---

        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

            Wednesday, May 28, 2014, Vol. 17, No. 104


                            Headlines


A U S T R A L I A

AUSTRALIAN GAMING: KordaMentha Appointed as Administrator
MY TRADING: BPS Recovery Appointed as Administrator


C H I N A

COUNTRY GARDEN: Fitch Gives 'BB+' Rating to US$550MM Sr. Notes
LOGAN PROPERTY: Fitch Gives 'BB-(EXP)' Rating to USD Notes
* CHINA: More Wenzhou Businesses Go Bankrupt


I N D I A

ASG LEATHER: CRISIL Reaffirms 'B-' Rating on INR10MM Loan
AUTO CZARS: CRISIL Reaffirms 'D' Rating on INR70MM Loans
BHADORA INDUSTRIES: ICRA Reaffirms 'B' Rating to INR2.7cr Loan
CVT TECHNOLOGY: CRISIL Assigns 'B-' Rating to INR70MM Loans
DEVAKI FOUNDATIONS: CRISIL Lowers Rating on INR150MM Loans to D

EOS HOSPITALITY: ICRA Assigns 'B+' Rating to INR16cr Term Loan
FIVEBRO INTERNATIONAL: CARE Rates INR21.27cr Bank Loan at 'B-'
GUJARAT PEANUT: ICRA Reaffirms 'B+' Rating on INR6.39cr Loans
HIM CABLEWAYS: ICRA Assigns 'B' Rating to INR6.82cr Loans
HISAR EXIM: ICRA Assigns 'B+' Rating to INR0.60cr Loan

HPI SALES: ICRA Assigns 'B' Rating to INR0.50cr Loan
JHAMB ENTERPRISES: CRISIL Puts 'B-' Rating on INR271MM Loans
KIMPLAS PIPING: ICRA Reaffirms 'B+' Rating on INR40MM Loans
KRISHNA VALLEY: CARE Places 'B-' Rating on INR8.85cr Bank Loans
MANTRI TEA: CRISIL Reaffirms 'D' Rating on INR97.4MM Loans to D

MY FONE: CRISIL Reaffirms 'B+' Rating to INR50MM Cash Credit
PRT HOTELS: CRISIL Downgrades Rating on INR280MM Loan to 'D'
PSR SILK: CRISIL Upgrades Rating on INR380MM Loans to 'B+'
RADIANT INFO: CRISIL Lowers Rating on INR60MM Loans to 'B+'
RAGHAV EXPORT: CRISIL Reaffirms 'B+' Rating on INR87MM Loans

RICHLOOK GARMENTS: CRISIL Cuts Rating on INR280MM Loans to 'D'
SAI PAVANI: ICRA Suspends B+/A4 Rating on INR15cr Loan
SARADA PROJECTS: CRISIL Upgrades Rating on INR160MM Loans to C
SHILPA ELECTRICAL: CRISIL Assigns 'B+' Rating to INR35MM Loan
SHRADDHA SYNTHETICS: ICRA Suspends B/A4 Rating on INR16.1cr Loans

SHREE ENTERPRISES: CRISIL Places 'B+' Rating on INR95MM Loans
SREE NARAYANA: CRISIL Reaffirms 'D' Rating on INR120MM Loan
SREENAGAR COLD: ICRA Assigns 'B' Rating to INR7.34cr Loans
SRI VENKATESHWARA: CRISIL Reaffirms 'D' Rating on INR110MM Loans
VARAHA LAKSHMI: CRISIL Reaffirms 'D' Rating on INR120MM Loans

VISHWAKARMA BUILDERS: CRISIL Reaffirms D Rating on INR190MM Loan
WONDER CONSTRUCTION: ICRA Reaffirms 'B-' Rating on INR9cr Loan
* INDIA: New Bank Insolvency Law To Increase Yields


M A L A Y S I A

MALAYSIA AIRLINES: Rules Out Bankruptcy; To Speed Up Turnaround


                            - - - - -


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


AUSTRALIAN GAMING: KordaMentha Appointed as Administrator
---------------------------------------------------------
Cliff Rocke -- crocke@kordamentha.com -- John Bumbak --
jbumbak@kordamentha.com -- and David Winterbottom --
dwinterbottom@kordamentha.com -- of KordaMentha were appointed as
administrators of Australian Gaming & Entertainment Ltd on
May 26, 2014.

A first meeting of the creditors of the Company will be held at
Level 10, 40 St Georges Terrace, Perth on June 6, 2014, at
12:00 noon.


MY TRADING: BPS Recovery Appointed as Administrator
---------------------------------------------------
Mitchell Ball -- mitchellb@bpsrecovery.com.au -- of BPS Recovery
was appointed as administrator of My Trading Group Pty Ltd on
May 23, 2014.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on June 4,
2014, at 11:00 a.m.



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


COUNTRY GARDEN: Fitch Gives 'BB+' Rating to US$550MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.'s
(Country Garden) USD550 million 7.875% senior notes due 2019 a
final 'BB+' rating.

The final rating is in line with the expected rating assigned on 4
May 2014 and follows the receipt of final documents conforming to
information already received.  The notes are rated at the same
level as Country Garden's senior unsecured rating because they
constitute direct and senior unsecured obligations of the company.

The Chinese homebuilder's ratings are supported by its strong
execution track record and its ability to expand while maintaining
a consistent financial policy.  In 2013, Country Garden's
contracted sales rose by 123% to CNY106 billion.  This exceptional
growth was accompanied by a limited increase in its leverage, as
measured by net debt/net inventory, to 43% from 39% in 2012.  This
shows management has strong financial discipline.  Increasing
operational diversification also supports its ratings.  Such a
rapid expansion nevertheless needs time to reach fruition and
Country Garden is also facing a period of transition in its
product mix. Its moderate leverage also constrains its ratings at
the current level.

Key Rating Drivers

Niche Market: Country Garden's business strength lies in targeting
the market for upgraders or upper-mid income level home buyers who
have the means to afford spacious landed housing in locations away
from cities.  Its products were priced at a low average selling
price (ASP) of CNY6,656 in 2013, because of lower land costs, but
they offer more luxurious living conditions, and the buyers are
less affected by the home purchase restrictions imposed in the
major cities.  The completion of more than 100 projects
demonstrates the company's execution strength.

Increasing Diversification: Country Garden is in the process of
becoming a nationwide homebuilder.  As recently as 2010, it
operated in only 11 of China's provinces or municipalities. Of its
84 projects, 51 were in Guangdong province.  By 2013, Country
Garden had expanded into 22 out of China's 31 provinces and
municipalities, with operations in eight of these new regions only
starting in 2013.  The much larger geographical reach and increase
in the number of projects - 171 by end-2013 - means the company
will be subject to lower market-specific risks.

Stable Metrics, Moderate Leverage: Country Garden's rapid
expansion has been supported by a high asset turnover rate.  Its
contracted sales/gross debt averaged 1.5x in the past four years
and was at 1.85x in 2013.  Acquisition costs for new land have
been restricted to within 30% of sales in the past five years to
avoid liquidity pressure.  As a result, Country Garden has avoided
the large debt build-up seen in many homebuilders that also bought
land aggressively.  Country Garden's leverage also fluctuated in a
narrow range of 39% to 44% in the past four years.  This level of
leverage however constrains its ratings at current level.

Business in Transition: Country Garden faces two challenges in its
expansion.  The Chinese government's increased emphasis on
enhancing land use may result in fewer large plots being released
for landed housing development, the core product of Country
Garden.  The company has turned towards developing more high-rise
homes, resulting in a lengthening of its project turnover rate and
lower profit margin.  Country Garden also faces the challenge of
strain on its resources following the rapid expansion in its
business scale.  This is mitigated by the company's execution
strength.  The new cities Country Garden entered in 2011 and 2012
have already started to produce results, with sales outside its
core Guangdong province rising to CNY59bn in 2013 from CNY19bn in
2012.  While its geographical expansion will produce significant
opportunities in future, the risks in new markets are also high.

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

- net debt/net inventory below 35% on a sustained basis
- contracted sales/debt sustained above 2.0x on a sustainable
  basis
- becoming a larger nationwide player

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

- EBITDA margin sustained below 20% (2013: 21%)
- net debt/net inventory sustained above 45%
- contracted sales/gross debt sustained below 1.6x


LOGAN PROPERTY: Fitch Gives 'BB-(EXP)' Rating to USD Notes
----------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Logan Property
Holdings Company Limited's (Logan; BB-/Stable) proposed US dollar
notes an expected rating of 'BB-(EXP)'.

