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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

           Tuesday, October 1, 2013, Vol. 16, No. 194


                            Headlines


A U S T R A L I A

AL LOGISTICS: Ferrier Hodgson Appointed as Administrators
BETTINA LIANO: Hall Chadwick Appointed as Administrators
CLUB LIFESTYLE: Faces Insolvency Proceedings Over Tax Debt
MIRABELA NICKEL: Liquidity Concerns Cue Moody's Downgrade Watch
TORRENS TRUST: Fitch Affirms 'BB' Rating on AUD32MM Class B Notes

WILLIAM BUCK: High Court Appoints Ferrier Hodgson as Liquidators


B A N G L A D E S H

* Moody's Notes Impact of Politics on Bangladesh's Rating


C H I N A

YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsecured Bonds B2
YUZHOU PROPERTIES: S&P Assigns 'B' Rating to Proposed Sr. Notes


I N D I A

AERZEN MACHINES: CRISIL Reaffirms 'BB' Rating on INR35MM Loan
ALMONDZ FINANZ: ICRA Rates INR30cr Bank Lines at 'BB+'
ASSOCIATED POWER: CARE Assigns 'BB' Rating to INR51cr Loans
B.G.M. CONSORTIUM: CRISIL Cuts Ratings on INR1.09BB Loans to 'D'
BREMELS RUBBER: CRISIL Assigns 'BB-' Ratings to INR190MM Loans

CHANDAN TRADING: CRISIL Suspends 'B-' Ratings on INR70MM Loans
CHINAR SYNTEX: CRISIL Reaffirms 'B+' Rating on INR180MM Loan
C.L.GULHATI: CRISIL Reaffirms 'B-' Ratings on INR252MM Loans
DISHA AUTO: CRISIL Assigns 'BB' Ratings to INR60MM Loans
DISHMAN INFRA: CARE Reaffirms 'C' Rating on INR120cr Loans

ESS-KAY AUTO: ICRA Reaffirms 'BB+' Rating on INR16.5cr Loan
EXODUS FUTURA: CRISIL Reaffirms 'D' Ratings on INR91MM Loans
FRANCO LEOME: CRISIL Cuts Ratings on INR62.7MM Loans to 'BB'
GMR AVIATION: ICRA Ups Rating on INR12.5cr Loans From 'BB+'
GOVERDHAN VERMA: CRISIL Rates INR62MM Cash Credit at 'B'

GURU AASHISH: CRISIL Cuts Ratings on INR800MM Loans to 'BB+'
HANUMAN IMPEX: CRISIL Rates INR58.9MM Cash Credit at 'B+'
HARSH AUTOMOBILES: CRISIL Reaffirms 'BB' Rating on INR50MM Loan
I-WAY NET: CRISIL Assigns 'BB' Rating to INR80MM Cash Credit
JAI SURGICALS: ICRA Assigns 'BB-' Ratings to INR1.4cr Loans

JAJOO ENTERPRISES: CRISIL Cuts Rating on INR420MM Loans to 'BB+'
JAKSONS DEVELOPERS: CRISIL Puts 'BB' Ratings on INR1.64MM Loans
JALA SHAKTI: CRISIL Suspends 'D' Rating on INR200MM LT Loan
JEWEL CONSUMER: CARE Assigns 'BB' Rating to INR23.62cr Loans
J. K. RICE: CRISIL Assigns 'B-' Ratings to INR25.6MM Loans

J.M.A.STORES: CRISIL Suspends 'BB+' Ratings on INR250MM Loans
JOHN SAW MILL: CRISIL Reaffirms 'BB' Rating on INR70MM Loan
K.C. RICE: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Credit
KG FABRIKS: ICRA Reaffirms 'B-' Ratings on INR78.91cr Loans
KHODASHI POWER: ICRA Reaffirms 'D' Rating on INR20cr LT Loans

KRISHNA PAPER: CRISIL Reaffirms 'BB' Rating on INR135MM Loan
KUDU KNIT: ICRA Reaffirms 'BB' Rating on INR14.84cr Loans
LANTRASOFT: CRISIL Assigns 'B' Ratings to INR13.5MM Loans
LAXYA DIAMONDS: CRISIL Rates INR20MM Cash Credit 'B+'
LINNHOFF INDIA: CRISIL Reaffirms 'BB' Ratings on INR405MM Loans

MA BHAGWATI: CARE Assigns 'D' Rating to INR18.16cr LT Loans
MANGESH ENTERPRISES: CRISIL Cuts Ratings on INR90MM Loans to 'D'
MEENAL ENTERPRISES: CRISIL Cuts Ratings on INR90MM Loans to 'D'
MEENAL TRADING: CRISIL Lowers Ratings on INR100MM Loans to 'D'
MISTRY CONSTRUCTION: ICRA Assigns 'B-' Ratings to INR35.8cr Loans

MISTRY ENTERPRISES: ICRA Assigns 'B-' Ratings to INR27.5cr Loans
M. K. PRODUCTS: CARE Rates INR6.59cr LT Bank Loans at 'B'
PELENA TRADING: CRISIL Lowers Ratings on INR90MM Loans to 'D'
PRAHLADRAI FABRICS: CRISIL Cuts Ratings on INR950MM Loans to BB+
PUDUVAI LIFE: CRISIL Assigns 'B' Rating to INR23.6MM Loans

RAMA KRISHNA: CRISIL Reaffirms 'BB-' Ratings on INR40MM Loans
RAMKY ELSAMEX: CARE Reaffirms 'D' Rating on INR277.09cr Loans
REEP INDUSTRIES: CRISIL Reaffirms 'D' Ratings on INR201.8MM Loans
REGALIA JEWELS: CRISIL Rates INR65MM Cash Credit at 'B'
R K METAL: CRISIL Reaffirms 'BB-' Ratings on INR127.5MM Loans

SANT RAM: CRISIL Reaffirms 'BB-' Ratings on INR186.4MM Loans
SCORPIO ENG'G: CRISIL Cuts Ratings on INR81MM Loans to 'B+'
SHANTDEEP METALS: CRISIL Assigns 'B' Ratings to INR130MM Loans
SHREE SUSHMA: ICRA Rates INR5cr Long-Term Loan at 'B+'
SOLARIS CHEMTECH: CRISIL Keeps 'BB+' Loan Ratings on Watch Neg.

SRI LAKSHMINARAYANA: CRISIL Reaffirms B+ Rating on INR100MM Loan
SRM CONSTRUCTION: CRISIL Assigns 'D' Ratings to INR70MM Loans
SUPRABHA CONSTRUCTION: ICRA Reaffirms D Ratings on INR10cr Loans
SYMCOM IMPEX: CRISIL Assigns 'B' Rating to INR250MM Loan
TARA FINVEST: CRISIL Reaffirms 'BB' Rating on INR124MM Loans

TECUMSEH PRODUCTS: CRISIL Assigns 'BB' Ratings to INR815MM Loans
VAIBHAV ENTERPRISES: CARE Rates INR18cr LT Bank Loans at 'B+'
VAISHNO DEVI: CRISIL Assigns 'BB-' Ratings to INR160MM Loans
VENTO CERAMIC: ICRA Assigns 'B' Ratings to INR9.65cr Loans
VERMONT PROJECTS: CRISIL Suspends 'B' Rating on INR200MM Loan

VISHNU COTTON: CRISIL Reaffirms 'D' Ratings on INR346MM Loans
ZYDEX INDUSTRIES: CARE Assigns 'BB+' Rating to INR17.15cr Loans


I N D O N E S I A

XL AXIATA: Moody's Affirms Ba1 CFR Following PT Axis Purchase


N E W  Z E A L A N D

BRIDGECORP LTD: Former Chairman Banned as Barrister For 9 Months
MEDIAWORKS NZ: Sale of Broadcaster Delayed


P H I L I P P I N E S

RURAL BANK OF HAGONOY: Placed Under PDIC Receivership


S O U T H  K O R E A

TONG YANG: Three Affiliates File For Court Receivership


T H A I L A N D

* Rising Regional Risks Could Erode Thailand's Resilience


X X X X X X X X

* BOND PRICING: For the Week Sept. 23 to Sept. 27, 2013


                            - - - - -


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


AL LOGISTICS: Ferrier Hodgson Appointed as Administrators
---------------------------------------------------------
Martin Jones, Andrew Saker and Darren Weaver of Ferrier Hodgson
were appointed Voluntary Administrators of AL Logistics Pty Ltd on
Sept. 24, 2013, pursuant to Section 436A of the Corporations Act
2001.

A first meeting of creditors will be held on Oct. 7, 2013, at the
Holiday Inn Perth City Centre, 778 - 788 Hay St, in Perth, West
Australia.

AL Logistics Pty Ltd provides transport, warehouse, distribution
and logistics services in Western Australia and the Northern
Territory for over 100 years.

The Administrators may be reached at:

          Martin Jones
          Andrew Saker
          Darren Weaver
          c/o Ferrier Hodgson
          Level 26, BankWest
          Tower 108 St George's
          Terrace Perth
          WA 6000
          E-mail: martin.jones@fh.com.au
                  andrew.saker@fh.com.au
                  darren.weaver@fh.com.au


BETTINA LIANO: Hall Chadwick Appointed as Administrators
--------------------------------------------------------
Richard Albarran, Brent Kijurina and David Ross of Hall Chadwick
were appointed Administrators of Bettina Liano Pty Limited on
Sept. 24, 2013.

"The Administrators are currently working with the director
regarding a proposal for a formal restructure of the Company via a
Deed of Company Arrangement. The Administrators will commence a
marketing campaign for the sale of the Company's business as a
going concern. The Administrators are currently continuing to
trade the business as a going concern to maximise the return to
creditors," Hall Chadwick said in a statement.

