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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

            Thursday, May 22, 2014, Vol. 17, No. 100


                            Headlines


A U S T R A L I A

EMECO HOLDINGS: Fitch's B+ Rating Expects Possible Lower Earnings
NOBLE MINERAL: Further Extends DOCA Deadline to June 17
PATINACK FARM: Tinkler Sells Horse Racing Empire


C H I N A

KAISA GROUP: Moody's Upgrades Corporate Family Rating to Ba3
YINGDE GASES: Fitch Affirms 'BB' IDR; Outlook Stable


H O N G  K O N G

MIE HOLDINGS: Amendments on Notes No Impact on Fitch's 'B' Rating
PHYSICAL PROPERTY: Incurs HK$178,000 Net Loss in First Quarter


I N D I A

ADACHI NATURAL: ICRA Suspends B+ Rating on INR5.60cr Loan
ALPINE HOUSING: ICRA Withdraws 'D' Rating on INR50cr Loan
ARIA HOTELS: ICRA Raises Rating on INR422.92cr Loans to 'B'
ARSHIT GEMS: ICRA Upgrades Rating on INR28cr Loan to 'B+'
AUTO POINT: ICRA Assigns 'B+' Rating to INR8cr LT Loan

BALLIUM EXPORTS: ICRA Assigns 'B' Rating to INR30cr Term Loan
BHALARA COTTON: ICRA Suspends 'B' Rating on INR9.50cr Loans
BOMMINENI RAMANJANEYULU: ICRA Keeps 'B+' Rating on INR10cr Loans
DINESH SEAMLESS: CRISIL Reaffirms 'B' Rating on INR90MM Loans
DLECTA FOODS: CRISIL Reaffirms 'B-' Rating on INR272.7MM Loans

ECHELON EDUCATIONAL: ICRA Puts B- Rating on INR15.15cr Loans
EXOTIC GRANITE: ICRA Assigns 'B' Rating to INR10cr Loans
GAGAN RICE: ICRA Assigns 'B' Rating to INR19cr Loans
GURUKRUPA AGRO: ICRA Suspends 'B' Rating on INR7.19cr Loans
HARI OM: ICRA Withdraws 'B' Rating on INR35cr Bank Loan

HARIOM COTGIN: ICRA Reaffirms 'B+' Rating on INR8.03cr Loans
HARJIT SINGH: CRISIL Reaffirms 'B' Rating on INR82.5MM Loans
HILLTOP CERAMIC: ICRA Suspends 'B+' Rating on INR4.7cr Loans
HVR PROJECTS: CRISIL Assigns 'B' Rating on INR170MM Loans
INANI INTERNATIONAL: ICRA Assigns 'B+' Rating to INR8.75cr Loans

ITALIA CERAMICS: ICRA Assigns 'B+' Rating on INR9.12cr Loans
JALARAM AGRI: ICRA Reaffirms 'B+/A4' Rating on INR7cr Cash Credit
KGS SUGAR: ICRA Reaffirms 'B+' Rating on INR481.37cr Loans
KISHOR SORTEX: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
METROWORLD TILES: ICRA Reaffirms 'B+' Rating on INR15.55cr Loans

MHETRE PACKAGING: CRISIL Puts 'B+' Rating on INR143.6MM Loans
NIRBHAI TEXTILES: ICRA Assigns 'B+' Rating to INR40cr Bank Loan
RODAS IMPEX: ICRA Reaffirms 'B+' Rating on INR8cr Loans
SAINATH KNITEX: ICRA Reaffirms 'B' Rating on INR9cr Loans
SATANI FORGE: ICRA Suspends 'B+' Rating on INR9.08cr Loans

SHINDE AND SONS: CRISIL Reaffirms 'D' Rating on INR75MM Loans
SHIV POLYMERS: CRISIL Assigns 'B' Rating to INR199.9MM Loans
SHIVA STRUCTURES: CRISIL Cuts Rating on INR360MM Loans to 'D'
SHREE DWARKADHISH: ICRA Suspends 'B' Rating on INR9.84cr Loans
SHREE RAM: ICRA Assigns 'B' Rating to INR7.55cr Loans

SIPAI COTTON: ICRA Reaffirms 'B+' Rating on INR6cr Cash Credit
SOORYA CASHEW: CRISIL Assigns 'B+' Rating to INR70MM Loan
SUPER SHIV: ICRA Assigns 'B+' Rating to INR14cr Loans
TEESTA RANGIT: ICRA Reaffirms 'D' Rating on INR40cr Term Loans
V. D. MOTORS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan

VEDANTA RESOURCES: S&P Revises Outlook & Affirms 'BB' CCR


I N D O N E S I A

PELAYARAN NASIONAL: Sulistyo Named as New CEO


N E W  Z E A L A N D

BLAKE STREET: Liquidators File Civil Suit vs. Bankrupt Developer
KINGSLAND STATION: Ex-All Black Denied Bankruptcy Discharge
SOUTHERN CROSS: Sale of Thames Sawmill Attracts Interests


P H I L I P P I N E S

CAVITE RURAL: PDIC Pays Depositors' Deposit Insurance Claims
PHILIPPINE NATIONAL BANK: Moody's Affirms Ba2/NP Deposit Ratings
RIZAL COMMERCIAL BANKING: Moody's Affirms Ba2/NP Deposit Ratings


S O U T H  K O R E A

LEO MOTORS: Incurs $1.3 Million Net Loss in First Quarter
* SOUTH KOREA: Corporate Bill Default Rate Hits 6-Month High


                            - - - - -


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A U S T R A L I A
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EMECO HOLDINGS: Fitch's B+ Rating Expects Possible Lower Earnings
-----------------------------------------------------------------
Fitch Ratings says that Emeco Holdings Limited's (Emeco;
B+/Stable) ratings already incorporated the possibility that
earnings for the financial year ending June 30, 2014, would be
lower than the company's previous guidance.

Emeco, which supplies heavy equipment to the mining industry, on
May 14, 2014, revised its FY14 EBITDA guidance to AUD72m-75m,
12%-20% lower than its previous estimates.  The lower guidance is
not a surprise -- Fitch had already factored in the possibility of
a slower pick-up in utilisation rates than management's initial
estimates, especially in the 12 to 18 months following the
initiation of the ratings in February 2014.  Fitch does not view
the lower earnings guidance as a material weakening of Emeco's
business or credit profile, especially as it is driven by one-off
events and a delay in the commencement of operations for some of
its new contracts.

In Fitch's opinion, the lower earnings in FY14 would not
materially hamper its ability to deleverage in line with our
expectations.  Emeco's ratings factor in our expectation that
Emeco would reduce its leverage, as measured by net debt to
EBITDA, to below 3x by FY16 (2.3x in FY13).

Emeco's Canadian operations have been impacted in FY14 by an
earlier than expected onset of autumn and unplanned outages at its
largest customer.  Emeco expects seasonally adjusted business
volumes in its Canadian operations to return to normal by July
2014.  In Australia, the company has not been awarded as many new
contracts as it initially anticipated, although it has already
secured some sizable contracts, which should boost its utilisation
rates in Australia starting early FY15.

The company's overall utilisation has trended downwards since
early 2012, driven by weak volumes in its Australian coal
business, as coal miners have been reducing overburden removal
volumes in response to weak global coal prices.  The agency
however does not expect this trend to continue due to both
increasing Australian coal production and gradual reversion by
miners to regular strip ratios requiring higher overburden removal
volumes.

Emeco's ratings, including the 'BB-'/'RR3' rating on its senior
secured bonds issued under Emeco Pty Ltd, reflect the high
sensitivity of its earnings to commodity cycles.  The ratings also
take into account Emeco's low operating leverage, Fitch's
expectation of a gradual improvement in Emeco's financial profile
and Emeco's flexibility in managing capex, which allows it to
preserve operating cash flows during industry downturns.


NOBLE MINERAL: Further Extends DOCA Deadline to June 17
-------------------------------------------------------
African Mining reports that Noble Mineral Resources Limited has
announced the extension date to complete the Deed of Company
Arrangement entered into with Resolute Mining Limited.

African Mining says the Deed of Company Arrangement was originally
proposed by Resolute Mining Limited, with regard to the Bibiani
gold project in Ghana, in November 2013. Since its proposal, the
deadline for the conditions precedent, originally scheduled for
March 31, 2014, has been extended a total of five times, the
report notes.

According to African Mining, the Schemes of Arrangement have
received approval from the creditors, employees of the company's
Ghanaian subsidiaries and the High Court of Ghana. As such, the
company is making progress in satisfying all the conditions
precedent which include obtaining consent from the Ghanaian
ministerial regarding the change of control of the Bibiani mining
license to Resolute Mining Limited.

The new deadline for the conditions precedent to be met by is
June 17, 2014, the report discloses.

Noble Mineral Resources Limited is an ASX-listed company,
exploring for and developing large-scale gold deposits in Ghana,
West Africa.

Martin Jones, Darren Weaver and Ben Johnson of Ferrier Hodgson
were appointed voluntary administrators of Noble Mineral Resources
Limited on Sept. 12, 2013, pursuant to Section 436A of the
Corporations Act 2001.

The company collapsed after it was unable to pay a AUD4.8-million
debt to Rothschild Australia, relating to an AUD85-million
financing deal with Resolute, according to miningweekly.com.


PATINACK FARM: Tinkler Sells Horse Racing Empire
------------------------------------------------
Cara Waters at smartcompany.com.au reports that coal baron Nathan
Tinkler has finally agreed to sell his beloved horse racing stud
Patinack Farm.

Mr. Tinkler announced a deal on May 21 to sell the thoroughbred
racing and breeding operation to a consortium of local and
overseas parties from the Middle East, according to
smartcompany.com.au.

smartcompany.com.au relates that Mr. Tinkler has been clinging
onto control of Patinack Farm since 2012 when it was placed in
liquidation.

The report says the sale shows how far Tinkler has fallen after
once topping BRW's Young Rich List with an estimated net wealth of
$1.1 billion by the age of 35.  Throughout all his troubles he has
fought to retain his horse racing empire.

The consortium which has bought Patinack Farm is unnamed but the
deal was negotiated by UAE-based investment firm Cibola Capital,
the report notes.

The sale will be on a "walk in, walk out" basis for an undisclosed
sum, says smartcompany.com.au.

According to smartcompany.com.au, it is unclear how much
Mr. Tinkler will get back of the estimated AUD200 million to
AUD300 million he has ploughed into buying the training
facilities, stud farms and hundreds of high-quality racehorses
which make up Patinack Farm.

Sale contracts have been exchanged and the transaction will be
completed in the coming weeks, the report notes.

smartcompany.com.au relates that Mr. Tinkler said he was
"extremely pleased" with the sale and described the consortium as
"an ambitious group" who will "continue to build" on Patinack
Farm's foundations.

"I am also satisfied that the investment I have made into the
Patinack Farm facilities and bloodlines will continue and that
Patinack staff will be offered employment," Mr. Tinkler said in a
statement, smartcompany.com.au relays.

Mr. Tinkler said he sold up as he now resides overseas and his
focus is on the Tinkler Group's "core operations" in resources and
mining, the report adds.

Patinack Farm is made up of three major properties including a
3300 acre breeding facility at Sandy Hollow in the NSW Hunter
Valley, a 1000 acre training facility and stud at Canungra on the
Gold Coast and 950 acres of undeveloped horse country at
Monegeetta, Victoria close to the racecourses of Melbourne.  It
currently has bloodstock of close to 600 horses.


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C H I N A
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KAISA GROUP: Moody's Upgrades Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service has upgraded Kaisa Group Holdings
Limited's corporate family rating and senior unsecured bond rating
to Ba3 from B1.

The ratings outlook is stable.

Ratings Rationale

"The upgrade reflects our expectation that Kaisa will continue its
solid sales execution track record in the next 12 -- 18 months,"
says Franco Leung, a Moody's Assistant Vice President and Analyst.

Kaisa has delivered good sales growth in the past few years. It
achieved 38% year-on-year contracted sales growth in 2013 and 13%
in the challenging operating environment in 2012.

Even though the company had a sluggish RMB6.2 billion of
contracted sales for the first four months of 2014, reporting a 7%
year-on-year decline, Moody's believes that it will launch more
projects for the rest of the year to achieve sales close to the
target of about RMB30 billion in FY2014.

"As a result of the solid sales execution, Kaisa's credit metrics
match those of its Ba3-rated peers," says Leung, also the Lead
Analyst for Kaisa.

Additionally, Kaisa's debt leverage will match the Ba3-rated
Chinese developer peers, as it continues to deliver sales growth
and control its pace of expansion. Moody's expects Kaisa to slow
down land investment in the next 12 months and maintain its debt
leverage -- measured by adjusted debt/ capitalization, at around
55% in the next 12-18 months.

Moreover, its strategy of increasing sales contributions from
high-tier cities will reduce downward pressure on its EBITDA
margin. Accordingly, its adjusted EBITDA interest coverage -
excluding adjustments for capitalized interests charged to the
cost of sales - will improve to around 2.5x-3.0x in the next 12-18
months, from about 2.3x in FY2013. Such level would match those of
its Ba3 rated Chinese property peers.

"Kaisa's sizable land bank in high tier cities will also support
its medium-term growth plans," adds Leung.

Kaisa has refocused on high-tier cities in recent years. According
to company information, 92% of land purchases in 2013 and 78% in
2012 were in high-tier cities, including Guangzhou, Shenzhen,
Shanghai, Hangzhou, Chengdu, Chongqing, Wuhan, Changsha and
Qingdao. Demand for residential properties is unlikely to weaken
substantially over the next two years in these cities.

Kaisa's Ba3 corporate family rating reflects its track record in
developing mass market properties in major Chinese cities, such as
Shenzhen. The company is also expanding its presence in cities
beyond its home base of Guangdong province.

It also considers Kaisa's track record of completing profitable
redevelopment projects in the Guangdong province.

