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

                      A S I A   P A C I F I C

           Friday, March 28, 2014, Vol. 17, No. 62


                            Headlines


A U S T R A L I A

ALLIGATOR DRAINAGE: High Court Puts Firm Into Liquidation
REMEDIAL CONCRETE: Placed Into Voluntary Administration
ST BARBARA LTD: S&P Lowers CCR to 'B-'; Outlook Negative


C H I N A

CHINA FISHERY: Fitch Affirms LT IDR and Sr. Unsec. Rating at BB-
CHINA FISHERY: Moody's Lowers CFR & Sr. Unsecured Rating to B2
GREENTOWN CHINA: 2013 Results Support Moody's B1 CFR, Pos Outlook
SHIMAO PROPERTY: 2013 Results Supports Moody's Ba2 CFR
SUNAC CHINA: 2013 Results Supports Moody's Ba3 CFR


H O N G  K O N G

DAH SING: Fitch Affirms Support Rating Floor at 'BB'


I N D I A

A.R. CASTINGS: CRISIL Assigns 'B+' Rating to INR120MM Loans
AIR INDIA: Obtains INR1,000cr Equity Injection From Government
AKKAVILA K LEKSHMANAN: ICRA Places 'B' Rating on INR6.14cr Loans
ARUNA FINANCE: ICRA Reaffirms 'B' Rating on INR16cr Loans
ASIAN SOCIETY: CRISIL Reaffirms 'D' Rating on INR180MM Loans

CLUB 29: CRISIL Assigns 'B+' Rating to INR99.5MM Term Loan
CONCORD DRUGS: CRISIL Assigns 'B' Rating to INR165MM Loans
DR. B. S. GUPTA: CRISIL Ups Rating on INR58MM Loans to 'B+'
GAJANAND COTTON: ICRA Assigns 'B+' Ratings to INR4.25cr Loans
GARG AGRI: ICRA Suspends 'B+' Rating on INR9.55cr Loans

GAURISHANKER BIHANI: ICRA Reaffirms 'B+' Rating on INR20cr Loan
GOYAL KNITFAB: CRISIL Reaffirms 'D' Rating on INR281.2MM Loans
HARIYANA SHIP: CRISIL Reaffirms 'B+' Rating on INR4 Bil. Loan
HARYANA RICE: CRISIL Reaffirms 'B' Rating on INR200MM Loans
ICE MOBILE: ICRA Suspends 'C+' Rating on INR3.5cr Loan

INDER MOHAN: ICRA Reaffirms 'B+' Rating on INR6cr Loan
ISMAIL ENTERPRISES: ICRA Reaffirms 'B' Rating on INR4cr Loan
KAILAS CERAMICS: CRISIL Reaffirms 'B' Rating on INR10MM Loan
KAMAL PRESSING: CRISIL Rates INR50MM Cash Credit at 'B'
LEADAGE METALS: CRISIL Assigns 'B' Rating to INR50MM Loan

MAITY POULTRIES: CRISIL Reaffirms 'B-' Rating on INR58.5MM Loans
MANISHRI REFRACTORIES: CRISIL Reaffirms D Rating on INR438M Loans
MARUTI NANDAN: CRISIL Reaffirms 'D' Rating on INR59.5MM Loans
MARUTI PLASTO: CRISIL Reaffirms 'D' Rating on INR51MM Loans
MRJ INFRATECH: ICRA Reaffirms 'B+' Rating on INR15cr Term Loan

NATIONAL LUMBERS: CRISIL Cuts Rating on INR190MM Loans to 'D'
PAREENA MOTORS: ICRA Cuts Rating on INR11.0cr Cash Credit to 'C'
SANKRAIL AGRO: CRISIL Reaffirms 'B-' Rating on INR126.7MM Loans
SHREE ADINATH: CRISIL Ups Rating on INR61.8MM Loans to 'B+'
STEELSWORTH PVT: CRISIL Reaffirms 'B-' Rating on INR41.2MM Loans

V R TEXTILES: CRISIL Cuts Rating on INR604.8MM Loans to 'B'
V.K. SOOD: ICRA Revises Rating on INR13cr Loans to 'D'
WHITE GOLD: CRISIL Assigns 'B+' Rating to INR150MM Loans
YASHASHREE TUBES: ICRA Reaffirms 'B' Rating on INR8.7cr Loans


J A P A N

TOKYO ELECTRIC: Ex-Cabinet Minister to Join Tepco as Director


N E W  Z E A L A N D

BRIDGECORP LTD: Receivers Still Pursuing Third Party Claims


S R I  L A N K A

BANK OF CEYLON: Fitch Affirms LT IDRs at 'BB-'; Outlook Stable
SRI LANKA INSURANCE: Fitch Affirms Insurer FS Rating at 'BB-'


T H A I L A N D

UNITED OVERSEAS BANK: Fitch Affirms Viability Rating at 'bb+'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALLIGATOR DRAINAGE: High Court Puts Firm Into Liquidation
---------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the High Court in
Christchurch has put Alligator Drainage Ltd into liquidation.

dissolve.com.au says the liquidation petition was filed by
creditor Fletcher Concrete and Infrastructure Ltd, which trades as
Home Pipeline Systems. The company claimed a NZ$40,237 debt.
K B Contracting Ltd, a supporting creditor, was also being
represented in court claiming debt of NZ$37,014, according to the
report.

Waterstone Insolvency was appointed by associate judge
Rob Osbourne to serve as liquidators of Alligator Drainage, the
report discloses.


REMEDIAL CONCRETE: Placed Into Voluntary Administration
-------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Remedial Concrete
Works has gone into voluntary administration. Grant Thornton's
Stephen Dixon -- stephen.dixon@au.gt.com -- and Laurie Fitzgerald
-- laurie.fitzgerald@au.gt.com -- were appointed administrators on
March 17, 2014.

A meeting with creditors was scheduled for March 27, the report
notes.


ST BARBARA LTD: S&P Lowers CCR to 'B-'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on Australian gold miner St Barbara Ltd.
(SBM) to 'B-', from 'B'.  The outlook is negative.  S&P also
lowered its ratings on SBM's senior secured debt to 'B-', from
'B'.  The recovery rating on the senior secured debt has been
lowered to '4', from '3'.

"The downgrades reflect a sharp deterioration in SBM's credit
metrics due to a combination of lower gold prices and operational
challenges," Standard & Poor's credit analyst May Zhong said.
"Its Pacific operations performed poorly for the half year ended
Dec. 31, 2013, as production volumes were lower than our
expectations while production costs have increased considerably.
Combined with weaker gold prices, the poor operating performance
has significantly reduced SBM's earnings and operating cash flows.
As a result, its cash flow protection metrics are below our
expectations for the previous 'B' rating."

In addition, S&P don't expect any material improvement in SBM's
metrics in the near term.  S&P believes gold prices will remain
weak and that SBM's production volumes will not materially
increase in the immediate term.  As such, S&P has lowered its
assessment of SBM's financial risk profile to "highly leveraged",
from "aggressive".

The 'B-' corporate credit rating on SBM reflects S&P's view of the
company's business risk profile as "vulnerable" and financial risk
profile as "highly leveraged."  The business risk profile
assessment reflects SBM's relatively small size (384,496 ounces of
production in the year ended Dec. 31, 2013), exposure to volatile
gold prices, and high cost operations (mainly its Pacific assets).
In addition, S&P considers that SBM faces significant operating
and country risks in its mines in the Solomon Islands and Papua
New Guinea.

Its Pacific operations continue to depress the group's earnings
and cash flows.  This is due to various operating issues facing
the Simberi and Gold Ridge mines, which had cash costs of A$2,177
per ounce and A$1,989 per ounce respectively for the half-year
ended Dec. 31, 2013.  The company is working on a strategic review
of its Gold Ridge mine, but we don't expect a rapid improvement.

Nonetheless, S&P notes that SBM's biggest earnings contributor,
its Gwalia operations in Australia, has a relatively low cost
profile.  The mine had a cash cost of A$770 per ounce for the
half-year ended Dec. 31, 2013 and an all-in sustaining cost of
A$995 per ounce for the half-year ended Dec. 31, 2013.  It's also
the largest mine within SBM's portfolio. Located in Western
Australia, Gwalia is a deep underground mine that produces 175,000
to 190,000 ounces of gold per year, with a mine life of about 9
years.

S&P's view of SBM's "highly leveraged" financial risk profile
reflects its volatile cash flows, highly leveraged balance sheet,
and weak cash flow protection metrics.  S&P expects the company's
adjusted debt/EBITDA to rise to more than 5x in fiscal 2014, from
2.9x in fiscal 2013, due to the significant fall in its earnings
and cash flows.  S&P also forecasts its EBITDA interest cover will
fall substantially, to between 1.5x and 2x, from 20x in fiscal
2013.  The significant deterioration in its credit metrics
highlights the company's sensitivity to gold prices, and the
challenges facing its Pacific operations.

Ms. Zhong added: "The negative outlook reflects the execution
risks associated with SBM's strategies to reduce costs at its
Pacific operations.  We see a one-in-three chance that SBM's
liquidity position will weaken as it may face more challenges or
delays in lowering the cost profile of its Pacific operations.
Lower costs at its Pacific operation are crucial to rating
stability, given that we don't expect a material improvement in
gold prices in the next two years."

The ratings could be lowered if liquidity were to deteriorate.
This scenario could occur if gold prices fall below S&P's current
pricing assumptions for a prolonged period; or there is a delay in
the turnaround of SBM's Simberi operations such that its all-in
sustaining costs remain higher than A$1,250 per ounce in early
calendar year 2015; or Gold Ridge continues to be a drag on the
group's cash flows for a prolonged period.  The ratings could also
be lowered if there is any unforeseen operational issue at its
Australian operations (mainly Gwalia), given that the operations
are the key cash flow contributor for the group to meet its fixed
obligations.

S&P would consider revising the outlook back to stable if it
believes the Pacific operations cease to be a drain on the group's
cash flows.



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


CHINA FISHERY: Fitch Affirms LT IDR and Sr. Unsec. Rating at BB-
----------------------------------------------------------------
Fitch Ratings has affirmed China Fishery Group Limited's (China
Fishery) Long-Term Issuer Default Rating (IDR) and its senior
unsecured rating at 'BB-'.  The outlook remains negative.  The
USD300m senior unsecured notes issued by CFG Investment S.A.C. and
guaranteed by China Fishery have also been affirmed at 'BB-'.
The affirmation follows an improvement of China Fishery's business
profile after its acquisition of Copeinca ASA (Copeinca,
'B+'/Stable) making it the leading anchovy fishmeal producer in
Peru.  Its recovery of the prepayments for the long-term supply
agreement (LSA) in Russia has also addressed the risk of suffering
substantial losses in this investment in the event of negative
regulatory influence on its contract supply business.

Risk to its operations remains as the full repayment of the LSA
prepayment will only conclude by April 2016.  China Fishery's
fleet performance has also been erratic since it started operating
in 2011.  Finally, the outlook can be stabilised only after the
company has deleveraged and achieved an adjusted net debt/EBITDAR
of below 3.0x.

Key Rating Drivers

Strengthened Business Profile: Fitch estimated that the Peruvian
fishmeal segment will be contributing close to 80% of China
Fishery's EBITDA after the termination of the LSA.  The is because
the contract supply business will become a spot purchase business
with very thin trading margins and this segment used to contribute
about 65% of China Fishery's EBITDA.  Although the change reduces
China Fishery's earnings diversity, it can lessen the uncertainty
posed by regulatory changes that may result in substantial losses
in this operation.  The refocus of China Fishery's operations to
Peru is also a positive given the firm demand for fishmeal, which
is a staple needed for aquaculture globally.

This is evident in the strong price increases of Peruvian fishmeal
and fish oil as a result of significantly lower total allowable
catch (TAC) for Peru anchovies for the fishing season starting in
November 2012.  Prices of Peruvian fishmeal at end-March hit a
record USD2,200 per metric ton compared with between USD1,200 and
USD1,600 in 2012.  As a result China Fishery's H113 EBITDAR margin
rose to 45% versus 40% for 2012. For the financial year ending 28
September 2013 (FY13), China Fishery's Peruvian fishmeal segment
(excluding Copeinca) only saw a 5% yoy decline in EBITDA versus a
25% drop in revenue.

Leverage Remains High: Fitch expects China Fishery's leverage to
exceed 3.0x in FY14 and FY15 following its Copeinca acquisition
and the termination of the LSA prepayments.  Pro-forma FY13
leverage including Copeinca full-year contribution would have been
4.1x. Following the LSA termination, China Fishery's FY14 leverage
may be reduced to below 3.5x (net debt offset by the outstanding
LSA repayment) if management persists with deleveraging.  China
Fishery's ability to generate positive free cash flow of about
USD90m from FY15 can help the company reduce its leverage to below
3.0x by FY16.

Rating Sensitivities

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

- adjusted net debt/EBITDAR is sustained above 3x even with the
  full repayment of the LSA prepayments

- the China Fishery fleet operation continues to show volatile
  performances and suffer losses

- any issues arising to obstruct the full repayment of the LSA
  prepayments

Positive: The current rating is placed on Negative Outlook.  As a
result, Fitch's sensitivities do not anticipate developments with
a material likelihood, individually or collectively, of leading to
a rating upgrade.  However, if all the above negative factors do
not happen, then the Outlook may revert to Stable


CHINA FISHERY: Moody's Lowers CFR & Sr. Unsecured Rating to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 China
Fishery Group Limited's corporate family rating and the senior
unsecured rating on notes issued by its subsidiary -- CFG
Investment S.A.C.

The ratings outlook is stable.

This action concludes Moody's review for downgrade initiated on 12
February 2014.

Ratings Rationale

"The downgrade has been prompted by China Fishery's announcement
that it will end its long-term contract supply business in Russia,
which will significantly impact the company's capacity for debt
servicing," says Lina Choi, a Moody's Vice President and Senior
Analyst.

China Fishery has reviewed its business model and has decided not
to continue the arrangements of pre-paying for purchases from the
Russian vessels and financing part of the working capital of the
suppliers.

Based upon the business' performance in 2013, Moody's estimates
that the company will lose annual EBITDA of about US$176 million,
which accounted for 72% of total EBITDA in 2013.

China Fishery plans to make up the loss through contributions from
Copeinca ASA, which it acquired in 2013.

Moody's estimates that combined, China Fishery Peru and Copeinca
ASA, will generate EBITDA of around US$170 million in 2014 on the
expectation that Copeinca ASA recovers its annual Total Allowable
Catch to 5.0-5.5 million tons from 3.1 million tons in 2013. The
Peruvian government decides on the size of the catch.

"The downgrade is further based on the consideration that China
Fishery's earnings will become mainly reliant on the fish meal
business and will experience a decline in diversity," says Choi,
who is also the Lead Analyst for China Fishery.

The Russian supply business provided diversity and partially
mitigated the earnings volatility from its fish meal business.

Moreover, China Fishery's Russian supply business was more
profitable than its fish meal business. The Russian business'
EBITDA margin was around 45%, while the fish meal business was 35%
in FY2013.

China Fishery will be challenged to find a profitable replacement
in the foreseeable future.

"After factoring in compensation and repayments of accounts
receivables from the Russian suppliers, China Fishery's credit
metrics match a B2 profile," adds Choi.

