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

                      A S I A   P A C I F I C

            Monday, July 21, 2014, Vol. 17, No. 142


                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B-' CCR
DSG HOLDINGS: Receivers to Close 26 Stores; 413 More Jobs to Go
RELIANCE RAIL: Moody's Upgrades Senior Secured Rating to B1
TOTAL CONNECTIONS: Placed in Administration
TRIMMY'S TRANSPORT: Cor Cordis Appointed as Administrators

WALTON CONSTRUCTION: ASIC's Appeal Upheld; Liquidator Removed


B A N G L A D E S H

BANGLALINK DIGITAL: Moody's Assigns B1 Rating to $300MM Sr. Notes


C H I N A

CHINA FISHERY: Amended Consent Solicitation No Impact on Ratings
CHINA SHANSHUI: S&P Keeps 'BB-' CCR on CreditWatch Negative
SUNSHINE 100: Fitch Assigns 'B-' Long-Term Issuer Default Rating


I N D I A

B M AUTOSALES: CRISIL Reaffirms 'B-' Rating on INR90.4MM Loans
CHALLANI RANKA: ICRA Reaffirms 'B+' Rating on INR10cr Loan
COMPETENT DYESTUFF: ICRA Reaffirms 'B' Rating on INR10cr Loan
CYTECH COATINGS: CRISIL Suspends 'B+' Rating on INR25MM Loans
EASTERN CHROME: CRISIL Reaffirms D Rating on INR542.5MM Loans

FLORA MARMO: CARE Downgrades Rating on INR29.44cr Loan to 'B+'
FLORIND SHOES: CRISIL Reaffirms 'D' Rating on INR654MM Loans
GANPATI AGRO: ICRA Assigns 'D' Rating to INR75cr Loan
GE GODAVARI: CRISIL Suspends 'D' Rating on INR205MM Loans
GOYAL INTERNATIONAL: CARE Reaffirms 'B+' Rating on INR6.46cr Loan

JAMES HOTELS: CARE Lowers Rating on INR78.28cr Bank Loan to 'D'
JAMUNA INFRAPROJECTS: CRISIL Ups Rating on INR70MM Loans to 'B'
KAMSON HEALTH: CRISIL Lowers Rating on INR105.5MM Loans to 'D'
KANDLA PACKAGING: CRISIL Assigns 'B+' Rating to INR125MM Loans
KONGUNADU EDUCATIONAL: CRISIL Reaffirms B+ INR120MM Loan Rating

KUMARPUR AGRO: CRISIL Reaffirms 'B-' Rating on INR59.6MM Loans
KUTCH COTTON: ICRA Reaffirms 'B+' Rating on INR15.43cr Loans
L. R. INTERNATIONAL: ICRA Rates INR75cr Loan at 'D'
LUCID PRINTS: CRISIL Suspends 'D' Rating on INR101.3MM Loans
MAHARSHEE GEOMEMBRANE: CRISIL Reaffirms B+ INR80.8MM Loan Rating

MITTATEX EXPORTS: CRISIL Suspends 'D' Rating on INR600MM Loans
NIRULAS CORNER: CRISIL Assigns 'B' Rating to INR150MM Loans
NORTECH POWER: CARE Assigns 'C' Rating to INR3.0cr Bank Loan
PANVELKAR INFRA: CRISIL Reaffirms B+ Rating on INR200MM Loans
PRABHAT CABLES: CRISIL Reaffirms 'B' Rating on INR200MM Loans

ROYAL UNIFORCE: CRISIL Assigns 'B' Rating to INR150MM Loans
SAHAJANAND COTTON: CARE Reaffirms 'B' Rating on INR6.15cr Loan
SELVALAKSHMI GARMENTS: CRISIL Reaffirms D INR177MM Loans Rating
SHAH TILES: CRISIL Reaffirms 'B' Rating on INR224MM Loans
SHRI BEERESHWAR: CRISIL Reaffirms B+ Rating on INR325MM Loans

SLK PROGRESSIVE: CRISIL Reaffirms 'B+' Rating on INR25MM Loans
SOLACE HEALTHCARE: CARE Reaffirms 'B' Rating on INR15cr Loan
SONATA CERAMICA: CRISIL Suspends 'D' Rating on INR96.5MM Loans
SRI KOUNDINYA: ICRA Suspends 'D' Rating on INR27cr Loan
SRI SRINIVASA: CRISIL Ups Rating on INR160MM Loans to 'B+'

SRI VAIBHAV: ICRA Assigns 'B+' Rating to INR20cr Loans
SRI VIJAYALAKSHMI: ICRA Suspends 'B+' Rating on INR7cr Loan
SRI VIJAYALAKSHMI STEEL: ICRA Suspends B/A4 INR35cr Loan Rating
SUYASH KRAFT: CRISIL Reaffirms 'B-' Rating on INR220MM Loans
TANU MOTORS: CRISIL Reaffirms 'B' Rating on INR240MM Loans

UNITED INDIA: CRISIL Reaffirms 'D' Rating on INR547MM Loans
WELCOME MINERAL: ICRA Assigns 'B' Rating to INR7.85cr Loans
WIN-STONE INDUSTRIES: CARE Assigns 'D' Ratings to INR13cr Loans
YETURU BIO-TECH: CRISIL Reaffirms 'D' Rating on INR92MM Loans


I N D O N E S I A

PAKUWON JATI: Fitch Assigns 'B+' Rating to USD Sr. Unsec. Notes
PAKUWON JATI: Upsize on $168MM Notes No Impact on Moody's B1 CFR


J A P A N

FUJITSU LTD: Looking To Sell Chip Units to Taiwanese, U.S. Firms


M O N G O L I A

MONGOLIA: Moody's Downgrades Government Bond Rating to B2


N E W  Z E A L A N D

POSTIE PLUS: Sold as Going Concern to South African Firm
ROSS ASSET: Case Costs Taxpayers NZ$100,000 in Legal Fees


S O U T H  K O R E A

INDUSTRIAL BANK: Moody's Puts 'D+' BFSR on Review Upgrade


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A U S T R A L I A
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BARMINCO HOLDINGS: S&P Revises Outlook to Neg. & Affirms 'B-' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Australia-based contract miner Barminco Holdings Pty
Ltd. to negative from stable, and affirmed its 'B-' corporate
credit rating on the company.  At the same time, S&P affirmed its
'B+' issue rating and '1' recovery rating on the company's senior
secured revolving credit facility, and its 'B-' issue rating and
'4' recovery rating on its senior unsecured notes.

"The outlook revision reflects our expectation that soft market
conditions and subdued demand are likely to place increased
pressure Barminco's earnings, while its highly leveraged capital
structure renders it vulnerable to any further unfavorable
business developments," Standard & Poor's credit analyst Minh
Hoang said.  "It also reflects our concerns that a breach of
financial covenants within the senior secured revolving credit
facility is currently at risk and may require the company to
renegotiate terms.  Nonetheless, we understand that the facility
is currently unutilized."

The ongoing weakness in commodity prices and subsequent cost
reduction measures by the mining sector have reduced the scope of
works and subdued demand in mining services, which has hampered
Barminco's ability to secure new contracts.  As a result, the
company has not replaced a number of expired contracts, weakening
Barminco's overall credit profile.  S&P has therefore lowered its
assessment of Barminco's business risk profile to "vulnerable"
from "weak".

One of the major contracts the company lost recently is Mt Lyell,
as a series of accidents resulted in the mine being placed under
care and maintenance.  Prior to the latest announcement, S&P
expected Mt Lyell to contribute about 15% of Barminco's earnings
for the fiscal year ending June 30, 2015.  This, together with the
unsuccessful attempts to win new major contracts, would further
weaken the company's highly leveraged financial risk profile.
Barminco's financial risk profile is a constraint on the ratings
and reflects the company's highly leveraged capital structure and
very aggressive financial policies.

"In our opinion, lower mining investment will mean that new
contracts are likely to be more competitively contested, mounting
pressure on Barminco's operating margins and overall earnings.  We
expect challenging conditions in the sector to continue in the
near term and that Barminco's credit metrics will remain weak in
fiscal 2015.  In the near term, we believe the company has the
capacity to offset further earnings pressure by actively reducing
its discretionary capital expenditure to counter the more subdued
market conditions," S&P added.

Mr. Hoang added: "The ratings could be lowered if the company's
liquidity were to deteriorate to a level which we assess to be
"less than adequate".  This scenario could occur if unfavorable
business conditions led to further erosion of its earnings or the
company mismanaged its working capital such that its
AUD96 million cash holding was depleted significantly.  If a
breach of its senior secured facility occurred and the company
fails to rectify the breach, it could also put downward pressure
on the rating."

S&P considers the likelihood of an upgrade to be remote.  The
outlook could be revised to stable if Barminco were able to secure
profitable production-based contracts, as well as demonstrate
adequate funding strategies for any capital-expenditure
requirements associated with any new contracts.


DSG HOLDINGS: Receivers to Close 26 Stores; 413 More Jobs to Go
---------------------------------------------------------------
The Australian reports that receivers for discount retailers Crazy
Clark's and Sam's Warehouse have announced the closure of another
26 stores, with 413 more jobs to go.

The Australian says following the collapse of parent company
Discount Super Group, receivers KordaMentha have been looking to
shut unprofitable stores while finding buyers for the profitable
ones.

Almost half of the Crazy Clark's and Sam's Warehouse network, 66
stores, have ceased trading or have been earmarked for closure
with more than 1000 people to lose their jobs, the report
discloses.

After a two-week campaign to find buyers for shop leases and
businesses, the receivers said they had received 55 expressions of
interest, according to The Australian.

Prospective buyers will now be asked to submit firm bids, adds the
report.

The Australian notes that DSG was placed in voluntary
administration on July 1, the second time owner Jan Cameron has
put the discount store brands into the hands of receivers in two
years.  Ms. Cameron, best known as the founder of outdoor goods
retailer Kathmandu, placed the two brands into administration in
2012 with AUD170 million in debt.  She later bought them back for
just under AUD60 million, but has ruled out buying the chains back
for a third time.

The 26 affected stores will close on July 27, unless they run out
of stock before then, The Australian reports.

DSG Holdings Australia Pty Limited operates retailers Crazy Clarks
and Sam's Warehouse.  It currently employs approximately 2,500
people across 143 retail outlets, has a distribution centre in
Queensland and a head office at North Ryde.

David Winterbottom and Rahul Goyal of KordaMentha Restructuring
have been appointed Receivers and Managers of DSG Holdings
Australia Pty Limited.  This follows the appointment of Steve
Nicols of Nicols + Brien as Voluntary Administrator of DSG.


RELIANCE RAIL: Moody's Upgrades Senior Secured Rating to B1
-----------------------------------------------------------
Moody's Investors Service has upgraded the senior secured rating
of Reliance Rail Finance Pty Ltd (RRF) to B1 from B2. Moody's has
also upgraded RRF's subordinated debt rating to B3 from Caa1.

The ratings outlook is positive.

RRF is the funding vehicle for Reliance Rail, the consortium
appointed to manufacture and maintain 78 new trains for Sydney
Trains. Sydney Trains' obligations under the Waratah project are
backed by the State of New South Wales (Aaa stable).

Ratings Rationale

"The ratings upgrade reflects Reliance Rail's improved operating
risk profile, after the project successfully delivered the last of
the 78 train sets to Sydney Trains for service operations," says
Spencer Ng, a Moody's Vice President and Senior Analyst.

"The transition to operations is credit positive for Reliance
Rail, given the maintenance-oriented tasks in the operating phase
and the conclusion of manufacturing and funding risks that had
constrained the project's rating at the low single B level over
the past 3 years," says Ng.

"Having closed out its manufacturing process, Moody's expect
management's efforts to focus on the on-going operation of its
fleet and managing the project's refinancing task in 2018 and
2019," adds Ng.

Given the technical nature of the 78-train fleet and equipment
which Reliance Rail will need to maintain, it could be exposed to
unexpected defects or early teething issues. As such, Moody's
believe the project's credit profile will benefit from
establishing a solid track record over the next 6-12 months. At
the same time, the project benefits from i) the experience of
Reliance Rail and its subcontractor -- Downer EDI (unrated) -- in
operating parts of the fleet as they entered into service and ii)
the solid reliability performance of the fleet to date, which
offset the comparative complex nature of its operating tasks.

The rating further reflects the project's refinancing exposure
around 2018, when around AUD1.15 billion - AUD750 million in 2018
and AUD400 million in 2019 - of debt matures. Due to the low
credit margin on the existing debts, Moody's expect Reliance
Rail's interest cost to increase when the maturing debt is
refinanced at the higher market level with only limited capacity
to increase revenue correspondingly.

Reliance Rail's capacity to refinance the maturing debt is
enhanced by its ability to access the AUD175 million conditional
equity injection from the State of New South Wales and the amount
of cashflow from operation it can retain over time to retire part
of its expiring debt in 2018.

The positive outlook reflects the operating progress made, and the
potential for further upward movement as more track record is
established.

Accordingly, the rating could be considered for an upgrade if
Reliance Rail could maintain an operating track record over the
next 6-12 months and if there is no material deterioration in the
capital market conditions that is likely to affect the project's
ability to refinance leading up to 2018.

On the other hand, the rating could experience downward pressure
if: 1) the operating performance of the fleet deteriorates
substantially from current level, or 2) there is a significant
deterioration in capital market conditions.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group, which in turn was the successful consortium
appointed by Sydney Trains in 2006 to deliver the NSW Rolling
Stock public private partnership project.

Reliance Rail completed its manufacture of 78, eight-car Waratah
trains for the Sydney suburban rail network in May 2014 and an
associated maintenance facility in 2010. The consortium will
maintain the trains and the maintenance facility from completion
until early 2044.

The principal methodology used in this rating was Operating Risk
in Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007.


TOTAL CONNECTIONS: Placed in Administration
-------------------------------------------
Cameron Shaw, Blair Pleash and Richard Albarran of Hall Chadwick
Chartered Accountants were appointed as administrators of Total
Connections Pty Ltd on July 16, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 11, 16 St Georges
Terrace, in Perth on July 28, 2014, at 9:00 a.m.


TRIMMY'S TRANSPORT: Cor Cordis Appointed as Administrators
----------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Trimmy's Transport & Logistics
Australia Pty Limited on July 16, 2014.

Notice is given that a first meeting of the creditors of the
Company will be held at Cor Cordis Chartered Accountants,
Level 6, 55 Clarence Street, in Sydney, on July 28, 2014, at 11:00
a.m.


WALTON CONSTRUCTION: ASIC's Appeal Upheld; Liquidator Removed
-------------------------------------------------------------
Australian Securities and Investment Commission on July 18 notes
the Full Court of the Federal Court of Australia's decision in its
case seeking the removal and replacement of the liquidators of the
Walton Construction group on the grounds of a perceived lack of
independence.

ASIC appealed the court's decision at first instance earlier this
year where the court rejected ASIC's application to remove the
liquidators. The Full Court on July 18 upheld ASIC's appeal.