Additionally, the rating is supported by its track record of
raising offshore term funding to improve its debt maturity
profile.

"Kaisa has been proactively managing its capital structure over
the past few years. It issued a total of USD1.34 billion in 2013
to prefund its 2014 and 2015 maturing debt," says Leung.

As a result, its debt maturing in less than one year is 18% of
total debt at end-2013, down from 20.4% at end-2012.

On the other hand, Kaisa's rating is constrained by its rapid
expansion, which in turn has exposed the company to execution
risks and high debt borrowings.

The stable rating outlook reflects Moody's expectation that Kaisa
will maintain sales growth in high-tier cities and disciplined
land acquisitions, which in turn will result in credit metrics
matching those of Ba3-rated peers.

Kaisa's ratings could come under upward pressure if the company:
(1) demonstrates discipline in acquiring land; (2) generates
stable growth in its sales; (3) improves its interest coverage
position to above 3.0x-3.5x; and (4) maintains adequate liquidity,
with cash to short-term debt of more than 2x on a sustained basis.

On the other hand, downward rating pressure could arise if: (1)
the company's contracted sales fall substantially below its
business plan; (2) its debt rises further as a result of its
aggressive land acquisitions; (3) its credit metrics weaken, such
that EBITDA/interest falls below 2.0x; or (4) its liquidity
weakens, with its cash holdings slipping below 1.5x of short-term
debt.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. At 31 December 2013, the company was 62.4%-owned by
its founder, Mr. Kwok Ying Shing and his family members. It had a
land bank of around 23.2 million square meters in gross floor area
in the Pearl River Delta, Pan-Bohai Bay Rim, western and central
China and the Yangtze River Delta, at end-December 2013.


YINGDE GASES: Fitch Affirms 'BB' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Yingde Gases Group Company Limited's
(Yingde) Long-Term Issuer Default Rating (IDR) at 'BB'.  The
Outlook is Stable.  Fitch has also affirmed the senior unsecured
debt ratings of Yingde and Yinde Gasses Investment Limited at
'BB'.

The rating action is driven by Fitch's view that the steady growth
in Yingde's core markets will continue to support its strong cash
generation.  Its revenue base will also become more diversified
with new facilities being built and operated for end-users in the
chemical/non-ferrous/metal industry.  This steady business profile
mitigates the increase in financial leverage, which is mainly
driven by a faster-than-expected increase in capex work begins on
new projects.

KEY RATING DRIVERS

Utility Type Business: Yingde's on-site gas supply business, which
accounted for 88% of revenue in 2013 (87.9% in 2012), generates
stable cash flow similar to that seen in utility companies.  This
business benefits from the cost pass-through and minimum off-take
mechanisms in the long-term contracts between Yingde and its on-
site customers. In 2013, Yingde increased its production
facilities by 16 to 57, and expanded its total installed oxygen
capacity by 50% to 1.6 million normal cubic metres of gas per hour
(Nm3/hr).  It is scheduled to further increase its oxygen capacity
to 2 million Nm3/hr at end-2014.

Stable Profitability: Relative to peers in the industry, Yingde
enjoys more stable profitability due to the high contribution from
the on-site business.  Operating profit margin was stable at 22%
for both 2013 and 2012.  Gross profit has risen in tandem with
growing capacity.  Meanwhile, Yingde's competitors, who have
higher exposure to the merchant gas sales segment, which has
higher gross margin but is subject to more volatile demand and
pricing, tend to have more changeable earnings profiles.

Improved Long-term Funding Sources: Yingde's improving access to
various funding sources has given it greater financial flexibility
to fund its projects on hand.  At end-2013, only CNY1.2bn out of
CNY7bn in total borrowings were classified as current, compared
with CNY3.3b out of CNY6.1b in total borrowings a year earlier,
showing that Yingde has significantly improved its access to long-
term funding from lenders.

Negative FCF Constrains Ratings: High capex over the next two to
three years will put Yingde in negative free cash flow (FCF)
before 2016. Yingde is still at an expansionary stage and its cash
flow will be insufficient to fully fund its capex unless capex
stabilizes at CNY2bn by 2016.  The high capex has caused funds
from operations (FFO) net leverage to rise to 4.3x in 2013, above
the 3.5x level at which Fitch may consider negative rating action.
However, Fitch expects this to be temporary.  Higher capex in 2012
and 2013 will result in higher cash flow generation from 2014 and
enable Yingde to deleverage to below 3.5x after 2015.

Small by Global Standards: The international industrial gases
sector is dominated by top international players who have strong
market positions in the merchant market and the financial strength
to compete in the on-site business.  Although Yingde has a
stronghold in the Chinese on-site segment, the scale of the
company is still small by global standards.

RATING SENSITIVITIES

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

- deterioration of Yingde's business profile demonstrated by
falling cash gross profit per unit for the on-site gas supply
business
- failure to secure long-term funding for future growth
- FFO adjusted net leverage being sustained above 3.5x, or higher
than 4.5x in any single year

Positive: Positive rating action is not expected in the next 12-18
months due to Yingde's high capex needs and negative FCF.
However, future developments that may, individually or
collectively, lead to positive rating action include:

- significant increase in business scale without deterioration in
financial metrics
- positive FCF on a sustained basis



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


MIE HOLDINGS: Amendments on Notes No Impact on Fitch's 'B' Rating
-----------------------------------------------------------------
Fitch says there is no rating impact from MIE Holdings
Corporation's (MIE; B/Stable) proposed indenture amendments on its
USD200m senior notes due 2018.

The 'B' rating of the 2018 notes, which is the same as MIE's
Foreign Currency Long Term Issuer Default Rating (IDR), reflect
direct, unconditional, unsecured and unsubordinated obligations of
the oil and gas exploration and production company.  In Fitch's
opinion, the proposed indenture amendments, whose main purpose is
to align the covenant package with that of the USD500m senior
notes due 2019 issued on April 2014, are not material and do not
change the structure among MIE's current issued notes.  As such,
there is no rating impact from the proposed amendments.


PHYSICAL PROPERTY: Incurs HK$178,000 Net Loss in First Quarter
--------------------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss and total comprehensive loss of HK$178,000 on HK$277,000
of total operating revenues for the three months ended March 31,
2014, as compared with a net loss and total comprehensive loss of
HK$137,000 on HK$228,000 of total operating revenues for the same
period during the prior year.

As of March 31, 2014, the Company had HK$9.61 million in total
assets, HK$11.78 million in total liabilities, all current, and a
HK$2.16 million total stockholders' deficit.

"The Company had negative working capital of HK$11,686,000 as of
March 31, 2014 and incurred losses of HK$178,000 and HK$137,000
for the three months ended March 31, 2014 and 2013 respectively.
These conditions raised substantial doubt about the Company's
ability to continue as a going concern," the Company stated in the
filing.

Cash and cash equivalent balances as of March 31, 2014, and
Dec. 31, 2013, were HK$71,000 (US$9,000) and HK$29,000,
respectively.

A copy of the Form 10-Q is available for free at:

                        http://goo.gl/SLj5iu

                      About Physical Property

Located in Hong Kong, Physical Property Holdings Inc., through its
wholly-owned subsidiary, Good Partner Limited, owns five
residential apartments located in Hong Kong.  The Company was
incorporated in the State of Delaware.



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ADACHI NATURAL: ICRA Suspends B+ Rating on INR5.60cr Loan
---------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR5.10
crore fund based cash credit facility and INR0.50 crore term loan
facility of Adachi Natural Polymer Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company

Adachi Natural Polymer Pvt Ltd was established in 1983 as a
partnership firm viz. Adachi Paste Co and later in August 2011 it
was converted into a private limited company. The company is
promoted by Mr. Gaurav Patel and other family members and is
engaged in manufacturing of textile grade, food grade and
industrial grade thickeners (Gum Powders). The production unit is
located at Vatva, Ahmedabad with an installed capacity of 2200
MTPA.


ALPINE HOUSING: ICRA Withdraws 'D' Rating on INR50cr Loan
---------------------------------------------------------
ICRA has withdrawn the '[ICRA]D' rating assigned to the INR50
crore working capital loan facility of Alpine Housing Development
Corporation Limited. The rating has been withdrawn as the working
capital loan has been repaid in full. There is no amount
outstanding against the rated instrument.


ARIA HOTELS: ICRA Raises Rating on INR422.92cr Loans to 'B'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned earlier to the
INR422.92 crore, fund-based bank facilities of Aria Hotels and
Consultancy Services Private Limited to [ICRA]B from [ICRA]D
earlier.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank       422.92       [ICRA]B; Upgraded
   facilities

The rating upgrade factors in the successful sanction of a
restructuring package for the company's bank facilities. While the
company's overall debt obligations have increased, the
restructuring package has reduced the immediate pressure on the
company's cash-flows by providing additional moratorium on
principal repayments as well as interest payments (by way of
sanction of a funded interest term loan). Further, the sanction is
also likely to result in improved debt coverage indicators in the
medium to long-term given the relatively longer repayment schedule
(with repayments spread over a period of 13 years as compared to 9
years earlier). This is more so given the typically long
stabilisation period required for premium hotel properties and the
current downturn being experienced in the domestic hotel industry.

Further, the competition is expected to intensify in the National
Capital Region (NCR), particularly for AHCSPL's property, because
of significant room additions planned in proximity of the
property's location which may put a further pressure on the
operating metrics in the region. Nevertheless while upgrading the
rating, ICRA has taken a note of successful partial launch of the
company's hotel property in October 2013 - beginning of peak
season of hospitality market in North India - which coupled with
its association with JW Marriott, has resulted in gradual
improvement in operating performance since launch despite weak
demand-supply scenario in the domestic hospitality market.
Further, the rating derives comfort from established track record
of AHCSPL's parent in operating hotels, particularly in the NCR
market; and favourable location of its property.

In ICRA's view, the company's ability to report a consistent
improvement in its operating performance, and ensure the launch of
the balance room inventory by securing pending approvals without
further delays will be the key rating sensitivities.

Incorporated in May 2007, AHCSPL is a subsidiary of Asian Hotels
(West) Limited -- that owns Hotel Hyatt Regency in Mumbai. Gupta
group -- the promoters of AHWL have significant experience in the
hotel industry. Apart from Hyatt Regency (Mumbai), the promoters
have interests in the Qutab Hotel (Delhi). The promoters, in the
past, have also been associated with Hotel Clarion (Bangalore),
Hyatt Regency (Delhi) and Hyatt Regency (Kolkata).

AHCSPL has set up a 525-room five-star deluxe hotel property in
hospitality district of Delhi Aerocity located at Delhi
International Airport. Apart from hotel, the project also has
~132,000 square feet of retail/ commercial space.

AHCSPL has executed a management and franchise arrangement with
Marriott Hotels India Private Limited (Marriott) for its up-market
brand - "JW Marriott" for the hotel property. While the property
was initially slated to commence commercial operations from April
2012, it faced significant delays. The property was partially
launched on 18th October 2013 after receipt of the final security
clearance from the concerned authorities.


ARSHIT GEMS: ICRA Upgrades Rating on INR28cr Loan to 'B+'
---------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR28 crore
(reduced from INR40 crore) fund based bank limits of Arshit Gems
from [ICRA]B to [ICRA]B+. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the above mentioned bank lines of AG. As
such the total utilisation of bank limits should not exceed INR28
crore at any point of usage.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short        28        [ICRA]B+/upgraded and
   Term, fund-based                 [ICRA]A4/reaffirmed
   Facilities

The upgrade in the long term rating favourably takes into account
AG's healthy capital structure which has improved in the last
couple of years and the long experience of AG's promoters in the
cut and polished diamond (CPD) industry. The ratings are however
constrained by AG's low profitability arising from highly
competitive nature of the CPD industry, exposure of its
profitability to adverse fluctuations in the foreign exchange
markets, modest coverage indicators and high working capital
intensity.

Arshit Gems (AG) was incorporated in 1988 as a partnership firm by
five partners (all family members).The firm is engaged in
importing rough diamonds, cutting, polishing and marketing them in
India as well as to various destinations globally. The firm has
manufacturing units situated at Surat (2 units), Bhavnagar (3
units) and Rajkot (1 unit).

Recent results:

As per the provisional financials, for the financial year ended
Mar 2014, the company reported a Net Profit of INR1.3 crore on an
operating income of INR127.9 crore.


AUTO POINT: ICRA Assigns 'B+' Rating to INR8cr LT Loan
------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR08.00 Crore fund
based facility of Auto Point Car Division.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        8.00         [ICRA]B+ assigned
   Based-Cash Credit

The assigned rating is constrained by Auto Point car Division's
consistently declining operating income owing to stiff competition
from other automotive dealers and the subdued demand condition in
the domestic market. Further, the subdued near term outlook for
the passenger vehicle industry owing to high fuel cost and
hardening interest rates is expected to impact near term revenue
growth of the firm. The rating also takes into account the limited
profitability of the firm, as margins on vehicles and spares are
controlled by automobile manufacturers. Also, high reliance on
external borrowing to fund its working capital requirement has
resulted in a leveraged capital structure and weak coverage
indicators.

The assigned rating however favorably takes into account the long
experience of the promoters in the auto dealership business and
the established market position, with the firm being one of the
two authorized dealers of Tata Motors Limited (TML) in Surat,
Gujarat.

Established in 2000, Auto Point Car Division (APCD) is an
authorized dealer of Tata Motors Ltd for the sale of its passenger
vehicles in Surat and adjoining areas. The firm is engaged in the
sale of new cars, spare parts and servicing of vehicles.
Currently, the operations of the firm are being carried out from
its 3S (sales, service and spares) facility located in Magob,
Surat.

Recent Results

APCD recorded a net profit of INR0.10 crore on an operating income
of INR37.82 crore for the year ending March 31, 2013 and a profit
before tax of INR0.32 crore on an operating income of INR22.56
crore for the period ending January 2014 (as per the provisional
figures disclosed by the management).


