---

        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, March 3, 2014, Vol. 17, No. 43


                            Headlines


A U S T R A L I A

AMBIENT GROUP: Palisade Business Appointed as Administrator
AUSINA COMPANY: SV Partners Appointed as Administrators
EMECO HOLDINGS: Fitch Puts 'B+' Rating to LT Foreign-Currency IDR
EMECO HOLDINGS: S&P Assigns 'B+' CCR; Outlook Stable
PETON PROPERTIES: Director to Stand Trial in May 2015

QANTAS AIRWAYS: 1H 2014 Results No Impact on Moody's Ba1 CFR
WASABI ENERGY: Administrators Execute Deed of Co. Arrangement
WENTWORTH SERVICES: Ferrier Hodgson Appointed as Administrator


C H I N A

CIFI HOLDINGS: Fitch Affirms LT FC Issuer Default Rating at 'B+'
FRANSHION PROPERTIES: 2013 Results Support Moody's Ba1 Rating


I N D I A

AAKAF STEEL: CRISIL Reaffirms 'B+' Rating on INR170MM Loans
ASHA INDUSTRIES: ICRA Reaffirms 'B-' Rating on INR9.7cr Loans
BALAJI CHAWAL: CARE Assigns 'B' Rating to INR10cr Bank Loans
BAPA SITARAM: ICRA Suspends 'B' Rating on INR5cr LT Loans
BEST CROP: CRISIL Assigns 'B-' Rating to INR130MM Loans

DARPAN INFRA: ICRA Assigns 'B+' Rating to INR2.25cr Loans
DEBJYOTI PULP: CRISIL Reaffirms 'B-' Rating on INR85.8MM Loans
DHURIA RICE: ICRA Reaffirms 'B' Rating on INR6Cr Cash Credit
GAJAVELLI SPINNING: ICRA Reaffirms 'B' Rating on INR51.51cr Loans
GATEWAY DEVELOPERS: CARE Assigns 'B' Rating to INR5.20cr Loans

GBJ HOTELS: ICRA Reaffirms 'B+' Rating on INR108cr Loans
KBSH PRIVATE: ICRA Assigns 'B' Ratings to INR9.50cr Loans
LION INSULATION: CARE Reaffirms 'B' Rating on INR10.08cr Loans
MAGADH MICRO: CARE Assigns 'D' Ratings to INR8cr Bank Loans
MARK ALLOYS: CRISIL Upgrades Rating on INR330MM Loans to 'B+'

PALLAVI ENTERPRISES: CRISIL Cuts Rating on INR400MM Loans to 'B+'
PRERNA COTPRESS: CRISIL Reaffirms 'B-' Rating on INR80MM Loans
RAUNAQ ICE: CARE Reaffirms 'B' Rating on INR0.63cr Bank Loans
SEACEM PAINTS: CARE Assigns 'B' Rating to INR7.87cr Bank Loans
SRI SHANMUGHA: ICRA Lowers Rating on INR24.43cr Loans to 'D'

TEEKAY MARINES: ICRA Withdraws 'C+' Rating on Term Loan
TIRUPATI FOOD: CARE Reaffirms B Rating on INR20.75cr Bank Loans
YASIKA STEELS: CRISIL Reaffirms 'B' Rating on INR150MM Loans


I N D O N E S I A

MULTIPOLAR TBK: Fitch Assigns 'B+(EXP)' Rating to US Dollar Notes
TOWER BERSAMA: FY2013 Results Support Moody's Ba2 CFR


J A P A N

SONY CORP: To Sell Properties at a Prestigious Tokyo Site

                            - - - - -


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


AMBIENT GROUP: Palisade Business Appointed as Administrator
-----------------------------------------------------------
Jack Robert James at Palisade Business Consulting Pty Ltd was
appointed as administrator of Ambient Group Limited on Feb. 27,
2014.

A first meeting of the creditors of the Company will be held at 22
Lindsay Street, in Perth, on March 12, 2014, at 11:00 a.m.


AUSINA COMPANY: SV Partners Appointed as Administrators
-------------------------------------------------------
Anne Meagher -- anne.meagher@svp.com.au -- and Terry John Rose --
terry.rose@svp.com.au -- at SV Partners were appointed as
administrators of AUSINA Company Pty Ltd (trading as Aussie Living
Furniture & Bedding), on Feb. 26, 2014.

A first meeting of the creditors of the Company will be held at
the offices at SV House, 138 Mary Street, in Brisbane, on
March 10, 2014, at 10:00 a.m.


EMECO HOLDINGS: Fitch Puts 'B+' Rating to LT Foreign-Currency IDR
-----------------------------------------------------------------
Fitch Ratings has assigned Emeco Holdings Limited, an independent
mining equipment rental business, a Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B+'.  The Outlook is Stable. Fitch
has also assigned expected ratings of Emeco Pty Ltd's proposed
USD360 million senior secured notes due 2019 at 'BB-(EXP)', with a
Recovery Rating of 'RR3'.

The final ratings are contingent upon receipt of documents
conforming to information already received by Fitch.  Emeco Pty
Ltd is a wholly owned subsidiary of Emeco.

The notes are secured by the assets of the Emeco Group, and
guaranteed by Emeco and some of its subsidiaries.  Proceeds from
the proposed notes will largely be used to refinance existing debt
of about AUD350 million.  The expected 'RR3' recovery rating
assigned to the notes reflects our expectation of at least a 51%
value recovery for the note holders in the event of default, based
on the agency's assessment of the liquidation value of Emeco's
rental fleet and other assets in a stressed scenario.  As a
result, under our recovery rating methodology, the notes are rated
one notch above the IDR.

Emeco's ratings reflect its earnings' high sensitivity to
commodity cycles due to its position as a rented equipment
supplier to mining companies.  The ratings also take into account
Emeco's low operating leverage, Fitch's expectation of an
improvement in Emeco's financial profile, and its flexibility in
managing capex, which allows it to preserve operating cash flows
during industry downturns.

Key Rating Drivers
High Cyclicality: Emeco's focus on mine production provides more
stable revenues compared to exploration and new mine development,
although the ability of mining counterparties to cancel contracts,
typically between 30 to 180 days, brings with it volatility and
asset underutilization.  This explains Emeco's 30% drop in EBITDA
in the financial year ended June 2013 (FY13), and our expectation
of a further 50% drop in EBITDA in FY14.

Rental Fleet Utilization to Improve: Emeco's overall utilization
has trended downwards since early 2012, driven by weak volumes in
its Australian coal business.  Coal miners have been reducing
overburden removal volumes in response to weak global coal prices.
Fitch does not expect this trend to continue and expects the
utilization rates of Emeco's assets to improve - Emeco's
Australian business is already showing signs of picking up.  It
has secured new contracts which should help increase its
utilisation rates in Australia to about 50% in June 2014, up from
40% in the six months to December 31, 2013.

Diversification: In FY13, 61% of revenue was generated in
Australia, with coal (both thermal and metallurgical) making up
42% of revenue.  Earnings derived from Australia are volatile due
to the generally high cost of Australian thermal coal on a global
scale.  Coal production has remained buoyant, although coal
producers' response to weak commodity prices has been to optimize
productivity and reduce costs by lowering strip ratios, by mining
in areas that require less removal of overburden.  However,
Emeco's geographical diversification has helped it redeploy its
fleet of 700-odd vehicles among different industries and regions,
which underpins its ability to optimize rental fleet utilization.

High Quality Fleet: Emeco's strategy of disposing most of its
equipment about halfway through expected lifespans ensures it
maintains a relatively young fleet with low operating hours, which
is attractive to mining companies.  This, coupled with the generic
nature of most of its assets, aids in the resale of these assets.
Over the past seven years, the company has disposed of between
AUD20 million to AUD50 million of assets at generally above-
depreciated value.  The recurring nature of these cash inflows
helps to mitigate the volatility in operating cash flows.

Improving Financial Profile: Fitch expects Emeco to deleverage
from FY14 onwards, due to both improving utilization and a
substantially curtailed expansionary capex spend.  However,
Emeco's leverage, as measured by net debt/EBITDA, is likely to
deteriorate in FY14, compared to 2.4x in FY13, mainly due weak
average utilization.

Rating Sensitivities
Positive rating action is not envisaged in the medium term. A
meaningful reduction in Emeco's portfolio risk profile, so that
there is greater geographical and commodity diversification, would
be necessary before any positive rating action was considered.

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

-- A failure to reduce leverage as measured by net debt/EBITDA
    to below 3.0x by FY16


EMECO HOLDINGS: S&P Assigns 'B+' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' corporate credit rating to Australia-based mining equipment
rental company Emeco Holdings Ltd.  The outlook on the rating is
stable.  At the same time, S&P has assigned its 'BB-' rating to
Emeco's proposed U.S. 144A senior secured notes.  The recovery
rating on the senior secured notes is '2', reflecting S&P's
expectation of "substantial" recovery prospects (70%-90%) in the
event of default.

The 'B+' issuer credit rating on Emeco reflects S&P's view of the
company's "weak" business risk profile and "aggressive" financial
risk profile.

"Our assessment of Emeco's "weak" business risk profile reflects
its indirect exposure to the cyclical and volatile mining sector,
relatively small size globally, its leading position in Australia,
and fungible and good-quality asset base," said Standard & Poor's
credit analyst May Zhong.

Emeco is the largest mining equipment rental service provider in
its base, Australia, with a growing presence in other key mining
regions.  In the year ended June 30, 2013, the company had total
operating revenues of A$440 million, with Australia accounting for
61% of the group's revenue, followed by Canada (21%), Indonesia
(14%), and Chile (4%).  Emeco provides heavy earthmoving equipment
rental solutions and maintenance services to mining companies and
contractors for major resource projects across these countries.

It also sells re-conditioned machines and parts.