The proposed notes are rated at the same level as Logan's senior
unsecured debt rating as they will represent direct,
unconditional, unsecured and unsubordinated obligations of the
company.

Key Rating Drivers

Established Market Position: Logan's ratings reflect its
established business position with contracted sales of CNY13.2
billion in 2013, and strong execution ability in large-scale mass-
market residential developments in key cities where it operates.
About 75% of Logan's existing land bank is located in Huizhou,
Nanning and Shantou, where Logan has been ranked among the top
five key developers by sales value in the past three years.  Logan
will continue to use its strong track record in these locations to
expand over the medium term.

Large Land Bank Gives Flexibility: Logan's large land bank of 11
million square metres (sqm) that it purchased at an average cost
of CNY1,045/sqm is sufficient for five to six years' worth of
sales, assuming the company doesn't further add to its land bank.
This large low-cost land reserve, with minimal land premium
outstanding of CNY340m as at end-2013, gives the company
operational flexibility in terms of land purchases over the medium
term.  The leeway is especially important at a time when land
prices are rising rapidly.

Stable Margins: Logan has been generating EBITDA margins of around
30% (2013: 30.7%), driven by its low land costs, stable ASPs and
savings from using its in-house construction arm.  As land costs
increase over time, Fitch expects the company's overall EBITDA
margin to remain stable at above 25% as lower margins from fast-
churn projects would be balanced by stronger profit margins from
projects with low land cost.

Balance Sheet Supports Moderate Expansion: Logan's net
debt/adjusted inventory is healthy at 33% as at end-2013.  Fitch
expects this ratio to increase as Logan takes on debt to expand,
but still be sustained below 40%.  Logan has set a moderate land
replenishment target of around 35%-40% of its annual contracted
sales, a level that is comparable to some of its peers'.

Manageable Single Project Exposure: Although plots in Huizhou make
up about 50% of Logan's land bank, sales from its main project,
Logan City (Huizhou), will be spread out over several years and
likely remain below 25% of Logan's total annual sales.  In
addition, the low land cost of CNY220/ sqm for Logan City
(Huizhou), compared with the current average selling price (ASP)
of CNY6,300/ sqm, provides a comfortable buffer against price
corrections and potential competition from nearby projects.

High Exposure in Guangdong: Logan's rating is constrained by its
concentration in Guangdong province, which accounts for more than
70% of its sales and land bank.  This increases its susceptibility
to changes in the local economy and policies.  Its exposure to
smaller cities may leave it vulnerable to higher price volatility;
however this is partially mitigated by the company's strong profit
buffer due to the low cost of its land and products that target
first-home buyers and upgraders.  Due to its proximity to Shenzhen
and to a lesser extent Guangzhou, Logan City (Huizhou) also
targets end-users from these first-tier cities in Guangdong
province.

Large Projects May Lengthen Cash Cycle: Logan's strategy is to
secure large parcels of land outside the city centre to tap demand
from urbanisation in China.  The success of these projects hinges
on the continuation of the urbanisation trend and demands a longer
cash cycle.  Low land costs for these projects, Logan's healthy
leverage, and cash flow from the company's fast-churn projects
will mitigate some of this risk, as demonstrated by its ability to
maintain contracted sales/total debt of 1.5 times in 2013.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- EBITDA margin sustained below 25%
- Net debt/adjusted inventory sustained above 40%
- Contracted sales / total debt sustained below 1.0x
- Sustained decline in contracted sales from current levels

Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.


* CHINA: More Wenzhou Businesses Go Bankrupt
--------------------------------------------
Wantchinatimes.com reports Wenzhou, in the past a booming and
prosperous city in eastern China's Zhejiang province, is now
struggling in the shadow of an economic slump, with a large number
of enterprises shutting up shop.

The trend of bankruptcies in Wenzhou continues unabated, according
to a study conducted by the Chinese-language Economic Information
Daily, while restricted lending to enterprises has made matters
worse, Wantchinatimes.com relates.

"The credit system is on the brink of collapse and we are afraid
it will be difficult to make a breakthrough in financial reforms
this year," a business source in Wenzhou told the paper.

It is understood that Zhejiang courts processed 346 cases of
bankruptcy in 2013, up 145% from the previous year, and the total
debt of the bankrupt enterprises amounted to CNY159.5 billion
(US$25.6 billion), nearly six times the 24.3 billion (US$3.9
billion) in 2012, according to Wantchinatimes.com.

Of these, the number of businesses going bankrupt in Wenzhou
totaled 198 and the situation could be even worse this year.
Sources also indicated that over 90% of guarantee companies in
Wenzhou have gone out of business, Wantchinatimes.com relays.

"It is more difficult for enterprises to get loans and the tight
financing chain has placed enterprises in difficulty. Given this
crisis, even the private lending market has become sluggish," the
report quotes Zhou Dewen, head of the Wenzhou Small and Medium
Enterprises Promotion Association, as saying.

As of the end of March, the city's bad loans and bad loan ratio
had risen to CNY33.21 billion (US$5.32 billion) and 4.53%,
respectively, Wantchinatimes.com discloses. Local financial
authorities said it would be a daunting task for them to try and
keep the non-performing loan ratio under 4% this year.

Wantchinatimes.com relates that it is well known that relations
between banks and enterprises deteriorated to a "freezing point"
last year and the credit system is on the verge of collapse, with
enterprises worrying about banks tightening lending while banks
fear that enterprises will re-register and transfer their assets.

The Zhejiang provincial government has tried to address the
situation but some sources noted that Wenzhou businesses are
mostly small and medium enterprises, while China's banking system
is dominated by huge state-run commercial banks who prefer to use
their loan quotas on large state-owned companies who are more
reliable debtors, adds Wantchinatimes.com.



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


ASG LEATHER: CRISIL Reaffirms 'B-' Rating on INR10MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of ASG Leather Pvt Ltd
(ASG) continue to reflect the company's weak financial risk
profile, marked by a small net worth, high gearing and weak debt
protection metrics, small scale of operations, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of ASG's promoters in the leather bags
export business and established relationship with customers.

                          Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Export Packing Credit    55      CRISIL A4 (Reaffirmed)
   Foreign Bill
   Discounting               5      CRISIL A4 (Reaffirmed)
   Term Loan                10      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ASG will benefit from its promoters' extensive
experience in the leather industry. The outlook may be revised to
'Positive' in case ASG registers a sustained improvement in its
cash accruals and debt protection metrics, resulting in an
improvement in its liquidity profile. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accruals, larger-than-expected working capital requirements or
large capital expenditure, adversely impacting its debt servicing
ability.

Update
For 2013-14 (refers to financial year, April 1 to March 31), ASG
is estimated to record revenue of INR170 million, broadly in line
with CRISIL's expectations and a growth of over 40 per cent over
the previous year. The strong growth in revenue is on the back of
better realisations as well as capacity expansion. ASG's revenue
is expected to grow annually at 10 to 14 per cent over the medium
term driven by its preference as a vendor among its customers as
well as its plans of foraying into the domestic market. The
company is expected to maintain its operating margin at 8.5 to 9.5
per cent.

ASG's operations are working-capital-intensive, with large
inventory and receivables holding of around four months and one
and a half months, respectively, against a credit of three months
from its suppliers. Consequently, ASG's liquidity is stretched
with bank limits being fully utilised over the 12 months through
December 2013 and tightly matched cash accruals against maturing
debt obligations. ASG is estimated to generate cash accruals of
INR5.1 million in 2013-14, which is expected to be tightly matched
to meet its debt obligations of INR5 million maturing during the
year. However, ASG's export packing credit limit has been enhanced
by INR10 million in January 2014 and the same is expected to
support the company's liquidity. ASG's financial risk profile is
marked by small net worth of INR38 million (estimated) and high
gearing of 1.7 times (estimated) as on March 31, 2014. The debt
protection metrics are weak, with interest coverage and net cash
accruals to total debt ratios estimated at 1.5 times and 0.08
times, respectively, for 2013-14. The financial risk profile will
remain constrained driven by working capital intensity of
operations, dependence on external debt, and nominal accretions to
reserves.

Set up in 2002 by Mr. Alok Kumar Sengupta, ASG manufactures and
exports leather bags and wallets. It has three manufacturing units
in Kolkata (West Bengal).

In 2012-13 (refers to financial year, April 1 to March 31), ASG
reported a profit after tax (PAT) of INR2.0 million on net income
of INR123.6 million; the company reported a PAT of INR1.5 million
on a net income of INR106.0 million in 2011-12.


