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

                      A S I A   P A C I F I C

            Monday, April 21, 2014, Vol. 17, No. 77


                            Headlines


A U S T R A L I A

ADVANCED NUTRITION: Hall Chadwick Appointed as Administrators
AUSDRILL LIMITED: Moody's Lowers Corporate Family Rating to Ba3
BANK OF QUEENSLAND: Fitch Affirms 'BB' Support Rating Floor
DATA FLEX: VTS IT Buys Firm Out of Administration
INVESTEC BANK: Fitch Affirms 'BB+' Rating on Subordinated Debt

RETAIL MARKETING: Administrator Seeks Buyers For Business


B A N G L A D E S H

BANGLADESH: Moody's Affirms Ba3 Government Rating; Outlook Stable


C H I N A

AZURE ORBIT: Fitch Says 'bb-' Viability Rating Unaffected
CHINA NATURAL: Wants Plan Filing Ext., Reports 4 Potential Buyers


H O N G  K O N G

ZHONG AN: Moody's Lowers CFR to B3 & Revises Outlook to Stable


I N D I A

AASTHA DEVELOPERS: CRISIL Assigns 'B' Rating to INR200MM Loan
ASHTAVINAYAK ASSOCIATES: CRISIL Rates INR50MM Loan at 'B'
BALAJI POLYTEX: CRISIL Ups Rating on INR140MM Loans to 'B'
BANMORE FOAM: CRISIL Upgrades Rating on INR75MM Loans to 'B'
BEEHIVE EDUCATIONAL: CRISIL Ups Rating on INR110MM Loans to 'C'

CHIRAG INT'L: ICRA Reaffirms 'B-' LT Rating on INR6.5cr Loan
INNOVA CHILDREN'S: ICRA Reaffirms 'D' Rating on INR15cr Loans
JCT LIMITED: ICRA Assigns 'D' Rating to INR352.20cr Loans
K N INTERNATIONAL: CRISIL Reaffirms B- Rating on INR200MM Loans
LUCENT CLEANENERGY: ICRA Cuts Rating on INR15.9cr Loans to 'D'

MAHIDHARA PROJECTS: CRISIL Assigns 'B+' Rating to INR50MM Loan
NINE GLOBE: ICRA Downgrades Rating on INR5cr Loan to 'D'
OCTAMEC ENGINEERING: ICRA Cuts Rating on INR255cr Loans to 'D'
PATTABI ENTERPRISES: CRISIL Ups Rating on INR91.8MM Loans to 'B'
PRACHEE FILAMENTS: ICRA Reaffirms 'D' Rating on INR21.75cr Loan

PRAGATI GLASS: ICRA Reaffirms 'D' Rating on INR36.56cr Loans
PRECISION EQUIPMENTS: CRISIL Cuts Rating on INR250MM Loans to 'B+
RHIZOME DISTILLERIES: CRISIL Rates INR170 Million Loan at 'D'
SHREE ANUKUL: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
SHREE NARMADA: ICRA Lowers Rating on INR40cr Loans to 'D'

SHREE PARAS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
SIMHAPURI ENERGY: ICRA Reaffirms 'D' Rating on INR2206.8cr Loan
SLO STEEL: ICRA Assigns 'B+' Rating to INR25cr Loan
SRI DEVI: ICRA Reaffirms 'B' Rating on INR15cr Loans
SRI VENKATA: ICRA Reaffirms 'B' Rating on INR15cr Loans

SUNTANA TEXTILE: ICRA Ups Rating on INR11.4cr Loans From 'D'
VRV TEXTILES: ICRA Reaffirms 'D' Rating on INR35.74cr Loans


J A P A N

ASAHI MUTUAL: Fitch Affirms 'BB' IFS Rating; Outlook Positive
ASAHI MUTUAL: Fitch Affirms 'BB' IFS Rating; Outlook Positive
MT. GOX: Court Rejects Rehabilitation Bid
MT. GOX: CEO Hoped To Set Up A Bitcoin Cafe
TOKYO ELECTRIC: S&P Revises Outlook on 'B+' CCR to Stable

TOKYO ELECTRIC: S&P Revises Outlook on 'B+' LT CCR to Stable


N E W  Z E A L A N D

TE RIMU: Still Owes More Than NZ$1MM as it Exits Receivership


                            - - - - -


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A U S T R A L I A
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ADVANCED NUTRITION: Hall Chadwick Appointed as Administrators
-------------------------------------------------------------
Brent Kijurina and Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Advanced Nutrition
Systems Pty Limited and IGEA Life Sciences Pty Limited on April
15, 2014.

A first meeting of the creditors for each of the Companies will be
held at Hall Chadwick Chartered Accountants, Level 40, 2 Park
Street, in Sydney, on April 28, 2014, at 10:00 a.m. and
11:00 a.m., respectively.


AUSDRILL LIMITED: Moody's Lowers Corporate Family Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Ausdrill Limited to Ba3 from Ba2. At the same time we
downgraded the rating on the USD300 million senior unsecured notes
of Ausdrill Finance Pty Ltd. to B1 from Ba3. The outlook on the
ratings is stable.

Ratings Rationale

"The downgrade of Ausdrill's corporate family rating to Ba3 with a
stable outlook reflects Moody's expectation that operating
conditions in the mining services sector will remain challenging
over the next 12 to 18 months" says Matthew Moore a Moody's Vice
President -- Senior Analyst, adding, "this increases uncertainty
around replacing and renewing contracts and will further pressure
margins and credit metrics".

Prior to the rating action Ausdrill's previous ratings had a
negative outlook reflecting these concerns. Given the elevated
business risk, Ausdrill's fundamental credit profile is no longer
consistent with the previous Ba2 rating.

"The softness in the operating environment has placed significant
pressure on Ausdrill's revenue and earnings generation. Based on
our expectation for continued weak operating conditions, Moody's
do not foresee any material improvement in revenue and margins for
the next 12-to-18 months" says Moore.

Mining companies are deferring or cancelling non-critical activity
and maintenance as a result of the significant downward movement
in commodity prices and a general decline in sentiment in the
resources industry. This includes, discretionary capital
expenditures, major works programs, exploration programs and non-
critical maintenance activities.

While a large portion of Ausdrill's earnings are focused on the
production phase of mining activity, the push toward lower
material movement and lower general mining activity will likely
impact on the volume of work undertaken relative to contracted
volumes. Also, lower mining activity has contributed to
overcapacity issues in mining services sector which Moody's
believe will continue to heighten competition and negatively
impact on margins.

Reflecting the softer environment and the increase in business
risk, Ausdrill's revenue and EBITDA for the first half of FY14
dropped around 27% and 35%, respectively. This has resulted in a
deterioration in credit metrics, causing Ausdrill's adjusted gross
Debt-to-EBITDA to increase to around 2.5x for the twelve month
period ending 31 December 2013. Moody's expect Ausdrill's credit
metrics to remain pressured over the next 12-18 months, with Debt
to EBITDA ranging between 2.4x to 2.7x for FY14. The company's
focus on debt reduction combined with normalization in mining
activity should mitigate some of the earnings pressure in FY15,
however, Moody's do not expect credit metrics to improve
materially from these levels through FY15.

"The Ba3 rating remains supported by Ausdrill's strong market
position in relation to the provision of integrated mining
services in its target markets and its ability to execute
contracts to a diversified range of counterparties", says Moore.

The rating also recognizes that Ausdrill has the benefit of
incumbency at its existing mine sites, given its understanding and
familiarity with the sites as well as logistical challenges posed
by mine owners needing to procure replacement fleet in the event
of changing contractors.

The downgrade of the senior unsecured notes to B1 from Ba3,
reflects the notes position in the capital structure and the
material legal subordination as the notes rank behind certain
Ausdrill facilities including its senior secured Syndicated Bank
Facility.

"The stable outlook reflects Moody's expectation that despite the
ongoing challenges, Moody's expect Ausdrill will be able to
maintain credit metrics that are appropriate for the Ba3 rating
level in the current environment", says Moore, adding, "we expect
Ausdrill to maintain gross adjusted debt-to-EBITDA less than 3.25x
at the current rating".

The ability to maintain metrics at comfortable levels for the
current rating is largely reliant on Ausdrill's continued focus on
debt repayments, which will benefit from the company's reduction
in capital expenditures, cost reduction programs and initiatives
to improve working capital -- particularly its elevated inventory
position.

Moody's expect Ausdrill to maintain adequate liquidity over the
next 12 to 18 months reflecting. Liquidity will be supported by
the company's cash balances, undrawn facility capacity and reduced
capital expenditures.

Ausdrill's rating could face further negative pressure if
operating conditions deteriorate beyond Moody's current
expectations, including material mine closures or cancellations of
material contracts, such that Debt-to-EBITDA increases above
3.25x. In addition, negative rating actions would occur if the
company is unable to maintain adequate compliance with its
covenants in its syndicated facilities.

Given the recent downgrade and current challenging conditions,
Moody's do not expect the ratings to experience positive momentum
over the near term. However, if Ausdrill was able to secure new
contracts and increase revenue and earnings such that gross
adjusted debt to EBITDA was maintained below 2.0x the rating could
experience positive momentum.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Ausdrill was established in 1987 as a drill and blast company in
the Australian mining services sector, and has expanded into a
vertically integrated provider of mining services to the resources
industry in Australia and Africa with in-house capabilities in
manufacturing, logistics and supply.


BANK OF QUEENSLAND: Fitch Affirms 'BB' Support Rating Floor
-----------------------------------------------------------
Fitch Ratings has affirmed Bank of Queensland's (BOQ) ratings
following the bank's announcement on April 11, 2014 that it will
acquire Investec Bank (Australia) Limited (IBAL, BBB-/RWP).  The
Outlook on BOQ's Long-Term IDR is Positive.  A full list of rating
actions can be found at the end of this commentary.

BOQ is acquiring IBAL's professional finance, asset finance and
leasing businesses as part of a AUD440m deal.  The transaction is
subject to regulatory approval and the finalisation of IBAL's
restructuring, which includes the transfer of certain corporate
loans to other entities within the Investec Group.  The earliest
expected completion date is June 30, 2014.

KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT

BOQ's IDRs, VR and senior debt rating reflect its adequate local
franchise in a highly competitive banking market that is dominated
by four major banks which hold about 80% market share.  The
ratings also reflect the bank's improved capitalisation and pre-
impairment operating profitability, and strengthened funding and
liquidity positions.

The acquisition will, on a pro-forma basis, increase BOQ's total
assets by about 10% at 28 February 2014 (end-1H14).  BOQ will fund
most of the acquisition cost through a fully underwritten capital
placement of AUD400m, thereby limiting the impact on its
regulatory capital ratios.

The deal is also likely to improve BOQ's geographic and customer
diversity thanks to IBAL's solid niche in the provision of
professional finance, specifically to medical professionals who
make up 85% of the book at end-March 2014, with the remainder
being accounting professionals. Fitch considers these borrower
profiles to be strong as they are less exposed to economic cycles
than many other industries.  In addition, the executive management
team for IBAL's professional finance has a strong understanding of
the life cycle of the industry so retaining this team would help
maintain the strengths of this business.  The acquired business
has reported consistently low arrears and loan impairment charges.
Asset yields on the acquired loan book are stronger than BOQ's
existing portfolio, with additional revenue potential through the
cross-sell of other products to the new customer base.  There is a
level of repricing risk within the deposit portfolio being
acquired, with about half of the book being on term deposit rates
materially above BOQ's current offering.  However, this risk is
offset by a substantial level of liquid assets totalling AUD1.6bn
that are included in the acquisition.

BOQ released strong 1H14 financial results at the same time as
announcing the acquisition.  The result benefited from reduced
funding costs offsetting competition on the asset pricing, strong
cost management, and a decline in loan impairment charges.  Asset
quality continued to improve as impaired loans declined, although
arrears remained stable in 1H14.  Capital remained sound and
funding was stable.  However, BOQ's reliance on wholesale funding
is a weakness relative to some international peers.

KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT

BOQ's Long-Term IDR, VR and senior debt rating could be upgraded
if management successfully continues to execute its strategy,
leading to: strong, sustainable operating profitability; improved
funding and liquidity; and better risk metrics, while maintaining
solid capitalisation over the next 12 months.  Better risk metrics
and sound asset quality would need to be proven by the seasoning
of BOQ's portfolio in new markets and products which were
underwritten in the past two years.  These improvements are likely
to become more visible beyond FY14.  Additional key drivers for an
upgrade would be the successful integration of the IBAL business
and a continuing reduction of BOQ's legacy portfolio while
maintaining good asset quality in its core business.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING

BOQ's Support Rating and Support Rating Floor reflect the moderate
potential of government support, should it be needed, given BOQ's
modest Australian market share.  BOQ's Support Rating is sensitive
to any change in assumptions around the propensity or ability of
the Australian sovereign to provide timely support to the bank
should it be required.

The rating actions are as follows:

Bank of Queensland (BOQ):
Long-Term IDR: affirmed at 'BBB+'; Outlook Positive;
Short-Term IDR: affirmed at 'F2';
Viability Rating: affirmed at 'bbb+';
Support Rating: affirmed at '3';
Support Rating Floor: affirmed at 'BB'; and
Senior unsecured debt: affirmed at 'BBB+'.


DATA FLEX: VTS IT Buys Firm Out of Administration
-------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that VTS IT Group has
purchased Data Flex Pty Limited months after it entered voluntary
administration.

According to the report, CEO Glenn Kennedy said the acquisition
was part of VTS's expansion. At present, the company has 50
employees offering managed ICT services. Recently, it merged with
Downs MicroSystems, an IT firm in Queensland.

Around ten staff of Dataflex had been redundant, the report says.
Administrators admitted that Dataflex had no sufficient assets for
meeting staff entitlements, dissolve.com.au notes.

RSM Bird Cameron Partners' Frank Lo Pilato was appointed as
administrator of the IT service provider and reseller on April 24.
Administrators were called in at DataFlex following the failure of
a possible takeover by Tech Mahindra, the report notes.


INVESTEC BANK: Fitch Affirms 'BB+' Rating on Subordinated Debt
--------------------------------------------------------------
Fitch Ratings has revised Investec Bank (Australia) Limited's
(IBAL) Long- and Short Term Issuer Default Rating (IDR), Viability
Rating (VR) and Support Rating to Rating Watch Positive (RWP) from
Rating Watch Negative.  The Long-Term IDR remains at 'BBB-'.  A
full list of rating actions can be found at the end of this
commentary.

The rating action follows the announcement on April 11, 2014, that
Bank of Queensland (BOQ, BBB+/Positive) will acquire IBAL,
specifically its professional finance, asset finance and leasing
businesses.  The transaction is subject to regulatory approval and
the finalisation of IBAL's restructuring which includes the
transfer of certain corporate loans to other entities within the
Investec Group.  The earliest expected completion date is
June 30, 2014.

KEY RATING DRIVERS AND SENSITIVITIES - IDRS, VR AND SENIOR DEBT
IBAL's IDRs are driven by its VR and reflect its small franchise,
ample liquidity, a reduction in wholesale funding reliance, stable
capitalisation and adequate asset quality.  The RWP is indicative
of its take-over by a higher-rated entity.  The agency expects to
resolve the RWP once the transaction has been completed.

IBAL is likely to become a core subsidiary of BOQ upon completion
of the transaction and its IDRs will most probably be equalised
with BOQ's.  The VR is also likely to be upgraded, reflecting
ordinary support from a stronger parent as well as better asset
quality, since the riskier corporate loans will be removed from
their balance sheet.  Profitability could also improve on the back
of more efficient cost management, lower funding costs and a wider
product range.  However, until the transaction is finalised IBAL's
IDRs and VR would be sensitive to any change to its current
parent's IDR, Investec Bank plc (IBP; BBB-/Stable).

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING

IBAL's Support Rating reflects Fitch's view that it is a
strategically important subsidiary for IBP.  Fitch believes IBAL
will become a core subsidiary of BOQ upon completion of the
transaction, and has therefore also placed the Support Rating on
RWP.

RATING DRIVERS AND SENSITIVITIES - GOVERNMENT GUARANTEED DEBT
IBAL's government-guaranteed debt carries the same rating as the
Australian sovereign. Any change in the sovereign rating will be
reflected in the ratings of the government-guaranteed debt.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT

IBAL's subordinated debt is rated one notch below its VR to
reflect its ranking in a liquidation scenario and therefore has
been placed on RWP. IBAL's subordinated debt ratings are broadly
sensitive to the same considerations that might affect IBAL's VR.
Investec Bank (Australia) Limited:

Long-Term IDR: 'BBB-'; Revised to Rating Watch Positive from
Rating Watch Negative;
Short-Term IDR: 'F3'; Revised to Rating Watch Positive from Rating
Watch Negative;
Viability Rating: 'bbb-'; Revised to Rating Watch Positive from
Rating Watch Negative;
Support Rating: '3'; Revised to Rating Watch Positive from Rating
Watch Negative;
Government guaranteed floating-rate notes affirmed at 'AAA'; and
Subordinated debt: 'BB+'; Revised to Rating Watch Positive from
Rating Watch Negative.


RETAIL MARKETING: Administrator Seeks Buyers For Business
---------------------------------------------------------
Eloise Keating at SmartCompany reports that the administrator of
The Christmas Warehouse parent-company Retail Marketing Systems is
currently seeking expressions of interest for the business or its
assets.

Manfred Holzman of Holzman Associates was appointed administrator
of Retail Marketing on April 14.  The first meeting of creditors
is scheduled to take place on April 29, the report discloses.

Colin Porter, managing director of CreditorWatch, told
SmartCompany seasonal businesses operating in the retail sector
are being affected by the general downturn in the retail industry,
as well as a trend of suppliers tightening their credit.

This means companies like The Christmas Warehouse are battling
lower sales at the same time as needing to generate greater
cashflow to continue to purchase stock, SmartCompany relays.

"It all comes down to management and being prepared" and
"understanding what the future holds," the report quotes
Mr. Porter as saying. "Margins and profits are lower than they
have ever been and that means there is little room for error."

Established in 1985 as a direct-mail business, The Christmas
Warehouse specialises in Christmas trees, lights, decorations and
visual merchandise.

The business operates six bricks-and-mortar outlets in Sydney,
five of which are only open during the Christmas season. The
Christmas Warehouse website, which is said to generate sales in
excess of AUD1 million, continues to trade, SmartCompany notes.



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B A N G L A D E S H
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BANGLADESH: Moody's Affirms Ba3 Government Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Bangladesh's government
ratings at Ba3 with a stable outlook.

Moody's affirmation of the ratings with the stable outlook is
based on the view that Bangladesh's underlying credit strengths
have withstood the impact of recent political tensions, industrial
accidents in the garment industry, and the poor financial health
of state-owned commercial banks. The short-term foreign and local
currency ratings are affirmed at Not Prime.

Key drivers for the decision reflect the following credit
strengths:

(1) A healthy outlook for economic growth;

(2) Progress on policy reform; and

(3) Limited vulnerability to fiscal and external funding stress

Bangladesh's local currency country risk ceiling is affirmed at
Baa3, while the long-term foreign currency bond and bank deposit
ceilings are affirmed at Ba2 and B1, respectively. The foreign
currency short- term debt and deposit ceilings are also affirmed
at Not Prime.

These ceilings act as a cap on ratings that can be assigned to the
foreign and local currency obligations of entities domiciled in
the country.

Ratings Rationale

Rationale For Rating Affirmation At Ba3

First Driver -- A healthy outlook for economic growth

Despite political turbulence and headwinds to the garment industry
on the back of a number of industrial accidents, the outlook for
economic growth remains largely favorable. Moody's estimate that
real gross domestic product (GDP) growth moderated only mildly, to
around 5.8% year-on-year in the fiscal year ending June 2014
(FY2014), from a 6.2% average over the last decade. Even factoring
in this deceleration, Bangladesh's growth during 2003-13 has been
significantly above the median for Ba rated countries.

Political uncertainty likely led to some investment delays while a
contraction in remittances from workers abroad depressed
consumption expenditure. However, increases in minimum wages in
the garment industry and in civil servants' allowances, as well as
dissipating political tensions are expected to contribute to a
recovery in consumption. Pressures on the balance of payments that
emerged in 2011 have eased, with the current account reverting to
a surplus. Although remittance inflows have contracted, export
growth so far has withstood the international scrutiny facing the
garments industry. According to the central bank, between July
2013 and February 2014, exports rose 14% year-on-year, up from
9.4% during the same period in the previous year, led by robust
growth in the ready-made garments sector. This helped to propel
foreign reserves to a record high.

Second Driver -- Progress on policy reform underpinned by the
International Monetary Fund (IMF) program

Over the last two years, Bangladesh has made significant progress
on structural reforms, guided by a three-year Extended Credit
Facility (ECF) with the IMF, which commenced in 2012.
Disbursements under the $985.6 million program now amount to
$557.4 million and have progressed on-track, as Bangladesh has
completed all of its structural benchmarks. The government has
also implemented several important fiscal reforms under the
program. These include: (a) the passage of a Value Added Tax Law
in 2012 (b) amendments to the Bank Companies Act in July 2013,
which give greater power to the central bank and strengthen
financial supervision; and (c) the Demutualization Act in April
2013 that aims to improve governance in the equity markets.

These measures may turn into credit-positive developments if
growth shifts to a higher trajectory, government debt
affordability and fiscal flexibility improve and external
liquidity strengthens further.

Third driver - Limited vulnerability to fiscal and external
funding stress

Although fiscal deficits have been persistent, averaging 3.6% of
GDP between FY2004 and FY2013, they are largely in line with the
Ba peer median. Moreover, the debt-to-GDP burden has maintained a
moderating trend and stood at 35.4% in FY2013. Foreign-currency
debt comprises a little over half of the total, much of this
lending is on concessional terms. The government's improving
ability to finance its deficit onshore also helps to offset
exchange-rate risk. However, Bangladesh's interest payments as a
percentage of revenue were 16.1% in 2013, much higher than rating
peers, and weigh on debt affordability.

The poor financial health of state-owned banks could result in the
crystallization of contingent liabilities that add to the fiscal
burden. However, given the small size of the banking system, the
shrinking role of state-owned banks and improvements in central
bank oversight and supervision, Moody's expect these risks to be
limited.

Healthy export growth, coupled with continued aid inflows, foreign
direct investment and disbursements from the IMF's ECF program,
boosted official foreign reserves to $20 billion as of 15 April
2014. The higher level of reserves has reduced vulnerability to
global credit market shocks, as is reflected in Bangladesh's
improved external vulnerability indicator (a measurement of the
coverage of maturing external debt by foreign exchange reserves)
which stands at 39.3% for FY2014.

Rationale For The Stable Outlook

The stable outlook reflects prospects for continuing economic
stability despite recent electoral pressures. Political turmoil
and divisiveness, as seen in January 2014 ahead of parliamentary
elections, have been a recurrent feature in Bangladesh.
Nevertheless, Moody's expect ongoing tax and subsidy reforms to
eventually strengthen the budget and to provide more fiscal space,
enabling the government to expand capital expenditure.

What Could Change The Rating Up/Down

Factors that could trigger a positive rating action include: (1)
sustained, strong economic growth supported by structural
improvements, particularly in infrastructure; (2) a broadening of
the tax revenue base, which would improve fiscal fundamentals and
flexibility; and (3) reform of the labor market and industrial
working conditions, which would ensure continued favorable export
prospects while encouraging greater foreign investment.

Factors that could trigger a negative rating action include: (1)
political disturbances that strain the country's economic and
fiscal profile; (2) the crystallization of larger banking sector
contingent liabilities than Moody's currently anticipate, which
would weigh on fiscal strength; and (3) a fundamental
deterioration in the balance of payments.

GDP per capita (PPP basis, US$): 2,083 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 6.2% (2013 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 8.1% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -4.3% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 1.7% (2013 Actual) (also known as
External Balance)

External debt/GDP: 19.2% (2013 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On April 15, 2014, a rating committee was called to discuss the
rating of Bangladesh, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutional strength/ framework, has not materially changed. The
issuer's fiscal or financial strength, including its debt profile,
has not materially changed. The systemic risk in which the issuer
operates has not materially changed. The issuer's susceptibility
to event risks has not materially changed.



