries continues to reflect KAI's weak financial risk profile,
marked by high gearing and a small net worth, and its weak
liquidity, driven by low net cash accruals and profitability. The
rating also factors in the susceptibility of the firm's business
and profitability to changes in government policies and to
fluctuation in cotton prices. These rating weaknesses are
partially offset by the extensive industry experience of KAI's
promoters and the quick ramp up in sales achieved by the firm.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        22.5    CRISIL B/Stable (Reaffirmed)

   Term Loan                 27.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KAI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' if the
firm improves its profitability significantly, leading to higher-
than-expected cash accruals, or if its promoters infuse
significant fresh capital leading to improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in KAI's financial risk profile,
particularly its liquidity, most likely because of a decline in
its sales or profitability, or because of larger-than-expected
working capital requirements.

Update
KAI is expected to report an operating income of INR2300 million
to INR2400 million for 2013-14 (refers to financial year, April 1
to March 31) vis-a -vis INR1705 million in 2012-13. The firm has
achieved revenues of INR1697.5 million for the nine months ended
December 31, 2013. The significant increase in revenues is driven
by incremental sale of guar dal and stabilisation of its cotton
ginning and pressing unit. KAI's operating margin is low because
of the fragmented nature of the business and low value addition in
the cotton ginning industry. The margin is expected to remain low
at around 1 per cent over the medium term.

KAI's financial risk profile is expected to remain weak over the
medium term, driven by incremental working capital requirements on
account of increase in scale and a small net worth. The firm's
gearing was high at 9.9 times and its net worth small at INR15
million as on March 31, 2013. KAI's debt protection metrics were
average, with interest coverage ratio of 1.9 times in 2012-13; the
ratio is expected to remain in the range of 1.6 times to 1.9 times
over the medium term, driven by low profitability.

KAI reported a profit after tax (PAT) of INR1.7 million on sales
of INR1705 million for 2012-13, against a PAT of INR0.6 million on
sales of INR623 million for 2011-12.

KAI was established by Mr. Ram Bilas, Mr. Binod Kumar, and Mr.
Rajesh Kumar in 2011. The firm set up a cotton ginning and
pressing unit and a cotton oil extraction unit at Adampur in Hisar
(Haryana) in 2011-12, which commenced commercial operations from
October 2011. It has recently set up a guar processing unit in
Hisar in 2012-13 which became operational in November 2012.


MAHASU PEAK: ICRA Assigns 'B' Ratings to INR8.75cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR6.87
crore* term loan facilities and INR1.88 crore long term proposed
facilities of Mahasu Peak Resorts and Recreations Private Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to
INR0.75 crore non-fund based facilities of the company.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Term Loan                  6.87         [ICRA]B assigned
   Long-term Proposed
   Limits                     1.88         [ICRA]B assigned

   Short-term Non-
   Fund Based Limits          0.75         [ICRA]A4 assigned

The assigned ratings take into consideration the long standing
experience of the promoter in the industry; location advantage of
existing amusement park at Kufri; limited competition owing to
high entry barriers in terms of heavy capital investments and
healthy operating margins inherent to the industry.

The rating is however constrained on account of moderate scale of
operations and vulnerability of margins to small fluctuations in
operating costs. The company is planning to launch a new project
(water park) at Pinjore and is exposed to cost overruns and other
risks associated with the implementation of the new project which
constrains the rating further. Timely completion of the project
construction and achieving sizeable footfalls so as to achieve
breakeven faster would remain the key rating sensitivities going
forward.

The company (MPR) manages an amusement park by the name of Kufri
Fun World in Kufri, Shimla. Located 9000 feet from the sea level
the amusement park commenced operations in 2005-06. At present the
amusement park has 17 joy rides and a go-carting track. The
company is also launching a new property- a water-park at Pinjore,
Chandigarh which is expected to commence operations from April
2014.

Recent Results

As per audited financials for FY 2012-13, the company reported a
Profit After Tax (PAT) of INR0.24 crore on an Operating Income of
INR2.43 crore as against a PAT of INR0.55 crore on an OI of
INR2.40 crore in FY 2011-12.