The first creditors meeting will be held in Hall Chadwick's
Melbourne offices on October 4.

SmartCompany says the eponymous label first went into
administration in 2011, but recovered following a deal with
Sydney-based clothing manufacturing business Apparel Group to
design, manufacture and wholesale the brand.

A spokesperson for Apparel Group told SmartCompany that they were
not aware of the latest administration announcement, and that
nothing had changed with the agreement with the brand.


CLUB LIFESTYLE: Faces Insolvency Proceedings Over Tax Debt
----------------------------------------------------------
Chris Vedelago and Cameron Houston at The Sydney Morning Herald
report that one of Australia's largest loyalty programs is on the
brink of collapse potentially leaving more than 700,000 customers
and some of the nation's biggest companies, including Myer,
iSelect, Hoyts and GE Money, in limbo.

According to the report, the Lifestyle Rewards program is facing
insolvency proceedings over its failure to pay the Australian
Taxation Office a AUD536,000 debt, with the company's director
Edward 'Eddie' Malkoun also under serious financial pressure from
mounting debts.

SMH relates that Mr. Malkoun is being personally pursued by the
ATO after running up AUD1.87 million in income tax bills going
back to 2007, while another creditor has accused him of passing a
bad cheque of AUD109,500, according to court documents.

Several caveats have also been lodged by creditors over
Mr. Malkoun's mansion in Mount Martha, which was purchased for
AUD4.36 million in 2011, the report notes.

Lifestyle Rewards promotes itself as the 'pioneer and leading
provider' of loyalty cards. Card holders who shop with certain
retailers earn points that can be cashed in for goods and services
from companies including Myer, Hoyts, Coles, Woolworths, JB Hi-Fi,
Aquila, GE Money, iSelect and Medibank Private.

SMH says Mr Malkoun has taken credit for helping create the Myer
One and Hoyts Gold Club programs.

"We've been in business for 14 years and we've seen a lot of
rewards programs come and go," he told a trade publication in June
2012, SMH reports.

But court documents show the company, Club Lifestyle Pty, had
stopped paying state payroll taxes months before, running up a
AUD36,474 debt by early 2013, according to SMH.

A petition to wind up the company by the State Revenue Office was
soon joined by the Australian Taxation Office over a AUD536,141
bill for unpaid taxes and superannuation charges, SMH reports.
Another AUD218,497 is being personally sought against Mr. Malkoun
as a penalty for failing to meet his financial obligations as a
company director, says SMH.

The insolvency proceeding, which is due to be heard in the Supreme
Court of Victoria in early October, could potentially affect more
than 700,000 members who are eligible to claim points on more than
10,000 different rewards products, the report adds.


MIRABELA NICKEL: Liquidity Concerns Cue Moody's Downgrade Watch
---------------------------------------------------------------
Moody's Investors Service placed Mirabela Nickel Limited's Caa1
Corporate Family Rating and Caa1 senior unsecured rating on review
for possible downgrade following the company's announcement of its
Company and Operational Update.

The announcement contained several negative developments,
including the receipt of a notification by one of its two
customers, Votorantim Metais Niquel S.A., that it considers its
off-take contract with Mirabela will terminate as at the end of
November 2013; an update on ongoing operational issues which
Moody's believes will lead to production and cash costs to be
weaker than Moody's previous expectations; and, the potential for
capital expenditures in 2014 to be materially higher than 2013.
The contract with Votorantim was originally scheduled to run
through 2014 and Mirabela is taking legal advice around the
contract and its debt funding agreements.

Ratings Rationale:

"The review for downgrade reflects our significant concerns around
Mirabela's ongoing liquidity following the announcement and its
ability to meet its financial obligations over the next twelve
months", says Matthew Moore -- a Moody's Vice President and Senior
Analyst.

"As a result of the announced negative developments and the
ongoing challenging price environment for nickel, we now expect
the company's liquidity position will be inadequate to meet all of
its debt repayment obligations in 2014", adds Moore, who is also
the Lead Analyst for Mirabela.

Mirabela is scheduled to repay its USD50 million working capital
facility within 2014. Payments will be made in 3 equal
installments payable in January, July and December.

At current nickel prices Moody's expects the company will generate
negative operating cash flow and that this combined with the
company's capital expenditure requirements and debt repayment
obligations over the next 6 to 9 months will lead to negative free
cash flow in excess of the company's current cash balances. The
company's cash position has deteriorated to around USD80 million
as of the end of August 2013, down from USD108 million at June 30,
2013.

As part of the review, Moody's will assess the impact of the
potential termination of the Votorantim contract and expectations
around Mirabela's ongoing liquidity position following the
company's updated guidance on its production, unit cash costs and
capital expenditures. The company expects to announce updated
guidance later in October 2013 along with its third quarter
results announcement. The review will also focus on any
developments around the company's review of its strategic,
financing and off-take alternatives, including any ability of the
company to replace the Votorantim off-take in the event that this
is required.

Moody's expects to conclude the review soon after the company's
third quarter report. In the absence of positive developments
around alternative financing options and future off-take, Moody's
expects the rating could be downgraded by at least one notch.

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

Mirabela Nickel Ltd., based in Perth, Western Australia, is a
single asset nickel producer. Mirabela's principal asset is the
Santa Rita Project in Bahia State, Brazil.


TORRENS TRUST: Fitch Affirms 'BB' Rating on AUD32MM Class B Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed five classes of notes from two Torrens
series. The rating actions are as follows:

Series 2005-1 TORRENS Trust:

AUD101.2m Class A-2 (ISIN AU300PTT7029) affirmed at 'AAAsf';
Outlook Stable; and

AUD32m Class B (ISIN AU300PTT7037) affirmed at 'BBsf'; Outlook
Stable.

TORRENS Series 2006-1(E):

EUR53.5m Class A-1 (ISIN XS0271943978) affirmed at 'AAAsf';
Outlook Stable;

AUD83.5m Class A-2 (ISIN AU3AB0000069) affirmed at 'AAAsf';
Outlook Stable; and

AUD46.5m Class B (ISIN AU3AB0000077) affirmed at 'BBsf'; Outlook
Stable.

The transactions are securitisations of Australian conforming
residential mortgages originated by Bendigo and Adelaide Bank
Limited ('A-'/Stable/'F2').

Key Rating Drivers

The affirmations reflect Fitch's view that the available credit
enhancement is able to support the Class A notes' current ratings,
the stable credit quality and performances of the pools and
Fitch's expectations of Australia's economic conditions. The
underlying pools are fully covered by lenders' mortgage insurance
(LMI) provided by QBE Lenders Mortgage Insurance Ltd. (Insurer
Financial Strength Rating: AA-/Stable) and Genworth Financial
Mortgage Insurance Pty Ltd.

The two pools are well seasoned at over six years, and as a result
Series 2005-1 TORRENS Trust's Fitch-calculated weighted average
indexed loan-to-value ratio (LVR) is 47.93%, compared with 60.58%
before indexation, while Torrens Series 2006-1(E)'s weighted
average indexed LVR reduced to 49.37%, from 59.80% before
indexation. Both pools are concentrated, with approximately 40% of
the collateral situated in South Australia. Fitch has taken this
into account in its analysis.

As at Aug. 31, 2013, 30+ day arrears for both transactions were
above the Fitch Dinkum 30+ day arrears index of 1.48%. Series
2005-1 TORRENS Trust experienced arrears at 2.5%, while TORRENS
Series 2006-1(E) experienced arrears of 2.2%.

As at Aug. 31, 2013, Series 2005-1 TORRENS Trust has recorded
losses of 0.07% of the original pool balance with LMI covering
over 97% of all losses to date, while TORRENS Series 2006-1(E) has
recorded losses of 0.04% with LMI covering over 79% of all losses
to date. All losses not covered by mortgage insurers have been
covered by excess spread.

Rating Sensitivities

The prospect for downgrades is considered remote given the level
of subordination available to the Class A notes. A significant and
unexpected increase in delinquencies, defaults and losses would be
necessary before any negative rating action would be considered.
Credit enhancement levels for the 'AAAsf' rated notes can support
many multiples of arrears levels.


WILLIAM BUCK: High Court Appoints Ferrier Hodgson as Liquidators
----------------------------------------------------------------
Martin Jones -- martin.jones@fh.com.au -- of Ferrier Hodgson was
appointed by the Supreme Court of Western Australia as Official
Liquidator of William Buck Holdings (WA) Pty Ltd on Sept. 24,
2013. This company is the holding company of entities that are
licensed to conduct business in Western Australia as "William
Buck". The appointment does not extend to any of the subsidiary
entities that provide various service lines to clients of William
Buck. Neither does the appointment extend to any other William
Buck practices in other states.

The liquidator will be assessing the financial position of the
holding company, determining value in shareholdings and taking
steps to realise assets and conduct statutory investigations in
accordance with obligations under the Corporations Act.




===================
B A N G L A D E S H
===================


* Moody's Notes Impact of Politics on Bangladesh's Rating
---------------------------------------------------------
Moody's Investors Service says that political tensions and
weakness in Bangladesh's (Ba3 stable) governance -- in the run-up
to the country's parliamentary elections, due early next year--are
a credit constraint.

These views are discussed in Moody's credit focus titled,
"Bangladesh: Weak Governance and Political Tensions Constrain
Sovereign Creditworthiness."

Although Bangladesh's previous electoral cycles were also
accompanied by an increased incidence of strikes and protests in
the year prior to elections, Moody's believes that this time newly
emerging factors may place greater strain on the sovereign's
credit profile.