AUTO CZARS: CRISIL Reaffirms 'D' Rating on INR70MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Auto Czars continue to
reflect AUCZ's overdrawn working capital bank lines for more than
30 days, driven by its large working capital requirements, its
modest financial risk profile marked by high total outside
liabilities to tangible net worth (TOLTNW) ratio and moderate debt
protection metrics, small scale of operations and exposure to
risks associated with high geographical and supplier
concentration. However, AUCZ benefits from its established
relationship with its principal, and its promoters' extensive
experience in the automotive spare parts segment.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          30         CRISIL D (Reaffirmed)
   Cash Credit             35         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       5         CRISIL D (Reaffirmed)

Update
AUCZ's operating income for 2013-14 (refers to financial year,
April 1 to March 31) is estimated at INR280 million to INR300
million, against INR269 million for 2012-13. The revenue growth
has been low on account of weak demand from the automotive sector.
The firm's profitability margins are estimated at 3.5 to 4.5 per
cent in 2013-14 owing to the firm's trading nature of business and
strong bargaining power of its principal supplier. CRISIL expects
the firm's scale of operations and operating margin to remain at
similar levels over the medium term owing to weak industry
scenario.

AUCZ has moderate financial risk profile marked by high TOLTNW
ratio, estimated at over 2.5 times as on March 31, 2014 and modest
interest coverage ratio of below 2 times for 2013-14. Its net cash
accruals were modest owing to low operating profitability and
small scale of operations. Therefore, the firm remains dependent
on external source of finance, such as working capital limits from
bank, to fund its working capital requirements. This has resulted
in weak liquidity, as evident in overutilisation of its cash
credit limits and frequent use of additional limits and adhoc
facilities. AUCZ's financial and liquidity profiles are expected
to remain weak on account of the firm's high reliance on external
debt to fund its working capital requirements.

AUCZ reported a book profit of INR2.5 million on net sales of
INR258 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a book profit of INR7.7 million on net sales
of INR228.3 million for 2011-12.

Delhi-based AUCZ is a partnership firm set up in 2008 by Mr. Amit
Jain and Mr. Vishnu Bhargava. The firm is an approved stockist of
Maruti Suzuki India Ltd's spare parts.


BHADORA INDUSTRIES: ICRA Reaffirms 'B' Rating to INR2.7cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of '[ICRA]B' assigned to
the INR2.70 crore fund based limits of Bhadora Industries Private
Limited. ICRA has also reaffirmed its short term rating of
'[ICRA]A4' for the INR4.50 crore Non-Fund Based bank limits of
BIPL.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Fund Based Facilities         2.70       [ICRA]B (Reaffirmed)
   Non-Fund Based Facilities     4.50       [ICRA]A4 (Reaffirmed)

The ratings reaffirmation takes into account BIPL's experienced
management and their long track record in the wire manufacturing
industry and its reputed client base which mainly consists of
State Electricity Boards. The ratings however remains constrained
on account of BIN's weak financial profile characterized by small
scale of operations, weak profitability and high gearing levels
along with weak debt protection indicators as on March 31, 2014.
The ratings also factor in the high working capital intensity of
BIPL's operations which results in stretched liquidity position
and intensely competitive nature of industry which puts pressure
on profitability. Going forward, company's ability to increase its
scale of operations while improving its profitability and capital
structure will be amongst the key rating sensitivity factors.

Bhadora Industries is a Private Limited company incorporated on
April 1, 2013 and is based out of Tikamgarh, Madhya Pradesh. The
company is primarily engaged in the production of PVC Insulated
Cables. Its products are certified by the Bureau of Indian
Standards and its clientele comprises majorly of State Electricity
Boards like Kerala State Electricity Board, Maharashtra State
Distribution Company etc. The firm has Mr. Pradeep Bhadora and Mr.
Anil Bhadora as equal partners having experience of more than 20
years in the industry. The manufacturing plant is located in
Tikamgarh, Madhya Pradesh and is equipped with a proper testing
laboratory.

Recent Results:

In FY12, BIPL reported a net profit of INR0.04 crore on an
operating income of INR9.44 crore. During FY13, the company
reported a profit after tax (PAT) of INR0.05 crore on an operating
income of INR9.47 crore.


CVT TECHNOLOGY: CRISIL Assigns 'B-' Rating to INR70MM Loans
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on long term bank
facilities of CVT Technology Solutions Pvt Ltd, and assigned
'CRISIL B-/Stable' rating to the facilities.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Overdraft Facility      15        CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

   Proposed Long Term      10        CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension revoked)

   Term Loan               45        CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

The ratings were suspended by CRISIL on March 26, 2013 since CVT
had not provided necessary information required to maintain a
valid rating. CVT has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The rating reflects CVT's small scale of operations in the
intensely competitive information technology (IT) industry and its
below-average financial risk profile marked by weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of CVT's promoter in the IT industry.

Outlook: Stable

CRISIL believes that CVT will continue to benefit over the medium
term from its promoter's extensive experience in the IT industry.
The outlook may be revised to 'Positive' if the company scales up
operations significantly while maintaining healthy profitability,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case the company records
lower than expected cash accruals or undertakes large debt-funded
capital expenditure weakening its financial risk profile.

CVT was set up in 1995 by Mr. Thangamuthu. The company derives its
revenues from the IT segment, primarily application development.

CVT reported, on a provisional basis, a profit after tax (PAT) of
INR1.1 million on net sales of INR43.0 million for 2013-14 (refers
to financial year, April 1 to March 31), against a loss of INR0.03
million on net sales of INR38.4 million for 2012-13.


DEVAKI FOUNDATIONS: CRISIL Lowers Rating on INR150MM Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Devaki Foundations to 'CRISIL D' from 'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility     50        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The rating downgrade reflects the firm's overdrawn cash credit
facility for more than 30 days, because of weak liquidity.

The rating also reflects DF's small scale of operations,
geographical concentration in its revenue profile, and working-
capital-intensive operations. However, DF benefits from the
extensive experience of partners in the trading business, and
established relationships with customers and suppliers.

DF, set up in October 2012, is engaged in wholesaling of thermo-
mechanically-treated (TMT) bars and steel structural products.


EOS HOSPITALITY: ICRA Assigns 'B+' Rating to INR16cr Term Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating for the INR16.0 crore fund-
based bank facilities of EOS Hospitality Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loan                 16.0       [ICRA]B+ Assigned

The assigned rating takes into consideration the management
agreement entered by EOS with the Carlson Rezidor Hotel Group for
their 'Park Inn by Radisson' brand, which is expected to lend the
hotel an established global brand name and provide it with
operational and management expertise. The ratings also takes into
account the long experience of the various promoters in the real
estate business and their past experience in managing various
restaurants and pubs in NCR and Mumbai in past. Further, the
rating also takes in account the differentiated positioning with
the hotel being the first international brand named hotel in
Bhiwadi, however, the hotel's success would depend on its
acceptability in the new market. The rating is, however,
constrained by the project implementation risk with regard to
timely completion within the proposed cost Further, as Bhiwadi is
currently an industrial township with majority of residential
projects under construction or planning stage, the expected
clientele for the hotel beyond corporate clients is limited, which
could hamper revenues in F&B segment in the near future, which
traditionally is supported by local clients. Going forward, the
ability of the company to complete the project under the projected
time schedule and attract major corporate client in region will be
the key rating sensitivities.

EOS Hospitality Private Limited was incorporated in 2011 and
currently has a hotel under construction in Bhiwadi, Rajasthan.
The hotel will be branded under Park Inn by Radisson, a brand
owned by Carlson Rezidor group. As part of the management
agreement with Carlson Rezidor Group, Carlson Bestech Management
Services (CBMS), the Indian affilate of the group will manage the
operations of the hotel. The hotel will have 106 guest rooms
spread across five floors; a banquet hall, a resto-bar and a
coffee shop. Beyond these, there will be a business lounge on the
ground floor along with a fitness centre and swimming pool on the
first floor. The hotel is expected to commence operations from the
third quarter of FY 2014-15.

The directors of the company include Mr Harish Ghai, Mr MK
Lakhwani, Mr Naresh Uppal and Mr Sunil Miglani. Mr Ghai has an
experience of over three decades in the real estate business and
was involved in management of restaurants and pubs in Delhi and
Mumbai in the past. Besides Mr. Ghai, Mr. Lakhwani and Mr. Uppal
have decades of experience in garment export business. On the
other hand, Mr. Miglani has been involved in real estate business
for many years.