Moody's expects China Fishery to receive US$80 million
compensation in 2014 and recover accounts receivables of around
US$70 million in 2014. With such cash inflow, China Fishery's
credit metrics -- debt/EBITDA of 4.5x -- 5x and EBITDA/interest of
3x -- 3.5x -- match a B2 rating level.

"China Fishery's financial flexibility has also fallen following
the conclusion of the US$650 million term and revolving credit
facilities with a bank consortium," says Choi.

While China Fishery has secured refinancing -- stabilizing its
funding structure through a 4-year loan and revolving credit
facilities -- the company has to keep capital expenditure low. It
will also need to comply with the maintenance covenants.

Moody's does not expect the company to have ample room under its
debt leverage covenants. This will limit its financial
flexibility.

China Fishery's liquidity position could be vulnerable in the next
12 months as it relies on the payments from its Russian suppliers
on compensation and accounts receivables. Any delay in payments
could impact China Fishery's cash position.

The rating outlook reflects Moody's expectation that China Fishery
will not undertake further acquisitions and will keep capital
expenditures at maintenance levels. At the same time, it will
integrate the operations of China Fishery and Copeinca ASA.

China Fishery's ratings could be under pressure for upgrade if it
successfully integrates Copeinca ASA as evidenced by revenue and
EBITDA growth, and a track record of disciplined expansion.

Credit metrics indicating an upgrade include debt/EBITDA falling
to 4x and EBITDA/interest rising above 4x.

On the other hand, China Fishery could face downward rating
pressure if (i) it suffers deterioration in revenue or liquidity
due to a declining Total Allowable Catch or problems arising from
integrating Copeinca ASA; or (ii) it takes on further debt-funded
expansion or acquisitions.

Credit metrics indicating the possibility of a downgrade include
debt/EBITDA above 5.5x -- 6x; or EBITDA/interest below 2.5x.

The principal methodology used in these ratings was the Global
Protein and Agriculture Industry published in May 2013.

China Fishery Group Ltd is headquartered in Hong Kong and listed
in Singapore. It is engaged in three business segments: (1) the
Contract Supply Business of Alaska pollock -- a species of cod --
in Russia's northern Pacific area, through agreements with
suppliers; (2) the production of Peruvian fish meal and fish oil,
and (3) fishing fleet operations. China Fishery is 46.5%
effectively owned by the Pacific Andes group, through Pacific
Andes International Holdings Ltd (PAIH), a Hong Kong-listed
integrated fish and seafood products processor. The Carlyle Group,
a global alternative asset management firm, holds an 11.1% stake
in the company.


GREENTOWN CHINA: 2013 Results Support Moody's B1 CFR, Pos Outlook
-----------------------------------------------------------------
Moody's Investors Service says that Greentown China Holdings
Limited's 2013 financial results support its B1 corporate family
rating, B2 senior unsecured rating and positive ratings outlook.

"Greentown's healthy contracted sales growth, significantly
improved liquidity profile and healthy interest coverage supports
its positive outlook," says Jiming Zou, a Moody's Assistant Vice
President and Analyst.

Greentown's contracted sales grew 22% year-on-year to RMB62.1
billion in 2013, exceeding its full-year target of RMB55 billion.
The sales increase was the result of the introduction of an agency
sales model, an improved product mix, and partnerships with other
developers, such as Sunac China Holdings Limited (Ba3 stable).

Greentown also significantly improved its liquidity, as shown by
its RMB11.3 billion cash balance covering about twice its short-
term debt at end-2013. In contrast, at end-2012 the company's cash
balance covered only about half of its RMB15.2 billion in short-
term debt.

The improvement in Greentown's liquidity was mainly attributable
to its active refinancing of short-term debt by the issuance of
long-term notes in the offshore markets.

Greentown raised a total of RMB10.9 billion equivalent long-term
notes in 2013, accounting for about 35.8% of its reported total
debt at end-2013.

The issuance of USD500 million perpetual capital securities in
January 2014 further supported the company's liquidity and its
development plans.

Greentown improved its interest coverage ratio -- as measured by
EBITDA/interest expense -- to about 3.2x in 2013, versus 3.0x in
2012. The company reduced its interest expenses (including
capitalized amount) to RMB2.4 billion in 2013 from RMB3.5 billion
in 2012, boosting the company's interest coverage despite lower
earnings.

Greentown's book revenue declined by 18.1% to RMB29 billion in
2013. Its gross profit also weakened by 18.1% to RMB8.8 billion.
Most of the decline resulted from the deconsolidation of nine
property projects, in which Greentown transferred 50% of its
equity interests to Sunac at end-2012.

Nevertheless, Greentown's joint venture projects began to make
substantial contributions in 2013. Income from equity investments
and associated companies tripled to RMB1.57 billion in 2013,
partly mitigating the decline in gross profit.

The company raised its reported gross debt to RMB30.5 billion at
end-2013. Moody's estimated that Greentown's debt/book
capitalization, including its guarantees to joint ventures, was at
around 60% at end-2013. Such a debt leverage is acceptable given
its large business scale, prospective earnings contribution from
new projects and its asset-light strategy going forward.

Moody's estimates that Greentown's credit metrics, if including
the pro-rata share of its joint ventures, will be similar to its
standalone basis. The joint ventures accounted for about half of
the company's reported RMB62.1 billion contracted sales, achieving
RMB33 billion revenue and contributing RMB1.57 billion
attributable equity income to Greentown in 2013.

Using its strong brand and management capacity, Greentown also
continued partnering with other developers and strengthening its
facility management business. Such pursuit of an asset-light
business model will alleviate the company's funding needs, a
positive for its credit profile.

Moody's expects Greentown to continue sound sales execution in the
next 12-18 months, and its credit metrics position it strongly
among its B1 peers.

Upward rating pressure could emerge if Greentown (i) establishes a
track record of acceptable credit metrics -- adjusted
debt/capitalization below 50%-55% and EBITDA/interest above 3.5-
4.0x; (ii) continues to show good sales execution and meets
presales targets; and (iii) maintains an adequate liquidity
position due to prudent financial and land investment management.

The outlook could return to stable, if Greentown (i) cannot
achieve ongoing improvements in liquidity; (ii) shows a weakening
in sales or embarks on further land acquisitions which cause a
deterioration in its financial profile -- debt/capitalization
above 55%-60% and EBITDA/interest below 3.0x.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. At end-2013, the company had 104 projects, including
those under construction and available for construction, with a
total GFA 38.89 million sqm. Of this total, 21.5 million sqm were
attributable to the company.


SHIMAO PROPERTY: 2013 Results Supports Moody's Ba2 CFR
------------------------------------------------------
Moody's Investors Service says that Shimao Property Holdings
Limited's strong 2013 results are in line with its expectations
and support its Ba2 corporate family rating and Ba3 senior
unsecured bond rating.

"Shimao delivered a strong set of 2013 results, which is in line
with our expectation and also led us to upgrade its corporate
family rating by one notch to Ba2 during the second half of 2013,"
says Franco Leung, a Moody's Assistant Vice President and Analyst.

Shimao's contracted sales increased by 45.5% year-on-year in 2013,
to RMB67 billion, mainly due to the robust demand from its mass
market customers.

At the same time, its revenue grew 44.9% year-on-year to RMB41.5
billion, as expected.

The company fine tuned its business strategy in 2011, increasing
it focus on small- to medium-sized products targeting first-time
home buyers and upgraders.

Moody's expects Shimao to deliver good sales growth in 2014
supported by the company's enhanced internal management systems on
data management, decision making and performance evaluations.
Nevertheless, the growth is expected to be lower than that
achieved in 2013.

"Shimao bucked the industry trend in 2013 by delivering higher
gross profit margins in 2013, to 35.3% from 33.5% in 2012, against
a general industry trend of margin declines over the same period
among other rated Chinese developers," adds Leung, also the Lead
Analyst for Shimao.

Similarly, its EBITDA margin improved to around 27.9% in 2013 from
25.2% in 2012, slightly higher than Moody's earlier expectations.
The company successfully cut down its selling, marketing and
administrative expenses to 9% of revenue from 10.5% in the
previous year.

As a result of its improved EBITDA margin, its adjusted
EBITDA/interest rose to 3.2x for 2013 from 2.2x for 2012. Moody's
expects this ratio to trend towards 3.5x in the next 12-18 months,
which will well position the company at its current rating level.

Shimao's adjusted debt/capitalization improved to about 52% from
53.2% as its profits grew at a faster pace than its gross debt,
which rose to RMB49.3 billion at end-2013 from RMB41 billion at
end-2012.

The company's liquidity position also saw a modest improvement,
with cash to short-term debt increasing to 166% from 146% as at
end-2012.

Shimao's Ba2 corporate family rating continues to reflect its (1)
diversified and well-located land bank; (2) pricing flexibility in
view of its low-cost land bank, and (3) portfolio of quality
investment properties.

Upward rating pressure could emerge if Shimao (1) continues to
deliver robust sales growth; (2) maintains strong liquidity and
good access to domestic and offshore bank and capital markets; (3)
shows prudent financial management and land acquisitions.

Credit metrics indicative of upgrade pressure include EBITDA
interest coverage above 3.5x-4.0x and debt leverage below 50% on a
sustained basis.

On the other hand, downward rating pressure could emerge if (1)
the company is unable to sustain its solid sales track record; (2)
its liquidity position weakens; or (3) it embarks on aggressive
land acquisitions funded by debt.

Credit metrics indicative of downgrade pressure include EBITDA
interest coverage below 3x or debt/total capitalization increasing
to 55% or above.

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

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006. Together with its 64%-owned Shanghai A-
share listed subsidiary, Shanghai Shimao Co Ltd (unrated), the
company has an attributable land bank of 36.2 million square
meters distributed across 38 cities as at end-2013, mainly in
eastern and northeastern China.


SUNAC CHINA: 2013 Results Supports Moody's Ba3 CFR
--------------------------------------------------
Moody's Investors Service says that Sunac China Holdings Limited's
financial results for FY2013 are largely in line with Moody's
expectations and support its Ba3 corporate family rating and
stable outlook.

"Sunac has taken steps to improve its liquidity profile, which is
much needed by the company given its rapid pace of land
acquisitions," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

Sunac reported an increase in cash holdings to RMB16 billion at
end-2013 from RMB12.3 billion at end-2012. At the same time, its
short-term debt reduced to RMB7.8 billion from RMB11.9 billion. As
a result, its cash/short-term debt ratio improved significantly to
204% from 104%.

The company's improved cash position will allow it to settle
unpaid land premiums and maintain its adequate liquidity profile.

In 2013, Sunac acquired new land parcels totaling 9.57 million
square meters, which is about 46% of its total land bank of
approximately 21.1 million at end-2013. Some of the land parcels
were acquired at high average land cost, such as the plot of land
in Beijing with an average land cost of around RMB73,100 per
square meter.

The company increased its debt to fund its land payments and
construction spending requirements. Its gross debt increased to
RMB28.7 billion at end-2013 from RMB21.7 billion at end-2012.

Moody's estimates that the company's adjusted debt/capitalization
-- including the associated debt from jointly controlled entities
-- rose to around 63%-64% at end 2013 from 61.6% at end 2012.
However, its net debt/equity improved to 69.7% from 78.9% because
of the rise in cash position.

"Sunac continues to deliver high sales growth, which is an
important driver of its current ratings because it provides the
necessary liquidity to the company," adds Leung, also the Lead
Analyst for Sunac.

Sunac reported a 54% year-on-year growth in contracted sales to
RMB54.7 billion in 2013 from RMB35.6 billion in 2012.

It also reported a 48% year-on-year increase in revenue to RMB30.8
billion from RMB20.8 billion. Its inventory/revenue dropped to
around 1.9x from 2.2x as a result.

Sunac's gross profit margin dropped slightly to 23.3% in 2013 from
25.8% in 2012, which is largely within Moody's expectations. Its
adjusted EBITDA/interest ratio fell slightly to about 2.4x for
2013 from 2.5x for 2012. Moody's expect its adjusted
EBITDA/interest will remain at similar level in 2014.

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

Sunac is an integrated residential and commercial property
developer, with ongoing or completed projects in China's main
regions of Beijing, Tianjin, Shanghai, Chongqing and Hangzhou. The
company develops a wide range of property, including high-rise and
mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.

Sunac was incorporated in the Cayman Islands on 27 April 2007 and
listed on the Hong Kong Stock Exchange on 7 October 2010. At end-
2013, it owned 59 projects and had a land bank of 21.1 million
square meters.



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


DAH SING: Fitch Affirms Support Rating Floor at 'BB'
----------------------------------------------------
Fitch Ratings has affirmed the Support Rating Floors (SRFs) and
the Support Ratings (SRs) of five Hong Kong Banks, as detailed
below. All other issuer level, debt level ratings and Outlooks of
these issuers are unaffected.  While Fitch has affirmed the SRs
and SRFs, all of these ratings are likely to be revised downwards
by the end of a typical Outlook horizon as further progress is
made in implementing the legislative and practical aspects of
enabling effective resolution frameworks.

All of these banks' Long-Term IDRs and long-term senior debt
ratings are in line with their Viability Ratings (VRs), which
measure a bank's intrinsic creditworthiness.  Consequently,
provided their VRs are not downgraded, any downward revision of
SRs or SRFs will have no impact on these banks' Long-Term IDRs or
long-term senior debt ratings.

Key Rating Drivers - Support Ratings And Support Rating Floors
National systemic importance is the key driver behind the SRs and
SRFs.

Rating Sensitivities - Support Ratings And Support Rating Floors
The ratings are generally sensitive to a weakening in Fitch's
assumptions around either the ability or propensity of the Hong
Kong sovereign to provide timely support.

Of these, the greatest sensitivity is to a weakening of support
propensity in respect of further progress being made in addressing
legislative and practical impediments to effective bank
resolution.  In Hong Kong, a proposal for resolution legislation
has been submitted for public consultation which is likely to be
implemented by end-2015.  Enhanced resolution legislation will
give the Hong Kong authorities the tools to enact resolution and
signifies a reduced propensity to support.

Fitch anticipates a dilution of national influence over resolution
decisions for Hong Kong's foreign-owned banks as their cross-
border resolution will involve multiple parties.  It is likely
that the authorities will apply the sought-for extended powers to
facilitate resolution of large and complex banks, in particular if
those are undergoing resolution by their home regulators.

The scope of the proposed regime is broad, and includes small
local banks and branches of foreign banks. While it remains to be
seen if the regulator would apply resolution tools across the
whole spectrum of the financial system, Fitch believes that the
hurdles to provide extraordinary support will be higher.

Overall, Fitch's base case is that sufficient progress is likely
to have been made for Hong Kong banks' SRFs to be revised
downwards to 'No floor' within the next one to two years.  The SRs
would be revised downwards to '5' in the absence of institutional
support.  At this stage, this is likely to be in 2H15.

Fitch's definition of a '5' SR is 'A bank for which there is a
possibility of external support, but it cannot be relied upon'.
Higher SRs indicate that extraordinary support, in Fitch's
opinion' is 'probable' to varying extents.

