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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

            Wednesday, July 30, 2014, Vol. 17, No. 149


                            Headlines


A U S T R A L I A

AUSTRALIA: Palmer Pushes for Adoption of US-Style Chap. 11 Laws
AUSTRALIAN ABALONE: Placed in Administration
INGENERO PTY: Placed in Administration
RADAR GROUP: Farnsworth Shepard Appointed as Administrators
VANTAGE FINANCIAL: In Administration; First Meeting Set Aug. 5


C H I N A

COUNTRY GARDEN: S&P Raises CCR to 'BB+'; Outlook Stable
GREENLAND HONG KONG: Moody's Assigns (P)Ba1 Rating to MTN Program
GREENLAND HONG KONG: S&P Rates Prop. US$2BB MTN Program 'BB+'


I N D I A

AATREYEE NIRMAN: CRISIL Assigns 'B+' Rating to INR80MM Loan
AHINSHA BUILDERS: ICRA Suspends 'B+' Rating on INR20cr Loan
AMBIKA WOOD: CRISIL Suspends 'B-' Rating on INR30MM Loans
BALAJI MELTERS: CRISIL Assigns 'B+' Rating to INR50MM Loan
BALDEV METALS: ICRA Reaffirms 'B+' Rating on INR10cr Loan

BHAGATJEE STEELS: CRISIL Assigns 'B+' Rating to INR161.5MM Loan
BHAWANI INDUSTRIES: ICRA Raises Rating on INR198.3cr Loan to 'B'
BUILDMET FIBRES: CRISIL Suspends 'B+' Rating on INR231.5MM Loans
DAMY ROYAL: CRISIL Suspends 'D' Rating on INR500MM Loans
EASTERN GOURMET: CRISIL Cuts Rating on INR74.7MM Loans to 'B-'

FIFTH AVENUE: CRISIL Suspends 'B' Rating on INR45MM Loan
GRAH AVAS: ICRA Downgrades Rating on INR10.23cr Loans to 'D'
GUJARAT ECO: CRISIL Reaffirms 'D' Rating on INR560MM Loans
JINDAL CHAWAL: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
KALINGA JUTE: CRISIL Suspends 'B' Rating on INR144.8MM Loans

KAVUMKAL ROAD: CRISIL Assigns 'B' Rating to INR100MM Loans
MODERN SOLAR: CRISIL Suspends 'B' Rating on INR210MM Loans
NARANG ENTERPRISES: CRISIL Suspends 'B+' Rating on INR60MM Loans
ORITO POLYFAB: CRISIL Assigns 'B' Rating to INR201.5MM Loans
PAGODA STEELS: CRISIL Reaffirms 'B' Rating on INR150MM Loans

PALM BEACH: CRISIL Suspends 'D' Rating on INR125.7MM Term Loan
PICASSO HOME: CRISIL Assign 'B' Rating to INR82.5MM Loans
PIONEER AGRO: CRISIL Cuts Rating on INR72.5MM Loans to 'B'
PREET REALTORS: CRISIL Cuts Rating on INR100MM Loans to 'D'
PULIMOOTTIL SILKS: CRISIL Puts 'B+' Rating on INR80MM Loans

RATNAGIRI CERAMICS: CRISIL Suspends B+ Rating on INR62.5MM Loans
SAGUN CONSTRUCTION: CRISIL Lowers Rating on INR117.5MM Loans to D
SHRI SAINATH: CRISIL Assigns 'B+' Rating to INR60MM Loans
SND IRON: CRISIL Suspends 'B-' Rating on INR208.5MM Loans
SREE GURU: CRISIL Reaffirms 'D' Rating on INR71.4MM Loans

SRI HANUMA: ICRA Reaffirms 'B+' Rating on INR10.75cr Loan
SRI SAI: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
STMPL ENTERPRISES: CRISIL Assigns 'B+' Rating to INR20MM Loan
SWAIN ALUMINIUM: CRISIL Assigns 'B' Rating to INR200MM Loans
TATA STEEL: Moody's Puts Ba3 CFR on Review for Upgrade

YASHRAAJ ETHANOLL: CRISIL Suspends 'D' Rating on INR327MM Loans
Z V STEELS: ICRA Reaffirms 'B+' Rating on INR18cr Loan


M A L A Y S I A

MALAYSIA AIRLINES: Twin Tragedies Push Carrier to the Brink


N E W  Z E A L A N D

CAPITAL + MERCHANT: Chief Executive Granted Parole
ROSS ASSET: Investors Put on Notice Over Withdrawals


S I N G A P O R E

AMTEK GLOBAL: S&P Assigns Prelim. 'B+' CCR; Outlook Stable
BERAU CAPITAL: Moody's Rates Proposed US$ Sr. Secured Notes (P)B1


S O U T H  K O R E A

SSANGYONG ENGINEERING: Court OKs Rehabilitation Plan


                            - - - - -


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


AUSTRALIA: Palmer Pushes for Adoption of US-Style Chap. 11 Laws
---------------------------------------------------------------
Stefanie Balogh at The Australian reports that Clive Palmer has
sought advice on how to introduce US-style Chapter 11 bankruptcy
laws in Australia.

Mr. Palmer -- who came in 28th on BRW's rich list after his
estimated personal wealth fell by almost $1 billion over the past
year to $1.22bn -- has long agitated for the adoption of the US
rules, according to The Australian.

The Australian relates that it has now emerged that Mr. Palmer,
who bankrolls and heads the Palmer United Party, which has three
senators in the upper house, requested the parliamentary library
research ways to incorporate the Chapter 11 bankruptcy code in the
Australian legislation.

His chief of staff, Phillip Collins, emailed the research to all
MPs and senators saying "Mr Palmer has asked me to bring to your
attention".

Parliamentarians can access the library for research, the report
notes.

The Australian reports that the library finds that amendments to
Australia's Bankruptcy Act would be needed to bring in the US
code. It says that in Australia "there is no legislative cover to
make use of the same business once it is declared bankrupt, while
in the US, under the Chapter 11 provisions, the same business gets
reorganised after restructuring and paying off debts to creditors,
albeit in a significantly reshaped form".

The report says Mr. Palmer, the federal MP for the Sunshine Coast-
based electorate of Fairfax, telegraphed his interest in change
the nation's bankruptcy laws during his maiden speech in December.
"Stop government driving business to the wall. Let's keep people
employed," the report quotes Mr. Palmer as saying. "Transferring
people from gainful employment to unemployment just guarantees
misery. Let's find a better way, such as Chapter 11 in the US."


AUSTRALIAN ABALONE: Placed in Administration
--------------------------------------------
Andrew Beck -- andrew.beck@rsmi.com.au -- and Paul Stewart --
paul.stewart@rsmi.com.au -- of RSM Bird Cameron Partners were
appointed as administrators of Australian Abalone Exports Pty Ltd,
Seafood Delicacies Ltd and Lonimar Australia Pty Ltd on
July 28, 2014.

A first meeting for each of the Companies will be held atRSM Bird
Cameron Partners, Level 21, 55 Collins Street, in Melbourne, on
Aug. 6, 2014, at 10:00 a.m.


INGENERO PTY: Placed in Administration
--------------------------------------
Giles Parkinson at RenewEconomy reports that the Australian solar
industry has been rocked by the apparent collapse of one of the
country's largest and most prominent solar developers, the
Queensland-based Ingenero Pty Ltd.

RenewEconomy, citing ASIC documents, says Ingenero was placed in
the hands of external administrators late last week. It is
believed to have been done at the request of a US creditor.

According to the report, Chris MacDonnell -- chris@resol.com.au --
from the Sydney-based insolvency specialist Restructuring
Solutions is now managing the business, and has taken control of
all assets, including its leasing contracts with Barcoo Council
and others.

Among those most affected are Trina Solar, said to be a large
supplier of modules, and partners such as First Solar, which also
holds 4.6 million preference shares in the company, according to
ASIC files cited by RenewEconomy.

Other shareholders include staff members and directors, venture
capital firm CM capital, Persephone Investments and Coachhouse
Investments, RenewEconomy discloses.

According to RenewEconomy, Ingenero and First Solar are working on
the ground-breaking AUD23 million solar plus storage facility at
Rio Tinto's Weipa operations in north Queensland, which has been
partly funded  by the Australian Renewable Energy Agency. Last
year, they teamed up to accelerate the roll-out of hybrid PV
systems in regional Australia, the report recalls.


RADAR GROUP: Farnsworth Shepard Appointed as Administrators
-----------------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Radar Group Holdings Pty Ltd on July 24, 2014.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney on
Aug. 5, 2014, at 11:00 a.m.


VANTAGE FINANCIAL: In Administration; First Meeting Set Aug. 5
--------------------------------------------------------------
Chris Cook -- chris.cook@worrells.net.au -- and Morgan Lane --
morgan.lane@worrells.net.au -- of Worrells Solvency & Forensic
Accountants were appointed as administrators of Vantage Financial
Pty Ltd on July 24, 2014.

A first meeting of the creditors of the Company will be held at
Level 8, 102 Adelaide Street, in Brisbane, on Aug. 5, 2014, at
2:00 p.m.



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


COUNTRY GARDEN: S&P Raises CCR to 'BB+'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on China-based real estate developer
Country Garden Holdings Co. Ltd. to 'BB+' from 'BB'.  The outlook
is stable.  At the same time, S&P raised its issue rating on the
company's outstanding senior unsecured notes to 'BB+' from 'BB'.
S&P also raised its long-term Greater China regional scale ratings
on the company and the notes to 'cnBBB+' from 'cnBBB'.

"We upgraded Country Garden because we expect the company to
maintain steady growth in contracted sales while operating on a
larger operating scale.  We also anticipate that the company's
leverage is unlikely to deteriorate from its increased level over
the next 12 months," said Standard & Poor's credit analyst
Christopher Yip.

Country Garden's sales are likely to continue to grow steadily
over the next two years.  However, the pace will be more moderate
than in 2013.  The company has substantially expanded its
operating scale to reach total contract sales of renminbi (RMB)
106 billion in the past year. Country Garden achieved nearly half
of its ambitious full-year sales target of RMB128 billion in the
first six months of 2014, well above the industry average, despite
a more challenging market.  The company expects to launch more
projects in the second half of 2014.

S&P expects Country Garden's geographic diversification to further
improve as the company has transitioned from a regional player to
become a national property developer in China.  Country Garden has
improved its project concentration within its home market of
Guangdong province, with contracted sales within Guangdong falling
to about 44% in 2013 from about 76% in 2008.  However, the company
is exposed to market risk in third- and fourth-tier cities in
China, where there is a heightened sensitivity to real estate
industry cycles due to pricing pressure and increasing supply.  At
the same time, Country Garden has ventured outside China with a
number of projects at various stages of development in Malaysia
and Australia.  Although a certain level of execution risks exists
for project sales and completion, S&P believes the risk is
contained because the company will keep a modest exposure to
overseas markets.