NATIONAL CAPSULES: CRISIL Assigns 'B' Ratings to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of National Capsules Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        17      CRISIL B/Stable

   Cash Credit               11      CRISIL B/Stable

   Long Term Loan            72      CRISIL B/Stable

The rating reflects NCPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics. The rating also factors in the company's small scale of
operations due to the start-up nature of the competitive and
fragmented industry. These rating weaknesses are partially offset
by the benefits that NCPL derives from its promoters' extensive
experience in the pharmaceutical industry and healthy demand
prospects for the pharmaceutical industry in India.
Outlook: Stable

CRSIL believes that NCPL will benefit from its promoters'
extensive experience in the pharmaceutical industry. The outlook
may be revised to 'Positive' in case of improvement in the
company's financial risk and liquidity resulting from higher-than-
expected cash accruals, efficient working capital management, and
funding support from the promoters. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
financial risk profile, particularly its liquidity, on account of
lower-than-expected cash accruals or larger-than-expected working
capital requirements or any further debt-funded capital
expenditure.

Incorporated in November 2010, NCPL manufactures empty hard
gelatin capsules. The company has its manufacturing unit at
Vidisha, near Bhopal (Madhya Pradesh); the unit commenced
operations in January 2013. NCPL is promoted by Mr. Rakesh Sharma
and his wife, Ms. Preeti Sharma.


NEPTUNE INDUSTRIES: CARE Rates INR18.98cr Long-Term Loans at 'B'
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Neptune Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       18.98       CARE B Assigned
   Facilities

   Short-term Bank       8.18       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Neptune Industries
Limited are primarily constrained by fluctuating turnover,
consistent decline in cash accruals, weak debt coverage indicators
and stressed liquidity position. The ratings are also constrained
due to its working capital intensive nature of operations and low
bargaining power against its reputed clientele.

The ratings, however, derive strength from the promoters' long
experience in the turnkey project development.

The ability of NIL to increase its scale of operations, improve
its profitability and liquidity position by way of timely receipt
of payment from its clients will be the key rating sensitivity.

NIL was incorporated by its promoters Mr. Rajendra V. Panchal, Mr.
Hareshkumar V. Panchal, Mr. Navinbhai V. Panchal and Mr.
Sandipbhai J. Dave in June 1999 as Neptune Automation Pvt. Ltd.
Subsequently, promoters changed the name to NIL in December 2005
and started executing turnkey projects for developing the
manufacturing plants of ceramic products such as sanitary wares,
table wares, insulators, heavy clay, red bricks, blocks, extruded
tiles, crockery, fly ash bricks, paver etc.

During FY13 (refers to the period April 1 to March 31), NIL
reported PAT of INR0.08 crore on a total operating income of
INR24.72 crore as against PAT of INR0.68 crore on a total
operating income of INR33.95 crore during FY12. During 8MFY14
(provisional), NIL reported sales of INR17.42 crore.


NEYSA JEWELLERY: CRISIL Reaffirms 'D' Ratings on INR1.59BB Loans
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Neysa Jewellery
Limited continues to reflect the company's weak liquidity, which
would impair its debt servicing ability over the medium term.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         93.7     CRISIL D (Reaffirmed)

   Export Packing Credit    75.8     CRISIL D (Reaffirmed)

   Funded Interest Term
   Loan                    270       CRISIL D (Reaffirmed)

   Packing Credit          266.7     CRISIL D (Reaffirmed)

   Post Shipment Credit    313.9     CRISIL D (Reaffirmed)

   Rupee Term Loan          84.7     CRISIL D (Reaffirmed)
   Working Capital

   Demand Loan             183.7     CRISIL D (Reaffirmed)
   Working Capital

   Term Loan               308.8     CRISIL D (Reaffirmed)

NJL has weak financial risk profile marked by negative net-worth,
high debt levels and weak debt protection metrics, and its
operations are working-capital-intensive in nature. However, the
company continues to benefit from its established presence in the
studded-jewellery business.