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C H I N A
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AZURE ORBIT: Fitch Says 'bb-' Viability Rating Unaffected
---------------------------------------------------------
Fitch Ratings has assigned Azure Orbit II International Finance
Limited's (Azure Orbit II) USD1bn Medium-Term Note (MTN) program a
final Long-Term Rating of 'A'.  At the same time, Fitch has
assigned Azure Orbit II's USD500 million note issue a Long-Term
Rating of 'A'. The notes are due in April 2019.

Key Rating Drivers - MTN Programme

Guaranteed notes issued under the MTN programme will represent
direct, general, unconditional and unsecured obligations of Bank
of Communications Co., Ltd (BOCOM; A/Stable) by virtue of the deed
of guarantee given by the bank's Macau Branch in favour of Azure
Orbit II's MTN programme.  Such obligations will rank pari passu
with all other present and future unsecured obligations of the
Macau Branch.  The programme's rating reflects the ratings
expected to be assigned to senior notes issued under the
programme, and is in line with BOCOM's Long-Term Issuer Default
Rating (IDR) of 'A'.  BOCOM's IDR is in turn based on an extremely
high probability of support, if required, from the Chinese
government (A+/Stable).

Senior notes under the MTN programme will represent direct,
unconditional, unsubordinated and unsecured obligations of the
issuer, while junior to senior obligations under the MTN programme
will be rated on a case-by-case basis in accordance with published
criteria and after taking into consideration individual terms and
conditions of those notes.  However, Fitch reserves the right not
to rate certain instruments issued under the programme, such as
market-linked instruments.

The notes may be issued in any currency or of any tenor. The
proceeds will be used for general corporate purposes by Bank of
Communications Financial Leasing Co., Ltd (BOCOMM Leasing), a
wholly owned subsidiary of BOCOM.

Azure Orbit II is an offshore special purpose vehicle managed by
BOCOMM Leasing. BOCOMM Leasing is strongly integrated with BOCOM
and is a key subsidiary providing financial leasing services for
the bank's customers. Fitch views the Macau Branch as part of the
same legal entity and plays an important role in developing the
bank's overseas businesses.

Key Rating Drivers - Senior Notes
The notes are issued under the bank's USD1 billion medium-term
note (MTN) programme.  The notes represent senior obligations of
BOCOM, and are rated in line with BOCOM's Long-Term Issuer Default
Rating (IDR) of 'A'.  Furthermore, the notes will be
unconditionally and irrevocably guaranteed by the Macau Branch.

Rating Sensitivities - MTN Programme, Senior Notes
Any changes to ratings on the programme and the notes issued under
the programme will be directly correlated to changes in BOCOM's
IDR, which in turn will reflect any shift in the perceived
willingness or ability of China's government to support BOCOM in a
full and timely manner.  Should the deed of guarantee given by
Macau Branch no longer be effective, then the rating on the
programme could be downgraded.

The other ratings of BOCOM are unaffected by this action, and are
as follows:

Long-Term IDR: 'A'; Outlook Stable
Short-Term IDR: 'F1'
Support Rating: '1'
Support Rating Floor: 'A'
Viability Rating: 'bb-'


CHINA NATURAL: Wants Plan Filing Ext., Reports 4 Potential Buyers
-----------------------------------------------------------------
China Natural Gas Inc. filed with the U.S. Bankruptcy Court a
third motion to extend the exclusive period during which it can
file a plan and solicit acceptances thereof through and including
June 9, 2014 and August 9 2014, respectively.

Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that China Natural Gas, the operator of a pipeline in
China, said it has identified four potential investors or buyers.

According to the report, the statement was made in papers filed
seeking a third extension of its exclusive right to propose a
Chapter 11 plan.  In the prior request for longer exclusivity in
February, the company said there were three interested buyers.

All four signed confidentiality agreements, allowing them to
receive detailed financial information, the company said in its
court filing, the report related.

If the bankruptcy judge in New York agrees, the deadline for
filing a plan will be extended by two months to June 9, the report
further related.

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of
$29.5 million and liabilities totaling $82.5 million.



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


ZHONG AN: Moody's Lowers CFR to B3 & Revises Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded Zhong An Real Estate
Limited's corporate family rating to B3 from B2.

At the same time, Moody's has changed the outlook of the rating to
stable from negative.

Ratings Rationale

"The downgrade has been prompted by Moody's expectation that Zhong
An will be exposed to a higher level of debt refinancing risk in
the next 12-18 months against the backdrop of slower economic
growth and a tight credit environment in China," says Lina Choi, a
Moody's Vice President and Senior Analyst.

Moody's estimates that Zhong An will have around RMB2.6 billion in
debt maturing in the next 18 months, or far above its cash on hand
of around RMB1.6 billion at end-December 2013.

Estimated land payments of around RMB0.5 billion in the next 9
months will reduce further its liquidity buffer against cash
outflow for debt repayments if contracted sales weaken.

"Moreover, slower property sales in the lower-tier cities,
especially the Yangtze River Delta region, could affect Zhong An's
credit profile," adds Choi, who is Lead Analyst for Zhong An.

Zhong An adopted a business model of selling high-end properties
in the affluent Yangtze River Delta region before 2012.

But home purchase restrictions caused the company to switch its
strategy to develop more mass-market products.

Such a change takes time to deliver results, and increased supply
in the lower tier cities in the Yangtze River Delta has added to
Zhong An's challenges.

Accordingly, its 2013 contracted sales and recognized revenue were
around RMB3.6 billion and RMB2.4 billion, below Moody's
expectations.

This situation has in turn pressured its credit profile, and its
fixed-interest coverage/(adjusted EBITDA/interest) ratio declined
from 1.7x at end- 2012 to 1.1x at end-2013.

Moody's expects its level of interest coverage to remain around 1x
in the next 12-18 months, which will limit its financial
flexibility and position it in the lower range of the single-B
rating level.

Zhong An's B3 rating reflects the small scale of its operations
and significant geographic and cash flow concentration. It also
considers the company's high level of sales volatility and weak
sales performance through market cycles.

The stable outlook reflects Moody's expectation that the company
has the option to dispose of assets to raise liquidity to address
debt refinancing challenges.

Near-term upward rating pressure will be limited. However, upgrade
pressure could emerge if Zhong An demonstrates an improved
liquidity position, sales execution, and improved interest
coverage with EBITDA/interest above 1.25x

The rating could be downgraded, if Zhong An faces heightened
liquidity risks, as evidenced by declining contracted sales and/or
cash balances.

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

Zhong An Real Estate Ltd. was listed on the Hong Kong Exchange in
November 2007. The chairman, Mr. Shi Kancheng, owns a majority
stake of around 68.8% in the company. It develops residential and
commercial properties and has a land bank located mainly in
Hangzhou and Ningbo in Zhejiang Province, Huaibei and Hefei in
Anhui Province, as well as Suzhou in Jiangsu Province. The company
also has an investment portfolio, including a hotel (Holiday Inn)
and a retail mall (Highlong Plaza) in Hangzhou.



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


AASTHA DEVELOPERS: CRISIL Assigns 'B' Rating to INR200MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aastha Developers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Cash         200        CRISIL B/Stable
   Credit Limit

The rating reflects AD's exposure to funding, implementation and
demand risks associated with its ongoing project, accentuated by
the initial stage of project implementation. The rating also
factors in the high degree of geographic concentration in the
firm's revenue profile, and the vulnerability of the firm to
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive experience
of AD's partners in the real estate industry.

Outlook: Stable

CRISIL believes that AD will continue to benefit over the medium
term from its established regional presence in the real estate
market in Surat (Gujarat), and its partners' extensive industry
experience. The outlook may be revised to 'Positive' in case of
better customer response to the firm's project leading to large
customer advances, or if the firm contracts lower-than-expected
debt to fund its project. Conversely, the outlook may be revised
to 'Negative' if AD reports significantly lower-than-expected cash
flows either on account of subdued response to its project or
lower-than-envisaged flow of advances.

AD, established in 2010 as a partnership firm, is a real estate
developer headquartered in Surat.  The firm is currently
implementing a residential real estate project, 'Shree Shyam
Bungalows', at Sarsana district in Surat. The project comprising
289 bungalows has been launched in 2014 and is expected to be
completed by 2018. The current partners of the firm are - Mr.
Manharbhai Patel, Mr. Rameshbhai Patel, and Mr. Pareshbhai Patel.


ASHTAVINAYAK ASSOCIATES: CRISIL Rates INR50MM Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Ashtavinayak  Associates.

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

The rating reflects AA's modest scale of operations in the
intensively competitive liquor distribution business marked by
presence of several established brands and weak financial risk
profile marked by modest net worth, high TOLTNW ratio and subdued
debt protection metrics. These rating weaknesses are partially
offset by extensive experience AA's partners in the liquor
distribution business.

Outlook: Stable

CRISIL believes that AA will continue to benefit over the medium
term from the extensive trading and business experience of its
partners. The outlook may be revised to 'Positive' if the firm
records a significant and sustainable growth in its revenues,
while improving its capital structure and debt protection metrics.
The outlook may be revised to 'Negative' in case AA registers a
significant decline in its revenues and margins or if its working
capital cycle lengthens further, leading to further weakening of
its financial risk profile.

AA, set up in 2011, is a partnership firm of Mr. Girish Jaiswal
and Mr. Ajay Jaiswal and is engaged in wholesale liquor
distributorship in Nagpur district of Maharashtra. The firm sells
liquor brands of various distilleries and breweries like Vishnu
Laxmi Distillery Ltd., Lilasons Industries Ltd. and Jagatjit
Industries Ltd amongst others with Vishnu Laxmi Distillery Ltd.
contributing significant proportion of the revenues.

AA reported a profit after tax (PAT) of INR0.2 million on
operating income of INR122 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.2
million on net sales of INR99.2 million for 2011-12.


BALAJI POLYTEX: CRISIL Ups Rating on INR140MM Loans to 'B'
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Balaji
Polytex Industry Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         5         CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           50         CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan             90         CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The ratings upgrade reflect timely servicing of term debt by BPIPL
over the six months through March 2014, driven by improvement in
liquidity backed by increase in net cash accruals with stabilizing
operations during 2013-14 (refers to financial year, April 1 to
March 31).

The ratings reflect BPIPL's modest scale of operations in the
competitive and fragmented packaging material industry and its
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of BPIPL's
promoters.

Outlook: Stable

CRISIL believes that BPIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its revenue and profitability while maintaining a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if BPIPL's financial risk profile
deteriorates, most likely because of large debt-funded capital
expenditure or sharp decline in revenue or profitability, leading
to weakening of financial risk profile, particularly liquidity.

Incorporated in August 2011, BPIPL is promoted by Mr. Vinay
Agarwal and Mr. Aditya Lahotia, and is based in Baddi (Himachal
Pradesh). BPIPL manufactures non-woven polypropylene (PP) sheets.


BANMORE FOAM: CRISIL Upgrades Rating on INR75MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Banmore Foam Pvt Ltd. (BFPL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'; and reaffirmed the short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            45        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit       25        CRISIL A4 (Reaffirmed)

   Letter of Credit       15        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Cash           5        CRISIL B/Stable (Upgraded
   Credit Limit                     from 'CRISIL B-/Stable')

   Proposed Long Term      5        CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Term Loan               5        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects an expected improvement in BFPL's credit risk
profile because of its diversification into better-value added
products such as mattresses, which could increase its operating
margin, thus improving its debt protection metrics. The rating
upgrade is also supported by no large debt obligations, since
majority of the term loans will be repaid by 2013-14 (refers to
financial year, April 1 to March 31), improving the company's
liquidity.

CRISIL's ratings reflect BFPL's weak financial risk profile due to
small net worth and weak debt protection metrics, exposure to
pricing pressure due to competition; small scale of operations;
vulnerability to fluctuations in raw material prices. These
weaknesses are partially offset by the promoters' extensive
experience in polyurethane (PU) foam manufacturing and marketing;
established customer relationships; reputable brand.

CRISIL has treated unsecured loans of INR19.3 million as on
December 31, 2013 as neither debt nor equity since these loans are
extended by the company's directors and their relatives, and are
unlikely to be withdrawn over the medium term.