The decision means new liquidators will replace Messrs Stirling
Horne, Glenn Franklin and Jason Stone of the firm, PKF Lawler
(formerly Lawler Draper Dillon).

In its unanimous decision, the Full Court held that a reasonable
fair-minded observer might reasonably apprehend that, because of
the liquidators' prior referral relationship with the Mawson
Group, who had influenced their appointment as liquidators of the
companies, and the liquidator's interest in not jeopardising their
future income, they might not discharge their duties with
independence and impartiality. The court noted that it was
unfortunate that the liquidators did not recognise the conflict of
interest at the time it was first raised.

ASIC Commissioner John Price said, "We considered the
circumstances warranted ASIC's intervention and the public
expected it. As fiduciaries, insolvency practitioners must be, and
must be seen to be, independent and impartial. It is critical that
creditors, and the wider public, have absolute confidence in
liquidators acting, and being seen to act, independently and in
the creditors' interests."

The court ordered that the parties confer and by July 22, 2014
provide the court with proposed orders pursuant to which new
liquidators will be appointed.

In carrying out their functions and duties, the liquidators of the
Walton Construction group are required to investigate prior
transactions involving entities connected with Mawson Group, the
adviser which referred the companies to PKF Lawler (formerly
Lawler Draper Dillon). ASIC argued that those transactions and the
referral relationship were not sufficiently disclosed to creditors
at the appropriate time and that a perceived lack of independence
existed.

The court rejected ASIC's application in February 2014. ASIC filed
an appeal later that month.

The Walton Construction group collapsed in October 2013 owing
about AUD69 million to unsecured creditors. ASIC's review into the
group's collapse, and its administration, is continuing.



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B A N G L A D E S H
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BANGLALINK DIGITAL: Moody's Assigns B1 Rating to $300MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating to Banglalink Digital Communications Limited and a
B1 senior unsecured rating to its $300 million, five-year senior
notes due in 2019.

The ratings outlook is stable.

The provisional ratings were assigned on 7 April 2014.

RATINGS RATIONALE

"The rating actions reflect Moody's view that Banglalink's
successful refinancing and changes to the terms and conditions of
its existing shareholder loans -- two major conditions for the
definitive B1 ratings -- will help improve its financial profile,"
says Yoshio Takahashi, a Moody's Assistant Vice President and
Analyst.

"In addition, Banglalink's 1Q 2014 results were consistent with
Moody's expectations," adds Takahashi.

Banglalink completed the issuance of its $300 million, five-year
senior notes due 2019 on 25 April. The cash proceeds from the
transaction were used to repay the company's $231 million bridge
loan as well as over 70% of its secured facilities totaling
approximately $60 million as of April 2014.

"Due to these repayments, Moody's estimate that the proportion of
short-term debt to total debt will fall to below 20% in 2Q 2014
from over 50% in 1Q 2014. This will significantly alleviate
liquidity pressure, although Moody's expect the company to
continue to depend on external borrowings to finance negative free
cash flow of BDT5 billion-BDT10 billion ($65 million to $130
million) in the 12-month period ending 30 June 2015," adds
Takahashi.

The company plans to prepay the remaining $17 million due under
the New Hermes Facilities in the coming one to two months after
obtaining the approval from the Board of Investment Bangladesh on
the prepayment.

The company had originally planned to make full repayment of the
secured facilities within 10 business days after the receipt of
the cash proceeds from its notes issuance. However, the plan has
been delayed due to the requirement for government approvals.

As a result of the delay, the company remains subject to financial
covenants under the common-terms agreement for secured facilities
as of June 2014. This could give rise to pressure around the debt
service coverage covenant, although it is Moody's expectation that
Banglalink will obtain a waiver from its bank pending government
approval for repayment of the amount outstanding.

Banglalink also concluded an agreement with its direct parent,
Telecom Ventures Limited (TVL, unrated), to change the terms and
conditions of the existing shareholder loans in May 2014 such that
they are subordinated to all other debt.

Global Telecom Holding SAE (GTH, unrated) indirectly owns 99.99%
of Banglalink through TVL. VimpelCom Ltd (Ba3 stable) owns 51.9%
of GTH.

Moody's plans to reclassify these shareholder loans as 100% equity
from 2Q 2014. As a result, Banglalink's adjusted debt/EBITDA is
expected to decline to approximately 3.0x-3.5x by December 2014,
from 4.3x for the 12-month period ended March 2014.

The ongoing operating and financial support from its parent,
including the change of the shareholder loan agreement, support
Banglalink's B1 rating, although the ratings do not explicitly
incorporate any upward notching for this parental support.

In Moody's view, Banglalink's fundamental credit profile is weakly
positioned for its rating, given the funding requirements to
support the company's growth as well as the challenging regulatory
environment.

Banglalink's 1Q 2014 results were also consistent with Moody's
expectations. Its revenue increased by about 10% year-over-year in
1Q 2014, supported by a 13% rise in the number of subscribers, and
despite a 2% year-over-year decline in its average revenue per
user.

The 10% revenue growth in 1Q 2014 represents a strong turnaround
from the 13% revenue decline in 2013.

The revenue decline in 2013 was mainly due to: (1) the regulator's
request in December 2012 to disconnect illegal transmissions of
international calls using voice over internet protocol; and (2) a
nationwide strike in 4Q 2013 linked to the general election in
January 2014.

In the absence of extraordinary events such as those seen in 2013,
Moody's expects Banglalink's revenue to grow by over 10% in 2014,
supported by continued growth in its subscriber base, and expected
growth of data revenue, given the launch of its 3G services in
October 2013.

Banglalink's reported EBITDA in 1Q 2014 improved by more than 20%
year-over-year, excluding foreign exchange gains and losses,
supported by the revenue growth and its good cost controls. As a
result, the EBITDA margin on a same basis improved to 38% in 1Q
2014 from 34% in 1Q 2013.

The stable outlook reflects Moody's expectation that Banglalink
will maintain revenue and earnings growth, as well as low
leverage, while reducing its negative free cash flow in the coming
2-3 years.

Upward pressure on the ratings could arise if Banglalink: (1)
significantly improves its market position without compromising
EBITDA margins; (2) continues to grow its revenue and earnings by
expanding the number of subscribers and data revenue; (3) achieves
net profit and generates positive free cash flow on a sustained
basis; and (4) significantly improves its liquidity profile.

Specific indicators that Moody's would consider in upgrading the
ratings include: adjusted EBITDA margins in excess of 45%;
adjusted debt/EBITDA below 3.0x; adjusted free cash flow/debt in
excess of 0%-5%; and adjusted debt/capitalization below 60% on a
sustained basis.

Downward pressure on the ratings could also emerge if Banglalink:
(1) experiences significant deterioration in market share and a
material slowdown in revenue and earnings growth; (2) fails to
reduce negative free cash flows in the coming 2-3 years; (3)
encounters difficulty in accessing capital to fund growth or
repay/refinance debt, as and when it falls due; (4) experiences a
fall in financial assistance from GTH or VimpelCom; or (5)
implements aggressive investment and shareholder return policies.

Specific indicators that Moody's would consider for a downgrade
include: adjusted EBITDA margins below 35%; adjusted debt/EBITDA
above 4.5x; and adjusted debt/capitalization over 80% on a
sustained basis.

Cross-sector methodologies used in this rating are described in
Debt and Equity Treatment for Hybrid Instruments of Speculative-
Grade Nonfinancial Companies, published in July 2013, and Rating
Non-Guaranteed Subsidiaries: Credit Considerations In Assigning
Subsidiary Ratings In The Absence Of Legally Binding Parent
Support, published in December 2003.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.

Banglalink, established in 1998, is the second-largest mobile
operator in Bangladesh by the number of subscribers. Its
subscriber base totaled 29.6 million at 31 May 2014.

GTH, is an Egypt-based telecommunications operator with mobile
operations in Pakistan, Bangladesh, Algeria, Canada, and sub-
Saharan African countries.

VimpelCom is a Netherlands-based global telecommunications service
provider, with operations in 17 countries.



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C H I N A
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CHINA FISHERY: Amended Consent Solicitation No Impact on Ratings
----------------------------------------------------------------
Fitch Ratings says that the ratings of China Fishery Group Limited
(China Fishery; BB-/Negative) and its bonds due 2019 will not be
impacted even if the proposed amendments in the consent
solicitation announced on July 14, 2014 are adopted.

The purpose of the consent solicitation is to remove the
restriction on Copeinca ASA and the operating entities under it
from guaranteeing debts of China Fishery group. Norway-based
Copeinca ASA, a major anchovy-quota holder in Peru, was acquired
by China Fishery in 2013.

Major proposed amendments of the indenture include permitting
Copeinca ASA and its subsidiaries to guarantee China Fishery's
existing USD300m senior notes, USD650m credit facilities and an
additional USD250m indebtedness that may be issued; permitting
Copeinca ASA to transfer its key subsidiary Copeinca Internacional
S.L.U. to CFG Peru Investments Pte Limited (CFG Peru) and/or
transfer its interest in the issuer of Copeinca ASA's bonds to
Copeinca Internacional S.L.U; and allowing Copeinca ASA to merge
with or transfer its assets (including by way of liquidation) to
CFG Peru.

The proposed amendments will pave the way for China Fishery to
consolidate its Peru operations under its main Peru subsidiary,
CFG Peru. The proposed amendments will not alter the key business
terms, such as the interest rate or maturity date, of the USD250m
Copeinca bonds due 2017. Fitch does not see any changes to its
view on China Fishery if the proposed indenture changes are
adopted because the agency already expects China Fishery's Peru
operations to eventually be fully integrated and considers
Copeinca ASA's bonds as part of China Fishery's debts.


CHINA SHANSHUI: S&P Keeps 'BB-' CCR on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its
'BB-' long-term corporate credit rating and 'cnBB' long-term
Greater China regional scale rating on China Shanshui Cement Group
Ltd. on CreditWatch with negative implications.

S&P also kept its 'B+' long-term issue rating and 'cnBB-' Greater
China regional scale rating on the company's outstanding senior
unsecured notes on CreditWatch with negative implications.  S&P
had originally placed the ratings on CreditWatch with negative
implications on April 17, 2014. China Shanshui is a China-based
cement manufacturer.

"We kept the ratings on CreditWatch because China Shanshui is yet
to finalize any concrete refinancing plan for its debt obligations
due in the next 12 months," said Standard & Poor's credit analyst
Huma Shi.

"We therefore estimate that China Shanshui's liquidity sources for
the next 12 months may not be sufficient to meet its liquidity
needs.  We estimate the company's liquidity sources to be Chinese
renminbi (RMB) 4 billion-RMB5 billion, including our estimate of
the company's cash and cash equivalents as of the end of June 30,
2014, and funds from operations over the next 12 months.  We
expect Shanshui to repay about RMB4 billion in short-term debt
obligations due 2014.  We forecast the company's working capital
requirement and capital expenditure to be about RMB3 billion," S&P
added.

Management is negotiating the refinancing terms with its banks.
S&P notes that China Shanshui has repaid its debt obligations due
in each of the months following our CreditWatch action on
April 17.  In May, the company issued medium-term notes (MTN) of
RMB1.2 billion and used the net proceeds to repay its debt.

S&P expects operating conditions for China Shanshui to remain
tough over the next 12 months, weakening the company's operating
performance and working capital.

"We aim to resolve the CreditWatch within the next two months,
depending on the status of China Shanshui's refinancing prospects,
including the rollover of its bank facilities and other committed
refinancing options," said Ms. Shi.

S&P may lower the ratings if China Shanshui fails to obtain
refinancing options to cover its short-term debt obligations and
extend its debt maturity profile.  S&P may also lower the ratings
if operating conditions deteriorate, such that the company's ratio
of funds from operations to debt falls below 12% on a sustainable
basis.  This could happen if China Shanshui's sales volume or
average selling price is worse than S&P's base-case assumption.

S&P may affirm the rating if China Shanshui's liquidity sources
cover its liquidity uses by at least 1.2x, which would support an
"adequate" liquidity position.  This could happen if China
Shanshui manages its debt maturity and refinancing plans to ensure
sufficient liquidity for its debt obligations on a sustained
basis.


SUNSHINE 100: Fitch Assigns 'B-' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned Sunshine 100 China Holdings Ltd
(Sunshine) a Long-Term Issuer Default Rating (IDR) of 'B-' with a
Stable Outlook, a senior unsecured rating of 'B-' and Recovery
Rating of 'RR4'. Fitch has also assigned the China-based
residential property developer's proposed US dollar senior
unsecured notes an expected rating of 'B-(EXP)', and Recovery
Rating of 'RR4'.

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

Sunshine's ratings are supported by its adequate land bank, low
land bank cost and improving land bank values in second- and
third-tier cities after years of city development. The ratings are
constrained by its high leverage level, low turnover rate, tight
liquidity and higher volatility in commercial property strata-
title sales as the company shifts gradually towards developing
"street-community type" projects.

Key Rating Drivers

Increasing Commercial Property Sales: Sunshine had about 85% of
its contracted sales from residential property in 2011-2013, but
it plans to increase sales of commercial property in street-
community type projects. These projects, which mainly target
investors, are located at large residential communities or near
city-centres with cultural or tourism themes. As the average
selling price (ASP) of commercial property is much higher than
residential units, the profit margin is higher. However, Sunshine
may face higher volatility in demand. We believe many of the
buyers are speculators, who focus on price appreciation rather
than rental yields of the shops. Although Sunshine completed its
first street-community project in Yangshuo in 2004, it did not
actively expand this product line later on. Sunshine has yet to
establish a track record that proves this business model would be
successful.

Consistently High Leverage: Sunshine has high leverage compared
with similarly rated peers. Its leverage, measured by net debt
divided by adjusted inventory, was consistently above 60% in 2010-
2013. Although Sunshine made limited land purchases in the past
few years, its inventory turnover slowed, which led to negative
operating cash flows for most of the time. Hefty interest expenses
due to rising debt further drained Sunshine's cash. As a result,
Sunshine's net debt level is much higher than its peers'.

Slow Turnover Rate: Sunshine's ratings are constrained by its slow
inventory turnover. The company's turnover rate, measured by
contracted sales divided by gross debt, stayed at 0.4x-0.5x in
2011-2013. This is very low compared with most of its 'B'-rated
peers, which had turnover of over 1.0x. Many of Sunshine's
projects are sizable with GFA of 500,000 sqm or above and were
acquired a number of years ago. Sunshine has no urgency to offload
them quickly since the land cost is low. The slow turnover did not
translate into high gross profit margin, which remained at around
30% in the past three years.

Improving Land Bank Values: Over half of Sunshine's projects in
terms of GFA are in third-tier cities. Some of the projects in
Sunshine's land bank were acquired more than five years ago when
the land parcels were located in suburban areas. As the cities
grew over time, the surroundings of these projects have developed
and hence land values have improved. For example, the place in
which Sunshine's Chongqing project is situated has become a
medium- to high-end residential area facing the new CBD area at
the intersection of Changjiang River and Jialing River. Sunshine's
projects in Yantai and Liuzhou, which are third-tier cities, are
also located near city centres now.