First, election dynamics are more challenging this time owing to
the abolition of the neutral caretaker government system and the
emergence of Islamist forces in an otherwise secular state.

Second, weak governance could have economic consequences. A spate
of industrial accidents, particularly surrounding the garment
industry, have dented the country's reputation as a low-cost
garment producer. Lax government oversight of worker safety has
left the industry subject to intense international scrutiny, with
the US suspending, albeit with a limited scope, trade benefits to
Bangladesh. In the event that the European Union ratchets up
sanctions, export growth could suffer.

Moody's says that as the elections approach, political tensions
are likely to rise, and envisages three scenarios with the first
two weighing on the sovereign credit profile:

The first scenario involves political differences remaining
unresolved to the extent that the military is forced to intervene,
thereby delaying the electoral process and prolonging political
uncertainty, undermining foreign investment and economic growth.

In the second scenario, elections are held, but tensions continue
unabated. Even if elections are held according to schedule,
continued strikes and political tensions would likely weigh on
investor sentiment and adversely affect economic growth. Moreover,
Moody's notes that the lack of a permanent solution to the
electoral mechanism suggests that escalating tensions and violent
protests will likely resume during the next election cycle.

The final scenario assumes a mutually agreeable electoral process
that is accepted by both parties. This would be credit neutral,
since it would lead to a more stable political situation with
limited event risks -- factors that are incorporated into the Ba3
sovereign rating.



=========
C H I N A
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YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsecured Bonds B2
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Yuzhou
Properties Company Limited's proposed senior and unsecured bonds.

At the same time, Moody's has affirmed Yuzhou's B1 corporate
family rating and B2 senior unsecured debt rating.

The company will use the new funding for debt repayments and
general working purposes.

The outlook for all ratings is stable.

Ratings Rationale:

"The new bond will further strengthen Yuzhou's already strong
liquidity, and support its strong sales momentum," says Lina Choi,
a Moody's Vice President and Senior Analyst.

"It will also lengthen the average tenure of Yuzhou's debt
portfolio at reasonable costs, adding to the stability of its
offshore funding platform," says Choi.

The B1 corporate family rating reflects Yuzhou's fast-growing
operating scale, although it has a short operating history. It
also takes into account Yuzhou's high geographic and cash flow
concentration in several projects that are mainly located in
Xiamen.

Partly mitigating these challenges are Yuzhou's leading market
position and good quality land bank in Xiamen, which -- along with
its low-cost land bank and good profit margins -- provide a buffer
against sales volatility.

The B1 rating also takes into consideration Yuzhou's need to fund
a portion of its future growth with debt. Its adjusted
debt/capitalization ratio of 55%-60% for the next one to two years
will be comparable to those of its single-B rated peers.

The stable outlook reflects Moody's expectation that Yuzhou will:
(1) continue to generate sales with a stable profit margin, (2) be
prudent and disciplined in its land acquisitions, (3) maintain its
debt leverage within 55% - 60% on a sustainable basis; (4)
demonstrate an accelerated pace in revenue recognition for the
next 12-18 months, which should lead to a recovery in its
EBITDA/interest ratio; and (4) maintain adequate liquidity and
enjoy access to onshore banks for its construction work.

Moody's would consider upgrading Yuzhou's ratings over the medium
term if it can: (1) consistently achieve its planned sales growth
with stable profit margins; (2) generate sales from a well-
balanced portfolio without concentration risk; (3) achieve a
stable financial profile without aggressive acquisitions; and (4)
strengthen its liquidity with broadened banking relationships.

The credit metrics Moody's would look for in regard to an upgrade
are adjusted debt/capitalization of 50% or below and
EBITDA/interest coverage above 3.0x-3.5x.

On the other hand, the ratings could be under pressure for
downgrade if Yuzhou's financial position deteriorates owing to:
(1) a weaker-than-expected sales performance; (2) aggressive
developments or land acquisitions; or (3) weakened liquidity.

The credit metrics that Moody's would consider in regard to a
rating downgrade include EBITDA/interest coverage of less than
2.0-2.5x on a sustained basis.

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

Yuzhou Properties Company Limited is a Fujian-based developer that
focuses on residential housing in Xiamen. It had a small land bank
(with a legal title) of around 8.5 million square meters (sqm) in
gross floor area (GFA) at end-May 2013. Of this land bank, 31% is
in Xiamen; 24% in Hefei; 15% in Quanzhou; and the rest is in
Bengbu, Shanghai, Tianjin, Fuzhou, Longyan and Zhangzhou.


YUZHOU PROPERTIES: S&P Assigns 'B' Rating to Proposed Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to senior unsecured notes that Yuzhou Properties Co. Ltd.
(B+/Stable/--; cnBB/--) proposes to issue.  At the same time, S&P
assigned its 'cnBB-' Greater China regional scale rating to the
proposed notes.  The rating is subject to S&P's review of the
final issuance documentation.

The issue rating on the notes is one notch lower than the
corporate credit rating on Yuzhou to reflect S&P's opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default.  In S&P's view,
the company's ratio of priority borrowings to total assets will
remain above S&P's notching threshold of 15% for speculative-grade
debt.

Yuzhou will use the proceeds from the proposed notes to redeem
US$200 million in 13.5% senior unsecured notes due in 2015.

The corporate credit rating on Yuzhou reflects the China-based
property developer's limited operating flexibility because of its
small operating scale and high geographic and project
concentration.  Yuzhou's limited track record of expansion into
new markets could also heighten the company's business and
execution risks.  Yuzhou's leading market position in Xiamen, its
low-cost land bank, and above-average profitability compared with
that of peers with a similar rating temper the above weaknesses.

The stable outlook on the corporate credit rating reflects S&P's
expectation that Yuzhou will maintain satisfactory property sales,
improve its profit margins, and lower its leverage to levels
commensurate with the rating over the next six to 12 months.



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


AERZEN MACHINES: CRISIL Reaffirms 'BB' Rating on INR35MM Loan
-------------------------------------------------------------
The ratings continue to reflect the benefits that Aerzen Machines
(India) Pvt Ltd derives from the strong support that it receives
from its established and financially strong parent group, its
diversified end-user segment and reputed customer base. These
rating strengths are partially offset by AMIPL's position as a
relatively small player in the intensely competitive blower and
compressor market in India, and average financial risk profile
marked by a moderate gearing and a small net worth.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4+ (Reaffirmed)
   Cash Credit              35      CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMIPL will continue to benefit over the
medium term from the extensive experience of its parent group in
the blower and compressor business. The outlook may be revised to
'Positive' if the company improves its revenue and profitability,
while it maintains its steady revenue growth, or there is a
substantial improvement in its capital structure because of equity
infusion by the parent group. Conversely, the outlook may be
revised to 'Negative' if AMIPL reports deterioration in its
financial risk profile either because of lower than expected
profitability, large working capital requirements, or large debt-
funded capital expenditure.

Update

AMIPL booked net sales of around INR208 million in 2012-13 (refers
to financial year, April 1 to March 31). The products that the
company manufactures are of specialised nature and the company
makes continuous efforts to add new customers to improve its
revenue growth. It has booked sales of around INR65 million till
August 10, 2013 and its overall topline is expected to remain
small over the medium term at less than INR300 million. The
company's profitability remains fluctuating on account of small
scale of operations, raw material price volatility and foreign
exchange (forex) exposure. The profitability in 2012-13 was
significantly better with favorable raw material prices. However,
in 2013-14, the company is expected to report lower profitability,
on account of high forex volatility. The company offers credit
ranging from 30 to 90 days to its customers. It maintains an
inventory of around 90 days for regular raw material and imported
goods. The rest of the inventory is purchased as per the orders.
The company gets high credit, ranged from 216 to 551 days in the
past three years, from its parent for the imports which support
its working capital requirement. The gearing improved to 1.8 times
as on March 31, 2013 from 2.3 times a year back with healthy
accretion to reserves. However, the gearing is expected to remain
around 2 times over the medium term on account of the capex plans.
The company has capex plan of around INR30 million for 2013-14
which is expected to be funded through external commercial
borrowings (ECB) from parent company. The average utilisation of
the cash credit for 12 months ended June 2013 was 61 per cent. The
term liabilities that the company has are the ECB from the parent
company. CRISIL believes that AMIPL will maintain its comfortable
liquidity profile with continued support from its parent.

For 2012-13, AMIPL reported, on a provisional basis, a profit
after tax of INR19.3 million on net sales of INR208.0 million,
against a net loss of INR5.9 million on net sales of INR208.6
million for 2011-12.

AMIPL, incorporated in 2006, is an Indian subsidiary of the
Germany-based Aerzener Maschinenfabrik (AM). AMIPL manufactures
various kinds of blowers and trades in various screw compressors
and gas meters manufactured by the parent company. AMIPL's
manufacturing facility in Vadodara (Gujarat).


ALMONDZ FINANZ: ICRA Rates INR30cr Bank Lines at 'BB+'
------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' with stable
outlook to the INR30 crore bank lines of Almondz Finanz Limited.
The rating reflects combined financials of Almondz Group companies
(consolidated financials of Almondz Global Securities Limited or
AGSL). AFL is wholly owned subsidiary of AGSL. AGSL's other
subsidiaries are Almondz Commodities Private Limited, Almondz
Retail Equity Limited, Almondz Insurance Brokers Private Limited
and Skiffle Healthcare Services Limited.