The topic of bank resolution is explored in more detail in a

Rating Actions:

Bank of China (Hong Kong) Limited:
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'

Wing Hang Bank
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'

Dah Sing Bank
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'

Chong Hing Bank
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'

Shanghai Commercial Bank
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'



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


A.R. CASTINGS: CRISIL Assigns 'B+' Rating to INR120MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A.R. Castings
Pvt Ltd continues to reflect ARCPL's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics; the rating also factors in the company's small scale of
operations constrained by exposure to intense competition and
power cut problem in Mandi Gobindgarh (Punjab), and its
susceptibility to risks related to geographical concentration in
revenue profile. These rating weaknesses are partially offset by
ARCPL's long-standing presence in the steel industry.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------            --------     -------
   Cash Credit              75        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       45        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that ARCPL's business risk profile will remain
constrained due to its small scale of operations in a fragmented
steel industry, leading to a low operating margin. The company's
financial risk profile is expected to remain weak, marked by small
net worth and weak debt protection metrics. The outlook may be
revised to 'Positive' in case there is significant improvement in
the company's scale of operations or profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case there is further weakening in
the company's financial risk profile on account of a decline in
sales or on account of a large debt-funded capital expenditure
programme.

Update
ARCPL's business performance in 2012-13 (refers to financial year,
April 1 to March 31) was marked by lower-than-expected revenue,
mainly driven by production constraint, due to frequent power cuts
in Mandi Gobindgarh and labour shortage, along with muted demand
due to slowdown in the steel industry. In 2013-14 as well, the
company's revenue is expected to remain flat in the range of
INR510 million to INR520 million, in line with historic trend.

The company's operating profitability in 2012-13 also remained
lower than CRISIL's expectation due to its increased focus on
trading (around 26 per cent of ARCPL's revenue was from trading in
2012-13); operating profitability was around 1.7 per cent in 2012-
13 and is expected to remain low due to the low value addition
nature of the company's product.

The company efficiently manages its working capital requirements,
as reflected in gross current assets of around 100 days; however,
its working capital requirements were INR50 million over the three
years ended 2012-13 due to ARCPL's low operating margin and no
equity infusion. The company generated total cash accruals of
INR150 million, leading to increased reliance on its working
capital limits. As a result, the company's average bank limit
utilisation has been higher at around 87 per cent for the eight
months ended December 2013.

ARCPL's net worth also remained small at around INR33 million as
on March 31, 2013, thereby limiting its financial flexibility to
meet any exigency. The company has high debt levels towards
funding its working capital requirements; these, along with a
small net worth, are expected to result in high gearing of around
3 times as on March 31, 2014.

Incorporated in 1991, ARCPL manufactures steel ingots and steel
castings. It currently has a capacity to manufacture 32,850 tonnes
of steel ingots (of sizes 3.5 inches to 9.0 inches) per annum at
its plant in Mandi Gobindgarh. ARCPL is managed by Mr. Jagdish
Bansal, Mr. Ashok Kumar Bansal, Mr. Ramesh Bansal, and their sons.
It sells steel ingots to local brokers in Mandi Gobindgarh, and
steel castings to the automobile market in Ghaziabad (Uttar
Pradesh).


AIR INDIA: Obtains INR1,000cr Equity Injection From Government
--------------------------------------------------------------
The Times of India reports that Air India Lt got a breather in the
form of INR1,000-crore equity infusion from the government on
March 26.  According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report says.

Before the infusion, the government had injected INR12,200 crore
into AI and there was a shortfall in equity to the tune of
INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report relates.  TOI says the airline's aircraft and working
capital debt was INR26,033 crore and INR21,125 crore respectively
on December 31, 2013. The airline is expected to lose INR3,990
crore this fiscal. "The money which we have received will go
towards three pressing requirements -- paying oil companies,
airports and salaries. The vote on account has made a provision of
INR5,500 crore for AI and the budget by the next government will
decide our finances," TOI quoted an AI official as saying.

TOI notes that both aviation ministry and AI top brass said AI
will be one of the biggest headaches for the next government as
they will have to decide -- fast -- how AI survives and in what
form. "The airline faces tremendous uncertainty because of its
precarious financial condition. While a lot of improvement has
taken place, the bottom line is that AI still spends more than
what it earns. Add to that the baggage of huge loan, it is going
to be a jigsaw for the next government," a source told TOI.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


AKKAVILA K LEKSHMANAN: ICRA Places 'B' Rating on INR6.14cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR3.50
crore term loans, INR1.50 crore long term, fund-based facilities
and INR1.14 crore proposed long term facilities of Akkavila K
Lekshmanan & Co.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans              3.50          [ICRA]B assigned
   Long term, Fund-
   based facilities        1.50          [ICRA]B assigned

   Proposed Facilities     1.14          [ICRA]B assigned

The rating is constrained by the entity being in nascent stage of
operations, susceptibility of margin to movement in raw material
prices with pricing flexibility limited by competition and working
capital intensive operations due to high inventory requirement,
although the cash and carry model for sales and raw material
procurements may partially mitigate the impact. ICRA also takes
note of risks inherent in proprietorship concerns; the quantum of
withdrawals by the promoters, going forward, would be a key rating
sensitivity.

The rating, however, considers the favorable demand prospects for
"manufactured sand" from the construction industry due to
restriction on river sand mining and takes note of nearly three
decades of experience of the promoters in the granite crushing
business with healthy relationship with granite suppliers,
ensuring ready availability of raw material for "manufactured
sand" production.

Akkavila K. Lekshmanan & Co was incorporated in December 2011 as a
proprietorship concern by Mr. L. Saiju for the production of
manufactured sand from crushed granite slabs. The promoter is a
partner in another entity Akkavila Sajenan Aggregates, which has
been engaged in the business of crushing granite slabs for over
three decades. This plant was recently modernized and is located
in proximity to AKLC, thereby easing operations of the sand
manufacturing unit. The production operations of AKLC commenced in
June 2013 and the day to day operations of the company is managed
by the promoter Mr. L. Saiju.


ARUNA FINANCE: ICRA Reaffirms 'B' Rating on INR16cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating to INR9.00 crore
(enhanced from INR6.00 crore) cash credit facilities and INR7.00
crore (earlier nil) proposed limits of Aruna Finance Limited at
[ICRA]B.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         9.00        [ICRA]B; reaffirmed
   Proposed Limits     7.00        [ICRA]B; reaffirmed

The rating reaffirmation takes into account the currently small
scale and regionally concentrated nature of the company's
operations, its modest credit appraisal, internal control and
monitoring systems and, high dependence of the company on external
agents for sourcing and collections.

The company had a portfolio of about INR9.28 crore in December
2013 and its operations were largely concentrated in the
Vijayawada district of Andhra Pradesh. The company diversified
into an unrelated asset class i.e. gold loans, during the previous
financial year, which accounted for about 18.43% of the total
portfolio as in Dec 2013; the primary business of the company
continued to be 3-wheeler financing, which accounted for 58.30% of
the portfolio. AFL was faced with high delinquencies (180+ in
December 2013 at 16.86%) in gold loan segment, while the same for
the 3-wheeler financing business continued to remain modest.

ICRA notes that, although ultimate credit losses are low in the 3-
wheeler financing business, delinquencies in the softer buckets
are high owing to weak monitoring systems. The ability of the
company to control over dues going forward particularly in the new
asset class is yet to be established. ICRA also notes that the
company has upgraded its IT systems; however, its impact on
improvement in internal control and asset quality remains to be
seen.

The rating takes cognisance of the experience of the promoters in
asset financing (especially 3-wheeler) and their knowledge of the
target markets. The gearing of the company was modest at about
1.41 times as in September 2013, on the back of moderate portfolio
growth. AFL enjoys a healthy interest margins on account of a
conservative gearing and healthy yield on advances, the same has
moderated to an extent due to diversification into gold loans
during the current financial year; interest margin has declined
from about 13% in FY13 to 10.5% (provisional) in 6M FY14. The
company presently has credit limit from one bank, however its
conservative gearing provides comfort from a liquidity
perspective. Going forward, it would be critical for the company
to reduce regional concentration and diversify its funding profile
as the scale expands.

Aruna Finance Limited was incorporated as a partnership firm Aruna
Finance in 1979 and was engaged in the financing of commercial
vehicles. In 1995, Aruna Finance was converted into a private
company Aruna Leasing & Finance Private Limited and diversified
into financing tractors. In the year 2002, the company was
converted into a public limited company Aruna Leasing & Finance
Limited, registered as a deposit taking NBFC with RBI and further
diversified into financing of three wheelers. ALFL subsequently
surrendered the license to accept public deposits in 2006 as the
promoters did not have any plans to utilize the facility. In FY13
the company started extending gold loans and the name was
subsequently changed the name to Aruna Finance Limited. Mr. B.Y.
Narayana Rao, the promoter of the company, has been in the finance
business for the past 33 years.

As on December, 2013, new and used three wheelers account for
58.30% of the total portfolio followed by gold loans at 18.43%,
machinery at 8.30%, cars at 3.34%, commercial vehicles at 3.23%,
and others (including two wheelers) at 8.40%.

As on March 31, 2013, AFL had a total portfolio of INR7.69 crore,
an increase of 10% over the previous year and as on September 30,
2013 AFL had a total portfolio of INR8.24 crore.

In FY13, the company reported profit after tax (PAT) of INR0.46
crore on an asset base of INR8.45 crore. For the first six months
of the current financial year, the company reported a provisional
net profit of INR0.31 crore on a total asset base of 9.58 crore.


ASIAN SOCIETY: CRISIL Reaffirms 'D' Rating on INR180MM Loans
------------------------------------------------------------
CRISIL's rating on bank facilities of Asian Society of Film and
Television continues to reflect weak liquidity driven by its low
cash accruals which are expected to be insufficient against
maturing term debt obligations. The rating also reflects ASFT's
exposure to regulatory restrictions hampering its revenue growth,
and weak financial risk profile marked by high debt level and weak
debt protection metrics. These rating weaknesses are partially
offset by the limited competition for niche courses offered by
ASFT, and the healthy growth prospects of the education sector in
India.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------          --------     -------
   Term Loan             180        CRISIL D (Reaffirmed)

Set up in 2003 by Mr. Sandeep Marwah, ASFT operates three
institutes, namely Asian School of Media Studies (ASMS), Asian
Business School (ABS), and Asian School of Communication (ASC).
ASMS offers degree and diploma courses in the field of film-
making, ABS provides bachelor and master degree courses in
management and ASC offers courses in mass communication. ASMS is
affiliated to Punjab Technical University, courses offered by ABS
are approved by AICTE and ASC is affiliated to the University of
Central Lancashire, UK. ASMS campus is located in Film City at
Noida (Uttar Pradesh) while ABS and ASC are situated on separate
premises within Noida.


CLUB 29: CRISIL Assigns 'B+' Rating to INR99.5MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Club 29 Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             99.5       CRISIL B+/Stable

The rating reflects Club 29's moderate funding risks susceptible
to incremental membership fees. The rating also reflects the
company's geographical concentration, and its promoters' limited
experience in the operations of the club. These rating weaknesses
are partially offset by Club 29's location advantage, its healthy
growth prospects, and the promoters' strong financial flexibility.

Outlook: Stable

CRISIL believes that Club 29 will benefit from its location
advantage and its promoters strong financial flexibility. The
outlook may be revised to 'Positive' in case the company completes
the project in time and generates better than expected cash
accruals supporting its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of time or cost overruns in project
implementation or lower than expected cash accruals during the
initial phase of operations, constraining its liquidity.

Club 29 was incorporated in January 2012 by Mr. Jayant Kaneria and
Mr. Sanjay Kalate. The company is building a club at Wakad in Pune
(Maharashtra) at a cost of around INR300 million, funded through
term loan of around INR100 million and the rest through customer
advances and promoters' contribution.


CONCORD DRUGS: CRISIL Assigns 'B' Rating to INR165MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Concord Drugs Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           50        CRISIL B/Stable (Assigned)
   Term Loan            115        CRISIL B/Stable (Assigned)

The rating reflects CDL's below-average financial risk profile,
driven by large debt-funded capital expenditure (capex), along
with stretched liquidity because of modest cash accruals and
sizeable incremental working capital requirements. The rating also
factors in the company's small scale of operations in a fragmented
industry. These rating weaknesses are partially offset by the
promoters' funding support, and their extensive experience in the
pharmaceuticals sector.

Outlook: Stable

CRISIL believes that CDL will benefit from the extensive
experience of its promoters in the pharmaceuticals sector. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its profitability, resulting
in substantial cash accruals. Conversely, the outlook may be
revised to 'Negative' if CDL's financial risk profile and
liquidity deteriorate because of sizeable working capital
requirements or significantly low cash accruals.

CDL was founded by Mr. S Nagi Reddy in Hyderabad, in 1995. The
company manufactures antibiotics, non-steroidal anti-inflammatory
drugs, antihypertensives, and ulcer/heartburn medications (H2
receptor antagonists) in capsule, table, powder and liquid
injectibles and pediatric dosage forms.

CDL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR280.7 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR15.9 million on net
sales of INR276.6 million for 2011-12.


DR. B. S. GUPTA: CRISIL Ups Rating on INR58MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dr. B. S. Gupta Medical Charitable Society to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and has assigned 'CRISIL A4' on the short
term bank facilities of the company.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------            --------      -------
   Bank Guarantee           42         CRISIL A4 (Assigned)
   Proposed Long Term
   Bank Loan Facility       12.5       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Overdraft Facility       45.5       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects BSG's improved business risk profile,
driven by the increase in the number of seats in its post graduate
dentistry courses and improved liquidity with healthy cash
accruals. The society's net revenue is expected to increase to
INR149 million in 2013-14 (refers to financial year, April 1 to
March 31) from INR128 million in 2012-13. This is driven by the
increase in the number of seats offered to 21 from 12 in the
previous year, on account of addition of four new departments
(three seats each for seven departments) in 2013-14. The number of
seats is expected to increase further to 35 per batch in 2014-15.
With these additional seats in the under-graduate and post-
graduate dentistry courses, and a track record of full occupancy
in the past, BSG's revenue has increased and is expected to
improve further over the medium term. The society's liquidity has
also improved, reflected in healthy expected cash accruals of
INR27 million to INR29 million in 2013-14 against no term debt
obligations, moderate bank limit utilisation at an average of 57
per cent over the nine months through December 2013, and interest-
free unsecured loans of INR23 million as on March 10, 2014.

The rating reflects BSG's small scale of operations and
geographically concentrated revenue profile. Also, the business
remains susceptible to regulatory changes in the education sector,
which could constrain its revenue and profitability growth over
the medium term. These rating weaknesses are partially offset by
the society's low gearing and healthy debt protection metrics, and
its promoters' extensive experience in the education industry.

For arriving at the rating, CRISIL has treated unsecured loans of
INR23 million as on March 10, 2014 as neither debt nor equity, as
BSG's management intends to retain these loans in the business
over the medium term. Furthermore, these loans have been extended
by an associate entity and are interest-free.

Outlook: Stable

CRISIL believes that BSG will continue to benefit over the medium
term from the extensive experience of its promoters in the
education sector. The outlook may be revised to 'Positive' if
there is a more-than-expected increase in BSG's operating income
and surplus and an increase in its cash accruals, leading to
improvement in its liquidity and net worth. Conversely, the
outlook may be revised to 'Negative' if the society undertakes a
substantial debt-funded capital expenditure programme, causing its
debt protection metrics and capital structure to weaken, or if
there is a significant drop in student enrolment at its college.