Ms. Zhong added: "Compared to other equipment rental providers
with a more-diversified industry exposure, Emeco's focus on mining
services exposes it to a higher level of volatility in its fleet
utilization rate and earnings due to the cyclical and volatile
nature of the mining industry.  This is somewhat mitigated by its
exposure to mines that are predominately in production.  But the
Australian and Indonesian mining activities are, in our view,
experiencing cyclical lows in the first half of fiscal year 2014."

As such, Emeco's utilization rate has dropped significantly,
leading to an expected material reduction in EBITDA in fiscal
2014.  Nonetheless, S&P expects the utilization rate to bottom out
in Australia this year, and new business opportunities in Chile
will also help to improve the group's utilization rate in fiscal
2015.

In S&P's view, Emeco has a good-quality fleet, with about 84% of
its equipment from Caterpillar, 12% from Komatsu, and 4% from
other brands.  This equipment has a liquid secondary market,
making it easier to dispose them to generate additional cash flows
for the company.

S&P's financial risk assessment for Emeco is "aggressive".  S&P
notes that Emeco's historical credit metrics were more in line
with the "significant" or "intermediate" category.  However, S&P
assess its financial risk profile as "aggressive" because of the
current soft trading conditions and Emeco's high level of earnings
volatility from industry peak to trough.  S&P expects Emeco's
EBITDA to halve in fiscal year 2014 from that of 2013.
Notwithstanding its earnings volatility, we view that Emeco's free
cash flows are relatively stable through the cycle, given its
flexibility to adjust capital expenditure and its ability to
dispose assets to offset a reduction in EBITDA.

Ms. Zhong said: "The stable outlook reflects our expectation of a
recovery in Emeco's earnings in fiscal 2015 as we expect its fleet
utilization rate to bottom out in 2014 and improve to more than
55% in 2015.  We also expect the company to maintain adequate
liquidity by reducing capital expenditure and supplementing
operating cash flow with asset disposal when its earnings worsen
in fiscal year 2014 because of a lower fleet utilization rate."

Although less likely in the near term, S&P could consider an
upgrade if trading conditions materially improve, resulting in a
sustained improvement in Emeco's utilization rate and earnings,
while it maintains a conservative financial management.  This
could occur if the adjusted debt-to-EBITDA ratio is sustained at
less than 3x and adjusted FFO-to-debt more than 30%.  Another
positive rating factor is if the company improves its operational
breadth and earnings stability to reduce its sensitivity to
volatility in mining activities in any single region.

The rating could come under pressure if the company's operating
performance continues to deteriorate, such that its adjusted FFO-
to-debt ratio falls to less than 20% or its adjusted debt to
EBITelDA is higher than 4.0x in fiscal year 2015.  This could
occur if utilization rates stay low (50%) for a prolonged period
as a result of a slower-than-expected recovery in demand for
mining equipment hire.  Any aggressive debt-funded acquisitions
will also be negative for the rating.


PETON PROPERTIES: Director to Stand Trial in May 2015
-----------------------------------------------------
A Melbourne businessman has been ordered to stand trial on 136
criminal charges including allegedly obtaining more than
AUD2.6 million in investor funds by deception.

Following a week-long committal hearing in Melbourne Magistrates
Court, Anthony Nicholls, 61, of Mitcham, will stand trial in the
Victorian County Court on May 11, 2015. It is expected the trial
will run for three months.

Mr. Nicholls is charged with 113 counts of breaching his duties as
a director, 3 counts of making false and misleading statements, 19
counts of obtaining a financial advantage by deception and 1 count
of obtaining property by deception.

Mr. Nicholls has pleaded not guilty to the charges.

Mr. Nicholls is accused of the misconduct while a director of
Zantholls International Pty Ltd and Peton Properties Pty Ltd
between 2004 and 2006.

The charges relate to losses suffered by about 20 people who
invested AUD2.68 million with the companies.

The money was to be used for property developments in Ballarat,
Victoria. ASIC alleges the developments were not capable of being
developed in the manner or timeframe described to investors, and
that the money was instead dissipated.

It is also alleged that Mr. Nicholls dishonestly authorised the
withdrawal of AUD1,806,000 in investor money from a Peton
Properties bank account and a solicitors trust account to be used
for:

    -- his own benefit
    -- the benefit of his co-director, Peter Scully
    -- the financial obligations of The Key Result Pty Ltd, and
    -- interest payments due to existing investors of Peton
       Properties.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Mr. Nicholls has been charged with:

   * 113 charges of breaching director duties contrary to
     section 184(2)(a) of the Corporations Act 2001

   * 3 charges of making false and misleading statements
     contrary to section 1041E of the Corporations Act 2001

   * 19 charges of obtaining a financial advantage by deception
     contrary to section 82(1) of the Crimes Act 1958 (Vic), and

   * 1 charge of obtaining property by deception contrary to
     section 81(1) of the Crimes Act 1958 (Vic).

Each of the directors' duties charges carry a maximum penalty of
five years jail or a AUD220,000 fine and each charge of making
false and misleading statements carry a maximum penalty of 10
years jail or a AUD495,000 fine.

Each of the Crimes Act charges carry a maximum penalty of 10 years
jail.

Peton Properties went into liquidation in 2007, owing creditors
more than AUD4 million.


QANTAS AIRWAYS: 1H 2014 Results No Impact on Moody's Ba1 CFR
------------------------------------------------------------
Moody's Investors Service says that Qantas Airways Limited's half
year results to 30 December 2013 are credit negative though
broadly within expectation and have no immediate impact on its Ba1
corporate family rating, Ba2 senior unsecured long term rating or
non-prime (NP) short term rating. The outlook for Qantas' ratings
remains negative.

"While the 1H 2014 results are within our expectations overall and
factored into the current ratings which were downgraded earlier in
the year, the extent of earnings reversal in the international
side of Qantas' operations (-7% in revenue and more than 280%
negative movement in the amount of operating loss, both on a PCP
basis) is a further concern, at a time when its domestic
operations are experiencing unprecedented pressure", says Ian
Lewis a Moody's Senior Vice President.

"Moody's will closely observe the carriers plans to not only boost
profits in its core domestic business but also very importantly,
lay out a roadmap to return its mainline international operations
to profitability. The trajectory for restoration of
international's return to profitability would now appear to be
some considerable way off and this delay in recovery increases the
pressure on the current negative outlook ", says Lewis.

"That being said, we note that the carrier has options at its
disposal and continues to review its operations and consider items
for structural review. Qantas has also made a number of new
announcements including further details of its $2bn cost savings
and capital deferment plans. While these initiatives are currently
within Moody's expectations for Qantas' current ratings and
negative outlook, we will observe Qantas' plans to restore the
profitability of its airline operations", adds Lewis.

"Qantas' results for the half (reported basis) as expected,
revealed a meaningful deterioration in group revenue (minus 4%
compared with the PCP), group yield (-3% on PCP), and considerable
weakness in free cash flow. In addition debt was elevated at A$
6.3 billion (+1%) while EBITDA declined to A$ 535 m (-45%) and
cash on-hand decreased to A$ 2.4bn (- 22%).

Qantas' key financial metrics (Moody's adjusted, annualized, pro-
forma basis) weakened materially with Debt/EBITDA of 6.1x and
RCF/Net Debt of 15.8%.

While the announcement by Qantas contained no information in
relation to potential Australian Government support, any such
support, depending on its final form, will be credit positive for
the carrier and Moody's will observe any potential for positive
credit impact if and when such counter-measures are announced.

Qantas' ratings reflect the carrier's large scale and coverage in
the Australian domestic aviation market, its dual flying brands
and extensive global route network and code-sharing arrangements,
including tie-up with Emirates. At the same time the rating
reflects significant operational challenges as a result of the
heavy competition, both domestically and in its principal offshore
markets. Qantas' financial profile is weak and its leverage high
for the rating. Qantas' ratings are currently supported by
adequate liquidity including access to unrestricted cash balances.

The rating outlook could be revised to stable if Qantas is able to
restore the profitability of both its international and domestic
operations to levels that are able to sustain appropriate levels
of debt. Financial metrics that Moody's would look for include
Debt/EBITDA remaining below 4.75x on a consistent basis.

On the other hand, further negative rating pressure could evolve
if Qantas is unable to restore the core profitability of its
international and domestic businesses or reduce debt to
appropriate levels, commensurate with its sustainable earnings.
Financial metrics that Moody's would look for include Debt/EBITDA
remaining above 5.0 x on a sustained basis. In addition, a
material deterioration in liquidity could impact the carrier's
ratings.

Qantas is Australia's largest domestic carrier and estimates its
total domestic market share at around 63.4% at the end of November
2013.


WASABI ENERGY: Administrators Execute Deed of Co. Arrangement
-------------------------------------------------------------
Wasabi Energy Limited has confirmed that the 'deed of company
arrangement' has been executed by the administrators and the
directors.

The DOCA sets out the requirements for settling the company's
debts in order that it can continue to operate and, subject to a
fundraising to finance itself and its projects going forward, re-
commence trading on the ASX and AIM.

The keys terms of the DOCA are:

  * The consolidation of the existing issued share capital on
    the approximate basis of 1 share for each 860 shares
    currently held. Immediately following the consolidation and
    issue of new shares, the creditors will hold 90% of the
    enlarged issued capital of the company

  * The issue of new shares to all creditors, including the
    secured loan note holders, on the basis of 2 new shares
    for each AUD1 of debt owed to them

  * Salida Accelerator Fund will be issued 2 new shares for
    each AUD1 of debt owed to it, up to half of its outstanding
    amount (approximately AUD500,000). The remaining half of the
    Salida debt will remain in the company as a secured debt
    owing by the company with an extension of the maturity
    date to at least June 30, 2014.

  * A syndicate of lenders will provide AUD750,000 of secured
    funds to allow the Company to progress through the DOCA
    process.