S&P anticipates Country Garden's operating margins will decline
moderately over the next few years due to increasing cost
pressures and low-margin projects recognition outside the
company's home market, despite its growing scale.  Country
Garden's margins are likely to remain suppressed after its EBITDA
margin fell to 25.1% in 2013 from 31.5% in 2012.  S&P's assessment
also reflects its view of the company's return on capital (ROC)
ratio because Country Garden has a fast churn model.  Its ROC has
held relatively steady over the past two years at 16.7% in 2013.

"In our view, Country Garden's financial risk profile will remain
"significant" to reflect the company's significant debt-funded
growth. Country Garden's debt has increased materially in the past
few years and was about RMB57 billion at the end of 2013.  We
expect debt growth to continue, albeit at a slower rate and at
less than income growth due to good recognition from the company's
strong contracted sales.  Hence, we expect debt-to-EBITDA ratio to
remain at about 3.5x in 2014 and 2015, compared with 3.6x in 2013
and 2.9x in 2012," S&P said.

S&P expects Country Garden's funding costs to continue to improve,
which will improve interest coverage.  Interest expenses grew 33%
to RMB4.1 billion in 2013.  This was slower than total debt growth
due to lower overall funding costs.  S&P expects EBITDA interest
coverage to range be 4x-4.5x over the next two years, up from 3.8x
in 2013.

In S&P's view, Country Garden's capital structure will modestly
improve over the next two years, with strong property sales and
the increase in debt slowing down from its recent peak.  However,
Country Garden's financial performance is likely to remain
sensitive to its low-margin, high-volume business model as its
margins remain under substantial pressure.

The issue rating is at the same level as the issuer rating on
Country Garden because the company has improved its debt structure
by reducing the structural subordination risk on its offshore
debt.

"The stable outlook reflects our expectation that Country Garden
will continue its sales growth this year and stabilize its EBITDA
margin," said Mr. Yip.  "We also expect Country Garden to carry on
its expansion pipeline as scheduled and at the same time employ
reasonable discipline toward maintaining its leverage and adequate
liquidity."

S&P may lower the rating if Country Garden's sales or EBITDA
margins significantly weaken or its debt-funded expansion is more
aggressive than S&P anticipates.  A total debt-to-EBITDA ratio of
more than 4.0x or EBITDA interest coverage of less than 3.0x may
indicate such weakness.  S&P could also downgrade the company if
it significantly shifts its business model or introduces
aggressive initiatives to increase the returns on shareholders'
capital.

There is limited upside in the next 12 months.  However, S&P may
raise the rating if Country Garden's financial risk profile
improves because of strong sales, good profitability, and well-
managed leverage.  An upgrade trigger would be a ratio of total
debt to EBITDA staying at less than 3.0x and EBITDA interest
coverage remaining at more than 6.0x on a sustained basis.


GREENLAND HONG KONG: Moody's Assigns (P)Ba1 Rating to MTN Program
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba1 senior
unsecured rating to the Medium Term Note (MTN) program of
Greenland Hong Kong Holdings Limited.

The ratings outlook is stable.

The net proceeds from the issue of each tranche of notes will be
applied for general corporate purposes, the development of
domestic projects and repayment of existing indebtedness.

The MTNs will be supported by a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed between Greenland Holding Group
Company Limited (Baa3 stable), Greenland HK and the bond trustee.

Ratings Rationale

"The MTN program will improve the debt maturity profile of
Greenland HK," says Franco Leung, a Moody's Vice President and
Senior Analyst.

"We expect its key credit metrics to weaken in 2014 before
improving in 2015" adds Leung, who is also the Lead Analyst for
Greenland Holding and Greenland HK.

On 10 July, the company issued a profit warning in respect of its
H1 2014 results due to a fall in the number of properties
delivered over the period.

However, such deterioration in its key financial metrics in 2014,
resulting from revenue and net profit declines expected for the
full financial year, as well as its rapid expansion plans, are
expected and incorporated in its current ratings.

Meanwhile, to support its rapid expansion plans, Moody's believes
that the company will have increasing funding needs. Its debt
leverage -- as measured by adjusted debt/capitalization -- will
likely rise above 60% in 2014 from about 57% at end-2013.

While Greenland HK's proposed issuance and rapid expansion plans
will weaken its standalone credit metrics, the subordination risk
will decline as the company increases the portion of offshore
unsecured debt to total debt.

Greenland HK reported contracted sales of about RMB5.9 billion for
the first six months of 2014, compared with about RMB3.5 billion
for the full-year of 2013. Moody's believes it is on track to meet
its full-year sales target of about RMB12 billion in 2014.

Moody's expects its revenue recognition in 2015 to increase
substantially. This will support its key financial metrics, such
as adjusted EBITDA/interest returning to around 1.5x in 2015 from
below 1.0x in 2014. The (P)Ba1 rating for Greenland HK's MTN
program incorporates Moody's assessment of Greenland HK's
standalone credit strengths, and a three-notch rating uplift
because of the expected financial support from Greenland Holding
Group.

Its standalone credit profile reflects its current small -- but
well-located -- land bank, and Moody's expectation that it will
grow in size through organic expansion and asset acquisitions from
its parent. It also takes into consideration its improved credit
metrics, equity base and access to funding following the
acquisition by Greenland.

The three notches of ratings uplift reflect Moody's expectation
that Greenland Holding will extend strong support to Greenland HK,
given (1) it is around 60% owned by Greenland Holding; (2) it is a
primary platform for the group to raise funds from the offshore
bank and capital markets for investment in property projects in
China; (3) the track record of financial support to Greenland HK
in the form of equity injections; and (4) the expectation that the
economic importance of Greenland HK to the group will grow over
the next few years.

The stable outlook of Greenland HK reflects Moody's expectation
that Greenland HK will obtain full operating and financial support
from Greenland Holding, and that it will execute its business plan
to grow its assets and contracted sales.

Upward rating pressure on Greenland HK could emerge if the company
can (1) successfully implement its business plan; (2) improve its
scale and diversity; and (3) improve its credit profile, such that
adjusted debt/capitalization falls below 55-60% and
EBITDA/interest rises above 3x on a consistent basis.

In addition to the considerations above, Moody's would only
upgrade the company's rating if the parent's rating is upgraded.

On the other hand, Greenland HK's ratings could come under
downward pressure if the company (1) fails to generate operating
cash flow to maintain its liquidity buffer; and (2) materially
accelerates development, and executes an aggressive land
acquisition plan, such that debt leverage increases with adjusted
debt/capitalization exceeding 65% and/or EBITDA/interest below
1.5x-2.0x on a sustained basis.

Any evidence of any reduction in ownership or weakening in the
support from Greenland Holding, or a deterioration in Greenland
Holding's own credit profile, could also be negative for the
ratings.

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

Greenland Hong Kong Holdings Limited is a 60%-owned subsidiary of
Greenland Holding Group Company Limited and is principally engaged
in the development of large-scale, high-end residential
communities, city center integrated projects, and travel & leisure
projects that target the middle-to-high-end customer segment. At
end-December 2013, the company held a land bank of 9.3 million sqm
located in key cities in the Yangtze River Delta and Pan-Pearl
River Delta.

Founded in 1992, Greenland Holding Group Company Limited is a
China-based company. It was the country's second-largest property
developer by contracted sales in 2013. The Shanghai State-Owned
Assets Supervision and Administration Commission (SASAC) is
effectively the largest shareholder of Greenland. The Group is
headquartered in Shanghai, with a focus on the real estate sector.
It has other businesses, including energy, construction, finance
and auto dealerships.

Greenland Holding Group also owns about 60% of Greenland
Hong Kong Holdings Limited (Ba1 stable, formerly known as SPG Land
(Holdings) Limited), and which in turn is listed in Hong Kong and
serves as the former's primary overseas listed vehicle in the real
estate development and investment business.


GREENLAND HONG KONG: S&P Rates Prop. US$2BB MTN Program 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating and 'cnBBB+' Greater China regional scale rating to a
US$2 billion medium-term notes (MTN) program that Greenland Hong
Kong Holdings Ltd. (Greenland HK: BBB-/Stable/--; cnA-/--)
proposes to issue.  S&P also assigned the same ratings to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
under the program.  The ratings are subject to S&P's review of the
final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Greenland HK to reflect structural subordination
risk. Greenland HK intends to use the proceeds from the notes for
general corporate purposes, development of domestic projects, and
repayment of existing debt.

The rating on Greenland HK reflects S&P's assessment that the
company is a "highly strategic" subsidiary of Greenland Holding
Group Co. Ltd. (BBB/Stable/--; cnA/--).  S&P believes Greenland HK
will continue to benefit from the support of its much stronger
parent over the next two years.  S&P's assessment is based on
Greenland HK's critical role in the group's offshore funding and
the company's integration with the group's management and
operations.



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AATREYEE NIRMAN: CRISIL Assigns 'B+' Rating to INR80MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Aatreyee Nirman Pvt Ltd.

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

The rating reflects ANPL's exposure to implementation risks
associated with its ongoing and upcoming residential projects, and
to risks related to the inherent cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that ANPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if ANPL achieves higher-than-
expected bookings, thereby further strengthening its financial
flexibility and cash flow adequacies. Conversely, the outlook may
be revised to 'Negative' if there are delays or/and a cost overrun
in the project execution, or/and sales in the ongoing projects are
below expectations, resulting in deterioration in the company's
liquidity and financial flexibility.

ANPL, a real estate developer, was incorporated in 2007 and
promoted by Kolkata (West Bengal)-based Mr. Indrajit Roy and Mrs.
Jayati Roy. The company is primarily based in Kolkata and is
involved in construction of budget and semi-premium residential
projects.


AHINSHA BUILDERS: ICRA Suspends 'B+' Rating on INR20cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR20.0
crore term loan of Ahinsha Builders Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AMBIKA WOOD: CRISIL Suspends 'B-' Rating on INR30MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ambika
Wood Industries Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         110      CRISIL A4 Suspended
   Overdraft Facility        20      CRISIL B-/Stable Suspended
   Working Capital           10      CRISIL B-/Stable Suspended
   Demand Loan

The suspension of ratings is on account of non-cooperation by
AWIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AWIPL is yet to
provide adequate information to enable CRISIL to assess AWIPL'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'.