Outlook: Stable

CRISIL believes that BFPL will continue to benefit from the
promoters' extensive industry experience, and strong client
relationships. The outlook may be revised to 'Positive' if the
company records significant growth in revenue, along with sizeable
profitability, and maintains its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
substantially low cash accruals, or any large debt-funded capital
expenditure (capex) impact its debt servicing ability.

Incorporated in 1988 by Mr. Yogesh Mittal in Morena (Madhya
Pradesh), BFPL manufactures PU foam sheets, foam rolls and other
foam products which find application in furniture, leather,
garments, automobile, footwear and packaging industry. In 2011-12,
the company also began manufacturing complete mattresses under its
brands 'Cozymate'.


BEEHIVE EDUCATIONAL: CRISIL Ups Rating on INR110MM Loans to 'C'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Beehive Educational Society to 'CRISIL C' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Overdraft Facility       12       CRISIL C (Upgraded from
                                     'CRISIL D')

   Term Loan                98       CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects the improvement in BES's liquidity led
by deferment of payment of instalments and interest on its term
loans until July 2014. CRISIL, however, believes that the
society's liquidity will remain constrained over the medium term
due to delays in receipt of fees, which may lead to cash flow
mismatches.

The rating reflects BES's susceptibility to intense competition in
the education sector and to the high degree of regulation by
government agencies. The rating also factors in the society's
below-average financial risk profile, marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by BES's long track record in education industry
in Dehradun (Uttarakhand).

BES, set up in April 2002, offers education in the fields of
engineering, management, science, commerce, and physiotherapy. It
currently runs three institutes: Beehive College of Advance
Studies, Beehive College of Management & Technology, and Beehive
College of Engineering & Technology. All three institutes are
located on a single campus in Dehradun.

BES reported a net surplus of INR5.2 million on fee income of
INR77.1 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net surplus of INR7.4 million on fee income
of INR68.0 million for 2011-12.


CHIRAG INT'L: ICRA Reaffirms 'B-' LT Rating on INR6.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B-' rating on the long-term scale and
'[ICRA]A4' rating on the short-term scale, assigned to the INR6.50
crore (enhanced from INR5.50 crore earlier) (inter-changeable
scale) fund-based bank facilities of Chirag International. ICRA
has also reaffirmed [ICRA]A4 rating assigned earlier to the
INR0.28 crore short-term non-fund based bank facilities of CI.

                         Amount
   Facilities         (INR crore)  Ratings
   ----------         -----------  -------
   Long-term fund-based    6.50    [ICRA]B-/[ICRA]A4 (Reaffirmed)
   bank facilities

   Short-term non fund-    0.28    [ICRA]A4 (Reaffirmed)
   based bank facilities

The ratings reaffirmation takes into account continued pressure on
the firm's financial profile by way of stretched debt coverage
(Total Debt / OPBITDA of 12.3x, NCA/ Total debt of 3% and interest
coverage of 0.82x in FY13) and liquidity indicators, on account of
further weakening of its operating profitability margins (2.6% in
FY 13) and increased working capital intensity of its operations.
Modest scale of operations of the firm results in relatively small
client base in the exports business which exposes the firm to any
slowdown in demand from these customers. Further, the ratings take
into account the fact that the firm's business inherently
witnesses high working capital intensity owing to high credit
period offered to the export clients, high inventory holding
period and limited credit period from suppliers; which therefore
necessitates firm's greater reliance on working capital
borrowings. Weak operating profit margins coupled with relatively
higher capital related charges like interest expenses lead to weak
net profit margins and cash accruals for the firm in relation to
the debt levels of the firm. Low profitability margins also make
the firm vulnerable to adverse fluctuations in exchange rates and
volatility in raw material costs. However, ICRA notes that the
firm is partly mitigating the forex risk by entering into forward
contracts for export sales.

Further, while the partners have demonstrated commitment to the
business by infusing capital and recouping withdrawals if any,
risk of untimely withdrawal of capital from the firm cannot be
negated. The ratings, however, continue to draw comfort from track
record of the firm of over two decades in the garment export
business which is reflected in long established relations with its
key customers which has resulted in repeat orders.

In order to sustain healthy growth of revenues, ICRA expects the
firm to require more external funding support at the exhibited
levels of working capital intensity and profitability.

Accordingly, the firm's ability to maintain a healthy capital
structure while restricting withdrawals from capital and infusion
of fresh capital when required will be a critical determinant of
its growth going forward. Further in ICRA's view, CI's ability to
retain and secure repeat business from its key clients, achieve
customer diversification in order to reduce business as well as
credit risk, and sustain healthy revenue growth while effectively
pruning its working capital cycle and improving its profit margins
will be the key rating sensitivities.


INNOVA CHILDREN'S: ICRA Reaffirms 'D' Rating on INR15cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' for INR11.00
crore (earlier INR12.14 crore) term loan and INR4.00 crore
(earlier INR2.34 crore) cash credit facility of Innova Children's
Heart Hospital Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-     4.00       [ICRA]D; Reaffirmed
   Cash Credit

   Fund Based Limit-    11.00       [ICRA]D; Reaffirmed
   Term Loan

   Unallocated Limits    0.00       [ICRA]D; Reaffirmed

The reaffirmation of the rating takes into account the continued
delays in the debt servicing obligations by ICHHPL owing to
stretched liquidity profile on account of significant build up of
receivables related to patients treated under the Arogyasri
Scheme. The rating is also constrained by ICHHPL's weak financial
profile characterized by losses at net level, leveraged capital
structure and weak debt coverage indicators in FY2013. The rating
is further constrained by high competition in healthcare industry
leading to high attrition rate of consultants/doctors. However,
ICRA draws comfort from the experienced and well reputed
promoters/doctors especially Dr. K. S. Murthy, and the gradual
increase in number of patients and per bed day in-patient revenue.

Innova Children's Heart Hospital Private Limited, incorporated in
2006, is a quaternary care hospital specializing in paediatric
cardiology. ICHHPL has been set up by a group of doctors (Dr.
Sujanee Murthy, Dr. Naga Rajan, Dr. Anil Kumar) led by Dr. K. S.
Murthy, to provide dedicated care for children suffering from
heart diseases both congenital and acquired, along with general
paediatrics. Prior to setting up of ICHHPL, Dr. K. S. Murthy
worked as a chief paediatric cardiac surgeon at Apollo Hospitals,
Hyderabad and as a consultant and head of the department of
paediatric cardiac surgery at the institute of cardio vascular
diseases, Madras Medical Mission for 13 years.
In FY 2013, ICHHPL reported operating income of INR22.46 crore and
net loss of INR1.54 crore as against operating income of INR19.90
crore and net loss of INR0.38 crore in FY 2012.


JCT LIMITED: ICRA Assigns 'D' Rating to INR352.20cr Loans
---------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to INR297.43
crore fund based limits of JCT Limited. ICRA has assigned short-
term rating of '[ICRA]D' to INR54.77 crore short term non-fund
based limits of JCT.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits      297.43     [ICRA]D, assigned
   Non-fund based limits   54.77     [ICRA]D, assigned

The assigned ratings take into account delay in repayments of bank
loans, default in repayment of FCCB, weak financial risk profile
of the company marked with tight liquidity in the backdrop of
large working capital requirements, low profitability and sizeable
repayment liability in relation to cash accruals. JCT's networth
turned negative as on September 30, 2013 due to large losses from
operations since FY2009. The debt restructuring of JCT's bank
loans under CDR was approved in September 2012 and master
restructuring agreement executed in January 2013. In addition to
promoter funding of INR16 crore, the scheme envisages inflow of
INR44 crore net of tax from sale of surplus assets primarily land
at Hoshiarpur, Punjab. While the scheme has reassessed the fund
based limits of JCT at INR80 crore including sanction of
additional working capital limits of INR45.77 crore however JCT
has not been able to avail the incremental limits due to
restriction in creation of charge on the assets of the company on
the petition filed by the Trustee of Foreign Currency Convertible
Bond Holders to wind up the Company due to default in repayment of
their dues.

While company has diversified product mix consisting of nylon
filament yarn, cotton, polyester cotton, acrylic fabric in grey
and dyed range and its capacity utilisation has improved in recent
quarters, JCT's liquidity is likely to remain tight in short to
medium term as significant improvement in profitability is
required to meet the debt obligations.

JCT Limited was incorporated in 1946 as Jagatjit Cotton Textile
Mills Limited and renamed JCT in 1989. As a part of family
settlement of Thapar Brothers, JCT Limited came to Mr. M. M.
Thapar. JCT is engaged in manufacturing textiles and filament yarn
through its integrated textile facilities in Phagwara, Punjab and
filament yarn facilities in Hoshiarpur, Punjab. Its integrated
facilities, from yarn to finished fabric, give it the flexibility
to offer superior quality and a wide product range to customers.
The bulk of JCT's textiles production is exported either directly
in the form of fabric or garments after conversion by the domestic
RMG segment. Within India, the Company has a strong network of
dealers/ distributors. Cotton and polyester cotton fabric is sold
all over India to some of the major domestic brands as well as
garment converters nominated by major international brands/ buying
houses.


K N INTERNATIONAL: CRISIL Reaffirms B- Rating on INR200MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of K N International Ltd
continue to reflect KNIL's small scale of operations and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that KNIL derives from its
reputed clientele, healthy order book, and low gearing.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        350        CRISIL A4 (Reaffirmed)
   Overdraft Facility     10        CRISIL B-/Stable (Reaffirmed)
   Term Loan             190        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KNIL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' if the company's liquidity improves further,
driven by increase in operating income, profitability, and net
cash accruals. Conversely, the outlook may be revised to
'Negative' if increase in working capital requirements
significantly weakens KNIL's liquidity, or if the company's scale
of operations and profitability decline.

Update
KNIL's revenue is expected to register a 2 to 3 per cent year-on-
year growth to around INR1.20 billion in 2013-14 (refers to
financial year, April 1 to March 31); and is also expected to
register moderate growth backed by a healthy order book of around
INR2.5 billion, to be executed in the next 24 months Over the past
two years, the company has shifted its focus from road
construction to construction of ash dykes and ponds mainly due to
higher margin and better revenue visibility. KNIL's operating
profitability is expected to remain moderate in the range of 8 to
9 per cent over the medium term.

The company's operations are relatively working-capital-intensive,
as reflected in its estimated gross current assets (GCAs) of
around 178 days as on March 31, 2013; the GCAs have been at
similar levels in the past. These GCAs emanate from the company's
inventory of 35 to 40 days and receivables of 50 to 60 days.
Furthermore, earnest money and fixed deposits have comprised of
over 33 to 40 per cent of the company's total assets (excluding
fixed assets) between 2008-09 and 2013-14. This is why majority of
the cash which the company generates from its business gets
utilised in aforementioned advances, and its bank limit remains
highly utilised.

KNIL's net worth is also expected to remain moderate at around
INR260.76 million, as on March 31, 2014. The company has low debt
levels towards funding its working capital requirements as it
requires non-fund based limits such as bank guarantees to execute
its projects; these, along with a moderate net worth, are expected
to result in low gearing of around .30 times as on March 31, 2014.

KNIL, promoted by Mr. Narendra Singh Yadav, began operations in
1988. The company has its facility in Sonebhadra (Uttar Pradesh)
and undertakes construction of roads and ash dyke plants. Its
clientele comprises leading companies such as National Thermal
Power Corporation Ltd, Reliance Infrastructure Ltd, and Hindalco
Industries Ltd (for ash dyke plants); and government bodies (for
roads construction).


LUCENT CLEANENERGY: ICRA Cuts Rating on INR15.9cr Loans to 'D'
--------------------------------------------------------------
ICRA has downgraded the long-term rating from '[ICRA]B+' and the
short-term rating from '[ICRA]A4' to '[ICRA]D' assigned to the
term loans, fund based limits and non-fund based limits
aggregating to INR15.90 crore1 of Lucent Cleanenergy Private
Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loans              11.50      [ICRA]D downgraded
   Fund Based Limits        4.00      [ICRA]D downgraded
   Non-Fund Based Limits    0.40      [ICRA]D downgraded

The ratings were earlier suspended in June 2013, and the
suspension has been revoked.