BSG was established in 1999 by Dr. R K Gupta and his family
members. The society operates the Seema Dental College and
Hospital in Rishikesh (Uttarakhand). The college is affiliated to
the Hemwati Nandan Bahuguna Garhwal University, Uttarakhand, and
is currently managed by Dr. Amit Gupta, son of Dr. R K Gupta. The
college has 100 seats in the bachelor of dental surgery course and
21 seats in the master of dental surgery course.

BSG reported a net surplus of INR6.7 million on net revenue of
INR116.4 million for 2012-13, against a net deficit of INR13.4
million on net revenue of INR101.1 million for 2011-12.


GAJANAND COTTON: ICRA Assigns 'B+' Ratings to INR4.25cr Loans
-------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR3.00
crore* cash credit facility and INR1.25 crore term loans of
Gajanand Cotton Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         3.00        [ICRA]B+ assigned
   Term Loans          1.25        [ICRA]B+ assigned

The assigned rating is constrained by GCI's modest size and
limited track record of operations coupled with weak financial
profile characterized by low profitability levels owing to the
limited value addition in the business and the highly competitive
and fragmented industry structure, low return indicators,
stretched capital structure and modest coverage indicators. The
rating is also constrained by the vulnerability of the firm's
profitability to raw material prices which are subject to
seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.
The rating, however, positively considers the locational advantage
enjoyed by the firm by virtue of being located in the cotton
producing belt of Gujarat and the favourable demand outlook for
cotton and cottonseeds in the medium term.

Commissioned in February 2014, Gajanand Cotton Industries (GCI) is
currently engaged in the business of ginning and pressing of raw
cotton into cotton seeds and fully pressed cotton bales having a
production capacity of 42.5 tonnes per day (TPD) of cotton bales
and 80 TPD of cotton seeds. It is in the process of setting up its
crushing operations, to obtain cotton seed oil and cotton oil cake
by crushing of cotton seeds, which are expected to commission from
April 2014. The plant is located at Botad in Gujarat. The firm is
promoted by Mr. Altaf Minapara and Mr. Mebub Minapara. Mr. Mebub
Minapara has an experience of close to two decades in the trading
of raw cotton.


GARG AGRI: ICRA Suspends 'B+' Rating on INR9.55cr Loans
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR9.55 crore bank facilities of Garg Agri Foods Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Garg Agri Foods Private Limited was incorporated in September 2010
by Mr. Anil Agarwal. The Company is primarily engaged in milling
of rice, and its milling unit having installed capacity of about
10 tonnes per hour is based out of Pooranpur town in Pilibhit
district in the state of Uttar Pradesh. GAPL sells its output in
domestic market and also exports rice to countries in the Middle
East, Asia Pacific and Africa. Post the commissioning of its
operations in August'11; the company registered operating income
of INR12.6 crore in the fiscal year 2011-12.


GAURISHANKER BIHANI: ICRA Reaffirms 'B+' Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR20.00 crore (revised from INR15.00 crore) cash credit facility
of Gaurishanker Bihani. ICRA has also withdrawn the short term
rating of [ICRA]A4 assigned to GSB.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------    -------
   Fund Based Limits-
   Cash Credit             20.00        [ICRA]B+ reaffirmed

   Fund Based Limits-
   Bill Discounting         Nil         [ICRA]A4 withdrawn

The ratings take into account GSB's low operating profitability on
account of the trading nature of the business, which leads to
nominal profits and cash accruals, despite increase in the scale
of operations.

The ratings also factor in the increased working capital intensity
of the business due to stretched receivables which adversely
impacts the liquidity profile of the firm and also the fact that
the firm has to make cash payment for purchases from Tata Steel
Limited and in turn extend credit period to its customers, which
has led to increasing working capital debt to support the growth
in business. High working capital debt on one hand and low
profitability on the other, results in high gearing levels and
depressed debt coverage indicators for the firm. ICRA, however,
notes that the principal repayment obligation of the firm is low
since most of the debt on the books is on account of working
capital loans.

The ratings also take into account the risk associated with the
entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners. The ratings, however,
favourably factor in the experience of the promoters in the
trading business and the firm's established relationship with TSL,
the firm being an exclusive project distributor for TSL's "TISCON"
brand in West Bengal. The ratings also derive support from the
consistent growth in turnover of the firm over the last three
years.

Gaurishanker Bihani was incorporated in the year 1936 as a
proprietorship firm by late Mr. Gaurishanker Bihani and in 1974,
it was reconstituted as a partnership firm. Based at Kolkata, West
Bengal, GSB is an exclusive project distributor for Tata Steel's
"TISCON" TMT bars in West Bengal (WB) and an authorized dealer of
TSL's HR flat products.

Recent Results
The firm reported an operating income (OI) of INR178.04 crore and
a PAT of INR0.50 crore during FY13 as compared to an OI of
INR144.22 crore and a PAT of INR0.58 crore during FY12.


GOYAL KNITFAB: CRISIL Reaffirms 'D' Rating on INR281.2MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goyal Knitfab Pvt Ltd
continue to reflect instances of delay by GKPL in servicing its
debt; the delays have been caused by GKPL's weak liquidity, driven
by a stretch in its receivables cycle. Moreover, with the subdued
demand for the company's products in the market, there was a
significant increase in its inventory.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Bank Guarantee          5          CRISIL D (Reaffirmed)
   Cash Credit            90          CRISIL D (Reaffirmed)
   Letter of Credit       20          CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     29.8        CRISIL D (Reaffirmed)
   Term Loan             136.4        CRISIL D (Reaffirmed)

GKPL has large working capital requirements and a modest scale of
operations in the highly fragmented synthetic textile fabrics
industry. However, the company benefits from its promoters'
extensive industry experience.

GKPL was set up in 2001 by Mr. Sitaram Goyal and his son, Mr. Atul
Goyal. The company, based in Surat (Gujarat), undertakes knitting
and dyeing, and manufactures both grey and dyed fabric. It also
undertakes dyeing on a job-work basis for fabric manufacturers in
and around Surat.

GKPL reported a net profit of INR5.7 million on net sales of
INR309.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR13.6 million on net sales of
INR357.1 million for 2011-12.


HARIYANA SHIP: CRISIL Reaffirms 'B+' Rating on INR4 Bil. Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hariyana Ship Breakers
Limited (HSBL; part of the Hariyana group) continue to reflect the
Hariyana group's exposure to risks inherent in the ship breaking,
steel trading, and money-lending businesses, and increasing
investments in unrelated businesses, such as real-estate. These
rating weaknesses are partially offset by the group's moderate
financial risk profile, marked by a healthy net worth and moderate
gearing, and will continue to benefit from its promoter's track
record of more than 30 years in the ship-breaking industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Letter of Credit       4,000     CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HSBL, Hariyana International Pvt Ltd
(HIPL), Hariyana Ship Demolition Pvt Ltd (HSDPL), and Inducto
Steel Ltd. This is because these entities, collectively referred
to as the Hariyana group, have significant operational linkages
and fungible cash flows, and are under a common management.

Outlook: Stable

CRISIL believes that the Hariyana group will remain exposed to
risks inherent in ship-breaking and money-lending businesses and
to its increasing investments in unrelated businesses. The outlook
may be revised to 'Positive' if the group scales down its money-
lending business and exposure to real estate and generates cash
sooner than expected from its recent diversifications. Conversely,
the outlook may be revised to 'Negative' if the Hariyana group
incurs losses in its investments and in its money-lending
businesses, witnesses a steep decline in its revenues, or weakens
its capital structure by undertaking a larger-than-expected debt-
funded capital expenditure programme.

Update
On account of the sharp depreciation in the rupee in 2013-14, the
group is expected to incur substantial losses. The group continues
to remain exposed to forex movement as it has open, unhedged LCs
of over INR4 billion currently. Of these, LC's amounting to INR1.8
billion are maturing in May 2014.

Despite large LC maturities in a single month, CRISIL believes the
group will be able to meet these on time supported by clean OD of
INR850 million within the group and an additional INR1 billion
available to promoters in their personal capacity and to associate
concerns, which can be used in case there are any cash flow mis-
matches. Of the total OD facilities, only about 20% is utilized.
Additionally, cash flows from demolition of vessels and return of
loans and advances are expected to support the group's liquidity.
The group is also trying to reduce loans and advances given to
third parties reflected in loans and advances of about INR3
billion as on January 2014, down from about INR3.9 billion as on
March 2013; nevertheless, they remain large at current levels.

The group is also increasingly venturing into real estate
development and is undertaking several projects in Mumbai and
Bangalore along with partners. The extent of exposure to real
estate and its funding pattern remains a key rating sensitivity
factor.

Financial risk profile of the group is supported by healthy net
worth of about INR1.5 billion expected as on March 31, 2014,
despite losses during the year. Its gearing as on March 31, 2014
is expected to be about 0.9 times; however, its TOLTNW is expected
to be over 6 times as on March 31, 2014, up from 4.6 times as on
March 31, 2013 owing to reduction in net worth stemming from the
losses.  Future financial risk profile is contingent to the extent
of real estate and money lending exposure and to movement in forex
rates and remains a key rating sensitivity factor.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

For 2012-13 (refers to financial year, April 1 to March 31), HSDPL
reported a PAT of INR47.6 million on net sales of INR2.7 billion,
against a PAT of INR43.1  million on net sales of INR2.1 billion
for 2011-12.

For 2012-13, HIPL reported a profit after tax (PAT) of INR94.0
million on net sales of INR3.5 billion, against a PAT of INR42.9
million on net sales of INR3.3 billion for 2011-12.

For 2012-13, HSBL reported a PAT of INR164.2 million on net sales
of INR10.4 billion, against a PAT of INR103.6 million on net sales
of INR5.8 billion for 2011-12.


HARYANA RICE: CRISIL Reaffirms 'B' Rating on INR200MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Haryana Rice
Mills continues to reflect HRM's large working capital
requirements, leading to a weak financial risk profile, and its
small scale of operations. The ratings also factor in the
vulnerability of the firm's margin to volatility in raw material
prices, its high dependence on the monsoon, and its exposure to
risks related to regulatory changes. These rating weaknesses are
partially offset by HRM's long track record in the basmati rice
industry.

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

   Proposed Long Term
   Bank Loan Facility       50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HRM's financial risk profile will remain weak
over the medium term because of its large working capital
requirements. The outlook may be revised to 'Positive' if the firm
generates more-than-expected cash accruals or if its capital
structure improves substantially. Conversely, the outlook may be
revised to 'Negative' if HRM's capital structure deteriorates
further, or if there is a steep decline in the price of rice,
adversely impacting the firm's profitability.

Set up in 1985 as a partnership firm by the Lal family of Haryana,
HRM is engaged in milling and sorting of basmati rice in Karnal
(Haryana).


ICE MOBILE: ICRA Suspends 'C+' Rating on INR3.5cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]C+ rating assigned to the INR3.5
crore fund based facilities & [ICRA]A4 rating for the INR1.0 crore
non fund based limits of Ice Mobile Network Systems Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


INDER MOHAN: ICRA Reaffirms 'B+' Rating on INR6cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR6.0 crore Fund Based bank limits of Inder Mohan Singh
Contractors.

                              Amount
   Facilities             (INR crore)      Ratings
   ----------              -----------     -------
   Fund Based Facilities      6.0          [ICRA]B+ (Reaffirmed)

The reaffirmation of IMSC's rating takes into account its
established track record in the construction industry, its
experienced promoters and its reputed client profile. However, the
rating continues to be constrained by IMSC's small scale of
operations, its weak order book which provides limited revenue
visibility and its high gearing levels at the end of March 2013.
Further, ICRA notes that the progress of the order book has been
slow in the recent past which has led to pressure on profitability
and increase in receivables in FY2013 and in the current year.
Further, the ratings take into account IMSC's high geographical
concentration with its order book comprising of projects only in
Punjab Region, weak new order flow activity in the current year
reflected in only one new contract secured and highly competitive
nature of the construction industry which has resulted in moderate
profitability in the past. Going forward, IMSC's ability to secure
new orders, grow its revenues while improving its profitability
and capital structure will be amongst the key rating sensitivity
factors.

Inder Mohan Singh Contractors is a proprietorship entity and was
established in the year 1965 with the purpose of providing
building & construction service covering all spheres of civil
engineering. The entity is registered as class "A" contractor with
Punjab Public Works Department (P.W.D.), Punjab Urban Development
Authority, Improvement Trust, Ludhiana and C.P.W.D. It has
executed various construction projects in Punjab and Chandigarh in
the last few years and the projects have been across sectors which
include multi storied buildings, hospital buildings, Multi Storied
residential Complexes, Sewerage, Large Span Auditorium & Halls,
Road Work & Highway works, Earth Work of All Types etc. The entity
is being run by key person Mr. Inder Mohan Singh who is the
proprietor in the entity and has experience in the construction
line for more than two decades.

Recent Results: During FY13, the firm reported profit after tax
(PAT) of INR0.36 crore on a turnover of INR17.01 crore as compared
to PAT of INR0.87 crore on a turnover of INR14.81 crore during the
corresponding period last year.


ISMAIL ENTERPRISES: ICRA Reaffirms 'B' Rating on INR4cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding on
the INR4.00 crore cash credit facility (sub limit of EPC/PCFC) of
Ismail Enterprises. ICRA has also reaffirmed the short term rating
of at [ICRA]A4 for the INR5.00 crore Export Packing Credit/Pre-
Shipment Export Credit facility, INR1.30 crore short term fund
based facilities, INR1.50 crore short term fund based facilities
(sub limit of PCFC / EPC), INR1.50 crore non fund based facilities
and INR0.20 crore proposed fund based facilities of the entity.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------               -----------    -------
   Cash credit facility        (4.00)      [ICRA]B/reaffirmed
   (sub limit of EPC/PCFC)

   Export Packing Credit/       5.00       [ICRA]A4/reaffirmed
   Pre-Shipment Export
   Credit

   Short term fund based
   facilities                   1.30       [ICRA]A4/reaffirmed

   Short term fund based
   facilities (sub limit
   of PCFC/EPC)                (1.50)      [ICRA]A4/reaffirmed

   Non fund based facilities    1.50       [ICRA]A4/reaffirmed

   Proposed fund based
   facilities                   0.20       [ICRA]A4/reaffirmed

The ratings considers the significant experience of promoters in
the cashew processing industry spanning over a decade, small but
improving scale of operations of the entity which restricts its
pricing flexibility due to the inherently competitive nature of
the business (on account of its low product differentiation and
limited value addition) apart from vulnerable of accruals to the
volatility in cashew prices and forex exchange rates. The entity's
financial profile remains moderate characterised by thin profit
margins, weak capitalisation and coverage indicators and stretched
liquidity position resulting in full utilisation of working
capital facilities. Going forward, the entity's ability to scale
up the operations, improving the margins and debt indicators will
be key credit monitorables.

Commenced in 1999 as a proprietorship concern in Kollam, Kerala by
Mr. Mohammed Noufal, Ismail Enterprises is primarily engaged in
processing of cashew kernels and operates with six factories
currently (four in Kollam, Kerala and two in Theni, Tamil Nadu).
The entity imports raw cashew nuts from African countries and
exports the processed cashew nuts to Middle Eastern Countries like
Dubai and Sharjah. The entity also sells cashew kernels
domestically in the state of Delhi, Karnataka, Rajasthan, Gujarat
etc.

Recent Results

During 2012-13, the entity has reported a profit after tax of
INR0.1 crore on an operating income of INR19.2 crore as against a
profit after tax of INR0.2 crore on an operating income of INR18.5
crore during the corresponding previous year. The entity has
recorded an operating income of INR21.9 crore during 11 months
ended February 28, 2014.