Adequate Land Bank: Sunshine had an adequate land bank of 11.2
million sqm in over 20 projects at end-2013, enough for more than
10 years of sales based on 2013's contracted sales GFA. Sunshine's
projects are in second- and third-tier cities in the Bohai Rim and
Midwest region in China. It benefits from low average land cost of
CNY734/sqm, which was 10% of its ASP in 2013. It has no urgent
need to replenish its land bank at the much higher current market
prices.

Tight Liquidity for Refinancing: Sunshine's freely available cash
and restricted cash pledged for loans was CNY2.8bn at end-2013.
This is less than the short-term debt of CNY5.1bn. Sunshine has to
rely on lenders rolling over the expiring debt or using its
contracted sales proceeds to pay off the debt. Sunshine also has
high exposure to non-bank funding (60% of total debt at end-2013),
which includes trust loans, loans from asset management companies
and loans from third parties. We expect the proportion of non-bank
funding to drop to 50% after Sunshine utilises half of the bond
proceeds to refinance its existing debt.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

-- Net debt/adjusted inventory sustained below 55% (End-2013:
    66%); and
-- EBITDA margin sustained above 15% (2013: 19%); and

-- Contracted sales/total debt sustained above 0.8x (2013:
    0.4x); and

-- Contracted sales sustained above CNY7.5bn (2013: CNY5.4bn).

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

-- A deterioration in Sunshine's liquidity position, for
    example, failure to refinance bank borrowings.



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


B M AUTOSALES: CRISIL Reaffirms 'B-' Rating on INR90.4MM Loans
--------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of B M Autosales
Private Limited continues to reflect BMPL's weak financial risk
profile and exposure to intense competition in automobile
dealership market along with supplier concentration risk. These
rating weaknesses are partially offset by the benefits that
company derives from long term experience of promoters in the
automobile dealership business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             45       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      45.4     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL's believes that BMPL's credit risk profile will remain
sensitive to infusion of funds from the promoters due to its weak
financial profile. The outlook may be revised to 'Positive' if
BMPL increases its scale of operations leading to considerable
improvement in its cash accruals and also improves its financial
risk profile most likely through infusion of equity capital.
Conversely, the outlook may be revised to 'Negative' in case the
company's liquidity deteriorates further on account of higher than
expected working capital requirements or if BMPL undertakes a
large, debt-funded capital expenditure program.

Update
BMPL is registered operating income of INR463 million in 2013-14
(refers to financial year, April 1 to March 31) as compared to
INR442 million in the preceding year, marking a year-on-year
revenue growth of about 5 per cent. BMPL's operating margin was at
3.7 per cent for 2013-14 and is expected to remain modest over the
medium term.

The company's working capital requirements have been modest; its
inventory requirements have been about 47 days of sales as on
March 31, 2014, leading to gross current assets of over 67 days as
on March 31, 2014. BMPL has weak financial risk profile, marked by
weak capital structure and below-average debt-protection metrics.
As on March 31, 2014, the company had a high gearing of more than
3 times mainly because of its modest net worth of 0.2 million. The
net worth has been modest on account of its small accretion to
reserves due to its initial stages of operation. RAPL's debt
protection metrics have been below average because of limited
accretion to reserves. Its interest coverage and net cash accruals
to total debt ratios were at 1.3 times and 0.04 times,
respectively, for 2013-14. BMPL has stretched liquidity. Its cash
accruals for 2013-14 were modest at INR4.6 million against which
there are no debt obligations. The company's bank limit of INR45
million was utilised at an average of about 90 per cent over the
12 months ended March 31, 2014.

BMPL reported a profit after tax (PAT) of INR1.6 million on
operating income of INR463 million for 2013-14, against a PAT of
INR0.2 million on operating income of INR442 million for 2012-13.
About the Company

BMPL is engaged in the dealership of Hyundai Motor India Limited
(HMIL, rated CRISIL A1+). Company has its showroom in Dehradun;
Uttarakhand. Company was incorporated in 2010 promoted by Mr. Brij
Mohan Ajmani and his son Sachin Ajmani. Company started its
commercial operations after acquiring the dealership for four
wheeler vehicles from HMIL.


CHALLANI RANKA: ICRA Reaffirms 'B+' Rating on INR10cr Loan
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR10.0 crore
long term fund-based facilities of M/s Challani Ranka Jewellery.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, fund-      10.0       Reaffirmed at [ICRA]B+
   based facilities

The rating reaffirmation factors in the modest size of operations
of the firm, the highly fragmented nature of the jewellery
business, the intense competition among local players and the
region-specific jewellery preferences and trade practices. The
rating is further constrained by the exposure of the firm's
profitability to volatility in silver prices, and the high working
capital intensity in the business.

The rating however favorably considers the experience of the
partners in the jewellery industry, the established tie-ups with
suppliers and customers, and favorable brand recognition in the
local market.

Challani Ranka Jewellery is a partnership firm formed by the
brothers, Mr. Mahendar A Challani and Mr. Sumti A Challani. The
firm was formed in the year 2001 to capitalize on the
opportunities presented in the wholesale silver market in Chennai.
The day to day operations of the business are overseen primarily
by Mr. Sumti A Challani. The family has been in the jewellery
business since 1960. The firm has a wholesale and retail jewellery
store in Sowcarpet, Chennai. Both Mr. Mahendar Challani and Mr.
Sumti Challani are also partners in other group entities Anand
Automobiles (a dealer of Hero Motocorp) and Challani Finance.

For FY 2014, as per unaudited provisional results, the company has
reported an operating income of INR45.1 crore and Profit After Tax
(PAT) of INR2.1 crore.


COMPETENT DYESTUFF: ICRA Reaffirms 'B' Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
the INR10.0 Crore fund-based, working capital limits of Competent
Dyestuff & Allied Products Pvt Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        10.0       [ICRA]B reaffirmed
   Based limits

The reaffirmation of rating factors in the supplier concentration
risk in the DHF business, with purchases primarily from three
suppliers which nevertheless are the only domestic suppliers and
high exposure to the steel industry though the company's products
are a critical input for the steel industry. The rating is also
constrained by the high financial risk profile, as characterised
by low return indicators, high gearing level and low debt coverage
indicators.

Nevertheless, ICRA has favourably factored in the established
track record of the promoters of over two decades in the trading
of fluorine-based chemicals; established relationship with
suppliers as well as customers and the low value of sales per
customer, which mitigates the credit risk arising from debtors.

Competent Dyestuff and Allied Products Pvt Limited (CDAPPL) was
incorporated in 1990. The company is engaged in trading of
fluorine-based chemicals. The company is distributor of fluorine-
based chemicals for the Aditya Birla Group (Tanfac Industries
Ltd), the Mafatlal Group (Navin Fluorine International Limited)
and SRF Limited. CDAPPL primarily caters to the requirements of
steel and glass industries. The company also trades in fabric.

Recent Results
Based on provisional accounts, the company reported revenues of
INR61.25 Crore and a net profit of INR0.27 Crore during 2013-14.
CDAPPL reported a turnover of INR52.17 Crore and a net profit of
INR0.21 Crore during 2012-13.


CYTECH COATINGS: CRISIL Suspends 'B+' Rating on INR25MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Cytech Coatings Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL A4 Suspended
   Cash Credit            20       CRISIL B+/Stable Suspended
   Foreign Bill
   Discounting            30       CRISIL A4 Suspended
   Letter of Credit       40       CRISIL A4 Suspended
   Term Loan               5       CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Cytech with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Cytech is yet to
provide adequate information to enable CRISIL to assess Cytech's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Cytech was incorporated in April 2009; and commenced commercial
operations in July 2010. The company is promoted by Mr.
Birendrakant Srivastava and his business acquaintance Mr. Manish
B. Ray. Cytech is engaged in manufacturing of various printing
inks, resins, and adhesives which find application in the
packaging industry. The company has its manufacturing unit located
at Sarigam, Gujarat, with an installed capacity of 260 tonnes per
month (tpm) (recently enhanced from 200 tpm in April 2012). Mr.
Birendrakant Srivastava oversees the day-to-day operations of the
company.


EASTERN CHROME: CRISIL Reaffirms D Rating on INR542.5MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Eastern Chrome Tanning
Corporation Private Limited (ECTC; part of the Florind group)
continues to reflect instances of delay by the Florind group in
servicing its debt; the delays have been caused by the group's
weak liquidity, arising from its working-capital-intensive
operations and losses because of derivative contract.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                 90       CRISIL D (Reaffirmed)
   Export Packing Credit       32.5     CRISIL D (Reaffirmed)
   Foreign Bill Discounting    30       CRISIL D (Reaffirmed)
   Letter of credit & Bank    230       CRISIL D (Reaffirmed)
   Guarantee
   Term Loan                  160       CRISIL D (Reaffirmed)

The Florind group also has a weak financial risk profile, marked
by high gearing and weak debt protection metrics. Furthermore, the
group has customer concentration in its revenue profile and is
susceptible to fluctuations in foreign exchange rates. The group,
however, benefits from its integrated operations, long-standing
relationship with customers, and its promoters' extensive industry
experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ECTC, United India Shoe Corporation Pvt
Ltd (UNISCO), and Florind Shoes Pvt Ltd (FSPL), collectively
referred to as the Florind group. This is because the entities
have a common management, are in similar lines of business, and
have fungible cash flows.

Update
The Florind group has been delaying servicing of its term debt
because of its weak liquidity. Its liquidity is constrained by
huge losses resulting from its derivative contract and by its
working-capital-intensive operations. Though the group closed its
derivative contract in December 2012, accumulated derivative
losses over the past five years have substantially impacted its
liquidity and have reduced its net worth. The group's weak
liquidity is also marked by full bank limit utilisation, with
regular instances of limits being overdrawn. CRISIL believes that
the Florind group's liquidity will remain weak over the medium
term on account of its working-capital-intensive operations.

The Florind group has a weak financial risk profile marked by
small net worth and weak debt protection metrics. Because of
minimal accretion to reserves and large derivative losses, the
group's net worth has declined over the years. On account of cash
losses, the group's debt protection metrics remain weak. CRISIL
believes that the Florind group's financial risk profile will
remain weak over the medium term, marked by a small net worth.

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the name of K Ameenur Rahman (KAR) group of companies, with FSPL
as the group's flagship company. FSPL and UNISCO, set up in 2001,
manufacture formal shoes. ECTC , set up in 2001, specialized in
processing finished leather from cow hides. The KAR group
comprises nine companies engaged in activities ranging from
leather processing to manufacturing finished leather products;
however, the entities are managed independently. Currently, the
group is being managed by Mr. K Shahid Mansoor, `Mr. K Mohamad
Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur Rahman).


FLORA MARMO: CARE Downgrades Rating on INR29.44cr Loan to 'B+'
--------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Flora Marmo Industries Private Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     29.44     CARE B+ Revised
                                           from CARE BB

   Short-term Bank Facilities    18.90     CARE A4 Reaffirmed

Rating Rationale

The revision in the rating assigned to the bank facilities of
Flora Marmo Industries Private Limited takes into account decline
in revenues in the past three years ended FY2014 (refers to the
period April 1 to March 31), continued deterioration in the
working capital cycle characterized by significant increase in the
average inventory period and further delay in its ongoing showroom
project.

The ratings continue to be constrained by the small scale of
operations of the company amidst the fragmented and regulated
marble industry, its volatile operating profit margins, exposure
to currency risk for imports, dependence on restricted item i.e.
marble which is subject to Government regulations, high financial
leverage and cyclical nature of the end-user real estate industry.
Furthermore, the ratings are tempered by residual project
execution risk, imminent requirement of additional funding for the
ongoing showroom project and stress on overall credit profile due
to corporate guarantee extended towards huge borrowings of wholly
owned international subsidiary which is yet to establish its
commercial success.

The ratings, however, derive strength from the experience of the
promoters in the marble industry, benefits arising from the
geographic diversification in imports and location advantage due
to marble processing operations in Silvassa.

Ability of the company to manage growth and working-capital
requirements without any cash flow mismatches remain
the key rating sensitivities.

Flora Marmo Industries Private Limited (FMIPL), incorporated in
August 2007, is engaged in the business of processing and trading
of marbles and trading of other tiling products. The promoters of
the company, Mr Amit Jalan and Mr Troy Caerio, have around 20
years of experience in the marble trading and processing industry.
FMIPL started its operations with effect from April 1, 2009 after
acquiring a partnership firm named 'Mahavir Industries' which was
run by the promoters of FMIPL since April 13, 2002. FMIPL is
engaged in processing and trading of rough marble blocks and
trading of the finished marble and around 75-80% of the revenue of
FMIPL comes from processing activities and about 20-25% from
trading activities.

Furthermore, during FY11, FMIPL acquired a company in Turkey
(investment of INR5.03 crore) which had quarrying/mining rights of
marble blocks in Turkey for permissible area of 46.76 hectare for
the period of ten years. The output from the same is anticipated
to be around 60,000 metric tonne per annum (mtpa) which is likely
to benefit the company in coming years. Operations have begun in
this facility on a small scale and FMIPL plans to ramp up the
scale in the next couple of years.

Flora Marmo Industries Private Limited reported a total income of
INR77.67 crore and a PAT of INR3.73 crore in FY13 as compared to a
total income of INR84.92 crore and a PAT of INR4.67 crore in FY12.


FLORIND SHOES: CRISIL Reaffirms 'D' Rating on INR654MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Florind Shoes Pvt Ltd
(FSPL; part of the Florind group) continues to reflect instances
of delay by the Florind group in servicing its debt; the delays
have been caused by the group's weak liquidity, arising from its
working-capital-intensive operations and losses because of
derivative contract.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     170       CRISIL D (Reaffirmed)

   Foreign Bill
   Discounting               200       CRISIL D (Reaffirmed)


   Letter of credit &
   Bank Guarantee             90       CRISIL D (Reaffirmed)

   Long Term Loan            162       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         32       CRISIL D (Reaffirmed)

The Florind group also has a weak financial risk profile, marked
by high gearing and weak debt protection metrics. Furthermore, the
group has customer concentration in its revenue profile and is
susceptible to fluctuations in foreign exchange rates. The group,
however, benefits from its integrated operations, long-standing
relationship with customers, and its promoters' extensive industry
experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of FSPL, United India Shoe Corporation Pvt
Ltd (UNISCO), and Eastern Chrome Tanning Corporation Pvt Ltd
(ECTC), collectively referred to as the Florind group. This is
because the entities have a common management, are in similar
lines of business, and have fungible cash flows.