FIVEBRO INTERNATIONAL: CARE Rates INR21.27cr Bank Loan at 'B-'
--------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to bank facilities of
Fivebro International Pvt Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities    21.27      CARE B- Assigned
   Long term/Short term Bank    22.00      CARE B-/CARE A4
   Facilities                              Assigned

Rating Rationale

The ratings of Fivebro International Pvt Ltd are constrained on
account of its high financial leverage, high working capital
intensity of its operations, low profitability which is vulnerable
to volatile raw material prices and its modest scale of
operations. The above constraints far offset the operational
synergies that FIPL derives being part of the Doshion group --
which is an established player in the water management industry.
The ability of FIPL to increase its scale of operations,
improve its profitability and capital structure along with
efficient management of its working capital requirement would be
the key rating sensitivities.

Incorporated in April 2004, FIPL started operations with trading
of water treatment components such as pumps, motors, valves and
membranes. In January 2011, the company diversified its operations
with the commencement of its fabrication division in Sanand
(Ahmedabad) to manufacture pressure vessels, actiflow (used in raw
water treatment), atmospheric & storage tanks and skids &
supports. During FY13 (refers to the period April 1 to March 31),
FIPL's trading operations comprised 59% of its net sales and the
fabrication division comprised the balance.

FIPL is promoted by the Doshi family of Doshion group (Ahmedabad)
which is an established player in water management industry with a
track record of over three decades. The company is strategically
important to the group's integrated operations in delivering water
management solutions.

For FY13 (refers to the period April 01 to March 31), FIPL
registered a total operating income of INR86.12 crore with a PAT
of INR0.37 crore as against a total operating income of INR71.62
crore with a PAT of INR2.52 crore in FY12.  As per the provisional
results for 9MFY14, FIPL registered a total operating income of
INR55.51 crore with a PBT of INR0.80 crore.


GUJARAT PEANUT: ICRA Reaffirms 'B+' Rating on INR6.39cr Loans
-------------------------------------------------------------
ICRA has reaffirmed a rating of '[ICRA]B+' to the INR4.50 crore
fund based cash credit facility and to the INR1.89 crore (reduced
from INR3.00 crore) term loan facility of Gujarat Peanut Products
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B+ Reaffirmed
   Term Loan             1.89        [ICRA]B+ Reaffirmed

The rating continues to be constrained by Gujarat Peanuts Products
Private Limited's relatively modest scale of operation and low
profitability which along with high dependence on working capital
borrowing has resulted in adverse capital structure and weak debt
protection metrics The rating further takes into account the low
entry barriers resulting in high competitive competitive intensity
and fragmentation in the industry which results in thin profit
margins. ICRA also takes note of the seasonality associated with
business and agro climatic risks associated with the traded
commodities exposing profitability to adverse price fluctuations
as well as vulnerability to regulatory changes primarily with
respect to frequent bans on exports and changes in export
incentives structure which have contributed significantly to the
profitability.

The rating, however, positively considers the experience of the
promoters in agro commodities trading, steady growth in operating
income driven by its diversified product portfolio, favourable
location of the company with proximity to various agro commodities
cultivated in the region and stable prospects for its product
line.

Incorporated in 2005, GPPPL is promoted by the Chug family who has
been associated with this business for more than three decades.
GPPPL is primarily engaged in the trading and processing such as
cleaning, sorting, grading and packaging of agro-commodities
including groundnuts (shelling is also done), sesame seeds, cumin
seeds, wheat, spices, pulses, etc. GPPPL has a processing unit in
Rajkot, Gujarat with a production capacity of 5 MT (Metric Ton) of
agro-products per hour.

Recent Results
The company has achieved an operating income of INR30.39 crore and
a PAT (profit after taxes) of INR0.11 crore during FY14 (unaudited
financial results).


HIM CABLEWAYS: ICRA Assigns 'B' Rating to INR6.82cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the long-term
and a short-term rating of '[ICRA]A4' to the INR10.17 crore bank
facilities of Him Cableways.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Cash
   Credit Facility       4.00        [ICRA]B assigned

   Long-Term Term
   Loan                  2.82        [ICRA]B assigned

   Short-Term Non-
   fund Based            2.00        [ICRA]A4 assigned

   Unallocated           1.35        [ICRA]B/[ICRA]A4 assigned

The ratings assigned take into consideration the long experience
of the promoters of Him Cableways, understanding the technical
intricacies of the ropeway segment and ongoing technical
collaborations with Swiss company Wyssen Seilbahnen AG. The rating
also takes into account the reputed clientele of the firm such as
the Indian Army and state governments of Uttarakhand, Himachal
Pradesh etc. However, the ratings are constrained by a significant
product concentration risk on material handling ropeway, the
demand of which is dependent mostly on the execution of power
projects. The ratings are also constrained by the weak financial
profile coupled with stretched liquidity that is on account of the
lumpiness in revenue booking and receivable collection, common to
construction linked projects. The company's ability to increase
its scale of operations by capitalizing on recent technical
collaborations and export opportunities, improve profitability and
maintain its working capital requirements in line with its project
related business will be key rating sensitivities.

Incorporated in 1992, Him Cableways is involved in the designing,
fabrication and manufacturing of aerial ropeways, shuttering
items, cable cranes, fencing poles etc. In the past decade the
firm has installed ropeways for the Indian Army, Himachal and
Uttarakhand State Governments in difficult mountainous terrains in
inhospitable weather conditions and has the capability to
manufacture ropeway systems for industrial and material handling
systems.

Recent Results
As per audited results for FY13, the company reported a net profit
of INR0.1 crore on an Operating Income (OI) of INR9.9 crore.


HISAR EXIM: ICRA Assigns 'B+' Rating to INR0.60cr Loan
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR0.60 crore fund based limits of Hisar Exim Private Limited.
ICRA has also assigned short term rating of '[ICRA]A4' to the INR5
crore non fund based limits of Hisar Exim Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facilities    0.60       [ICRA]B+ assigned

   Non-fund based
   Facilities               5.00       [ICRA]A4 assigned

The assigned ratings take into account the highly competitive
nature of timber trading industry characterized by presence of
numerous unorganized players which has led to moderate revenues
and profit margins for the company. The ratings are also
constrained by moderate financial profile of the company
characterized by high total outside liabilities to tangible net
worth (TOL/TNW) ratio and moderate debt protection metrics with
OPBDITA/Interest of 2 times and NCA/Debt of 20%. However, the
ratings derive comfort from the long experience of promoters in
timber trading industry increase in operating income of company
over the past few years and no long term repayment obligations
given that debt is largely in form of working capital borrowings.
Going forward, ability of company to increase its scale of
operations in a profitable manner while maintaining working
capital intensity shall remain key rating sensitivities.

Hisar Exim Private Limited was incorporated in 2009 by Mr Anirudh
Singhal and his brother to import and trade timber products in
India. The company is engaged in import of Timber which is
received at its factory at Gandhidham which stores logs and has
around 2 saw mills for cutting the logs as per the customers
requirements. Thereafter, it distributes the sawn timber from its
offices in Hisar and Gandhidham (Gujarat), to clients located
across India. The company is engaged only in wholesale selling of
timber and entire sales are made in domestic market. Apart from
import the company also does procures timber locally and then sell
it in the local market.

Recent Results
During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR0.08 crore on an operating income of
INR31.17 crore as against PAT of INR0.07 crore on an operating
income of INR29.52 crore in 2011-12.


HPI SALES: ICRA Assigns 'B' Rating to INR0.50cr Loan
----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR0.50
crore fund based limits of HPI Sales Corporation. ICRA has also
assigned short term rating of '[ICRA]A4' to the INR5 crore non
fund based limits of HPI Sales Corporation.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund based facilities       0.50       [ICRA]B assigned
   Non-fund based facilities   5.00       [ICRA]A4 assigned

The assigned ratings take into account the highly competitive
nature of timber trading industry and foreign currency fluctuation
risk which has led to moderate revenues and low profit margins of
the company at net levels. The ratings are also constrained by
weak financial profile of the company characterized by high total
outside liabilities to tangible net worth (TOL/TNW) ratio and low
debt protection metrics with OPBDITA/Interest of 0.90 times and
NCA/Debt of 2%. However, the ratings derive comfort from the long
experience of promoters in timber trading industry, increase in
operating income of company over the past few years, favorably
located at special imported timber zone resulting in easy access
to all the facilities provided by the government in the region and
no long term repayment obligations given that debt is largely in
form of working capital borrowings.

Going forward, ability of company to increase its scale of
operations in a profitable manner while managing the foreign
currency fluctuation risk shall remain key rating sensitivities.