  * The shareholders of the company will be asked to vote on
    resolutions necessary to implement the terms of the DOCA.

The capital of the Company post the consolidation and issue of New
Shares to creditors is expected to be approximately:

  Current Issued:  3,718,761,160 shares

  Consolidated @ 1:860: 4,324,141 new shares

  Estimated new creditor shares: 39,008,756 new shares

  Total pro-forma: 43,332,897 new shares

The issued capital of the company will be finalised once the
formal proof of debt forms, which are required under the
administration process to confirm the debts owed by the Company,
have been received by the administrators. This is expected to be
on or about March 7, following which a notice of meeting and
explanatory statement, including an update on the company's
operations, will be sent to shareholders setting out the
resolutions which shareholders will have to approve in order for
the Company to progress the consolidation of the issued shares and
the debt for equity settlement under DOCA.

Wasabi Energy director John Byrne intends to participate in the
lending syndicate that will provide the AUD750,000 of initial
funding to the company. This initial funding is to be used to fund
the company while it goes through the DOCA and fundraising
processes.

The proportion of the loan provided by Mr. Byrne is yet to be
determined. However, if Mr. Byrne, or his associated entities,
were to provide the full AUD750,000, this would be classified as a
related party transaction pursuant to the AIM Rules for Companies.

Wasabi Energy Limited (ASX:WAS) -- http://www.wasabienergy.com/
-- is engaged in the management of its projects and investments.
The Company operates in two segments: Investments and Geothermal
Power. The Investment segment provides administration support and
is responsible for the investment activities of the Company. The
Geothermal segment located in the US and UK manages the geo
thermal power activities of the Company.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2014, Stewart McCallum and John Lindholm of Ferrier
Hodgson were appointed voluntary administrators of Wasabi Energy
Limited on Dec. 30, 2013, pursuant to Section 436A of the
Corporations Act 2001.

Alliance News said that Wasabi's shares were suspended on
Dec. 23, 2013 after it failed to raise enough funds to pay off
AUD8 million of outstanding loan notes, or to fund its purchase of
the Tuzla Geothermal Power Project in Turkey.  On November 27,
Wasabi said it wanted to raise up to USAUD14.8 million through a
rights issue to complete the purchase of the Tuzla Project, as
well as pay off its debt and provide working capital, Alliance
News disclosed.


WENTWORTH SERVICES: Ferrier Hodgson Appointed as Administrator
--------------------------------------------------------------
George Georges -- george.georges@fh.com.au -- and
Brendan Richards -- Brendan.Richards@fh.com.au -- at Ferrier
Hodgson were appointed as administrators of Wentworth Services
Sporting Club Limited on Feb. 27, 2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies will be held at Wentworth
Services Sporting Club, 61-79 Darling Street, in Wentworth,
New South Wales, on March 11, 2014, at 11:00 a.m.



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


CIFI HOLDINGS: Fitch Affirms LT FC Issuer Default Rating at 'B+'
----------------------------------------------------------------
Fitch Ratings has affirmed Chinese property developer CIFI
Holdings (Group) Co. Ltd's (CIFI) Long-Term Foreign-Currency
Issuer Default Rating (IDR) and senior unsecured rating at 'B+'.
The Outlook is Positive.

CIFI's ratings remain on Positive Outlook at 'B+' as the China
property market in 2014 is expected to have slower growth and
increased competition and the company has yet to establish a track
record in financial discipline.  However, CIFI in 2013 did satisfy
most of the factors the agency laid out for positive rating
action.

Key Rating Drivers

Still on Positive Outlook: CIFI's business scale and leverage in
2013 successfully met Fitch's guidelines for triggering positive
rating action - CNY15bn of contracted sales, net debt/adjusted
inventory at 35%, and EBITDA margin at 18%. That brings its credit
profile closer to 'BB-'. However, CIFI's contracted sales/total
debt in 2013 was 1.1x, below the 1.3x positive rating threshold,
reflecting more borrowing to maximize land banking to improve
contracted sales, which is common among small-mid size developers
as discussed in Fitch's "2014 Outlook: China Homebuilding"
published on 10 December 2013. This indicates that the company has
yet to show its ability to balance growth and financial prudence,
a vulnerability that could grow if it continues substantial land
purchases amid the slower growth and higher costs that Fitch
expects in the Chinese property market in 2014.

Stronger Business Profile: CIFI's operation has grown stronger as
reflected by its larger scale and improved profitability -
contracted sales rose 61% to CNY15.3bn and EBITDA margin increased
by 2pp to 19% in 2013. CIFI's overall operation and sales turnover
have improved since it standardized its product types and shifted
its focus to mass-market housing in 2011. A slight increase in
office sales in the product mix and positive sentiment in the
property market in 2013 raised its contracted average selling
price by 15% to CNY10,725/sqm in 2013, which will likely support
profitability in the next 12 months.

Substantial JV: The company acquired access to around 3.8m GFA of
land bank in 2013, but just over 70% of the GFA is controlled by
CIFI as many of the acquisitions were made via joint ventures.
Fitch believes the company will continue to take advantage of
joint ventures with other developers in the next 24 months to
avoid competition, which could inflate land prices, and reduce the
burden of having to pay land premiums.

National Presence: CIFI has a diversified presence in the Yangtze
River Delta, Bohai Economic Rim, and Central Western Region,
reducing its exposure to uncertainties inherent in local policies
and local economies while providing room to scale up. Fitch
expects local demand to continue to be strong and its mass-market
strategy to work well in 91% of its land bank in first- and
second-tier cities at end-2013.

Acquisitions Slow Deleveraging: With the around CNY1.4bn raised
from its IPO in late 2012, CNY3.1bn raised from offshore notes
issued in 2013, and CNY14bn of proceeds from contracted sales in
2013, the company expanded its land bank, paying CNY8.6bn of land
premium. This raised net debt/adjusted inventory to around 34% at
year-end from 30% at end-2012. The company plans to use about 40%
of its contracted sales to purchase land in 2014, which would
likely raise its net debt/adjusted inventory ratio, though the
ratio will probably remain below 40%.

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

  -- No substantial decrease in contracted sales in 2014,
     compared to 2013

  -- Maintenance of the current strategy of high cash flow
     turnover, such that contracted sales/total debt is sustained
     at over 1.3x

  -- EBITDA margin over 18% on a sustained basis

  -- Cash outflows for land premiums do not substantially exceed
     40% of proceeds from contracted sales

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

-- Failure to meet the above guidelines over the next 12 months,
    which would lead to the Outlook being revised to Stable


FRANSHION PROPERTIES: 2013 Results Support Moody's Ba1 Rating
-------------------------------------------------------------
Moody's Investors Service says that Franshion Properties (China)
Limited's 2013 results are in line with Moody's expectations and
support its Baa3 corporate family rating and Ba1 senior unsecured
bond rating.

"Franshion's strong growth in land sales and stable rental income
support its Baa3 credit profile," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

Franshion's primary land development in 2013 grew 170% year-on-
year to HKD7.2 billion, accounted for 35% of its full-year revenue
in 2013.

Its strong growth also contributed to a 21% year-on-year increase
in full-year revenue to HKD20.7 billion in 2013.

Meanwhile, its revenue from property sales declined 10% year-on-
year to HKD9.7 billion.

Moody's expects Franshion will recognize more revenue from
property sales in 2014 and primary land development will maintain
its contribution to its total revenue.

The revenue growth and higher operating margin has led to higher
EBITDA/interest coverage to 3.7x in 2013 from 3.3x in 2012, which
is a level matching its Baa3 rating.

Franshion also reported a 33% year-on-year growth in contracted
sales to RMB21 billion, which supports the company's liquidity and
partly funds land acquisitions for its planned expansion.

The company had cash holdings of around HKD14.8 billion at end-
2013.

Recurring revenue from property leases and hotel operations
increased a modest 6.2% year-on-year to HKD3.3 billion, and which
was slower than the increase in interest expenses.

As a result, its adjusted recurring EBITDA/interest ratio declined
to 0.65x in 2013 from 0.72x in 2012.

Occupancy rates for its office buildings stayed high, at between
97% and 100% in 2013.

Franshion's gross debt level, including 50% of perpetual
convertible securities, increased to HKD38 billion, against its
active land acquisitions. Land payments totaled HKD19 billion in
2013.

Accordingly, its revenue-to-debt ratio fell slightly to 54% at
end-2013 from 56% at end-2012, which is lower than its peers, as
it held part of its development for long-term investments.

However, stable rental income from its quality investment
portfolio could partly mitigate this challenge.

At the same time, its adjusted debt-to-capitalization ratio
remained healthy at 44.7% as of December 2013 versus 47.4% a year
ago, owing to a significant increase in minority interest from
Franshion's increased cooperation with its partners in the
property development businesses.

"While Franshion's active land acquisitions and rapid expansion
will increase its funding needs, Moody's expect the company will
maintain a stable credit profile and adequate liquidity to buffer
its financial and execution risks," adds Tsang, who is also the
Lead Analyst of Franshion.

Since January 2014, the company acquired four parcels of land
totaling RMB13 billion to RMB14 billion.

The company's increased use of joint ventures to develop sizable
and high-cost projects could also partly mitigate its capital
requirements and execution risks.

The Ba1 bond rating is one notch lower than the corporate family
rating, reflecting the structural and legal subordination risks
from its secured and subsidiary debt, which amounted to around 15%
of its total assets at end-December 2013.

Although the issuance of offshore bonds could lower the reliance
on onshore bank loans, such loans will remain a major source of
funding for construction activities. Moody's expect this ratio to
stay at around 15%-20% in the next two years.

Franshion's stable ratings outlook reflects our expectations that
the company will maintain adequate liquidity to fund its
expansion, with cash holdings of around 10% of total assets.