KAILAS CERAMICS: CRISIL Reaffirms 'B' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kailas Ceramics Pvt Ltd
(KCPL) continue to reflect its small scale of operations and
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of KCPL's promoters
in trading tiles and granites.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            10        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that KCPL will benefit over the medium from its
promoters' extensive experience in the ceramic tiles industry. The
outlook may be revised to 'Positive' if KCPL substantially
increases its scale of operations and profitability on a sustained
basis, while it improves its capital structure. Conversely, the
outlook may be revised to 'Negative' in case KCPL undertakes a
large debt-funded capital expenditure (capex) programme, or there
is a substantial decline in its revenues or profitability.

Update
KCPL reported revenues of INR92.3 million at an operating margin
of 1.43 per cent for 2012-13 (refers to financial year, April 1 to
March 31). It had revenues of around INR114.5 million for the 11
months through February 2014. The operating margin is expected to
improve to around 4 per cent for 2013-14 on account of better
realizations and high value-added product profile.

KCPL's financial risk profile had been weak on account of small
net worth and high TOL/TNW (total outside liabilities by tangible
net worth) ratio of INR7.6 million and 5.82 times, respectively,
as on March 31, 2013. The TOL/TNW is expected to remain high due
to small accretion to reserves and debt-funding of incremental
working capital requirements

The company has a moderate liquidity marked by moderate bank loan
utilisation of around 86 per cent for the 10 months ended January
2014. The liquidity profile is supported by absence of any term
debt. CRISIL believes KCPL's liquidity profile continues to remain
adequate marked by absence of any debt funded capex plan over the
medium term.

Set up as a private limited company in 2012 by Mr. Dharamshi L
Patel and his family in Tirupur (Tamil Nadu), KCPL trades imported
ceramic tiles.


KAMAL PRESSING: CRISIL Rates INR50MM Cash Credit at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kamal Pressing Factory.

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

The rating reflects KPF's modest scale of operations with low
profitability, and susceptibility to volatility in cotton prices;
the rating also factors in the firm's below-average financial risk
profile marked by a modest net worth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of KPF's promoter.

Outlook: Stable

CRISIL believes that KPF will continue to benefit from its
promoter's extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case KPF significantly
improves its capital structure led by higher-than-expected cash
accruals or capital infusion. Conversely, the outlook maybe
revised to 'Negative' in case of lower-than-expected cash accruals
or larger-than-expected working capital requirements or the firm
undertakes any large debt-funded capital expenditure exerting
pressure on its liquidity.

Established in 1998 and based in Hingoli (Maharashtra), KPF is
engaged in the sale of cotton bales and seeds through pressing of
cotton. It operates a pressing unit with an installed capacity of
400 cotton bales per day. KPF is a sole proprietorship firm owned
and managed by Mr. Anil Lahoti.


LEADAGE METALS: CRISIL Assigns 'B' Rating to INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Leadage Metals Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Letter of Credit       200       CRISIL A4
   Open Cash Credit        50       CRISIL B/Stable

The ratings reflect LML's limited track record of operations,
susceptibility to intense competition in the lead trading
industry, and its below-average financial risk profile, marked by
high total outside liabilities to tangible net worth ratio. These
rating weaknesses are partially offset by the extensive experience
of LML's promoters in the lead industry.

Outlook: Stable

CRISIL believes that LML will continue to benefit over the medium
term from its promoters' extensive experience in the lead
industry. The outlook may be revised to 'Positive' if LML scales
up its operations and improves its cash accruals on a sustainable
basis, leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there are
delays in stabilisation of operations or a slump in demand for
LML's products, resulting in low revenues and cash accruals.

Incorporated in July 2013, and based in Bengaluru (Karnataka), LML
trades in re-melted lead ingots, pure lead and lead alloys. The
company began operations in February 2014. The day-to-day
operations of the company are managed by Mr. T Arun Kumar and Mr.
T Rajkumar.


MAITY POULTRIES: CRISIL Reaffirms 'B-' Rating on INR58.5MM Loans
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Maity Poultries Pvt Ltd (MPPL; part of the Maity group) at 'CRISIL
B-/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       --------     -------
   Bank Guarantee       1.6      CRISIL A4 (Reaffirmed)
   Cash Credit         36.7      CRISIL B-/Stable (Reaffirmed)
   Term Loan           21.8      CRISIL B-/Stable (Reaffirmed)

CRISIL had upgraded its ratings on the company's bank facilities
from 'CRISIL D/CRISIL D' to 'CRISIL B-/Stable/CRISIL A4' on
December 12, 2013.

The rating reflects the absence of any repayment obligations for
the Maity group until March 31, 2014, following the restructuring
of its long-term debt facilities. The entire term loans of the
group have been restructured in June 2013 because of the group's
weak business performance during 2012-13 (refers to financial
year, April 1 to March 31) on account of the outbreak of poultry
disease; the loan repayment as well as interest payment will
commence again from the first quarter of 2014-15. The Maity
group's revenue declined by around 44 per cent year-on-year to
INR240 million in 2012-13. However, in 2013-14 the group has been
successful in disinfecting its farms, and has already surpassed
the previous year's revenue level in the first seven months
through October 2013. The upgrade also factors in CRISIL's belief
that the Maity group will generate adequate accruals to meet its
maturing term loan obligations over the medium term, while
sustaining its working capital cycle.

The ratings reflect the Maity group's susceptibility to risks
inherent in the poultry industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the Maity group's promoters in the poultry
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPPL, Kumarpur Agro Poultries Ltd, and
Sankrail Agro Poultries Pvt Ltd, together referred to as the Maity
group. This is because all these companiesare under a common
management, in the same line of business, and largely have the
same customers and suppliers. Furthermore, there is need-based
fungible cash flow among the three companies.

Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in its revenues and profitability,
along with efficient working capital management, resulting in
higher-than-expected net cash accruals, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the group's
revenues and margins, or lengthening of its working capital cycle,
leading to pressure on its financial risk profile, particularly
its liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has a
layer bird capacity of around 0.8 million, which produces around
191 million eggs annually. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain extra proteins and vitamins.
The designer eggs are sold under the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR4 million
on net sales of INR215 million for 2012-13, against a PAT of INR13
million on net sales of INR427 million for 2011-12.


MANISHRI REFRACTORIES: CRISIL Reaffirms D Rating on INR438M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Manishri Refractories &
Ceramics (P) Ltd continue to reflect instances of delays by
Manishri in servicing its debt. The delays have been caused by the
company's stretched liquidity on account of large working capital
requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee       140         CRISIL D (Reaffirmed)
   Cash Credit          156         CRISIL D (Reaffirmed)
   Letter of Credit      34.9       CRISIL D (Reaffirmed)
   Term Loan            107.1       CRISIL D (Reaffirmed)

Manishri has a below-average financial risk profile marked by
modest net worth, aggressive gearing, and weak debt protection
metrics, and has large working capital requirements. However, the
company benefits from its promoter's extensive experience in the
refractory industry.

Manishri was set up as a proprietorship firm by the late Mr. B C
Mohanty in 1972; it was reconstituted as a private limited company
in 1991. Manishri manufactures alumina silicate refractory
products. The company's day-to-day operations are looked after by
managing director Mr. Biswajit Mohanty (son of Mr. B C Mohanty)
and his brother Mr. Satyajit Mohanty.


MARUTI NANDAN: CRISIL Reaffirms 'D' Rating on INR59.5MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Maruti Nandan Plastic
Pvt Ltd continues to reflect delays in servicing debt, due to weak
liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Cash Credit              15        CRISIL D (Reaffirmed)
   Proposed Term Loan       31        CRISIL D (Reaffirmed)
   Term Loan                13.5      CRISIL D (Reaffirmed)

MNPPL also has large working capital requirements, and hence, weak
liquidity. Moreover, its business risk profile is restricted by
its small scale of operations in the intensely competitive plastic
industry. The company, however, benefits from its promoters'
extensive industry experience.

Update
MNPPL's liquidity remains constrained by large working capital
requirements, marked by high gross current assets (GCAs) estimated
at over 300 days as on March 31, 2014. Consequently, the company
has been servicing debt with a delay, and fully utilizes its bank
lines which are with frequently overdrawn for over 30 days.
However, the company's capital structure is comfortable with
gearing below 1 time as on March 31, 2014. MNPPL is likely to
maintain low gearing in the absence of any debt-funded capital
expenditure (capex) programme.

Additionally, the company could sustain its moderate operating
margin of over 12 per cent, thus maintaining commensurate debt
protection metrics with interest coverage and net cash accruals to
total debt (NCATD) ratios from 1.5 to 2.0 times and 0.1 times,
respectively, over the medium term.

MNPPL's operational performance continues to be stable, with sales
of around INR28 million as on December 31, 2013. The company's
sales are estimated at over INR35 million for 2013-14 (refers to
financial year, April 1 to March 31). Furthermore, it could
sustain the operating margin at around 13 per cent during the
year.

MNPPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR59 million for 2012-13, as against a PAT of INR0.01
million on net sales of INR54 million for 2011-12.

MNPPL was incorporated in Guhwahati in 2007, and manufactures
injection-moulded plastic items such as chairs, tubs, and tables.
The company is promoted by Mr. Narendra Kumar Agarwal and Maruti
Moulded Furnitures Pvt Ltd (MMFPL), which trades in plastics and
polymers.


MARUTI PLASTO: CRISIL Reaffirms 'D' Rating on INR51MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Maruti Plasto Moulding
continue to reflect its delays in debt servicing due to weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           11         CRISIL D (Reaffirmed)
   Term Loan             40         CRISIL D (Reaffirmed)

The firm's business risk profile is also restricted by its
exposure to intense competition and its short track record in the
plastic industry. However, MPM benefits from its promoters'
industry experience.

Update
MPM's liquidity continues to be constrained by its large working
capital requirements, with high gross current assets (GCAs)
estimated at over 400 days as on March 31, 2014. The firm funds
its incremental working capital through short-term debt, resulting
in continuously overdrawn bank limits and delays in servicing
debt.

MPM's financial risk profile is weak, marked by high gearing at
around 9.7 times as on March 31, 2013, and modest debt protection
metrics. The firm incurred a net loss in its first year of
operations, resulting in a fall in its net worth. Its gearing
could improve with an increase in its scale of operations and
operating margin, driving accretion to reserves with a decline in
term debt and nil significant debt-funded capital expenditure
(capex). MPM's debt protection metrics will remain modest with its
interest coverage ratio and net cash accruals to total debt
(NCATD) ratios from 1.0 to 1.5 times and 0.05 to 0.10 times over
the medium term.

The firm's operating performance in 2012-13 (refers to financial
year, April 1 to March 31), its first year of operations, was
moderate with sales of around INR16 million. However, it incurred
a net loss of INR10 million and recorded a modest operating margin
at around 6 per cent due to its inability pass on raw material
price hikes to end-users, and high raw material prices. CRISIL
believes that MPM's scale of operations will gradually increase
over the medium term, but its operating margin may remain under
pressure in the initial years of operations.

MPM was founded as a partnership firm by Mr. Narendra Kumar
Agarwal and Mr. Kamakhya Prasad Agarwal in 2010. The firm
manufactures injection-moulded plastic items, and began commercial
production in April 2012.


MRJ INFRATECH: ICRA Reaffirms 'B+' Rating on INR15cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR15.00
crore term loan of MRJ Infratech Private Limited at [ICRA]B+.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------             -----------      -------
   Fund-based Limits-
   Term Loan                 15.00        [ICRA]B+ reaffirmed

The reaffirmation continues to factor in the favourable location
of the leased plot in Dharuhera Industrial Area (Rewari, Haryana)
with ease of accessibility through National Highway-8, and low
market risk as the lease deed for the developed portion of the
plot has been signed with rentals already accruing from completed
portion. The rating also draws comfort from the long tenor of the
loan which eases the cash flow pressure. The rating continues to
remain constrained owing to the delays in completion of the
construction work for some of the facilities on the plot, which
have resulted in lower than expected lease rentals in FY14 and
consequent shortfall in meeting the monthly debt obligations by
the company. The cash flow gap has been met by regular and timely
fund infusion from the promoters in the past however the rentals
increased since Jan 2014 post handing over of some of the
remaining facilities thus becoming self-sufficient in meeting its
obligations.

ICRA notes that although the EMI is set to increase June 2014
onwards, the rentals are also expected to increase post handing
over the remaining portion to lessee and renewal of lease at
escalated prices in June 2014, which is expected to provide
adequate coverage for debt servicing. The rating continues to
remain inhibited by the significant tenant concentration with plot
leased to a single tenant (BWI Automotive Technologies Pvt. Ltd.)
as company remained unable to lease any incremental area since
last rating exercise. ICRA, however, notes that BWI has invested
significantly in the plant and machinery, which creates certain
level of exit barrier. Further, considering that the company does
not maintain any debt service reserve account (DSRA) for its loan,
timely debt servicing would hinge upon the company's ability to
maintain its timeliness of rental collection, and internal
financial discipline.

Going forward, company's ability to complete and handover the
remaining facilities without incurring any incremental time and
cost over runs will remain the key rating sensitivity.

Incorporated in May 2003 as a private limited entity, MRJ
Infratech Private Limited is currently part of MR Juneja Group
which is actively engaged in trading of iron and steel products
through another entity 'MRJ Steels Private Limited'. The company
changed its name from MMC Technica Pvt. Ltd. to MRJ Infratech
Private Limited wef June 11, 2013. MRJ owns an industrial plot of
18.65 acres at Dharuhera Industrial Estate in Rewari district of
Haryana. This plot was bought by the promoters from Shaw Wallace &
Company Limited in April, 2006. In May 2011, company entered into
lease agreement with M/S BWI Automotive Technologies Pvt. Ltd.
(BWI) to lease 7 acres of the plot. While main building and
outbuilding have been leased to BWI since September'2011,
construction of some portion is underway with completion expected
by March'2014. BWI is an auto component manufacturer for companies
like Maruti Suzuki and General Motors. MRJ's present operations
only include lease rentals from the above plot. 11.65 acres of the
said plot remains vacant and may be developed in future.


NATIONAL LUMBERS: CRISIL Cuts Rating on INR190MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
National Lumbers to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The downgrade reflects instances of delay by
NL in servicing its debt; the delays have been caused by the
firm's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           30         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Letter of Credit     160         CRISIL D (Downgraded from
                                     'CRISIL A4')

NL also has a below-average financial risk profile, marked by a
highly leveraged capital structure, and modest scale of
operations. These rating weaknesses are partially offset by the
extensive industry experience of NL's partners.

Set up in 2006, NL is owned and managed by Mr. Yasir Ali, Mr.
Sadir Ali, and Mr. Ummerkoya. The firm trades in and processes
timber logs, mainly pyinkado, which is a hard wood, from Burma.

NL reported a net profit of INR1.4 million on an operating income
of INR243 million for 2012-13 (refers to financial year, April 1
to March 31), as against a net profit of INR1.9 million on an
operating income of INR250 million for 2011-12.