Update
The Florind group has been delaying servicing of its term debt
because of its weak liquidity. Its liquidity is constrained by
huge losses resulting from its derivative contract and by its
working-capital-intensive operations. Though the group closed its
derivative contract in December 2012, accumulated derivative
losses over the past five years have substantially impacted its
liquidity and have reduced its net worth. The group's weak
liquidity is also marked by full bank limit utilisation, with
regular instances of limits being overdrawn. CRISIL believes that
the Florind group's liquidity will remain weak over the medium
term on account of its working-capital-intensive operations.

The Florind group has a weak financial risk profile marked by
small net worth and weak debt protection metrics. Because of
minimal accretion to reserves and large derivative losses, the
group's net worth has declined over the years. On account of cash
losses, the group's debt protection metrics remain weak. CRISIL
believes that the Florind group's financial risk profile will
remain weak over the medium term, marked by a small net worth.

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the name of K Ameenur Rahman (KAR) group of companies, with FSPL
as the group's flagship company. FSPL and UNISCO, set up in 2001,
manufacture formal shoes. ECTC , set up in 2001, specialized in
processing finished leather from cow hides. The KAR group
comprises nine companies engaged in activities ranging from
leather processing to manufacturing finished leather products;
however, the entities are managed independently. Currently, the
group is being managed by Mr. K Shahid Mansoor, Mr. K Mohamad
Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur Rahman).


GANPATI AGRO: ICRA Assigns 'D' Rating to INR75cr Loan
-----------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR75.00 crore fund
based facilities of Ganpati Agro Foods Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based Facilities    75.00      [ICRA]D assigned

The assigned rating factors in instances of delays in debt
servicing following pressures on the liquidity position of the
company. GAFPL's liquidity has come under pressure because of high
working capital intensity (driven mainly by high inventory). The
rating is also constrained by high intensity of competition in the
industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
also factors in GAFPL's weak financial profile characterised by
high gearing and depressed coverage indicators.

However, ICRA has taken note of the long experience of the
promoters in the basmati rice industry and easy access to raw
material due to the company's presence in a major paddy growing
area.

Going forward, ability to improve liquidity and timely servicing
of debt will be key rating drivers.

GAFPL is a part of the LR group which started its operation in
1980 by establishing a rice sheller under the partnership firm,
Ganesh Rice Mills, which was engaged in milling and processing
basmati rice and their by products. Gradually, considering the
increase in the scale of operation, the group formed two more
partnership firms named L R International and Ganpati Foods. The
constitution of all the partnership firm were gradually converted
into private limited and the names were changed to Ganeshom
Cereals Private Limited, L R International Private Limited and
Ganpati Agro Foods Private Limited. The group has combined rice
milling capacity of about 38 tonnes per hour (TPH) and combined
sorting and grading capacity of 42 TPH.

Recent Results
The company has reported a net profit of INR0.59 crore on an
operating income of INR272.21 crore during 2012-13; as compared to
a net profit of INR0.63 crore on an operating income of INR154.48
crore during 2011-12.


GE GODAVARI: CRISIL Suspends 'D' Rating on INR205MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
GE Godavari Engineering Ltd (part of the GE Godavari group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            100        CRISIL D Suspended
   Letter of credit &
   Bank Guarantee          90        CRISIL D Suspended
   Proposed Cash Credit
   Limit                    5        CRISIL D Suspended
   Standby Line of
   Credit                  10        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by GEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GEL is yet to
provide adequate information to enable CRISIL to assess GEL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
GEIL and GE Godavari Engineering Ltd, together referred to as the
GE Godavari group. This is because both the companies are under
the same management team, and derive considerable operational and
financial synergies from each other.

GEL, incorporated in 1980-81 (refers to financial year, April 1 to
March 31), manufactures fabricated equipment that is used mainly
in power generation, cement, and sugar plants. Its products
include surface condensers, heat exchangers, heaters, pressure
vessels, de-aerators, and storage tanks. It also undertakes
radiography and testing. GEIL was incorporated in 2008 as a
subsidiary of GEL to carry out job work for GEL. GEIL commenced
commercial operations in June 2009. However, in
2009-10, GEL sold its entire stake in GEIL to promoters and
others. The GE Godavari group is promoted by Mr. M K Karande, his
family, and others. The group's manufacturing facility is at
Peddapura (Andhra Pradesh).


GOYAL INTERNATIONAL: CARE Reaffirms 'B+' Rating on INR6.46cr Loan
-----------------------------------------------------------------
CARE revokes the suspension and reaffirms the rating assigned to
the bank facilities of Goyal International.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.46       CARE B+ Reaffirmed

Rating Rationale

The rating of the bank facilities of Goyal International continues
to remain constrained by GLI's relatively small scale of operation
with weak financial risk profile marked by low profitability
margins, leveraged capital structure and weak debt service
coverage indicators. The rating is further constrained by high
degree of competition due to the fragmented nature of the
industry, lack of backward integration to withstand volatility in
input prices and constitution of the entity as a partnership firm.
The rating, however, continues to favourably take into account the
satisfactory track record of operations and reasonable experience
of the promoters.

The ability of the firm to increase the scale of operations while
improving profitability margin, improve the capital structure and
manage working capital requirements effectively would be the key
rating sensitivities.

Goyal International, a partnership firm, was established in April,
2004 by Mr Ashok Kumar Goyal of Jalandhar, Punjab along with his
family members. Currently, GLI has two partners (belonging to
Goyal family), Mr Ashok Kumar Goyal & Mrs Neeru Goyal (w/o Ashok
Kumar Goyal) having 49% and 51% profit/loss sharing, respectively
in the entity. The firm is engaged in the manufacturing of casting
iron and steel-related products (ferrous casting) like
scaffoldings products, insulator caps, Spheroidal Graphite (S.G)
iron casting & auto parts etc for construction and auto component
industries.

The manufacturing facility of the firm is located at Jalandhar
(Punjab) with an aggregate capacity of 350 tonnes per annum as on
March 31, 2014. The firm also commenced trading of scaffoldings
products, insulator caps & S.G iron casting in FY14 (refers to the
period April 1 to March 31) which is specifically order backed.
The manufacturing facility of the firm is well equipped with
modern amenities and enjoys ISO 9001:2008 certification.

For FY13, GLI reported a total income of INR18.27 crore with a PAT
of INR 0.22 crore. Furthermore, for FY14 (provisional), the firm
has achieved a total operating income INR31.25 crore with PAT of
INR0.25 crore.


JAMES HOTELS: CARE Lowers Rating on INR78.28cr Bank Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
James Hotels Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     78.28      CARE D Revised from
   (Term Loan)                              CARE BB-

Rating Rationale

The revision in the rating factors in recent delays in debt
servicing by James Hotels Limited.

James Hotels Limited was incorporated on 25th August 1980 under
the name of Mehfil Restaurants and Hotel Private Limited.
Subsequently, the name was changed to the present one in 1992. JHL
was initially promoted by Mr Surjit Singh Gulati. However, the
company was later on sold to Mr Ajmair Singh Bhullar and Mr
Haravtar Singh Arora in 2006.  It's carrying out a business of
Hotel & Restaurant under the name of Park Plaza having 138 rooms
(including suits, premium, deluxe and luxury rooms), restaurants,
bar, banquet halls, health club and spa. The hotel is a 5-start
category hotel and is situated on a land of 86,424.93 square feet
at block 10, Sector 17, Chandigarh. The land was obtained by JHL
on 99 years lease from the Chandigarh Administration on 25th
January 1986. JHL has technical, management and operational tie up
with 'Park Plaza' (a Carlson USA brand) through Indian Franchisee
Sarovar Hotels Pvt Ltd (SHPL). The company started its commercial
operations in April, 2012.

The delays in debt servicing are primarily on account of the weak
financial profile and stressed liquidity position.


JAMUNA INFRAPROJECTS: CRISIL Ups Rating on INR70MM Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Jamuna InfraProjects Private Ltd to 'CRISIL B/Stable' from 'CRISIL
D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan              50        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects the track record of timely servicing
of debt in JIPL's debt obligations over the past six months.
CRISIL further believes that the liquidity of the company will
improve over the medium term on account of expected improvement in
the scale of operations of the company through sales of Plaster
Sand and Concrete sand in the current year. Further, JIPL was not
operations for 50 to 60 days in 2013-14. Full year of operations
coupled with high profitability in the range of 26 to 36 per cent
over the past 4 years

JIPL also has a below-average financial risk profile, marked by a
small net worth, high gearing, and modest debt protection metrics.
However, the company benefits from the promoters' extensive
experience in the stone crushing industry and its established
relationships with customers.

Outlook: Stable

JIPL also has a moderate financial risk profile, marked by a small
net worth, high gearing, and modest debt protection metrics.
However, the company benefits from the promoters' extensive
experience in the stone crushing industry and its established
relationships with customers. The outlook may be revised to
'Positive' if JIPL improves its operating revenues and
profitability or improves its working capital cycle mainly through
better inventory management. Conversely, the outlook may be
revised to 'Negative' if JIPL undertakes a large, debt-funded
capex programme, or if its operations are interrupted by adverse
weather or unfavourable government policies or if it undertakes
larger than expected debt funded expenditure.

Incorporated in July 2011, JIPL undertakes stone crushing
activities in Nashik (Maharashtra). The company supplies
construction aggregates and sand to large ready-made concrete
manufacturers and civil construction companies. The company is
promoted by Mr. Rajesh Patel, Mr. Anil Patel, and Mr. Jayantilal
Pokar. The promoters have been in the business of stone crushing
for over a decade.


KAMSON HEALTH: CRISIL Lowers Rating on INR105.5MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Kamson
Health Care Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.5       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan             97         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects instances of delay by Kamson in servicing
its debt; the delays have been caused by the company's weak
liquidity resulting from its depressed cash accruals being
inadequate to meet its term debt obligations.

Kamson has a weak financial risk profile marked by negative net
worth and weak debt protection metrics, and has large working
capital requirements. However, the company benefits from its
offtake arrangement with The Himalaya Drug Company (Himalaya).

Kamson is a contract manufacturer of personal care products for
Himalaya. The company manufactures shampoo, hair oil, cream, and
others personal care products. It is based in Mahaboobnagar
(Andhra Pradesh), and commenced operations in 2012.


KANDLA PACKAGING: CRISIL Assigns 'B+' Rating to INR125MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kandla Packaging Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            120       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable

The rating reflects KPPL's modest scale of operations in a highly
fragmented industry and exposure to risks related to its start-up
phase of operations. These rating weaknesses are partially offset
by the entrepreneurial experience of KPPL's promoters and its
estimated moderate financial risk profile.

Outlook: Stable

CRISIL believes that KPPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if the company scales up its operations while
maintaining profitability on expected lines, resulting in
improvement in its financial risk profile. On the other hand, the
outlook may be revised to 'Negative' in case of low revenue growth
and profitability or stretch in working capital cycle resulting in
weakening of financial risk profile.

KPPL was set up in 2005. The company was taken over by the current
promoters Mr. Raj Kangad and Mr. Kaushik Kinera in the year 2013.
KPPL is engaged in manufacturing corrugated boxes using kraft
paper and is based in Gandhidham (Gujarat).

KPPL reported estimated profit after tax (PAT) of INR0.32 million
on net sales of INR18.4 million for 2012-13 (refers to financial
year, April 1 to March 31), against a loss of INR1.42 million on
net sales of INR105.9 million during 2011-12.


KONGUNADU EDUCATIONAL: CRISIL Reaffirms B+ INR120MM Loan Rating
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kongunadu
Educational Charitable Trust continues to reflect KECT's limited
track record in the education field, susceptibility of its
business to changing student preferences and competition, and
vulnerability to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by the
strong funding support that KECT receives from its promoter, and
the trust's sound operating capabilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       120       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KECT will continue to benefit from its
managing trustee's need-based financial support and the sound
operating capabilities. The outlook may be revised to 'Positive'
if the society increases its scale of operations substantially,
most likely by adding new courses or by expanding its geographical
reach. Conversely, the outlook may be revised to 'Negative' if
KECT undertakes a considerably large, debt-funded capital
expenditure programme or its cash accruals decline as a result of
reduced student intake.

Set up in 2006, KECT manages three educational institutions:
Kongunadu College of Engineering and Technology, Kongunadu
Polytechnic College and Kongunadu College of Education. The trust,
based in Namakkal (Tamil Nadu), offers bachelor degree courses in
engineering and education, and diplomas in polytechnic courses.


KUMARPUR AGRO: CRISIL Reaffirms 'B-' Rating on INR59.6MM Loans
--------------------------------------------------------------
CRISIL ratings continue to reflect Kumarpur Agro Poultries Ltd
(KAPL; part of the Maity group) susceptibility to risks inherent
in the poultry industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the Maity group's promoters in the poultry
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           26.4       CRISIL B-/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility    40.4       CRISIL A4 (Assigned)

   Term Loan             33.2       CRISIL B-/Stable (Reaffirmed)

CRISIL has reassigned its rating on the short term bank facilities
at 'CRISIL A4' and had re-affirmed its ratings on KAPL's long term
bank facilities to 'CRISIL B-/Stable' vide its rating rationale
dated April 11, 2014.

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

Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of substantial
growth in revenue and profitability and efficient working capital
management, resulting in large net cash accruals, and
consequently, improvement in the group's financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in revenue and margins, or lengthening of
working capital cycle, leading to pressure on financial risk
profile, particularly liquidity.

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

The Maity group reported a profit after tax (PAT) of INR4 million
on net sales of INR215 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR13 million on net
sales of INR427 million for 2011-12.


KUTCH COTTON: ICRA Reaffirms 'B+' Rating on INR15.43cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to INR15.00 crore cash
credit facility and INR0.43 crore (reduced from INR2.00 crore)
term loan facility of Kutch Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit    15.00       [ICRA]B+ reaffirmed
   Term Loan             0.43       [ICRA]B+ reaffirmed

The rating continues to be constrained by KCI's modest scale of
operations and weak financial profile as reflected by stretched
capital structure and weak debt coverage indicators. The rating
also considers the low profit margin on account of limited value
addition and highly competitive and fragmented industry structure
due to low entry barriers. The rating are further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality and crop harvest and regulatory risks with
regard to minimum support price (MSP) of raw cotton and export of
cotton bales. ICRA further notes that the firm is exposed to risk
of capital withdrawal inherent in the partnership nature of the
business.

The rating, however, favorably considers the long experience of
the promoters in the cotton industry as well as favorable location
of the company giving it easy access to high quality raw cotton.
Further, ICRA also notes the firm's moderately diversified product
profile due to presence in crushing operations.

Kutch Cotton Industries is a partnership firm incorporated in 2005
to undertake Ginning and Pressing activities. The firm's semi-
automated plant is located in Jetpur, dist Rajkot, which is very
close to the rich cotton belts of Kutch/saurashtra districts. It
deals in Sankar-6 variety of Raw Cotton. In the process, it
obtains a by-product in the form of residual cotton seeds which
are further processed to obtain raw cotton seed oil. This process
further result in a by-product called cotton oil cake which is the
solid residual matter left out after the process.