NJL, incorporated in 1996 and promoted by Mr. Pravin Shah,
manufactures and exports diamond-studded gold, silver, and
platinum jewellery. It is a 100 per cent export-oriented unit,
with manufacturing units in SEEPZ, Mumbai.


PARAS BHAVANI: CARE Assigns 'B+' Rating to INR46.75cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Paras Bhavani Steel Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        46.75      CARE B+ Assigned
   Facilities

   Short-term Bank
   Facilities             2.00      CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of the weak
capital structure of Paras Bhavani Steel Private Limited due to
the implementation of its predominantly debt-funded capex and its
tight liquidity position. The ratings are further constrained on
account of its relatively modest scale of operations with thin
profitability due to low value added nature of its product and
intense competition prevailing in the industry.

The above weaknesses are partially offset by the experience of the
promoters in the business along with PBSPL's established
operations in the manufacturing of stainless steel pipes.

PBSPL's ability to derive the envisaged benefits from its newly
erected manufacturing facility, thereby resulting in increased
scale of operations along with improvement in its profitability
and capital structure would be the key rating sensitivities.

Incorporated in October 2007, PBSPL is engaged in the
manufacturing of welded stainless steel (SS) pipes at its
manufacturing facilities located at Odhav and Rajpur (Kadi), near
Ahmedabad in Gujarat. The company is promoted by Mr Parasmal S
Bohra and his family members. As on March 31, 2013, PBSPL had an
installed capacity of 18,000 Metric Tons Per Annum (MTPA) for the
manufacturing of SS tubes and pipes.

As per the audited results for FY13 (refers to the period April 1
to March 31), PBSPL reported a total operating income of INR74.24
crore (FY12: INR51.81 crore) and PAT of INR0.21 crore (FY12:
INR0.21 crore). Furthermore, as per provisional results for
H1FY14, it reported a total operating income of INR53.66 crore and
PBILDT of INR3.81 crore.


PASHUPATI TRADERS: CRISIL Assigns 'B+' Ratings to INR150MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Pashupati Traders.

                              Amount
   Facilities                (INR Mln)   Ratings
   ----------                ---------   -------
   Proposed Long Term
   Bank Loan Facility          66.3      CRISIL B+/Stable
   Cash Credit                 57.4      CRISIL B+/Stable
   Long Term Bank Facility     26.3      CRISIL B+/Stable

The rating reflects PT's weak financial risk profile marked by a
highly leveraged capital structure and weak interest coverage, and
its exposure to intense competition in the automobile dealership
industry. These rating weaknesses are partially mitigated by PT's
established position in the automobile dealership business for
General Motors India Pvt Ltd (GM) in Assam.

Outlook: Stable

CRISIL believes that Pashupati Traders (PT) will maintain a stable
business risk profile over the medium term backed by its long
association with its principle i.e. General Motors India Pvt Ltd
(GM). CRISIL may revise the outlook to 'Positive' if the firm'
financial risk profile improves on account of better than expected
accruals or infusion of capital by promoters. Conversely, the
outlook may be revised to 'Negative' if the firm's working capital
cycle weakens or if it undertakes any larger than expected debt
funded capex plans leading to further deterioration in overall
financial risk profile.

PT is an authorised dealer for GMIPL's Chevrolet range of
passenger vehicles and spare parts in Dibrugarh and Shivsagar, in
Assam. PT recently obtained the dealership of Ashok Leyland
Limited (AL) for the sale of its light commercial vehicles and
spares in Dibrugarh, Tinsukia, Jorhat and Shivsagar (in Assam).


POTLURI SURYA: CRISIL Assigns 'B-' Ratings to INR30MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of M/s. Potluri Surya Prakasa Rao.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short Term
   Bank Loan Facility        40      CRISIL A4

   Proposed Long Term
   Bank Loan Facility        10      CRISIL B-/Stable

   Bank Guarantee            50      CRISIL A4

   Overdraft Facility        20      CRISIL B-/Stable

The ratings reflect PSPR's modest scale of operations; its working
capital intensive operations along with geographic concentration
in revenue profile. These rating weaknesses are partially offset
by the extensive industry experience of PSPR's promoter in the
civil construction business.