AWIPL was set up as a partnership concern named Sri Ambika Wood
Industries in 1975 by Mr. Karsan Narayan Patel; it was
reconstituted as a private limited company in 2004. AWIPL
processes, and trades in, timber with capacity of around 1200
cubic metres per month. The company processes various types of
wood, including teak wood, saal wood, kapur logs, and pinewood.
AWIPL has established relationships with nearly 60 customers,
including wholesalers and retailers, across southern India.


BALAJI MELTERS: CRISIL Assigns 'B+' Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Balaji Melters Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         15       CRISIL A4
   Cash Credit            50       CRISIL B+/Stable

The ratings reflect BMPL's exposure to risks arising from changes
in government regulations, the customer concentration in its
revenue profile, and its low operating profitability resulting in
weak debt protection metrics. These rating weaknesses are
partially offset by the experience of BMPL's promoter in the iron
ore industry.

To arrive at the ratings, CRISIL has treated unsecured loans of
INR30 million provided to BMPL by its promoters and their friends
and relatives as neither debt nor equity. The promoters have
provided an undertaking to CRISIL stating that the loans will not
be withdrawn from the business for three years.

Outlook: Stable

CRISIL believes that BMPL will maintain its business risk profile
backed by its promoters' considerable industry experience. The
outlook may be revised to 'Positive' if the company substantially
scales up operations and witnesses improvement in profitability,
thereby generating substantial accruals. Improvement in working
capital management leading to improvement in business risk profile
and liquidity may also result in revision in outlook to
'Positive'. Conversely, the outlook may be revised to 'Negative'
if BMPL's working capital cycle lengthens, or if the company
generates low accruals, or if it is adversely affected by
regulations, resulting in deterioration in its financial risk
profile, particularly liquidity.

BMPL was incorporated in 2003 to set up an iron ore crushing unit
by Odisha-based Agarwalla family. Till October 2013, the company
was engaged only in iron ore crushing. Recently, in November 2013,
BMPL has commenced trading in iron ore.


BALDEV METALS: ICRA Reaffirms 'B+' Rating on INR10cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
enhanced limits of INR10.00 crores (enhanced from INR8.00 to
INR10.00 crores) fund based bank facilities of Baldev Metals
Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits-     10.00       [ICRA]B+ reaffirmed
   Cash Credit

The assigned rating continues to be constrained by BMPL's exposure
to fluctuations in raw material prices and its presence in a
highly fragmented and competitive industry which have lead to weak
profitability in the past. Further the rating also takes into
account the stretched liquidity position and the relatively high
debt level which has resulted in below average coverage indicators
for the company.

The rating however derives comfort from the long track record of
the promoters in the industry and proximity of the company to raw
material sources resulting in the availability of raw material at
competitive prices.

Recent Results:

BMPL reported a net profit of INR0.31 crores on an operating
income of INR77.93 crores for the year ended March 31, 2013 and a
net profit of INR0.21 crores on an operating income of INR56.97
crores for the year ended March 31, 2012.

Established in the year 1990, BMPL is engaged in manufacturing of
aluminium ingots. The company is promoted by Mr. Raj Kumar, Mr.
Ashok Kumar, Mr. Rajinder Kumar and Ms. Dimple Rajput. The company
has three furnaces for manufacturing Aluminium Ingots with
installed capacity 400 tonne/month (~4800 MT/annum). The
manufacturing facility of the company is located in Mayapuri
Industrial Area in New Delhi.


BHAGATJEE STEELS: CRISIL Assigns 'B+' Rating to INR161.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bhagatjee Steels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          161.5     CRISIL B+/Stable
   Letter of Credit       5       CRISIL A4

The ratings reflect the susceptibility of BJEE's margins to
downturns in its end-user industry and to volatility in steel
prices. The ratings also factor in the company's marginal market
share in the fragmented mild steel (MS) ingots industry. These
rating weaknesses are partially offset by the extensive experience
of BJEE's partners in the steel industry.

Outlook: Stable

CRISIL believes that BJEE will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established market position. The outlook may be revised to
'Positive' if the company's scale of operations increases
significantly while it improves its profitability. Conversely, the
outlook may be revised to 'Negative' if BJEE's financial risk
profile deteriorates, most likely because of lower-than-expected
profitability, substantial working capital requirements, or large
debt-funded capital expenditure.

BJEE was incorporated in 2010, promoted by Mr. Rakesh Kumar
Agarwal and his family. It commenced operations in 2012. The
company manufactures MS ingots and MS sections, for which it has
installed capacities of 24,000 and 50,000 tonnes per annum,
respectively.


BHAWANI INDUSTRIES: ICRA Raises Rating on INR198.3cr Loan to 'B'
----------------------------------------------------------------
ICRA has upgraded the long-term rating for INR198.30 crore
(earlier INR55.0 crore) fund-based limits of Bhawani Industries
Limited from [ICRA]D to [ICRA]B. ICRA has also revised the short-
term rating from [ICRA]D to [ICRA]A4 for INR61.70 (earlier
INR38.0) crore non-fund-based limits of BIL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits       198.3      [ICRA]B (Upgraded)
   Non-fund Based Limits    61.7      [[ICRA]A4 (Upgraded)

The upgrade takes into account regularisation of debt servicing by
the company post the restructuring of its bank lines. As per the
restructuring plan approved by the BIL's bankers, the interest
rate has been reduced substantially and there would be no interest
or principal payments on company's term loans till March 2015. The
ratings continue to derive comfort from BIL's experienced
promoters, its long track record in the metals business, large
scale of operations and its diversified product and client
portfolio.

The ratings are, however, constrained by the significant increase
in debt post the restructuring -- as part of the restructuring
package, the company has availed additional cash credit limits,
working capital loan and Funded Interest Term Loan (FITL);
consequently total debt has increased from INR130 crore as on
March 31, 2013 to INR198 crore as on March 31, 2014. The same is
likely to put significant pressure on company's cash flows from
March 2015 onwards, when the moratorium ends. The associated
financial costs will also lead to losses and depressed debt
protection indicators in FY2015 and FY2016.

The ratings continue to be constrained by cyclicality inherent in
metal business and the fragmented nature of the sector, which is
marked by limited value addition and presence of large number of
small-to-medium sized players. The ratings are also constrained by
exposure to exchange rate volatility as the company imports large
part of its raw material requirement and by the longer execution
cycle of the large castings business which will impact company's
liquidity position going forward.

Going forward, improvement in cash flows and reduction in debt
levels will be the key rating sensitivities.

Bhawani Industries Limited, established in 1999, is engaged in
manufacturing of steel Billets, HR strips and steel pipes. BIL's
operations are located in Mandi Gobindgarh (Punjab), where it has
a manufacturing capacity of 96,000 metric ton (MT) of steel
billets/ingots/castings, 40,000 MT of flats/bars/angles and 15,000
MT of pipes.

Recent Results
In FY2014, as per the provisional financial statements, BIL
reported sales of INR335 crore. In FY2013, BIL reported a net loss
of INR13.82 crore and operating income of INR511.63 crore, against
last year's net profit of INR0.12 crore and operating income of
INR450 crore.


BUILDMET FIBRES: CRISIL Suspends 'B+' Rating on INR231.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Buildmet Fibres Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         28.5     CRISIL A4 Suspended
   Long Term Loan          230       CRISIL B+/Stable Suspended
   Packing Credit          115       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility        1.5     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by BFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BFPL is yet to
provide adequate information to enable CRISIL to assess BFPL'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'.

Buildmet Fibres Pvt Ltd, based in Bengaluru, is engaged primarily
in the manufacturing of FIBC (Flexible intermediate bulk
containers) from Polypropylene. The company's promoter director
Mr. Ramakrishna has around three decades of experience in
manufacturing of FIBC and Polypropylene (PP) bags. The company has
an installed capacity of around 4284 tonnes per annum. BFPL has
the capabilities to manufacture FIBC ranging from 500 kilo grams
(KG) to 2500 kilo grams (KG) primarily to the non-food grade
segment. BFPL is in the process of foraying to food grade FIBC
during on-going financial year 2011-12. The ongoing capital
expenditure plan marks BFPL's foray into the food grade FIBC
segment and would provide an incremental capacity of 650 MT per
month.


DAMY ROYAL: CRISIL Suspends 'D' Rating on INR500MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Damy
Royal Stones Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       400      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
DRSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DRSPL is yet to
provide adequate information to enable CRISIL to assess DRSPL'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'

DRSPL was set up in 2007, promoted by Mr Manish Yadav. Until June
2010, the company was engaged in the mining of soapstone in
Udaipur (Rajasthan) through its leasehold mine, with capacity of
2000 tonnes per day (tpd); it currently mines around 50 tpd.
Since June 2010, DRSPL holds a 45 per cent stake in a thermo-
mechanically-treated bar manufacturing company, Dudheshwar Steel
and Alloys Pvt Ltd.


EASTERN GOURMET: CRISIL Cuts Rating on INR74.7MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Eastern Gourmet Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           15.7     CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Term Loan             59       CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The rating downgrade reflects expected weakening in EGPL's
liquidity in 2014-15 (refers to financial year, April 1 to
March 31). With cash accruals likely to be just about adequate to
service maturing debt, incremental working capital requirements
from scaled-up operations may result in increased dependence on
external debt. The low cash accruals expected in 2014-15 are
because the company is still in the initial years of its
operations.

CRISIL's rating on the bank facilities of EGPL continues to
reflect EGPL's small scale of operations owing to initial stage of
operations and expected weak financial risk profile, driven by its
low net worth. These rating weaknesses are partially offset by the
benefits that EGPL derives from the extensive experience of its
promoters in the agro-related business and healthy demand for the
company's products.

Outlook: Stable

CRISIL believes that EGPL will benefit from the promoters'
extensive experience in the agro-related business. The outlook may
be revised to 'Positive' if the company ramps up its operations
significantly leading to better-than-expected revenues and cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of lower revenues and cash accruals or larger-than-expected
working capital requirement leading to pressure on the financial
risk profile.

Incorporated in June 2011, EGPL manufactures pasta with capacity
of 600 tonnes per month. The company, promoted by Mr. S N Sahoo,
has a manufacturing plant in Cuttack (Odisha), which commenced
commercial operations in November 2012.

For 2012-13, EGPL reported a net profit of INR1.14 million on net
revenue of INR15.5 million. The company is likely to report
operating income of INR164.1 million in 2013-14.


FIFTH AVENUE: CRISIL Suspends 'B' Rating on INR45MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Fifth
Avenue Hotels and Resorts Pvt Ltd (FAH; part of the FA group).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        45      CRISIL B/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by FAH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FAH is yet to
provide adequate information to enable CRISIL to assess FAH'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
FAH, Fifth Avenue Sourcing Pvt Ltd (FAS), and Fifth Avenue Retail
Pvt Ltd (FAR), together referred to as the FA group herein. This
is because the three entities are under common management, and
have significant fungible cash flows among them.