The ratings could be upgraded if Franshion: (1) executes its sales
plan and achieves its sales targets; (2) improves its geographic
diversity and business scale; and (3) strengthens its financial
ratios, with EBITDA/interest above 6x-7x and adjusted recurring
EBITDA/interest at 1.0x-1.5x.

However, Moody's will consider downgrading the ratings if
Franshion: (1) is unable to implement its business plan, or
China's property market experiences a significant downturn, such
that cash flow is weaker than expected; (2) pursues further debt-
funded land acquisitions; or (3) significantly increases its
investments in residential properties and funds them via debt.

The following metrics indicate downgrade pressure: (1) adjusted
debt/capitalization above 45%-50%; (2) EBITDA/interest below 3x-
4x; or (3) adjusted recurring EBITDA/interest below 0.6x-0.75x on
a sustained basis.

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

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited. Franshion develops
commercial and integrated properties in first-tier and major
second-tier cities in China. It has also invested in primary land
development projects in Changsha, Hunan Province, and Sanya,
Hainan Province.



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


AAKAF STEEL: CRISIL Reaffirms 'B+' Rating on INR170MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Aakaf Steel Pvt Ltd
continue to reflect Aakaf's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth ratio, weak
debt protection metrics, and a small net worth. The ratings also
factor in the company's modest scale of operations, susceptibility
to volatility in raw material prices, and limited pricing
flexibility. These rating weaknesses are partially offset by the
extensive experience of Aakaf's promoters in the steel industry
and its diversified clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            150      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        30      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Aakaf will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry and its established relationships with its customers. The
outlook may be revised to 'Positive' if the company reports a
better-than-expected operating margin, leading to improvement in
its debt protection metrics, or if its capital structure improves
because of infusion of substantial capital by the promoters.
Conversely, the outlook may be revised to 'Negative' if Aakaf's
operating margin declines, leading to lower-than-expected
accruals, or if its working capital cycle is stretched, resulting
in weakening of its financial risk profile.

Aakaf was originally set up as a sole proprietorship firm, Aakaf
Industrial Corporation, in 1992; the firm was reconstituted as a
private limited company with the current name in 2000 after it was
merged with its associate concern, Aakar Steels. Aakaf trades in
hot-rolled plates, mild-steel plates, beams, channels, round bars,
and square bars. The company sells its products primarily in
Ahmedabad (Gujarat).

Aakaf reported a profit after tax (PAT) of INR3.6 million on net
sales of INR924.0 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.2 million on net sales
of INR848.7 million for 2011-12.


ASHA INDUSTRIES: ICRA Reaffirms 'B-' Rating on INR9.7cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' to the
INR2.95 Cr. term loans and INR6.75 Cr. fund based working capital
facilities of Asha Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.75        [ICRA]B- reaffirmed
   Term Loan           2.95        [ICRA]B- reaffirmed

The rating continues to be constrained by the modest scale of
operations of the entity and weak financial risk profile as
characterized by low profitability, weak capital structure, and
modest debt protection metrics. Further, the rating is constrained
by the highly competitive and fragmented industry structure owing
to low entry barriers and vulnerability of profitability to raw
material prices which are subject to seasonality, crop harvest and
regulatory risks. ICRA also notes that AI is a partnership firm
and any significant withdrawals from the capital account would
reduce its net worth and thereby adversely impact its capital
structure.

The rating, however, takes comfort from the experience of the
founder promoter in the cotton industry and favorable location of
the firm's manufacturing facility in Rajkot leading to easy access
of raw material.

Asha Industries (AI) was incorporated in the year 1995 and is
involved in the business of ginning, pressing of raw cotton,
crushing of cotton seed and manufacturing of PVC/UPVC pipes. The
firm's plant is located in Morbi (Rajkot). Besides manufacturing,
the firm is also engaged in trading of cotton seeds, oilcake,
resin and PVC/UPVC pipes etc.

Recent Results

For the year ended 31st March, 2013, AI reported an operating
income of INR37.58 Cr. and profit after tax of INR0.28 Cr. as
against an operating income of INR19.57 Cr. and a profit after tax
of INR0.18 Cr. during FY12.


BALAJI CHAWAL: CARE Assigns 'B' Rating to INR10cr Bank Loans
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Balaji
Chawal Mills Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Balaji Chawal Mills
Private Limited (BCMPL) is primarily constrained by the promoter's
limited experience in the rice processing industry and residual
project execution and stabilization risk associated with its
green-field project. The rating is further constrained by BCMPL's
presence in a highly fragmented and competitive industry and
susceptibility of its margins to fluctuations in the raw material
prices.

The rating, however, derives strength from BCMPL's presence in
favourable manufacturing location.

Going forward, the ability of the company to successfully
implement its ongoing project within the envisaged cost and time
would be the key rating sensitivity.

Balaji Chawal Mills Private Limited was incorporated in March 26,
2011 and is promoted by Mr Rishi Agrawal and Mr Pawan Kumar
Agrawal. BCMPL has undertaken a green field project for setting up
a unit for the processing and milling of paddy into rice with a
capacity of 19,200 Metric Tonne Per Annum in Basti (Uttar Pradesh)
at a cost of INR10.61 crore. The project is expected to be
completed in March 31, 2014.


BAPA SITARAM: ICRA Suspends 'B' Rating on INR5cr LT Loans
---------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.00
crore long term fund based facilities of Bapa Sitaram Cotton
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Bapa Sitaram Cotton Industries (BSCI) was incorporated in May 2011
and is involved in the business of ginning and pressing of raw
cotton. The firm's plant is located in Rajkot with production
capacity of 180 bales per day.


BEST CROP: CRISIL Assigns 'B-' Rating to INR130MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Best Crop Science.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan            44.4      CRISIL B-/Stable
   Cash Credit          45        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility   40.6      CRISIL B-/Stable

The rating reflects BCS's limited track record of operations and
average financial risk profile marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of BCS's promoters in the
fertilizer and pesticide industry and the firm's diversified
product base.

Outlook: Stable

CRISIL believes that BCS will continue to benefit over the medium
term from the extensive industry experience of its promoters and
the firm's marketing arrangement with group entity Best Agrochem
Pvt Ltd. The outlook may be revised to 'Positive' if BCS
significantly scales up its operations while prudently managing
its working capital requirements, and improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PCL's financial risk profile, particularly its liquidity,
deteriorates, most likely because of substantial working capital
requirements or lower-than-expected cash accruals.

BCS was established in 2013 as a partnership firm. The firm was
established to manufacture pesticide formulations, plant growth
regulators, bio-pesticides, and bio-fertilizers. Its facility is
in Kathua (Jammu & Kashmir). The firm is promoted and managed by
Mr. Kamal Kumar and Mr. Raj Kumar.


DARPAN INFRA: ICRA Assigns 'B+' Rating to INR2.25cr Loans
---------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR2.25 crore
overdraft facility of Darpan Infrastructure Private Limited. The
rating of '[ICRA]A4' has also been assigned to the INR3.00 crore
short-term non-fund based bank guarantee facility DIPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------            -----------     -------
   Fund Based-Overdraft     2.25         [ICRA]B+ assigned

   Non Fund Based-Bank
   Guarantee                3.00         [ICRA]A4 assigned

The assigned ratings take into account Darpan Infrastructure
Private Limited's modest scale of operation and high working
capital intensity of operations emanating from slowdown in
realization of receivables. The ratings also take into
consideration the intense competition in pipeline construction
segment given the moderate complexity of work involved and
vulnerability of profitability to variations in prices of raw
materials although mitigated to the extent of order backed
procurement. Further the ability of the company to maintain
execution timelines and performance parameters because of the
Liquidated Damages (LD) clauses present in the contract remains
critical.

The ratings, however, favorably factor in the experience of the
key managerial personnel in the construction industry, reputed
clientele consisting of public and private corporate bodies as
well as favorable demand outlook for the construction sector given
the government's focus on infrastructure development.

Darpan Infrastructure Private Limited was set up as proprietary
concern in 1996 promoted by Nr. Nimesh Vashi. Later in 2006, it
was converted into a private limited company promoted by Mr.
Nimesh Vashi and Mrs. Bijal Vashi. The company is managed by two
directors Mr. Nimesh Vashi and Mr. Vinodrai Mehta. The company is
engaged in construction sector, primarily in sand blasting,
coating and painting of M.S. pipes, civil work and fabrication.

Recent Results

For the year ended March 31, 2013, DIPL reported an operating
income of INR21.07 crore and profit after tax of INR0.70 crore as
against an operating income of INR20.38 crore and a profit after
tax of INR0.65 crore during FY12.


DEBJYOTI PULP: CRISIL Reaffirms 'B-' Rating on INR85.8MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Debjyoti Pulp and Paper
Pvt Ltd continue to reflect DPPL's modest scale of operations,
weak financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics, and weak liquidity
because of cash losses. These rating weaknesses are partially
offset by the funding support that the company receives from its
promoters through unsecured loans.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)

   Cash Credit              11       CRISIL B-/Stable Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        9       CRISIL B-/Stable Reaffirmed)

   Term Loan                65.8     CRISIL B-/Stable Reaffirmed)

Outlook: Stable

CRISIL believes that DPPL's financial risk profile will remain
constrained over the medium term because of its modest scale of
operations. The outlook may be revised to 'Positive' if the
company significantly scales up its operations and improves its
profitability on a sustainable basis, leading to larger-than-
expected cash accruals, thereby easing the pressure on its
liquidity. Conversely, the outlook may be revised to 'Negative' if
DPPL's financial risk profile deteriorates further, most likely
because of continued cash losses, thereby putting pressure on its
debt-servicing ability.

Update
DPPL reported revenues of INR19 million for 2012-13 (refers to
financial year, April 1 to March 31), a year-on-year decline of
about 61 per cent on account of disruption in its manufacturing
operations.  Consequently, the company reported an operating loss
for the year.