Recent Results
During FY14 (unaudited provisional financials), the firm reported
an operating income of INR60.64 crore and profit after tax (PAT)
of INR0.75 crore as against operating income of INR123.34 crore
and profit after tax (PAT) of INR0.93 crore in FY13.


L. R. INTERNATIONAL: ICRA Rates INR75cr Loan at 'D'
---------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR75.00 crore fund
based facilities of L. R. International Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based Facilities     75.00      [ICRA]D assigned

The assigned rating factors in instances of delays in debt
servicing following pressures on the liquidity position of the
company. LRIPL's liquidity has come under pressure because of high
working capital intensity (driven mainly by high inventory). The
rating is also constrained by high intensity of competition in the
industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
also factors in LRIPL's weak financial profile characterised by
high gearing and depressed coverage indicators.

However, ICRA has taken note of the long experience of the
promoters in the basmati rice industry and easy access to raw
material due to the company's presence in a major paddy growing
area.

Going forward, ability to improve liquidity and timely servicing
of debt will be key rating drivers.

LRIPL is a part of the LR group which started its operation in
1980 by establishing a rice sheller under the partnership firm,
Ganesh Rice Mills, which was engaged in milling and processing
basmati rice and their by products. Gradually, considering the
increase in the scale of operation, the group formed two more
partnership firms named L R International and Ganpati Foods. The
constitution of all the partnership firm were gradually converted
into private limited and the names were changed to Ganeshom
Cereals Private Limited, L R International Private Limited and
Ganpati Agro Foods Private Limited. The group has combined rice
milling capacity of about 38 tonnes per hour (TPH) and combined
sorting and grading capacity of 42 TPH.

Recent Results
The company has reported a net profit of INR0.58 crore on an
operating income of INR310.40 crore during 2012-13; as compared to
a net profit of INR0.84 crore on an operating income of INR294.86
crore during 2011-12.


LUCID PRINTS: CRISIL Suspends 'D' Rating on INR101.3MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lucid Prints.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         1.3        CRISIL D Suspended
   Cash Credit           40          CRISIL D Suspended
   Letter of Credit       5          CRISIL D Suspended
   Term Loan             55          CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by LP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LP is yet to
provide adequate information to enable CRISIL to assess LP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

LP, set up in 1967, is a partnership firm; with Mr. Mansoor
Reshamwala and his son, Mr. Firoze Reshamwala as its partners. LP,
an offset printing firm, is engaged in the business of multi-
colour printing on cartons, labels, stickers, posters, brochures,
and booklets required for both packaging and publicity material;
it caters mainly to pharmaceutical companies.


MAHARSHEE GEOMEMBRANE: CRISIL Reaffirms B+ INR80.8MM Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maharshee Geomembrane
(India) Pvt Ltd continues to reflect MGPL's working-capital-
intensive operations and below-average financial risk profile,
marked by a small net worth. These weaknesses are partially offset
by MGPL's established market position, supported by diversified
product profile and strong customer profile, and promoter's
extensive experience in the geomembrane industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)
   Bill Discounting      25         CRISIL A4 (Reaffirmed)
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      35         CRISIL A4 (Reaffirmed)
   Term Loan             30.8       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MGPL will maintain its credit profile
supported by its diversified product profile and established
clientele over the medium term. The outlook may be revised to
'Positive' if the company is able to achieve a material
improvement in its top line and working capital cycle while
maintaining its profitability and debt-protection metrics.
Conversely, the outlook may be revised to 'Negative' in case the
company's liquidity deteriorates because of any large, debt-funded
capital expenditure programme or elongation of its working capital
cycle.

Incorporated in 2005, MGPL manufactures high-density polyethylene,
low-density polyethylene, and polypropylene films known as
geomembrane, geotextiles, and geo-composite. MGPL is promoted by
Mr. Rajnikant Swain and is based in Vadodara (Gujarat).

For 2012-13, MGPL reported a profit after tax (PAT) of INR2.8
million on net sales of INR186 million as against a PAT of INR2.5
million on net sales of INR124.8 million for 2011-12.


MITTATEX EXPORTS: CRISIL Suspends 'D' Rating on INR600MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mittatex Exports Pvt Ltd (Mittatex; part of the MEP group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Packing Credit        350         CRISIL D Suspended
   Short Term Loan       250         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Mittatex with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Mittatex
is yet to provide adequate information to enable CRISIL to assess
Mittatex's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

CRISIL has combined the business and financial risk profiles of
Mittatex, MEP Cotton, KKM International Pvt Ltd (KKM
International), and Euroflax Industries Ltd (Euroflax). The
entities are collectively referred to as the MEP group. This is
because of the operational synergies and fungible cash flows among
these entities and their common promoters. KKM International and
Euroflax are group entities. MEP Cotton is managed by the
promoters of Mittatex. Moreover, Mittatex has provided corporate
guarantee for MEP Cotton's bank facilities.

Mittatex was incorporated in 1992 and promoted by Mr. K K Mittal.
The company trades in raw cotton and caters primarily to the
markets in China, Vietnam, Taiwan, and Malaysia. The company is
managed by Mr. K K Mittal and his elder son, Mr. Anuj Mittal. In
2007, MEP Cotton was set up as a joint venture of Mittatex and
Welspun India Ltd'Welspun India Ltd has 25 per cent equity stake
in MEP Cotton and primarily functions as a financial investor in
the company. MEP Cotton has three ginning units, a cottonseed
crushing unit, and a refining mill. Mr. Ashish Mittal, the younger
son of Mr. K K Mittal, supervises the day-to-day operations of MEP
Cotton. KKM International and Euroflax mainly function as
indenting agents for the group.


NIRULAS CORNER: CRISIL Assigns 'B' Rating to INR150MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Nirulas Corner House Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               67.5      CRISIL B/Stable
   Proposed Term Loan      45        CRISIL B/Stable
   Cash Credit             32.5      CRISIL B/Stable
   Proposed Cash Credit     5        CRISIL B/Stable
   Limit

The rating reflects Nirulas's weak financial risk profile, marked
by its below-average debt protection metrics, small scale of
operations in the fragmented quick service restaurant (QSR)
industry, and geographic concentration in the revenue profile.
These rating weaknesses are partially offset by the promoters'
extensive industry experience and their financial support, and the
established Nirulas brand.

Outlook: Stable

CRISIL believes that Nirulas will maintain its market position
with the promoters' financial support and the established Nirulas
brand. The outlook may be revised to 'Positive' if the company
records sizeable profitability and cash accruals, and consequently
improves its debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if Nirulas' financial risk profile and
cash accruals weaken with substantial debt-funded capex or
significantly low profitability.

Nirulas is one of the oldest fast food restaurant chains in North
India, primarily operating in the National Capital Region (NCR).
Currently, the company has around 30 outlets (owned and
franchisee) in the Delhi-NCR region-, Punjab, Haryana, Bihar,
Rajasthan, Madhya Pradesh and Uttar Pradesh. The promoters, Mr.
Pardeep Chadha and his son, Mr. Amit Chadha, oversee Nirulas's
daily operations.

For 2012-13 (refers to financial year, April 1 to March 31),
Nirulas reported a net loss of INR65.1 million on net sales of
INR366.2 million, as against a net loss of INR135.0 million on net
sales of INR577.4 million for 2011-12.


NORTECH POWER: CARE Assigns 'C' Rating to INR3.0cr Bank Loan
------------------------------------------------------------
CARE assigns CARE C/CARE A4 ratings to the bank facilities of
Nortech Power Projects Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.00       CARE C Assigned
   Short term Bank Facilities   29.54       CARE A4 Assigned

Rating Rationale

The ratings of NPPL are constrained by instances of overdrawls in
its cash credit account in the past, relatively small size of the
company, high average collection period leading to working capital
intensiveness of the business, vulnerability of margins to
volatile input prices, relatively low profit levels and economic
slowdown affecting the domestic construction industry. However,
the above constraints are partially offset by satisfactory
experience of promoters in execution of hydroelectric power
projects, NPPL's moderate order book position and major clients
being government departments/enterprises leading to relatively low
credit risk of receivables.

Ability of NPPL to manage its working capital effectively and
restrict its drawings within the sectioned line of credit from
its banks, gradually increase its scale of operations and
profitability would remain the key rating sensitivities.

NPPL was incorporated in January, 1999, by Shri Praveen Agarwal
and Shri Vineet Agarwal. The company is engaged in setting up
hydroelectric power plants and infrastructure projects in the
North-Eastern States of India on a turnkey basis. It has
experience in setting up various mini, micro & small hydroelectric
turbo alternator sets alongwith other allied equipments and
control systems in remote rural areas. This apart, NPPL has also
been awarded contracts under Rajiv Gandhi Grameen Vidyutikaran
Yojana (RGGVY) for rural electrification.

NPPL earned a PAT (after deferred tax) of INR0.69 crore on total
operating income of INR34.44 crore in FY13 (refers to the period
April 1 to March 31). As per provisional FY14 results, NPPL earned
a PAT (after deferred tax) of INR1.25 crore on total operating
income of INR44.92 crore in FY14 (refers to the period April 1 to
March 31).


PANVELKAR INFRA: CRISIL Reaffirms B+ Rating on INR200MM Loans
-------------------------------------------------------------
CRISIL's rating reflects Panvelkar Infrastructure Pvt Ltd
susceptibility to risks related to funding of its ongoing project,
accentuated by its high reliance on customer advances and
cyclicality in the domestic real estate industry. These rating
weaknesses are partially offset by the extensive experience of
PIPL's promoters in the real estate industry and healthy bookings
in newly launched project along with its location advantage.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         70        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    130        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIPL is expected to benefit from its
promoters' extensive experience in the construction industry. The
outlook may be revised to 'Positive' in case of better-than-
expected booking and receipt of customer advances, leading to
higher-than-expected cash inflows. Conversely, the outlook may be
revised to 'Negative' in case of more-than-expected deterioration
of liquidity either due to delays in project completion or in
receipt of customer advances, or due to simultaneous work on
several projects.

PIPL was established in 2009 by the Panvelkar family and is
engaged in development of residential property in Ambernath and
Badlapur in Thane district. The promoters of the company have over
20 years of experience in the Thane real estate industry through
group concerns.


PRABHAT CABLES: CRISIL Reaffirms 'B' Rating on INR200MM Loans
-------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Prabhat
Cables Private Limited continues to reflect PCPL's below-average
financial risk profile marked by a modest net worth, high external
indebtedness and subdued debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the benefits that PCPL derives from its
promoters' extensive experience in the cable distribution industry
and its established relationship with customers and suppliers.

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

Outlook: Stable

CRISIL believes that PCPL will maintain its business risk profile
over the medium term, backed by its promoters' extensive
experience in the cable distribution industry. The outlook may be
revised to 'Positive' if the company exhibits higher-than-expected
growth in revenues and profitability, while improving its capital
structure and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if PCPL suffers a sharp decline in its
revenues and profitability margin or its financial risk profile
deteriorates because of lengthening of its working capital cycle.

PCPL was set up as a partnership firm in 1958 by Mr. Praveen
Kacharia along with his friend Mr. N. H. Desai; it was later
reconstituted as a private limited company in 2010. PCPL
distributes products of Polycab Cables Pvt Ltd.  PCPL's product
profile includes coaxial cables, polyvinyl chloride heavy cables,
and submersible cables, among others. Mr. Amrish Kacharia, Mr.
Manoj Kacharia and Mr. Rickin Kacharia look after the day-to-day
operations of the company. PCPL has its registered office at Lohar
Chawl in Mumbai, and a warehouse in Bhiwandi (both in
Maharashtra).

PCPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR861.2 million for 2012-13, as against a PAT of INR10.6
million on net sales of INR1.17 billion for 2011-12.


ROYAL UNIFORCE: CRISIL Assigns 'B' Rating to INR150MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Royal Uniforce Roofings Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable
   Term Loan             100        CRISIL B/Stable

The rating reflects RURPL's nascent stage of operations, weak
financial risk profile, marked by high gearing and subdued debt
protection metrics and large working capital requirements. These
rating weaknesses are partially offset by extensive industry
experience of its promoters and financial support from promoters.

Outlook: Stable

CRISIL believes that RURPL will maintain its business risk profile
over the medium term backed by promoter's experience. The outlook
may be revised to 'Positive', if there is a substantial
improvement in the company's scale of operations, leading to
improvement in its debt protection indicators or in case of any
large equity infusion leading to improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if RURPL's
financial risk profile, especially liquidity, deteriorates due to
lengthening of its operating cycle or if the company suffers a
decline in its revenues or profitability.

RURPL was set up in 2010 by Mr. Shyamsunder Sharma and his
business acquaintances Mr. Sadik Ansari, Mr. Jugalkishor Arora,
and Mr. Uday Singh Syria. The company has recently set up a plant
to manufacture fibre cement sheets (better known as asbestos
sheets), with capacity of 60,000 tonnes per annum, in Chhindwara
(Madhya Pradesh). The plant commenced commercial operations in
April 2013.


SAHAJANAND COTTON: CARE Reaffirms 'B' Rating on INR6.15cr Loan
--------------------------------------------------------------
CARE reaffrims the rating assigned to bank facilities of
Sahajanand Cotton Industries.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.15       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sahajanand Cotton
Industries continues to remain constrained on account of its
modest scale of operations, thin profitability, leveraged capital
structure and weak debt coverage indicators. Furthermore, the
rating continues to remain constrained on account of its presence
in the highly competitive and fragmented cotton ginning industry
with limited value addition and volatility associated with the raw
material (cotton) prices.

The rating, however, continues to draw strength from the
experience of the partners and SCI's proximity to the cotton-
producing region of Gujarat.

Increase in the scale of operations with an improvement in the
profit margins and capital structure while managing
working capital efficiently is the key rating sensitivity.

Bhavnagar-based (Gujarat), SCI is established as a partnership
firm in September, 2011 by seven partners namely Mr Rameshbhai
Vegad, Mr Dharmeshbhai Patel, Mr Manishbhai Vegad, Mr Mansukhbhai
Vegad, Mr Jagdishbhai Patel, Ms Vijuben Patel and Ms Mamtaben
Lakhani. SCI is engaged in the manufacturing of cotton bales,
cotton seeds and cotton seed oil (Oil mill). SCI operates from its
sole manufacturing plant located at Bhavnagar (Gujarat) which is
one of the prominent cotton producing regions of the state with an
installed capacity for cotton bales of 11,088 metric tonnes per
annum (MTPA) and for cotton seeds 7,200 MTPA as on March 31, 2013.
SCI commenced its commercial operations from November 2012.

As per the provisional results for FY14 (refers to the period
April 1 to March 31) , SCI reported a total operating income of
INR46.25 crore (FY13: INR20.45 crore) with a net profit of INR0.06
crore.