Outlook: Stable

CRISIL believes that PSPR will benefit over the medium term from
the promoters extensive experience in the civil construction
business. The outlook may be revised to 'Positive', if PSPR's
working capital management improves and there is an increase its
scale of operations and operating profitability significantly over
the medium term there by leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative', if the company undertakes any significant debt-funded
capital expenditure or if its revenues and operating profitability
decline or if its working capital cycle elongates leading to
deterioration in its financial profile.

Set up in 1989, PSPR is a proprietorship entity involved in the
execution of civil construction contracts for various government
agencies in Andhra Pradesh. The firm mainly undertakes works
related to infrastructure development in the drinking water supply
segment. The day-to-day operations are managed by Mr Potluri Surya
Prakasa Rao.

PSPR's profit after tax (PAT) is at INR8.54 million on net sales
of INR 216.7 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR4.84 million on net
sales of INR 123.3 million for 2011-12.


PUNJAB METAL: CARE Revises Rating on INR3cr Loan From 'B+'
----------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Punjab Metal Works Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term/Short-
   term Bank Facilities       3        CARE B/CARE A4 Revised
                                       from CARE B+

   Short-term Bank
   Facilities                 8        CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of the bank facilities of
Punjab Metal Works Private Limited factors in the significant
decline in total operating income in FY13 (refers to the period
April 1 to March 31) and elongation of operating cycle resulting
in weakening of liquidity position. The ratings continue to be
constrained by the small scale of its operations, leveraged
capital structure, geographical and customer concentration risk,
foreign exchange fluctuation risk and intense competition and
dependence on the real estate sector.

The ratings, however, draw comfort from the experienced promoters
of PMW coupled with the long track record of operations.
Going forward, the ability of the company to scale up its
operations while diversifying its customer base along with
improvement in the capital structure and effective management of
its working capital would be the key rating sensitivities.

Punjab Metal Works Private Limited was incorporated in 1975 and is
currently managed by Mr Amar Chand Jindal, Mr Atul Jindal and Mr
Amit Jindal, having an experience of more than two decades in the
processing and trading of timber logs. PMW is engaged in the
business of processing and trading of timber (Hardwood) logs and
production of veneer, plywood, solid wood doors and frames,
decking and floorings, solid core flush and moulded doors and
other wood products. Jindal Wood Products Private Limited (Rated
'CARE B+/CARE A4') and AK Lumbers Limited are the group associates
and engaged in the similar businesses.

During FY13, PMW achieved a total operating income (TOI) of
INR16.18 crore with a profit after tax (PAT) of INR0.16 crore. In
8MFY14, PMW achieved a TOI of INR11crore.


RADHE RENEWABLE: CRISIL Cuts Rating on INR140MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Radhe Renewable Energy Development Pvt Ltd to 'CRISIL B/Stable'
from 'CRISIL B+/Stable', while reaffirming its rating on the
company's short-term bank facility at 'CRISIL A4'.

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

   Cash Credit               130     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility         10     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects RREDPL's constrained financial
flexibility because of higher-than-expected fund support to its
associate entities. RREDPL has invested around INR136 million in
these entities, and extended loans and advances of INR48.7 million
to them, as of March 31, 2013, as against its net worth of
INR148.2 million as on the same date. While the company had
previously funded these advances through internal accruals and
promoters' funds, it has availed debt of INR40 million during
2013-14 (refers to financial year, April 1 to March 31) to extend
additional unsecured loans of INR31.4 million to these entities.
Hence, its gearing is expected to deteriorate to 1.3 times as on
March 31, 2014, from 1.1 times as on March 31, 2012. However,
RREDPL is expected to generate adequate net cash accruals of INR21
million to INR22 million against repayments of INR8.9 million in
2013-14. CRISIL believes that significant funding extended to
associate entities constrains RREDPL's financial flexibility, and
hence, the quantum of funds given to these entities, and the
source of these funds, will remain key rating sensitivity factors
over the medium term.