BALLIUM EXPORTS: ICRA Assigns 'B' Rating to INR30cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to INR30.00
crore (enhanced from INR20 crore) term loans of Ballium Exports.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             30.00        [ICRA]B assigned

The rating continues to be constrained by the cost over-run and
the funding risk associated with the project as future
construction progress is significantly dependent on customer
advances and promoter funding. The rating also factors in the
execution risk in the project with 65% construction completed till
date; market risk given that an additional 8 units only have been
sold since December 2012 owing to management expectation of price
appreciation; and risks arising from partnership nature of the
firm. Further, the term loan repayment was rescheduled due to
delay in the project and has to be repaid starting from November
2014 through customer advances; hence any delay in receiving
payments from customers would adversely impact the repayment
ability of the firm. The rating, however, favorably factors in the
long track record of the promoters in the real estate sector
through group companies; project advantage in terms of location
and specifications and first high rise gated community project in
Ongole city.

Founded by Mr. Bellam Kotaiah in 2003, Ballium Exports (BE) is
primarily engaged in the tobacco processing & trading. The firm is
part of the Indian Tobacco Traders (ITT) group which has interests
in tobacco processing, trading, real estate, construction and
granite. The firm has a land parcel of 3.63 acres which it was
earlier using as godown for tobacco auction platforms. The
partners stopped the tobacco trading business in the firm and have
started the construction of apartments named "BK Enchanting
Enclave" in the land owned by the firm. The project is being
developed on a total area of 3.92 acres at a total cost of INR121
crore (cost over-run of ~Rs. 25 crore) funded by debt of INR30
crore, promoter's equity of INR40 crore and the remaining from
customer advances.


BHALARA COTTON: ICRA Suspends 'B' Rating on INR9.50cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR9.50
crore long term fund based limits of Bhalara Cotton Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based: Cash Credit     9.50      [ICRA]B suspended

Bhalara Cotton Private Limited was incorporated in 2002 as a
closely held company and was engaged in trading business of cotton
products. However, there was change in ownership in 2005 and later
in Sep '10; management had made backward integration by acquiring
an existing ginning unit located at Gondal, Gujarat. The
manufacturing facility of the company is currently equipped with
24 ginning machines with the production capacity of 250 cotton
bales (241 TPD) per day. The company is currently headed by Mr.
Bipin C. Ranpariya and Mr. Jitendra Bhalara having an experience
of more than a decade in cotton industry through other group
ginning firms.


BOMMINENI RAMANJANEYULU: ICRA Keeps 'B+' Rating on INR10cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR10.00 crore fund based and non-fund based limits of M/s
Bommineni Ramanjaneyulu. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR5.00 crore inter- changeable non fund
based limits of BR.

                        Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits        3.00       [ICRA]B+ reaffirmed
   (Overdraft facility)

   Non Fund based limits    5.00       [ICRA]B+ reaffirmed
   (Bank Guarantee)

   Short term Non Fund     (5.00)      [ICRA]A4 reaffirmed
   based limits (Sub
   limit of Bank Guarantee)

   Unallocated              2.00       [ICRA]B+ reaffirmed

The assigned ratings are constrained by the tight liquidity
position and high working capital intensity of BR towards the
second half of FY14 and continuing in the current financial year,
as is also reflected in the full utilization of its overdraft
limit in the last few months. Due to agitations against state
bifurcation in the Seemandhra region of Andhra Pradesh (AP) and
non-availability of concerned department engineers due to the
recent Assembly and General elections in the districts where BR
operates, many bills submitted by the firm remain yet to be
approved and cleared, resulting in high work in progress and
receivable levels in the last few months. As the working capital
overdraft limit remains fully drawn, the firm is forced to depend
on external funding support from the promoter and third parties to
execute the pending order book and ICRA notes that the promoter
has so far brought in sufficient funds to meet requirements. The
ratings also take in to account the small scale of operations of
BR with its presence restricted to a few districts in the state of
Andhra Pradesh (AP) and the concentration of revenues on the water
supply projects. However, the ratings favorably factor in the
significant experience of the proprietor and the firm's proven
execution track record in implementing rural water supply
projects. ICRA notes that the firm's current unexecuted order book
of INR27 crore provides revenue visibility over the near to medium
term while its high historic bid success ratio underscores its
ability to win new projects and ensure stable revenues over the
long term.

M/s. Bommineni Ramanjaneyulu (BR) was incorporated as a
proprietorship concern in 2001 to take up public water supply and
drinking water supply projects. BR is a Special Class Contractor
(SCC) in the State of Andhra Pradesh (AP). The company has
executed projects under Accelerated Rural Water Supply Scheme
(ARWSS), National Rural Drinking Water Programme (NRDWP), Andhra
Pradesh Rural Water Supply and Sanitation Project (APRWSSP) and
Comprehensive Protected Water Supply Scheme (CPWSS). The firm
employs six engineers and up to twenty supervisors to look after
the works it executes in Ongole, Krishna, Chittoor and surrounding
districts in Andhra Pradesh.

Recent Results (Provisional)

In 9m, FY14, Bommineni Ramanjaneyulu reported an operating income
of INR6.40 crore with an operating profit of INR0.70 crore as
against an operating income of INR20.83 crore with an operating
profit of INR1.30 crore in FY13.


DINESH SEAMLESS: CRISIL Reaffirms 'B' Rating on INR90MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dinesh
Seamless Tubes Pvt Ltd continues to reflect its marginal scale of
operations and weak financial risk profile, marked by a small net
worth and a high total outside liabilities to tangible net worth
(TOLTNW) ratio. These rating weaknesses are partially offset by
the benefits that DSTPL derives from its promoters' extensive
experience in the pipe trading business and its established
relationships with customers and suppliers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DSTPL will continue to benefit over the
medium term from its promoters' extensive experience in the pipe
trading business. The outlook may be revised to 'Positive' if the
company's financial risk profile improves, most likely due to
equity infusion or improvement in its profitability. Conversely,
the outlook may be revised to 'Negative' in case the company's
working capital cycle stretches, leading to weakening in its
financial risk profile, particularly liquidity.

Update
DSTPL registered lower revenue of INR275 million in 2012-13
(refers to financial year, April 1 to March 31) against INR632
million in 2011-12, because of a shift in dealership of Jindal Saw
Ltd to DSTPL's group concern. Furthermore, in 2013-14, DSTPL is
estimated to report revenue of about INR200 million on account of
sluggish demand scenario in the end-user market. However, due to
lower procurement cost, the company's operating margin has
improved to 7.4 per cent in 2012-13 from 3.4 per cent in 2011-12,
and is estimated to sustain at similar level in 2013-14.

DSTPL's working capital requirements have increased significantly
due to stretch in receivables and inherently large inventory
requirements. The receivables increased to 62 days as on
March 31, 2013, from 21 days as on March 31, 2012; and inventory
increased to 173 days as on March 31, 2013, from 72 days as on
March 31, 2012.

Due to large debt-funded working capital requirements, the TOLTNW
ratio is estimated to be high at 11.0 times as on March 31, 2013.
The TOLTNW ratio is expected to remain high in the near term in
the range of 6 to 8 times. With decline in scale of operations,
the profitability has declined, leading to low interest coverage
ratio of about 1.3 times in 2012-13. The interest coverage ratio
is expected to be in the range of 1.1 to 1.3 times in the near
term.

DSTPL's bank lines have been highly utilised at an average of 96
per cent through the 12 months ended March 2014 due to its large
working capital requirements. Absence of debt repayment and
capital expenditure continue to support the company's liquidity.
Furthermore, unsecured loan from related entities support DSTPL's
incremental working capital requirements. As on March 31, 2013,
the unsecured loans outstanding were about INR91 million.

DSTPL, incorporated in 2009, is managed by Mr. Champaklal K Shah
and Mr. Dhruv Sanjay Gupta. The company trades in carbon steel
seamless pipes and alloy steel seamless pipes. DSTPL is based in
Mumbai (Maharashtra).


DLECTA FOODS: CRISIL Reaffirms 'B-' Rating on INR272.7MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dlecta Foods
Private limited (Dlecta; formerly Known as Devashree Foods Private
Limited) continues to reflect the company's weak financial risk
profile, marked by a weak capital structure, and inadequate debt
protection metrics.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            75        CRISIL B-/Stable (Reaffirmed)
   Term Loan             197.7      CRISIL B-/Stable (Reaffirmed)

The rating also factors in the company's small scale and working
capital intensity of operations. These rating weaknesses are
partially offset by Dlecta's strong business risk profile,
supported by its focus on niche segments, operational benefits
from association with Schreiber Dynamix Dairies Ltd. and
promoters' experience in the dairy industry.

Outlook: Stable

CRISIL believes that Dlecta's financial risk profile will remain
weak over the medium term, marked by an aggressive capital
structure. The company will, however, continue to benefit over
this period from its promoters' industry experience and its
presence in niche product segments. The outlook may be revised to
'Positive' if Dlecta's financial risk profile, particularly its
liquidity improves, led by a more-than-expected increase in its
sales and net cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company generates lower-than-expected
accruals, leading to pressure on its liquidity, or if it
undertakes a large, debt-funded capital expenditure programme,
resulting in further weakening of its capital structure.

Update
Dlecta's revenues for 2013-14 (refers to financial year, April 1
to March 31) are estimated to be better than CRISIL's earlier
expectations. However, Dlecta's financial risk profile,
particularly its liquidity is estimated to remain constrained over
the medium term.

Dlecta's revenues is expected to increase by around 20 per cent on
a year on year basis to INR.680 million (including commission
income of INR60 million) in 2013-14 driven by improving demand for
its products and launch of new products.  Besides manufacturing of
creamer cups, and trading of milk products the company has also
started selling tea-vending machines marketed as 'tea stations'.
Dlecta has formed a subsidiary - Caf5 Vending Solutions Private
Limited which will primarily be for manufacturing and distribution
of tea-vending machines. The tea-station segment is also expected
to boost demand for the company's creamer cups. CRISIL believes
that Dlecta's diverisified product portfolio will continue to
support the company's revenue growth rate. Dlecta's operating
margins is estimated to remain above-average at about 9 to 10 per
cent in 2013-14 in line with historical levels.

Dlecta's financial risk profile continues to remain constrained on
account of negative net worth. Though the company has started
generating cash profits from 2012-13, net worth continues to
remain negative on account of accumulated losses over the past few
years. As on March 31, 2014 the net worth is expected to be
negative at about INR 36 million. Dlecta has weak liquidity
because of low cash accruals and large working capital
requirements. The company is expected to generate cash accruals of
around INR30 to INR35 million for 2014-15 insufficient to meet its
maturing debt obligations of around INR43 million. However, cushon
is available in the form of sufficeint balances available in the
cash credit account. The bank limits are moderately utilised bank
lines at around 85 per cent for the 12 months ending December
2013.

For 2012-13 (refers to financial year, April 1 to March 31),
Dlecta registered a net loss of INR2.6 million on net sales of
INR519.7 million for 2011-12 against a net loss of INR31.0 million
on net sales of INR436.8 million for 2011-12.

Dlecta, established in 2000, markets and distributes dairy
products, such as cooking butter, processed cheese, and skimmed
milk powder. It purchases these products from Schreiber and sells
under its own brand, Delecta. Dlecta has a unit for manufacturing
non-dairy whipped cream and creamer cups (50 per cent evaporated
Ultra High Temperature milk packed in polyvinyl chloride cups).
The company's name was changed from Devashree Foods Private
Limited in 2014.


ECHELON EDUCATIONAL: ICRA Puts B- Rating on INR15.15cr Loans
------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B-' to the
INR14.80 crore fund-based bank facilities and INR0.35 crore
unallocated bank facilities of Echelon Educational and Welfare
Society (EEWS).

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Bank       14.80       [ICRA]B- assigned
   facilities-term
   loans

   Unallocated bank       0.35       [ICRA]B- assigned
   facilities

The assigned rating derives strength from the experienced
management/board of governors of the EEWS society as well as the
year on year growth in revenue receipts witnessed by the society
on account of its increasing student base. Notwithstanding this,
the rating is however constrained by the cash losses incurred by
the society owing to the significant establishment expenses of the
institute, salary hikes effected for the faculty as well as high
interest expenses on account of the leveraged capital structure of
the society. Cash losses in turn have led to the society being
dependent on donations and unsecured loans from its member group
for servicing of its debt obligations. The rating also takes into
account the decline in fresh admissions witnessed by the society
in five out of its six courses in AY2013-14, which led to an
overall decline in rate of fresh admissions to 57% of the
sanctioned intake in AY2013-14 from 81% in AY2012-13.

While ICRA takes note that fee structure for the courses offered
by institute is due for revision in AY2014-15, , ability of the
society to effect a fee hike and achieve cash profit appears
challenging especially in the backdrop of declining admissions as
well as the current fee structure, which is among the top six
percentile of the fee structure (comprising tuition and
development fund charges) charged other educational institutions
in Haryana that charged by other educational institutions in
Haryana.

In ICRA's view, the ability of the society to timely effect fee
hikes while improving its admission rate and occupancy levels,
which will help the society achieve cash profit and enable debt
servicing from internal accruals would be the key rating
sensitivities. In the absence of the same, the society is expected
to remain dependent on donations and unsecured loans from its
member group for servicing of its debt obligations, timely
infusion of which would be a key rating monitorable.

Established in 2007 by Mr. K N Bansal and Mr. Sushil Kasana,
Echelon Educational and Welfare Society (EEWS) is a single asset
society which runs and operates Echelon Institute of Technology
(EIT) in Faridabad (Haryana). The institute offers courses in
Engineering, including B. Tech courses in 5 disciplines and M.
Tech course in 1 discipline. All the courses are approved by AICTE
and Directorate of Technical Education, Haryana and the Institute
is affiliated to Maharshi Dayanand University, Rohtak (Haryana).