Incorporated in 2001 and based in Chennai, FAS is a sourcing
management company, engaged in the sourcing of apparels for
international brands. It currently caters to 18 international
brands, with offices in India, Bangladesh, France and Germany. The
company is promoted by Mr. Pramaodh Sharma and his family.


GRAH AVAS: ICRA Downgrades Rating on INR10.23cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR10.00 crore
working capital term loan of Grah Avas Vikas Private Limited from
[ICRA]B+ to [ICRA]D. Further, ICRA has revised short-term rating
for INR0.23 crore non-fund-based limits of GAVPL from [ICRA]A4 to
[ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working Capital
   Term Loan            10.00       [ICRA]D (Revised)

   Non-fund-based
   Limits                0.23       [ICRA]D (Revised)

ICRA has downgraded the ratings assigned to bank lines of GAVPL
due to delays in servicing of debt obligations. The delays have
occurred because of stretched liquidity position of company,
arising out of slippages in project execution due to change in
Floor Area Ratio (FAR), because of which the company could not
avail the entire sanctioned debt. Further, due to project delays,
on one hand the company could not raise demand from customers and
on the other hand it had to absorb higher overheads pertaining to
idling of labour and machinery.

Going forward, regularisation of debt servicing will be the key
rating sensitivity.

Grah Avas Vikas Pvt Ltd, incorporated in July 1998, is involved in
real estate and construction activities in the states of
Uttarakhand and Uttar Pradesh. The company has, in the past,
developed projects in the cities of Ghaziabad (Uttar Pradesh),
Dehradun (Uttarakhand) and Mussoorie (Uttarakhand). The promoters
have developed properties in residential, commercial, retail and
hospitality segments of real estate. The Group has constructed
around 40 residential and commercial buildings in residential
colonies in Ghaziabad- Vaishali & Kaushambhi, consisting of more
than 500 residential units, three group housing complexes in
Dehradun consisting of around 200 flats and one hotel in
Mussoorie, consisting of 24 rooms. The company is currently
developing a group housing project, Green View Heights, in Raj
Nagar Extension in Ghaziabad (Uttar Pradesh) over 2,25,000 sq. ft.
area.

Recent Results

In FY2014, as per the provisional financials available, Grah Avas
Vikas Private Limited (GAVPL) reported operating income of
INR12.88 crore (previous year INR12.56 crore) and net profit of
INR0.44 crore (previous year INR0.51 crore).


GUJARAT ECO: CRISIL Reaffirms 'D' Rating on INR560MM Loans
----------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Gujarat Eco
Textile Park Ltd continue to reflect delays by GETP in servicing
repayments on its term loan; the delays have been caused by the
company's weak liquidity, driven by continuous cash losses.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term      128.9     CRISIL D (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan         431.1     CRISIL D (Reaffirmed)

GETP also has a weak financial risk profile, marked by weak debt
protection metrics, and its profitability is susceptible to
increase in prices of utilities. However, the company derives
benefits from the provision of critical infrastructure, such as a
common effluent treatment plant, at its textile park.

Incorporated in October 2005, GETP is a special-purpose vehicle
(SPV) promoted by the Luthra group of companies to establish a
textile park near Surat (Gujarat). The SPV was set up under the
Scheme for Integrated Textile Parks (SITP), supported by the
Ministry of Textiles, Government of India, and was among the first
textile parks to be approved under SITP.

GETP reported a net loss of INR188.1 million on net sales of
INR275.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR161.7 million on net sales of
INR268.8 million for 2011-12.


JINDAL CHAWAL: CRISIL Reaffirms 'B+' Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Jindal Chawal Nigam
continue to reflect JCN's below-average financial risk profile
marked by high gearing and weak debt protection metrics, and
susceptibility to volatility in raw material prices, uneven
rainfall, and regulatory actions. The rating also factors in the
firm's susceptibility to capital withdrawals by promoters. These
rating weaknesses are partially offset by the extensive experience
of JCN's promoters in the rice industry and its moderate working
capital requirements.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            40      CRISIL B+/Stable (Reaffirmed)
   Packing Credit         60      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that JCN will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if JCN's liquidity improves, driven
most likely by better-than-expected working capital management,
and if there is an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in JCN's liquidity, most likely because of capital
withdrawals, higher-than-expected working capital requirements, or
pressure on its profitability.

Update
JCN reported 14.1 per cent decline in operating income to INR440.7
million for 2013-14 (refers to financial year, April 1 to
March 31) from INR513.0 million the previous year, driven by
sluggish demand for rice and adverse impact of state government
policy on rice shellers. The firm's operating margin declined to
3.4 per cent for 2013-14 from 3.9 per cent in 2012-13 as firm
reported higher sales from low margin rice trading segment. CRISIL
believes that the margin is expected to remain low because of the
firm's increased focus on trading.

JCN's working capital requirements remain large, in line with
CRISIL's expectation, on account of large inventory. Its gross
current assets stood at 168 days as on March 31, 2014, against 127
days a year ago. The working capital requirements increased
because of increase in inventory to 153 days as on March 31, 2014,
from 112 days a year earlier; debtors declined to 11 days from 13
days. Because of large working capital requirements, JCN's bank
limit utilisation remains high.

JCN's capital structure is highly leveraged with gearing at 2.96
times and total outside liabilities to tangible net worth ratio at
4.1 times as on March 31, 2014. The firm's debt protection metrics
remain weak, in line with the previous year; its interest coverage
and net cash accruals to total debt ratios were 1.3 times and 2
per cent, respectively, for 2013-14. Its cash accruals remain
adequate to meet negligible term debt obligations. The firm does
not plan any debt-funded capital expenditure over the medium term.
CRISIL believes that the financial risk profile will remain weak
over the medium term on account of high gearing and low operating
profitability.

JCN reported a book profit of INR0.35 million on net sales of
INR439.1 million for 2013-14, against book profit of INR6.6
million on net sales of INR509.5 million for 2012-13.
About the Firm

JCN was established in 1984 as a partnership firm by the Jindal
family in Patiala (Punjab). The firm is mainly engaged in shelling
of basmati and non-basmati rice.


KALINGA JUTE: CRISIL Suspends 'B' Rating on INR144.8MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kalinga
Jute Products Pvt Ltd.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           90      CRISIL B/Stable Suspended
   Proposed Long Term    30.5    CRISIL B/Stable Suspended
   Bank Loan Facility
   Term Loan             24.3    CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
KJPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KJPPL is yet to
provide adequate information to enable CRISIL to assess KJPPL'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'

KJPPL was set up as a proprietorship concern in 1973 by Mr.
Sabarmal Agarwal; it was reconstituted as a partnership firm
during the same year, after his brothers joined the firm as
partners. Subsequently, in 1975, it was reconstituted as a closely
held private limited company. KJPPL manufactures jute, including
hessian cloth, sacking cloth, and twines. The products are
manufactured at the company's facilities in Dhenkanal (Orissa).


KAVUMKAL ROAD: CRISIL Assigns 'B' Rating to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Kavumkal Road Builders.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
    Cash Credit          60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    40       CRISIL B/Stable

The ratings reflect KRB's small scale of operations in a
fragmented industry, and large working capital requirements. The
ratings also factor in the firm's below-average financial risk
profile marked by a modest net worth. These rating weaknesses are
partially offset by the extensive experience of KRB's promoters in
the civil construction industry, and the firm's moderate order
book.

Outlook: Stable

CRISIL believes that KRB will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case the firm scales up its operations significantly, while it
maintains its moderate operating profitability, or improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case KRB registers lower-than-expected revenue or
profitability, or if its working capital management deteriorates,
resulting in weakening of its liquidity.

KRB, set up in 2005, is based in Ranni (Kerala). It executes civil
contracts for Kerala Public Works Department. The daily operations
of the firm are managed by Mr. Kuriakose Sabu.

KRB reported a net profit of INR4.1 million on net sales of INR74
million for 2013-14 (refers to financial year, April 1 to March
31), against a net profit of INR4.7 million on net sales of INR67
million for 2012-13.


MODERN SOLAR: CRISIL Suspends 'B' Rating on INR210MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Modern
Solar Pvt Ltd.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------         ---------   -------
   Cash Credit           140      CRISIL B/Stable Suspended
   Term Loan              70      CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by MSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSPL is yet to
provide adequate information to enable CRISIL to assess MSPL'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'

MSPL was incorporated in 2009 in Falta SEZ (West Bengal) and it
started commercial production of solar panels in 2010-11 (refers
to financial year April 1 to March 31). The company is promoted by
the Doshi and Avalani families.


NARANG ENTERPRISES: CRISIL Suspends 'B+' Rating on INR60MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Narang
Enterprises.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B+/Stable Suspended
   Proposed Cash Credit      20      CRISIL B+/Stable Suspended
   Limit

The suspension of ratings is on account of non-cooperation by NE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NE is yet to
provide adequate information to enable CRISIL to assess NE'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'

NE was set up as a partnership firm in 2006 by Mr. Satpal Narang,
Mrs. Meenakshi Narang, Mrs. Bimla Narang, and Mrs. Alka Narang.
The firm manufactures gold, silver, and diamond jewellery and
trades in gold bullion. The firm also runs two restaurants and
rents out banquet halls. The firm operates one showroom in
Gobindpuri, Haryana of 1000 square feet. Mr. Satpal Narang
oversees the day-to-day operations of the firm.


ORITO POLYFAB: CRISIL Assigns 'B' Rating to INR201.5MM Loans
------------------------------------------------------------
CRISIL has assigned its short term 'CRISIL A4' rating to the bank
facilities of Orito Polyfab Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        10       CRISIL A4
   Cash Credit           35       CRISIL B/Stable
   Term Loan            166.5     CRISIL B/Stable

The rating continues to reflect OPPL's risks attached to timely
completion of the project, small scale of operations in the highly
competitive industry, weak financial risk profile marked by small
net worth, and susceptibility of operating profitability to
fluctuations in raw material prices. These rating weaknesses are
partially offset by its established relationship with its
customers and suppliers, coupled with moderate working capital
management.

CRISIL had assigned its ratings to the long-term bank facilities
of OPPL at 'CRISIL B/Stable', on June 23, 2014. CRISIL has
reaffirmed the ratings for the long-term bank facilities.

Outlook: Stable

CRISIL believes OPPL will continue to benefit from its promoters'
established relationship in the industry. The outlook may be
revised to 'Positive' if the company completes its project in a
timely manner and improves its scale of operations substantially
while maintaining its operating profitability, leading to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is deterioration in its financial risk profile
either on account of lower than expected profitability and
revenues, coupled with larger than expected working capital
requirements or a large debt-funded capital expenditure.