The ratings reflect RREDPL's moderate scale of operations and
susceptibility to volatility in raw material and fuel prices, its
large working capital requirements, and its constrained financial
flexibility because of the fund support it provides to group
entities. These rating weaknesses are partially offset by RREDPL's
established position and its promoter's extensive experience in
the gasifiers industry.

Outlook: Stable

CRISIL believes that RREDPL will continue to benefit over the
medium term from its established position in the gasifiers
industry and the extensive industry experience of its promoters.
The outlook may be revised to 'Positive' if the company improves
its cash accruals significantly while shortening in working
capital cycle, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RREDPL
generates lower-than-anticipated cash accruals, its working
capital management deteriorates, or it provides higher-than-
expected fund support to associate entities, resulting in
weakening of its financial risk profile, particularly its
liquidity.

RREDPL, promoted by Dr. Shailesh Makadia, was originally set up in
the early 1990s as a proprietorship firm. The firm was
reconstituted as a partnership firm in 1998, and later as a
private limited company in 2004. RREDPL primarily manufactures
biomass- and coal-based gasifiers, apart from electrostatic
precipitators and hot-air generators.

RREDPL reported a profit after tax (PAT) of INR0.34 million on net
sales of INR405.6 million for 2012-13, as against a PAT of INR0.20
million on net sales of INR258.6 million for 2011-12.


S.V.S. MOOKAMBIKA: CRISIL Assigns 'B+' Rating to INR130MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S.V.S. Mookambika Constructions Private
Limited.

                              Amount
   Facilities                (INR Mln)   Ratings
   ----------                ---------   -------
   Proposed Bank Guarantee       70      CRISIL A4
   Long Term Loan                 5      CRISIL B+/Stable
   Bank Guarantee                80      CRISIL A4
   Cash Credit                  125      CRISIL B+/Stable

The ratings reflect SMCPL's high working capital intensive
operations and it's below average financial risk profile marked by
high gearing and its exposure to intense competition in the civil
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of promoters in the
civil construction industry.

Outlook: Stable

CRISIL believes that SMCPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive', if SMCPL's working capital
management improves or there is an increase its scale of
operations and operating profitability significantly resulting in
higher than expected accruals thereby leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative', if the company undertakes any significant debt-
funded capital expenditure or if its revenues and operating
profitability decline or if its working capital cycle elongates
leading to further deterioration in its liquidity.

Incorporated in 2004, as a partnership entity and later
incorporated as a private limited company in 2009, SMCPL is
engaged in undertaking civil construction projects in Andhra
Pradesh, Orissa and Karnataka. The company is promoted by Mr.
M.S.N Raju and his family members.

For 2012-13 (refers to financial year, April 1 to March 31), SMCPL
reported a profit after tax (PAT) of INR14.8 million on net sales
of INR 655.2 million, against a PAT of INR38.8 million on net
sales of INR624.0 million for 2011-12.


SREE KUMAR: CRISIL Reaffirms 'B' Ratings on INR149.8MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Kumar
Agro Oils Pvt Ltd continues to reflect SKAOPL's below-average
financial risk profile marked by a small net worth, high gearing
and below-average debt protection metrics, and its exposure to
intense competition in the edible oil industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the edible oil industry, and its efficient
working capital management.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140.0    CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         9.8    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKAOPL will maintain its established market
position in the edible oil industry over the medium term on the
back of its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if the company achieves substantial and
sustained improvement in its profitability margins, while
maintaining a healthy revenue growth, or if there is an
improvement in its net worth supported by equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
there is a decline in SKAOPL's profitability margins, or
significant deterioration in its capital structure most likely on
account of larger-than-expected working capital requirements or
large debt-funded capital expenditure.

Incorporated in December 2006, SKAOPL started commercial
production in October 2008. It manufactures rice bran oil and de-
oiled rice bran at its solvent extraction plant at Jakkaram
village, near Bhimavaram (Andhra Pradesh).