Recent Results

Excluding donations, the society reported a net deficit of INR3.55
crore and a cash loss of INR1.70 crore on revenue receipts of
INR17.81 crore in FY13 as against a net deficit of INR0.57 crore
and cash surplus of INR0.85 crore on revenue receipts of INR14.67
crores in FY12. As per provisional estimates, the society is
estimated to report revenue receipts of around INR20 crore in
FY14.


EXOTIC GRANITE: ICRA Assigns 'B' Rating to INR10cr Loans
--------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR10.00 crore
long-term fund based facility of M/S. Exotic Granite LLP. The
rating of [ICRA]A4 has also been assigned to the INR4.00 crore
short-term non-fund based facility of EGL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             6.00       [ICRA]B assigned
   Cash Credit           4.00       [ICRA]B assigned
   Letter of Credit      4.00       [ICRA]A4 assigned

The assigned ratings are constrained by the implementation and
market risks associated with the green field venture of the firm.
The ratings are further constrained by the highly leveraged
capital structure and possible stress on debt servicing ability in
case of slower than anticipated ramp up of operations and cash
flows.

The ratings further take into consideration the highly competitive
granite cutting and polishing industry with presence of a large
number of players that export polished granite thereby limiting
pricing flexibility.

The ratings, however, favourably take into account the experience
of the promoters in the granite and marble industry and logistical
advantages accruing to the firm by way of the project site being
located close to Mundra and Kandla port.

Established in December 2012, M/S. Exotic Granite LLP (EGL) is
setting up a granite cutting and polishing unit in Mundra, Gujarat
with a production capacity of cutting and polishing 15 lakh square
feet of granite slabs per annum. The firm is promoted by Mr.
Rajesh Mandhana and Mr Pradeep Mandhana who have more than 15
years experience in the granite industry through related concern-
Paradise Marble Private Limited.


GAGAN RICE: ICRA Assigns 'B' Rating to INR19cr Loans
----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR5.75
crore fund based limits, INR0.62 crore of term loan, INR0.67 crore
of non fund based limits and INR11.96 crore of unallocated limits
of Gagan Rice Mills.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund           5.75        [ICRA]B assigned
   Based Limits

   Long Term Loan           0.62        [ICRA]B assigned

   Long Term Non Fund       0.67        [ICRA]B assigned
   Based Limits

   Long Term Unallocated   11.96        [ICRA]B assigned
   bank Limits

The rating takes into consideration GRM's modest scale of
operations, seasonal nature of basmati rice milling and high
competitive intensity in the basmati rice industry (sale of
basmati rice accounts for majority of GRM;s revenues) which has
led to thin profit margins for the firm. The rating further
factors in the firm's high working capital intensive operations
which have been largely debt funded resulting in high gearing of
12.6x and weak debt coverage indicators with interest coverage of
1.72x and Total debt/OPBDITA of 9.1x as on March 31, 2013. ICRA
has noted decline in operating income of the firm in November 2013
on account of break- down of boiler which hampered the production
and led to inventory build- up in FY13. ICRA also factors in the
vulnerability of firm's operations to agro climatic risks, which
can affect the pricing and availability of paddy and the risks
inherent in proprietorship firm like limited ability to raise
equity, risk of dissolution due to the death, insolvency and
retirement etc of the proprietor.

Nevertheless, rating draws comfort from long track record of
firm's operations and experience of promoters in rice industry.
Rating also favorably factors in proximity of the mill to a major
rice growing area which results in easy availability of paddy and
favorable demand outlook given that India is a major consumer
(rice being an important staple of the Indian diet) and exporter
of basmati rice.

Going forward, the ability of the firm to increase its scale of
operations and maintain/improve its profitability levels without
significantly increasing the debt levels arising out of increased
working capital requirement shall remain the key rating
sensitivities.

Gagan Rice Mills was established in 2006 as a proprietorship firm
by Mr. Gagan Goel. The firm is engaged in milling, processing and
sorting of basmati rice -- Pusa 1121 and non basmati rice. The
firm has its milling plant at Karnal (Haryana) with a milling
capacity of 2 tonnes per hour and sorting capacity of 3 tonnes per
hour.


GURUKRUPA AGRO: ICRA Suspends 'B' Rating on INR7.19cr Loans
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.19
crore long term fund based limits of Gurukrupa Agro Proteins Pvt
Ltd. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B suspended
   Term Loan             2.19        [ICRA]B suspended

Gurukrupa Agro Proteins Pvt Ltd. (GAPPL) was incorporated in the
year 2008 by Mr. Harishbhai M Rughani and is engaged in cotton
seed oil refining. The company started commercial production from
August 2009. The manufacturing unit is located at Rajkot, Gujarat
with a refining capacity of 100 MT per day.


HARI OM: ICRA Withdraws 'B' Rating on INR35cr Bank Loan
-------------------------------------------------------
ICRA has withdrawn the '[ICRA]B' rating for the INR35.00 Crore
bank facilities of Hari Om Healthcare Private Limited as there is
no amount outstanding against the rated instruments.


HARIOM COTGIN: ICRA Reaffirms 'B+' Rating on INR8.03cr Loans
------------------------------------------------------------
The long-term rating of [ICRA]B+ has been reaffirmed to the
INR8.00 crore cash credit facility (enhanced from INR6.00 crore)
and INR0.03 crore term loans (reduced from INR0.26 crore) of
Hariom Cotgin Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.00       [ICRA]B+ reaffirmed
   Term Loan             0.03       [ICRA]B+ reaffirmed

The assigned rating takes into account HCPL's modest size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; low return indicators, stretched capital structure and
modest coverage indicators. The rating is also constrained by the
vulnerability of the company's profitability to raw material
prices which are subject to seasonality, and crop harvest; and the
regulatory risks with regard to MSP fixed by GoI and restrictions
on cotton exports.

The rating, however, positively considers the advantage the
company enjoys by virtue of its location in the cotton producing
belt of Saurashtra (Gujarat) and the favourable demand outlook for
cotton and cottonseeds.

Incorporated in 2008, Hariom Cotgin Private Limited is engaged in
the business of ginning and pressing of raw cotton into cotton
seeds and fully pressed cotton bales having a production capacity
of 42.5 tonnes per day (TPD) of cotton bales and 80 TPD of cotton
seeds. The company is also engaged in crushing of cotton seeds to
obtain cotton seed oil and cotton oil cake having an intake
capacity of 250 TPD. The plant is located at Tankara- Rajkot in
the Saurashtra region of Gujarat. The company is promoted by Mr.
Gangaram Bhagiya along with his relatives and friends. The
promoters have about a decade of experience in the oil mill
industry by the virtue of being associated with other oil mill
companies.

Recent Results

For the year ended March 31, 2013, Hariom Cotgin Private Limited
reported an operating income of INR29.45 crore and profit after
tax of INR0.05 crore


HARJIT SINGH: CRISIL Reaffirms 'B' Rating on INR82.5MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Harjit Singh Dugal
continues to reflect HSD's small scale of operations with
geographic concentration, and its susceptibility to risks and
cyclicality inherent in the Indian real estate industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Cash Credit             70       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      12.5     CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial risk
profile marked by stretched liquidity because of lack of customer
advances for project implementation. These rating weaknesses are
partially offset by the extensive experience of HSD's proprietor
in the real estate industry in Delhi, and the favorable locations
of its projects.

Outlook: Stable

CRISIL believes that HSD will continue to benefit over the medium
term from its proprietor's extensive experience in the real estate
industry in Delhi. The outlook may be revised to 'Positive' in
case of faster-than-expected realisations for the firm's
residential project, leading to large cash inflows. Conversely,
the outlook may be revised to 'Negative' in case of cost overrun
in HSD's project or non-receipt of customer bookings, leading to
low cash inflows, and consequently, deterioration in its financial
risk profile, particularly its liquidity.

Update
HSD completed and handed over possession of units in two of its
projects in 2013-14 (refers to financial year, April 1 to
March 31), at Kailash Colony and Safdurjung Enclave in New Delhi,
translating into operating income of INR64 million for the year.
The firm has one residential project underway at Shimla (Himachal
Pradesh), which is expected to be completed over the near term.

HSD utilised cash generated from its completed projects to reduce
its bank debt. Consequently, its outstanding debt declined to
INR41 million as on March 31, 2014, from INR99 million a year ago;
its gearing reduced to 5.9 times from 14.0 times over the period.
HSD's ability to execute new projects in a timely manner in
Delhi's prime locations and their funding mix will be key rating
sensitivity factors.

HSD was established as a proprietorship firm by Mr. Harjit Singh
Dugal in 2008. The firm is engaged in real estate development in
Delhi.

HSD reported a profit after tax (PAT) of INR0.74 million on net
sales of INR20 million for 2012-13, against a PAT and net sales of
INR0.51 million and INR15 million, respectively, for 2011-12.


HILLTOP CERAMIC: ICRA Suspends 'B+' Rating on INR4.7cr Loans
------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR4.70
crore long term fund based limits and '[ICRA]A4' rating to the
INR0.90 crore short term non fund based limits of Hilltop Ceramic.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long Term Fund          3.00      [ICRA]B+ suspended
   Based: Cash Credit

   Long Term Fund          1.70      [ICRA]B+ suspended
   Based: Term Loan

   Short Term Non Fund     0.90      [ICRA]A4 suspended
   based: Bank Guarantee

Hilltop ceramic is a wall and floor tiles manufacturer with its
plant situated at Wankaner (Morbi), Gujarat. The firm was
established in 2003 is managed by Mr. Jagdish Kanjiya and other
family members. The plant has an installed capacity to produce
31200 MTPA of wall and floor tiles. The firm currently
manufactures wall tiles of sizes 12" X 08" and 10" X 13". The firm
also manufactures floor tiles of sizes 12" X 12" and 16" X 16"
with the current set of machineries at its production facilities.


HVR PROJECTS: CRISIL Assigns 'B' Rating on INR170MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of HVR Projects Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Proposed Long Term      170        CRISIL B/Stable
   Bank Loan Facility

The rating reflects HVR's exposure to project implementation risk
and exposure to risk related to cyclicality in end-user
industries. These rating weaknesses are partially offset by the
extensive industry experience of HVR's promoter.

Outlook: Stable

CRISIL expects HVR's credit risk profile to be constrained over
the medium term by its project phase of operations. However,
CRISIL believes that the company will benefit from its promoter's
industry experience. The outlook may be revised to 'Positive' if
HVR implements its ongoing capex within the envisaged cost and
time, and successfully commences commercial operations.
Conversely, any significant time or cost overrun in project
implementation may result in revision in the outlook to
'Negative'.

HVR, incorporated in December 2012, is setting up a unit for
manufacturing industrial components to be used in the locomotives
and heavy automotives industry.


INANI INTERNATIONAL: ICRA Assigns 'B+' Rating to INR8.75cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR6.001
crore fund-based bank facilities and INR2.75 crore proposed bank
facilities of Inani International Private Limited. ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR0.10 crore
non fund-based bank facilities of IIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund-       6.00        [ICRA]B+; (Assigned)
   based bank
   facilities

   Short-term non        0.10        [ICRA]A4; (Assigned)
   fund-based bank
   facilities

   Long-term un-         2.75        [ICRA]B+; (Assigned)
   allocated

The assigned ratings are constrained by IIPL's weak financial
profile characterized by low operating profit margins and weak
cash accruals given the low value added nature of its business,
which coupled with high working capital intensity of its
operations results in high dependence on external borrowings for
incremental working capital requirements While in the past, the
working capital was supported by significant credit from a related
party entity which is a major supplier to IIPL, the working
capital debt borrowings taken by the company during FY 13 and FY
14 resulted in increased debt levels and leveraged capital
structure. Further, the ratings are also constrained by the
vulnerability of company's profitability to any adverse
fluctuations in exchange rates given its increasing focus on
exports. The ratings however, draw comfort from relevant
experience of promoters of over a decade in the textile industry,
and the company's diversified customer base in the domestic
market.

In ICRA's view, the ability of the company to improve its
profitability and effectively manage the working capital cycle to
reduce dependence on external borrowings to fund growth as well as
strengthen its capital structure, will be the key rating
sensitivities going forward.

Incorporated in 2008 by Mr. H.P. Maheshwari and his son Mr. Vishal
Inani, Inani International Private Limited is engaged in trading
of finished fabrics. The product profile of the company is
dominated by polyester-viscose blended fabrics, though the firm
also supplies cotton fabrics. The promoters have been in the
textile business for more than a decade.

The company reported an Operating Income (OI) of INR23.98 crore
and Profit after Tax (PAT) of INR0.10 crore in FY13 as compared to
an OI of INR24.29 crore and PAT of INR0.09 crore in FY12. The OI
for FY 14 is estimated at INR33.7 crore.


ITALIA CERAMICS: ICRA Assigns 'B+' Rating on INR9.12cr Loans
------------------------------------------------------------
The long-term rating of '[ICRA]B+' has been assigned to the
INR9.12 crore long-term fund based facility of Italia Ceramics
Private Limited. The rating of [ICRA]A4 has also been assigned to
the INR3.00 crore short-term non-fund based facility of ICPL.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Cash Credit facility     6.50      [ICRA]B+ assigned
   Term Loans               1.05      [ICRA]B+ assigned
   Buyers Credit            1.57      [ICRA]B+ assigned
   Short term non fund
   based facilities         3.00      [ICRA]A4 assigned

The ratings are constrained by the small scale of operations and
weak financial profile of the company characterized by a leveraged
capital structure and high working capital intensity. The ratings
are further constrained by its limited portfolio comprising only
ceramic tiles which restricts its sales prospects with large
institutional buyers; and the highly fragmented nature of the
tiles industry which results in intense competitive pressures. The
ratings also take into account the cyclical nature of the real
estate industry which is the main consuming sector and exposure of
profitability of the company to volatility in price of raw
materials and increase in the price of natural gas.