PAREENA MOTORS: ICRA Cuts Rating on INR11.0cr Cash Credit to 'C'
----------------------------------------------------------------
ICRA has revised downwards the long term rating of the INR11 crore
cash credit facility of Pareena Motors Private Limited from
[ICRA]BB- with a Stable outlook to [ICRA]C.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit          11.0       [ICRA] C Downgraded

The rating revision takes into account the significant increase in
PMPL's working capital intensity, leading to pressures on
liquidity and consequent irregular servicing of bank limits
availed for inventory funding. ICRA also takes into account the
company's weak financial profile as characterised by deteriorating
capital structure and debt coverage indicators, overutilization of
the bank limits limiting the company's financial flexibility and
high geographical concentration risk, with the operations being
limited to the State of Bihar. The rating revision also considers
PMPL's exposure to the cyclical nature of the automobile industry,
which is currently passing through a weak phase and may therefore
adversely impact the company's scale of business in the near term.
The rating takes into consideration the demonstrated ability of
the promoters to support the company through periodic infusion of
capital and interest free loans, the consistent growth in the
turnover and profits posted by PMPL during the last three years,
and the improving trend in profitability.

Established in 2007 by Gaya based Ramnandi Group, PMPL is TML's
(Tata Motors Limited) authorized dealer for the sale of passenger
cars as well as for services and sale of spares in Bihar. PMPL has
three showrooms and three service centres, all in the state of
Bihar.

Recent Results
PMPL reported a net profit of INR1.28 crore during FY13 on an OI
of INR73.56 crore as against a net profit of INR0.63 crore and OI
of INR58.33 crore during FY12.


SANKRAIL AGRO: CRISIL Reaffirms 'B-' Rating on INR126.7MM Loans
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Sankrail Agro Poultries Pvt Ltd (part of the Maity group) at
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee       0.8        CRISIL A4 (Reaffirmed)
   Cash Credit         49.6        CRISIL B-/Stable (Reaffirmed)
   Term Loan           77.1        CRISIL B-/Stable (Reaffirmed)

CRISIL had upgraded its ratings on the company's bank facilities
from 'CRISIL D/CRISIL D' to 'CRISIL B-/Stable/CRISIL A4' on
December 12, 2013.

The rating reflects the absence of any repayment obligations for
the Maity group until March 31, 2014, following the restructuring
of its long-term debt facilities. The entire term loans of the
group have been restructured in June 2013 because of the group's
weak business performance during 2012-13 (refers to financial
year, April 1 to March 31) on account of the outbreak of poultry
disease; the loan repayment as well as interest payment will
commence again from the first quarter of 2014-15. The Maity
group's revenue declined by around 44 per cent year-on-year to
INR240 million in 2012-13. However, in 2013-14 the group has been
successful in disinfecting its farms, and has already surpassed
the previous year's revenue level in the first seven months
through October 2013. The upgrade also factors in CRISIL's belief
that the Maity group will generate adequate accruals to meet its
maturing term loan obligations over the medium term, while
sustaining its working capital cycle.

The ratings reflect the Maity group's susceptibility to risks
inherent in the poultry industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the Maity group's promoters in the poultry
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAPPL, Kumarpur Agro Poultries Ltd, and
Maity Poultries Pvt Ltd, together referred to as the Maity group.
This is because all these companies are under a common management,
in the same line of business, and largely have the same customers
and suppliers. Furthermore, there is need-based fungible cash flow
among the three companies.

Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in its revenues and profitability,
along with efficient working capital management, resulting in
higher-than-expected net cash accruals, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the group's
revenues and margins, or lengthening of its working capital cycle,
leading to pressure on its financial risk profile, particularly
its liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has a
layer bird capacity of around 0.8 million, which produces around
191 million eggs annually. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain extra proteins and vitamins.
The designer eggs sold under the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR4 million
on net sales of INR215 million for 2012-13, against a PAT of INR13
million on net sales of INR427 million for 2011-12.


SHREE ADINATH: CRISIL Ups Rating on INR61.8MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Adinath Woven Sacks Private Limited (SAWPL, part of Adinath
Group [AG]) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            40        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')
   Proposed Long Term
   Bank Loan Facility      0.6      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Rupee Term Loan        21.2      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that AG's financial
risk profile is expected to improve over the medium term. The
capital structure improved to 1.7 times as on March 31, 2013 vs.
2.6 times as on March 31, 2011 mainly backed by commencement of
the repayemt of its term loans. In the current year 2013-14, the
group has repaid its entire term loan of around INR7 million in
SAWPL through internal accruals thereby reducing the overall debt.
In absence of any other major debt funded capex along with
commencement of term loan repayments in Shree Sudarshan Polyfab
(SSP) vs. modest accruals, the gearing is expected to be ease up
to 1.1-1.3 level over the medium term. AG displayed improvement in
its debt protection metrics with interest coverage and net cash
accruals to total debt (NCATD) at 2.3 times and 0.16 times
respectively in the year 2012-13 due to improved profitability vs.
reducing debt levels. Over the medium term, the debt protection
metrics are expected to remain average with its NCATD and interest
coverage in the range of 0.17-0.20 times and 2.6-3.0 times
respectively.

The rating continues to reflect the AG's working capital intensive
operations, and its susceptibility to volatility in raw material
prices in the intensely competitive segment. These rating
weaknesses are partially offset by the improving operating
efficiency, and average financial risk profile supported with
continued funding support from promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAWSPL and SSP, together referred to as
the Adinath group. This is because both the entities are in the
same line of business, under a common management, and have
fungible cash flows.

Outlook: Stable

CRISIL believes that the AG will continue to benefit over the
medium term from the sound product demand and strong support from
its promoters. The outlook may be revised to 'Positive' if there
is substantial increase in the group's scale of operations and/or
profitability, coupled while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significant increase in its working capital requirements and/or if
it undertakes a large, debt-funded capital expenditure (capex)
programme affecting its financial risk profile.

Promoted by Mr. Ishwarchand Jain, SAWSPL was incorporated in 2007
as a private limited company and commenced commercial operations
at the end of 2007-08, with 2008-09 being its first full year of
operations. The company manufactures PP woven sacks and fabric,
used for packaging sand, cement, and agro products, at its plant
in Ankleshwar (Gujarat).

Set up as a partnership firm in 2009, SSP commenced trial
production in October 2009. SSP's plant is also in Ankleshwar.

For 2012-13, on a standalone basis, SAWSPL reported a PAT of
INR2.25 million on sales of INR306.4 million, as against a PAT of
INR2.66 million on sales of INR341.5 million for 2011-12.


STEELSWORTH PVT: CRISIL Reaffirms 'B-' Rating on INR41.2MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Steelsworth Pvt
Ltd continue to reflect its below-average financial risk profile,
marked by its modest net worth, aggressive capital structure and
weak debt protection metrics. The ratings also factor in the
company's large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of Steelsworth's promoter.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          --------    -------
   Cash Credit            40       CRISIL B-/Stable (Reaffirmed)
   Export Packing Credit   8       CRISIL A4 (Reaffirmed)
   Letter of credit &
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)
   Term Loan               1.2     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Steelsworth will continue to benefit over the
medium term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company substantially
improves its liquidity with sizeable cash flows from operations or
infusion of long-term funds from the promoters. Conversely, the
outlook may be revised to 'Negative' if Steelsworth's liquidity
weakens due to unprecedented delays in collection of receivables
and late offtake of orders.

Steelsworth was founded by Mrs. Uma Bagaria in Kolkata (West
Bengal) in 1949. The company manufactures and supplies tea
processing machinery in the domestic and international markets.
Steelsworth has a foundry, machining, and fabrication plant in
Tinsukia (Assam).


V R TEXTILES: CRISIL Cuts Rating on INR604.8MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of V R Textiles Pvt Ltd. to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the rating on the short term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        25.2       CRISIL A4 (Reaffirmed)

   Cash Credit          214.0       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term    39.4       CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan            165.4       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Cash Credit          186.0       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects significant pressure on VRT's financial
risk profile marked by deterioration in its capital structure.
VRT's gearing deteriorated to 9.89 times as on March 31, 2013 as
against 6.71 times as on March 31, 2012. This was mainly due to
significant losses coupled with additional short term loans
availed to fund increased working capital requirements. VRT's net
worth reduced to INR75.7 million on account of net loss of INR12.7
million in 2013. The net loss was primarily on account of increase
in depreciation from INR45.5 million in 2011-12 to INR71.1 million
in 2012-13. Due to significant capital expenditure during 2011-12
and 2012-13, there was an increase in depreciation in 2012-13.
CRISIL expects VRT's capital structure to improve over the medium
term with expected increase in net worth due to higher accretion
to reserves. However, the gearing is expected to remain aggressive
over the medium term and significantly higher than the initial
expectations.

The company is expected to generate cash accruals of INR 77
million in 2013-14 and INR 89.2 million 2014-15, against term debt
obligations of INR 36 million annually. The company's liquidity
continues to be under pressure reflected in its full utilization
of bank lines over the 12 months through November 2013 leaving
little headroom to absorb any spikes in working capital
requirements. The company had a current ratio of 1.01 times as on
March 31, 2013.

VRT's revenues increased from INR822 million in 2011-12 (refers to
financial year, April 1 to March 31) to INR1.14 billion in 2012-
13. Growth in revenue was driven primarily by volume growth.
CRISIL expects the revenues to grow to INR 1.4 billion in 2013-14.

The ratings reflect VRT's below-average financial risk profile,
marked by a modest net worth and high external indebtedness, large
working capital requirements and its susceptibility to volatility
in cotton prices. These rating weaknesses are partially offset by
VRT's established market position in the cotton industry, coupled
with the extensive experience of its promoters in the cotton
industry.

Outlook: Stable

CRISIL believes that the VRT will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
significant increase in VRT's scale of operations, while
maintaining its profitability margins and substantially improving
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the company's
revenues or profitability or if its capital structure deteriorates
on account of high working capital requirements.

VRT was promoted by Mr. V Rangasamy Naidu in 1956, engaged in the
manufacture of cotton yarn primarily 20s to 40s count. VRT is
presently managed by Mr. V. Radha Krishnan (grandson of Mr Naidu).
The company's manufacturing unit is located in Erode (Tamil Nadu).

VRT reported a net loss of INR12.7 million on net sales of INR1.14
billion for 2012-13, as against profit after tax (PAT) of INR0.2
million on net sales of INR 822 million for 2011-12.


V.K. SOOD: ICRA Revises Rating on INR13cr Loans to 'D'
------------------------------------------------------
ICRA has revised the long term rating assigned to INR10.1 crore
fund based facilities (including unallocated) of V.K Sood Engineer
& Contractor DDS JV Unit III to [ICRA]D from [ICRA]C).  ICRA has
also revised the short term rating assigned to the INR2.90 crore
non fund based facilities of VKS to [ICRA]D from [ICRA]A4.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based-Cash
   Credit               2.87        [ICRA]D (Revised)

   Non Fund Based-
   Bank Guarantee       2.90        [ICRA]D (Revised)

   Unallocated          7.23        [ICRA]D (Revised)

The revision in rating takes into account instances of overdrawal
of more than 30 days in the Overdraft account of the firm due to
tight liquidity position resulting from its high working capital
requirements. The rating is also constrained by limited order book
visibility, small scale of operations and partnership constitution
of the firm which subjects it to risk of fund withdrawal.

Going forward improvement in liquidity position and strengthening
of the order book position would remain the key rating
sensitivities.

V.K. Sood Engineer & Contractor DDS JV Unit -111 is a partnership
firm based in Chandigarh. The firm was established in 2007 by Mr.
Vaneet Kumar Sood and Mr. Puneet Kumar Sood both of whom have 50%
share in profit/loss of the firm. The firm is registered as a
contractor for Indian railways which enables it to undertake work
for various railway agencies.

Recent Results
For the period 2012-13, the firm reported operating income of
INR2.74 crore and net profit of INR0.01 crore


WHITE GOLD: CRISIL Assigns 'B+' Rating to INR150MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of White Gold Cotton and Oil Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             25.9       CRISIL B+/Stable (Assigned)
   Cash Credit           80         CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    44.1       CRISIL B+/Stable (Assigned)

The rating reflects WGCOI's initial and nascent stage of
operations in the highly competitive cotton industry, and expected
average financial risk profile, marked by average debt protection
metrics and modest gearing. These rating weaknesses are partially
offset by its promoters' extensive industry experience, and the
proximity of the firm's unit to the cotton-growing belt in
Gujarat.

Outlook: Stable

CRISIL believes that WGCOI will maintain its business risk profile
backed by its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
stabilises its operations earlier than expected leading to higher-
than-expected cash accruals, as well as improved financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
WGCOI's operating margin is lower than expected, or it undertakes
any large debt-funded expansion programmes or its working capital
management deteriorates, constraining its financial profile.

WGCOI is a partnership firm located in Surendranagar (Gujarat).
The firm's partners have 20 years of experience in the cotton
industry. WGCOI has commenced its operation of cotton ginning and
oil milling from January 2014.


YASHASHREE TUBES: ICRA Reaffirms 'B' Rating on INR8.7cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to the INR5.50
crore* term loan facilities and INR3.20 crore cash credit
facilities of Yashashree Tubes Private Limited. ICRA has also
reaffirmed [ICRA]A4 rating to the INR1.00 crore short term non
fund based limits of YTPL.

                             Amount
   Facilities              (INR crore)      Ratings
   ----------               -----------     -------
   Long term, fund based       3.20         [ICRA]B Reaffirmed
   limits-Cash Credit

   Long term, fund based
   limits-Term loans           5.50         [ICRA]B Reaffirmed

   Short term, non fund
   based limits                1.00         [ICRA]A4 Reaffirmed

The rating reaffirmation takes into account the long standing
experience of the promoters in the Indian seamless pipes and tubes
industry and YTPL's close proximity to auto ancillary and boiler
component manufacturers. The ratings however remain constrained by
working capital intensive operations on account of extended
receivable cycle and high inventory levels, thin cash accruals
resulting in weak coverage indicators, tight liquidity condition,
small scale of operations and susceptibility of the margins to the
volatility in steel prices. Further company faces stiff
competition from other small scale players & cheaper imported
substitutes though presence of large players is limited in the
smaller sized tubes owing to low volume. Going forward, company's
ability to sustain growth in revenue as well profitability along
with effective management of its liquidity profile amidst the
working capital intensive nature of the business remain crucial
from the credit perspective.

Incorporated in October, 2011 by promoters having vast experience
in the industry, YTPL is into manufacturing of Cold Drawn Seamless
Tubes of size less than 100mm. The company has its manufacturing
facility at Ahmednagar (Maharashtra) with an annual capacity of
8400 MT on a two shift basis. The production facility started its
commercial operations from February 2013.



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


TOKYO ELECTRIC: Ex-Cabinet Minister to Join Tepco as Director
-------------------------------------------------------------
Kyodo News reports that the government and Tokyo Electric Power
Co. plan to appoint former Internal Affairs and Communications
Minister Hiroya Masuda as an outside director for the ailing
utility, sources said on March 26.

Kyodo News says the operator of the Fukushima No. 1 nuclear plant
has effectively been under government control since 2012 and a
majority of its board members are now from the outside, having
been brought in to improve management transparency.

Mr. Masuda has extensive knowledge of Tepco and nuclear issues,
serving as a member of the decision-making board of the Nuclear
Damage Liability Facilitation Fund, a government-backed body
providing financial aid to the utility, according to the report.
He also leads a government panel discussing final disposal of
radioactive waste, the report relates.

Mr. Masuda is expected to assume the post of director following
Tepco's annual shareholders' meeting in June, the sources said,
Kyodo News reports.