Established in 2013, OPPL is promoted by the Patel family. It
manufactures cotton yarn ranging from 28's counts to 40's counts
with 12,000 spindles. The plant is located in Sabarkanth
(Gujarat). Operations are expected to start from August 2014.


PAGODA STEELS: CRISIL Reaffirms 'B' Rating on INR150MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pagoda Steels
Private Limited continues to reflect PSPL's weak financial risk
profile, marked by modest net worth, high gearing, and subdued
debt protection metrics, and its modest scale of operations in the
highly competitive thermo-mechanically treated (TMT) bar
manufacturing industry. These rating weaknesses are partially
offset by the extensive industry experience of PSPL's promoters.

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

   Proposed Long Term       5.9    CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan               24.1    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's net worth
improves significantly, backed by equity infusion from promoters,
and if its scale of operations and margins improve significantly,
leading to higher-than-expected accruals. Conversely, the outlook
may be revised to 'Negative' if PSPL's financial risk profile
deteriorates due to stretch in its working capital cycle or if its
profitability declines, leading to pressure on its liquidity.

Update
PSPL, on a provisional basis, reported net sales of INR926.5
million in 2013-14 (refers to financial year, April 1 to March 31)
compared to INR828.6 million a year ago; witnessing a year-on-year
growth of 12 per cent. With net sales of around INR300 million
till June 2014, CRISIL believes that PSPL will witness moderate
sales growth of 15 per cent over the medium term. The company's
operating margin remained at around 2.7 per cent in 2013-14,
compared to 3.3 per cent a year ago and is expected to remain at
around 3 per cent over the medium term. PSPL's working capital
requirements remained moderate, with gross current assets (GCAs)
of 44 days as on March 31, 2014, compared to 55 days a year ago;
GCAs are expected to remain at similar levels over the medium
term. Despite moderate working capital requirements, reliance on
external debt remains high due to low accruals generated in the
business. PSPL's average bank limit utilisation was 92 per cent
for the 5 months ended April 2014. PSPL's promoters have supported
its operations by extending unsecured loan, which has grown to
INR72.6 million in 2013-14 from INR35.4 million in 2011-12. CRISIL
believes that PSPL's liquidity will continue to be supported by
fund infusion by its promoters, over the medium term.

For 2013-14, PSPL reported a profit after tax of INR4.2 million on
net sales of INR926.5 million, against a net loss of INR10.3
million on net sales of INR828.6 million for 2012-13.

PSPL was established in 2005 and in 2012, Bhavnagar (Gujarat)-
based Patel family took over the company's operations. PSPL is
currently managed by Mr. Jignesh R Patel. The company manufactures
TMT bars under its brand, Pagoda, at its manufacturing facility in
Bhavnagar.


PALM BEACH: CRISIL Suspends 'D' Rating on INR125.7MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Palm Beach
Hospital.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               125.7     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by Palm
Beach with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Palm Beach is
yet to provide adequate information to enable CRISIL to assess
Palm Beach'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'

Palm Beach was set up in January 2011 as a proprietorship concern,
with Dr. Amit Pathak as the sole proprietor. Its overall
operations are managed by Dr. Amit Pathak. Palm Beach is building
a 100-bed multi-specialty hospital in Navi Mumbai (Maharashtra),
catering to various segments, with a special focus on cardiology,
orthopaedics, trauma care, and gynaecology.


PICASSO HOME: CRISIL Assign 'B' Rating to INR82.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities Picasso Home Products Private Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               2.5     CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B/Stable
   Cash Credit            30       CRISIL B/Stable
   Foreign Letter
   of Credit              20       CRISIL B/Stable

The rating reflects PHPL's modest scale of operations and its
large working capital requirements. The ratings also factor PHPL's
average financial risk profile, marked by modest networth and
moderate debt protection metrics. These rating weaknesses are
partially offset by PHPL's promoters' extensive experience in the
home appliance industry.

Outlook: Stable

CRISIL believes that PHPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of a sustainable growth in
accruals and a significant reduction in the working capital cycle
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's revenues or margins decline
or if its working capital cycle lengthens, or if it undertakes any
large debt funded capex, leading to deterioration in the financial
risk profile.

PHPL was incorporated in 2003, by Mr. Bhavesh Patel and Mr.
Jayantilal Jain. The company took over the business of partnership
firm ' Picasso Home Products' which was operational since 1996.
The company is engaged in manufacturing of home cookware products.
The company's manufacturing facility is located in Daman.

PHPL reported a profit after tax (PAT) of INR 2.4 million on net
sales of INR 12.3 million for 2012-13 (refers to financial year,
April 1 to March 31); against a PAT of INR5.2 million on net sales
of INR13.4 million for 2011-12.


PIONEER AGRO: CRISIL Cuts Rating on INR72.5MM Loans to 'B'
----------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Pioneer Agro Extracts Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           62.5     CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

   Letter of Credit      50       CRISIL A4 (Reaffirmed)

   Term Loan             10       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The downgrade reflects deterioration in PAEL's business risk
profile and financial risk profile.

PAEL's revenue declined in 2013-14 (refers to financial year,
April 1 to March 31) to INR384.1 million reflecting a decline of
65 per cent on a year-on-year (y-o-y) basis , substantially lower
than CRISIL's expectations on account of continuous competition
from major edible oil players which have economies of scale and
cost advantage due to proximity to ports. CRISIL believes that
PAEL will remain exposed to competition but will be able to report
modest revenue growth over the medium term on account of the
company's entry in new markets such as J&K and Himachal Pradesh
and focus on new products such as mustard oil and cotton seed oil.
The company reported loss at the operating level in 2013-14 as
against modest profitability of less than 2 per cent over the last
five years because of raw material price volatility and decline in
capacity utilisation of its plant. Steep decline in revenues and
profitability levels has resulted in erosion in PAEL's net worth
and deterioration in its financial risk profile. CRISIL believes
that increase in scale of operations as well as improvement in
operating profitability will remain rating sensitive factor over
the medium term.

The ratings reflect PAEL's weak financial risk profile, marked by
weak debt protection metrics and small net worth, and modest scale
of operations in highly fragmented edible oil industry with high
competition. These rating weaknesses are partially offset by the
extensive experience of PAEL's promoters and its long track record
of operations in the industry.

Outlook: Stable

CRISIL believes that PAEL's credit profile will remain weak over
the medium term on account of its modest scale and weak financial
risk profile. The outlook may be revised to 'Positive' if the
company reports significant growth in its revenue and
profitability, along with improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company faces further deterioration in demand for its products
and profitability; or in case of large debt-funded capital
expenditure resulting in deterioration in the financial risk
profile.

Incorporated in 1993, PAEL is owned and managed by Mr. Jagat
Aggarwal. The company at present manufactures vanaspati and
refined oil and has an oil-refining capacity of 90 tonnes per day
(tpd)  and 50 tpd of vanaspati manufacturing capacity at Pathankot
(Punjab). The company is listed on the Bombay Stock Exchange
(BSE).

PAEL reported net loss of INR16.9 million on net sales of INR384.1
million for 2013-14 against net loss of INR10.4 million on net
sales of INR601.85 million for 2012-13.


PREET REALTORS: CRISIL Cuts Rating on INR100MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Preet Realtors Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        2.5     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan                97.5     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects delays by PRPL in servicing its term
debt because of weak liquidity. The weak liquidity has resulted
mainly from cost overruns in PRPL's project (Rohit Residency) in
Lucknow (Uttar Pradesh) and low bookings/customer advances
received till date, resulting in deficit in cash flows to meet
debt obligations.

PRPL's operations remain susceptible to cyclicality inherent in
the real estate industry. However, the company benefits from its
promoters' extensive experience in the real estate industry in
Lucknow.

PRPL was incorporated in 2006 and was taken over in 2010-11
(refers to financial year, April 1 to March 31) by the SS group.
The company is engaged in real estate development in Lucknow, and
is implementing its first residential project, Rohit Residency, at
Gomti Nagar in Lucknow.

The SS group has been engaged in the real estate business for
around eight years. The group, headed by directors Mr. Narendra
Kumar, Mr. Mohit Maurya, Mr. Arun Gupta, and Mr. Anul Gupta, has
implemented four residential projects in and around Lucknow under
two group entities, India Infrahitech (P) Ltd and Rohit Colonisers
(P) Ltd.


PULIMOOTTIL SILKS: CRISIL Puts 'B+' Rating on INR80MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pulimoottil Silks Thrissur [PST, part of the
Pulimoottil group].

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          60       CRISIL B+/Stable
   Term Loan            20       CRISIL B+/Stable

The rating reflects the group's exposure to intense competition in
the apparel retail segment and its below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOL/TNW) ratio and subdued interest coverage ratio.
These rating weaknesses are partially offset by the benefits that
the Pulimoottil group derives from its promoters' extensive
experience in the apparel retail industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of four entities: PST, Pulimoottil Silks '
Kottayam, Pulimoottil Garments ' Kottayam, and Pulimootil Silks
and Apparels Pvt Ltd, together referred to as the Pulimoottil
group. This is because all the entities are in the same line of
business, have common promoters, share significant business
synergies, and have fungible cash flows between them.

Outlook: Stable

CRISIL believe that the Pulimoottil group will benefit from the
experience of its promoters in the apparel retail industry. The
outlook may be revised to 'Positive' in case the group
substantially scales up its operations, while maintaining its
profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the group's working capital management deteriorates, thereby
impacting its liquidity, or if its financial risk profile
deteriorates, most likely because of delays in starting or
stabilising commercial operations at its upcoming showroom, or
additional debt-funded capex.

The Pulimoottil group consists of four entities, PST, set up in
2007,  Pulimoottil Silks Kottayam and and Pulimoottil Garments
Kottayam, set up in 1986, and Pulimootil Silks and Apparels Pvt
Ltd, set up in 2013 . The group is engaged in the retailing of
silk saris and readymade garments. The day-to-day operations of
the group are managed by Mr. Stephen Chacko, Mr. Abraham Chacko
and Mr. John Chacko.

The group reported a net profit of INR0.8 million on net sales of
INR513.2 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR5.8 million on net sales
of INR651.5 million for 2011-12.