                         Amount
   Facilities         (INR crore)   Ratings
   -----------        -----------   -------
   Bank lines             30        [ICRA]BB+ (Stable) (Assigned)

The rating is constrained due to AFL's low profitability and high
vulnerability of its credit portfolio which is arising due to
unsecured/ inadequate security in some of the loans funded by AFL.
The rating is supported by low risk in AFL's debt trading
business, AGSL's diversified income profile, adequate
capitalisation as reflected in low gearing at AGSL as well as at
AFL level, Almondz's group long track record and established
presence in debt trading & broking and distribution segment. The
rating also factors in Almondz group's low profitability,
susceptibility to uncertainties inherent in the capital market-
related businesses, subdued capital market conditions which could
impact Almondz profitability profile. In December 2011, the
Securities and Exchange Board of India's (SEBI), vide its order,
prohibited AGSL from taking new assignment or involvement in any
new issue of capital including IPO, follow on issue from the
securities market from the date of order till further directions.
Consequently, AGSL's all activities requiring a merchant banking
license have been suspended. These activities contributed around
15% of AGSL's earnings in the past. The company has filed its
response with SEBI and the matter is under SEBI's consideration.
The final outcome of SEBI's order will have bearing on AGSL's
credit profile.

AFL is registered as an NBFC with RBI and is engaged primarily in
providing loans to corporate & trading of debt/equity securities.
As on March-2013, AFL had loan book of INR26 crore; the risk
profile of AFL's loan book is high as some of the exposures are
either unsecured or inadequately secured, however the company has
been able to maintain nil gross NPAs as on March 31, 2013
supported by rollover/restructuring of loans in past. The loan
book is funded out of loan from parent company or net worth.
Nevertheless, the company does not intend to grow loan book
significantly from current levels. In the debt trading segment,
AFL purchases security of central government/ state government/
PSUs/ high rated companies for down selling/ trading. The credit
risk of debt trading is low and the element of market risk is
mitigated to a large extent with Almondz' track record in debt
market and relatively low gearing. AFL's gearing was 2.10 times as
on Mar-2013. If borrowings from parent company excluded gearing
would reduce to less than 1 time as on Mar-13. AFL's profitability
has been under pressure over last 2 years (return on net worth of
0.4% in 2012-13 and 4.4% in 2011-12) due to low profitability in
loan book and subdued capital market conditions. The profitability
improved to some extent in Q1FY14 with softening of interest rates
however since then interest rates have hardened again and are
expected to impact AFL's profitability negatively.

AGSL, incorporated in 1994, has a diversified earning profile with
revenue arising from insurance broking, debt broking, equity &
commodity broking, distribution of financial products and trading
of debt/ equity securities. However, the group is in the process
of transferring insurance broking activities, largest revenue and
profitability contributor, from AGSL to parent company of AGSL
which would reduce the strength of diversification at AGSL
consolidated financials. Further despite the diversification,
AGSL's profitability was under pressures over last two years due
to subdued capital market conditions, and SEBI's order which
prohibited AGSL from taking new assignment or involvement in any
new issue of capital including IPO, follow on issue from the
securities market. During 2012-13, AGSL reported PAT (after
minority share) of INR2.93 crore as against loss of INR1.39 crore
during 2011-12; return on net worth was low at 2.5% in 2012-13.
However, during Q1FY14, with softening of interest rates company
reported better profitability as reflected in PAT of INR4.05
during Q1FY14. Nevertheless, since then interest rates have
increase which along with subdued capital market conditions are
expected to impact AGSL's profitability profile.

Further, AGSL has adequate net worth of INR118 crore as on Mar-13
for current scale of operations although capital generation has
been low in the past two years. AGSL's capitalisation profile is
comfortable with on balance sheet gearing of around 0.36 times as
on Mar-13 though increased marginally from 0.31 times as on Mar-
12.

Almondz Finance Limited, incorporated in 2006, is a wholly owned
subsidiary of Almondz Global Securities Limited, and is registered
as a non-banking finance company (NBFC) with RBI. AFL is engaged
in providing loans to corporate as well as trading of debt and
equity. AFL reported PAT of INR0.08 crore during 2012-13 on total
asset base of INR70 crore as on Mar-13 as against PAT of INR0.96
crore during 2011-12 on total asset base of INR60 crore as on Mar-
12. Capital adequacy of the company was 62% as on March 31, 2013.
AFL's gross NPAs were nil as on Mar-2013. During Q1FY14, AFL
reported PAT of INR0.33 crore.

AGSL, incorporated in 1994, is the flagship company of the
Almondz. AGSL, directly or through its subsidiaries, is engaged in
insurance broking, debt broking, equity & commodity broking,
distribution of financial products and trading of debt/ equity
securities.

AGSL (consolidated, net of minority) reported PAT of INR2.39 crore
during 2012-13 on total asset base of INR191 crore as on Mar-13 as
against net loss of INR1.39 crore during 2011-12 on total asset
base of INR191 crore as on Mar-12. During Q1FY14, AFL reported PAT
of INR0.33 crore.


ASSOCIATED POWER: CARE Assigns 'BB' Rating to INR51cr Loans
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Associated Power Structures Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       51        CARE BB Assigned
   Long-term/Short-term Bank       67.60     CARE BB/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings of Associated Power Structures Pvt Ltd (APS) are
constrained on account of its modest debt coverage indicators,
high working capital intensity of its operations marked by a long
operating cycle and high client and segmental concentration. The
ratings are further constrained by its presence in the highly
competitive transmission and distribution (T&D) industry, which is
saddled with execution challenges.

The ratings, however, draw strength from APS' established
operations in the T&D industry, increase in scale of operations
with moderate order book position, moderate leverage and stable
demand outlook for the Indian T&D industry.

The ability of APS to further increase its scale of operations,
along with diversification of its revenue stream, improve its
profitability and efficiently manage its working capital, while
maintaining its capital structure would be the key rating
sensitivities.

Setup in 1986 as a partnership firm named TAPS Engineers and
reconstituted as a private limited company in 1996, APS is mainly
engaged in the fabrication, galvanization and installation of
power transmission towers. It also manufactures telecom towers,
windmills, cable trays, switchyard, solar structures and road
safety systems like crash barriers.

In 2010, APS acquired Construction Management Group (CMG), a
registered vendor for providing engineering, procurement and
construction (EPC) services to Gujarat State Energy Transmission
Corporation (GETCO), along with the supply of power transmission
towers, in order to increase its exposure to the power
transmission sector due to slowdown in the orders from the telecom
tower segment.

Major portion of net sales for FY13 was from transmission towers
(both material supply and EPC contracts; 82%), followed by solar
structures (8%) and the balance through windmill structure and
others. The company's manufacturing facilities are located at
Bamangam and Manglej in Vadodara (Gujarat), with an aggregate
capacity of 72,000 metric tonne per annum (MTPA) as on March 31,
2013.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), APS registered a total operating income of
INR199.07 crore with a PAT of INR2.21 crore as against a total
operating income of INR179.66 crore with a PAT of INR1.50 crore in
FY12.


B.G.M. CONSORTIUM: CRISIL Cuts Ratings on INR1.09BB Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of BGM
Consortium Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'. The rating downgrade reflects instances of
overdrawing from cash credit limit for more than 30 days; this has
been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           680      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              390      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Standby Line of Credit    20      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

BGM also has a below-average interest coverage ratio, working-
capital-intensive operations, and is exposed to risks related to
its tender-driven business in the competitive construction
industry. However, BGM benefits from its promoters' extensive
industry experience.

BGM, started in April 2000, is into civil and construction
development contracts. The company is based out of Kolkata, West
Bengal and is managed by Mr. Rathin Mukherjee and Mr. Anil
Bhutoria.


BREMELS RUBBER: CRISIL Assigns 'BB-' Ratings to INR190MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Bremels Rubber Industries Pvt Ltd.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            110      CRISIL BB-/Stable (Assigned)

   Packing Credit        40      CRISIL A4+ (Assigned)

   Letter of Credit      40      CRISIL A4+ (Assigned)

   Cash Credit           50      CRISIL BB-/Stable (Assigned)

   Bank Guarantee        20      CRISIL A4+ (Assigned)

   Bill Discounting      30      CRISIL BB-/Stable (Assigned)

The ratings reflect the extensive experience of Bremel's promoter
in the tyres and rubber industry. These rating strengths are
partially offset by Bremel's modest scale of operations in the
highly fragmented tyre and rubber industry, and large working
capital requirements.

Outlook: Stable

CRISIL believes that Bremels will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
more-than-expected revenues and cash accruals, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' if Bremels faces time or cost overrun in
setting up its additional manufacturing facilities, or registers
considerably lower-than-expected revenues and cash accruals,
resulting in weakening of its financial risk profile.

Bremels, set up in 1971, manufactures tyre retreads, which are
used in retreading of worn-out tyres of heavy vehicles. It sells
its products under the brand name, Bremels. Bremels also
manufactures solid tyres for forklifts.


CHANDAN TRADING: CRISIL Suspends 'B-' Ratings on INR70MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Chandan
Trading Company Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              10       CRISIL B-/Stable Suspended

   Proposed Long-Term       60       CRISIL B-/Stable Suspended
   Bank Loan Facility

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

CTPL was set up in January 2011 by Mr. Shyam Somani and his
family. It took over the proprietorship firm Chandan Trading
Company (CTC) in April 2011. CTC was set up in 1988. CTPL trades
in various agricultural and forest products, including maize,
tamarind, tamarind seeds/flowers, amchur, tora, kosra, mahua, til,
amla, baibering, and shikakai. Maize and tamarind are the major
contributors to its revenues.