The revision of ratings takes into account the significant delays
of more than a year witnessed by the company to commence
production activities due to technical problems with the
machinery, which has led to a weak liquidity position resulting in
delays in meeting interest payments to the bank. The company's
long-term debt repayment has been deferred by one year, with the
revised repayments to commence from October 2014. Given the
limited track record of the company's operations, successful
scaling up of revenues remains critical for the company to meet
its debt obligations in a timely manner. The rating is also
constrained by the high leveraging levels of the company due to
the debt-funded nature of the capex as well as the exposure of its
profitability to movements in EVA prices (key raw material) which
is a crude oil derivative.

ICRA however positively notes the healthy demand indicators in the
long term given the impetus in domestic and foreign countries
towards setup of solar power projects as well as limited players
manufacturing EVA encapsulant films in the domestic market.

Lucent Cleanenergy Pvt Ltd was incorporated on 1st July 2011. The
company has been promoted by Mr. Praful Bavishiya, Mr. Akash
Domadiya and Mr. Shailesh Bavishiya. The company setup its plant
in Changodar (Ahmedabad) in October 2012 to manufacture Solar
Encapsulant Films with annual manufacturing capacity of 2,592 MT.
However, the plant witnessed technical problems resulting in
quality issues with the final product. After the technical
problems were corrected, the COD of the plant was declared in
September 2013.

For YTD FY 2014 (ending February 28, 2014), LCPL had reported net
losses of INR1.70 crore on an operating income of INR0.43 crore
(provisional).


MAHIDHARA PROJECTS: CRISIL Assigns 'B+' Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Mahidhara Projects Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Secured Overdraft     50         CRISIL B+/Stable
   Facility

The rating reflects MPPL's susceptibility to risks related to the
implementation of its upcoming projects, and the expected
deterioration in its capital structure. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the real estate segment.

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from the extensive experience of its promoters in the Chennai
(Tamil Nadu) real estate market. The outlook may be revised to
'Positive' if the company reports higher-than-anticipated cash
flows, supported by earlier-than-expected completion of, or
significantly higher realisations for, its upcoming projects.
Conversely, the outlook may be revised to 'Negative' if MPPL faces
delays in project completion or in receipt of payments from
customers, if it is unable to sell its upcoming projects, or if it
undertakes larger-than-expected debt-funded projects.

Set up in 2007 and based in Chennai, MPPL is engaged in the
development of residential real estate projects in Chennai and
Bengaluru (Karnataka). The company's day-to-day operations are
managed by the managing director, Mr. T Prashanth Reddy, and the
executive director, Mr. Ramakrishna Prasad.

MPPL is estimated to have earned a profit after tax (PAT) of
INR37.8 million on net sales of INR1.04 billion for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR30.2 million on net sales of INR1.03 billion for 2011-
12.


NINE GLOBE: ICRA Downgrades Rating on INR5cr Loan to 'D'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.00
crore fund based facilities of Nine Globe Builders to '[ICRA]D'
from '[ICRA]B-'.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits      5.00      Revised to [ICRA]D
                                    from [ICRA]B-

The rating revision factors in the instances of persistent delays
in servicing debt obligations due to weak cash flows generated
from the project. The rating continues to remain constrained by
the lack of experience of the promoters in the real estate
industry; the inherent risks of a partnership entity; and high
execution and cost over-run risks due to delays in project
execution, with 48% of project costs remaining to be incurred as
on December 2013. The rating also takes into account the market
risk, with 67% of the total project area remaining to be sold as
on December 2013. Moreover, around 95% of the balance project cost
to be incurred is proposed to be funded by way of advances from
customers, which remains contingent on timely sales and collection
from buyers -- increasing the project's funding risk. Nonetheless,
the rating continues to draw comfort from the attractive location
of the project, and its proximity to the Western Express Highway,
which serves as the key connecting route in Mumbai.

Nine Globe Builders is a partnership firm engaged in real estate
development in Mumbai. The firm was promoted by Mr. Naresh Parmar
and Mr. Paras Jain. In FY12, however, the firm was taken over by
Mr. Ashish Mehta and Mr. Pranav Mehta, who now hold 74% stake in
the firm. The firm acquired a land parcel in Malad (East), Mumbai,
where an old hospital building and a residential building was
situated. NGB is developing a residential real estate project,
Hazel Homes, on that land parcel under the Slum Rehabilitation
Scheme of the Government of Maharashtra.


OCTAMEC ENGINEERING: ICRA Cuts Rating on INR255cr Loans to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating of '[ICRA]BB-' and the short
term rating of '[ICRA]A4' assigned to the INR255 crore fund based
and non-fund based limits of Octamec Engineering Limited to
[ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based           170       Revised to [ICRA]D
                                  from [ICRA]BB-

   Non Fund Based        85       Revised to [ICRA]D
                                  from [ICRA]A4

The rating revision factors in persistent delays in debt servicing
due to deterioration in the liquidity profile and capital
structure to fund the growing working capital requirement of the
company.

Octamec Engineering Limited was established in the year 1993 by
Mr. Navin Hedge as a provider of turnkey solutions for space frame
structures. Mr. Hegde who is the Chairman & Managing Director of
OEL holds a Masters Degree in Engineering from Indian Institute of
Science (IISc), Bangalore and has been a Research Scholar at IIT
Bombay.

In the last few years, OEL has expanded its scope of work from
being present only in space frames to adding other capabilities
such as pre-engineered buildings (PEBs), light gauge cold rolled
frame structures, and tensegrity structures. Apart from these, OEL
has also begun undertaking allied civil works required for the
assembly and installation of steel structures and also
independently bid for contracts in the infrastructure space.
OEL's has promoted two fully owned subsidiaries viz., Octamec
Building Systems Limited (OBSL) and Octamec Infrastructure Limited
(OIL).


PATTABI ENTERPRISES: CRISIL Ups Rating on INR91.8MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Pattabi Enterprises to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           41        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Export Packing         4        CRISIL B/Stable (Upgraded
   Credit                          from 'CRISIL B-/Stable')

   Rupee Term Loan       46.8      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade factors in CRISIL's belief that Pattabli's liquidity
will improve on the back of significant improvement in cash
accruals supported by the ramp up in operations. With improvement
in its scale of operations, Pattabi is expected to generate cash
accruals of around INR30 million in 2014-15 (refers to financial
year, April 1 to March 31), sufficient to meet repayment
obligations of INR17 million. Also, its bank limits have been
moderately utilised at 87 per cent, which further supports its
liquidity.

The rating also reflects the firm's modest scale of operations in
the highly fragmented printing industry and high working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of Pattabi's promoters and their
established relationships with customers and moderate financial
risk profile.

Outlook: Stable

CRISIL believes that Pattabi will continue to benefit over the
medium term from its diversified client base and the extensive
experience of its promoters in the label printing industry. The
outlook may be revised to 'Positive' if its cash accruals are
better than expected or if working capital management improves
significantly, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of substantial increase in working capital requirements or
higher-than-expected debt-funded capital expenditure and lower
generation of cash accruals leading to deterioration in the
financial risk profile, particularly liquidity.

Pattabi was set up as a proprietorship firm in 1992 by Mr. JB
Pattabi, and was later reconstituted as a partnership firm in 2006
by introducing Mr. JB Nataraj (his brother), Mrs. J P Suchitra
(wife), and Mrs. JN Shruthi (sister-in-law) as partners. The firm
is engaged in the business of printing labels, stickers, cartons,
covers, envelopes, and other such items.


PRACHEE FILAMENTS: ICRA Reaffirms 'D' Rating on INR21.75cr Loan
---------------------------------------------------------------
The long term rating for the INR15.63 crore fund based bank
facilities of Prachee Filaments Yarns Private Limited has been
reaffirmed at [ICRA]D. ICRA has also reaffirmed the rating for the
INR6.12 crore unallocated limit of Prachee at [ICRA]D.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund      15.63      [ICRA]D Reaffirmed
   Based Limits

   Unallocated Limit    6.12      [ICRA]D Reaffirmed

The reaffirmed ratings continue to reflect the company's strained
liquidity position as reflected by continuing delays in servicing
of debt, leveraged capital structure and weak coverage indicators.
The company's financial profile in 2012-13(refers to financial
year: April 1 to March 31) has weakened on account of net losses
and de-growth in revenues following the ban in the use of plastic
pouches for the packaging of pan masala products by the Supreme
Court of India.

The ratings also factor in the regulatory risks attached to the
ban on plastic packaging (as observed in the gutkha segment) as
well as ban on sale and consumption of gutkha in few states.
However, the rating favourably factors in the favourable demand
prospects for the flexible packaging industry in the domestic
market in the long-term and location of the company's plant in
Surat, with advantages such as proximity to suppliers and
customers.

Prachee Filaments Yarns Private Limited incorporated in
April 2009, is involved in the business of manufacture of
metalized films and paper based packaging materials. The company
has its registered office in Surat city, while its manufacturing
plant is at Karanj village, Surat.

Recent results
For the year ending March 31, 2013 the company has reported a net
loss of INR1.41 crore on an operating income of INR13.89 crore.


PRAGATI GLASS: ICRA Reaffirms 'D' Rating on INR36.56cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating to the INR15.06 (reduced
from INR20.8 crore) term loans and INR17.5 crore long term cash
credit facilities of Pragati Glass Private Limited. ICRA has also
reaffirmed its [ICRA]D rating to the INR4.0 crore non-fund based
facilities of Pragati Glass Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Outstanding Long-     15.06      [ICRA]D reaffirmed
   term loans

   Long-term, fund-      17.50      [ICRA]D reaffirmed
   based facilities
   (Cash Credit)

   Short-term, non-       4.00      [ICRA]D reaffirmed
   fund based
   facilities

The rating reflects continued delays in debt servicing by the
company. The company's liquidity profile has been impacted on
account of stretched receivables position, large repayment
obligations and inadequate working capital limits. The revamping
of the second furnace in May, 2012 has enabled the company post
higher turnover during FY 2013 and the company is expected to
witness around 30% growth in FY 2014 too. However, increasing
working capital requirements and past debt-funded capital
expenditure continues to have an impact on its liquidity position.
The receivable days remain stretched at around 120 days with more
than six months debtors around INR9.2 crore as on
March 31, 2013.

ICRA however notes long experience of the promoters' in the glass
packaging industry, especially in the cosmetics and perfumes
segment. Profitability is relatively better in the value-added
cosmetics and perfumery segment than the other segments in the
glass packaging industry.

Pragati Glass Private Limited, incorporated in, 1982, is involved
in the manufacturing of glass tableware and bottles, promoted by
Mr. Dinesh Gupta. Pragati caters primarily to the cosmetics and
perfumes industry with small presence in foods & beverages
industry. Almost 60% of the company's sales are to the exports
market and balance is in the domestic market; Around 15-20% of its
exports sales are deemed exports to SEZs. Pragati has its
manufacturing facility located at Kosamba, Gujarat. In May 2011,
Pragati replaced its old furnace with the 60 tonnes per day (tpd)
furnace replaced by a 90 tpd capacity furnace. The company also
revamped its 70 tpd furnace and replaced it by a 110 tpd furnace
in May, 2012. Hence total capacity increased to approximately 200
tpd from May, 2012 compared to the 130 tpd in March, 2011.

Pragati has a subsidiary in Oman, Pragati Glass Gulf LLC set up in
April 2009, where it has a 55% stake with 15% held by another
Indian partner and balance being held by a local partner. It was
set up to take advantage of the lower input cost, mainly gas, a
primary input for manufacturing. The company is mainly into the
mass food & beverages segment and also caters partly (30%) to the
cosmetics and perfumes industry.

Recent results:
As per audited FY 2013 numbers, Pragati Glass reported a profit
after tax (PAT) of INR3.6 crore over an operating income of
INR111.0 crore.


PRECISION EQUIPMENTS: CRISIL Cuts Rating on INR250MM Loans to 'B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Precision Equipments (Chennai) Pvt Ltd to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        300        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           110        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit      100        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     39        CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Working Capital       101        CRISIL B+/Stable (Downgraded
   Term Loan                        from 'CRISIL BB-/Stable')

The ratings downgrade reflect CRISIL's belief that Precision's
financial risk profile will remain weak over the medium term,
marked by high gearing and weak debt protection metrics. Its
gearing is estimated at 6.90 times as on March 31, 2014, while its
interest coverage and net cash accruals to total debt ratios are
estimated at 1.32 times and 0.13 times, respectively, for 2013-14
(refers to financial year, April 1 to March 31). The weakening in
the company's financial risk profile is driven by significant
deterioration in its operating performance marked by loss of
INR182 million in 2012-13 due to significant order cancellations
and inventory write-off.