SELVALAKSHMI GARMENTS: CRISIL Reaffirms D INR177MM Loans Rating
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Selvalakshmi Garments
continue to reflect instances of delays by SG in servicing its
term debt. The delays have been caused by the firm's weal
liquidity on account of high working capital requirements and
insufficient cash accruals to meet term debt obligations.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL D (Reaffirmed)
   Letter of Credit       30         CRISIL D (Reaffirmed)
   Long Term Loan        107         CRISIL D (Reaffirmed)

SG also has a below-average financial risk profile, marked by
highly leveraged capital structure and weak debt protection
metrics. However, the firm benefits from the extensive experience
of its promoters in the textile industry.

Set up in 1999 and based in Tirupur (Tamil Nadu), SG manufactures
fabrics. The firm is promoted by Mr. C Thangaraj.

SG reported a net loss of INR3.1 million on net sales of INR256
million for 2012-13 (refers to financial year, April 1 to
March 31), against a profit after tax of INR3.6 million on net
sales of INR198 million for 2011-12.


SHAH TILES: CRISIL Reaffirms 'B' Rating on INR224MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Shah Tiles Pvt Ltd
continue to reflect STPL's below-average financial risk profile,
marked by a small net worth, high gearing, and below-average debt
protection metrics The ratings also factor in the company's
working-capital-intensive and modest scale of operations in the
intensely competitive ceramic tiles industry. These rating
weaknesses are partially offset by the extensive industry
experience of STPL's promoters and its favourable location.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         11        CRISIL A4 (Reaffirmed)
   Cash Credit            75        CRISIL B/Stable (Reaffirmed)
   Corporate Loan         40        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        5        CRISIL A4 (Reaffirmed)
   Long Term Loan         96.7      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     12.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that STPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
favourable location. The outlook may be revised to 'Positive' if
the company significantly improves its capital structure through
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if STPL
generates lower-than-expected accruals on account of low
profitability, or if a slowdown in demand or intense industry
competition results in a substantial increase in its working
capital requirements, causing its financial risk profile to weaken
further.

STPL, incorporated in 1992, was acquired by its current promoters
in 1999. Its board of directors includes Mr. Hemant Akhani and
Mrs. Deepti Akhani. The Akhani family has been in the ceramic
tiles business since the 1990s. STPL manufactures and markets
vitrified tiles.


SHRI BEERESHWAR: CRISIL Reaffirms B+ Rating on INR325MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri
Beereshwar Souhard Credit Sahakari Ltd continue to reflect
SBSCSL's weak capitalisation levels, modest asset quality, and
exposure to risks inherent in the cooperative societies sector.
These rating weaknesses are partially offset by the benefits that
SBSCSL derives from its long track record in the cooperative
sector, its moderate credit origination standards, and its
founders' extensive experience in managing cooperative credit
societies.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           50        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    215        CRISIL B+/Stable (Reaffirmed)

   Term Loan              50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBSCSL will continue to benefit from its long
track record and its founders' extensive experience in managing
cooperative credit societies and maintain its moderate credit
origination standards over the medium term. The outlook may be
revised to 'Positive' if the society substantially strengthens its
capital position and improves its asset quality and earnings
profile. Conversely, the outlook may be revised to 'Negative' if
there is a significant decline in its asset quality or earnings
profile, thereby leading to deterioration in its capital position.

SBSCSL, set up in 1991, is a Belgaum (Karnataka)-based Souhard co-
operative credit society. The society has presence in 14 districts
in Karnataka with operations across 85 branches as on March 31,
2014. It was formed with the objective of accepting deposits and
providing loan facility to its members, which are primarily rural
agricultural borrowers and small business owners. SBSCSL had
59,029 members as on September 30, 2013. As on the same date, the
society had a deposit base of INR5.6 billion with total advances
of INR4.2 billion.

For 2013-14, the society reported net surplus of INR51 million on
total income of INR888 million as against net surplus of INR38
million on total income of INR435 million for 2012-13.


SLK PROGRESSIVE: CRISIL Reaffirms 'B+' Rating on INR25MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of SLK Progressive
Veneer Pvt Ltd continue to reflect the company's modest scale of
operations in the intensely competitive plywood manufacturing and
timber trading industries; low net worth constraining its
financial risk profile; and moderate capacity utilisation. These
rating weaknesses are partially offset by the benefits that SLK
derives from its promoters' extensive experience in the timber,
plywood, and veneer industries.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        75       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SLK's scale of operations
and operating profitability improve considerably, while its cash
accruals and net worth also increase. Conversely, the outlook may
be revised to 'Negative' if the revenue or operating margin
reduces substantially, or if its financial risk profile,
particularly liquidity, weakens most likely because of large,
debt-funded capital expenditure, or significant increase in
working capital requirements.

Update
SLK reported a turnover of INR168 million in 2013-14 (refers to
financial year, April 1 to March 31), up from INR129 million in
2012-13. The increase in sales in 2013-14 is attributable mainly
to higher volumes. The operating margin was estimated at 3.4 per
cent in 2013-14.

SLK's operations are working capital intensive, despite reduction
in gross current assets (GCAs) to an estimated 188 days as on
March 31, 2014 from 209 days as on March 31, 2013. The working
capital intensity is primarily on account of sizeable debtors (86
days as on March 31, 2014, up from 54 days a year ago) and
inventory (70 days as on March 31, 2014; 72 days a year ago).
Credit from suppliers partly helps SLK meet its working capital
requirements. The creditor days are estimated at 151 days as on
March 31, 2014 (128 days a year ago). The bank lines have had
moderate utilisation, at 75 per cent on average in the 12 months
through March 2014.

Company's financial risk profile continues to remain constrained
by its low net worth. The net worth of SLK remained low at INR21
million as on March 31, 2014. Though the gearing is negligible,
the total outside liabilities to tangible net worth (TOL/TNW)
ratio was moderate at 1.74 times on that date (1.38 times a year
ago) on account of sizeable credit extended to the company by its
suppliers. On account of low debt, the debt protection metrics are
robust, with net cash accruals to total debt (NCATD) and interest
coverage ratios estimated at 6.89 times and 2.0 times,
respectively, for 2013-14.

SLK reported an estimated profit after tax (PAT) of INR2.7 million
on net sales of INR167 million for 2013-14, as against a PAT of
INR1.9 million on net sales of INR126.4 million for 2012-13.

SLK, set up on May 11, 2007 by the Kolkata-based Patel and Kedia
families, manufactures veneer. It also trades in timber. Its
veneer manufacturing unit commenced commercial operations in 2009-
10.


SOLACE HEALTHCARE: CARE Reaffirms 'B' Rating on INR15cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Solace Healthcare Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      15        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Solace Healthcare
Private Limited continues to remain constrained on account of its
presence in a capital intensive and highly regulated healthcare
industry, risk of unavailability or inability to attract quality
doctors and medical professionals and high project risk in light
of delay in execution of the project and establishing its brand
name.

The rating, however, continues to favourably take into account the
promoters' experience and resourcefulness. The rating also factors
in the achievement of financial closure during FY14 (refers to the
period April 1 to March 31).

The ability of SHPL to complete the project within time and cost
parameters, attract medical professionals, establishing its brand
name and achieving envisaged sales are the key rating
sensitivities.

Solace Healthcare Pvt Ltd incorporated in 2011 for the purpose of
setting up of a multispecialty hospital with various departments
(dental, oncology, ophthalmology, Echo, TMT, cardiology,
Gynaecology, pathology, pharmacy, etc) with a capacity of
occupying 124 beds at Waghodia-Dabhoi Ring Road, Vadodara. The
main promoters of the company are Dr Yatish Shah, Mr Prabodh
Vaidya, Mr Chirag Patel, Mr Mukesh Jhaveri and Mr Rajeev Batra.
The estimated cost of the hospital project is INR29.80 crore with
a project gearing of 0.97x out of which INR 15.67 crore have been
incurred till March 31, 2014.


SONATA CERAMICA: CRISIL Suspends 'D' Rating on INR96.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sonata
Ceramica Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            50         CRISIL D Suspended
   Letter of credit &
   Bank Guarantee         17.5       CRISIL D Suspended
   Term Loan              29         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCL is yet to
provide adequate information to enable CRISIL to assess SCL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SCL, incorporated in 2002 by Mr. Patel, operates in the ceramic
glaze tiles industry in Mehsana (Gujarat).


SRI KOUNDINYA: ICRA Suspends 'D' Rating on INR27cr Loan
-------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to INR27.00 crore
bank limits of Sri Koundinya Educational Society. The suspension
follows ICRA's inability to carry out the rating surveillance in
the absence of requisite information from the society.


SRI SRINIVASA: CRISIL Ups Rating on INR160MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Srinivasa Agro Foods to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Long Term Loan         60        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Cash Credit   60        CRISIL B+/Stable (Upgraded
   Limit                            from 'CRISIL B-/Stable')

The rating upgrade reflects the sustained improvement in SSAF's
liquidity on the back of its steady cash accruals and well managed
working capital cycle. By tightening of its working capital cycle
as reflected by gross current assets (GCAs) of close to 100 days
as on March 31, 2014 from around 120 days as on March 31, 2012,
SSAF has been able to generate positive cash flows from
operations. Backed by steady sales and profitability, the company
is expected to generate cash accruals of close to INR15 million in
2014-15 (refers to financial year, April 1 to March 31),
adequately covering its term debt obligations of INR8.5 million
during the year. Increasing business scale will require timely and
commensurate enhancement in its bank lines, which will remain a
key liquidity driver over the medium term.

The rating continues to reflect SSAF's below-average financial
risk profile, marked by small net worth, aggressive gearing and
moderate debt protection metrics, and the susceptibility of the
firm's operating margin to adverse regulatory changes related to
paddy rice. These rating weaknesses are partially offset by the
benefits that SSAF derives from its promoter's extensive
experience in the rice-processing industry.

Outlook: Stable

CRISIL believes that SSAF will continue to benefit over the medium
term from its promoter's extensive experience in the rice-
processing business. The outlook may be revised to 'Positive' if
the company's financial risk profile, particularly its liquidity,
improves through sustained improvement in its cash accruals or
through substantial infusion of long-term funds from the promoter.
Conversely, the outlook may be revised to 'Negative' if a pile up
in its inventory leads to lengthening of its working capital
cycle, thereby adversely affecting its liquidity or if debt-funded
capital expenditure (capex) leads to deterioration in its gearing.

SSAF was set up in 2009 by Mr. Valluri Veerraju in Mandapeta
(Andhra Pradesh). It processes paddy rice. The firm commenced
operations in December 2010; 2011-12 was its first full year of
operations.

SSAF reported profit after tax (PAT) of INR3.1 million on net
sales of INR454.2 million for 2013-14 against PAT of INR2.9
million on net sales of INR421.2 million for 2010-11.


SRI VAIBHAV: ICRA Assigns 'B+' Rating to INR20cr Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to INR13.52
crore fund based limits and INR6.48 crore unallocated limits of
Sri Vaibhav Muruga Agro Tech Industries.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limits    13.52       [ICRA]B+ assigned
   Unallocated Limits    6.48       [ICRA]B+ assigned

The assigned rating is constrained by the modest scale of
operations and weak financial profile of the firm characterized by
high gearing and thin profitability margins; and highly
competitive and fragmented industry structure which restricts the
ability of the firm to pass on hike in input costs and thereby
exposes its profitability to volatility in raw material prices.
The rating is further constrained by regulatory risks with regards
to minimum support price of raw cotton along with the working
capital intensive nature of business due to seasonality associated
with the cotton crop. This apart, the rating is also constrained
by the limited track record of operations of the firm and risks
arising from partnership nature of the firm. The rating, however,
positively factors in the extensive experience of the promoters in
the cotton industry and advantages arising out of production using
fully automated TMC (Technology Mission on Cotton) units which
provide better quality output and hence better realizations in the
market.

Going forward, the ability of the firm to strengthen its financial
profile by sustaining revenue growth, improving profitability
levels and effectively managing its working capital requirements
remains the key rating sensitivity.

Incorporated in the year 2012 as a partnership firm, Sri Vaibhav
Muruga Agro Tech Industries (SVMATI) is engaged in cotton ginning
and pressing activities. The firm has a plant at Jogipet village
of Medak district of Andhra Pradesh with 36 double roller gins
with a capacity to produce 583 quintals of cotton lint per day and
is a TMC (Technology Mission on Cotton) unit.

Recent Results
For FY2014 (Unaudited & Provisional), the firm reported profit
after tax (without depreciation expense) of INR1.10 crore on an
operating income of INR47.92 crore as against profit after tax of
INR0.05 crore on an operating income of INR21.82 crore in FY2013
(audited).


SRI VIJAYALAKSHMI: ICRA Suspends 'B+' Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to INR7.00 crore
bank limits of Sri Vijayalakshmi Cement Traders. The suspension
follows ICRA's inability to carry out the rating surveillance in
the absence of requisite information from the company.


SRI VIJAYALAKSHMI STEEL: ICRA Suspends B/A4 INR35cr Loan Rating
---------------------------------------------------------------
ICRA has suspended the '[ICRA]B/[ICRA]A4' rating assigned to
INR35.00 crore bank limits of Sri Vijayalakshmi Steel Traders. The
suspension follows ICRA's inability to carry out the rating
surveillance in the absence of requisite information from the
company.


SUYASH KRAFT: CRISIL Reaffirms 'B-' Rating on INR220MM Loans
------------------------------------------------------------
CRISIL' ratings continue to reflect Suyash Kraft and Papers
Limited's weak financial profile, marked by poor debt protection
metrics and stretched liquidity. The ratings also reflect the
company's small scale of, and geographically concentrated,
operations, and susceptibility to cyclicality in the paper
industry and volatility in waste paper prices. These rating
weaknesses are partially offset by the extensive experience of
SKPL's promoters in the paper industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             64       CRISIL B-/Stable (Reaffirmed)
   Foreign Letter of
   Credit                  20       CRISIL A4 (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)
   Long Term Loan         114.1     CRISIL B-/Stable (Reaffirmed)
   Proposed Cash Credit
   Limit                    8.3     CRISIL B-/Stable (Reaffirmed)
   Proposed Term Loan      33.6     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKPL will continue to get funding support
from its promoters to meet its debt obligations in a timely
manner. The outlook may be revised to 'Positive' if there is
significant improvement in the company's business risk profile on
account of better-than-expected ramp-up in revenues and
profitability resulting in significantly higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in SKPL's revenues and profitability or a significant
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large, debt-funded capex,
adversely impacting its financial risk profile and liquidity.

Update
The revenues of the company registered a 27 per cent year-on-year
growth to around INR 320 Million in 2013-14 (refers to financial
year, April 1 to March 31); the revenue growth has been good due
to enhancement of capacity from 16000 tonnes per annum to 19000
tonnes per annum and addition of new product. The company's
operating margins have declined due to increase in the power cost
tariffs in Uttar Pradesh. CRISIL expects that the company would
grow at a healthy rate with sustained margins of around 14 per
cent.