The ratings, however, take comfort from the experience of the
promoter in the ceramic industry; the company's competitive
advantage in raw material procurement on account of its favourable
location in Kadi, steady ramp up of operations and secure
availability of gas at favourable prices.

Italia Ceramics Private Limited was incorporated in 1991 by the
Poddar family prior to which the promoters were engaged in trading
of refractory material. The company has an installed capacity of
manufacturing ~27 lakh square meters of wall and floor tiles per
annum. ICPL is engaged in the manufacturing of glazed ceramic wall
tiles under its brand name "Grifine" and its manufacturing
facility is located in the Mehsana district of Gujarat. The
company makes tiles used in both, the interior as well as exterior
of various buildings. ICPL manufactures floor tiles in the
300mmx300mm and 305mmx395mm sizes while wall tiles are
manufactured in the 300mmx450mm and 300mmx600mm sizes.


JALARAM AGRI: ICRA Reaffirms 'B+/A4' Rating on INR7cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the ratings of [ICRA]B+ and [ICRA]A4 assigned
to the INR7.00 crore fund based facility of Jalaram Agri Exports.
The reaffirmation of the rating takes into account the firm's weak
financial risk profile characterized by small net worth base, low
profitability and weak coverage indicators.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Export Packing/       7.00       [ICRA]B+/[ICRA]A4 reaffirmed
   Cash Credit

The rating further takes into account the exposure of firm's
profitability to any adverse regulatory changes primarily related
to export incentives; vulnerability of operations of the firm to
government policies related to exports and fluctuations in
availability and prices of traded goods subject to seasonality and
crop harvest. ICRA also notes that JAE is a partnership firm and
any significant withdrawals from the capital account could
adversely impact its net worth and thereby the capital structure.

The rating however continues to positively consider the extensive
experience of the promoter in agro commodity trading, and the
steady growth in operating revenue during FY14. The rating also
takes into account the favorable location of the firm giving it
easy access to ports for exports and the stable prospects for
export demand for various agro products.

Incorporated in 2011, Jalaram Agri Exports (JAE's) is engaged in
processing and export trading of groundnut kernels, sesame seeds
and other agro products. The entity was converted from a
proprietorship concern (Jalaram Oil Mills) to a partnership firm
(Jalaram Agri Exports) in the year 2011. The firm operates from
Junagadh in Gujarat and has been promoted by Mr. Vinaykant Kotecha
and his family who have more than two decades of experience in
agro commodity trading business.

In FY14, JAE reported an operating income of INR127.69 crore and
profit after tax of INR0.74 crore as against an operating income
of INR118.89 crore and profit after tax of INR0.45 crore during
FY13.


KGS SUGAR: ICRA Reaffirms 'B+' Rating on INR481.37cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR253.73 crore term loan and INR227.64 crore cash credit
facilities of KGS Sugar & Infra Corporation Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based-Term
   Loan                 253.73      [ICRA]B+ Reaffirmed

   Fund based-Cash
   Credit               227.64      [ICRA]B+ Reaffirmed

The rating reaffirmation takes into account promoters' experience
in the sugar industry and equity contribution from promoters which
is fully brought in though partially in form of unsecured loans
which is expected to be converted to share capital in current
fiscal. Forward integrated sugar operations with co-generation
unit helps in improving the project viability while sugar refining
unit ensures round the year operations. The rating also takes into
consideration location advantage with presence of mill in the cane
surplus region and established relations with local farmers along
with cane development initiatives which reduce cane availability
risk to some extent. Further, the rating also favourably factors
in partial decontrol measures by GoI (Government of India) in
sugar industry by removing levy obligation on sugar and abolishing
the release mechanism leading to improvement in profitability and
working capital cycle of sugar mills.

The rating, however, remains constrained by delays in commencement
of operations initially due to revised project structure and later
due to delays in getting complete financial closure. Currently,
sugar plant along with co-gen unit is ready for commencement and
crushing is expected to start in sugar year 2014-15, though
residual project execution risk still remains. Complete financial
closure for revised project cost is pending with partial term loan
yet to be tied up though lead banker has sanctioned its share and
sanction from other consortium members is expected by June'14.
Certain key approvals for co-gen unit and sugar refining plant are
yet to be obtained. Debt repayments are scheduled to begin after
six months from COD which provides limited cushion and ensuring
healthy capacity utilization post COD will be critical given
sizeable repayment obligations. The company is also exposed to
agro-climatic risks and cyclical trends in the sugar industry
along with government regulations in terms of cane pricing and
export regulations. The company will also face challenge of
competition from nearby sugar mills in terms of cane availability
though excess cane production in the catchment area and
established relations with local farmers mitigate supply risks to
an extent. Timely commercialization of operations, managing the
cane costs and ensuring adequate crushing period while maintaining
healthy capacity utilization will be crucial in meeting the
interest payments and debt repayment obligations.

KGS is setting up a 4500 tonnes crush per day (TCD) sugar plant
integrated with co-generation unit of 14 megawatt (MW) and sugar
refining unit of 400 tonnes per day (TPD). The plant is located in
Niphad Taluka of Nashik district in Maharashtra. The commissioning
of sugar plant along with co-gen unit is planned in Dec 2014 while
the sugar refining plant is scheduled to start from Jun 2015. The
total revised project cost is INR338.86 crore.


KISHOR SORTEX: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facility of Kishor Sortex and Rice
Mill Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          --------     -------
   Bank Guarantee         40        CRISIL A4 (Reassigned)
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     80        CRISIL B+/Stable (Reaffirmed)

The rating reflects KRPL's below average financial risk profile,
marked by a small net worth and moderate debt protection metrics,
modest scale of operations in a highly fragmented rice industry,
and large and seasonal working capital requirements. The rating
weaknesses are partially offset by promoters' extensive experience
in the rice milling industry.

Outlook: Stable

CRISIL believes that KRPL's business risk profile will continue to
be supported by its promoters' experience. The outlook may be
revised to 'Positive' if KRPL is able to achieve a significant
improvement in its scale of operations or profitability or in case
of equity infusion by promoters, leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' if
there is pressure on its profitability, or in case of a more-than-
expected increase in working capital requirements.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
KRPLreported an estimated top line of INR 15.2crs a y-o-y growth
of 9%. The company's topline remains susceptible to monsoons and
state government policies with regard to mandatory custom milling
and export/import bans. The company is estimated to report
moderate operating margins of around 5.3% during 2013-14 broadly
in line with the past. KRPL's operations remain working capital
intensive during peak season. The company's financial risk profile
remains below average constrained by its small networth estimated
at INR 3.2 crs as on March 31, 2014 and averageinterest coverage
of around 1.7 times during 2013-14.. While the gearing level is
estimated to stand at only 0.20 times as on March 31, 2014, the
same peaks at over 1.5 times during peak season. Liquidity has
also remained stretched marked by low cash accruals which are
estimated at around INR 35-40 lacs over the medium term and fully
utilised bank limits during peak season.

Over the medium term, CRISIL expects, KRPL's operations to remain
highly susceptible to monsoon conditions and state government
policies. KRPL's financial risk profile is also likely to remain
below average over the medium term, marked by small networth and
weak interest coverage coverage ratio. Liquidity will remain
stretched due to low cash accruals and high peak season bank limit
utilisation levels.
About the Company

Incorporated in 2005, KRPL is promoted by Mr. Krishna Kumar
Agarwal and Mr. Bishwanath Agrawal. The company is engaged in the
milling and processing of non-basmati rice. The company has a
processing unit located at Durg (Chattisgarh).


METROWORLD TILES: ICRA Reaffirms 'B+' Rating on INR15.55cr Loans
----------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR6.00 crore cash
credit and INR9.55 crore term loan d facility of Metroworld Tiles
Private Limited. ICRA has also reaffirmed an [ICRA]A4 rating to
the INR2.11 crore short term non fund based limits of MTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.00       [ICRA]B+ reaffirmed
   Term Loan             9.55       [ICRA]B+ reaffirmed
   Bank guarantee        1.92       [ICRA]A4 reaffirmed
   Credit Exposure
   Limits                0.19       [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account MTPL's
relatively small size of operations as compared to organized tile
manufacturers as well as the susceptibility of the company's
profitability to the volatile raw material prices and increasing
natural gas prices. The ratings further takes into account the
declining operating margins and modest coverage indicators of the
company. ICRA also notes the highly competitive and fragmented
ceramic industry, and the vulnerability of MTPL's profitability to
the cyclicality associated with real estate industry.

However, the ratings favorably factor in the extensive experience
of promoters in the ceramic industry; MTPL's access to marketing
network of the group concern, and its locational advantage
resulting in easy access to raw material sources. The ratings also
take into account the steady increase in the company's scale of
operations with the stabilization of operations and the stable
demand outlook for MTPL's new products -- Polished Glazed
Vitrified Tiles (PGVT) and porcelain tiles.

Metroworld Tiles Private Limited is a glazed vitrified tile
manufacturer with its plant situated at Morbi, Gujarat. The plant
has an installed capacity of 46500 Metric Tonnes Per Annum (MTPA).
The company started with manufacturing vitrified tiles and later,
during FY13 modified its operations to switch its production to
Polished Glazed Vitrified Tiles (PGVT) and Porcelain Tiles. The
company is a part of Metro Group of Industries having presence
across floor tiles, vitrified tiles and glazed vitrified tiles
manufacturing activity. MTPL is promoted by Mr. Dilip R. Patel and
Mr. Ratilal L. Patel.

Recent Results

For the year ended on March 31, 2013, the company reported an
operating income of INR30.32 crore and profit after tax of INR0.17
crore as against an operating income of INR20.55 crore and net
loss of INR0.07 crore for FY 12. In FY 14 (provisional
financials), the company reported an operating income of INR34.76
crore and profit before tax of INR0.34 crore.


MHETRE PACKAGING: CRISIL Puts 'B+' Rating on INR143.6MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mhetre Packaging Pvt Ltd.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              --------     -------
   Term Loan                  23.6      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         70        CRISIL B+/Stable
   Letter of Credit            6        CRISIL A4
   Cash Credit                50        CRISIL B+/Stable
   Foreign Exchange Forward    0.4      CRISIL A4

The ratings reflect MPPL's average financial risk profile marked
by high gearing, and average debt protection measures and its
stretched liquidity due to imminent repayment of buyers' credit
facility and large incremental working capital requirements. The
rating also factors in MPPL's modest scale of operations in
competitive packaging industry.  These rating weaknesses are
partially offset by the extensive experience of MPPL's promoters
in the packaging industry along with funding support, and its
established relationships with clients and suppliers.

Outlook: Stable

CRISIL believes that MPPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company records higher-than-
expected revenue and profitability, resulting in a significant
improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if MPPL's
financial risk profile, particularly its liquidity, deteriorates,
most likely because of large working capital requirements, and/ or
lower-than-expected cash accruals, or any debt-funded capital
expenditure.

MPPL was originally set up as a proprietorship firm in 1994; the
firm was later reconstituted as a private limited company in 2000.
It is promoted by the Pune (Maharashtra)-based Mhetre family. The
company manufactures corrugated boxes using kraft paper.


NIRBHAI TEXTILES: ICRA Assigns 'B+' Rating to INR40cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR40.001 crore
long-term bank facilities of Nirbhai Textiles Private Limited.

                    Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund-       40.00       [ICRA]B+ (Assigned)
   based bank
   facilities

The assigned rating is constrained by the company's weak financial
profile which is on account of low profitability and high working
capital intensity of operations. Low profitability is driven by
highly competitive and fragmented fabric manufacturing industry
and limited product differentiation, which in-turn limits the
pricing ability of the company. Apart from the credit period
offered to its customers, the high working capital intensity is
driven by wide variety of fabric offerings by the company, which
results in need to maintain high inventories, as well as various
manufacturing process (such as yarn dyeing/finishing etc), which
are outsourced, thereby resulting in long production cycle. This
coupled with limited credit availed from suppliers results in high
working capital intensity and hence high dependence on debt
borrowing to achieve growth, given the low accruals. While
assigning the rating ICRA has also taken a note of the company's
proposal to set up a debt funded denim unit towards which the
company had already invested ~Rs. 20 crore till FY 13, which has
been entirely funded through promoter contribution. As mentioned
by the management, the capital expenditure presently stands
deferred. Given the large scale of proposed capital expenditure,
low profitability of existing operations; ICRA notes the funding
mix and timing of the project will continue to a rating
sensitivity.

The rating however favorably takes into account the well
established sales and marketing network of the promoters as
reflected in ability of the company to scale up revenues, leading
to high utilization of manufacturing capacities and need to
outsource production. The established sales and marketing network
is reflection of the promoter's long experience in the industry.
While ICRA expects NTPL's profitability to remain low given the
low value-add nature of the fabric manufacturing business,
company's ability to improve the working capital cycle to minimize
funding requirements while achieving growth and the scale of
further debt funded capital expenditures would be key rating
sensitivities.

Nirbhai Textiles Private Limited, promoted by Mr. Parmod Kumar
Sukhija and his family, is engaged in manufacture of woven fabric
primarily for suitings and shirtings. The company was incorporated
in 1994 and acquired by current promoters in 1997, who were
earlier engaged in outsource of fabric manufacturing since 1987.
NTPL's manufacturing unit is located in Ludhiana (Punjab) which is
equipped with 82 looms with annual production capacity of 6.9
million meter. The company sells the fabric in domestic market
through a network of distributors.

For FY 13, the company reported a operating income of INR133.1
crore and a PAT of INR1.9 crore as against INR111.7 crore and
INR1.4 crore respectively in FY 12.