DPPL's financial risk profile is marked by a high gearing of 1.4
times and a small net worth of INR54 million, as on March 31,
2013. The company had weak debt protection metrics, with negative
accruals in 2012-13. Furthermore, DPPL's liquidity is weak, with
cash losses and fully utilised bank lines. However, the company
was able to meet its debt obligation through unsecured loans of
INR6.3 million from promoters in 2012-13. CRISIL believes that
DPPL's financial risk profile will remain constrained over the
medium term on account of nominal accruals, and it will need
continued support from its promoters to meet its debt obligations
of INR8 million in 2013-14.

DPPL recorded a net loss of INR20.5 million on net sales of INR19
million in 2012-13, as against a net loss of INR19.2 million on
net sales of INR49 million in 2011-12.

DPPL was incorporated in 2007-08 by Mr. Joydeb Mondal and his wife
Mrs. Alpana Mondal to set up a kraft paper plant in Asansol (West
Bengal). The plant, which commenced operations during 2010-11, has
a capacity of around 50 tonnes per day.


DHURIA RICE: ICRA Reaffirms 'B' Rating on INR6Cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR6.00 crores fund based bank facilities of Dhuria rice Mills.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------           -----------    -------
   Fund Based Limits-       6.00       [ICRA]B reaffirmed
   Cash Credit

The reaffirmation of rating takes into account high gearing
arising out of large working capital funding which in turn has
resulted in weak coverage indicators. The rating also takes into
account high intensity of competition in the rice milling industry
and agro climatic risks, which can affect the availability of
paddy in adverse weather conditions. The rating however, favorably
takes into account long standing experience of promoters, good
demand supply dynamics in the basmati rice industry and proximity
of the mill to major rice growing area which results in easy
availability of paddy.

Recent Results:
DRM reported a net profit of INR0.06 crores on an operating income
of INR17.39 crores for the year ended March 31, 2013 and a net
profit of INR0.03 crores on an operating income of INR12.68 crores
for the year ended March 31, 2012.

Dhuria Rice Mills was established in the year 1978 as a
partnership firm with Ashok Kumar, Krishna Devi & Surinder Kumar
as partners. In the year 2007 partnership was re constituted with
Mr Arun Kumar, Mr Ashok Kumar and Krishna Devi as partners. In
2012 the partnership firm was reconstituted again with Mr. Ashok
Kumar & Mr. Arun Kumar as partners in equal ratios. All the
partners are actively engaged in the management of the company.
DRM is engaged in processing and trading of rice. Head office as
well as the manufacturing plant of the company is located at
Fazilka, Punjab.


GAJAVELLI SPINNING: ICRA Reaffirms 'B' Rating on INR51.51cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR51.51
crore fund based and non fund bank facilities of Gajavelli
Spinning Mills Private Limited at '[ICRA]B'. ICRA has withdrawn
the rating of '[ICRA]A4' assigned to short term loans of the
company as there is no amount outstanding against the rated
instrument.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------      -------
   Long Term Fund       51.51        [ICRA]B reaffirmed
   Based and Non
   Fund Based Limits

The reaffirmation of the ratings continues to factor in overall
weak financial risk profile characterized by high gearing and
stretched coverage indicators. The ratings are further constrained
by the high working capital intensity given the seasonal nature of
business and the ensuing high raw material inventory requirement;
modest scale of operations and commoditized nature of the product
in the highly fragmented spinning industry limits the company's
ability to pass on the hike in input costs. Further, GSMPL remains
exposed to regulatory risk with regards to minimum support price
of kappas and curbs on exports. However, the ratings favorably
factor in steady cotton prices and recent uptick in demand
particularly in export markets leading to improved profitability
and high growth in operating income during FY13 backed by strong
growth in volumes partly due to additional spindlage becoming
operational coupled with increase in lower count yarn production.
The ratings also draw comfort from proximity of the unit to a
major cotton growing area, lower power tariff in AP, fiscal
incentives under TUF Scheme and operational efficiencies due to
recent vintage of plant and machinery.

The ability of the company to improve profitability, capital
structure and continue to increase its scale of operations would
remain the key rating sensitivities.

Gajavelli Spinning Mills Private Limited, incorporated as a
private limited company on 25th April 2006 by Mr. Gajavelli
Venkateswara Rao and Mr. Gajavelli Poorna Chandra Rao is primarily
engaged in producing cotton yarn with an average count of 32s, 40s
and 60s. Based in Guntur (Andhra Pradesh), the company commenced
commercial production from 2008 with 9,600 spindles and later
increased its capacity to 15,600 spindles by 2010 and 35,184
spindles by May 2012. Yarn and, Cotton waste are the major
products of the company.


GATEWAY DEVELOPERS: CARE Assigns 'B' Rating to INR5.20cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gateway
Developers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.20       CARE B Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Gateway Developers
is primarily constrained on account of the limited experience of
the partners in the real estate industry, high project salability
risk in wake of the subdued real estate scenario and high project
implementation risk. The rating, however, favorably takes into
account low dependence on bank funding by GDS for project
execution.

Timely receipt of the sale proceeds at envisaged prices in light
of the competitive nature of the industry and successful
completion of its ongoing real estate projects within envisaged
time and cost parameters are the key rating sensitivities.

GDS was established in February 2012 to carry out the real estate
activity in Banaskantha district (Gujarat). It is a partnership
firm consisting six partners of two families viz Mr Sureshbhai
Modi, his wife Mrs Bhagwatiben Modi & son Mr Kunalbhai Modi and Mr
Rajsangbhai Chaudhari, his wife Mrs. Bhikhiben Chaudhari & son Mr
Vipulbhai Chaudhari. Currently, GDS is currently developing three
different projects viz Gateway Plaza at Palanpur (GTP), Gokul
Shopping Centre at Vadgam (GSC) and Gokul Dham at Bhabhar (GKD).

GDS has envisaged the project cost of total INR22.49 crore for
three different projects which is to be funded with a project
gearing of 3.76 times (considering unsecured loans as debt).


GBJ HOTELS: ICRA Reaffirms 'B+' Rating on INR108cr Loans
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating outstanding on the
INR108.00 crore term loans of GBJ Hotels Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Scale-Term         108.00       [ICRA]B+ reaffirmed
   Loans

The rating reaffirmation reflects the company's experienced
project management team and management tie-up the hotel has with
Radisson Hotels International Inc. for operating the hotel under
the "Radisson Blu Hotel" brand. The rating also favourably takes
into account the infusion of equity of INR50.00 crores (of a total
project cost of INR187.00 crores) in the initial stages of the
project (as of February 2014), as against a limited loan draw down
of INR18.56 crore.

However with a project cost of INR187 crore (~INR1.4 crore per
room) and a debt:equity of 1.4 times projected for the project,
the per room investment in the project is high, particularly in
view of the location and the ability of the location to command
premium average rooms rates (ARRs). Further, the project is also
currently running on a ~1 year delay owing to structural and
geographical issues. While the long term viability of the property
is sound with limited competition, we expect the high project cost
to lead to a stretched breakeven period leading to considerable
requirements for loss funding. While the scheduled repayment of
the term loan is expected to commence from October 2014 onwards,
majority of the capital expenditure is yet to be completed. The
management expects to handover the property in full or in part to
Carlson by June 2014 and commence operations by September 2014
failing which the Company will be placed under considerable stress
in meeting its repayments. The promoter has had limited experience
in the business of constructing hotels. However, a professional
project management team with sound experience has been engaged to
work on the project. The Company is setting up a single 134 room
hotel located in Coimbatore, exposing the company to event risks
within the Coimbatore region.

GBJ Hotels Limited was incorporated in 2008, by Mr. G.
Balasubramaniam, and is currently setting up its first hotel in
Coimbatore. Radisson Blu Hotel is to come up in 3.93 acres of land
in Avinashi road, at the heart of Coimbatore city, at ~ 5 km from
the Coimbatore Airport. The hotel under construction is
estimated to be around 2 lakh square feet with 134 rooms, a grand
banquet hall (of 10,000 square feet), Coffee shop, Speciality
restaurant, Health club, Swimming pool, Business centre, Meeting
halls, Gym, Club floor, etc. The property is expected to be
launched by October, 2013.


KBSH PRIVATE: ICRA Assigns 'B' Ratings to INR9.50cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR9.50
crore* fund-based bank facilities of KBSH Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Limits     INR8.00      [ICRA]B Assigned
   Term Loans             INR1.50      [ICRA]B Assigned

The rating factors in the long track record of promoters in
manufacturing and retailing of ladies ethnic wear; leveraging on
which the company has entered into an agreement with Yash Raj
Films (YRF) in 2013 to exclusively create cinema-inspired ethnic
label -- Diva'ni. While the brand's promotional activities is
being undertaken by YRF through advertisement in in-house movies
production and product integration in movies where there is a
brand fit; KPL is involved in manufacturing and designing of the
products, in consultation with YRF. Although the association with
YRF gives brand visibility and would support the company's sales;
however it would be critical for the KPL to rapidly expand its
scale of operations with sufficient profit margins, given that the
company has significant fixed obligations in the form of
-- royalty fees to YRF which is lower of 11% of gross sales or
INR0.25 crore payable quarterly; lease rentals for the store and
term loan repayments along with interest expense. The operations
of the company are working capital intensive in nature as it
involves maintenance of inventories at the store; which currently
are funded through bank loans given limited net worth, thus will
result in leverage capital structure (sanctioned bank facilities
are around 8 times of the net worth). Given the leverage, the debt
coverage indicators are likely to remain weak and will remain
highly dependent on the ability to achieve healthy sales growth
with good profitability margins.