CHINAR SYNTEX: CRISIL Reaffirms 'B+' Rating on INR180MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Chinar Syntex Ltd
continues to reflect the company's weak financial profile and
working-capital-intensive operations. The rating also factors in
the exposure of CSL's operating profitability to any fluctuations
in raw material prices. These rating weaknesses are partially
offset by the extensive experience of CSL's promoters in the
textile industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             180      CRISIL B+/Stable (Reaffirmed)


Outlook: Stable

CRISIL believes that CSL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations substantially, while improving its profitability, thus
leading to better-than-expected cash accruals and easing the
pressure on its liquidity. Conversely, the outlook may be revised
to 'Negative' if CSL's financial risk profile deteriorates
further, most likely because of larger-than-expected working
capital requirements or a large debt funded capital expenditure.

Update

CSL generated revenues of INR652 million in 2012-13 (refers to
financial year, April 1 to March 31), registering a growth of 13.4
per cent over the previous year and in line with CRISIL's
estimates. CRISIL believes that company will continue to grow
around 10 per cent over the medium term. The company reported
moderate operating profitability at 7.2 per cent for 2012-13
commensurate with past trends. CSL's working capital requirements
have remained large, with gross current assets (GCAs) of more than
230 days, driven by large inventory of more than four months and
high receivables of 100 days for 2012-13.

CSL's gearing was high at 2.75 times, because of its small net
worth and large working capital cycle. CRISIL believes that CSL's
gearing will remain high, due to its working-capital-intensive
operations, resulting in reliance on external funds.

CSL utilised its bank limits at 92 per cent on average over the
six months ended August 2013. The company's liquidity is partly
supported by unsecured loans of INR36.4 million, which have been
treated as neither debt nor equity.

CSL has reported profit after tax (PAT) of INR5 million on net
sales of INR652 million for 2012-13; and PAT of INR4.6 million on
net sales of INR574 million for 2011-12.

CSL was incorporated in in 1992. The company is promoted by Mr.
Purushottam Aggarwal, Mr. Naresh Aggarwal, and Mr. Nand Kishore
Aggarwal. CSL manufactures suiting and shirting fabric under the
Chinar brand. The company has a weaving unit at Bhiwani (Haryana).


C.L.GULHATI: CRISIL Reaffirms 'B-' Ratings on INR252MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of C.L.Gulhati & Sons Ltd
continues to reflect the company's weak financial risk profile,
marked by a high gearing and weak debt protection metrics, and
supplier concentration risk. These rating weaknesses are, however,
partially offset by the company's track record as a dealer for
Tata Motors Ltd (TML) in Jammu and Kashmir.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          250.0     CRISIL B-/ Stable (Reaffirmed)

   Proposed Long-Term     2.0     CRISIL B-/ Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that CLG will maintain its business risk profile,
supported by its established market position in J&K. The outlook
may be revised to 'Positive' if the company reports significant
and sustained improvement in its revenues and operating margin
from current levels, thereby resulting in an increase in its net
cash accruals, or in case of improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
if CLG reports a significant decline in profitability from current
levels or if any higher-than-expected, debt-funded capex leads to
deterioration in its financial risk profile.

Update

CLG's revenues in 2012-13 (refers to financial year, April 1 to
March 31) declined by around 13 per cent vis-…-vis previous year,
on account of increased competition from M&M in nearby areas and
unrest in Jammu & Kashmir district. However, its operating margin
increased slightly to around 2.90 per cent vis-…-vis 2.40 per cent
in 2011-12. The improvement in operating margin is attributable to
the increased work shop income and sale of spare parts, which
fetch higher margins. The revenues are expected to remain flat in
2013-14 due to bleak outlook for the automobile industry, coupled
with increased competitive pressures.

UFML has working-capital-intensive operations, with estimated
gross current asset (GCA) of around 83 days as on March 31, 2013;
the GCA days have been at similar levels in the past. The high GCA
days emanate from its high inventory holding period of around 60
days. CLG is required to maintain large inventory due to the
stocking requirements for various models in the commercial and
passenger segment augmented by the requirement for accessories and
spare parts for all its variants. The company does not enjoy any
credit for purchase of vehicles from TML. Consequently, CLG's
average bank limit utilisation was high at around 99 per cent,
(over 100 per cent in some instances) for the 12 months ending
March 2013.

CLG's financial risk profile remains weak, marked by high gearing
and weak debt protection measures. As on March 31, 2013, CLG's
total outside liabilities to tangible net worth (TOLTNW) ratio is
very high at 26.76 times and is expected to remain high in the
range of 25 to 30 times over the medium term.

CLG was set up as private limited company in 1956 by Mr. C L
Gulhati and his associates; subsequently, it was reconstituted as
a public limited company. Since its inception, CLG has been a
dealer for the entire range of TML's commercial vehicles. CNG
added the dealership of TML's passenger vehicles to its portfolio
in 2000. The company has recently set up a new dealership of Fiat
in Jammu.


DISHA AUTO: CRISIL Assigns 'BB' Ratings to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Disha Auto Components Pvt Ltd.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           30      CRISIL BB/Stable (Assigned)
   Term Loan             30      CRISIL BB/Stable (Assigned)
The rating reflects the benefits that Disha derives from its
promoters' extensive experience in the coupling manufacturing
segment and its established relationships with customers and
suppliers. The rating also factors in the company's above-average
financial risk profile marked by low gearing and strong debt
protection metrics, and healthy profitability, though constrained
by small net worth and large capital expenditure plan. These
rating strengths are partially offset by Disha's modest scale of
operations with exposure to customer concentration risk and demand
from end-user industry, and susceptibility of its operating margin
to increase in raw material price and adverse movement in foreign
exchange rate.

Outlook: Stable

CRISIL believes that Disha will continue to benefit over the
medium term from its promoter's extensive experience in the
business. The outlook may be revised to 'Positive' if the company
ramps up its scale of operations significantly and sustains its
profitability margins while efficiently managing its working
capital requirements leading to higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile, especially liquidity,
deteriorates, most likely caused by larger-than-expected working
capital requirements or decline in cash accruals due to lower-
than-expected ramp up in sales or pressure on profitability.

Disha was incorporated in 2004 by Mr. Santosh Ladda in Aurangabad.
The company manufactures couplings for tubing and casing pipes
used in oil and gas wells. It started production at its own unit
from 2005 and derives more than 90 per cent of its revenues from
exports mainly to the US.

Disha reported a profit after tax (PAT) of INR25.4 million on an
operating income of INR219.2 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR11.5
million on an operating income of INR115.2 million for 2011-12.


DISHMAN INFRA: CARE Reaffirms 'C' Rating on INR120cr Loans
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dishman Infrastructure Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      120.00     CARE C Reaffirmed

Rating Rationale

The rating of Dishman Infrastructure Limited continues to be
constrained on account of its stressed liquidity due to low
revenue visibility of its SEZ project which is now likely to be
shelved after an inordinate delay. However, the rating continues
to derive strength from the experience of DIL's promoters in the
pharmaceuticals business.  The ability of DIL to liquidate its
land at envisaged price in the near future so as to improve its
liquidity is the key rating sensitivity.

DIL is a Special Purpose Vehicle floated for the purpose of
development and leasing out of a pharmaceutical Special Economic
Zone (SEZ) near Ahmedabad. The SEZ, being developed is
located in Village Gangad & Kalayangadh, Taluka- Bavala, District-
Ahmedabad. It is in proximity to Bavala (4 km) and Ahmedabad (33
km) and is well connected by road being on National Highway 8A and
by railway network. DIL had planned to develop a total leasable
area of 83 hectares, however, subsequent to levy of Minimum
Alternate Tax (MAT) on the developers of SEZ as well as on units
operating under SEZ, the project became less lucrative and DIL has
not received any registration for its project except from its
group company, Dishman Pharmaceuticals and Chemicals Ltd (DPCL;
rated CARE BBB/ CARE A3).

DIL has now decided to abandon the envisaged project and is
planning to sell the entire piece of land under SEZ.


ESS-KAY AUTO: ICRA Reaffirms 'BB+' Rating on INR16.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating with a stable outlook
on the INR16.50 crore NCD Programme (Tier II Debt) of Ess-Kay Auto
Finance Private Limited.

The rating reaffirmation factors in Ess-Kay's moderate scale of
operations, its presence in a relatively riskier segment
(primarily funding first time buyers (FTBs)) for the purchase of
used vehicles, low seasoning of portfolio, geographical
concentration of its operations and limited competitive
positioning due to relatively high lending rates. ICRA has taken
note of Ess-Kay's ability to scale up its managed book by 40% year
on year (to INR267 crore as on March 31, 2013) while reducing its
reliance on assignment lines from 75% to 44% in the corresponding
period. These positives however, get offset by its moderate
capitalization and weak operating environment, which could put
pressure on the asset quality of the company. Ess-Kay's
experienced management team, knowledge of the local market, good
franchise in Rajasthan, good systems and processes, control on
asset quality indicators and adequate profitability are credit
positives for the company.

Ess-Kay Auto Finance Private Limited, a registered Asset Financing
Non-Banking Financial Corporation (NBFC-AFC) with Reserve Bank of
India was incorporated in 1994, and is primarily engaged in the
financing of used commercial vehicles and multi utility vehicles.
Ess-Kay currently has a network of 64 branches spread over
Rajasthan (54 branches) and Gujarat (10 branches). Its corporate
and registered office is located in Jaipur, Rajasthan. The company
is a closely held entity with the promoters (Mr. Rajendra Kumar
Setia and his family members) holding 100% stake. In 2011-12, the
company had raised capital from private equity investor, Banyan
Tree Growth Capital LLC, in the form of preference shares (CCPS)
of INR18 crore which are expected to convert into equity in 2013-
14, and will result in 25% dilution of the promoters' shareholding
in the company.