TURBO TECH: ICRA Reaffirms B- Rating on INR4cr Long-Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' for the
INR4.00 crore fund based bank facilities and short term rating of
'[ICRA]A4' for the INR3.50 crore non-fund based facilities of
Turbo Tech Precision Engineering Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund
   based limits          4.00        [ICRA]B- reaffirmed

   Short term non
   fund based
   limits                3.50        [ICRA]A4 reaffirmed

ICRA's ratings reaffirmation takes into consideration the weak
financial profile of the company as reflected by continued losses
in the last six years due to high fixed operating costs of
operation and deferment of order execution by clients. ICRA
however notes that TPEPL's management has undertaken several cost
cutting measures which have resulted in improvement in the
profitability of the company (the company reported an operating
profit of INR1.66 crores in H1 FY14 as against operating loss of
INR2.37 crores in FY13). The ratings are also constrained by the
TPEPL's small scale of operations resulting in limited bargaining
power with customers as well as suppliers, high receivables caused
by the delay in receipt of payments from its customers and high
inventory holding. Moreover the company's revenue prospects remain
susceptible to economic conditions in domestic and global markets
along with the capex plans in industries such as textiles,
distillery and paper.

The ratings however draw comfort from the long presence of the
company in the industry for over 20 years, experienced management
personnel and diversified product portfolio in sub 2 MW steam
turbines. ICRA also takes note of the moderate order book size of
around INR15.10 crore with significant orders from HAL (Hindustan
Aeronautics Limited) for supplying oil coolers and up-lock
systems, which provides relatively better visibility to the
revenues going forward.

Turbo Tech Precision Engineering Private Limited was incorporated
in 1989 and manufactures steam turbines in the range of 50 kW to 3
MW. These steam turbines are supplied to cogeneration projects in
sugar, paper, textile companies and concentrated solar power (CSP)
projects. TPEPL has installed over 100 steam turbines in Asia and
Latin America. TPEPL also supplies oil coolers for turbo engines
and an up-lock system used in aircraft landing gears to HAL and
operates as an energy leasing company.

Recent Results

In FY2013, TPEPL has reported a operating loss of INR2.37 Cr and
net loss of INR3.48 Cr on an operating income of INR7.91 Cr.


UMESH INDUSTRIES: CARE Rates INR9.75cr Long-Term Loans at 'B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Umesh
Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             9.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Umesh Industries
Private Limited is primarily constrained on account of the
financial risk profile marked by thin profit margins, leveraged
capital structure and weak debt coverage indicators. The rating is
further constrained on account of its presence in the lowest
segment of the textile value chain in a highly fragmented
industry, prices and supply for cotton being highly regulated by
the government and susceptibility of operating margins to
fluctuations in the cotton prices.

The above constraints outweigh the benefits derived from the
experience of the promoters in the cotton ginning industry and
locational advantage in terms of presence in the cotton producing
belt of Gujarat with easy access to the raw material.
UIPL's ability to improve its overall financial risk profile by
moving up in the value chain and thereby improving profit margins
and better working capital management are the key rating
sensitivities.

Harij (Gujarat) based, UIPL was incorporated in November 2004 as
Umesh Cotton Ginning and Pressing Pvt Ltd (UCGPPL) and
subsequently the name of the company was changed to UIPL in August
2010. UIPL is promoted by Mr Babulal Ishwarlal Thakkar and is
engaged in manufacturing as well as trading of cotton bales and
cotton seeds since its inception. UIPL deals in 'Shankar 6' type
of cotton which is being sourced through the local farmers and
also from agriculture marketing yards from Gujarat. UIPL operates
through its sole ginning and pressing unit located in Harij which
has an installed capacity to process 3,130 metric tonnes per annum
(MTPA) of cotton bales and 5,723 MTPA of cotton seeds as on March
31, 2013.

As against a net profit of INR0.04 crore on a total operating
income (TOI) of INR35.17 crore in FY12 (refers to the period
April 1 to March 31), UIPL reported a net profit of INR0.04 crore
on a TOI of INR38.88 crore during FY13.