Going forward, it would be critical for the company to achieve
healthy sales growth with good profitability margins, in absence
of which it may require timely funding support from promoter for
meeting its obligations in a timely manner not only for debt
servicing but also for meeting the increasing working capital
requirements and hence would remain the key rating sensitivities.

KBSH Private Limited was incorporated in May-2013 and commenced
operations in November-2013 for manufacturing and retailing of
ethnic garments and accessories for women. Promoted by Dhir
family, the company is in to an agreement with Yash Raj Films
(YRF), to exclusively create cinema-inspired ethnic label
-- Diva'ni. The company currently operates through single store in
South Extension, New Delhi.


LION INSULATION: CARE Reaffirms 'B' Rating on INR10.08cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lion Insulation Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.08      CARE B Reaffirmed
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Lion Insulation
Private Limited continues to remain constrained owing to post
project implementation risk associated with the large-size
project, vulnerability to slowdown in the end-user industries, raw
material price fluctuation risk and competition from similar and
substitute products. The rating factors in the completion of the
project but lower capacity utilization in the initial phase.
The rating, however, continues to derive strength from the
experience of the promoters and key management personnel in the
insulation industry.

Establishing the customer base and achieving the envisaged scale
of operation and profitability along with timely execution of work
orders are the key rating sensitivities.

LIPL was incorporated in 2011 and had set up a manufacturing plant
located at Guna, Madhya Pradesh, with total capacity of 9,000
metric tonnes per annum (MTPA) for manufacturing thermal
and acoustical insulation products like rockwool mattress,
rockwool slabs and pipe section, which find application in
refineries, chemicals plants and malls where temperature control
is required. As on March 31, 2013, the company completed the
project and had started a trial run thereafter.

LIPL procures its raw material from Dhanbad (coal mines) and from
various local markets and Bhilai (steel plants and iron ore
plants). LIPL is targeting various government agencies and private
contractors and other private contractors as a customer base.


MAGADH MICRO: CARE Assigns 'D' Ratings to INR8cr Bank Loans
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Magadh
Micro Towers & Transmission Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7.50      CARE D Assigned

   Short-term Bank
   Facilities             0.50      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Magadh Micro Towers
& Transmission Pvt Ltd factors in the ongoing delays in debt
servicing on account of the stressed liquidity position of the
company. This is mainly on account of delay in receiving payment
from the customers (ie State Electricity Boards) owing to their
stretched liquidity position. The timely servicing of debt
obligations would be the key rating sensitivity.

Magadh Micro Towers & Transmission Pvt Ltd was incorporated in
March, 1988 by Mr. Rama Shankar Tiwari and Mr. Ashok Kumar of Gaya
district of Bihar. The company is engaged in the work of
electrical infrastructure supply, erection and installation on
turnkey basis. Over the years, the company has completed a good
number of small and few medium sized projects on turnkey basis for
government entities, mainly Bihar State Electricity Board (BSEB),
Bihar State Holding Co Ltd and Jharkhand State Electricity Board
(JSEB) and established good relationship with them.

In FY13 (refers to the period April 1 to March 31), MTL reported a
PBILDT of INR34.5 lakh and PAT of INR9.8 lakh on a total operating
income of INR541.8 lakh.


MARK ALLOYS: CRISIL Upgrades Rating on INR330MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mark Alloys Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable';
while reaffirming the rating on the short-term bank facilities at
'CRISIL A4'.

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

   Cash Credit             145         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Long Term Loan          166         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term       19         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MAPL's business
risk profile will witness sharp improvement with ramp up in
operations and profitability post the commencement of its new
capacities in iron and steel pipes from April 2013. The better-
than-expected improvement in scale of operations is also expected
to increase cash accruals, leading to improved financial risk
profile. The financial risk profile continues to be below average
on account of large debt availed for funding its capital
expenditure (capex) leading to high gearing and below average debt
protection metrics. Furthermore, liquidity will remain stretched
because of large debt repayments and incremental working capital
requirements.

The ratings reflect MAPL's below-average financial risk profile,
marked by high gearing and below-average debt protection metrics
and exposure to intense competition in the steel industry. These
rating weaknesses are partially offset by significant ramp up in
MAPL's operations post the completion of capex and the benefits
that the company derives from its wide customer base.

Outlook: Stable

CRISIL believes that MAPL will continue to benefit over the medium
term from its wide customer base and significant ramp up in
operations. The outlook may be revised to 'Positive' if the
company reports higher-than-expected growth in revenues and
operating margin, leading to substantial improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MAPL reports lower-than-expected revenues and
profitability, leading to lower-than-expected cash accruals,
resulting in weakening of its financial risk profile, especially
liquidity.

MAPL was established as a partnership firm, Deep Enterprise, in
January 2010; it was reconstituted as a private limited company in
December 2011. MAPL is promoted by seven brothers of the Patel
family, which is based in Gujarat. There are four directors on the
company's board: Mr. Pankaj Kumar Patel, Mr. Pravinbhai Patel, Mr.
Rajendra Patel, and Mr. Girishbhai Patel. The company manufactures
structural products such as mild steel (MS) angles, channels, bars
and MS/galvanised iron pipes.


PALLAVI ENTERPRISES: CRISIL Cuts Rating on INR400MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pallavi Enterprises (part of the Pallavi group) to 'CRISIL
B+/Negative' from 'CRISIL BB+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          300       CRISIL B+/Negative (Downgraded
                                  from 'CRISIL BB+/Stable')

   Long Term Loan       100       CRISIL B+/Negative (Downgraded
                                  from 'CRISIL BB+/Stable')

The rating downgrade reflects the deterioration in the Pallavi
group's liquidity, with its continued large working capital
requirements resulting in full utilisation of its bank limits.
CRISIL believes that the Pallavi group will need fresh capital
from its promoters, or will have to register a sustained
improvement in its working capital cycle, to alleviate the
pressure on its liquidity. The downgrade also factors in the
expected disruption in the group's operations on account of the
ongoing agitation against it by farmers.

The ratings reflect the Pallavi group's large working capital
requirements, and susceptibility of its profitability margins to
regulatory changes, if any, and to shortage of paddy. These rating
weaknesses are partially offset by the group's assured offtake by
Food Corporation of India.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Modern
Rice Mills (Girija Mills). This is because these two entities,
together referred to as the Pallavi group, have common promoters,
are in the same line of business, and have operational linkages
and fungible cash flows.

Outlook: Negative

CRISIL believes that the Pallavi group's liquidity will remain
constrained over the medium term on account of its large working
capital requirements and muted profitability levels. The rating
may be downgraded if there is a steep decline in the group's
profitability margins, or in case of significant deterioration in
its capital structure, most likely because of larger-than-expected
working capital requirements. Conversely, the outlook may be
revised to 'Stable' if there is an improvement in the Pallavi
group's liquidity on the back of infusion of funds by its
promoters, or in case of sustained improvement in its working
capital management.

Pallavi Enterprises (part of the Pallavi group) was set up in 1983
by Mr. Tatikonda Viswanadham and his wife. Girija Mill was set up
in 2007 by Mr. Viswanadham and his daughter. Both the firms mill
and process paddy into rice; they also generate by-products such
as broken rice, bran, and husk. Both the firms are located at
Enikepadu in Vijayawada (Andhra Pradesh).


PRERNA COTPRESS: CRISIL Reaffirms 'B-' Rating on INR80MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prerna
Cotpress (P) Ltd continues to reflect PCPL's weak financial risk
profile, marked by high gearing, weak debt protection metrics, and
a small net worth. The rating also factors in the company's small
scale, and short track record, of operations, and the
vulnerability of its business risk profile and profitability to
changes in government policy. These rating weaknesses are
partially offset by the benefit that PCPL derives from its
proximity to a cotton-growing region.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              57.5     CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       22.5     CRISIL B-/Stable

Outlook: Stable

CRISIL believes that PCPL will benefit over the medium term from
the successful stabilisation of its operations. The outlook may be
revised to 'Positive' if the company registers higher-than-
expected accruals or if its promoter infuses equity, leading to
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if PCPL's financial risk
profile weakens further, most likely due to larger-than-expected
working capital requirements or any large debt-funded capital
expenditure.

Incorporated in 2006 and promoted by Mr. Rasik Patel, PCPL is
engaged in cotton ginning and pressing in Himmatnagar (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), PCPL
incurred a net loss of INR2.7 million on net sales of INR270.1
million, against a net loss of INR2.9 million on net sales of
INR236.0 million for 2011-12.


RAUNAQ ICE: CARE Reaffirms 'B' Rating on INR0.63cr Bank Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Raunaq Ice & Cold Storage.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            0.63       CARE B Reaffirmed

   Short-term Bank
   Facilities           13.50       CARE A4 Reaffirmed

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

Rating Rationale

The ratings of Raunaq Ice & Cold Storage (RICS) continue to remain
constrained on account of the modest scale of operations in the
highly fragmented seafood processing industry, financial risk
profile marked by thin profitability, highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity.
Furthermore, the ratings continue to remain constrained by its
working-capital intensive nature of operations and susceptibility
of profitability to foreign exchange price fluctuations.

The ratings, however, continue to derive strength from the wide
experience of the partners in the seafood processing industry. The
ratings factor in a decline in cash and elongation of the working
capital cycle during FY13 (refers to the period April 1 to March
31).

The ability of RICS to increase its scale of operations along with
an improvement in the overall financial risk profile with
improvement in profitability and efficient working-capital
management continue to remain the key rating sensitivities.

RICS was established as a partnership firm in 1995 by the
Khetalpar family of Mangrol (Gujarat) headed by Mr Naranbhai
Khetalpar and his brother Mr Hirabhai Khetalpar. The firm is
engaged in the export of seafoods such as squid, ribbon fish,
cuttlefish and shrimp primarily to USA, China, Europe and Middle-
East. The firm has a processing facility at Mangrol with an
installed capacity of 40 tonnes per day for processing of seafood
and a cold storage facility with a capacity of 750 tonnes
per day for preserving processed seafood.