Recent Results

In 2012-13, Ess-Kay reported profit after tax of INR7.19 crore on
a total managed asset base of INR267.4 crore as on Mar-2013 as
against profit after tax of INR6.77 crore in 2010-11 on a total
managed asset base of INR190.8 crore as on March 31, 2012. As at
August 30, 2013, the company's managed asset base stood at
INR271.1 crore.


EXODUS FUTURA: CRISIL Reaffirms 'D' Ratings on INR91MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facilities of Exodus Futura Knit Pvt Ltd, and reaffirmed its
rating on the company's long-term bank facilities at 'CRISIL D'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL D (Reaffirmed)

   Cash Credit            86       CRISIL D (Reaffirmed)

   Term Loan             107       CRISIL D (Assigned)

   Proposed Long-Term      1       CRISIL D (Assigned)
   Bank Loan Facility

The ratings continue to reflect instances of delay by EFKPL in
servicing its debt. The delays have been caused by the company's
weak liquidity, driven by its working-capital-intensive operations
and delays in stabilisation of its recently commissioned
manufacturing facilities.

EFKPL also has a weak financial risk profile, marked by a small
net worth and inadequate debt protection metrics, and working-
capital-intensive operations. However, the company continues to
benefit from the extensive experience of its promoters in the
garment industry.

EFKPL was established in 2000 and was taken over by the present
promoter, Mr. Anil Bagaria, in 2006. The company operates a
garment manufacturing unit at Sonarpur (West Bengal).

EFKPL reported a profit after tax of INR3.9 million on net sales
of INR123.4 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a net loss of INR14.9 million on
net sales of INR12.2 million for 2011-12.


FRANCO LEOME: CRISIL Cuts Ratings on INR62.7MM Loans to 'BB'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Franco Leome Shoes Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', while reaffirming its rating on the company's short-
term bank facility at 'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             60.0     CRISIL BB/ Stable (Downgraded
                                    from 'CRISIL BB+/ Stable')

   Term Loan                2.7     CRISIL BB/ Stable (Downgraded
                                    from 'CRISIL BB+/ Stable')

   Packing Credit          10.0     CRISIL A4+ (Reaffirmed)

The rating downgrade reflects Franco's weak liquidity, driven by
large working capital requirements, reflected in its gross current
assets of 240 to 250 days as on March 31, 2013. The company's bank
lines were fully utilised over the 12 months through June 2013.
Its working capital requirements have been high mainly because of
large inventory requirements following its entry into the retail
segment. CRISIL's believe that Franco's liquidity will remain
stretched over the medium term mainly because of its large working
capital requirements.

The rating downgrade also factors in the expected pressure on
Franco's operating margin with the expected gradual increase in
selling and advertising expenses to support its growing business
and its retail segment. Franco has set up 14 new showrooms in
2011-12 (refers to financial year, April 1 to March 31) and 2012-
13, and now has a total of 15 showrooms.

The ratings reflect the extensive experience of Franco's promoters
in the men's footwear industry, its geographically diversified
revenue profile, and its established brand. These rating strengths
are partially offset by the company's small scale of operations
and large working capital requirements.

Outlook: Stable

CRISIL believes that Franco will continue to benefit over the
medium term from its improving brand visibility. The outlook may
be revised to 'Positive' if Franco reports a sustained growth in
its revenues and improvement in its margins, while reducing its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the company faces delays in stabilisation of the
operations of its retail stores, or if its working capital
requirements increase considerably, leading to a further stretch
in its liquidity.

Incorporated in 1995, Franco manufactures leather and non-leather
footwear for men. It sells its products in the domestic market to
reputed retail chains under its own Franco Leone, Gunuchi,
Carlopini, and F.L.Y. brands. Franco has two manufacturing units
in Baddi (Himachal Pradesh), one in Greater Noida (Uttar Pradesh),
and one in Bahadurgarh (Haryana); the units have a combined
manufacturing capacity of around 5000 pairs per day. Franco had
ventured into the branded retail segment with its first store in
Rajouri Garden (New Delhi). The company has opened 14 more stores
in 2011-12 and 2012-13.

Franco, on a provisional basis, reported a profit after tax (PAT)
of INR55 million on net sales of INR900 million for 2012-13; it
had reported a PAT of INR59 million on net sales of INR967 million
for 2011-12.


GMR AVIATION: ICRA Ups Rating on INR12.5cr Loans From 'BB+'
-----------------------------------------------------------
ICRA has reassigned the rating assigned to the INR7.5 crore fund
based limits and the INR5 crore non fund based limits of GMR
Aviation Private Limited to '[ICRA]BBB- (SO)' from '[ICRA]BB+'
earlier. The outlook on the rating has been withdrawn. ICRA has
also reassigned the short term rating assigned to the INR5 crore
non fund based limits of GAPL to '[ICRA]A3(SO)' from '[ICRA]A4+'
earlier. The non fund based limits are interchangeable under the
long and short term and the combined utilisation should not exceed
INR5 crore. The letters SO in parenthesis suffixed to a rating
symbol stand for Structured Obligation. An SO rating is specific
to the rated issue, its terms, and its structure; SO ratings do
not represent ICRA's opinion on the general credit quality of the
issuers concerned.

The [ICRA]BBB-(SO)/A3(SO) rating is solely based on the strength
of the guarantee provided by GMR Infrastructure Limited (GMR
Infra, rated [ICRA]BBB-, Outlook Removed). The [ICRA]BBB-
(SO)/A3(SO) rating addresses the servicing of the rated facilities
to happen as per the terms of the underlying loan and the
guarantee arrangement and the rating assumes that the guarantee
will be duly invoked, as per the terms of the underlying loan and
guarantee agreements, in case there is a default in payment by the
borrower.

GAPL is a wholly owned subsidiary of GMR Infrastructure Ltd. It
was incorporated to carry on the business of providing consultancy
services in aviation security and other aviation related
activities and to provide management and operations of non
scheduled aircrafts and helicopters. GAPL has the mandate to carry
out all activities for the GMR Group related to business aviation.
For the year 2012-13, GAPL reported net losses of INR31 crore
against net revenues of INR71.70 crore.

GMR Infra (70.30% held by GMR Holdings Private Limited which
itself is closely held by Mr. G. M. Rao & family) is the holding
company for the Group's initiatives in the infrastructure space
pertaining to power, roads, SEZ, and airports. At present, the
Group has 3 operational power plants with a cumulative capacity of
823 MW, 3 operational airports, one each at Hyderabad, Delhi and
Istanbul (another airport at Male was recently taken over by the
Maldivian Government) and 6 operational road projects. The Group
has also extended itself overseas most notably through being
awarded the concession rights for operations & development of
Sabiha Gokcen International Airport in Turkey and at Male,
Maldives, and the acquisition of coal mining assets in Indonesia
and South Africa. At present, the Group has plans to extend its
operations in the energy and roads/highways segments with the
major thrust being in the energy segment. For the year 2012-13,
GMR Infra recorded a consolidated income of INR8202 crore and a
net profit of INR135 crore.


GOVERDHAN VERMA: CRISIL Rates INR62MM Cash Credit at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Goverdhan Verma Punjab Jewellers Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             62      CRISIL B/Stable (Assigned)

The rating reflects GVPL's weak financial risk profile marked by a
highly leveraged capital structure and weak debt protection
metrics. The rating also reflects the company's small scale of
operations in the highly fragmented jewellery industry. These
rating weaknesses are partially offset by the extensive experience
of GVPL's promoter in the jewellery industry.

Outlook: Stable

CRISIL believes that GVPL will benefit from its promoter's
extensive industry experience in the jewellery retail business.
The outlook may be revised to 'Positive' if GVPL generates larger-
than-expected cash accruals, most likely because of a significant
increase in its scale of operations, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in GVPL's financial risk
profile because of deterioration in its capital structure on
account of significant incremental working capital requirements or
substantial debt-funded capital expenditure.

GVPL, incorporated in 1992 by Mr. Sanjiv Verma, is engaged in
retailing of diamond and gold jewellery. The company has a
showroom at Karol Bagh in New Delhi.


GURU AASHISH: CRISIL Cuts Ratings on INR800MM Loans to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Guru Aashish Texfab Ltd (GATL; part of the Jajoo group) to
'CRISIL BB+/Stable' from 'CRISIL BBB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           550      CRISIL BB+/Stable (Downgraded
                                  from 'CRISIL BBB-/Stable')

   Proposed Long-Term    250      CRISIL BB+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BBB-/Stable')
The rating downgrade reflects deterioration in the Jajoo group's
liquidity because of a delay in realisation of receivables. The
Jajoo group experienced a significant build-up of receivables
during 2012-13 (refers to financial year, April 1 to March 31)
with an increase to 164 days as on March 31, 2013, from 97 days as
on March 31, 2012. The stretch in realisation of receivables has
led to a pressure on the group's liquidity.

The Jajoo group's financial risk profile has also deteriorated,
with total outside liabilities to tangible networth (TOLTNW) ratio
increasing to 2.5 times as on March 31, 2013, from 1.4 times as on
March 31, 2012. The deterioration in TOLTNW was driven by an
increase in creditors and working capital borrowings to fund the
stretch in receivables. The interest coverage ratio was also
below-average at 1.4 times in 2012-13.

The rating reflects the extensive industry experience of the Jajoo
group's promoters and established relations with various
suppliers, and the asset-light model. The strengths are partially
offset by the Jajoo group's below-average financial risk profile,
marked by low profitability; and exposure to stiff competition in
the fabric trading industry.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of GATL, Prahladrai Fabrics Ltd (PFL)
and Jajoo Enterprises Ltd (JEL). This is because the above-
mentioned companies, together referred to as the Jajoo group, are
engaged in similar business activities and have common promoters.
Besides, JEL has extended its corporate guarantee to the credit
facilities of GATL and vice versa.