RODAS IMPEX: ICRA Reaffirms 'B+' Rating on INR8cr Loans
-------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating for INR8.00 crore fund based
limits (enhanced from INR7.00 crore) of Rodas Impex Private Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     8.00        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account promoters' experience
and track record in manufacturing synthetic fabric from polyester
viscose (PV) yarn and favourable location of weaving facilities,
which provides easy accessibility to raw material, processing
houses and dealer network. The rating is however constrained by
RIPL's limited pricing power due to commoditised nature of the
product and the stiff competition in the Bhilwara market.
Moreover, the company is exposed to adverse movement in raw
material prices and concerns about ability to pass on the costs,
which can further squeeze its moderate operating margins.
Furthermore, the company has modest financial risk profile,
characterised by weak profitability with operating profit margin
of 4-5% resulting in modest debt coverage indicators. Going
forward the rating would remain sensitive to the ability of the
company to improve its profitability, debt coverage indicators and
manage its working capital intensity.

Incorporated in 2001, Rodas Impex Private Limited is in the
business of manufacturing and selling synthetic fabrics in the
Bhilwara market in Rajasthan. RIPL has been promoted by Mr. Jugal
Kishore Chamodi. RIPL started operations with financial assistance
from Rajasthan State Industrial Development & Investment
Corporation Ltd (RIICO). The company currently has 42 loom out of
which 25 looms are double width looms.

Recent results:

As per provisional results, RIPL achieved INR27.76 crore of sales
during 9M FY2014.


SAINATH KNITEX: ICRA Reaffirms 'B' Rating on INR9cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the term
loans and fund based facilities of Sainath Knitex Private Limited
aggregating to INR9.00 crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Loan        6.25        [ICRA]B reaffirmed
   Long-Term fund
   based limits          2.75        [ICRA]B reaffirmed

The reaffirmation of rating takes into consideration the small
scale of operations of the company, weak financial risk profile as
evinced by the subdued net profit margins and the highly leveraged
capital structure. The rating also takes into consideration the
vulnerability of profitability to the volatility in prices of
Partially Oriented Yarn (POY), which are linked to crude oil
prices. However, the risk is partly mitigated as both purchases of
POY and execution of contracts with customers are conducted on a
monthly basis. The rating is further constrained by the intense
competitive pressures and cyclicality inherent in the textile
industry.

The rating, however, draws comfort from the long track record of
the company's promoters in the textile industry, and the well-
diversified clientele. The rating also takes into consideration
the established relations of the company with reputed suppliers,
hence ensuring ready availability of raw materials.

Sainath Knitex Private Limited was incorporated in the year 2010
and is engaged in the knitting of polyester as well as nylon yarn.
The company has its manufacturing unit located in Surat (Gujarat)
that has five knitting machines which have been procured from the
Germany based company Karl Mayer. The commercial operations were
started in June 2011.

Recent Results

For FY 2013, the company has reported a profit after tax (PAT) of
INR0.48 crore on an operating income of INR25.14 crore. For
FY2012, SKPL had recorded a net loss of INR0.34 crore on an
operating income of INR14.77 crore.


SATANI FORGE: ICRA Suspends 'B+' Rating on INR9.08cr Loans
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR9.08
crore long term fund based limits and [ICRA]A4 rating assigned to
the INR0.80 crore short term non fund based limits of Satani Forge
& Turn. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             4.58       [ICRA]B+ suspended
   Cash Credit           4.50       [ICRA]B+ suspended
   Bank Guarantee        0.80       [ICRA]A4 suspended
   Letter of Credit     (3.50)      [ICRA]A4 suspended

Established in 2006, Satani Forge & Turn (SFT) is a Rajkot based
supplier of forged and machined components primarily to bearing
manufacturers which includes taper, spherical, cylindrical and
other types of bearings. SFT initially commenced commercial
operations with job work for National Engineering Industries Ltd.
(NEIL) (a part of C. K. Birla group), one of the pioneers and
largest domestic bearing manufacturer supplying to automotive,
railways and manufacturing industries in domestic and export
markets. Currently, SFT undertakes both manufacturing and job work
activities for NEIL and is an exclusive supplier to NEIL for 50
different components. The firm has an installed capacity of ~7500
MT per annum with its manufacturing facility located at Metoda
(Dist: Rajkot).


SHINDE AND SONS: CRISIL Reaffirms 'D' Rating on INR75MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shinde and Sons (SS;
part of the Kalika group) continue to reflect instances of delay
by the Kalika group in servicing its term debt and working capital
demand loan; its cash credit account has also occasionally been
overdrawn for more than 30 days. This is because of the group's
weak liquidity, driven by delayed payments by Government of
Maharashtra entities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         25        CRISIL D (Reaffirmed)
   Cash Credit            22        CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan            28        CRISIL D (Reaffirmed)

The Kalika group has a small scale of operations, sticky
receivables outstanding, geographical concentration in its revenue
profile, and a small order book. It is also susceptible to risks
related to the tender-based nature of its operations. The group,
however, benefits from the extensive experience of its promoters
in the construction industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Kalika Construction and SS. This is
because the two firms, together referred to as the Kalika group,
are in the same line of business and under a common management.

KC undertakes civil construction projects for earthwork, paver
lining, structures, and stretches for bridges across rivers in
Maharashtra. Set up by Mr. Ramesh Shinde and his family members,
KC mainly executes projects for the Public Works Department of
Jalna (Maharashtra), and other state government authorities such
as Majalgaon Canal Division and Godavari Irrigation Development
Corporation. The partners also operate SS, which is in the same
line of business.


SHIV POLYMERS: CRISIL Assigns 'B' Rating to INR199.9MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shiv Polymers - Delhi (SPD).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           --------       -------
   Cash Credit              50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      149.9       CRISIL B/Stable


The rating reflects SPD's below-average financial risk profile and
modest scale of operations in a highly competitive industry. These
rating weaknesses are partially offset by the established track
record of SPD's promoters in the industry and its moderate working
capital management.

Outlook: Stable

CRISIL believes that SPD will maintain its business risk profile
over the medium term on account of its promoters' track record in
the industry. The outlook may be revised to 'Positive' in case of
significant ramp-up in operations along with improvement in
margins, or significant improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile, or reports low
profitability.

SPD is a Delhi-based partnership firm. It was set up as a
proprietorship concern in 2009 and was reconstituted as a
partnership firm in February 2013. The firm manufactures products
such as alkyd resin, alkyd solutions, and process oil, which are
used in the paints industry. The firm was set up by Mr. Rattan
Kumar Jha and is managed by him and his brother in law, Mr. Ganesh
Jha. The firm has its manufacturing facility in Azadpur (Delhi).

SPD's book profit and net sales were at INR0.81 million and INR592
million, respectively, for 2012-13 (refers to financial year,
April 1 to March 31); the firm reported a book profit of INR0.79
million on net sales of INR325 million for 2011-12. It is likely
to register sales of INR670 million for 2013-14.


SHIVA STRUCTURES: CRISIL Cuts Rating on INR360MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Shiva Structures Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         60       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            50       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Term Loan             250       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delays by SSPL in servicing
its term debt obligations. The delays have been caused by the
company's stretched liquidity. The company had availed a term loan
of INR 250 million for funding of a large work order. The term
loan is to be repaid in monthly installments of INR5 million. The
company has been facing delays in realisation of receivables,
leading to stretch on the working capital cycle and pressure on
its liquidity. The company depended on a large extent on its bank
facilities to fund its working capital requirements. The bank
limits have been fully utilized over the past 12 month period
ending November 2013.

SSPL's rating also factors its geographical concentration in
revenue profile, below-average financial risk profile marked by
modest net worth, high gearing, and subdued debt protection
indicators and working capital intensive nature of operations.
These rating weaknesses are partially offset by the benefits that
the company derives from its established market position in the
construction industry and healthy order book.

SSPL was incorporated in 2009, promoted by Mr. Madhukar Deshmukh
to take over the business of Shiva Constructions, the sole
proprietorship concern of Mr. Deshmukh. SSPL is engaged in civil
construction activities for the irrigation segment in Maharashtra.
It is a registered Class I contractor for the state's public works
department and Godavari Marathwada Irrigation Development
Corporation.

SSPL reported a profit after tax (PAT) of INR 14.7 million on net
sales of INR 346.5 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR 7.0 million on net
sales of INR 214 million for 2011-12.


SHREE DWARKADHISH: ICRA Suspends 'B' Rating on INR9.84cr Loans
--------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR9.84
crore long term fund based limits of Shree Dwarkadhish Ginning and
Pressing Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based: Cash Credit     5.00        [ICRA]B suspended

   Long Term Fund
   Based: Term Loan       0.84        [ICRA]B suspended

   Long Term Fund
   based: Proposed
   facility               4.00        [ICRA]B suspended

Shree Dwarkadhish Ginning & Pressing Pvt. Ltd. was incorporated in
April 2007 by Mr. Anil Kumar Ladva and Mr. Babubhai Kalasariya
with its plant location at Amreli, Gujarat. The ownership and
management of the company was taken over in FY 2010 by Mr. Arjan
M. Bhammar along with other 14 shareholders. It is currently
engaged in cotton ginning, pressing and crushing business with
eighteen ginning machines, one pressing machine and five
expellers. The installed capacity of the plant to produce finished
cotton and cottonseed oil is 3564 MTPA and 510 MTPA respectively.


SHREE RAM: ICRA Assigns 'B' Rating to INR7.55cr Loans
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' rating to the
INR3.80 crore term loan and INR3.75 crore cash credit facilities
of Shree Ram Alloys & Ingots Private Limited. ICRA has also
assigned [ICRA]B and [ICRA]A4 ratings to an untied limit of
INR1.20 crore of SRAIPL.


                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Term Loan             3.80       [ICRA]B assigned

   Fund Based Limit-
   Cash Credit           3.75       [ICRA]B assigned

   Fund Based/Non
   Fund Based-Untied
   Limit                 1.20       [ICRA]B/[ICRA]A4 assigned


The assigned ratings take into account SRAIPL's weak financial
profile characterised by nominal cash accruals and net profit at
an absolute level, high gearing and weak debt coverage indicators.
The ratings also take into account the working capital intensive
nature of operations as reflected by high utilization of bank
limits leading to stretched liquidity position.

The ratings are also constrained by the small scale of current
operations, and the company's significant debt service obligations
which may affect its liquidity position in the short to medium
term. ICRA also notes that SRAIPL's profitability and cash flows
would remain vulnerable to the cyclicality inherent in the steel
industry. The ratings, however, positively considers the long
experience of the promoters in steel trading business through
group entities, though lacks experience in running steel
manufacturing operations across steel cycles, and the locational
advantage it enjoys with the manufacturing unit being in proximity
to raw material sources and customer base, which reduces freight
costs.

Incorporated in 2009, SRAIPL is engaged in manufacturing of MS
ingots with an installed capacity of 24,000 TPA (tons per annum).
The manufacturing facility of the company is located at Balidih,
Bokaro in Jharkhand. SRAIPL commenced commercial production in
December 2011.

Recent Results

The company posted a net profit of INR0.43 crore (provisional) on
an operating income of INR35.14 crore (provisional) during 2012-
13, as compared to a net profit of INR0.41 crore on an operating
income of INR34.94 crore during 2012-13.


SIPAI COTTON: ICRA Reaffirms 'B+' Rating on INR6cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR6.00 crore fund
based cash credit facility of Sipai Cotton Industries.

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

The rating continue to remain constrained by SCI's low operating
margins resulting from limited value addition and highly
competitive & fragmented industry structure due to low entry
barriers. Further, ICRA is cognizant of the fact that the company
continues to remain exposed to adverse movements in raw material
prices, government regulations on MSP and export quota, and low
value additive nature of the work, which keeps the profitability
metrics and cash accruals at modest levels. While the capital
structure has moderately improved in FY 14, being a partnership
firm, any substantial withdrawal by the partners could have an
adverse impact on the capital structure of the firm.

The rating however positively reflects the improvement in capital
structure resulting from decline in gearing in FY14.The ratings
also favorably takes into account the extensive experience of the
partners in cotton ginning industry and strategic location of the
plant in the cotton producing belt of India giving it easy access
to raw cotton. The ratings also positively factor in the favorable
outlook for cotton and cotton seed demand; Gujarat is also the
biggest market for cotton seed oil consumption in India.

Sipai Cotton Industries was set up in 1999 as a partnership firm
by Mr. Ibrahim Sipai with an experience of more than a decade, and
his family members and relatives as cotton ginning and pressing
unit located at Wankaner, Gujarat. It is also engaged in trading
activities of cotton bales and cottonseed. At present, the firm
has installed 28 ginning machines and 1 pressing machine.

Recent Results

During FY14 (unaudited provisional financials), the firm reported
an operating income of INR49.42 crore and net profit of INR0.31
crore as against operating income of INR44.59 crore and net profit
of INR0.26 crore in FY13.


SOORYA CASHEW: CRISIL Assigns 'B+' Rating to INR70MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Soorya Cashew Factory.

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

The rating reflects SCF's large working capital requirements and
below-average financial risk profile marked by high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive experience of PCF's promoter
in the cashew industry.

Outlook: Stable

CRISIL believes that SCF will benefit over the medium term from
its promoter's extensive experience in the cashew industry. The
outlook may be revised to 'Positive' if the firm records
considerable increase in revenue and profitability, leading to
better-than-expected cash accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SCF reports lower-than-expected revenue or
profitability, or if the firm's working capital management weakens
resulting in weak liquidity, or if the firm undertakes a large
debt-funded capital expenditure programme leading to weakening of
its financial risk profile.

Set up in 2005, SCF processes and trades in raw cashew nuts. The
firm's day-to-day operations are managed by the managing partner,
Mr. Sahadevan Pillai.

The firm reported, on a provisional basis, profit after tax (PAT)
of INR4.9 million on net sales of INR694.3 million for 2013-14
(refers to financial year, April 1 to March 31), against PAT of
INR2.0 million on net sales of INR635.7 million for 2012-13.