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


JAPAN: Fitch Says External Deficit Highlights Fiscal Risks
----------------------------------------------------------
The emergence of monthly current account deficits in Japan
highlights the growing importance of fiscal adjustment for Japan's
medium-term stability, says Fitch Ratings.  This is because the
external deficits indicate that the investment upturn, since the
inception of Abenomics, has not been matched by any pick-up in
savings, as the fiscal deficit remains high.

An important reason for the erosion of Japan's current account has
been the drop-off in domestic savings.  These have fallen to 18.3%
of GDP in 3Q13, down notably from an annual average of 24.8% in
the decade up to mid-2008.  This has been driven mainly by the
deterioration in the savings position of the general government.
In the absence of effective medium-term fiscal consolidation, the
government's budget deficit would remain large and continue to
constrain domestic savings.  The IMF estimates Japan's cyclically
adjusted budget deficit at 9.2% of GDP in 2013, greatly above the
average 3.4% for advanced economies.

The other key reason for the worsening deficit is that capital
formation has reached 21% of GDP in 3Q13, up from a post-global
financial crisis low of 19% though lower than the decadal average
of 23.4% up until mid-2008.  This pick-up in investment is in line
with the thrust of Abenomics, and it could rise further.  "Our
research highlights that Japan's investment cycle is closely
related with global demand trends.  A competitive currency coupled
with improving global demand could thus raise investment even
further."

Failure to consolidate the structural fiscal deficit, coupled with
a recovery in private-sector demand, would put pressure on Japan's
trade balance and potentially on the yen.  This could in turn
force the Bank of Japan to opt for tighter domestic monetary
conditions earlier than it otherwise would, to achieve the 2%
inflation target it adopted in January 2013 and stabilise
inflation expectations.  This could have an adverse effect on the
sovereign's own cost of funding.  The sovereign credit profile
continues to benefit from exceptional financing flexibility.  The
yield on 10-year Japanese government bonds averaged just 0.72%
over 2013.

Fiscal consolidation would also speed up the containment of
Japan's exceptionally high public debt burden.  Fitch projects
general government debt at 245% of GDP by end-2014, up from 239%
at end-2013, and expects the ratio to stabilise only in 2020.
This is the key factor governing the Negative Outlook on Japan's
'A+' rating.

Japan ran a JPY593 billion (USD5.8 billion) monthly deficit in
November 2013 - its largest on record.  Fitch emphasizes that it
does not read too much into one month's figures.  The agency
believes Japan's trade and current account balances are in the
first stage of a "J-curve" effect arising from the yen's 19.9%
depreciation since end-2012.  This temporarily widens the trade
deficit because imports become more expensive, but it takes time
for spending patterns to adjust and shift export and import
volumes.

The seasonally adjusted current account deficit is much smaller,
and the 12-month rolling sum of the current account remains in a
small surplus. Nonetheless, the current account figures are of
interest more because they highlight emerging structural economic
trends rather than posing a risk factor in themselves.

The external finances remain a key sovereign credit and rating
strength for Japan.  Fitch projects the current account surplus at
1% of GDP in 2014, buttressed by net income receipts on the
country's vast external asset stockpile.  Japan was a net external
creditor to the tune of 247% of current external receipts at end-
2013, much stronger than the median creditor position for the 'A'
range of 34%.



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


PETRON PACIFIC: Files for Chapter 7 in Eastern Virginia
-------------------------------------------------------
Petron Pacific Inc. filed a Chapter 7 petition (Bankr. D. Ea. Va
Case No. 13-15712-RGM) on Dec. 30, 2013 in 2971 in Eastern
Virginia, John C. Morgan Jr., Esq. (Tel: 540-349-3232), serves as
counsel to the Debtor.  The Debtor estimated 0 to $50,000 in
assets and $1,000,001 to $10,000,000 in liabilities.  Largest
unsecured creditor is BB&T with $1.5 million claims.  The company
is located 2971 Trousseau Ln., Oakton, Va. 22124.

Headquartered in Chantilly, VA, Petron Pacific, Inc. --
http://www.petronpacific.com/-- is manufacturer and supplier of
steel fabricated products to construction, electrical, fencing and
agriculture industries.  It has operations in the North America,
Far East and South East Asia.