Outlook: Stable

CRISIL believes that the Jajoo group will continue to benefit from
the extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' if the group's
receivables management improves, or if the group receives any
sizeable equity infusion thereby supporting its liquidity.
Conversely, the outlook may be revised to 'Negative' in the event
of a sustained deterioration in the group's receivables, leading
to acute liquidity pressures; or any significant drop in business
volumes leading to a reduction in cash accruals.

GATL was set up by Mr. Kamal Jajoo in Mumbai (Maharashtra) in
2003. GATL is a closely held public limited company trading
fashion fabric primarily for youth and kids. The company is a part
of the Jajoo group, which was established by Mr. Prahladrai Jajoo
(grandfather of Mr. Kamal Jajoo) in Gwalior, in 1951. The other
key group companies include PFL (incorporated in 1992) and JEL
(incorporated in 2000), which also operate in a similar line of
business.

The Jajoo group reported a profit after tax (PAT) of INR56.8
million on net sales of around INR8.79 billion (provisional
figures) for 2012-13; and a PAT of INR54.84 million on net sales
of INR9.62 billion for 2011-12.


HANUMAN IMPEX: CRISIL Rates INR58.9MM Cash Credit at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Hanuman Impex.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              58.9     CRISIL B+/Stable

The rating reflects HI's below average financial risk profile due
to low profitability, and its small scale of operations in the
intensely competitive and fragmented agriculture products
industry. These rating weaknesses are partially offset by HI's
promoters' extensive industry experience and established customer
relationships.

Outlook: Stable

CRISIL believes that HI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if HI reports more-than-
expected growth in revenues and profitability, leading to
improvement in its financial risk profile on account of increase
in cash accruals. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile weakens due to
stretched working capital cycle or lower-than-expected
profitability.

HI, a proprietorship firm, was set up in 2005 by Mr. Rajeev Gupta
in Raxual (Bihar). It trades in animal feed products such as
soybean deoiled cakes and maize. It purchases products from
companies such as Ruchi Soya Industries Ltd and Adani Wilmar Ltd
sells them to poultry farmers spread in India and Nepal.

HI reported profit after tax (PAT) and net sales of INR7.7 million
and INR690.7 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the firm reported a PAT of
INR2.2 million on net sales of INR445.6 million for 2011-12.


HARSH AUTOMOBILES: CRISIL Reaffirms 'BB' Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Harsh Automobiles Pvt Ltd
continues to reflects the extensive experience of HAPL's promoters
in the automotive (auto) dealership business and the company's
established relationship with its principal Hyundai Motors India
Ltd (Hyundai). These rating strengths are partially offset by
HAPL's exposure to intense competition in the auto dealership
market and its subdued financial risk profile marked by low
profitability margins, high external indebtedness, and modest net
worth.

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

Outlook: Stable

CRISIL believes that HAPL will continue to benefit over the medium
term from its established position in the auto dealership market
for Hyundai in Indore (Madhya Pradesh) and its promoters'
experience in the auto dealership business. The outlook may be
revised to 'Positive' if HAPL reports significantly more-than-
expected increase in its scale of operations and profitability
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' if HAPL's revenue or profitability
margins decline significantly, or if HAPL undertakes any large
debt-funded capital expenditure programme, resulting in
deterioration in its capital structure.

Update

HAPL's revenue registered an increase of 63 per cent year-on-year,
to around INR1.5 billion in 2012-13 (refers to financial year,
April 1 to March 31) from INR928 million in 2011-12. The increase
was driven by volume growth in Madhya Pradesh and stabilisation of
construction equipment segment started in Gujarat. HAPL reported
operating profit margin of 1.7 per cent in 2012-13 as against 2.4
per cent in 2011-12.

HAPL's working capital cycle in 2012-13 remained in line with that
in the previous year, with gross current assets at 84 days as on
March 31, 2013, against 82 days as on March 31, 2012. Average
utilisation of bank facilities was around 50 per cent over the 12
months ended July 31, 2013.

HAPL is setting up a workshop in Indore at a cost of around INR60
million, funded through a term loan of INR40 million and through
promoters' funding/internal accruals. The company has drawn down
INR 29.8 million of the term loan and the promoters have bought in
INR 5 million towards the capex as on March 31, 2013.

HAPL had a modest net worth of INR79.5 million as on March 31,
2013. On account of the debt-funded capex, HAPL's gearing
increased to 1.90 times as on March 31, 2013, from 1.6 times as on
March 31, 2012. HAPL's debt protection metrics are modest with the
net cash accruals to total debt and interest coverage ratios at
0.07 times and 2.44 times, respectively, for 2012-13. HAPL is
expected to generate cash accruals of INR23.6 million in 2014-15,
against term debt obligations of around INR4 million during the
year.

HAPL commenced operations in 1998 as an authorised dealer of
Hyundai and Hyundai Construction Equipment India Pvt Ltd in Madhya
Pradesh and Gujarat. Ms. Ragini Sanghi oversees HAPL's day-to-day
operations.

HAPL reported (on a provisional basis )a profit after tax (PAT) of
INR2.4 million on net sales of INR1.5 billion for 2012-13, against
a PAT of INR6.2 million on net sales of INR928 million for 2011-
12.


I-WAY NET: CRISIL Assigns 'BB' Rating to INR80MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of I-Way Net Teck.

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

The rating reflects I-way's established track record in the staff
transportation segment, and its above-average financial risk
profile, marked by moderate gearing and healthy debt protection
metrics. These rating strengths are partially offset by the firm's
modest scale of operations coupled with geographical concentration
in its revenue profile, and its susceptibility to intense
competition in the staff transportation segment.

Outlook: Stable

CRISIL believes that I-way will continue to benefit over the
medium term from its established track record in the staff
transportation segment. The outlook may be revised to 'Positive'
if the firm registers sustainable improvement in its scale of
operations, leading to better-than-expected cash accruals, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if I-way's cash accruals decline
significantly, or its working capital management deteriorates, or
it undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to weakening of its financial risk
profile.

I-way, set-up in 2003, provides staff transportation services. The
firm is promoted by Mr. Rajesh Anandh.

I-way, provisionally, reported a profit after tax (PAT) of INR9.1
million on net sales of INR250 million for 2012-13 (refers to
financial year, April 1 to March 31); it had reported a PAT of
INR4.3 million on net sales of INR185 million for 2011-12.


JAI SURGICALS: ICRA Assigns 'BB-' Ratings to INR1.4cr Loans
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR0.60
crore*, non-fund based bank facilities and INR0.80 crore, proposed
bank facilities of Jai Surgicals Limited. The outlook on the long-
term rating is stable. Further, ICRA has also assigned a short-
term rating of '[ICRA]A4' to the INR6 crore, fund-based bank
facilities and INR0.60 crore, non-fund-based bank facilities of
the company.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Non-Fund-based            0.60      [ICRA]BB-(Stable) assigned
   bank facilities

   Proposed bank             0.80      [ICRA]BB-(Stable) assigned
   facilities

   Fund-based bank           6.00      [ICRA]A4 assigned
   facilities

   Non-Fund-based            0.60      [ICRA]A4 assigned
   bank facilities

The assigned ratings derive strength from JSL's established track
record of operations of more than three decades; its established
brand name ("Surgeon") in the surgical blade & disposable scalpel
business; and its promoters' relevant experience in the sector
which facilitates repeat business from a fairly diversified base
of renowned international clients. Further, the ratings derive
comfort from the company's comfortable capital structure (as
reflected in a gearing of 0.65x and total outside liabilities/
tangible net-worth of 0.77x as on March 31, 2013) supported by a
healthy net-worth base. Although the company's product line is not
highly complex; strict quality standards and regulatory
requirements act as potential entry barriers thereby restricting
competition to some extent. The ratings are, however, constrained
by the company's range-bound and modest scale of operations with
low profit margins; its depressed return indicators primarily
owing to significant non-return generating capital market and
real-estate investments; and high working capital intensity of
company's operations which constrains its liquidity position. The
ratings also take into consideration the vulnerability of
company's profitability to increase in raw material prices and
adverse volatility in foreign exchange rates given its dependence
on exports. Further while assigning the ratings, ICRA has taken a
note of history of labor issues in company's Bhiwadi manufacturing
unit in the past which resulted in significant losses during FY10.
Though an event risk, re-occurrence of such a strike may adverse
affect the credit profile of the company.

In ICRA's view, the company's ability to improve its scale of
operations without significant leveraging of its capital
structure; manage its working capital cycle effectively; and
reduce non-return-generating investments, will be the key rating
sensitivity. Company Profile Jai Surgicals Limited was
incorporated in May 1980 as Jai Surgicals Private Limited.
Consequent to a change in its constitution to a public limited
company, a fresh certificate of incorporation was issued in
December 1984 and name of the company was changed to Jai Surgicals
Limited. Promoted by the Delhi-based Kehr family, JSL is engaged
in the business of manufacture of surgical blades and disposable
scalpels from its manufacturing unit located in Bhiwadi
(Rajasthan).

Besides manufacturing blades, the company initially used to
manufacture steel scalpels. However with a change in industry
dynamics, the company started manufacturing disposable scalpels.
At present, the company derives a majority of its earnings from
sale of blades (refer adjoining table). Large part of business for
disposable scalpels has now been shifted to a partnership firm
owned by the directors of JSL - Razormed Inc. (Razormed). JSL only
undertakes marginal sales of scalpels now based on client's
requirements.