                             About Tepco

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2014, Moody's Japan K.K. believed that the Japanese
government's approval of changes to the special business plan for
Tokyo Electric Power Company, Incorporated (TEPCO, CFR: Ba3,
negative) is credit positive because it demonstrates a heightened
level of commitment by the authorities to supporting the power
utility's financial obligations.  TEPCO announced the changes on
Jan. 15, 2014.

The company's huge obligations include compensation payments, and
decontamination and decommissioning costs. These are all expected
to increase significantly over time as the company meets
unforeseen challenges, for example the ongoing leakage of toxic
water from the damaged Fukushima Dai-ichi Nuclear Power Plant.

In order to ensure compensation payments are smoothly distributed,
according to the plan's changes, TEPCO will now receive as much as
JPY9 trillion in interest-free loans from the government, up from
JPY5 trillion.

In addition, TEPCO's creditor banks will be requested to maintain
their lending and to provide new loans for the utility to pursue
strategic growth areas. The latter will provide income to help
TEPCO fund some of its compensation payments.

The plan includes a broad range of measures to improve income and
reduce costs. Moody's has concerns over whether ambitious plan can
actually achieve the profitability projected. As of now, the plan
envisages the company posting annual operating profits of JPY200
billion or more during FYE3/2015 through FYE3/2017.



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


BRIDGECORP LTD: Receivers Still Pursuing Third Party Claims
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that the receivers for
Bridgecorp Ltd are still actively pursuing potential claims
against third parties, having cut an NZ$18.9 million deal with the
directors and insurer of the failed lender.

PwC's Colin McCloy is working with legal counsel to chase third
parties in the lead-up to the 2007 collapse of Bridgecorp,
although he wasn't able to give an update on how long the
investigations will take, BusinessDesk discloses citing Mr.
McCloy's latest report on the receivership.

"We continue to actively pursue a number of potential claims
against third parties in respect of their conduct prior to the
receivership," McCloy's report said, notes BusinessDesk. "These
claims involve complex legal issues and we are unable to
accurately predict a timeframe for their resolution."

Earlier this month the receiver settled a civil claim with the
former Bridgecorp directors, boosting the payout to debenture
holders by 4 cents, which is expected to be paid in April,
BusinessDesk recalls.

According to BusinessDesk, Mr. McCloy said investors have so far
been repaid 8 cents in the dollar, or NZ$36.6 million, and once
the remaining issues in the receivership are settled investors are
expected to get a "modest distribution".  He had previously
advised investors were likely to get less than 10 cents in the
dollar, BusinessDesk relays.

BusinessDesk relates that the deal came after the Supreme Court
last year set aside a Court of Appeal decision to let former
Bridgecorp directors Peter Steigrad, Bruce Davidson and Gary Urwin
use their directors and officers liability (D&O) policy to cover
their defence ahead of repaying investors, freeing up some NZ$20
million to be claimed.

When Bridgecorp collapsed in 2007 it owed some 14,400 investors
about NZ$459 million. Since the collapse, the receivers have
achieved total realisations of NZ$89.8 million as at Jan. 1 of the
NZ$595.3 million book value ascribed to Bridgecorp in June 2007,
including intercompany loans, BusinessDesk notes.

The Momi Resort development in Fiji created a big hole for the
receivers, with no realisations achieved from the NZ$106.6 million
advances, the report adds.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).



================
S R I  L A N K A
================


BANK OF CEYLON: Fitch Affirms LT IDRs at 'BB-'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ceylon's (BOC) Long-Term
Foreign Currency and Local Currency Issuer Default Ratings (IDRs)
at 'BB-' with a Stable Outlook.  The agency has also affirmed
BOC's Viability Rating (VR) at 'b+'. BOC's National Long-Term
rating has also been affirmed at 'AA+(lka)' with a Stable Outlook.

Key Rating Drivers - IDRS, National Ratings And Debt

BOC's IDRs and National Long-Term rating reflect the government of
Sri Lanka's (BB-/Stable) high propensity but moderate ability to
provide support to the bank under extraordinary situations.  The
state's high propensity stems from BOC's high systemic importance
as the largest bank in Sri Lanka, its quasi-sovereign status, its
role as a key lender to the government and full government
ownership.  The state's moderate ability to provide support is
reflected in the sovereign rating.

The Stable Outlook on BOC's IDRs and National Long-Term rating
reflects the Stable Outlook on Sri Lanka's sovereign rating.

The US dollar senior unsecured notes are rated at the same level
as BOC's Long-Term Foreign Currency IDR as they constitute direct,
unsubordinated and unsecured obligations of the bank, and rank
equally with all its other unsecured and unsubordinated
obligations.

BOC's Sri Lanka rupee-denominated subordinated debt is rated one
notch below its National Long-Term rating to reflect its gone-
concern loss-absorption quality in the event of liquidation.

Rating Sensitivities - IDRS, National Ratings And Debt
Any change in Sri Lanka's sovereign rating or the perception of
state support to BOC could result in a change in BOC's IDRs,
National Long-Term rating, and issue ratings.  Visible
demonstration of preferential support for BOC in the form of an
explicit guarantee will be instrumental to an upgrade of its
National Long-Term rating

Key Rating Drivers - Viability Rating
The bank's VR remains under pressure due to its thin
capitalization and declining asset quality.  The VR also takes
into consideration BOC's strong domestic funding franchise that is
underpinned by its state linkages.

Increased delinquencies in BOC's gold backed loans portfolio,
which expanded rapidly since 2010, have been the main contributor
to the increase in non-performing loans (NPL), a phenomenon that
has been seen across the sector.  BOC has concentration risk
arising from high exposure to the state sector (state and state-
owned entities).  Of the bank's total state sector exposure at
end-2013, about 40% is guaranteed by the state.

Reported Tier 1 regulatory capital adequacy ratio (CAR) stood at
8.0% at end-2013 and benefited from exposures that are zero-risk
weighted according to local regulatory requirements.  If risk
weights of 100% and 50% were applied on foreign currency
denominated state sector and gold backed exposures respectively,
BOC's Tier 1 CAR would be much lower.  The pace of loan growth
slowed to 6% in 2013 from 27% a year earlier.  This supported a
reduction in the loans-to-deposits ratio to 91% at end-2013 from
105% at end-2012.

Rating Sensitivities - VR
A continued decline in capitalization through a surge in lending
or a further decline in asset quality alongside high dividend
payouts could place downward pressure on the bank's VR.  A timely
capital infusion would support the VR.

BOC is the largest bank in Sri Lanka in terms of assets. BOC has
13 subsidiaries and five associates and has branches in Chennai,
India, Male, Maldives and the Seychelles: and a fully owned
subsidiary, Bank of Ceylon (UK) Ltd, in the UK.

The full list of rating actions follows:
Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local Currency IDR affirmed at 'BB-'; Outlook Stable
Short-Term Foreign Currency IDR assigned at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB-'
US dollar senior unsecured notes affirmed at 'BB-'
National Long-Term rating affirmed at 'AA+(lka)'; Outlook Stable
Sri Lanka rupee-denominated subordinated debentures affirmed at
'AA(lka)'


SRI LANKA INSURANCE: Fitch Affirms Insurer FS Rating at 'BB-'
-------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka Insurance Corporation
Limited's (SLIC) Insurer Financial Strength rating (IFS) at 'BB-'
with a Stable Outlook.  The agency has also affirmed the National
Insurer Financial Strength Rating and National Long-Term rating at
'AA(lka)' with a Stable Outlook.

Key Rating Drivers

The ratings reflect SLIC's solid franchise and market position;
and healthy capitalisation supported by sustained profitability
and satisfactory profit retention.  Management expects the three-
year average combined ratio for its non-life business to be less
than 90% at end-2013, which Fitch views positively amid the
competitive market conditions in Sri Lanka.

Regulatory solvency at end-2013 was 13.02x (end-2012:11.0x) in the
life business and 4.34x (end-2012: 3.27x) in the non-life business
and they compare well with peers'.  Fitch expects SLIC to receive
state support, if required, because the Sri Lankan government (BB-
/Stable) owns 99.9% of it and SLIC is the largest state-owned
insurer.

The ratings also reflect SLIC's strong franchise built up since
1961 and its asset base of over LKR140bn.  The company is the
market leader in non-life insurance, accounting for 23% of the
gross written premiums (GWP) in the market.  In the life segment,
the company is the second-largest, accounting for 19% of market
GWP. Management expects life and non-life profit in 2013 to be
about LKR1.5bn and LKR 3.bn respectively.

These strengths are balanced by its significant investments in
non-core subsidiaries made in line with government policy and a
high proportion of equities in its investment portfolio, which
weaken SLIC's risk-based capital.  The company is also exposed to
high interest rate risk due to the asset and liability mismatches
in the life business stemming from the limited availability of
long-term investments in the market.

Rating Sensitivities
SLIC's National ratings may be upgraded if it is able to maintain
market share while maintaining strong capitalization and recurring
core profitability. The International IFS will be capped by Sri
Lanka's 'BB-' Country Ceiling.

The National and International IFS ratings and the National Long-
Term rating could be downgraded if there is a weakening in the
risk capital due to profit volatility or higher equity exposure,
deterioration in the non-life combined ratio to above 100% on a
sustained basis or a drop in the life regulatory solvency margin
below 10x.  A weakening in SLIC's importance to the government,
increased pressure from the state for higher dividend pay-outs or
a significant increase in non-core investments could also place
pressure on the ratings.  SLIC's ratings would also be sensitive
to changes in its credit profile from the regulatory requirement
to split of its life and non-life businesses by 2015.



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


UNITED OVERSEAS BANK: Fitch Affirms Viability Rating at 'bb+'
-------------------------------------------------------------
Fitch Ratings has affirmed the National Long-Term ratings of five
Thai subsidiaries of foreign-owned banks.  United Overseas Bank
(Thai) Public Company Limited (UOBT), Industrial and Commercial
Bank of China (Thai) Public Company Limited (ICBCT) and ICBC
(Thai) Leasing Company Limited (ICBCTL) have been affirmed at
'AAA(tha)'; Maybank Kim Eng Securities (Thailand) Public Company
Limited (MBKET) affirmed at 'AA(tha)' and CIMB Thai Bank Public
Company Limited (CIMBT) affirmed at 'AA-(tha)'.  The Outlooks are
Stable, except for the rating on MBKET, which has a Negative
Outlook.

Fitch has also affirmed UOBT's and CIMBT's Long-Term Foreign-
Currency IDR at 'A-' and 'BBB', respectively.

Key Rating Drivers

The National ratings of UOBT, ICBCT, MBKET, and CIMBT, as well as
the IDRs and Support Ratings of UOBT and CIMBT, reflect Fitch's
belief of a high probability of extraordinary support, if
required, from their respective parent banks, United Overseas Bank
Limited (UOB; AA-/Stable), Industrial and Commercial Bank of China
(ICBC; A/Stable), Malayan Banking Berhad (Maybank; A-/Negative),
and CIMB Bank Berhad (CIMB).  Fitch considers the Thai
subsidiaries to be strategically important to the parents due to
the high levels of operational integration, past histories of
financial support and near-full ownership.

The National ratings of ICBCTL reflect Fitch's view that it is a
core subsidiary of ICBCT.  ICBCTL has a key role in implementing
the bank's retail strategy and its contribution to the bank is
substantial. ICBCTL accounted for 38% of ICBCT's consolidated loan
portfolio as of end-2013.

The Outlooks for UOBT, ICBCT, ICBCTL, and MBKET are consistent
with that of their parents.  The Stable Outlook for CIMBT reflects
Fitch's expectation that the parent bank's ability and propensity
to provide extraordinary support to CIMBT is unlikely to change
over the next one to two years.

UOBT's Viability Rating (VR) of 'bb+' reflects its modest (though
improving) domestic franchise, and weaker funding and
profitability compared with higher-rated Thai banks.  It also
takes into consideration UOBT's sound risk management culture and
effective system (supported by UOB), as well as UOBT's strong
capital position.

CIMBT's VR of 'bb-' is based on its limited franchise, as well as
relatively weaker asset quality and capitalization indicators
compared with local and international peers.  There have been some
improvements in key financial measures, and Fitch expects CIMBT's
overall credit profile to remain in line with similarly rated
peers.

CIMBT's Thai baht-denominated subordinated Upper Tier 2 debt is
currently rated two notches below CIMBT's National Long-term
Rating, based on the debt's subordination and coupon deferral
feature.  Its subordinated unsecured debt (Lower Tier 2) is rated
one notch below.  The notching for these debts instruments
reflects their subordination in the capital structure and is in
line with Fitch's rating approach for such instruments.

Rating Sensitivities - National Ratings, IDRs and Support Ratings

Negative rating action on the IDRs on UOB, ICBC, and Maybank could
lead to similar action on their subsidiaries' ratings.  A material
change in the parent banks' ability and/ or propensity to support
their Thai subsidiaries could also have an impact on the
subsidiaries' ratings.  For example, a significant reduction in
group shareholding in the subsidiary could result in negative
rating action.

A material improvement in CIMB's credit profile may result in an
upgrade of CIMBT's IDRs and National Ratings; conversely a
significant deterioration may result in downgrades.

Since UOBT's Long-Term Foreign-Currency IDR is constrained by
Thailand's 'A-' country ceiling, any changes in the country
ceiling could lead to complementary movements at UOBT's IDR.

The National Long-Term Ratings for UOBT, ICBCT, and ICBCTL are
already the highest on the national scale, and hence there is no
upside. An upgrade of Thailand's Long-Term Local-Currency IDR,
while ICBC's ratings remain unchanged, may result in a downgrade
of ICBCT's and ICBCTL's National Ratings.

Rating Sensitivities - Viability Ratings

There is potential upside to UOBT's VR, if it can show further
sustainable improvement in profitability that comes from prudent
growth rather than increased risk appetite.  However, the scope
for upside would remain limited as long as key ratios remain
modest compared with international peers'.  Meanwhile, a
significant worsening in performance that impacts capitalization
and asset quality could put downward pressure on UOBT's VR.

CIMBT's VR could be positively affected by material and sustained
improvements in its overall financial strength compared with
peers'.  This may be visible through key financial measures such
as asset quality, liquidity and capital.  There could be downside
to the VR if there is a major deterioration in financial
performance and a weakening of capital ratios to below peer
averages. However, Fitch does not expect any shifts to occur
imminently.

UOB has a 99.7% stake in UOBT. CIMB has a 93.7% stake in CIMBT.
ICBCT is 97.7%-owned by ICBC. ICBCTL is 99.99%-owned by ICBCT.
MBKET is 83.5% owned by the Maybank group. UOBT is the eighth
largest commercial bank in Thailand, CIMBT is the 10th largest,
and ICBCT is the 13th largest, in terms of total assets as of end-
2013.