During FY13, RICS reported a total operating income of INR36.43
crore (FY12: INR44.30 crore) and PAT of INR0.07 crore (FY12: PAT
of INR0.10 crore). During 9MFY14 (provisional), RICS achieved
sales of approximately INR30 crore.


SEACEM PAINTS: CARE Assigns 'B' Rating to INR7.87cr Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Seacem Paints (India) Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.87       CARE B Assigned

   Short-term Bank
   Facilities            2         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Seacem Paints
(India) Pvt Ltd are primarily constrained by its small scale of
operations coupled with low profitability margins and high
working capital intensity of the operations, putting pressure on
liquidity, susceptibility of operating margins to volatile input
prices and its presence in a highly competitive and fragmented
paints industry which is marked by the presence of a large
unorganized segment and other branded players.

The ratings, however, favourably take into account the long track
record of the company, experience of the management in the paints
industry and its moderate distribution network.

The ability of the company to grow its scale of operations and
improve its profitability margin along with effective working
capital management will remain the key rating sensitivities.

Seacem Paints (India) Pvt Ltd was incorporated in 1966 by Kolkata-
based Mukherjee family. Since inception, the company is engaged in
the manufacturing of cement-based paints (including wall putty)
and liquid paints (primer, acrylic, etc) for exterior use at its
sole manufacturing facility located at Maheshtala (Kolkata) with a
capacity of 15,000 Metric Tonne Per Annum (MTPA) for cement-based
paints and 8,040 Kilo Litre (KL) for liquid paints.

In the year 1996, the company was acquired by the late Mr Arun
Baheti, who used to supply raw materials to SPPL thorough a family
owned firm. After the demise of Mr Arun Baheti in 2007, the
company has been spearheaded by his son Mr Gaurav Baheti. The
products of the company are sold under the brand names 'Seacem',
'Karishma' and 'Buildguard' in Eastern India.

During FY13 (refers to the period April 1 to March 31), SPPL had
reported a total operating income of INR38.3 crore and PAT of
INR0.4 crore.


SRI SHANMUGHA: ICRA Lowers Rating on INR24.43cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the
INR22.43 crore term loan facilities and the INR2.00 crore fund
based facilities of Sri Shanmugha Educational Charitable Trust to
'[ICRA]D' from '[ICRA]B-'.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities    22.43       [ICRA]D/downgraded from
                                       [ICRA]B-

   Fund based facilities    2.00       [ICRA]D/downgraded from
                                       [ICRA]B-

The rating action factors in the delays in meeting principal
repayment obligations by the Trust on account of low cash accruals
owing to nascent stage of operations and tight liquidity
conditions stemming from delays in receipt of funds from statutory
authorities. The rating is also constrained by the Trust's weak
financial profile which is characterized by accumulated losses,
highly stretched capital structure and weak coverage indicators.
With the Trust's proposed debt funded capital expenditure over the
medium term, debt metrics are expected to witness further pressure
till scale of operations improve. However, given the constraint on
attracting experienced faculty owing to its nascent stage of
operations and no track record of placements, ability of college
to improve its performance and attract higher ranking students
remains to be seen.

Going forward, ability of the Trust to increase seats / offer
diverse courses whilst pushing up occupancy levels would be
critical to support cash flows to meet the high debt repayment
(~INR4.0 - 4.5 crore p.a.) obligations over the medium term. In
the event that the Trust is unable to scale up operations, timely
equity infusion in the form of promoter funding or donations would
be critical for ensuring prompt debt servicing and improving the
credit profile of the Trust.

Sri Shanmugha Educational Charitable Trust (SSECT) was registered
in December 2010 with three trustees and is promoted by Mr. K.
Shanmugham. SSECT commenced operations in July 2011 with Sri
Shanmugha College of Engineering & Technology at Tiruchengode
(Tamil Nadu). The college offers Under Graduation (UG) course and
Post Graduation (PG) course in four specializations each. The
college is approved by the All India Council for Technical
Education (AICTE) and is affiliated to Anna University, Tamil
Nadu.

Recent Results

For the year ended March 31, 2013, SSECT has reported a net loss
of INR4.4 crore on an operating income of INR4.1 crore as against
net loss of INR3.7 crore on operating income of INR1.5 crore
during 2011-12.


TEEKAY MARINES: ICRA Withdraws 'C+' Rating on Term Loan
-------------------------------------------------------
ICRA has reaffirmed the short term rating for the INR13.00 crore
(enhanced from INR12.00 crore) fund based working capital
facilities of Teekay Marines Private Limited at '[ICRA]A4'. ICRA
has withdrawn the long term rating of '[ICRA]C+' outstanding on
the term loan facilities of TMPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------    -------
   Fund Based Limits-        Nil        [ICRA]C+ withdrawn
   Term Loan

   Fund Based Limit-        10.00       [ICRA]A4 reaffirmed/
   Export Packing                       assigned
   Credit (EPC)

   Fund Based Limit-         3.00       [ICRA]A4 reaffirmed
   Foreign Bill
   Discounting (FBD)

   Non-Fund Based           Nil        [ICRA]A4 withdrawn
   Limit

The reaffirmation of the short term rating takes into account the
long track record of the promoters and established position of
TMPL in the sea food exports business, the company's proximity to
raw material sources mitigating supply risks, and its established
relationships with key customers as well as agents which ensures
repeat orders. Nevertheless, TMPL remains exposed to geographical
and client concentration risks, as majority of its revenue is
generated from a few large clients based in the European Union
countries, with the top ten customers accounting for around 84% of
total exports in 2012-13. The rating continues to be constrained
by the company's adverse financial profile reflected by low net
margin, leveraged capital structure, depressed coverage indicators
and the high working capital intensity of operations resulting in
continuing high/full utilisation of TMPL's working capital limits,
implying its limited financial flexibility. The rating also
factors in the company's exposure to foreign exchange fluctuation
risks, as the entire revenue is derived from exports, and the
vulnerability to the risks inherent in the sea food industry in
relation to factors like disease outbreaks, agro-climatic
conditions and Government policies both in India and in the
importing countries. ICRA also takes note of the fragmented nature
of the industry with low entry barriers and competition in the
export market from other countries, which keep margins under check
due to limited pricing flexibility despite the Government
incentives enjoyed by the company. The company's top-line remained
stagnant in 2012-13, though outbreak of shrimp disease in
competing nations has led to an increase in shrimp export from
India in recent months, which would positively impact TMPL's
revenue in the current financial year.

TMPL was incorporated in April, 2001 and has been involved in the
processing and export of different varieties of shrimps and other
sea foods. The company's processing facility is located in the
Chandaka Industrial Estate in Bhubaneswar and is spread over
70,000 sqft. TMPL is promoted by Mr. T. K. Narayanan and his
family members.


TIRUPATI FOOD: CARE Reaffirms B Rating on INR20.75cr Bank Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tirupati Food Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           20.75       CARE B Reaffirmed

   Short-term Bank
   Facilities            0.16       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the weak financial risk
profile of Tirupati Food Industries Private Limited (TFIPL),
characterized by high overall gearing, low profitability margins
and weak coverage indicators. The ratings also factor agro-
climatical risks, risks related to changes in the government
policy and competition.

The ratings continue to draw comfort from the experienced
promoters and the long track record of operations of TFIPL.

Going forward, the company's ability to consistently scale up the
operations with improvement in the profitability margins and
effective working capital management remain the key rating
sensitivity.

TFIPL is a processor and supplier of pulses with clients spread
across India, with major concentration in Northern India. The
company was promoted in FY2010 (refers to the period April
1 to March 31) by Mr Sanjay Gupta and Mr Ajay Jindal who have an
experience of more than 20 years in the pulses business. TFIPL
operates four units for processing pulses; two units located each
at Delhi and Rai, Haryana respectively, having a total capacity of
800,000 quintals per annum (qtl pa) as on March 31, 2013. Earlier
the business was run under the partnership firm Tirupati Food
Industries since 1994. The firm was merged with TFIPL in FY2011.
TFIPL is also registered with Dall and Besan Millers Association,
Delhi and is ISO 22000:2005 (HACCP) certified.

TFIPL reported a PAT ofINR0.6 crore on a total income ofINR284.4
crore for FY13 as compared with a PAT of INR0.5 crore on a total
income of INR216.7 crore for FY12. For 9MFY14 (provisional), the
company reported a PBILDT of INR3.8 crore on a total operating
income of INR276.85 crore.


YASIKA STEELS: CRISIL Reaffirms 'B' Rating on INR150MM Loans
------------------------------------------------------------
The rating continues to reflect Yasika Steels Private Limited's
weak financial risk profile, modest scale of operations, and
susceptibility to intense industry competition. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the steel industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           77.5       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    72.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that YSPL will continue to benefit over the medium
term from its established market position, supported by its
promoters' experience in the bright steel bars business. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly, backed by higher-than-
expected revenue growth and profitability. Conversely, the outlook
may be revised to 'Negative' if YSPL's operating profitability and
cash accruals decline, or if the company undertakes any unexpected
large, debt-funded capital expenditure programme.

Update
In 2012-13, the net sales of the company remained flattish at
around INR253 milllion. In 2013-14, the company has generated
revenues of around INR170 million till December 31, 2013 and is
expected to remain flattish for the full year at around INR 250
million.

In 2012-13, the operating margins of the company remain in line
with historical at around 5.5% and are expected to remain at
similar levels in the current year and over the medium term as
well.