* Moody's Says South & Southeast Asia Sovereign Ratings Stable
--------------------------------------------------------------
Moody's Investors Service says that sovereign ratings in South and
Southeast Asia will be largely stable in 2014, reflecting the
rating agency's expectation that global growth prospects will
improve while global risks will decline.

Moody's points out that almost three quarters (85 of 124) of
sovereigns rated by Moody's carry stable rating outlooks, compared
with fewer than two thirds at the start of last year.

Nevertheless, Moody's also points out that the emerging economies
of South and Southeast Asia will continue to face heightened
credit pressures in 2014, owing in part to the US Federal
Reserve's tapering of its expansive quantitative easing policy.

"In Indonesia, the widening of the current account deficit over
the past two years has given way to concerns about the
sustainability of the country's external payments position. While
the policy response has shifted towards stabilization, political
risks could rise, ahead of elections later this year," says

Tom Byrne, a Senior Vice President and Manager for Moody's
Sovereign Risk Group.

Nevertheless, the stable outlook on Indonesia's sovereign rating
reflects Moody's expectation that the sovereign's low level of
government debt and narrow fiscal deficits can be maintained,
against the backdrop of slowing but still healthy economic growth.

"On India, we expect a slow economic recovery in the second half
of this year, if global growth increases. Meanwhile, domestic
inflation and interest rates should decline. However, the outcome
of national elections this year could also affect growth,
depending on how it impacts sentiment and policies," says
Mr. Byrne.

"In addition, India's government debt ratios and fiscal deficits
will remain higher than those of similarly rated peers in 2014.
Social welfare measures, for instance, such as the Food Security
Act passed last year, will raise the government's medium-term
expenditure commitment," adds Mr. Byrne.

"Nonetheless, the structure of India's government debt -- which is
owed mostly domestically, in domestic currency, at relatively low
real rates, and at relatively long tenors -- has mitigated stress
on the government's fiscal position."

For Thailand, Byrne says a key credit-negative feature for the
sovereign is the prolonged political protests, which will weigh on
an already fragile growth outlook for 2014. In addition,
heightened political tensions have marred investor confidence, as
reflected in the accelerated decline in Thailand's official
foreign exchange position since late October last year.

In contrast, other large countries in the region have seen a
firming of credit fundamentals, especially in terms of growth
performance.

"Singapore's stable rating outlook and Aaa rating reflect our
expectation of robust economic growth over the next five years.
When compared with similarly rated advanced economies, Singapore
has exhibited above-average growth performance," says Mr. Byrne.

On neighboring Malaysia, Moody's says the country's positive
rating outlook reflects its improved prospects for fiscal
consolidation and reform, and continued macroeconomic stability in
the face of external headwinds. Moody's points out that since
Malaysia's parliamentary elections last year, the government has
begun to accelerate fiscal consolidation.

Moreover, the expected introduction of a goods and services tax in
2015 to broaden the tax base and ease the government's reliance on
petroleum-related receipts, and the ongoing rationalization of
Malaysia's extensive subsidy framework will have the overall
effect of bolstering the government's finances.

Moody's says credit support for the Philippines comes from the
country's strong growth prospects, its track record of narrow
fiscal deficits, and a declining debt burden. Notably, the
sovereign's financing needs have been increasingly met using
domestic sources. This source of funding, along with the
structural current account surplus, renders financing conditions
for the government less susceptible to external financial shocks.

Moody's concludes that overall, sovereign creditworthiness will be
more vulnerable to common global risks than to region-specific
exposures in 2014. The shared global risks include a disorderly
unwinding of monetary stimulus in the US, persistently elevated
event risks in the euro area, and uncertainty about commodity
prices.

"The interaction of these global risks with country-specific
factors will determine the credit implications," says Mr. Byrne.

Mr. Byrne was speaking at a Moody's briefing in Singapore, titled
Sovereign Global Outlook, and held on Thursday, January 16.



                             *********

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

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

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


                            *********


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

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

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

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

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



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