The ratings reflect Precision's working-capital-intensive
operations, susceptibility to volatility in raw material prices
and to economic downturns, and below-average financial risk
profile, marked by high gearing and weak debt protection metrics..
These weaknesses are partially offset by the company's established
market position in the business of manufacturing heat exchangers
and pressure vessels (engineering goods).

Outlook: Stable

CRISIL believes that Precision will continue to benefit over the
medium term from its established market position. The outlook may
be revised to 'Positive' if the company achieves significant and
sustained improvement in its revenue, while it manages its working
capital efficiently, leading to improvement in its liquidity and
capital structure. Conversely, the outlook may be revised to
'Negative' if Precision faces a further slowdown in its order
inflow or decline in its margins, or if it undertakes a
substantial debt-funded capital expenditure programme, thereby
weakening its financial risk profile.

Precision, incorporated in 1986, is promoted by Mr. P
Easwaramurthy. Based in Chennai (Tamil Nadu), the company
manufactures heat exchangers and pressure vessels.


RHIZOME DISTILLERIES: CRISIL Rates INR170 Million Loan at 'D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Rhizome Distilleries Private Limited. The rating
reflects instances of delay by RDPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term    170        CRISIL D (Assigned)
   Bank Loan Facility

RDPL also has working-capital-intensive operations, and a below-
average financial risk profile marked by weak debt protection
metrics and high gearing. However, the company benefits from its
promoters' extensive industry experience.

Incorporated in 1993, RDPL is engaged in manufacturing of India
Made Foreign Liquor (IMPL). Promoted by Rupani family, RDPL has
its manufacturing facility located in Medchal in Andhra Pradesh.
The day to day operation of the company is managed by Mr. Manoj
Rupani and Mr. Nishanth Bezawada.

RDPL reported a net loss of INR2.4 million on operating income of
INR160 million for 2012-13 (refers to financial year, April 1 to
March 31), against a profit after tax of INR3.7 million on
operating income of INR846 million for 2011-12.


SHREE ANUKUL: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Shree Anukul Knitting Mills Pvt Ltd.

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

The rating reflects SAKMPL's modest scale of operations in the
competitive knitting industry, and its below-average financial
risk profile. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the knitting
industry.

Outlook: Stable

CRISIL believes that SAKMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in the company's scale of operations and
profitability leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SAKMPL
generates lower-than-expected cash accruals, its working capital
cycle is stretched, and it undertakes more than expected debt-
funded capital expenditure programme, leading to weakening of its
liquidity.

Incorporated in 2008, SAKMPL manufactures knitted fabrics in West
Bengal. Prior to 2008, the business was being carried out under a
proprietorship firm, Shree Anukul Knitting Mills, since 1997. The
company's day-to-day operations are being managed by Mr. Jagannath
Roy.


SHREE NARMADA: ICRA Lowers Rating on INR40cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the rating assigned to the INR40.0 crore fund
based facilities and non-fund based facilities of Shree Narmada
Architectural Systems Limited to [ICRA]D from [ICRA]B+.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-Term: Fund      37.5        Revised to [ICRA]D
   Based Limits                     from [ICRA]B+

   Long-Term: Non-       2.5        Revised to [ICRA]D
   Fund Based Limits                from [ICRA]B+

The rating revision takes into account persistent delays /defaults
in servicing of debt and devolvement on non-fund based limits due
to the stretched liquidity position of the company.

Shree Narmada Architectural Systems Ltd. was incorporated as a
private limited company in February 2000; and subsequently
converted into a Public Limited Company in November 2000. SNASL
undertakes fabrication, installation and commissioning of
architectural systems works in India. SNASL also has an aluminum
extrusion facility for manufacturing of extruded profiles. The
aluminum extrusion plant is located at Bharuch district in Gujarat


SHREE PARAS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
----------------------------------------------------------
CRISIL's ratings reflect Shree Paras Nath Overseas Pvt Ltd's weak
financial risk profile because of its large working capital
requirements, and exposure to risks related to the commodity
nature of its products. These weaknesses are partially offset by
the extensive experience of SPOL's promoters in the copper wire
trading business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SPOL's financial risk profile will remain
constrained over the medium term owing to weak liquidity and debt
protection metrics. However, the company will continue to benefit
over this period from its promoters' extensive experience in
copper trading business. The outlook may be revised to 'Positive'
if SPOL's financial risk profile improves, on the back of
improvement in its receivables collection and operating margin.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, most likely because
of increase in working capital, driven by delay in receivables
collection.

Update
SPOL is estimated to report sales of INR500 million in 2013-14
(refers to financial year, April 1 to March 31), in line with last
year. Its sales growth has been constrained by weak demand
conditions and intense competition. SPOL's operating margin is
estimated at around 3 per cent in 2013-14 in line with past. The
company's margins remain stable aided by back-to-back order
booking and absence of inventory holding. The operations remain
working capital intensive owing to high credit offered to
customers (reflected in debtor days of 120 days) while the company
gets limited credit from its suppliers. The company's financial
risk profile remains weak marked by small net worth estimated at
INR57 million and high gearing of 2.0 times as on March 31, 2014,
and weak interest coverage ratio of 1.1 times for 2013-14. The
liquidity remains constrained by large working capital
requirements resulting in high bank limit utilisation. However,
the liquidity is supported by unsecured loans from promoters and
absence of any term loans.

Incorporated in November 2008 and promoted by Mr. Ashok Jain and
Mr. Jinesh Jain, SPOL trades in copper wires. It started
operations in December 2008. The company's office is in Delhi.

SPOL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR499.4 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR530.4 million for 2011-12.


SIMHAPURI ENERGY: ICRA Reaffirms 'D' Rating on INR2206.8cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR2206.8
crore term loan programme of Simhapuri Energy Limited.

The rating reaffirmation factors in the continued delays in
servicing of the debt pertaining to Phase 1 (300 MW) of the 600 MW
(4 x 150 MW) imported coal based power plant at Nellore, Andhra
Pradesh. Phase 1 commenced commercial operations in July 2012
(against a scheduled commissioning of February 2011), after a
substantial cost and time overrun, with debt repayments commencing
in May 2012. Further, time and cost overruns in Phase 2 (which is
expected to be commissioned shortly), have also resulted in delays
in debt servicing for Phase 2. ICRA notes that the successful
commissioning of Phase 2 is expected to ease the pressure on cash
flows. Timely debt servicing will remain a key rating sensitivity.

Simhapuri Energy, promoted by the Hyderabad based Madhucon Group,
is setting up a coastal coal based thermal power plant with an
ultimate capacity of 1920 MW, to be developed in three phases near
Krishnapatnam, in Nellore District, Andhra Pradesh. The Madhucon
Group largely undertakes EPC works across various sectors with
Madhucon Projects Limited as its flagship; the Group also has
several investments in BOT projects. Simhapuri Energy has
commissioned Phase 1 (300 MW) and is currently in the final stages
of commissioning Phase 2 of the project (300 MW) Unit 1 of Phase 2
has been commissioned in February 2014. For both phases, Simhapuri
Energy has a long term offtake arrangement in place with PTC India
Limited (PTC) for a major portion of the capacity with the balance
capacity to be sold on merchant basis.


SLO STEEL: ICRA Assigns 'B+' Rating to INR25cr Loan
---------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR25.00
crore fund based facility of SLO Steel Industries Limited. ICRA
has also assigned a short-term rating of '[ICRA]A4' to the
INR15.00 crore non-fund based facility of SSIL.

                             Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Fund based facility        25.00      [ICRA]B+ assigned
   Non-fund based facility    15.00      [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters in
the steel manufacturing and trading businesses and the favourable
demand outlook for steel products in the long-term, although, the
industry is passing through a weak phase at present, which has led
to an adverse impact on revenues. The ratings also consider the
high gearing and the stretched coverage metrics; however, debt
largely comprises working capital borrowings. Further, the ratings
take into account the moderate scale of SSIL's operations, which
entails modest profits / accruals; and the highly fragmented and
commoditised industry structure, which restricts pricing
flexibility and scope for margin expansion..

SSIL is primarily engaged in trading in steel and steel
intermediates, including Mild Steel (MS) scrap. The company has a
stockyard at Ponneri, near Chennai. It primarily caters to traders
and manufacturers, located in and around Chennai. Incorporated in
2010, SSIL was promoted by the SLO Group, which has presence in
the steel manufacturing and trading businesses. The directors of
the company are Mr. Anil Kumar Ojha (Chairman & Managing
Director), Mr. Arun Kumar Sharma and Mr. Pratap Kumar Rakesh.

Recent results

SSIL reported profit before tax of INR1.0 crore on an operating
income of INR62.4 crore during the period April to December 2013
(according to unaudited results). It reported a net profit of
INR0.3 crore on an operating income of INR149.1 crore during 2012-
13.


SRI DEVI: ICRA Reaffirms 'B' Rating on INR15cr Loans
----------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR6.80 crore
fund based limits and INR8.20 crore unallocated limits of Sri Devi
Enterprises at [ICRA]B.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits      6.80       [ICRA]B reaffirmed
   Unallocated            8.20       [ICRA]B reaffirmed

The reaffirmation of rating continues to be constrained by SDE's
small scale of rice milling operations which coupled with the
commoditized and intensely competitive nature of the rice milling
business have resulted in low profitability. The rating is further
constrained by firm's operations which are vulnerable to agro
climatic risks affecting the availability of the raw material
(paddy) and government policies on paddy procurement and selling
of rice. The rating also takes into account firm's weak financial
risk profile characterized by working capital intensive nature of
business leading to high gearing levels which coupled with low
profitability has resulted in weak coverage indicators; inherent
risks in partnership firm due to limited ability to raise capital
and the exposure to personal liabilities of the partner. The
rating however takes comfort from long experience of the promoter
in the rice industry; easy availability of raw material owing to
presence in a major rice producing region and favourable demand
prospects of the industry as SDE caters to Kerala and AP markets
where rice is a staple food.

Sri Devi Enterprises is engaged in the milling of paddy and
produces raw and boiled rice. The unit is located in Nellore
district of Andhra Pradesh which is one of the prominent rice
growing areas. The company has an installed capacity of 4 tons per
hour. The partnership firm is managed by Mr. M. Venkateswara Rao
who has rich experience in rice milling and trading activities. He
is also the managing partner of Sri Venkata Lakshmi Raw and Boiled
Rice Mill rated at [ICRA]B.

Recent Results
During FY2013 the firm has registered operating income of INR28.25
crore and PAT of INR0.06 crore as against INR28.21 crore of
operating income and 0.06 crore of PAT in FY2012.


SRI VENKATA: ICRA Reaffirms 'B' Rating on INR15cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating at '[ICRA]B' assigned to
INR10.20 crore fund based limits and INR4.80 crore unallocated
limits of Sri Venkata Lakshmi Raw & Boiled Rice Mill.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit limits      9.00       [ICRA]B reaffirmed
   Term Loan               1.20       [ICRA]B reaffirmed
   Unallocated limits      4.80       [ICRA]B reaffirmed

The reaffirmation of rating continues to be constrained by low
profitability of the firm due to small scale of operation,
intensely competitive and fragmented nature of the rice-milling
industry which results in thin profitability. The rating is also
constrained by weak financial profile of the firm characterized by
high gearing of 3 times and stretched interest coverage of 1.39
times in FY2013; risk inherent in partnership firm and its
susceptibility to government policy risks and the availability of
paddy which is subject to prevailing climatic conditions. However,
the rating reaffirmation favorably factor in long-standing
experience of its promoters in the rice milling industry, easy
availability of paddy as the mill is present in a major rice
growing area of Andhra Pradesh.

Sri Venkata Lakshmi Raw and boiled Rice Mill is engaged in the
milling of paddy and produces raw and boiled rice. The rice mill
is in Nellore district of Andhra Pradesh which is one of the
prominent rice growing areas. The company has an installed
capacity of 3 tons per hour. The partnership firm is managed by
Mr. M. Venkateswara Rao who has rich experience in rice milling
and trading activities. He is also the managing partner of Sri
Devi Enterprises.