RATNAGIRI CERAMICS: CRISIL Suspends B+ Rating on INR62.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ratnagiri Ceramics Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.5     CRISIL A4 Suspended
   Cash Credit              50.0     CRISIL B+/Stable Suspended
   Letter of Credit         25.0     CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility        5.0     CRISIL B+/Stable Suspended
   Proposed Short Term
   Bank Loan Facility       17.5     CRISIL A4 Suspended
   Standby Line of Credit    7.5     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Ratnagiri with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Ratnagiri is yet to provide adequate information to enable CRISIL
to assess Ratnagiri'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'

Ratnagiri is engaged in manufacturing of designer ceramic tiles
and markets them under its own brands. Ratnagiri was set up in
2000, and is promoted by Mr. Sanjeev Bhaskar, Ms. Savita Bhaskar,
and Mr. Aditya Bhaskar.


SAGUN CONSTRUCTION: CRISIL Lowers Rating on INR117.5MM Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sagun Construction Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          117.5    CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by Sagun in
servicing its debt; the delays were caused by the company's weak
liquidity. Sagun has received low customer advances on account of
slowdown in the real estate market. Hence, its liquidity has come
under stress, with mismatch between its cash flows and debt
obligations.

Sagun is also exposed to implementation risks related to its
ongoing project in Ahmedabad (Gujarat), and is exposed to risks
and cyclicality inherent in the real estate sector in India.
However, Sagun benefits from its established market position in
the real estate sector in Ahmedabad and its promoters' extensive
industry experience.

Incorporated in 1997, Sagun develops residential and commercial
projects in Ahmedabad. The company is executing a residential
project, Sagun Classic, in Ahmedabad.

Sagun reported a profit after tax (PAT) of INR4.7 million on net
sales of INR59.0 million for 2013-14 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR0.5 million on net
sales of INR72.8 million for 2012-13.


SHRI SAINATH: CRISIL Assigns 'B+' Rating to INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shri Sainath Industries.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              30       CRISIL B+/Stable
   Cash Credit            30       CRISIL B+/Stable
   Letter of Credit       10       CRISIL A4

The ratings reflect SSI's small scale of operations in the
fragmented disposable utensils industry, exposure to product and
geographical concentration risks, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of SSI's promoters and its moderate
financial risk profile.

Outlook: Stable

CRISIL believes that SSI will maintain its business risk profile
over the medium term backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the firm
registers improvement in accruals driven by better sales and
profitability, resulting in improved liquidity. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile weakens because of increase in working capital
requirements or large debt-funded capital expenditure or
significant capital withdrawal.

SSI was formed in 2001 by Joshi family in Vadodara (Gujarat). The
firm manufactures disposable utensils.

SSI, on a provisional basis, reported profit before tax (PBT) of
INR9.9 million on net sales of INR135.2 million for 2013-14
(refers to financial year, April 1 to March 31), against a PBT of
INR4.0 million on net sales of INR61.3 million for 2012-13.


SND IRON: CRISIL Suspends 'B-' Rating on INR208.5MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of SND
Iron Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            6.5     CRISIL A4 Suspended
   Cash Credit              70       CRISIL B-/Stable Suspended
   Proposed Long Term
   Bank Loan Facility       58       CRISIL B-/Stable Suspended
   Term Loan                80.5     CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by SIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPL is yet to
provide adequate information to enable CRISIL to assess SIPL'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'

SIPL, incorporated in April 2004 by Mr. C.P. Jindal and Mr. A.K.
Goyal, is currently engaged in manufacturing of mild steel ingots.
The company has its manufacturing facility in Nashik
(Maharahstra). SIPL is planning to gradually shift to
manufacturing mild steel billets. The mild steel billet
manufacturing capacity is expected to commence operations by March
2013.


SREE GURU: CRISIL Reaffirms 'D' Rating on INR71.4MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Guru Raghavendra
Cotton Ginning & Pressing Factory continue to reflect instances of
delay by the firm in servicing its term debt; the delays have been
caused by its weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              56.4     CRISIL D (Reaffirmed)
   Term Loan                15.0     CRISIL D (Reaffirmed)

SGR has a weak financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics, and its margins
are susceptible to volatility in cotton and cotton seeds prices.
However, the firm benefits from its partners' extensive experience
in the cotton-ginning industry.

SGR was set up as a partnership concern in 1995. It is in the
cotton-ginning and pressing business. The firm's facility in
Bellary (Karnataka) has 42 ginning machines, and a pressing unit
with production capacity of around 300 bales per day. SGR's other
group entities'Sree Laxmi Venkatesh Ginning & Pressing Factory,
Sree Guru Raghavendra Ginning and Pressing Factory, and Sree
Parimala Cotton Ginning & Pressing Factory'are also involved in
the cotton-ginning business in Maharashtra.


SRI HANUMA: ICRA Reaffirms 'B+' Rating on INR10.75cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned to
INR10.75 crore fund based bank limits of Sri Hanuma Enterprises.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.75       [ICRA]B+ reaffirmed

The reaffirmed rating of the firm continues to be constrained by
low profitability margins inherent in tobacco trading business and
weak financial profile of the firm characterized by moderate
gearing and weak coverage indicators. The assigned rating is also
constrained by high working capital intensive nature of the
business on account of high inventory due to seasonality
associated with tobacco production and susceptibility of tobacco
to agro climatic risks affecting its availability. Tobacco is a
seasonal crop and its production and auctioning are controlled by
the Tobacco Board of India. The board prescribes the quantity of
tobacco to be cultivated and also the prices for its auction.
However, the rating of the firm continues to derive comfort from
long-standing experience of over 30 years of the promoter in
tobacco industry, established relationship with tobacco players
obtained from the previous ventures of the promoters as they were
involved in cultivation and sales of tobacco through other firms
earlier, and the relatively stable and price inelastic nature of
demand for tobacco products. The credit profile also derives
comfort from the steady increase in sales of the firm since its
inception albeit on a moderate scale.

The ability of the firm to improve its profitability significantly
while it continues to increase the scale of operations would be
the key rating sensitivity for the firm going forward.

Sri Hanuma Enterprises was established in September 2009 by Mr.
Chunduri Venkateswarlu. The unit is registered with Tobacco Board
as a tobacco dealer and can participate in the auctions conducted
by the same. The firm involves in trading of tobacco, primarily
Virginia Flue Cured (VFC) and Virginia Air Cured (VAC) varieties.
The firm is situated in Prakasam district in Andhra Pradesh which
is among the large tobacco growing regions in the state.

Recent Results
Sri Hanuma Enterprises reported operating income of INR50.90 crore
and operating profit of INR1.57 crore for FY2014 (provisional) as
against INR37.23 crore and INR1.23 crore respectively for FY 2013.


SRI SAI: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Sai Aarush Trade Links.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            80      CRISIL B/Stable

The rating reflects SSATL's modest scale of operations in the
intensely competitive and highly fragmented cotton trading
industry, and its below-average financial risk profile marked by
high total outside liabilities to tangible net worth ratio and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of SSATL's promoters
in the cotton industry.

Outlook: Stable

CRISIL believes that SSATL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, most likely because of a sustainable increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile deteriorates, most
likely because of significant decline in revenue and profitability
or capital withdrawal by the promoters.

Set up in 2013, SSATL trades in raw cotton and cotton lint. The
firm is promoted by Mr. N Nageswara Rao and his wife Mrs. N
Padmavathy. It is based in Vijayawada (Andhra Pradesh).

For 2013-14 (refers to financial year, April 1 to March 31), SSATL
reported a profit after tax of INR1.0 million on net sales of
INR395.8 million.


STMPL ENTERPRISES: CRISIL Assigns 'B+' Rating to INR20MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of STMPL Enterprises Pvt Ltd (STMPL; part of
the Majolica group).

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           20      CRISIL B+/Stable
   Letter of Credit     250      CRISIL A4

The rating reflects Majolica group's exposure to high competition
and trading nature of The ratings reflect the Majolica group's
exposure to intense competition and trading nature of operations,
leading to low profitability and weak financial risk profile
marked by an aggressive capital structure and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the Majolica group's promoters in
trading in timber and ceramic tiles.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Angel Exim Pvt Ltd, STMPL, and Majolica
Impex Pvt Ltd. This is because these entities, together referred
to as the Majolica group, have a common management and are in the
same lines of business.

Outlook: Stable

CRISIL believes that the Majolica group will benefit over the
medium term on the back of its promoters' extensive experience in
trading in timber and ceramic tiles. The outlook may be revised to
'Positive' if the group improves its profitability, substantially
leading to higher-than-expected cash accruals, while improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group's operating margin or revenue declines or
if its financial risk profile deteriorates more than expected due
to stretch in working capital or diversion of funds to group
companies.

Incorporated in 2007, STMPL is promoted by members of the
Mithiborwala family based in Ahmedabad (Gujarat). STMPL is a part
of the Majolica group. The group trades in ceramic and porcelain
tiles, and timbers.

For 2013-14 (refers to financial year, April 1 to March 31), the
Majolica group reported, on a provisional basis, a book profit of
INR14.9 million on net sales of INR2.44 billion; the group
reported a net profit after tax of INR13.5 million on net sales of
INR5.66 million for 2012-13.


SWAIN ALUMINIUM: CRISIL Assigns 'B' Rating to INR200MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Swain Aluminium Pvt Ltd.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            150        CRISIL B/Stable
   Cash Credit           50        CRISIL B/Stable
   Composite Working    100        CRISIL A4
   Capital Limit

The ratings reflect SAPL's below-average financial profile marked
by weak debt protection metrics, modest scale and working-capital-
intensive operations. These rating weaknesses are partially offset
by the benefits which SAPL derives from its promoter's extensive
experience in the aluminium industry.

Outlook: Stable

CRISIL believes that SAPL will remain exposed to the risk of
stabilization of its operations due to its modest scale of
operations in the aluminum extrusions industry. The outlook may be
revised to 'Positive' in case of a higher-than-expected increase
in SAPL's revenue and operating profitability while efficiently
maintaining its working capital management, leading to improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected accruals or any debt
funded capex plan, leading to deterioration in financial risk
profile.

SAPL was incorporated in 2009 and commenced its commercial
operations from 2011-12. The company is engaged in manufacturing
aluminum extrusions and allied products. The company's
manufacturing facility is located at Sarua Industrial Area,
Orissa.

SAPL reported a profit after tax (PAT) of INR1.5 million on an
operating income of INR79.7 million for 2013-14, against a PAT of
INR1.0 million on an operating income of INR97.1 million for 2012-
13.


TATA STEEL: Moody's Puts Ba3 CFR on Review for Upgrade
------------------------------------------------------
Moody's Investors Service, has put Tata Steel Limited ("TSL")'s
corporate family rating of Ba3 and Tata Steel UK Holdings Limited
("TSUKH")'s corporate family rating of B3 on review for upgrade.
The other ratings under review for upgrade are TSUKH's probability
of default rating of B3-PD, and the B3/LGD 3(49%) rating of
TSUKH's term loan facility.