The company's operations are relatively highly working capital
intensive as reflected in its estimated gross current asset (GCA)
of around 122 days as on March 31, 2014; the GCA days have been at
similar levels in the past. These GCA days emanates from the
company's inventory levels of around 32 days and receivables cycle
of 62 days. The company's average bank limit utilization has been
high at around 93 per cent, for the 12 months ended 31st March
2014.

SKPL's net worth is also estimated to remain moderate at around
INR 190 million, as on March 31, 2014. SKPL is estimated to
maintain low gearing levels at around 0.9 times and modest
interest coverage of around 1.67 times as on 2013-14.

Set up in 2004 by the Mittal family of Uttar Pradesh (UP), SKPL
manufactures absorbent kraft paper from waste paper. Its plant in
Muzaffarnagar (UP) has an installed capacity of 24,600 tonnes per
annum.


TANU MOTORS: CRISIL Reaffirms 'B' Rating on INR240MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Tanu Motors Pvt Ltd
continue to reflect TMPL's below-average financial risk profile,
marked by a modest net worth and a high total outside liabilities
to tangible net worth ratio, and its exposure to intense
competition in the automobile dealership business, restricting its
scale of operations. These rating weaknesses are partially offset
by the company's status as an authorised dealer for Maruti Suzuki
India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in Palanpur
(Gujarat), and its low to moderate exposure to inventory and
debtor risks.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B/Stable (Reaffirmed)
   Inventory Funding
   Facility               80        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     82        CRISIL B/Stable (Reaffirmed)

   Term Loan              48        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TMPL will continue to benefit over the medium
term from its stable relationship with MSIL. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, led by substantial equity infusion by its
promoter and sustained improvement in its operating profitability.
Conversely, the outlook may be revised to 'Negative' if TMPL
undertakes a large debt-funded capital expenditure programme,
resulting in deterioration in its capital structure and adversely
impacting its debt-servicing ability.

TMPL was set up in 2007 by Mr. Vipul Agarwal. It is an authorised
dealer for MSIL's light motor vehicles, with three showrooms in
Palanpur, Unjha, and Dessa (all in Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), TMPL
reported a profit after tax (PAT) of INR5.9 million on an
operating income of INR804.4 million, as against a PAT of INR6.6
million on an operating income of INR720.6 million for 2011-12.


UNITED INDIA: CRISIL Reaffirms 'D' Rating on INR547MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of United India Shoe
Corporation Private Limited (UNISCO; part of the Florind group)
continues to reflect instances of delay by the Florind group in
servicing its debt; the delays have been caused by the group's
weak liquidity, arising from its working-capital-intensive
operations and losses because of derivative contract.

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Export Packing Credit       340       CRISIL D (Reaffirmed)
   Foreign Bill Discounting    147       CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee               60       CRISIL D (Reaffirmed)

The Florind group also has a weak financial risk profile, marked
by high gearing and weak debt protection metrics. Furthermore, the
group has customer concentration in its revenue profile and is
susceptible to fluctuations in foreign exchange rates. The group,
however, benefits from its integrated operations, long-standing
relationship with customers, and its promoters' extensive industry
experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of UNISCO, Florind Shoes Pvt Ltd (FSPL),
and Eastern Chrome Tanning Corporation Pvt Ltd (ECTC),
collectively referred to as the Florind group. This is because the
entities have a common management, are in similar lines of
business, and have fungible cash flows.

Update
The Florind group has been delaying servicing of its term debt
because of its weak liquidity. Its liquidity is constrained by
huge losses resulting from its derivative contract and by its
working-capital-intensive operations. Though the group closed its
derivative contract in December 2012, accumulated derivative
losses over the past five years have substantially impacted its
liquidity and have reduced its net worth. The group's weak
liquidity is also marked by full bank limit utilisation, with
regular instances of limits being overdrawn. CRISIL believes that
the Florind group's liquidity will remain weak over the medium
term on account of its working-capital-intensive operations.

The Florind group has a weak financial risk profile marked by
small net worth and weak debt protection metrics. Because of
minimal accretion to reserves and large derivative losses, the
group's net worth has declined over the years. On account of cash
losses, the group's debt protection metrics remain weak. CRISIL
believes that the Florind group's financial risk profile will
remain weak over the medium term, marked by a small net worth.

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the name of K Ameenur Rahman (KAR) group of companies, with FSPL
as the group's flagship company. FSPL and UNISCO, set up in 2001,
manufacture formal shoes. ECTC , set up in 2001, specialized in
processing finished leather from cow hides. The KAR group
comprises nine companies engaged in activities ranging from
leather processing to manufacturing finished leather products;
however, the entities are managed independently. Currently, the
group is being managed by Mr. K Shahid Mansoor, Mr. K Mohamad
Akmal, and Mr. K Ehsan Ahmed (sons of Mr. K Ameenur Rahman).


WELCOME MINERAL: ICRA Assigns 'B' Rating to INR7.85cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR6.00 crore term
loan and INR1.85 crore fund based cash credit facilities of
Welcome Mineral Private Limited. ICRA has also assigned an
'[ICRA]A4' rating to the INR1.10 crore short term non fund based
facilities of WMPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             6.00       [ICRA]B assigned
   Cash Credit Limit     1.85       [ICRA]B assigned
   Bank Guarantee        1.10       [ICRA]A4 assigned

The assigned ratings reflect the risk associated with
stabilization of plant as per expected operating parameters,
limited product portfolio constraining institutional sales and the
highly competitive business environment given the fragmented
nature of the ceramic industry. Further, the assigned ratings are
constrained by the vulnerability of WMPL's profitability to the
cyclicality associated with the real estate industry as well as to
increasing prices of gas and power. While assigning the ratings,
ICRA also notes that the financial profile is expected to remain
stretched in the near term given the debt funded nature of the
project and the impending debt repayment.

The assigned ratings, however, favourably consider the experience
of partners in the ceramic industry coupled with the marketing
support from established group concerns and the location
advantage, giving it easy access to raw material.

Incorporated in September 2013, Welcome Mineral Private Limited
(WMPL) is engaged in the manufacture of slurry (Body clay) and
wall tiles. The manufacturing unit of the company is located in
Morbi, Gujarat, with an installed capacity of 90,000 MTPA for
slurry and 18000 MTPA for wall tiles. The commercial production is
expected to commence in August 2014. The company is promoted and
managed by Mr. Pradeep Kavar, and Mr. Ramesh Sanavda having
experience in the line of ceramic business.


WIN-STONE INDUSTRIES: CARE Assigns 'D' Ratings to INR13cr Loans
---------------------------------------------------------------
CARE assigns 'CARE D' rating to bank facilities of Win-Stone
Industries (India) Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.40      CARE D Assigned
   Short-term Bank Facilities     0.60      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Win-Stone Industries
(India) Private Limited is primarily constrained on account of the
instances of delay in debt servicing due to weak liquidity
position arising out of lower demand of product and high fixed
costs.

Establishing a track record of timely servicing of debt
obligations with improvement in liquidity position is the key
rating sensitivity.

Rajkot-based (Gujarat) Win-Stone Industries Private Limited
(WSIPL) was incorporated in April 2011 as a private limited
company by Mr Vinodbhai Marvania, Mr Ambrishbhai Kundaria, Mr
Dhavalbhai Padsumbiya, Mr Khimjibhai Kundariya, Mr Gopalbhai
Kundariya, Mr Mansukhlal Ghodasara and Mr Sandeepbhai Patel. WSIPL
is engaged in the manufacturing of artificial quartz stone which
is used as a substitute of natural granite in domestic as well as
global market. The quality and physical property of artificial
stone is far better than natural granite and it is available in a
wide range of colors, designs and size which is normally not
available in natural granite. WSIPL commenced commercial
production from December 2012; hence FY14 (refers to the period
April 01 to March 31) was the first full year of operation. WSIPL
is one of the group companies of Win-Tel Ceramic Private Limited
which is engaged in the manufacturing of wall tiles and vitrified
tiles. WSIPL is 100% export-oriented unit which sells its product
in US, Brazil, Canada, UK and other Gulf countries.

During FY13, WSIPL reported a net loss of INR1.74 crore on a Total
Operating Income (TOI) of INR0.40 crore.


YETURU BIO-TECH: CRISIL Reaffirms 'D' Rating on INR92MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Yeturu Bio-Tech Limited
continue to reflect instances of delay by in servicing its debt;
the delays have been caused by the company's weak liquidity
resulting from its depressed cash accruals being inadequate to
meet its term debt obligations.

                     Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     19.8       CRISIL D (Reaffirmed)
   Term Loan              27.2       CRISIL D (Reaffirmed)
   Secured Overdraft       5.0       CRISIL D (Reaffirmed)
   Facility

YTBL has modest scale of operations, large working capital
requirements, and below-average financial risk profile marked by
its small net-worth and weak debt protection metrics. However, the
company benefits from its promoters' extensive industry
experience.

YTPL was established as a partnership firm in 1996 as Yeturu
gardens by Mr Yeturu Ramchandra Reddy; the firm was reconstituted
as a private limited company and got its current name in 2003. The
company cultivates Aloe vera plants, and manufactures Aloe vera
based personal care and health care products. The operations of
the company are managed by Mr.Y. Sirish Reddy.



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


PAKUWON JATI: Fitch Assigns 'B+' Rating to USD Sr. Unsec. Notes
---------------------------------------------------------------
Fitch Ratings has assigned PT Pakuwon Jati Tbk's (Pakuwon,
B+/Stable) tap of up to approximately USD30m of its US dollar
senior unsecured notes a rating of 'B+', with a Recovery Rating of
'RR4'.

The additional notes will have the same terms and conditions as
the recent issue of USD168m 7.125% senior unsecured notes due
2019, which was rated 'B+'. Fitch believes that Pakuwon's credit
profile will remain appropriate for its rating despite the
additional issuance.

The notes will be issued by wholly owned subsidiary Pakuwon Prima
Pte Ltd and guaranteed by Pakuwon and certain subsidiaries. The
notes are rated at the same level as Pakuwon's senior unsecured
debt rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

KEY RATING DRIVERS

Support from Investment Property Portfolio: Pakuwon is a
diversified real estate developer based in Indonesia. The
company's property portfolio includes retail, residential,
commercial and hospitality developments. Its ratings reflect its
solid investment property portfolio, which contributed 48% of
total revenue in 2013. Shopping mall and office properties, which
have a long-term lease profile, accounted for 42% of total
revenue.

These investment properties generated solid recurring EBITDA of
IDR778bn (USD67m) and recurring EBITDA/interest coverage of 3.8x,
which along with the company's strong liquidity position will help
it manage any cyclicality of the wider property market and
volatility in its property development business.

Quality Assets: The company's investment portfolio is spread
across four well-established and strategically located prime
locations in Jakarta and Surabaya. The main projects are large
mixed-use, high-rise developments, known as superblocks, which
include apartments, office, retail, and sometimes hotel space.
Pakuwon's malls, while providing stable recurring revenue, anchor
each of its land banks in Jakarta and Surabaya, thereby attracting
residents and office tenants while serving as focal points for
local communities. The company has a strong track record of
managing its lease retail occupancy, and consistently achieves
occupancy that is above the industry average.

Higher Margin than Peers: Fitch expects Pakuwon to generate EBITDA
margin above 50% in the medium term, supported by a low-cost land
bank and the company's ability to create value in its superblocks.
Pakuwon posted EBITDA margin of 56% in 2013 (2012: 55.6%), higher
than other rated Indonesian developers such as PT Alam Sutera
Realty Tbk (B+/Stable) with 42% and PT Lippo Karawaci Tbk (BB-
/Stable) with 27%. Fitch believes that such a high margin will
provide some pricing flexibility during a downturn in the property
cycle.

Limited Scale and Diversification: Pakuwon's rating is constrained
by its limited scale and project diversification. Fitch expects
the company to generate most of its cash flows from its current
established superblocks in the medium term. Based on the current
rate of development, the company's land bank of 394 hectares would
be sufficient for more than 10 years of development. Although the
company will launch a new residential project in West Surabaya in
2H14, its projects and cash flows will continue to be less
diversified than higher rated peers.

RATING SENSITIVITIES

Positive rating action is not anticipated in the medium-term given
the company's limited scale, projects and cash flow
diversification.

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

-- Sustained deterioration of recurring EBITDA from investment
    properties (IP) /interest below 2.5x

-- net debt/net inventory (net inventory defined as IP +
    Inventory + Property and Equipment - Advances) rises
    above 50% on a sustained basis (2013: 7%)

-- weakening of business profile as evidenced by significant
    rise in vacancy rates or a sustained fall in rentals

-- any evidence of weakening in liquidity


PAKUWON JATI: Upsize on $168MM Notes No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service has said that the B1 corporate family
and senior unsecured ratings of PT Pakuwon Jati Tbk are unaffected
by the announcement of an upsize on its existing USD168 million
7.125% 2019 notes.

The notes were issued on 25 June 2014 by Pakuwon Prima Pte Ltd, a
wholly-owned subsidiary of Pakuwon Jati.

The outlook on the ratings remains stable.

"The upsize in the bond offering has the same terms and conditions
as the existing notes and, as with the existing notes, the
proceeds will be used for the repayment of outstanding loan
amounts, acquisition transactions and/or working capital purposes.
As such, the upsizing of the deal will be leverage neutral,
although it will help the company term out its debt maturity
profile, a result which is credit positive," says Jacintha Poh, a
Moody's Assistant Vice President and Analyst.

Pakuwon Jati's B1 corporate family rating is supported by its
well-balanced portfolio of development and investment properties.
The investment properties -- which comprise retail malls, offices
and hotels-- provide stable recurring income, mitigating the
higher risks from its property development segment.

The rating also reflects Pakuwon Jati's established position in
Surabaya and increased presence in Jakarta, the two largest cities
in Indonesia. The property developer is well poised to benefit
from the rising numbers of middle-class consumers and
urbanization, given that its superblocks are strategically located
near the central business districts of their respective cities.

On the other hand, the rating is constrained by the company's
small scale -- relative to its global rated peers -- and lack of
geographic diversity. It is also constrained by its weak track
record of financial management, which includes a history of debt
restructuring.

The stable outlook reflects Moody's expectation that Pakuwon Jati
will be well-supported by the recurring income from its investment
properties, as well as its disciplined approach to growth.

The principal methodology used in these ratings was Moody's Global
Homebuilding Industry, published in March 2009.

Pakuwon Jati, listed on the Jakarta Stock Exchange and majority
owned by the Tedja family, is engaged in the development,
management and operation of shopping centers, office buildings,
hotels, condominium towers and residential townships in Surabaya
and Jakarta. Its projects include Superblock Tunjungan City,
Pakuwon City township and Grand Pakuwon township in Surabaya, as
well as Superblock Gandaria City (83.3% shareholding) and
Superblock Kota Kasablanka in South Jakarta.



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


FUJITSU LTD: Looking To Sell Chip Units to Taiwanese, U.S. Firms
----------------------------------------------------------------
The Japan Times, citing NHK, reports that Fujitsu Ltd. is in talks
with Taiwanese and U.S. companies on the sale of its semiconductor
plants in Mie and Fukushima prefectures.