Recent Results
SVLRBRM reported an operating income of INR28.97 crore and
operating profit of INR1.35 crore in FY2013, as compared to
INR26.38 crore and INR1.24 crore in FY2012.


SUNTANA TEXTILE: ICRA Ups Rating on INR11.4cr Loans From 'D'
------------------------------------------------------------
ICRA has upgraded the long-term rating of '[ICRA]D' to '[ICRA]C'
and the short-term rating of '[ICRA]D' to '[ICRA]A4' for INR11.40
crore fund based and non-fund based facilities of Suntana Textile
Mills Private limited.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits-     10.50     [ICRA]C/[ICRA]A4; Upgraded
   Working capital
   Limits

   Fund Based & Non-       0.90     [ICRA]C/[ICRA]A4; Upgraded
   Fund Based Limits-
   Proposed Limits

The upward revision in rating primarily takes into account Suntana
Textile Mills Private Limited's track record of timely servicing
of debt obligations. However, the financial profile continues to
remain weak as is evident from the low profitability levels,
highly leveraged capital structure and stressed liquidity
position, along with its small scale of operations with sales
remaining stagnant over the last few years. ICRA also takes note
of susceptibility to volatility in raw material prices and
exchange rate fluctuations and increasing competitive pressures
due to the presence of large number of organized and unorganized
players in domestic as well as international markets.

The assigned ratings however consider the long standing experience
of the promoters in the textile industry, diversified product
range and client base of the company, as well as its moderate
order-book position which provides revenue visibility in the near
future. The ratings also incorporate the benefits arising from the
favourable location of the manufacturing facility as is evident in
the easy availability of key raw materials, and proximity to
nearby ports for exports in international markets.

Suntana Textile Mills Pvt. Ltd. located at Powai, Mumbai was
incorporated by merging M/s. Sunil Textile Industries and M/s.
Sushil Textile Industries in year 2006 with the objective of
carrying out manufacturing of formal suiting on job work basis and
exporting it in overseas market. Mr. Sunil Agarwal, Mr.
Chiranjilal Agrawal and Mrs. Bharti Agrawal are key directors of
the company handling overall operations of the company.

Recent updates
As on September 31, 2013, the company has achieved an operating
income of approximately INR20.37 crore and net profit of INR0.17
crore as per half yearly provisional statement shared by the
company.


VRV TEXTILES: ICRA Reaffirms 'D' Rating on INR35.74cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR27.84
crore (INR 30.86 crore earlier) long term fund based limits,
INR3.17 crore (INR3.38 crore earlier) short term non-fund based
facilities and the INR4.73 crore (Rs.1.50 crore earlier)
unallocated bank lines of VRV Textiles Limited. The rating
suspension done in January, 2014 stands revoked.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund        27.84      [ICRA]D reaffirmed;
   based limits                     suspension revoked

   Short term non-        3.17      [ICRA]D reaffirmed;
   fund based limits                 suspension revoked

   Unallocated limits     4.73      [ICRA]D reaffirmed;
                                    suspension revoked

The rating reaffirmation factors in the continuing delays of more
than 90 days in servicing debt repayment obligations resulting in
the account being classified as a Non Performing Asset by the
lenders. The rating also factors in the dip in revenues and net
losses during FY 13 and in the current fiscal resulting in
considerable erosion of the company's net worth on account of low
capacity utilization. ICRA notes that going forward, an
improvement in the turnover and profitability coupled with timely
infusion of funds from the promoters will be critical for the
company's ability to meet its debt servicing requirements in a
timely manner which remains the key rating sensitivity.

VRV Textile Limited (VRV), promoted in the year 2006, started its
operations with manufacturing of cotton yarn and gradually shifted
to the manufacturing of m‚lange yarn. Now the company is fully
engaged in m‚lange yarn manufacturing since June 2012. Its primary
customers are in the hosiery segment. Currently majority of the
sales are in the domestic segment with a small proportion of
direct & merchant exports. At present, VRV has an installed
capacity of 16,896 spindles.

Recent Results (Provisional)

VRV has, for the year ended March 31, 2013, reported an operating
income of INR25.31 crore and a net loss of INR3.27 crore as
against INR30.26 crore and INR3.75 crore respectively for 2011-12.



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


ASAHI MUTUAL: Fitch Affirms 'BB' IFS Rating; Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Asahi Mutual Life Insurance
Co.'s (Asahi Life) Insurer Financial Strength (IFS) rating at
'BB'.  The Outlook is Positive.

KEY RATING DRIVERS

The IFS rating reflects Asahi Life's weak capital adequacy
compared with its peers' as well as its resilient insurance
underwriting backed by the company's effective focus on the more
profitable third (health) sector.

Asahi Life's statutory solvency margin ratio (SMR) improved to
540.7% at end-December 2013 from 495.8% at end-March 2013, due to
its accumulated capitalisation and reserves, its increased
unrealised gains on securities, and its continuous efforts to
reduce risk in its investments.

The company's insurance underwriting business has been stable due
to its effective focus on the more profitable third sector.
Annual premiums of in-force policies of Asahi Life's third sector
grew 1.3% in April to December 2013, partly because it launched a
care insurance product, ahead of most of its peers.  Fitch
believes that the company's efforts in promoting third sector
products via several non-traditional channels, including banks,
are likely to further enhance its strength in this segment.

Nevertheless, in comparison with its peers' average SMR of more
than 700%, Asahi Life's capital position is weak.  In addition,
Asahi Life's negative spread burden remains sizable and continues
to offset gains from better-than-projected mortality and morbidity
rates.  However, Fitch expects the company's capital adequacy to
slowly but steadily strengthen due to accumulated capitalisation.
The agency also expects Asahi Life's negative spread burden to
moderately shrink as a consequence of gradually declining average
guaranteed yields over the medium term.

Asahi Life is the sixth-largest traditional domestic life insurer
in Japan with a 3% market share by value of policies in force at
end-March 2013.

RATING SENSITIVITIES

Key rating triggers for an upgrade include: a further
strengthening of capitalisation, particularly if the SMR remains
well above 400%; further improvement in Fitch's internal
capitalisation measure; and a decline in financial leverage (with
kikin (foundation funds) treated as debt) to below 45%, on a
sustained basis.  Growth in the company's third sector business
and reduction in the surrender and lapse rates of its death
protection products would also be viewed positively by Fitch.

Key rating triggers for a downgrade include: material erosion of
capitalisation, specifically, a decline in the SMR to below 300%
or deterioration in Fitch's internal capitalisation measure on a
sustained basis.  Significant deterioration in profitability would
also put the rating under pressure.


ASAHI MUTUAL: Fitch Affirms 'BB' IFS Rating; Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Japan-based Asahi Mutual Life Insurance
Co.'s (Asahi Life) Insurer Financial Strength (IFS) rating at
'BB'.  The Outlook is Positive.

KEY RATING DRIVERS

The IFS rating reflects Asahi Life's weak capital adequacy
compared with its peers' as well as its resilient insurance
underwriting backed by the company's effective focus on the more
profitable third (health) sector.

Asahi Life's statutory solvency margin ratio (SMR) improved to
540.7% at end-December 2013 from 495.8% at end-March 2013, due to
its accumulated capitalisation and reserves, its increased
unrealised gains on securities, and its continuous efforts to
reduce risk in its investments.

The company's insurance underwriting business has been stable due
to its effective focus on the more profitable third sector.
Annual premiums of in-force policies of Asahi Life's third sector
grew 1.3% in April to December 2013, partly because it launched a
care insurance product, ahead of most of its peers.  Fitch
believes that the company's efforts in promoting third sector
products via several non-traditional channels, including banks,
are likely to further enhance its strength in this segment.

Nevertheless, in comparison with its peers' average SMR of more
than 700%, Asahi Life's capital position is weak.  In addition,
Asahi Life's negative spread burden remains sizable and continues
to offset gains from better-than-projected mortality and morbidity
rates.  However, Fitch expects the company's capital adequacy to
slowly but steadily strengthen due to accumulated capitalisation.
The agency also expects Asahi Life's negative spread burden to
moderately shrink as a consequence of gradually declining average
guaranteed yields over the medium term.

Asahi Life is the sixth-largest traditional domestic life insurer
in Japan with a 3% market share by value of policies in force at
end-March 2013.

RATING SENSITIVITIES

Key rating triggers for an upgrade include: a further
strengthening of capitalisation, particularly if the SMR remains
well above 400%; further improvement in Fitch's internal
capitalisation measure; and a decline in financial leverage (with
kikin (foundation funds) treated as debt) to below 45%, on a
sustained basis.  Growth in the company's third sector business
and reduction in the surrender and lapse rates of its death
protection products would also be viewed positively by Fitch.

Key rating triggers for a downgrade include: material erosion of
capitalisation, specifically, a decline in the SMR to below 300%
or deterioration in Fitch's internal capitalisation measure on a
sustained basis.  Significant deterioration in profitability would
also put the rating under pressure.


MT. GOX: Court Rejects Rehabilitation Bid
-----------------------------------------
MtGox Co., Ltd, said the Tokyo District Court on April 16 decided
to dismiss the company's application for commencement of a civil
rehabilitation and at the same time issued an order for
Provisional Administration.

"MtGox, applied on Feb. 28, 2014 for commencement of a civil
rehabilitation procedure at the Tokyo District Court. During the
following 1 month and a half, an investigation has proceeded with
regard to the past factual elements related to the disappearance
of bitcoins and missing funds which were the cause of said
application, but it is expected that said investigation will still
require some time and at this time, there are no prospects for the
restart of the business. Further, MtGox Co., Ltd. is continuing
the negotiations with sponsor candidates but the concrete
selection process has not yet started," the company said in a
statement.

"Taking into account this situation and the fact that the drafting
of a rehabilitation plan and its adoption or approval appear
difficult, after consultation with the Court and the Supervisor on
the continuation of the procedure, the Tokyo District Court
decided today [April 16] to dismiss the application for
commencement of a civil rehabilitation and at the same time, an
order for Provisional Administration was issued and Attorney-at-
law Nobuaki Kobayashi (Supervisor and Examiner under the Civil
Rehabilitation Procedure) was appointed Provisional Administrator.

"The dismissal of the application for commencement of a civil
rehabilitation procedure will create great inconvenience and
concerns to our creditors for which we apologize.

"MtGox Co., Ltd. intends to fully cooperate with the Provisional
Administrator including by handing over to the Provisional
Administrator current negotiations with sponsor candidates to
maximize the distribution to all creditors following a transfer of
the business to a sponsor."

                          About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014. It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


MT. GOX: CEO Hoped To Set Up A Bitcoin Cafe
-------------------------------------------
Takashi Mochizuki, Kathy Chu and Eleanor Warnock, writing for The
Wall Street Journal, reported that as Mt. Gox, once the pre-
eminent exchange for buying and selling bitcoins, sank deeper into
trouble late last year, a 28-year-old Frenchman in jeans and a T-
shirt was busy focusing on coffees and pastries for a bitcoin cafe
he planned to open in the same building where his company rented
space.

According to the report, on Feb. 28 of this year, that Frenchman,
Mark Karpeles, now in a suit and tie, bowed in apology as he
explained that a stash of his digital currency worth nearly half a
billion dollars had gone missing from the exchange's vaults,
forcing it to seek bankruptcy protection. The company blamed
hackers.

Its meltdown was a stunning reversal for a currency whose
proponents had touted it as a potential replacement for paper
money, the report related.  Mt. Gox wasn't the only first-
generation bitcoin exchange to run into trouble, but it was the
largest -- at its height handling 80% of all bitcoin trading.

Mr. Karpeles's lawyers said their client wouldn't heed a U.S.
Bankruptcy Court order to answer questions at a Dallas law firm or
a subpoena from the Treasury Department's Financial Crimes
Enforcement Network, an anti-money-laundering division, the report
further related. Also last week, Mt. Gox agreed with a Tokyo court
on the first step toward liquidation.

The rise and fall of Mr. Karpeles, and Mt. Gox, offer a glimpse
into the community of enthusiasts, technology experts and
investors that propelled bitcoin from a nerdy experiment to a
means of exchange accepted by thousands of retailers, consumers
and companies, the report said.