Ratings Rationale

The review for upgrade has been triggered by the issuance of two
bonds by ABJA Investment (unrated), guaranteed by TSL, for a total
consideration of USD1.5 billion and by the rapid progress made on
the refinancing of TSUKH's Senior Facilities Agreement.

"On the back of improving sentiment in Europe and India, Tata
Steel has been able to make swift progress on the refinancing of
its European assets and opportunistically tap global markets to
lock in cheaper funding for the group", says Alan Greene, a
Moody's Vice President - Senior Credit Officer.

The review will focus on assessing the terms and conditions of the
refinancing and its implications for the links between TSUKH and
its parent, as well as the operational profiles of both TSUKH and
Tata Steel India. The review is expected to be concluded within
three months.

TSUKH has improved the cost profile of its plants and generated
five consecutive quarters of positive EBITDA in what remains a
fragile recovery in European demand. While Moody's expects TSUKH
to maintain positive EBITDA in FY2015, with EBITDA per tonne at
USD40/t, and reduce its reliance on the cash support from its
parent, it is unclear how TSUKH can sustainably return to positive
cash flow and pay back debt.

"Tata Steel's Ba3 rating has been held back by TSUKH weak
performance in recent years despite its very profitable assets in
India. With TSUKH on a better footing both operationally, and
financially, the strength of the parent can better benefit the
group", adds Greene, who is the Lead Analyst for Tata Steel.

TSL, on a standalone basis, has consistently been one of the most
profitable steel companies globally. Despite its strength, the
terms of the current TSUKH loan would cause challenges for the
group in September 2015. By pushing the maturity of the TSUKH debt
out by at least five years, the company can focus on extracting
maximum benefits from the improving sentiment in India following
the change of government and the recent budget announcement. The
first sales of steel from Tata's new plant at Odisha are expected
in early FY2016. At full output, phase one will add 30% more steel
to TSL's existing highly profitable and cash generative Indian
operations.

The principal methodology used in these ratings was the Global
Steel Industry Methodology published in October 2012. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Tata Steel Limited ("Tata Steel") is an integrated steel company
headquartered in Mumbai, India. Following the acquisition of Corus
plc (now Tata Steel UK Holdings, or "TSUKH"), Tata Steel has
operations in 24 countries and is the eleventh largest steelmaker
in the world based on its crude steel output of 25.3 million
tonnes in 2013.

Current crude steel production capacity at Jamshedpur, its main
operation in India, is some 9.8 mtpa. In FY2014, Tata Steel India
produced 8.9 million tonnes of steel and sold 8.5 million tonnes,
compared with 7.9 million tonnes and 7.5 million tonnes,
respectively in FY2013. Additional hot metal operations are
located in Singapore and Thailand giving some 2mtpa of crude
steel. In FY2014, TSUKH produced 8.5 million tonnes of crude steel
in the UK and 7.0 million tonnes in the Netherlands.


YASHRAAJ ETHANOLL: CRISIL Suspends 'D' Rating on INR327MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Yashraaj Ethanoll Processing Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               37      CRISIL D Suspended
   Term Loan                290      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
YEPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, YEPPL is yet to
provide adequate information to enable CRISIL to assess YEPPL'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'.

YEPPL was incorporated in 2007, promoted by Mr. Anil Jadhav, Mr.
Madan Bhosale, Mr. Mohan Bhosale, Mr. Divakar Nimkar, and Dr.
Vinayak Bhosale. The company manufactures grain-based extra-
neutral alcohol (ENA). The company is setting up a plant in Satara
(Maharashtra) with capacity to manufacture 45,000 liters of ENA
per day. The plant is located strategically close to the jowar and
maize producing regions in Maharashtra.


Z V STEELS: ICRA Reaffirms 'B+' Rating on INR18cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR18.00 crore (enhanced from INR12.50 crore) fund based bank
facility and a short term rating of [ICRA]A4 to the INR10.00 crore
(enhanced from INR2.50 crore) non fund based bank facility
(sublimit of cash credit facility) of Z V Steels Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund Based    18.00      [ICRA]B+ Reaffirmed
   Limit-Cash Credit

   Short Term Non Fund     10.00      [ICRA]A4 Reaffirmed
   Based Limit- Letter
   of Credit

The reaffirmation of ratings takes into account the significant
increase in debt levels of the company in FY14, leading to a
leveraged capital structure and weakened coverage indicators,
reflecting an adverse financial risk profile; nominal profits and
cash accruals from the company's business. The ratings also factor
in ZVSPL's exposure to price risks on account of fluctuation in
steel prices; and the company's exposure to cyclicality associated
with the steel industry, which is currently passing through a
period of slowdown.

Nevertheless, the ratings continue to favorably factor in the
extensive experience of the promoters in the steel trading
business and authorized distributorship of reputed steel producers
such as JSW Steel Limited, which improves the company's
procurement efficiency.

Z V Steels Private Limited was established in 1997 and has its
registered office in Mumbai. The company is a trading house
engaged in the business of trading of steel products such as cold
rolled cold annealed, hot rolled, cold rolled etc.

Recent Results

In FY13, the company reported a net profit of INR0.31 crore on an
operating income of INR121.62 crore. As for the twelve months
ending March 2014 provisional, the company reported a profit
before tax of INR0.65 crore on an operating income of INR141.76
crore.



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


MALAYSIA AIRLINES: Twin Tragedies Push Carrier to the Brink
-----------------------------------------------------------
AFP reports that any airline would struggle with the devastating
impact of losing one jet full of passengers, especially if it had
already been bleeding money for years.

But losing another just months later is pushing crisis-hit
Malaysia Airlines to the brink of financial collapse, airline
experts said, spotlighting whether it can steer its way out of
extended turmoil as once-troubled carriers such as Korean Air and
Garuda Indonesia did before, AFP relates.

According to AFP, analysts added the flag carrier needs an
immediate intervention from the Malaysian government investment
fund that controls its purse strings, and likely deep
restructuring, to survive the twin tragedies of flights MH370 and
MH17.

AFP says Malaysia Airlines (MAS) was already struggling with years
of declining bookings and mounting financial losses when MH370's
mysterious disappearance in March with 239 people aboard sent the
carrier into free-fall.

The July 17 downing of flight MH17 over Ukraine, which killed all
298 people on board, deeply compounds those woes, the news agency
notes.

"The harrowing reality for Malaysia Airlines after MH17 is that if
the government doesn't have an immediate game plan, every day that
passes will contribute to its self-destruction and eventual
demise," Shukor Yusof, an analyst with Malaysia-based aviation
consultancy Endau Analytics, told AFP.

Shukor said MAS was losing "one to two million US dollars a day,"
and has "the bandwidth to stay afloat for about six more months
based on my estimates of its cash reserves," AFP relays.

While the MH17 disaster was beyond the airline's control --
pro-Russia separatists in Ukraine stand accused of shooting it
down with a missile -- bookings are expected to take a further
significant hit, as they did in MH370's wake, notes AFP.

"I'm not considering going to Malaysia in the next few years. Not
unless Malaysia Airlines acts or does something in the future that
will allow people to feel more relaxed about travelling there,"
AFP quotes Zhang Bing, a Chinese national in Beijing, as saying.

AFP relates that Jonathan Galaviz, a partner at the U.S.-based
travel and tourism consultancy Global Market Advisors, said
"perception is key in the airline industry".

"Unfortunately for Malaysia Airlines, potential international
customers are now going to link the brand to tragedy."

The airline already has announced refunds for ticket cancellations
following MH17, which Mr. Galaviz said would cost millions of
dollars, AFP reports.

AFP states that speculation is rife that state investment vehicle
Khazanah Nasional, which owns 69% of the airline, will delist its
shares and take it private, which could set the stage for painful
cost-cutting measures and other reforms.

Analysts have long blamed poor management, government
interference, a bloated workforce, and powerful, reform-resistant
employee unions for preventing the airline from remaining
competitive, according to AFP.

MAS lost a combined MYR4.1 billion ($1.3 billion) from 2011-13. It
bled a further MYR443 million in the first quarter of this year,
blaming MH370's "dramatic impact" on bookings, AFP discloses.



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


CAPITAL + MERCHANT: Chief Executive Granted Parole
--------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Capital +
Merchant Finance boss Owen Tallentire has been granted parole and
was described as a "model prisoner".

The report says Mr. Tallentire was sentenced to six years in
prison after being found guilty of theft by a person in a special
relationship and pleading guilty to misleading investors.

The 67-year-old had been chief executive of Capital + Merchant
Finance, which owed investors NZ$167 million when it collapsed in
November 2007.

His co-offenders, Wayne Douglas and Neal Nicholls, are serving
longer sentences than any other person in a failed finance company
case to date, the report notes.

The Herald relates that Mr. Tallentire earlier this month came up
before the parole board, which said he clearly met the criteria
for release on parole.

He is described as a "model prisoner", the parole board's decision
said, according to the Herald.

"He is assessed as low risk and in all respects has done extremely
well whilst in prison," the decision said.

"At his age he is a superannuitant with no assets. He does not
intend to enter the workforce . . .," the decision said.

The Herald says Mr. Tallentire was granted release on the
conditions that he not start work before getting approval from a
probation officer and was prohibited from being employed in a role
where he was managing money or holding "any fiscal
responsibility".

He is not allowed to communicate with victims of his offending
-- failed finance company investors -- or to get in touch with his
partners in crime, Messrs. Douglas and Nicholls.

The conditions are imposed for the next two years, the report
adds.

Capital + Merchant Finance Limited was placed into receivership on
Nov. 23, 2007, with the appointment of Timothy Downes and Richard
Simpson of Grant Thornton as Receivers. A second receivership also
commenced on Nov. 29, 2007, with the appointment of Grant Graham
and Brendon Gibson of Korda Mentha as Receivers. The first
receivership was concluded on March 21, 2012, and the second
receivership continues. The Official Assignee was appointed
liquidator of the company on Dec. 15, 2009, on the petition of the
Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the Securities
Act as a result of prosecutions by the Serious Fraud Office (SFO)
and the Financial Markets Authority (FMA). They received total
prison sentences of between six and eight and a half years'
imprisonment. Two of the directors (Ryan and Sutherland) were
ordered to pay reparation totaling NZ$160,000.


ROSS ASSET: Investors Put on Notice Over Withdrawals
----------------------------------------------------
BusinessDesk reports that investors who managed to withdraw funds
in recent years from the Ross Asset Management group of companies,
found to be a Ponzi scheme, have been put on notice that the
liquidators may try to claw back the cash.