The list of ratings actions is as follows:
UOBT:
- Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook Stable
- Short-Term Foreign Currency IDR affirmed at 'F2'
- Viability Rating affirmed at 'bb+'
- Support Rating affirmed at '1'
- National Long-Term Rating affirmed at 'AAA(tha)';
  Outlook  Stable
- National Short-term Rating affirmed at 'F1+(tha)'

CIMBT:
- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
  Stable
- Short-Term Foreign Currency IDR affirmed at 'F3'
- Viability Rating affirmed at 'bb-'
- Support Rating affirmed at '2'
- National Long-term Rating affirmed at 'AA-(tha)';
  Outlook Stable
- National Short-term Rating affirmed at 'F1+(tha)'
- National Short-term debts affirmed at 'F1+(tha)'
- Upper tier 2 debt affirmed at 'A(tha)'
- Lower tier 2 debt affirmed at 'A+(tha)'

ICBCT:
- National Long-term Rating affirmed at 'AAA(tha)';
  Outlook Stable
- National Short-term Rating affirmed at 'F1+(tha)'

ICBCTL:
- National Long-Term Rating affirmed at 'AAA(tha)';
  Stable Outlook
- National Short-Term Rating affirmed at 'F1+(tha)'
- National Long-Term guaranteed bonds by ICBCT affirmed at
'AAA(tha)' ; Stable Outlook
- National Long-Term senior unsecured bonds affirmed at
  'AAA(tha)'
- National Short-Term unsecured unsubordinated debenture
  programme affirmed at 'F1+(tha)'

MBKET:
- National Long-Term Rating affirmed at 'AA(tha)'; Negative
  Outlook
- National Short-Term Rating affirmed at 'F1+(tha)'



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

ANHUI GUOTONG-A          600444            79.12       -10.53
CHANG JIANG-A            520              770.91      -176.56
CHINA GREAT LAND         CGL               16.52       -19.01
CHINA OILFIELD T         COT               22.00       -16.71
FORGAME HOLDINGS         484               83.73       -21.92
HEBEI BAOSHUO -A         600155           114.00      -104.15
HULUDAO ZINC-A           751              507.79      -532.25
HUNAN TIANYI-A           908               59.37        -1.14
JIANGSU ZHONGDA          600074           338.59       -29.88
NANNING CHEMIC-A         600301           391.41       -43.60
QINGDAO YELLOW           600579           122.36       -71.04
QINGHAI SUNSHI-A         600381           394.70       -78.28
SHENZ CHINA BI-A         17                28.50      -283.65
SHENZ CHINA BI-B         200017            28.50      -283.65
SHIJIAZHUANG D-A         958              241.31      -111.50
SHUNFENG PHOTOVO         1165             411.73       -51.06
TAIYUAN TIANLO-A         600234            63.28       -17.71
WUHAN BOILER-B           200770           217.13      -213.03
WUHAN XIANGLON-A         600769            77.45      -103.43
YUNNAN JINGGU FO         600265            84.92        -2.90


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

ABHISHEK CORPORA         ABSC              53.66       -25.51
AGRO DUTCH INDUS         ADF               85.09       -22.81
ALPS INDUS LTD           ALPI             201.29       -41.70
AMIT SPINNING            AMSP              12.85        -7.68
ARTSON ENGR              ART               11.81       -10.16
ASHAPURA MINECHE         ASMN             161.89       -51.58
ASHIMA LTD               ASHM              63.23       -48.94
ATV PROJECTS             ATV               48.47       -43.93
BELLARY STEELS           BSAL             451.68      -108.50
BENZO PETRO INTL         BPI               26.77        -1.05
BHAGHEERATHA ENG         BGEL              22.65       -28.20
BLUE BIRD INDIA          BIRD             122.02       -59.13
CELEBRITY FASHIO         CFLI              24.96        -8.26
CHESLIND TEXTILE         CTX               20.51        -0.03
CLASSIC DIAMONDS         CLD               66.26        -6.84
COMPUTERSKILL            CPS               14.90        -7.56
DCM FINANCIAL SE         DCMFS             18.46        -9.46
DFL INFRASTRUCTU         DLFI              42.74        -6.49
DIGJAM LTD               DGJM              99.41       -22.59
DISH TV INDIA            DITV             579.01       -28.55
DISH TV INDI-SLB         DITV/S           579.01       -28.55
DUNCANS INDUS            DAI              122.76      -227.05
ENSO SECUTRACK           ENSO              15.57        -0.46
EURO CERAMICS            EUCL             110.62        -6.83
EURO MULTIVISION         EURO              36.94        -9.95
FERT & CHEM TRAV         FCT              311.92       -35.19
GANESH BENZOPLST         GBP               44.05       -15.48
GANGOTRI TEXTILE         GNTX              54.67       -14.22
GOKAK TEXTILES L         GTEX              46.36        -0.29
GOLDEN TOBACCO           GTO               97.40       -18.24
GSL INDIA LTD            GSL               29.86       -42.42
GSL NOVA PETROCH         GSLN              16.53        -1.31
GUJARAT STATE FI         GSF               10.26      -303.64
GUPTA SYNTHETICS         GUSYN             44.18        -6.34
HARYANA STEEL            HYSA              10.83        -5.91
HEALTHFORE TECHN         HTEC              14.74       -46.64
HINDUSTAN ORGAN          HOC               74.72       -24.07
HINDUSTAN PHOTO          HPHT              49.58    -1,832.65
HMT LTD                  HMT              108.71      -572.12
ICDS                     ICDS              13.30        -6.17
INDAGE RESTAURAN         IRL               15.11        -2.35
INTEGRAT FINANCE         IFC               49.83       -51.32
JCT ELECTRONICS          JCTE              80.08       -76.70
JENSON & NIC LTD         JN                16.49       -71.70
JET AIRWAYS IND          JETIN          3,368.77      -335.45
JET AIRWAYS -SLB         JETIN/S        3,368.77      -335.45
JOG ENGINEERING          VMJ               45.90        -5.28
KALYANPUR CEMENT         KCEM              23.39       -42.66
KERALA AYURVEDA          KERL              13.97        -1.69
KIDUJA INDIA             KDJ               11.16        -3.43
KINGFISHER AIR           KAIR             515.93    -2,371.26
KINGFISHER A-SLB         KAIR/S           515.93    -2,371.26
KITPLY INDS LTD          KIT               14.77       -58.78
KLG SYSTEL LTD           KLGS              40.64       -27.37
LML LTD                  LML               43.95       -78.18
MADRAS FERTILIZE         MDF              167.72       -56.20
MAHA RASHTRA APE         MHAC              14.49       -12.96
MAHANAGAR TELE           MTNL           4,845.41      -511.72
MAHANAGAR TE-SLB         MTNL/S         4,845.41      -511.72
MALWA COTTON             MCSM              44.14       -24.79
MILTON PLASTICS          MILT              17.67       -51.22
MODERN DAIRIES           MRD               38.61        -3.81
MOSER BAER INDIA         MBI              727.13      -165.63
MOSER BAER -SLB          MBI/S            727.13      -165.63
MTZ POLYFILMS LT         TBE               31.94        -2.57
MURLI INDUSTRIES         MRLI             262.39       -38.30
MYSORE PAPER             MSPM              87.99        -8.12
NATL STAND INDI          NTSD              22.09        -0.73
NAVCOM INDUS LTD         NOP               10.19        -3.53
NICCO CORP LTD           NICC              71.84        -4.91
NICCO UCO ALLIAN         NICU              23.25       -83.90
NK INDUS LTD             NKI              141.35        -7.71
NRC LTD                  NTRY              63.70       -53.01
NUCHEM LTD               NUC               24.72        -1.60
PANCHMAHAL STEEL         PMS               51.02        -0.33
PARAMOUNT COMM           PRMC             124.96        -0.52
PARASRAMPUR SYN          PPS               99.06      -307.14
PAREKH PLATINUM          PKPL              61.08       -88.85
PIONEER DISTILLE         PND               53.74        -5.62
PREMIER INDS LTD         PRMI              11.61        -6.09
PRIYADARSHINI SP         PYSM              20.80        -2.28
QUADRANT TELEVEN         QDTV             150.43      -137.48
QUINTEGRA SOLUTI         QSL               16.76       -17.45
RAMSARUP INDUSTR         RAMI             433.89       -89.28
RATHI ISPAT LTD          RTIS              44.56        -3.93
RELIANCE BROADCA         RBN               86.97        -0.59
RELIANCE MEDIAWO         RMW              425.22       -21.31
RELIANCE MED-SLB         RMW/S            425.22       -21.31
RENOWNED AUTO PR         RAP               14.12        -1.25
RMG ALLOY STEEL          RMG               66.61       -12.99
ROLLATAINERS LTD         RLT               22.97       -22.24
ROYAL CUSHION            RCVP              14.70       -75.18
SAAG RR INFRA LT         SAAG              12.54        -4.93
SADHANA NITRO            SNC               16.74        -0.58
SANATHNAGAR ENTE         SNEL              49.23        -6.78
SANCIA GLOBAL IN         SGIL              78.82       -25.13
SBEC SUGAR LTD           SBECS             92.44        -5.61
SCOOTERS INDIA           SCTR              19.75       -13.35
SERVALAK PAP LTD         SLPL              61.57        -7.63
SHAH ALLOYS LTD          SA               168.13       -81.60
SHALIMAR WIRES           SWRI              22.79       -27.18
SHAMKEN COTSYN           SHC               23.13        -6.17
SHAMKEN MULTIFAB         SHM               60.55       -13.26
SHAMKEN SPINNERS         SSP               42.18       -16.76
SHREE GANESH FOR         SGFO              44.50        -2.89
SHREE KRISHNA            SHKP              14.62        -0.92
SHREE RAMA MULTI         SRMT              38.90        -4.49
SIDDHARTHA TUBES         SDT               75.90       -11.45
SIMBHAOLI SUGAR          SBSM             268.76       -54.47
SITI CABLE NETWO         SCNL             219.45        -9.68
SPICEJET LTD             SJET             563.64       -41.19
SQL STAR INTL            SQL               10.58        -3.28
STATE TRADING CO         STC              826.29      -276.56
STELCO STRIPS            STLS              14.90        -5.27
STI INDIA LTD            STIB              21.69        -2.13
STL GLOBAL LTD           SHGL              30.73        -5.62
STORE ONE RETAIL         SORI              15.48       -59.09
SUPER FORGINGS           SFS               14.62        -7.00
SURYA PHARMA             SUPH             370.28        -9.97
TAMILNADU JAI            TNJB              17.07        -1.00
TATA METALIKS            TML              156.70        -5.36
TATA TELESERVICE         TTLS           1,311.30      -138.25
TATA TELE-SLB            TTLS/S         1,311.30      -138.25
TODAYS WRITING           TWPL              18.58       -25.67
TRIUMPH INTL             OXIF              58.46       -14.18
TRIVENI GLASS            TRSG              19.71       -10.45
TUTICORIN ALKALI         TACF              19.86       -19.58
UDAIPUR CEMENT W         UCW               11.38       -10.53
UNIFLEX CABLES           UFCZ              47.46        -7.49
UNIWORTH LTD             WW               149.50      -151.14
UNIWORTH TEXTILE         FBW               22.54       -35.03
USHA INDIA LTD           USHA              12.06       -54.51
VANASTHALI TEXT          VTI               14.59        -5.80
VENUS SUGAR LTD          VS                11.06        -1.08
WANBURY LTD              WANB             141.86        -3.91


JAPAN

FLIGHT HOLDINGS          3753              10.10        -2.62
GOYO FOODS INDUS         2230              11.79        -1.51
HARAKOSAN CO             8894             186.55        -8.07
IDEA INTERNATION         3140              23.66        -0.08
KANMONKAI CO LTD         3372              42.64        -0.81


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

ABICO HLDGS-F            ABICO/F           15.28        -4.40
ABICO HOLDINGS           ABICO             15.28        -4.40
ABICO HOLD-NVDR          ABICO-R           15.28        -4.40
ASCON CONSTR-NVD         ASCON-R           59.78        -3.37
ASCON CONSTRUCT          ASCON             59.78        -3.37
ASCON CONSTRU-FO         ASCON/F           59.78        -3.37
BANGKOK RUBBER           BRC               77.91      -114.37
BANGKOK RUBBER-F         BRC/F             77.91      -114.37
BANGKOK RUB-NVDR         BRC-R             77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R           28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F           28.07       -11.94
CALIFORNIA WOW X         CAWOW             28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT            16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F          16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R          16.79       -96.30
DATAMAT PCL              DTM               12.69        -6.13
DATAMAT PCL-NVDR         DTM-R             12.69        -6.13
DATAMAT PLC-F            DTM/F             12.69        -6.13
ITV PCL                  ITV               36.02      -121.94
ITV PCL-FOREIGN          ITV/F             36.02      -121.94
ITV PCL-NVDR             ITV-R             36.02      -121.94
K-TECH CONSTRUCT         KTECH             38.87       -46.47
K-TECH CONSTRUCT         KTECH/F           38.87       -46.47
K-TECH CONTRU-R          KTECH-R           38.87       -46.47
KUANG PEI SAN            POMPUI            17.70       -12.74
KUANG PEI SAN-F          POMPUI/F          17.70       -12.74
KUANG PEI-NVDR           POMPUI-R          17.70       -12.74
MANGPONG 1989 PC         MPG               11.83        -0.91
MANGPONG 1989 PC         MPG/F             11.83        -0.91
MANGPONG 19-NVDR         MPG-R             11.83        -0.91
PATKOL PCL               PATKL             52.89       -30.64
PATKOL PCL-FORGN         PATKL/F           52.89       -30.64
PATKOL PCL-NVDR          PATKL-R           52.89       -30.64
PICNIC CORP-NVDR         PICNI-R          101.18      -175.61
PICNIC CORPORATI         PICNI            101.18      -175.61
PICNIC CORPORATI         PICNI/F          101.18      -175.61
SAHAMITR PRESS-F         SMPC/F            27.92        -1.48
SAHAMITR PRESSUR         SMPC              27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R            27.92        -1.48
SHUN THAI RUBBER         STHAI             19.89        -0.59
SHUN THAI RUBB-F         STHAI/F           19.89        -0.59
SHUN THAI RUBB-N         STHAI-R           19.89        -0.59
SUNWOOD INDS PCL         SUN               19.86       -13.03
SUNWOOD INDS-F           SUN/F             19.86       -13.03
SUNWOOD INDS-NVD         SUN-R             19.86       -13.03
TONGKAH HARBOU-F         THL/F             62.30        -1.84
TONGKAH HARBOUR          THL               62.30        -1.84
TONGKAH HAR-NVDR         THL-R             62.30        -1.84
TRANG SEAFOOD            TRS               15.18        -6.61
TRANG SEAFOOD-F          TRS/F             15.18        -6.61
TRANG SFD-NVDR           TRS-R             15.18        -6.61
TT&T PCL                 TTNT             589.80      -223.22
TT&T PCL-NVDR            TTNT-R           589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F           589.80      -223.22
WORLD CORP -NVDR         WORLD-R           15.72       -10.10
WORLD CORP PCL           WORLD             15.72       -10.10
WORLD CORP PLC-F         WORLD/F           15.72       -10.10


TAIWAN

BEHAVIOR TECH CO         2341S             30.90        -0.22
BEHAVIOR TECH-EC         2341O             30.90        -0.22
HELIX TECH-EC            2479T             23.39       -24.12
HELIX TECH-EC IS         2479U             23.39       -24.12
HELIX TECHNOL-EC         2479S             23.39       -24.12
POWERCHIP SEM-EC         5346S          2,036.01       -52.74
TAIWAN KOL-E CRT         1606U            507.21      -147.14
TAIWAN KOLIN-EN          1606V            507.21      -147.14
TAIWAN KOLIN-ENT         1606W            507.21      -147.14


                             *********

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

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

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


                            *********


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

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

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

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

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



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