HPISC was incorporated in 1998 as a partnership firm. Firm is
engaged in the business of whole trade of timber and plywood
trading. Partners of the firm are Ramesh Singhal, Vishnu Goyal,
and Anirudh Singhal. All the partners are actively engaged in the
working of the business. Promoters have a long experience of
timber trading business. The company imports timber from Malaysia.
The company's Head office located at Hisar (Haryana) and branch
office located at Gandhidham (Gujarat). All the sawn timber
produced at its Gandhidham (Gujarat) factory is sold from its
office in Hisar in Haryana, and Gandhidham in Gujarat.

Recent Results

During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR0.03 crore on an operating income of
INR14.40 crore as against PAT of INR0.02 crore on an operating
income of INR4.37 crore in 2011-12.


JHAMB ENTERPRISES: CRISIL Puts 'B-' Rating on INR271MM Loans
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Jhamb Enterprises Private Limited (JEPL) and has
assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to these
facilities. The ratings had been suspended by CRISIL on July 25,
2013, as JEPL had not provided the necessary information for
taking a rating view. The company has now shared the requisite
information, enabling CRISIL to assign ratings to the bank
facilities.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Cash Credit            144.1      CRISIL B-/Stable (Assigned;
                                     Suspension revoked)

   Letter of Credit        30        CRISIL A4 (Assigned;
                                     Suspension revoked)

   Proposed Long Term     126.9      CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension revoked)

The ratings reflect JEPL's weak financial risk profile marked by
high gearing and weak debt protection metrics; low profitability
and susceptibility to raw material price fluctuations and to
changes in government policy. These weaknesses are partially
offset by JEPL's promoters' extensive experience in the cotton
industry.

Outlook: Stable

CRISIL believes that JEPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
However, its financial risk profile is expected to remain below-
average marked by high gearing and weak debt protection metrics.
The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and profitability
while prudently managing its working capital requirements and
capital structure. Conversely, the outlook may be revised to
'Negative' if the company reports significantly lower-than-
expected cash accruals or if its working capital management
deteriorates leading to stretched liquidity.

Incorporated in 1992, JEPL is promoted by the Jhamb family. JEPL
is engaged in ginning and pressing of cotton and manufacturing of
knitted fabrics. JEPL also trades in wool. JEPL's manufacturing
units are in Fazilka and Ludhiana (both in Punjab).

JEPL reported a profit after tax (PAT) of INR7.6 million on net
sales of INR865.5 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.6 million on net
sales of INR969.7 million for 2011-12.


KIMPLAS PIPING: ICRA Reaffirms 'B+' Rating on INR40MM Loans
-----------------------------------------------------------
ICRA has re-affirmed the rating of '[ICRA]B+' assigned to the
INR40 crore (enhanced from INR30.00 crore) long term bank limits
of Kimplas Piping Systems Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits        16.00        [ICRA]B+ Re-affirmed
   Cash Credit

   Term Loan                 9.00        [ICRA]B+ Re-affirmed

   Bills of Exchange         5.00        [ICRA]B+ Re-affirmed

   Non-Fund Based Limits    10.00        [ICRA]B+ Re-affirmed
   Bank Guarantee/Letter
   of Credit

The rating re-affirmation takes into account the growth in the
company's operating income and improvement in its profitability
and coverage indicators. However, the rating continues to remain
constrained by its small scale of operations and its modest
financial profile characterized by high gearing of 1.89 times as
on March 31, 2014. The rating also remains constrained by KPSL's
working capital intensive nature of operations due to high
inventory holding requirements and high receivables, though the
risk of delayed receivables is partly mitigated as some of its
receivables are backed by Letter of Credit and Bank Guarantee
issued by its customers. Although the selling prices of its
products are revised periodically, the company remains exposed to
raw material price risks in the absence of long-term contracts
with suppliers.

Nevertheless, the rating continues to be supported by the
company's diversified client profile, and experience of its
promoters in manufacturing and development of electro-fusion
products for the infrastructure and irrigation segments. KPSL is a
pioneer in this segment and the products of the company are used
in water (including irrigation) and city gas distribution systems
which are expected to have a high growth potential with reforms
expected in the infrastructure sector by the new government.
Further, while reaffirming the rating, ICRA noted that the gearing
adjusted for unsecured loans infused by the promoter reduces to
1.39 times as of March 31, 2014 and provides additional comfort.

Kimplas Piping Systems Limited was incorporated on February 8,
1996, as George Fischer Trenton Limited. The company started its
manufacturing facilities in 1997 to produce electro-fusion
fittings required for polyethylene piped city gas distribution
systems used by gas companies like Mahanagar Gas and Gujarat Gas.
KPSL has expanded its product line of electro-fusion fittings and
added compression fittings, valves and components for micro-
irrigation systems. Currently it manufactures a wide range of
electro-fusion fittings, compression fittings, transition fittings
and specialized housing service connections from polyethylene
mains. KPSL also has a wholly-owned subsidiary, Kimplas UK
Limited, to tap the UK market.


KRISHNA VALLEY: CARE Places 'B-' Rating on INR8.85cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B-' to bank facilities of Krishna Valley Power
Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.85       CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Krishna Valley Power
Pvt Ltd is constrained by delay in execution of project and
consequent delays in servicing debt obligation in the past,
exposure of hydrology risk intensified by single site
concentration and weak capital structure. The rating, however,
derives strength from the experienced promoter group with
experience in the hydro power generation industry and healthy
operational performance during FY 13 (refers to the period April 1
to March 31) and 9MFY 14.

Going forward, the ability of the company to maintain the
generation and secure competitive tariff and timely receipt
from customers will remain as the key rating sensitivities.
Krishna Valley Power Pvt Ltd was incorporated in December 2012 by
Mr Shankarlal Gilada and his son Mr Rajgopal Gilada. KVPPL is
engaged in the generation of power through 1 (Mega Watt) MW mini
hydro power plant Vajra-ll across the Bhatsa river basin near
Shahapur in Maharashtra. The unit was commissioned in December
2012.

KVPPL is a part of the Gilada group which has been in the business
since 1961 in the field of manufacturing, trading &
energy sectors.

During FY 13, KYPPL reported a net profit of INR0.1 crore on a
total income of INR1.4 crore. During 9MFY14, KYPPL reported a net
profit of INR0.6 crore on a total income of INR2.9 crore.


MANTRI TEA: CRISIL Reaffirms 'D' Rating on INR97.4MM Loans to D
---------------------------------------------------------------
CRISIL's rating to the bank facilities of Mantri Tea Company Pvt
Ltd (MTCPL; part of the Mantri group) continues to reflect
instances of overdraws  in its cash credit limit for more than 30
days; the overdraws have been caused by the group's weak liquidity
owing to the working capital intensity of operations.

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

   Proposed Long Term
   Bank Loan Facility        0.6     CRISIL D (Reaffirmed)

   Term Loan                56.8     CRISIL D (Reaffirmed)

The Mantri group is exposed to risks related to seasonality in tea
production and high operating leverage. Moreover, the group has
limited bargaining power and its operating margin is susceptible
to volatility in domestic and international tea prices. These
weaknesses are partially offset by the experience of the Mantri
group's promoters in the tea industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTCPL, Ruttonpore Plantations Pvt Ltd,
Derby Plantations Pvt Ltd, and Manipur Tea Company Pvt Ltd,
together referred to as the Mantri group. This is because the
entities have common management, are in the same line of business
and have cross guarantees with each other.

The Mantri group was formed in 1948 by Mr. Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was the group's first
acquisition, in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (Mantri) in 2006.
Currently, the second- and third-generation promoters, along with
a professional management team, are actively involved in its day-
to-day operations.

MTCPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR87.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.0 million on net
sales of INR75.6 million for 2011-12. It is estimated to report
net sales of INR73.5 million in 2013-14.


MY FONE: CRISIL Reaffirms 'B+' Rating to INR50MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of My Fone
Teleservices Pvt Ltd continues to reflect the company's modest
scale of operations with a low operating margin, and large working
capital requirements. The rating also factors in the company's
weak financial risk profile, constrained by its small net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the dealership segment.

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

Outlook: Stable

CRISIL believes that MFTPL's business risk profile will remain
constrained by its modest scale of operations and competitive
pressure on its principal's market share over the medium term. The
outlook may be revised to 'Positive' if the company's capital
structure and liquidity improve with a significant increase in its
topline and profitability, or a substantial equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
MFTPL's topline is restricted by competition or its liquidity
deteriorates.

Update:
MFTPL registered a topline of around INR420 million in 2013-14
(refers to financial year April to March), at a year-on-year
growth of around 25 per cent, benefitting from the exit of a
competing distributor of Nokia India Pvt Ltd (Nokia). However, the
company's operating profit margins, remained constrained by fierce
competition from other mobile phone brands.