According to BusinessDesk, PwC's John Fisk and David Bridgman said
they have a valid claim on any funds withdrawn from the investment
scheme since December 2010 under the Companies Act on the basis
investors would receive more than their entitlement under a
liquidation.

BusinessDesk relates that the liquidators also believe they can
make a claim on anyone who drew funds within the past six years
under the Property Law Act on the basis they were part of
David Ross's fraud. The managers weren't able to cut deals with
three investors who withdrew some NZ$3.8 million in the lead-up to
Ross Asset Management's collapse in 2012, and expect to
"imminently" file proceedings in the High Court, Pwc said in their
latest report cited by BusnessDesk.

"Subject to the outcome of the above proceedings, the liquidators
intend making further demands on any investors who have received
monies in the above circumstances," Messrs. Fisk and Bridgman said
in their report. Because a successful voidable transaction claim
could potentially change an investor's net contribution position,
they can't agree to final claims until all legal issues have been
settled, they said.

Last month, the Court of Appeal turned down a bid by Mr. Ross to
reduce his 10-year, 10-month jail term, which carries a minimum
non-parole period of five years and five months, the report
recounts.

Wellington-based Mr. Ross built up a private investment service by
word of mouth, producing regular reports for shareholders
indicating healthy but fictitious returns. Between June 2000 and
September 2012, Mr. Ross reported false profits of NZ$351 million
from fictitious securities trading as part of a fraud that was the
largest single such crime committed by an individual in
New Zealand, the report says.

BusinessDesk notes that Messrs. Fisk and Bridgman are seeking to
claw back some of the NZ$100 million to NZ$115 million that was
lost in the fraudulent scheme for some 1,200 investors. As at June
16, they estimated the realisable value of shares held by Ross
Asset Management entities to be about NZ$5.4 million, with
estimated total realisations available for investors and creditors
of NZ$3.98 million, BusinessDesk discloses.

Ross Asset Management's assets were frozen and receivers appointed
in 2012 by the Financial Markets Authority after the watchdog
received complaints about delayed or non-payment of investor
funds. Ross wasn't available in the early days of the
investigation due to his hospitalisation under the Mental Health
Act.

PwC's John Fisk and David Bridgman were appointed to preserve the
assets of the Ross family and related trusts as part of the wider
investigation into Ross Asset Management.

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);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



=================
S I N G A P O R E
=================


AMTEK GLOBAL: S&P Assigns Prelim. 'B+' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Rating Services said that it has assigned its
preliminary 'B+' long-term corporate rating to Singapore
incorporated automotive supplier Amtek Global Technologes Pte Ltd.
(Amtek).  The outlook is stable.

S&P also assigned its preliminary 'B+' issue rating to the group's
proposed senior secured term loan B.  The preliminary recovery
rating on this loan is '4', reflecting S&P's expectation of
average (30%-50%) recovery for debtholders in the event of a
payment default.

The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings.  If S&P do not receive final documentation within a
reasonable time frame, or if final documentation departs from
materials reviewed, it reserves the right to withdraw or revise
the ratings.

Amtek has announced plans to issue a EUR275 million senior secured
five-year term loan B to refinance its capital structure.  As a
part of its refinancing plan, Amtek also intends to put in place a
five-year revolving credit facility (RCF) for a total amount of
EUR30 million.

S&P bases the preliminary rating on Amtek on its expectation that
it will complete the proposed refinancing as presented to S&P.
S&P factors into its preliminary rating its assessment of Amtek's
stand-alone credit profile (SACP) at 'b+' and S&P's group credit
profile (GCP) of 'b+' for Amtek's parent, Amtek Auto Ltd. (Amtek
Auto).

Amtek is an automotive component supplier with diverse forging and
casting capabilities, focusing mainly on large European automotive
manufacturers.

The stable outlook on Amtek reflects S&P's view that its operating
performance should further improve in the coming years, as a
result of integration-related synergies from recent acquisitions.
S&P expects that this will lead to stable credit metrics, with FFO
to debt of about 15%-20% and debt to EBITDA of about 4.5x.

An upgrade of Amtek is unlikely in the next few years, in S&P's
view, unless it revises upward its assessment of Amtek Auto's GCP.
Given that Amtek constitutes a significant part of Amtek Auto's
overall financial performance and S&P's base-case expectations for
Amtek, S&P do not envisage any such improvement of financials or a
higher GCP for Amtek Auto in the next few years.

A significant weakening of Amtek's credit metrics, with FFO to
debt falling below 12% and debt to EBITDA rising above 5x, could
lead to a downgrade.  Any lowering of the GCP on Amtek Auto would
also result in a similar rating action on Amtek.  A weaker GCP
could result, among other factors, from Amtek Auto's inability to
deleverage and to achieve credit metrics fully in line with S&P's
aggressive financial profile descriptor by end of 2015, an
insufficient rebound in the currently depressed Indian market for
motor vehicles in the coming 18 months, or no improvement in the
group's overall liquidity situation.


BERAU CAPITAL: Moody's Rates Proposed US$ Sr. Secured Notes (P)B1
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to Berau Capital Resources II Pte. Ltd.'s, proposed senior secured
USD notes due 2019.

The notes being issued by Berau Capital Resources II Pte. Ltd., a
wholly-owned subsidiary of Berau Coal Energy Tbk (BCE, B1
negative), will be unconditionally guaranteed by BCE and certain
subsidiaries.

Proceeds from the proposed notes will be used to refinance Berau
Capital Resources Pte. Ltd.'s USD450 million 12.5% senior secured
notes maturing in July 2015.

BCE's B1 corporate family rating was affirmed on 30 June 2014. The
rating outlook is negative.

Moody's will remove the provisional status of the notes after
reviewing the final terms and conditions of the proposed notes and
consent solicitation on the exsting 2015 and 2017 notes.

Ratings Rationale

"This proposed refinancing of BCE's maturing 2015 notes is in line
with Moody's expectations underpinning the affirmation of BCE's B1
CFR last month. The successful execution of the refinancing will
sustain BCE's liquidity profile by extending its maturity profile
such that its next material maturity is in 2017," says Brian
Grieser, a Moody's Vice President and Senior Analyst.

BCE's B1 ratings and negative outlook reflect the continued
pressure on its credit metrics in a challenging operating
environment where thermal coal prices have been persistently weak
and also takes into account Moody's expectation that coal prices
will remain under pressure over the next 12 months.

"The rating also accommodates Moody's expectation that low coal
prices will drive BCE's financial leverage higher in 2014, towards
4.5x from 3.8x in March 2014. Moody's expect management to
continue implementing cost reduction measures and preserve cash in
2014-2015," adds Grieser, who is also Lead Analyst for BCE.

The notes are expected to rank equally and share the same
collateral as the existing $500 million notes due 2017 (B1) and be
governed by the existing cash and account management agreement
(CAMA).

The ratings are supported by (1) BCE's majority ownership of
Berau, one of the world's lowest-cost producers of thermal coal
with a a history of consistent production growth; (2) the quality
and stability of BCE's customer base of large utility companies;
and (3) its good liquidity with substantial cash holding.

At the same time, BCE's strengths are balanced by its lack of
product and concession diversification, exposure to commodity
cycles, customer concentration risk and the uncertain regulatory
environment in Indonesia.

A rating downgrade would likely occur if 1) the proposed
refinancing is unsuccessful or delayed 2) Coal prices fail to
stabilize and thus fall short of Moody's $75-80 per ton target in
the next twelve months; 3) BCE undertakes large expansionary capex
projects or makes any large debt-funded acquisitions such that
there is a material decline in BCE's cash balances.

Specific indicators Moody's would look for include adjusted
debt/EBITDA exceeding 4.0-4.5x while net debt/EBITDA exceeds 3.0x-
3.5x.

Other negative rating triggers include: 1) any adverse decisions
regarding the off-setting of payments for VAT; or 2) any change in
laws and regulations, particularly in relation to mining
concessions that would adversely affect BCE's business.

Upward rating momentum is limited given the negative outlook and
Moody's view that deleveraging will be challenging in the current
environment for coal prices. Nonetheless, the rating outlook may
be changed to stable if BCE improves its financial leverage such
that its adjusted debt/EBITDA falls below 3.5x and EBIT/interest
exceeds 3.5x. Any positive action would require BCE to maintain
the current strength of its liquidity profile in concert with an
improvement in realized coal prices.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.2 billion tons, with probable and proven reserves
estimated at 509 million tons (mt).



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


SSANGYONG ENGINEERING: Court OKs Rehabilitation Plan
----------------------------------------------------
Park Si-soo at The Korea Times reports that Ssangyong Engineering
and Construction (E&C) is now up for grabs.

The Korea Times relates that the company was given court approval
on July 25 to implement its comprehensive rehabilitation plan. It
includes cash repayment and debt-to-equity swap arrangements on
the company's debt totaling KRW850 billion ($829 million).

The decision by the Seoul Central District Court has opened doors
for a new owner to acquire the builder, the report says.

The court approved the rehabilitation plan at the request of
92.5 percent of creditors of the cash-strapped builder, the Korea
Times notes.

Of the total debt, creditors agreed to turn 73 percent into
equities in a debt-to-equity deal. The rest of the debt will be
paid under a debt rescheduling program.

"Allegations have it that there are foreign investors who are
interested in taking over Ssangyong E&C," the report quotes an
official as saying. "We are expected to have a clear picture of
our future anytime soon, because the biggest uncertainty has been
removed."

According to the report, Ssangyong E&C has secured foreign
building orders despite a court-ordered debt rescheduling program
that started from June 2013.

Last month, the company won an $81 million order to build the main
hotel for the ASEAN Plus Three summit to be held in Malaysia next
year, the report recounts.

The Korea Times relates that industry observers said Ssangyong's
expertise and accumulated knowhow in building roads, subways and
other high-end construction projects should attract interest among
prospective buyers from home and abroad.

"With the rehabilitation programs getting approved and most other
risks, such as contingent liabilities, being resolved, mergers and
acquisition talks involving the builder should gain speed," a
construction analyst said, the report adds.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 3, 2014, The Korea Times said Ssangyong Engineering &
Construction (E&C) has filed for court protection as its creditors
refused to finance the cash-strapped builder.  Ssangyong E&C said
it held a board meeting Dec. 30 to ask the Seoul Central District
Court to lead a debt-rescheduling program after one of its major
creditors, the Military Mutual Aid Association, raised an
objection to additional financial support to it.

Ssangyong became the first Korean builder which filed for court
protection since the 1998 financial crisis that severely hit the
construction sector. Back then, major contractors such as Hyundai
Engineering & Construction and Daewoo Engineering & Construction
went through a debt workout program.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***