SUPER SHIV: ICRA Assigns 'B+' Rating to INR14cr Loans
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR14.00
crore bank limits of Super Shiv Shakti Chemicals Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     9.00       [ICRA]B+ assigned
   Term Loans            4.00       [ICRA]B+ assigned
   Unallocated           1.00       [ICRA]B+ assigned

The assigned rating factors in SSSCPL's moderate scale of
operations in its business of manufacturing of explosives &
accessories, and trading of fabric; and pressures on liquidity
position of the company, arising mainly from high working capital
, as evidenced by negative cash generation from operations and
full utilization of working capital limits. Further, the ratings
are constrained by erratic revenue and internal accrual generation
of the company; its thin profitability owing to significant
contribution of revenues from the trading segment and
vulnerability of the profitability to volatility in raw material
prices. Further, ICRA also takes into account the debt funded
capex plan of the company, which is expected to deteriorate the
capital structure going forward. However, rating draws comfort
from the long experience of the promoters in the explosives
business, established track record of operations of the company,
and healthy growth in operating income in FY2013 on the back of
growth in trading revenues and healthy demand in the explosives
segment.

Super Shiv Shakti Chemicals Private Limited was incorporated in
the year 2004 by the Shekhawat family and the manufacturing
facility is situated in Bhilwara, Rajasthan. The company is
engaged in manufacturing a range of explosives and accessories
(explosives initiating devices) including: Pentaerythritol
Tetranitrate (PETN), nitrate mixture slurry, emulsion explosives,
detonating cords/fuses, etc. which find usage in the mining sector
for industries such as marble, dolomite, coal industries etc.
Further, SSSCPL is also engaged in the business of trading fabric.

Recent Results

For FY2014, the company has achieved an operating income of
INR77.61 crore (as per provisional numbers) and a net profit of
INR0.56 crore (as per provisional numbers), as against an
operating income of INR72.46 crore and a net profit of INR0.70
crore in FY2013.


TEESTA RANGIT: ICRA Reaffirms 'D' Rating on INR40cr Term Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR40.00
crore term loans of Teesta Rangit Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Term Loans)          40.00        [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into account
continuing delays in servicing of debt obligations by the company
on account of its stretched liquidity position, leading to overdue
principal and interest on term loans. The rating is also
constrained by the small scale of current operations on account of
single property based in Gangtok, intensely competitive nature of
the hospitality market in the region marked by the presence of
several renowned international and domestic players and low
operating profits against the sizeable debt servicing commitments.
The rating, however, favourably factors in the experience of the
promoters in the hotel business and its association with the
Sarovar group, which imparts management expertise and brand
recognition.

Incorporated in 1991, TRPL owns and operates a four star hotel
"The Royal Plaza" located at Gangtok, Sikkim. The company has a
tie-up with Sarovar Hotels & Resorts Private Limited for managing
the property and also handling sales and marketing functions of
the hotel business. The hotel has eighty-one rooms with a dining
cum restaurant, tea & coffee shop, banquet hall and a bar. In
addition, the company operates a casino "Casino Sikkim" in the
same premises.

Recent Results

The company reported a net profit of INR1.17 crore (provisional)
on an operating income of INR15.94 crore (provisional) in 2013-14;
as compared to a net profit of INR0.53 crore on an operating
income of INR16.30 crore in 2012-13.


V. D. MOTORS: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of V. D. Motors Pvt
Ltd continues to reflect VMPL's weak financial risk profile marked
by small net worth, high gearing, and weak debt protection
metrics.

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

The rating also factors in VMPL's working-capital-intensive
operations, low bargaining power with its principal, and exposure
to intense competition in the automotive dealership market. These
rating weaknesses are partially offset by the extensive industry
experience of VMPL's promoters and their fund support to the
company, and its established market position supported by
established relationship with principal Mahindra & Mahindra Ltd
(M&M; rated 'CRISIL AA+/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that VMPL will maintain its market position over
the medium term, supported by its established relationship with
its principal. The outlook may be revised to 'Positive' in case of
improvement in the company's capital structure or profitability,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of low accruals or
large debt-funded capital expenditure, weakening VMPL's financial
risk profile.

Update
Muted demand in the automotive sector has translated into flat
revenue of INR1 billion for VMPL for 2013-14 (refers to financial
year, April 1 to March 31). VMPL's operating profit margin
remained above 3 per cent because of expansion in higher-margin
business of spares and services. The company's sales and margins
are expected to improve over the medium term, driven by increasing
sales from expanded showrooms and focus on higher-margin segments.

VMPL's financial risk profile remains weak, marked by small net
worth of around INR40 million and high gearing of 4 times as on
March 31, 2014. The company's debt protection metrics are weak,
with interest coverage and net cash accruals to total debt (NCATD)
ratios of 1.3 times and 0.03 times, respectively, for 2013-14. Its
liquidity remains stretched because of large working capital
requirements driven by large inventory. The absence of fixed debt
obligations and moderate utilisation of bank lines, at an average
of about 76 per cent for the twelve months period ending March,
2014 along with track record of timely fund support from promoters
mitigates the stress on liquidity. CRISIL believes that increasing
inventory or unanticipated support to group concerns will weaken
VMPL's liquidity, and hence, will remain rating sensitivity
factors.

VMPL is likely to report profit after tax (PAT) of INR4 million on
net sales of INR1 billion for 2013-14, against a PAT of INR2
million on net sales of INR0.8 billion for 2012-13.

VMPL was promoted by Mr. Rajendra Singh Godara and Mr. Vikas
Godara in 1998. It is an authorised dealer of M&M's passenger and
commercial vehicles. The company operates showrooms and workshops
in Rajasthan at places such as Ganganagar and Hanumangarh; it has
branch offices in Anupgarh, Suratgarh, Bhadra, and Nohar.


VEDANTA RESOURCES: S&P Revises Outlook & Affirms 'BB' CCR
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Vedanta Resources PLC to stable from negative.  At the
same time, S&P affirmed its foreign currency long-term corporate
credit rating on Vedanta at 'BB'.  S&P also affirmed its 'BB'
issue rating on the company's various guaranteed bonds and loans.

"We revised the outlook to reflect our view that the risks over
Vedanta's ability to service its debt have reduced," said Standard
& Poor's credit analyst Mehul Sukkawala.  "The cash flows from
Vedanta's oil and zinc businesses in India continue to be in line
with our expectation and are a key financial strength for the
company.  We expect its other businesses to ramp up gradually and
augment cash flow.  This, combined with moderate capital
expenditure, will help the company to continue registering
positive free operating cash flow.  In addition, Vedanta has
refinanced more than US$4 billion in debt over the past 18 months.
The company's debt maturities over the next two years appear
manageable."

S&P expects the operating performance at Vedanta's oil and zinc
businesses to be largely in line with its forecasts, supporting
the overall financial strength of the company.  S&P expects
Vedanta to appropriately manage the pressure on oil production
through enhanced oil recovery measures, and gradually increase
underground zinc mining to offset possible decline in open pit
mining over the next two to three years.  Vedanta's iron ore
operations, while still largely idle, may commence production in
Goa in fiscal 2016 upon receiving all approvals, but the approval
process could be lengthy.  The company's new smelters for aluminum
may finally start production, after being delayed for regulatory,
operational, and economic reasons.  S&P expects Vedanta to
gradually increase its aluminum production to be a meaningful cash
flow generator over the next two years.

Vedanta's organizational restructuring resulted in an intercompany
debt of about US$4.3 billion from Vedanta to a subsidiary of Sesa
Sterlite.  This reduces the debt servicing needs at the holding
company. Sesa Sterlite can also receive dividends directly from
Cairn India Ltd. and Hindustan Zinc Ltd. and have access to cash
flows from the copper smelting operations and its iron ore and
aluminum business, when it reaches meaningful levels.  However,
S&P has not incorporated any deleveraging benefits at Sesa
Sterlite or the Vedanta holding company level in its base case.

Although Vedanta's capital expenditure program has reduced, S&P
believes the focus will be on running the existing and newly built
aluminum and power assets the best they can.  This lowers the
burden on free cash flow generation and the possibility of raising
debt for capital expenditure.

S&P assess Vedanta's business risk profile as "fair" and its
financial risk profile as "aggressive."  S&P's business risk
assessment takes into consideration low-cost operations,
especially in zinc and oil segment, high operational risks in some
businesses (iron ore and copper in Zambia), limited diversity in
operating assets, and exposure to volatile commodity prices.  The
financial risk profile reflects S&P's expectation of funds from
operations (FFO) to debt at 15%-17% and FFO to cash interest
coverage at 2.5x-3.0x over the next 24 months.

S&P assess Vedanta's comparable rating analysis as positive.  This
assessment takes into consideration our view that Vedanta's
business risk profile could improve to "satisfactory" once its oil
and gas asset profile improves considerably.  This assumes an
improvement in the company's production profile, consistently
large reserve replacement, and substantial increase in reserve
life.  It also hinges on the performance of the zinc business
remaining strong and aluminum smelters ramping to more than 1.5
million ton of capacity.

"The stable outlook reflects our expectations that Vedanta's
operating performance will gradually improve, especially at its
aluminum, iron ore, and copper businesses," said Mr. Sukkawala.
"We also expect Sesa Sterlite to have sufficient internal cash
flows to service its own debt and pay dividend to the holding
company."

S&P is unlikely to raise the rating over the next 12-24 months as
Vedanta's debt and debt-servicing requirements remain relatively
high.  S&P may however raise the rating if: (1) Vedanta's oil
business strengthens its asset profile while aluminum production
ramps up as expected; (2) refinancing and debt servicing at the
holding company and subsidiaries continues to be smooth; and (3)
Vedanta achieves strong and diversified cash flows such that its
FFO to debt on a proportionate basis crosses 20% on a sustained
basis.

S&P may lower the ratings if: (1) cash flows from oil and zinc
decline significantly below its expectation due to lower prices or
production disturbances; (2) Vedanta faces difficulties in
servicing its debt and refinancing at the holding company level or
at its subsidiaries; or (3) the proportionately consolidated ratio
of FFO to debt is below 12% on a sustained basis and the outlook
for metal and oil operations remains dim.



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


PELAYARAN NASIONAL: Sulistyo Named as New CEO
---------------------------------------------
The Jakarta Post relates that State-Owned Enterprises Minister
Dahlan Iskan has replaced the president director of state-owned
shipping company PT Pelayaran Nasional Indonesia (Pelni), Syahril
Japarin, with Sulistyo Wimbo Hardjito, as the company has
continued to suffer losses.

Sulistyo previously served as commercial director of state-run
railway firm PT Kereta Api Indonesia (KAI), the report says.

"Syahril is a good person but we are not happy with the company's
financial situation," Dahlan said in Jakarta on May 21, as quoted
by kompas.com, the report relays.

He said that Pelni suffered a net loss of IDR630 billion (US$54.81
billion) throughout 2013, even though its debt was decreasing, The
Jakarta Post reports.



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


BLAKE STREET: Liquidators File Civil Suit vs. Bankrupt Developer
----------------------------------------------------------------
Matt Nippert at Stuff.co.nz reports that a thrice-bankrupted
property developer and his wife have been accused in High Court
civil filings of withdrawing NZ$342,961 of funds solicited from
property investors.

Stuff.co.nz says Damien Grant -- Damien@waterstone.co.nz -- and
Steven Khov -- Steven@waterstone.co.nz -- of Waterstone
Insolvency, liquidators for Blake Street Trustee, have filed a
claim in the High Court in Auckland alleging Peter Chevin and his
wife, Anne-Marie Chevin, withdrew the sum from the company between
March 2010 and October 2011.

The report relates that the claim alleges these transactions were
funded by a complex scheme involving money taken out of three
companies raising investor funds to develop real estate on
Auckland's North Shore.

"The ultimate effect of the above series of transactions is that
the first and second defendants used Hunter Capital, Hunter Gills
Road and Albany Heights Villas to take investor funds and transfer
it to themselves for no value," the claim alleges, the report
relays.

These three companies were part of a development syndicate that
advertised heavily in Southeast Asia to raise funds to build
properties on Auckland's North Shore, according to the report.

Stuff.co.nz relates that Messrs. Grant and Khov, also acting as
liquidator for these three companies, have said in their reports
that investors are owed more than NZ$9 million from the
developments that have all foundered.

Liquidators are seeking the return of the NZ$342,961, plus
interest and costs, the report says.

Stuff.co.nz notes that Mr. Chevin and his wife are defending the
claim, provisionally set down for a two-day hearing in November.

A third defendant, Peter Hill, is alleged to have taken over
directing Blake Street just prior to Peter Chevin's bankruptcy,
the report notes.


KINGSLAND STATION: Ex-All Black Denied Bankruptcy Discharge
-----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that an ex-All
Black accused of managing two businesses while bankrupt allegedly
removed the director of one of these companies when the man
refused to provide signed blank cheques to the former top-level
player.

The Herald says the allegation was revealed in a High Court
decision released this month that declined to discharge
Christopher (Kit) Fawcett from bankruptcy.

The report relates that Mr. Fawcett, who played two test matches
for the All Blacks in 1976, was declared bankrupt in September
2010 over an outstanding NZ$1.34 million debt to the
Southland Building Society for money borrowed on a failed
subdivision, the Tairua Palms Estate in the Coromandel.

Mr. Fawcett would have been discharged automatically from
bankruptcy in October last year but the Official Assignee opposed
his release, the report notes.

Shortly after this, the Herald recalls, the OA -- which manages
bankruptcies -- last October laid two charges against Mr. Fawcett.

One alleges he ran a business between October 2011 and October 1
last year and the other that he ran a business between May 2012
and April last year, the Herald relates.

Undischarged bankrupts cannot take part in the management of any
business without the consent of the OA and the charges Mr. Fawcett
faces come with a maximum penalty of two years imprisonment if he
is convicted, according to the Herald.