                       About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


TOKYO ELECTRIC: S&P Revises Outlook on 'B+' CCR to Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said it has revised to stable
from negative its outlook on its 'B+' long-term corporate credit
rating on Japan-based electric power utility company Tokyo
Electric Power Co. Inc.  At the same time, S&P affirmed all of its
ratings on the company.

"We have updated our view that the government of Japan will
continue to provide stable support for TEPCO, and we base this on
government approval of TEPCO's revised restructuring plan in
January 2014.  The outlook revision also reflects our view that
risk of further deterioration in TEPCO's cash flow adequacy is
likely to continue to decrease over the next 12 month because of
the benefits of an increase in electricity rates in September 2012
and significant cost reductions," S&P said.

"At the same time, we continue to view TEPCO's financial
performance as under pressure until it restarts one of its
Kashiwazaki-Kariwa nuclear reactors.  Accordingly, we maintain our
assessment of the stand-alone credit profile (SACP) for TEPCO as
'ccc+'.  This reflects our view of the company's business risk
profile as "fair," the fourth highest of six possible categories,
and its financial risk profile as "highly leveraged," the lowest
of six possible categories.  We apply our "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings" to our analysis of TEPCO
because we believe the company's business environment remains
severe and a huge burden of compensation and clean-up costs
continues to strongly pressure its liquidity and financial risk
profile," S&P added.

"We estimate that TEPCO turned a positive operating profit and its
EBITDA margin recovered to above 10% in fiscal 2013 (ended March
31, 2014), and we project that it will maintain an operating
profit at the current level in fiscal 2014.  We base this
projection on our key assumption that either TEPCO will restart
one of its idle nuclear reactors or will benefit from
implementation of another electricity rate increase, as well as
additional cost cuts, in fiscal 2014.  We take a view that TEPCO's
lender banks will continue to support the company's refinancing of
its maturing debts in line with an increasing package of support
from the Japanese government," S&P noted.

"We also maintain our assessment of the likelihood of
extraordinary support for TEPCO from the Japanese government as
"high," and we base this on our assessment of the company's
"strong" link and "very important" role to the government.
Following government approval of TEPCO's revised restructuring
plan in January 2014, we believe the support of the Japanese
government has added stability to TEPCO's operating performance,
in particular increasing financial support for compensation and
cleanup costs related to the disaster at its Fukushima No. 1
nuclear power plant," S&P added.

"We view TEPCO's liquidity as "less than adequate," according to
our criteria, though we estimate the ratio of its liquidity
sources to uses exceeded 2.0x as of Sept. 30, 2013.  Following
approval of TEPCO's revised restructuring plan, we believe that
financial institutions providing the company with credit continue
to offer it sufficient liquidity support.  However, we also
believe that the costs of compensating third parties and cleaning
up the environment will continue to heavily burden TEPCO's
liquidity.  In addition, TEPCO's short-term funding continues to
rely heavily on the financial policies of its lender banks.
Accordingly, we maintain our view that TEPCO's liquidity remains
less than adequate and the policies of financial institutions on
maintaining or extending credit to the company will be key to our
analysis," S&P said.

The outlook is stable.  S&P bases its outlook revision on its view
that the Japanese government will continue to provide stable
support for TEPCO following approval of TEPCO's revised
restructuring plan in January 2014.  Even though the timing of a
restart to reactors at its idle Kashiwazaki-Kariwa nuclear power
plant still remains unclear, S&P believes downside risk to its
cash flow adequacy and credit quality should remain limited over
the next 12 months given the positive effects of the hike in
electricity rates in September 2012 and significant cost
reductions.

S&P could consider raising our ratings on TEPCO if:

   -- It expects the likelihood of extraordinary government
      support to remain intact over the longer period; or

   -- S&P sees more likelihood of an early restart of one of the
      Kashiwazaki-Kariwa nuclear reactors or an additional
      increase in electricity rates.

S&P could consider lowering its ratings on TEPCO if:

  -- It expects a significant delay in the timing of a restart of
     TEPCO's nuclear reactors, for example, not before January
     2015 and no additional electricity rate increase is
     approved;

  -- S&P expects TEPCO's operating profits to deteriorate
     significantly and its EBITDA margin to decrease to far below
     10% in fiscal 2014; or

   -- S&P expects the likelihood of extraordinary support from
      the Japanese government to significantly decrease.

S&P's rating on TEPCO's long-term senior secured general mortgage
bonds is 'BB+', three notches higher than its 'B+' issuer credit
rating on the company.  In accordance with Article 37 of Japan's
Electricity Business Act, S&P still believes TEPCO is less likely
to default on senior secured general mortgage bond issues than on
bank borrowings.  Even though some of TEPCO's lender banks ask
that new loans come with security arrangements similar to those of
general mortgage bonds, S&P estimates that new loans make up a
small portion of TEPCO's total debt.  S&P sees a lower probability
of TEPCO defaulting on senior secured general mortgage bonds than
on bank borrowings, for the following reasons:

  -- Japan's government has indicated it will prevent TEPCO from
     falling into negative net worth; we expect bondholders would
     be paid before compensation claimants if TEPCO were to
     default on senior secured general mortgage bonds, a
     situation that would not be in the interests of damage
     victims;

  -- A default on TEPCO's 4 trillion in bonds, which account for
     around 6%-7% of all domestic corporate bonds, would hurt
     Japan's bond market; and

  -- S&P believes Japan's government has an economic incentive to
     avoid such a scenario.



TOKYO ELECTRIC: S&P Revises Outlook on 'B+' LT CCR to Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it has revised to stable
from negative its outlook on its 'B+' long-term corporate credit
rating on Japan-based electric power utility company Tokyo
Electric Power Co. Inc.  At the same time, S&P affirmed all of its
ratings on the company.

"We have updated our view that the government of Japan will
continue to provide stable support for TEPCO, and we base this on
government approval of TEPCO's revised restructuring plan in
January 2014.  The outlook revision also reflects our view that
risk of further deterioration in TEPCO's cash flow adequacy is
likely to continue to decrease over the next 12 month because of
the benefits of an increase in electricity rates in September 2012
and significant cost reductions," S&P said.

"At the same time, we continue to view TEPCO's financial
performance as under pressure until it restarts one of its
Kashiwazaki-Kariwa nuclear reactors.  Accordingly, we maintain our
assessment of the stand-alone credit profile (SACP) for TEPCO as
'ccc+'.  This reflects our view of the company's business risk
profile as "fair," the fourth highest of six possible categories,
and its financial risk profile as "highly leveraged," the lowest
of six possible categories.  We apply our "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings" to our analysis of TEPCO
because we believe the company's business environment remains
severe and a huge burden of compensation and clean-up costs
continues to strongly pressure its liquidity and financial risk
profile," S&P added.

"We estimate that TEPCO turned a positive operating profit and its
EBITDA margin recovered to above 10% in fiscal 2013 (ended March
31, 2014), and we project that it will maintain an operating
profit at the current level in fiscal 2014.  We base this
projection on our key assumption that either TEPCO will restart
one of its idle nuclear reactors or will benefit from
implementation of another electricity rate increase, as well as
additional cost cuts, in fiscal 2014.  We take a view that TEPCO's
lender banks will continue to support the company's refinancing of
its maturing debts in line with an increasing package of support
from the Japanese government," S&P noted.

"We also maintain our assessment of the likelihood of
extraordinary support for TEPCO from the Japanese government as
"high," and we base this on our assessment of the company's
"strong" link and "very important" role to the government.
Following government approval of TEPCO's revised restructuring
plan in January 2014, we believe the support of the Japanese
government has added stability to TEPCO's operating performance,
in particular increasing financial support for compensation and
cleanup costs related to the disaster at its Fukushima No. 1
nuclear power plant," S&P added.

"We view TEPCO's liquidity as "less than adequate," according to
our criteria, though we estimate the ratio of its liquidity
sources to uses exceeded 2.0x as of Sept. 30, 2013.  Following
approval of TEPCO's revised restructuring plan, we believe that
financial institutions providing the company with credit continue
to offer it sufficient liquidity support.  However, we also
believe that the costs of compensating third parties and cleaning
up the environment will continue to heavily burden TEPCO's
liquidity.  In addition, TEPCO's short-term funding continues to
rely heavily on the financial policies of its lender banks.
Accordingly, we maintain our view that TEPCO's liquidity remains
less than adequate and the policies of financial institutions on
maintaining or extending credit to the company will be key to our
analysis," S&P said.

The outlook is stable.  S&P bases its outlook revision on its view
that the Japanese government will continue to provide stable
support for TEPCO following approval of TEPCO's revised
restructuring plan in January 2014.  Even though the timing of a
restart to reactors at its idle Kashiwazaki-Kariwa nuclear power
plant still remains unclear, S&P believes downside risk to its
cash flow adequacy and credit quality should remain limited over
the next 12 months given the positive effects of the hike in
electricity rates in September 2012 and significant cost
reductions.

S&P could consider raising our ratings on TEPCO if:

   -- It expects the likelihood of extraordinary government
      support to remain intact over the longer period; or

   -- S&P sees more likelihood of an early restart of one of the
      Kashiwazaki-Kariwa nuclear reactors or an additional
      increase in electricity rates.

S&P could consider lowering its ratings on TEPCO if:

  -- It expects a significant delay in the timing of a restart of
     TEPCO's nuclear reactors, for example, not before January
     2015 and no additional electricity rate increase is
     approved;

  -- S&P expects TEPCO's operating profits to deteriorate
     significantly and its EBITDA margin to decrease to far below
     10% in fiscal 2014; or

   -- S&P expects the likelihood of extraordinary support from the
      Japanese government to significantly decrease.

S&P's rating on TEPCO's long-term senior secured general mortgage
bonds is 'BB+', three notches higher than its 'B+' issuer credit
rating on the company.  In accordance with Article 37 of Japan's
Electricity Business Act, S&P still believes TEPCO is less likely
to default on senior secured general mortgage bond issues than on
bank borrowings.  Even though some of TEPCO's lender banks ask
that new loans come with security arrangements similar to those of
general mortgage bonds, S&P estimates that new loans make up a
small portion of TEPCO's total debt.  S&P sees a lower probability
of TEPCO defaulting on senior secured general mortgage bonds than
on bank borrowings, for the following reasons:

  -- Japan's government has indicated it will prevent TEPCO from
     falling into negative net worth; we expect bondholders would
     be paid before compensation claimants if TEPCO were to
     default on senior secured general mortgage bonds, a
     situation that would not be in the interests of damage
     victims;

  -- A default on TEPCO's 4 trillion in bonds, which account for
     around 6%-7% of all domestic corporate bonds, would hurt
     Japan's bond market; and

  -- S&P believes Japan's government has an economic incentive to
     avoid such a scenario.



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


TE RIMU: Still Owes More Than NZ$1MM as it Exits Receivership
-------------------------------------------------------------
Jono Galuszka at Manawatu Standard reports that receivers have
taken their hands off a Wairarapa farm run by a Dannevirke farmer,
but the business still owes more than NZ$1 million to creditors.

Te Rimu Station Ltd, directed by Shaun Currie, was put into
receivership in February last year owing NZ$7 million to various
creditors, including the Bank of New Zealand and Rabobank.

When put into receivership, receivers said the business had not
been given much-needed investment.

Manawatu Standard says Tony Pattison -- tony.pattison@nz.pwc.com -
- and Maurice Noone -- maurice.noone@nz.pwc.com-- of
PricewaterhouseCoopers, wrapped up their receivership this month,
and in a report detailed how much money was still owed to
creditors.

Rabobank was left NZ$303,000 out of pocket, while BNZ was owed
NZ$978,000 at the end of the receivership, Manawatu Standard
relays.

While Inland Revenue and employees of the company were fully paid,
unsecured creditors were unlikely to get the NZ$38,000 they were
owed, the report, as cited by Manawatu Standard, said.

According to Manawatu Standard, liquidators managed to get money
to pay bills by selling land, buildings, livestock, equipment and
wool, bringing in NZ$6 million.

Te Rimu Station is still in liquidation, with an update report
from the Official Assignee six months overdue, Manawatu Standard
adds.



                             *********

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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