The report says Fujitsu and Taiwanese semiconductor maker United
Microelectronics Corp. are near conclusion of negotiations to
transfer Fujitsu's Kuwana, Mie Prefecture, plant to a new joint
venture the two companies would establish. The company is open to
offers from other manufacturers to assume some stake in the joint
venture as it plans to completely withdraw from chip making, NHK
said without citing sources, reports The Japan Times.

Fujitsu is also in talks with ON Semiconductor Corp. on the sale
of its Aizuwakamatsu, Fukushima Prefecture, plant to the U.S. chip
maker, The Japan Times relates.

The Japanese electronics titan wants to maintain the combined
1,500 employees at the two plants through their sale, adds The
Japan Times.

Fujitsu Limited -- http://jp.fujitsu.com/-- is a Japan-based
company engaged in the information technology (IT) business.  The
Company has three business segments.  The Technology Solution
segment manufactures and sells products such as main frame
servers, UNIX servers, storage systems, various types of software,
network management systems and optical transport systems, as well
as the provision of system integrations services, network services
and system support services.  The Ubiquitous Product Solution
segment offers products such as personal computers, mobile phones,
compact hard disk drives (HDDs), as well as optical transmitter
and receiver modules.  The Device Solution segment manufactures
and sells large scale integrations (LSIs), semiconductor packages,
relays and connectors, among others.



===============
M O N G O L I A
===============


MONGOLIA: Moody's Downgrades Government Bond Rating to B2
---------------------------------------------------------
Moody's Investors Service has downgraded Mongolia's foreign
currency government bond rating to B2 from B1. The outlook remains
negative. Concurrently, the government's issuer rating has been
downgraded to B2. Mongolia's senior unsecured rating has been
lowered to B2 and the government's senior unsecured MTN rating to
(P)B2. The issuer's short-term rating remains at Not Prime.

In a related rating action, Moody's has downgraded the senior
unsecured rating of the government-owned Development Bank of
Mongolia LLC (DBM) to B2 from B1. The outlook remains negative.
DBM's senior unsecured rating has been lowered to B2 and its
senior unsecured MTN rating to (P)B2. Since DBM's payment
obligations carry a credit guarantee of the Government of
Mongolia, its debt obligations justify a rating at the same level.

The long-term local currency country risk ceiling remains
unchanged at Ba3. The long-term foreign currency deposit ceiling
is revised to B3 from B2, while the foreign currency bond ceiling
has been revised to B1 from Ba3. All short-term ceilings remain at
Not Prime. These ceilings act as a cap on ratings that can be
assigned to the foreign- and local-currency obligations of
entities domiciled in the country.

Ratings Rationale

Moody's decision to downgrade Mongolia is driven by the country's
strained external liquidity position, as reflected by a sharp loss
in foreign-exchange reserves. Expansionary monetary and fiscal
policies have added to demand pressures, fueled inflation, and
heightened spillover risks to the banking system and the balance
of payments. Accompanied by a continued rise in the external debt
burden, these factors increase the country's vulnerability to
external and domestic shocks relative to rating peers.

First driver -- A sharp deterioration in the external liquidity
position

Total foreign reserves have fallen rapidly, to $1.6 billion in May
2014 from $2.2 billion at the start of the year, in spite of a
narrowing current-account deficit. The sharp pace of deterioration
comes as foreign direct investment (FDI) has more than halved from
levels last year. Expansionary policies have fueled demand for
imports, adding further pressure to the external reserve position.
Reserves would most likely be lower, were it not for the Bank of
Mongolia drawing down on a bilateral swap facility with the
People's Bank of China.

The investment regime remains unpredictable, suggesting that FDI
will remain subdued at least over this year. Further ahead,
instability in the investment regime threatens to dampen the
development of the mining sector. This would have negative
consequences on Mongolia's ability to ramp up foreign-exchange
export earnings to repay its external debt. Moody's expect
reserves to remain weak this year, significantly increasing
Mongolia's external vulnerabilities.

Mongolia's rising external debt repayment burden is compounded by
the decline of official foreign-exchange reserves to a low level.
The development of Mongolia's mineral resources will play an
increasingly important role in this context. Moody's External
Vulnerability Indicator -- which gauges the adequacy of reserves
with respect to maturing external debt obligations over the next
year -- has risen to an estimated 130% in 2014 and will increase
further to 196% in 2015, significantly above a prudent 100%
threshold for systems that are heavily dependent on foreign
creditors.

Second driver -- Expansionary policy stance

The central bank's pursuit of expansionary monetary policies since
2013, including liquidity injections to banks, low-cost mortgage
loans, and support to the construction and real estate sectors,
has boosted demand. Although it is gradually withdrawing some
programs, inflationary pressures continue to build, while credit
is still growing at a rapid pace. This increases pressure on the
balance of payments, raising the risk of capital flight, and
further weakens the external payments position. Given regulatory
forbearance in the provision of credit and weakening asset
quality, there could also be spillover risks for the banking
system.

Expansionary monetary policies are accompanied by off-budget
spending and investment that circumvent fiscal responsibility
legislation and are resulting in a buildup in government
liabilities.

Rationale For Maintaining The Negative Outlook

The negative outlook reflects the risk of: (1) a continuing
decline in foreign-exchange reserves that increases Mongolia's
vulnerability to external shocks, (2) continued rapid credit
growth and persistent inflationary pressures, and (3) sustained
fiscal imbalances over the near term through large off-budget
spending that would result in a deterioration in debt metrics.

What Could Change The Rating -- Up/Down

Key factors that could prompt an upward movement in the rating
include: (1) greater price and exchange rate stability, (2) a
replenishment of official foreign-exchange reserves, (3) a track
record of adherence to the fiscal rule, and (4) steady mineral
resource development under a stable and predictable investment
regime that would improve the country's long-term fiscal and
economic prospects.

Triggers for a downward movement in the rating include: (1) a
continuation of expansionary monetary policies that would result
in the persistence of high loan growth and inflationary pressures,
(2) a lack of adherence to fiscal responsibility legislation, and
(3) the persistence of unpredictable foreign investment policies
that constrain the development of the mineral export sector and
strain the official international reserve position.

GDP per capita (PPP basis, US$): 5,885 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 11.7% (2013 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 12.3% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -1.4% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -26.5% (2013 Actual) (also known as
External Balance)

External debt/GDP: 157.7% (2013 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 14 July 2014, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
during the discussion were: The issuer has become increasingly
susceptible to event risks.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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


POSTIE PLUS: Sold as Going Concern to South African Firm
--------------------------------------------------------
Pattrick Smellie at BusinessDesk reports that Postie Plus has been
sold for an undisclosed sum as a going concern to Roan Ltd, a
subsidiary of Pepkor, a South African-based investment group with
clothing and footwear retail interests in Australia and Eastern
Europe.

News of the deal began to leak after staff received letters on
Roan letterhead, the report says.  Some 530 of the Auckland-based
company's 560 staff have accepted positions with the new owner,
relates BusinessDesk.

According to BusinessDesk, Postie Plus shares have been suspended
from trading on the NZX since May 29, and last traded on May 27 at
7.3 cents, giving the company prior to the notification that it
was going into voluntary administration a value of
NZ$2.9 million.

BusinessDesk notes that despite a long trading history, Postie
Plus ran into distribution chain and other difficulties when it
outsourced warehousing operations to a third party when it shifted
its headquarters to Auckland in 2012/13 and the company has been
"vigorously pursuing" a damages claim.

"We believe this sale is in the best interests of all creditors
and Postie Plus staff," said administrators David Bridgman --
david.bridgman@nz.pwc.com -- and Colin McCloy --
colin.mccloy@nz.pwc.com -- of accounting firm PwC, in a statement,
BusinessDesk reports. "Many of the Postie Plus suppliers will be
able to continue trading with Postie Plus under its new
ownership", which was first signalled in a statement on June 4.

In April, BusinessDesk recalls, Postie Plus said it was in breach
of its lending covenants and expected to remain so "for the
foreseeable future," meaning its bank funding was repayable on
demand, though the arrangements it had in place with its bank were
sufficient to meet the company's forecast funding requirements up
to July 30.

The voluntary administration had led to a "better outcome . . .
for creditors than would have occurred had the company been placed
in receivership," BusinessDesk relays.

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.

Colin McCloy and David Bridgman, Partners from
PricewaterhouseCoopers, were appointed Administrators to Postie
Plus Group Limited on June 3, 2014. The business is now in
voluntary administration.

Postie Plus has 64 retail stores located throughout New Zealand.


ROSS ASSET: Case Costs Taxpayers NZ$100,000 in Legal Fees
---------------------------------------------------------
Hamish McNicol at Stuf.co.nz reports that the investigation and
prosecution of fraudster David Ross has cost taxpayers about
NZ$100,000 in legal fees, not including "significant" staff time
at two government agencies.

Stuff.co.nz relates that earlier this month, investors who lost
more than NZ$115 million to New Zealand's single biggest fraudster
learned they faced a NZ$330,000 bill for his legal representation.

They described the situation as "obnoxious," the report relays.

According to Stuff.co.nz, the Serious Fraud Office and Financial
Markets Authority, which both investigated and prosecuted Ross, on
July 17 revealed the combined external legal fees for the agencies
was about NZ$100,000.

The SFO had spent about NZ$15,000 on external legal fees from
August last year, while FMA's bill had reached NZ$84,000 since
October 2012, the report discloses.

But both agencies said these fees did not include "significant
time" incurred by staff from each organisation, Stuff.co.nz
relate.

Stuff.co.nz notes that lawyer Gary Turkington and firm Chapman
Tripp have represented Mr. Ross in relation to the charges he
faced and in dealings with receiver PwC during the liquidation and
receivership of his companies.

PwC has disputed the legal costs, and NZ$220,000 has been set
aside for an independent barrister to assess what an "appropriate
fee" would be, according to Stuff.co.nz.

Stuff.co.nz relates that a report from PwC showed payments of
about NZ$108,000 had already been made from the receivership for
Mr. Ross's own legal fees.  Together it effectively means
NZ$330,000 could be paid for Ross's own legal representation, for
work done over 18 months, out of what would otherwise end up in
investors' pockets, the report notes.

According to Stuff.co.nz, Ram Investors Group head Bruce Tichbon
said it was unfair for Mr. Ross to have first claim to money he
had admitted stealing, for what was "gold-plated" legal
representation.

In November, the report notes, Mr. Ross was jailed for 10 years
and 10 months for running a fraudulent scheme, through his asset
management company, in which more than 700 private investors lost
about NZ$115 million. His appeal against the "manifestly
excessive" five-year, five-month non-parole period failed, says
Stuff.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


INDUSTRIAL BANK: Moody's Puts 'D+' BFSR on Review Upgrade
---------------------------------------------------------
Moody's Investors Service has affirmed the Aa3 senior unsecured
debt ratings of Industrial Bank of Korea (IBK) and Korea
Development Bank (KDB).

The outlooks on the ratings are stable.

At the same time Moody's has placed on review for upgrade:

* IBK's bank financial strength rating (BFSR) of D+, which is
equivalent to a standalone credit assessment of baa3 and

* KDB's BFSR of D, which is equivalent to a standalone credit
assessment of ba2

Ratings Rationale

The rating actions follow Moody's intention to reassess the
support available to the two Korean policy banks.

Both banks' senior debt is rated Aa3, in line with the Korean
government's bond rating, reflecting their status as policy banks.

The ratings currently incorporate six notches of systemic support
uplift from the baseline credit assessments (BCA) in the case of
IBK, and eight notches in the case of KDB.

The review will focus on whether some of the substantial support
Moody's incorporate in these ratings would be better re-
characterized as ongoing support, which should be reflected in the
baseline credit assessment, as opposed to extraordinary support.

In this context, Moody's notes that both banks have received
frequent capital injections from the Korean government (Aa3
stable). These injections have helped them maintain their credit
profiles, and reduced the risk that they may require extraordinary
support to avoid default.

The distinction between extraordinary support and ongoing support
is becoming important in the context of new-style capital
securities issued in compliance with Basel III, which impose
losses on debt holders at the point a bank is deemed to be non-
viable.

Moody's rating methodology assumes that the probability captured
by Moody's BCA is a proxy for the probability of the point of non-
viability being reached. Moody's BCA is therefore an anchor for
the ratings of such securities.

There is a case to be made that the ongoing support that these
policy banks receive reduces the probability that the point of
non-viability would be reached and therefore should be reflected
in the BCAs of the banks.

Moody's also notes that both banks' credit profiles are
underpinned by their own establishment legislation -- the IBK Act
and KDB Act -- which require the Korean government to replenish
any deficit should the banks' reserves prove insufficient.

Moody's review will take into account the likelihood that the
legislative framework provides assurance that continuous support
will be made available to these banks, reducing the risk that they
would become non-viable.

The rating review will also take into account a comparison of the
banks' asset quality, capital and liquidity metrics with those of
the major commercial banks in Korea, which carry higher BCAs.

In particular, the review will consider the stand-alone liquidity
profiles of the policy banks. While they do not enjoy the deposit
franchises of the commercial banks, they have strong access to
long-dated funding, and in practice tend to benefit from flight to
quality considerations in challenging market conditions.

Affirmed ratings

IBK -- the long-term deposit ratings of Aa3; the senior unsecured
debt ratings of Aa3; foreign currency long-term senior
unsecured/subordinated/junior subordinated MTNs of
(P)Aa3/(P)A1/(P)A2; and foreign currency short-term
deposit/commercial paper/MTN programme short-term ratings of P-
1/P-1/(P)P-1.

KDB -- the long-term deposit ratings of Aa3; the senior unsecured
debt ratings/senior unsecured MTN /senior unsecured shelf ratings
of Aa3/(P)Aa3/(P)Aa3; short-term bank deposit rating/ commercial
paper /MTN programme short-term ratings of P-1/P-1/(P)P-1.

KDB, New York Branch -- commercial paper programme short-term
rating of P-1

KDB, London Branch -- senior unsecured debt ratings of Aa3, Senior
Unsecured MTN ratings of (P)Aa3, and MTN programme short-term
ratings (P)P-1

The principal methodology used in these ratings was Global Banks
published in May 2013.

Industrial Bank of Korea was established in 1961 as a government-
owned financial institution pursuant to the IBK Act. The bank's
assets totaled KRW216.1 trillion ($203 billion) at end-March 2014.
It is a policy bank mandated to provide long-term funding to small
and medium sized enterprises (SMEs).

Korea Development Bank was established in 1954 as a government-
owned financial institution pursuant to the KDB Act. The bank's
assets totaled KRW167.7 trillion ($160.5 billion) at end-
March2014. It is a policy bank mandated to provide long-term
funding to corporates in strategically important industries, as
well as working capital loans to SMEs, and loans to the high-tech
industry and newly growing industries.



                             *********

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

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

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


                            *********


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

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

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

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

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



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