MFTPL has large working capital requirements driven by healthy
growth, large inventory requirements of over 50 days, more than
one month of credit to a few customers and limited credit from its
principals. The company has low cash accruals vis-a-vis large fund
requirements, and hence, extensively relies on fund-based bank
lines, resulting in full utilisation of its bank limits over the
12 months through March 2014. However, there have been no
instances of cash flow mismatches, supported by the absence of any
term debt obligations along with the promoters' need-based fund
support. MFTPL's interest coverage was weak at around 1.1 times in
2013-14 due to high bank limit utilisation. An increase in cash
accruals and prudent working capital management will be key rating
sensitivity factors over the medium term.

MFTPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR347 million for 2012-13, as against a PAT of INR0.2
million on net sales of INR346.7 million for 2011-12.

MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes Nokia mobile handsets and
accessories; and HCL Technologies Ltd's computers and laptops in
Bhopal (Madhya Pradesh).


PRT HOTELS: CRISIL Downgrades Rating on INR280MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PRT Hotels Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan        280        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by PRT in
servicing its term debt, because of its weak liquidity driven by
delay in stabilization of the commercial operations of the hotel.
PRT also has a below-average financial risk profile, marked by
weak capital structure and below-average debt protection metrics.
However, the company benefits from its promoters' extensive
experience in the hospitality industry.

Set up in 2003, PRT runs a 4-star hotel in Trivandrum (Kerala).
The company is promoted by Mr. Ramsubbu Perumal along with his
family members. The hotel commenced its commercial operations in
December 2013.


PSR SILK: CRISIL Upgrades Rating on INR380MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
PSR Silk Sarees India Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             200        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Long Term Loan          125        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       55        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects expected improvement in PSR's
financial risk profile aided by moderate net cash accruals, driven
by improvement in revenue. These were supported by PSR's
established brand image in Coimbatore (Tamil Nadu). The company's
gearing is estimated to have improved to 2.70 times as on March
31, 2014 from 3.88 times as on March 31, 2013. Furthermore, the
gearing is expected to improve to around 2 times over the medium
term driven by moderate cash accruals and absence of any
significant debt-funded capital expenditure (capex)plans.

CRISIL's rating continues to reflect PSR's moderate scale of
operations, exposure to intense industry competition, and moderate
capital structure. These rating weaknesses are partially offset by
its promoters' extensive experience in the garment retailing
business.

Outlook: Stable

CRISIL believes that PSR will continue to benefit over the medium
term from its promoters' extensive industry experience and
established brand in the Coimbatore market. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's financial risk profile, driven most likely by better-
than-expected cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if PSR's financial risk profile weakens, most likely driven by
lower-than-expected cash accruals or larger-than-expected working
capital requirements or debt-funded capex.

Incorporated in 2007 by Mr. P S Rangaswamy and his family, PSR is
a wholesale and retail dealer in garments. It has a single show
room in Coimbatore.


RADIANT INFO: CRISIL Lowers Rating on INR60MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Radiant Info Systems Ltd (Radiant) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             25        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Term Loan      15        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan               20        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the company's
financial risk profile will deteriorate over the medium term owing
to  losses; Radiant is estimated to report losses of INR43 million
in 2013-14 (refers to financial year, April 1 to
March 31) due to losses at operating level. Despite expectation of
moderate operating profitability over the medium term, the company
is expected to report losses affected by its small scale of
operations. Consequently the company's net worth is expected to
decline to around INR66 million over the medium term from an
estimated INR94 million as on March 31, 2014.

The ratings reflect the company's modest scale of operations and
below-average financial risk profile marked by declining net
worth. These rating weaknesses are partially offset by Radiant's
established market position, backed by long-term contracts with
various state transport corporations for providing online
reservation system (ORS) and the launch of an integrated bus-
ticketing portal, and its promoters' long-standing experience in
the information technology (IT) industry.

Outlook: Stable

CRISIL believes that Radiant will continue to benefit from its
promoters' extensive experience in the IT industry. The outlook
may be revised to 'Positive' in case of sustained improvement in
the company's scale of operation and profitability, leading to
larger-than-expected cash accruals, thus improving its liquidity.
Conversely, the outlook may be revised to 'Negative' if Radiant's
financial risk profile, particularly its liquidity, weakens as a
result of low cash accruals, large debt-funded capital expenditure
and larger-than-expected working capital requirements.

Incorporated in 1997 as Radiant Info Systems Ltd, Radiant was
reconstituted as a closely held public limited company in 2008.
The company, promoted by Mr. Venu Myneni, Mr. Vinod Koduru and Mr.
C. Narayanacharyulu, has its headquarters in Bengaluru. Radiant
provides IT solutions with focus on transportation and logistics,
e-governance and smart cards. The company provides ORS to state
road corporations and its major customers include Karnataka State
Road Transport Corporation, Tamil Nadu State Transport
Corporation, and Gujarat State Road Transport Corporation.


RAGHAV EXPORT: CRISIL Reaffirms 'B+' Rating on INR87MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghav Export (RE, a
part of the Raghav group) continue to reflect the group's average
financial risk profile, marked by subdued debt protection metrics,
its modest scale of operations in a fragmented industry, and its
large working capital requirements. These rating weaknesses are
partially offset by the experience of the group's promoters in the
industry, their funding support, and the group's moderate
operating efficiency.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3         CRISIL A4 (Reaffirmed)

   Cash Credit           52         CRISIL B+/Stable (Reaffirmed)

   Foreign Letter
   of Credit              5         CRISIL A4 (Reaffirmed)

   Term Loan             35         CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RE and its group entity R. N. Oswal
Hosiery Factory. This is because both firms, together referred to
as the Raghav group, are in the same line of business and managed
by the same promoters and have financial and operational linkages
with each other.

Outlook: Stable

CRISIL believes that the Raghav group will continue to benefit
from its promoters' industry experience over the medium term. The
outlook may be revised to 'Positive' if the group's liquidity
improves, driven most likely by significant improvement in sales
and profitability leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if its
financial risk profile, particularly liquidity, weakens further,
caused most likely by larger-than-expected working capital
requirements or decline in cash accruals or capital withdrawal.

Update
For 2012-13 (refers to financial year, April 1 to March 31), the
group reported operating income of INR283.9 million, a sizeable
improvement over that for 2011-12. The group is expected to report
revenue of around INR360 million for 2013-14 in line with CRISIL's
expectations and marking growth of around 27 per cent year-on-
year. Growth in operating income is driven by the addition of new
customers along with increasing order flow from existing
customers. For 2012-13, the Raghav group reported moderate
operating margin of 14.4 per cent, broadly in line with CRISIL's
expectations. Profitability, however, remains volatile depending
upon the product mix and pricing of individual orders.

The Raghav group's operations remain working capital intensive,
driven by a large receivables collection cycle of around two
months and inventory levels of more than 4 months; its gross
current assets as on March 31, 2014, are estimated at over 180
days. CRISIL believes that the Raghav group's business risk
profile will remain constrained over the medium term by its modest
scale of operations and large working capital requirements.

The group's financial risk profile remains average on the back of
low accretion to reserves, volatile profitability, and working-
capital-intensive operations. The group generated net losses for
the two years ended March 31, 2013, owing to high depreciation and
interest expense and is estimated to report marginal profit for
2013-14. Volatile profitability and significant absolute debt in
the capital structure continue to result in subdued debt
protection metrics for the group. The group's liquidity is
expected to remain weak over the medium term, driven by its large
incremental working capital requirements as it ramps up its
operations and high bank limit utilisation.

RE, set up by Mr. Sant Kumar Jain and family, manufactures
readymade garments, mainly winter wear, such as pullovers and
sweaters, and T-shirts and caps for men and women. The promoters
have one more group entity, RN, engaged in a similar line of
business. The group has two manufacturing units located at
Ludhiana (Punjab).


RICHLOOK GARMENTS: CRISIL Cuts Rating on INR280MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Richlook Garments Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.
The rating downgrade reflects instances of delay by RGPL in
servicing its term loan; the delays have been caused by the
company's weak liquidity. RGPL's weak liquidity is driven by its
large incremental working capital requirements and ongoing capital
expenditure.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             180       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                52       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Working Capital          48       CRISIL D (Downgraded from
   Term Loan                         'CRISIL BB-/Stable')

RGPL has small scale of operations in the highly fragmented
garment manufacturing industry, and an average financial risk
profile marked by moderate net worth and gearing and modest debt
protection metrics. The company also has large working capital
requirements. However, it benefits from its promoters' extensive
experience in the garment manufacturing industry and the healthy
demand prospects for the domestic ready-made garments industry.