At a hearing in the High Court at Hamilton in December, the report
notes, Mr. Fawcett applied for an immediate and unconditional
discharge from bankruptcy.

According to the report, Mr. Fawcett, who represented himself,
told Mary Justice Peters he had complied with his obligations and
was entitled to be discharged and said the OA was on a "witch
hunt".

The Herald reports that the OA's lawyer, Phillip Cornege, told the
judge that no order for discharge should be made, given how Mr.
Fawcett had conducted himself since being declared bankrupt.

The report relates that the OA said Mr. Fawcett had been closely
involved with the management of two companies, JEC No 3 and
Kingsland Station. These allegations form the basis of the charges
the OA laid against him, the report says.

JEC is a trustee of a trust settled mainly for the benefit of
Mr. Fawcett's children, the Herald discloses.

The Herald says the OA submitted during the hearing that Mr.
Fawcett was a property manager for JEC.

He also allegedly removed JEC's director and substituted another
man when the former refused to continue taking instructions, which
included providing Fawcett signed blank cheques drawn from the
trustee's current account, according to the Herald.

While Mr. Fawcett said that emails and statements put to him
during the hearing did not provide sufficient basis to refuse his
discharge, Justice Peters did not accept this, the report notes.

"In my view they raise serious issues as to the manner in which
Mr. Fawcett has conducted himself since [being adjudicated
bankrupt] . . . I accept the submission for the OA that the
documents are evidence that Mr. Fawcett was closely involved in
the management of the affairs of both JEC and Kingsland, and
particularly the latter," the Herald quotes Justice Peters as
saying.

"Of course, whether Mr. Fawcett has committed offences under the
[Insolvency] Act is a different matter raising different issues.
Nothing in this judgement should be taken as expressing any view
on the merit of the charges," the judge said.

Justice Peters dismissed Mr. Fawcett's application for discharge.
The judge said Mr. Fawcett may make another bid for release from
bankruptcy when the charges against him are determined or after
December 1, the report adds.


SOUTHERN CROSS: Sale of Thames Sawmill Attracts Interests
---------------------------------------------------------
The receivers of Southern Cross Forest Products Ltd (SCFP) have
advised that the sale process has attracted considerable interest
in the Thames sawmill and remanufacturing businesses, but interest
in the South Island operations does not justify continued trading
in its current form.

Receiver, Brendon Gibson from KordaMentha said: "Since SCFP
entered receivership in early March, we have focused on selling
the business as a going concern. Unfortunately, with the
expression of interest period now having ended, this is no longer
possible for the South Island business.

"A number of parties are interested in buying the Thames operation
intact. However, the South Island assets will be sold
individually.  Regrettably, today we have had to advise 100 Otago-
based staff that operations will cease progressively from mid- to
late-June.

"This decision has not been made lightly. While staff in Otago are
yet to be given notice, we wanted to advise them as early as
possible. We have chosen to close the sites for the afternoon to
ensure staff have time to adjust to this difficult news. We
acknowledge the assistance that staff have received from the
community and we will continue to support those initiatives," Mr.
Gibson said.

SCFP wood processing facilities in Thames are entirely unaffected
by the events in the South Island and continue to operate as usual
servicing their international and domestic customer base.

The sale process has entered the due diligence phase for all
interested parties.

                       About Southern Cross

Southern Cross Forest Products is a Dunedin-based sawmill company.
It employed about 400 staff and has about NZ$100 million in annual
sales.

Brendon James Gibson and Michael Peter Stiassny were appointed
Joint and Several Receivers and Managers of the assets and
undertaking of Southern Cross Forest Products Limited, Rosebank
Forest Products Limited, Kauri Timber Products Limited And Pine
Resources (NZ) Limited on March 3, 2014.



=====================
P H I L I P P I N E S
=====================


CAVITE RURAL: PDIC Pays Depositors' Deposit Insurance Claims
------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) had started
servicing the deposit insurance claims of depositors of the closed
Cavite Rural Banking Corporation on May 21, 2014, from
8:00 a.m. to 5:00 p.m.

Servicing of claims will be conducted on May 21 and 22, 2014 at
the bank's Head Office premises located at M.H. del Pilar St. cor.
Kiamzon St., Silang, Cavite and at the premises of the Bank's
Branches at Buho, Amadeo and Poblacion, Amadeo, respectively.
Depositors are advised to proceed to the branch where they
maintain their accounts.

Depositors with validated deposit balances of PHP50,000.00 and
below, with complete mailing address found in the bank records or
updated through the Mailing Address Update Form, and without any
outstanding obligation with the bank do not need to file claims.

Depositors whose accounts have balances of more than PHP50,000 and
who have outstanding obligations with the closed Cavite Rural
Banking Corporation regardless of type of account are required to
file their deposit insurance claims. The announcement on the
claims settlement operations of Cavite Rural Banking Corporation
is posted at the Head Office and the branches and on the PDIC
website, www.pdic.gov.ph.

When filing deposit insurance claims, depositors are advised to
personally present their duly accomplished Claim Form, original
copy of evidence of deposit such as Savings Passbook and
Certificate of Time Deposit, and two (2) valid photo-bearing IDs
with signature of the depositor. Depositors may also file their
claims through mail and enclose the same set of document
requirements.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the Claim
Form signed by the parent. Claimants who are not the signatories
in the bank records are required to submit an original copy of a
notarized/authenticated Special Power of Attorney of the depositor
or parent of a minor depositor.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.
The Claim Form and format of the Special Power of Attorney may
also be downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims
settlement operations period may submit their claims either
through mail to PDIC or personally at the PDIC Office, 4th Floor,
SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati
City starting June 2, 2014.

In accordance with the provisions of the PDIC Charter, the last
day for filing deposit insurance claims in the closed Cavite Rural
Banking Corporation is on May 9, 2016. After this date, PDIC as
Deposit Insurer, shall no longer accept any deposit insurance
claim.

The PDIC said that all valid claims will be paid. For deposits to
be considered valid, it must be recorded in the bank's records and
must have evidence of inflow of funds, based on the results of
PDIC examination. PDIC, as Receiver, has the authority to adjust
the insurance rate on the unpaid interest offered by a bank if
this is deemed unreasonable.


PHILIPPINE NATIONAL BANK: Moody's Affirms Ba2/NP Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2/NP local and
foreign currency deposit ratings of Philippine National Bank (PNB)
and changed the outlook to positive from stable.

At the same time, Moody's has raised PNB's bank financial strength
rating (BFSR) / baseline credit assessment (BCA) to D-/ba3 from
E+/b1 to reflect the improvement in the bank's financial profile,
following the merger with Allied Banking Corporation (ABC,
unrated). The outlook on PNB's BFSR is maintained as positive.

A full list of the affected ratings can be found at the bottom of
this press release.

Ratings Rationale

The positive outlook on PNB's Ba2/NP foreign currency deposit
ratings reflects the ongoing improvements in the bank's credit
profile, as well as expectations that further improvements in its
financial performance will likely bring its credit profile in line
with the industry average over the next 18-24 months. In
particular, its profitability and asset quality are expected to
improve as a result of the completion of the integration process.

The upward revision of PNB's BCA to ba3 from b1 reflects the
improvement in the bank's financial profile with regards to asset
quality and its capital buffer, which have become comparable to
regional ba2 and ba3 peers. PNB raised approximately PHP11.6
billion in new capital via rights issue in February 2014. The
increased capital buffer of the bank has enabled it to support its
business growth plans.

Although PNB's asset quality is still weaker than the rated
Philippine banks average, its high levels of capitalization and
loan loss coverage provide sufficient loss absorption capacity at
its current rating levels to withstand systemic stresses over the
next 12-18 months.

What Could Change The Rating Up/Down

Given the positive outlook on PNB's deposit ratings, an upward
revision of its BCA would likely lead to an upgrade of its
ratings, assuming that its credit metrics remain robust.

The following factors could result in an upward revision of PNB's
BCA: (1) a high level of loss absorption capacity, as reflected by
a Tier 1 ratio of above 12%; (2) a proven ability to maintain its
non-performing assets (non-performing loans and foreclosed assets)
at below 20% of equity and loan loss reserves; and/or (3) evidence
that it can rein in operating expenses and improve its risk-
adjusted profitability, reflected by net income above 2% of
average risk-weighted assets.

The bank's BCA could be lowered or the positive outlook could be
revised to stable if: (1) aggressive organic expansion or
acquisitions result in a significant increase in its risk profile;
and/or (2) its operating environment weakens significantly or
underwriting practices become lax, resulting in a significant
increase in non-performing assets (non-performing loans and
foreclosed assets), in turn undermining its loss absorption
capacity; and/or (3) there is a material decline in its capital
buffers, such that their Tier 1 ratio falls below 10%.

The ratings of PNB are as listed below.

BFSR of D-, which is equivalent to a ba3 BCA.

Local and foreign currency deposits: Ba2/NP

All ratings have a positive outlook.

The principal methodology used in this rating was Global Banks
published in May 2013.

Headquartered in Manila, PNB reported total assets of PHP618
billion ($13.9 billion) as of 31 December 2013.


RIZAL COMMERCIAL BANKING: Moody's Affirms Ba2/NP Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2/NP foreign currency
deposit ratings of Rizal Commercial Banking Corporation (RCBC) and
changed the outlook to positive from stable.

At the same time, Moody's has revised the outlook on the D-
standalone bank financial strength rating (BFSR) of RCBC --
equivalent to a baseline credit assessment (BCA) of ba3 -- to
positive from stable.

All other ratings are affirmed, and the outlook is also revised to
positive from stable.

A full list of the affected ratings can be found at the bottom of
this press release.

Ratings Rationale

The positive outlook on RCBC's Ba2/NP foreign currency deposit
ratings reflects the ongoing improvements in the bank's credit
profile, and the expectation that it will continue to improve,
especially once it is able to implement its capital raising plan.

Moody's views the bank's standalone financial profile as strong
for its ba3 BCA. The positive outlook on RCBC's D- BFSR considers
the bank's improved asset quality profile as a result of the sale
in 2013 of PHP4.8 billion in legacy non-performing loans and non-
performing assets.

At the same time, Moody's notes that the bank's capital buffer has
improved, following private placements last year which raised a
total of PHP8.2 billion. These transactions have resulted in an
improvement in RCBC's overall credit profile, which has become
comparable to other ba2 and ba3 regional peers.

The bank's ability to implement its capital raising plans and
maintain capital levels above the minimum capital requirements
under Basel III will be key to its ability to support its business
growth targets.

What Could Change The Rating Up/Down

Given the positive outlook on RCBC's deposit rating, an upward
revision of its BCA would likely lead to an upgrade of its
ratings, assuming that its credit metrics remain robust.

The following factors could result in an upward revision of RCBC's
BCA: (1) a high level of loss absorption capacity, as reflected by
a Tier 1 ratio of above 12%; (2) a proven ability to maintain non-
performing assets (non-performing loans and foreclosed assets) at
below 20% of equity and loan loss reserves; and/or (3) evidence
that it can continue to rein in credit costs and improve its risk-
adjusted profitability, reflected by net income above 2% of
average risk-weighted assets.

RCBC's preferred stock rating is linked to its BCA, and could be
upgraded if its BCA is raised.

The bank's BCA could be lowered or the positive outlook could be
revised to stable if: (1) aggressive organic expansion or
acquisitions result in a significant increase in its risk profile;
and/or (2) its operating environment weakens significantly or
underwriting practices become lax, resulting in a significant
increase in non-performing assets (non-performing loans and
foreclosed assets), in turn undermining its loss absorption
capacity; and/or (3) there is a material decline in its capital
buffers, such that its Tier 1 ratio falls below 10%.

The ratings of RCBC are as listed below.

BFSR of D-, which is equivalent to a ba3 BCA.

Foreign currency deposits: Ba2/NP

Foreign currency MTN program: (P)Ba2/(P)NP

Foreign currency senior unsecured debt: Ba2

Foreign currency preferred stock: B3 (hyb)

All ratings have a positive outlook.



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


LEO MOTORS: Incurs $1.3 Million Net Loss in First Quarter
---------------------------------------------------------
Leo Motors, Inc., reported that net loss for the quarter ending
March 31, 2014, increased to $1.26 million from $206,170 for the
three months ending March 31, 2013, an increase of $1,060,298.

The Company's balance sheet at March 31, 2014, showed $1.14
million in total assets, $1.80 million in total liabilities and a
$656,382 total deficit.

"Our liquidity and capital resources are limited.  Accordingly,
our ability to initiate our plan of operations and continue as a
going concern is currently dependent on our ability to either
generate significant new revenues or raise external capital," the
Company stated in the filing.

A copy of the Quarterly Report is available for free at:

                        http://goo.gl/ucAKFl

                           About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of $1.24 million on $0 of revenues
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.88 million on $25,605 of revenues during the prior year.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant losses since inception
of $16,871,850.  This and other factors raise substantial doubt
about the Company's ability to continue as a going concern.


* SOUTH KOREA: Corporate Bill Default Rate Hits 6-Month High
------------------------------------------------------------
Yonhap News Agency reports that the default rate for corporate
bills in South Korea climbed to a six-month high in April due
largely to troubled conglomerate Tong Yang Group, central bank
data showed.

The news agency, data compiled by the Bank of Korea, says the
default rate of corporate bills -- bonds, checks and promissory
notes -- reached 0.22 percent in April, compared with
0.13 percent the previous month. The April figure is the highest
since 0.22 percent recorded in October 2012, Yonhap notes.

Yonhap says the on-month increase was mainly attributed to Tong
Yang Group, whose five affiliates applied for court receivership
in September on liquidity shortages.

The central bank data, meanwhile, showed that the number of
companies that went bankrupt totaled 69 in April, down from 73 in
the previous month, Yonhap reports.

The number of newly established companies reached 7,226, growing
by from March 31, according to the data obtained by Yonhap.



                             *********

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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