Financial risk profile of the company remains weak with high
gearing, low net worth and weak debt protection measures. The net
worth levels of the company is estimated to remain low at around
INR24 million due to low accretion to reserves and no fund support
from the promoters in the form of equity infusion over the past
few years. The gearing levels of the company are also estimated to
remain aggressive at over 3.5 times as on march 31, 2014 due to
low net worth base and reliance on short term debt to fund the
working capital cycle. The debt protection measures also remained
weak with interest coverage estimated at 1.5 times and 5% in FY14
due to weak profitability. The financial risk profile of the
company is expected to remain weak over the medium term due to low
accretion to reserves and low profitability.

The liquidity of the company remained stretched as depicted by
full utilization of bank limits due to working capital intensive
nature of operations. The company is expected to generate cash
accruals of around INR4 million as against repayment obligations
of INR2.8 million in FY14. The company is estimated to have low
current ratio of 1.04 times as on march 31, 2014. The company does
not have any capex plans over the medium term. The liquidity of
the company is expected to remain stretched over the medium term
due to working capital intensive nature of operations.

YSPL, incorporated in 2005, is promoted by Mr. Viral R Malaviya
and his wife Mrs. Poonam Viral Malaviya. The company manufactures
and trades in steel products, mainly bright steel bars.



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


MULTIPOLAR TBK: Fitch Assigns 'B+(EXP)' Rating to US Dollar Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based retailer PT Multipolar
Tbk's (Multipolar; B+/Stable) proposed US dollar notes an expected
'B+(EXP)' rating with a Recovery Rating of 'RR4'.  The notes will
be issued by Pacific Emerald Pte. Ltd,and guaranteed by
Multipolar.   The notes will be issued as a tap to the existing
USD200 million notes due in 2018 that have the same terms and
conditions and maturity.

The notes are rated at the same level as Multipolar's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  The
final rating is contingent upon receipt of documents conforming to
information already received.

Key Rating Drivers

Structural Subordination: The ratings of Multipolar largely
reflect its holding company structure and its high dependence on
dividends.  The ratings, however, also recognize the group's solid
market position in the Indonesian retail sector, as evidenced by a
continued strong 2013 performance by PT Matahari Putra Prima Tbk
(MPPA, not rated), in which Multipolar owns 50.2%, and PT Matahari
Department Stores Tbk (MDS, not rated), in which Multipolar holds
20.5%.  Fitch expects dividends from these two companies to
account for more than 50% of Multipolar's deconsolidated cash
flows (funds from operations from wholly owned entities plus
dividends from non-wholly owned subsidiaries) in 2014 (2013: 84%).

High Fixed Costs: Notwithstanding MPPA's and MDS's strong cash-
generating ability and their moderate leverage, their strategy to
lease retail space exposes both companies to the risk of rising
rental expenses and results in weaker credit metrics compared with
other rated peers that own their retail space.  In particular,
MPPA's flexibility to pay dividends is restricted by its limited
financial capacity as indicated by a modest fund from operations
(FFO) fixed charge cover of below 2x.

Currency Mismatch Pressures: As of end-2013, about 80%
Multipolar's debts were denominated in US dollars.  This places
pressure on the company's financial metrics because the majority
of its earnings are in rupiah, which has depreciated by about 20%
against the US dollar over the last 12 months.  As a result, Fitch
expects Multipolar's fixed charge coverage ratio (FFO from wholly
owned entities plus dividends/ interest expense plus rents) to
fall below 2x in 2014 (2013 estimate: 2.18x).  However, Fitch
expects the ratio to improve to above 2x in 2015 as Multipolar
expects PT Nadya Putra Investama (NPI, not rated), a retail
subsidiary, to distribute special dividends from its cash pile in
2015 and 2016.  The fact that Multipolar retains a majority of its
existing cash balance in US dollars also mitigates the currency
volatility.

Sufficient Liquidity: Fitch expects Multipolar to be able to
maintain sufficient liquidity, primarily driven by dividend flows
from MPPA and MDS.  As of end-2013, Multipolar and wholly owned
subsidiaries held cash balances totaling over USD100m, against
short-term debts of around USD24m.  Fitch also believes that
Multipolar will, in a distressed scenario, have access to
additional liquidity by monetizing its shareholding in MPPA or
MDS.

Contingent Liability: Although Multipolar gains potential benefits
of heightened governance and growth targets from its strategic
alliance with Singapore-based investment company Temasek Holdings
(Temasek) in MPPA, the Indonesian company faces significant
contingent liability under the terms of the alliance agreement.
Under the agreement, if MPPA fails to meet Temasek's operating
performance targets or internal rate of return requirements,
Multipolar will have to pay Temasek any shortfall of its USD300m
investment upon the latter's exit from MPPA. However, given the
current favorable retail market outlook, the risk of this
liability crystallising is, in Fitch's view, not high.

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

-- Decline in Multipolar's fixed charge coverage ratio (FFO from
    wholly controlled entities plus dividends/ interest expense
    plus rents) to below 2x on a sustained basis.

-- Weakening of MPPA's financial profile

-- Inability to secure long-term funding

Positive rating action is not expected unless there is substantial
improvement in MPPA's financial profile, including a rise in
MPPA's fixed charge coverage to above 2x on a sustained basis.


TOWER BERSAMA: FY2013 Results Support Moody's Ba2 CFR
------------------------------------------------------
Moody's Investors Service says that Tower Bersama Infrastructure
Tbk's ("TBI") strong results for FY2013 support its Ba2 corporate
family rating and Ba3 senior unsecured rating and stable outlook
despite its higher leverage due to currency impact.

TBI reported revenues of IDR2.7 trillion, an increase of 57% YoY,
while the company's adjusted EBITDA increased by 59% YoY to
approximately IDR2.2 trillion in 2013, largely driven by its
acquisition of Indosat's towers in August 2012. In addition, TBI
also organically added 1,811 telecommunication towers and 2,985
tenants to its existing portfolio. Its tenancy ratio remained flat
at 1.73x.

As a result, TBI improved its adjusted EBITDA margin slightly to
about 83% 2013, while its adjusted debt/EBITDA for the same period
was 5.8x compared to 6.2x in 2012.

"Despite substantial improvement in EBITDA, TBI's adjusted
leverage remained high at 5.8x against our expectation of around
5.0x, mainly on account of the weaker Indonesian Rupiah, which
depreciated by 18% during the year and its impact on TBI's USD
debt. Over 80% of TBI's total debt is denominated in USD," says
Nidhi Dhruv, a Moody's Assistant Vice President and Analyst.

Nonetheless, Moody's note that the majority of TBI's total USD
debt is hedged using derivative instruments and the company also
receives about 17% of its total revenue in USD (mainly from
Indosat), which works as a natural hedge.

As per TBI management, the hedged gross debt position as of 31
December 2013 is IDR11.9 trillion, which reduces the gross
adjusted leverage to 5.2x, more in line with Moody's expectations.

"Given the EBITDA accretive nature of the business, it is likely
that TBI's adjusted debt/EBITDA will decrease to around 4.5x in
2014 in the absence of substantial future acquisitions," says
Dhruv, also Moody's Lead Analyst for TBI.

While Moody's notes that acquisitions have been core to TBI's
growth strategy thus far, the company now has limited flexibility
to make substantial debt-funded acquisitions in the near to medium
term.

TBI has also taken steps to reduce its secured debt through its
debut IDR bond issue of IDR740 billion in December 2013. This is
an unsecured bond issue, and the company plans to use half of the
bond proceeds for repayment of IDR debt, with the other half being
deployed for capex.

Nonetheless, TBI's priority debt ratios remain high with secured
debt to total debt of 67% and secured debt to total assets at
about 46%.

"While these ratios are still running higher than Moody's
tolerance levels, it is our expectation that TBI's management will
take steps to lower its secured debt/total assets ratio to 28-30%
over the next 12-18 months, failing which there could be potential
for widening the gap between the CFR and senior unsecured bond
rating," adds Dhruv.

Overall, Moody's expect the company to maintain its solid
financial performance, supported by long-term and non-cancellable
contracts with leading telecommunication operators in Indonesia
which provide stability and visibility to its revenue stream.

The rating outlook is stable based on our expectation that TBI
will continue to grow and de-lever in accordance with its business
model and that the regulatory environment will continue to remain
relatively benign. The stable outlook also incorporates a gradual
decline in the proportion of priority debt in TBI's capital
structure.

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

TBI is the holding company of Tower Bersama Group, one of the 2
leading independent tower operators in Indonesia, with 10,134
telecommunication sites (of which 8,866 are towers) serving 16,577
tenants as of December 2013. It leases space on its
telecommunications towers to cellular telecommunications operators
on long-term contracts.



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


SONY CORP: To Sell Properties at a Prestigious Tokyo Site
---------------------------------------------------------
Japan Today reports that Sony Corp will sell properties at a
prestigious Tokyo site where it had its headquarters for six
decades, as the once-world beating firm struggles to improve its
bottom line, reports said on Feb. 28.

The company is looking for a buyer for buildings that once served
as the control tower for its sprawling operations, the Nikkei
daily said, in a move that stands as neat signifier for the
diminished fortunes of the consumer electronic giant, according to
the report.

Japan Today relates that the properties are in the Gotenyama area
near Shinagawa railway station, where land prices have been on the
rise recently.

According to Japan Today, the economic paper said that the
properties are expected to fetch around JPY15 billion.

Jiji Press news agency said the sale was intended to help make up
for losses from Sony's slumping electronics business, which
includes television and personal computer operations.

Sony declined to comment on the reports, Japan Today notes.
Several hundred people from the group's various operations
currently work there, Japan Today adds.

Based in Japan, Sony Corporation -- http://www.sony.net/--engages
in the operation of imaging products and solution (IP&S), game,
mobile products and communication (MP&C), home entertainment and
sound (HE&S), device, movie, music, financial and other business.
The IP&S segment provides digital imaging products and
professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating
and the long-term senior unsecured bond rating of Sony Corporation
to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



                             *********

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.



                 *** End of Transmission ***