RGPL was established in 1993 as a proprietorship firm, Richlook
Apparels, which was reconstituted as private limited company in
1996. RGPL manufactures and retails in garments and accessories
for men and women. The company also trades in fabrics. RGPL's day-
to-day operations are currently managed by Mr. Shiv Rattan Goyal.


SAI PAVANI: ICRA Suspends B+/A4 Rating on INR15cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to
INR15.00 crore fund based and non-fund based limits of Sai Pavani
Constructions India Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
requisite information from the company.


SARADA PROJECTS: CRISIL Upgrades Rating on INR160MM Loans to C
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Sarada Projects Ltd to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL
D'. The upgrade follows the repayment of the company's entire term
loan obligations, and regularisation of its working capital
facilities.

                        Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Bank Guarantee          50        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             10        CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Long Term     148        CRISIL C (Upgraded from
   Bank Loan Facility                'CRISIL D')

   Term Loan                2        CRISIL C (Upgraded from
                                     'CRISIL D')

However, the company's liquidity continues to remain stretched,
leading to delays in repayment of debt that is unrated by CRISIL.
SPL is exposed to customer and geographical concentration in its
revenue profile, its scale of operations is small and its
profitability margins are susceptible to volatility in raw
material prices. SPL, however, benefits from its promoters'
experience in the construction industry.

SPL was originally set up as a partnership concern named Sarada
Projects by Mr. Boppana Ramesh Kumar and his family members in
1991; the firm was reconstituted as a public limited company in
1996. SPL executes civil construction projects for government
departments.


SHILPA ELECTRICAL: CRISIL Assigns 'B+' Rating to INR35MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shilpa Electrical Engineers (India) Pvt
Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Letter of Credit       15         CRISIL A4
   Bank Guarantee         40         CRISIL A4
   Cash Credit            35         CRISIL B+/Stable

The ratings reflect Shilpa's modest scale of operations in a
highly fragmented and competitive electrical contracts industry,
its working-capital-intensive operations and customer
concentration in its revenue profile.  These rating weaknesses are
partially offset by the longstanding industry experience of its
promoters and its comfortable financial risk profile, marked by
low gearing albeit constrained by low net worth.

Outlook: Stable

CRISIL believes that Shilpa will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
improves its scale of operations and profitability on a
sustainable basis, while maintaining its comfortable capital
structure. Conversely, the outlook may be revised to 'Negative' in
case its financial risk profile deteriorates owing to reduced
revenue and margins, or if the company undertakes a large debt-
funded capital expenditure programme, or if delay in receipt of
payments from the principal customers leading to deterioration in
its liquidity profile.

Incorporated in 2007, Shilpa is engaged in the erection of high
tension electrical transmission lines, substations and electrical
contracts for industrial and residential buildings. The company is
promoted by Mr.G Sudhakar Reddy and Mrs.G.Sailaja and is
headquartered in Hyderabad in Andhra Pradesh.

Shilpa reported a profit after tax (PAT) of INR2.4 million on net
sales of INR62 million for 2012-13 (refers to financial year April
1 to March 31), against a PAT of INR1.9 million on net sales of
INR51 million for 2011-12.


SHRADDHA SYNTHETICS: ICRA Suspends B/A4 Rating on INR16.1cr Loans
-----------------------------------------------------------------
ICRA has suspended '[ICRA]B' and '[ICRA]A4' ratings assigned to
the INR16.10 crore of fund based and non fund based limits of
Shraddha Synthetics Private Limited*. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Established in 1987 as a proprietorship firm, Shraddha Synthetics
Private Limited is in the business of exporting readymade garments
with major focus on ladies scarves, jeans, tops and shirting and
suiting for men and women. SSPL has a registered office in
17AB/120, Samhita Complex, Off Andheri Kurla Road, Saka Naka,
Andheri (E), Mumbai-400072, Maharashtra. The firm was promoted by
Mr. Sushil Kumar Beswala as a proprietorship concern in 1987.
Later on it was converted to private limited company in 1997, Mr.
Alok Kumar Beswala (son of Mr. Sushil Kumar Beswala) as new
director. The company is into export of readymade garments with
major focus on scarf and tops for ladies. The company is also into
exporting of suiting and shirting and jeans for male and female.
The export market accounts for 95 per cent of the company's total
revenue and remaining is sourced to domestic markets.


SHREE ENTERPRISES: CRISIL Places 'B+' Rating on INR95MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Shree Enterprises (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan               9        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     16        CRISIL B+/Stable

   Cash Credit            70        CRISIL B+/Stable

   Letter of Credit        5        CRISIL A4

The rating reflects SEIPL's small scale of operations in intensely
competitive textile industry, and large working capital
requirements. The rating also reflects SEIPL's below-average
financial risk profile, marked by muted debt protection metrics.
These rating weaknesses are partially offset by its promoters'
extensive experience in the textile industry, and its established
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes that SEIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SEIPL improves its capital
structure either by equity infusion or higher-than-expected cash
accruals, backed by improvement in scale of operations and
profitability and prudent working capital management. Conversely,
the outlook may be revised to 'Negative' if SEIPL's financial risk
profile, particularly liquidity deteriorates on account of further
decline in its revenues and profitability, or any large debt-
funded capital expenditure programme, or increase in working
capital requirements.

SEIPL, setup as a partnership firm in 1979 as Shree Enterprises,
was reconstituted as a private limited company in 1993. It is
managed by Ludhiana (Punjab)-based Todi family. Mr. Damodar Todi
and his sons, Mr. Ramesh Todi and Mr. Suresh Todi are the key
promoters. SEIPL manufactures knitted fabrics from different
cotton yarn, blended yarn, polyester yarn, mercerised cotton yarn,
acrylic yarn, and manmade yarn.

SEIPL reported a net profit of INR0.99 million on net sales of
INR268.1 million for 2012-13 (refers to financial year, April 1 to
March 31), vis-a-vis a net profit of INR2.31 million on net sales
of INR266.06 million for 2011-12.


SREE NARAYANA: CRISIL Reaffirms 'D' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sree Narayana
Gurukulam Charitable Trust continues to reflect instances of
delays by SNGCT in servicing its debt obligations. The delays have
been caused by the trust's weak liquidity, which is on account of
cash flow mismatches inherent in the educational services segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             120        CRISIL D (Reaffirmed)

SNGCT is also exposed to regulatory risks and intense competition
in the educational segment. These rating weaknesses are partially
offset by SNGCT's above-average financial risk profile, and the
benefits it derives from the industry experience of its trustees,
and from the favourable demand prospects for the education
industry.

SNGCT was established in 2001 as a charitable trust by
Kunnathunadu Sree Narayana Dharma Paripalana Union. The trust
currently manages two institutes, Sree Narayana Gurukulam College
of Engineering (SNGCE) and Sree Narayana Gurukulam Institute of
Management (SNGIM) in Ernakulum District (Kerala) with a total
intake capacity of 974 students.

For 2012-13, SNGCT reported surplus of INR13.9 million on an
operating income of INR220.4 million; SNGCT reported a surplus of
INR25.3 million on operating income of INR180.7 million for 2011-
12.


SREENAGAR COLD: ICRA Assigns 'B' Rating to INR7.34cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR2.50
crore term loan, INR0.84 crore working capital term loan, INR3.00
crore cash credit facility, INR1.00 crore working capital loan and
the INR1.42 crore unallocated limit of Sreenagar Cold Storage
Private Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR0.24 crore bank guarantee facility of SCSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits-
   Cash Credit           3.00       [ICRA]B (assigned)

   Fund Based Limit-
   Working Capital
   Term Loan             0.84       [ICRA]B (assigned)

   Fund Based Limits-
   Working Capital
   Loan                  1.00       [ICRA]B (assigned)

   Fund Based Limits-
   Term Loan             2.50       [ICRA]B (assigned)

   Non Fund Based
   Limits-Bank
   Guarantee             0.24       [ICRA]A4 (assigned)

   Unallocated           1.42       [ICRA]B/[ICRA]A4 assigned

The unallocated limit of INR1.42 crore has also been rated on the
short term scale to which ICRA has assigned a [ICRA]A4 rating.
The ratings take into account SCSPL's small scale of current
operations, its weak financial profile as characterized by low net
profitability, adverse capital structure and depressed coverage
indicators and the high working capital requirement during the
storage period, on account of upfront advances extended to the
farmers at the time of storing potatoes, which impacts liquidity
position of the company. The ratings are further constrained by
the regulated nature of the industry, making it difficult to pass
on any increases in operating costs in a timely manner, leading,
in turn, to downward pressures on profitability and SCSPL's
exposure to agro-climatic risks, with its business performance
being entirely dependent upon a single agro commodity, i.e.
potato. Further, ICRA notes the company is exposed to counterparty
risks due to loans extended to farmers, given the chance of
delinquencies if potato prices are low. The rating, however,
derives support from the long track record of the promoters in the
management of cold storages, and the locational advantage of SCSPL
by way of presence of its cold storage unit in West Midnapore,
West Bengal, which is a major potato producing region.

Incorporated in 1982, SCSPL is promoted by the Agarwal and the
Poddar family. The company is engaged in the business of providing
cold storage facility to potato farmers and traders on a rental
basis. The storage unit is located in West Midnapore, West Bengal
with an annual storage capacity of 22,920 tonnes.

Recent Results

In FY13, SCSPL reported a net profit of INR0.03 crore on the back
of an operating income (OI) of INR1.87 crore, as compared to a net
profit of INR0.06 crore on the back of an OI of INR1.97 crore in
FY12.


SRI VENKATESHWARA: CRISIL Reaffirms 'D' Rating on INR110MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Venkateshwara
Spinning Mills India Pvt Ltd (SVSM) continue to reflect instances
of delay by SVSM in servicing its term debt; the delays have been
caused by the company's weak liquidity on account of its small
scale of operations.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           4         CRISIL D (Reaffirmed)
   Cash Credit             30         CRISIL D (Reaffirmed)
   Long Term Loan          76         CRISIL D (Reaffirmed)

SVSM has a weak financial risk profile, marked by a highly
leveraged capital structure. However, the company benefits from
its promoter's extensive experience in the textile industry.

Update
SVSM has been delaying its term debt obligations by five to seven
days on account of weak liquidity, with annual cash accruals
tightly matched with debt obligations. The company's operating
margin remains under pressure because of its inability to pass on
increased costs to end customers. CRISIL believes that SVSM's
liquidity will remain weak over the medium term on account of its
low operating margin leading to low cash accruals.

Set up in 2005, SVSM manufactures cotton yarn in count of 40s. Its
day-to-day operations are managed by Mr. Thiyagarajan.


VARAHA LAKSHMI: CRISIL Reaffirms 'D' Rating on INR120MM Loans
-------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Varaha Lakshmi
Narasimha Swamy Educational Trust continue to reflect delays by
VLN in servicing its debt; the delays have been caused by the
trust's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL D (Reaffirmed)
   Long Term Loan        110        CRISIL D (Reaffirmed)

VLN is also susceptible to adverse regulatory changes. However, it
partially benefits from the extensive experience of VLN's
promoters in the education sector.

Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.

VLN reported a profit after tax (PAT) of INR16 million on net
sales of INR113 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR25 million on net
sales of INR138 million for 2011-12.


VISHWAKARMA BUILDERS: CRISIL Reaffirms D Rating on INR190MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishwakarma
Builders (VB) continues to reflect delay's by VB in servicing its
term loan obligations; the delays have been caused by delays in
project implementation and muted offtake for its ongoing North
City project in Siliguri (West Bengal).

                                Amount
   Facilities                  (INR Mln)    Ratings
   ----------                   --------    -------
   Working Capital Demand Loan     190      CRISIL D (Reaffirmed)

VB, a partnership firm established in 2002 by the Siliguri, West
Bengal based Agarwal family, with Mr. Anil Agarwal and his brother
Mr. Amit Agarwal managing the overall operations of the firm, is
engaged in construction of North City, a 13 acre residential
project located at Siliguri.

The firm has one ongoing project located at Siliguri, North City.
The entire project comprises of 9 towers, with 15 floors and 90
flats in each tower, with the saleable area of ~1.5 lakh sq. ft in
each tower. The project has been designed and planned by Hafeez
Contractor, Mumbai based architect.


WONDER CONSTRUCTION: ICRA Reaffirms 'B-' Rating on INR9cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B-'
outstanding on the INR9.00 crore fund based bank facilities of
Wonder Construction. ICRA has also re-affirmed the short-term
rating of '[ICRA]A4' outstanding on the INR1.00 crore non-fund
based bank facilities of Wonder Construction.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits         9.00       [ICRA]B-/Re-affirmed
   Non-fund based limits     1.00       [ICRA]A4/Re-affirmed

The re-affirmation of ratings takes into account the firm's small
scale of operations, low coverage indicators and stretched
liquidity position as evidenced by consistently high fund based
limit utilization and high working capital intensity of operations
with NWC/OI of 27% in FY13. The ratings continue to remain
constrained by the firm's exposure to sectoral, client and
geographical concentration risks, as a majority of the orders in
hand pertain to the building construction sector, undertaken for
government clients; and the firm's operations too are concentrated
in the Marathwada region of Maharashtra. Furthermore, Wonder
Construction is protected against cost escalation to the tune of
just about 5% of the total contract cost.

While re-affirming the ratings, ICRA has taken note of the
slowdown in order inflow during H1FY14. The company's unexecuted
order book declined from INR58 crore, as of September 2012, to
INR38.99 crore, as of December 2013. ICRA notes that while the
company reported healthy growth in FY13 with the operating income
increasing by 15% y-o-y along with stable profitability levels
its ability to ensure healthy order inflow remains critical to
further revenue growth, going forward.

The ratings, however, draw comfort from the long standing
experience of its promoters in the construction sector, enabling
the firm to garner repeat orders over the years. The ratings are
also supported by an improvement in the gearing level to 1.37x as
on September 2013, from 1.95x as on March 2012.

Incorporated in FY 2001, Wonder Construction is a partnership
concern based out of Aurangabad, Maharashtra. The firm primarily
operates as a civil contractor engaged in the construction of
buildings and roads. The firm's clientele primarily includes
government entities, such as the Public Works Department and
Municipal Corporations/Councils of various towns and cities. The
firm is a class I registered contractor. Wonder Construction is
promoted and managed by the Anwar family, with an experience of
over three decades in the construction industry. The firm has been
able to garner repeat orders over the years.


* INDIA: New Bank Insolvency Law To Increase Yields
---------------------------------------------------
Manju Dalal at Reuters reports that India has proposed a framework
for the bankruptcy of financial institutions that will align the
country with international standards.

Reuters relates that analysts suggested, however, that the
regulation will increase the cost of senior funding for Indian
banks if it is implemented according to the draft submitted to the
market for comments.

The proposals from a working group of the Reserve Bank of India
call for depositors to have preference over senior creditors,
Reuters says.

According to the news agency, analysts warned that giving
depositors the upper hand over other creditors will have serious
implications for bondholders, potentially leading to higher
wholesale funding costs for Indian banks.

"Now that India's stand on depositor preference is very clear, we
will have to review our support assumptions on debt instruments
once the resolution regime comes into force," the report quotes
Saswata Guha, a director at Fitch Ratings, India, as saying.

Nomura analysts expect the spreads on Indian bank senior bonds to
move wider as a result of the new legislation, the report notes.

"We may not see immediate widening of Indian bank's senior bonds
spreads because of the Modi wave, but the impact will be gradually
seen as we near the resolution implementation" Reuters quotes
William Mak, Hong Kong-based analyst at Nomura, as saying.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Rules Out Bankruptcy; To Speed Up Turnaround
---------------------------------------------------------------
Shamim Adam at Bloomberg News reports that Malaysian Airline
System Bhd. (MAS), the carrier reeling from the disappearance of
Flight 370 more than two months ago, won't seek bankruptcy and
will instead speed up an overhaul to help it break even next year.
The stock rose.

"Our turnaround story was moving along -- MH370 certainly didn't
encourage that," Hugh Dunleavy, the airline's director of
commercial operations, said in an interview with Bloomberg
Television's Haslinda Amin on May 26. "That certainly has been a
major hiccup in the road. So now we have to go back and fix that."

Bloomberg says the stock, which plunged the most since 1998 this
month amid investor concern the government may let the company
fail, rose to the highest level in 11 days in Kuala Lumpur trading
on May 27 after Mr. Dunleavy's comments on bankruptcy. The carrier
has said the jet's disappearance put additional stress on
operations, forcing it to review its business plan after reporting
the biggest loss since 2011, the report relates.

"Retail investors, traders, are banking on any good news," the
report quotes Daniel Wong, an analyst at Hong Leong Investment
Bank Bhd. in Kuala Lumpur, as saying. "The company should have
enough funds for them to maneuver till the end of the year but if
losses prolong till mid-2015, they will need to reconsider their
options."

A review of operations may take about three months, and
implementing the changes may require another six to nine months,
Mr. Dunleavy, as cited by Bloomberg, said. Bankruptcy is not an
"option at this stage," he said.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***