Recent Results

As per provisional results, JSL reported a profit before tax (PBT)
of INR0.34 crore on an operating income of INR14.35 crore in FY13
as compared to a PBT of INR0.08 crore on an operating income of
INR12.79 crore in FY12.


JAJOO ENTERPRISES: CRISIL Cuts Rating on INR420MM Loans to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jajoo
Enterprises Ltd (JEL; part of the Jajoo group) to 'CRISIL
BB+/Stable/CRISIL A4+' from 'CRISIL BBB-/Stable/CRISIL A3'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              420      CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable')

   Letter of Credit          30      CRISIL A4+ (Downgraded from
                                     'CRISIL A3')

The rating downgrade reflects deterioration in the Jajoo group's
liquidity because of a delay in realisation of receivables. The
Jajoo group experienced a significant build-up of receivables
during 2012-13 (refers to financial year, April 1 to March 31)
with an increase to 164 days as on March 31, 2013, from 97 days as
on March 31, 2012. The stretch in realisation of receivables has
led to a pressure on the group's liquidity.

The Jajoo group's financial risk profile has also deteriorated,
with total outside liabilities to tangible networth (TOLTNW) ratio
increasing to 2.5 times as on March 31, 2013, from 1.4 times as on
March 31, 2012. The deterioration in TOLTNW was driven by an
increase in creditors and working capital borrowings to fund the
stretch in receivables. The interest coverage ratio was also
below-average at 1.4 times in 2012-13.

The rating reflects the extensive industry experience of the Jajoo
group's promoters and established relations with various
suppliers, and the asset-light model. The strengths are partially
offset by the Jajoo group's below-average financial risk profile,
marked by low profitability; and exposure to stiff competition in
the fabric trading industry.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of JEL, Prahladrai Fabrics Ltd (PFL)
and Guru Aashish Texfab Ltd (GATL). This is because the above-
mentioned companies, together referred to as the Jajoo group, are
engaged in similar business activities and have common promoters.
Besides, JEL has extended its corporate guarantee to the credit
facilities of GATL and vice versa.

Outlook: Stable

CRISIL believes that the Jajoo group will continue to benefit from
the extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' if the group's
receivables management improves, or if the group receives any
sizeable equity infusion thereby supporting its liquidity.
Conversely, the outlook may be revised to 'Negative' in the event
of a sustained deterioration in the group's receivables, leading
to acute liquidity pressures; or any significant drop in business
volumes leading to a reduction in cash accruals.

JEL was set up by Mr. Kamal Jajoo in Mumbai (Maharashtra) in 2000.
JEL is a closely held public limited company trading shirting and
suiting fabrics. The company is a part of the Jajoo group, which
was established by Mr. Prahladrai Jajoo (grandfather of Mr. Kamal
Jajoo) in Gwalior, in 1951. The other key group companies include
GATL (incorporated in 2003) and PFL (incorporated in 1992), which
also operate in a similar line of business.

The Jajoo group reported a profit after tax (PAT) of INR56.8
million on net sales of around INR8.79 billion (provisional
figures) for 2012-13; and a PAT of INR54.84 million on net sales
of INR9.62 billion for 2011-12.


JAKSONS DEVELOPERS: CRISIL Puts 'BB' Ratings on INR1.64MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jaksons Developers Pvt Ltd.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Term Loan         1,594.5    CRISIL BB/Stable (Assigned)
   Letter of Credit    205.5    CRISIL A4+ (Assigned)
   Bank Guarantee      100.0    CRISIL A4+ (Assigned)
   Cash Credit          50.0    CRISIL BB/Stable (Assigned)

The ratings reflect the benefits that JDPL derives for its hotel
operations because of its association with Intercontinental Hotels
Group (IHG) and the healthy offtake from its commercial projects.
These rating strengths are partially offset by JDPL's
susceptibility to cyclicality in the hospitality industry and its
concentrated geographic presence.

Outlook: Stable

CRISIL believes that JDPL will benefit from the established
position of its promoter group in the real estate industry and its
association with IHG for the hotel in Northwest Delhi. The outlook
may be revised to 'Positive' in case of better-than-expected
occupancy and average room revenue (ARR) in the hotel division, as
well as additional sale and timely realisation of commercial
space, resulting in substantial cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of sustained low
occupancy rates and low ARR for JDPL's hotel due to competitive
pressures and lower-than-expected realizations from the sale of
its commercial space, which may vitiate the capital structure and
strain the company's liquidity.

JDPL, promoted by Mr. Jai Kishan Gupta and his family members,
develops real estate properties in the National Capital Region
(NCR). Majority of the past projects of the group have been in
North Delhi. The company has developed a mall called City Centre
and a hotel-cum-commercial project in New Delhi. The hotel has 183
rooms under the Crowne Plaza brand owned by IHG. The hotel
operations commenced from May 2011.


JALA SHAKTI: CRISIL Suspends 'D' Rating on INR200MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jala
Shakti Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           200      CRISIL D Suspended

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

JSL is setting up a mini hydro-electric power plant of 5-megawatt
capacity at district Chamba in Himachal Pradesh. The project is on
the Baleni ka Nallah, a tributary of the river Ravi. The company
has signed a long-term power purchase agreement with Himachal
Pradesh State Electricity Board for the sale of electricity at a
fixed tariff of INR2.50 per unit for 40 years from the date of
commencement of commercial operations.


JEWEL CONSUMER: CARE Assigns 'BB' Rating to INR23.62cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Jewel Consumer Care Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      23.62      CARE BB Assigned
   Short-term Bank Facilities     23.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to Jewel Consumer Care Pvt Ltd are
constrained on account of its leveraged capital structure and
vulnerability of its profitability to foreign currency
fluctuations and volatile raw material prices. The ratings are
also constrained on account of revenue concentration risk and
limited pricing power being contract manufacturer.

The ratings, however, derive strength from the vast experience of
the promoters, long association with the Unilever group, technical
support from foreign stake owners, and stable demand outlook of
oral care products.

The ability of JCCPL to diversify revenue stream through increase
in product offering, addition of new customers while maintaining
relationship with existing clients, improvement in profitability
while managing risk related to raw material price fluctuation &
foreign currency fluctuation and improvement in leverage position
are the key rating sensitivities.

JCCPL was incorporated in 1993 by Amit Goradia as a part of the
Jewel Group, which comprised of 14 different entities which later
in 2007 got merged to form a single entity JCCPL. It commenced its
operations as a supplier of toothbrushes to Hindustan Unilever
Limited and later in 2001, JCCPL also started manufacturing
household plastic products in technical & financial collaboration
with Germany-based Coronet Group, which was later taken over by
Synpart AG and now part of the Ranir group (USA). RanirGmbh holds
15.49% stake in JCCPL as on March 31, 2013. JCCPL has its
manufacturing facilities located near Vadodara, Gujarat. It has
installed manufacturing capacity of 2,500 lakh nos. toothbrushes
and 2,000 Metric Tonne Per Annum (MTPA) household plastic
products.

As per the audited results for FY13 (refers to the period April 1
to March 31), JCCPL has reported a total operating income of
INR99.85 crore with a net profit of INR0.06 crore as against a
total operating income of INR91.47 crore with a net profit of
INR0.43 crore in FY12.

As per provisional results for Q1FY14 (refers to the period
April 1 to June 30), JCCPL reported operating income of INR 28.40
crore with PAT of INR 0.90 crore.


J. K. RICE: CRISIL Assigns 'B-' Ratings to INR25.6MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of J. K. Rice Mills.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Term Loan           5.6      CRISIL B-/Stable (Assigned)

   Cash Credit        20.0      CRISIL B-/Stable (Assigned)

   Export Packing     60.0      CRISIL A4 (Assigned)
   Credit

The rating reflects JKRM's working-capital-intensive and small
scale of operations. The rating also factors in JKRM's weak
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of JKRM's partners in the rice
industry.

Outlook: Stable

CRISIL believes that JKRM will continue to benefit over the medium
term from its promoters' extensive experience in the rice
industry. The outlook may be revised to 'Positive in case the firm
significantly improves its financial risk profile through capital
infusion by the partners or improvement in operating margin.
Conversely, the outlook may be revised to 'Negative' in case
JKRM's financial risk profile and liquidity deteriorate because of
large borrowings for capital expenditure or working capital
requirements, or a decline in operating margin.

Incorporated in 1998, JKRM is engaged in rice milling and shelling
at its plant located at Jalalabad (Punjab). The firm is managed by
partners namely Mr. Vijay Kumar and Mr. Amit Kumar.

JKRM reported a book profit of INR1.1 million on net sales of
INR279.3 million for 2011-12 (refers to financial year, April 1 to
March 31) against a book profit of INR0.03 million on net sales of
INR265.7 million for 2010-11. JKRM is estimated to report net
sales of INR400 million in 2012-13.


J.M.A.STORES: CRISIL Suspends 'BB+' Ratings on INR250MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J.M.A.Stores Ltd.

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

   Cash Credit            235       CRISIL BB+/Stable (Suspended)

   Proposed Long-Term      15       CRISIL BB+/Stable (Suspended)
   Bank Loan Facility

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

Established as a partnership firm in 1932, JMA was reconstituted
as a deemed limited company in July 1992. The company has been an
authorised dealer of the entire range of Tata Motors Ltd (TML;
rated 'AA-/Stable/P1+' by CRISIL) since 1968. The company has
three showrooms (one in Dhanbad and two in Bokaro) and 11 sales
offices in Jharkhand. One additional showroom in Dhanbad is under
construction, and is expected to be operational by July 2011. Each
of the showrooms includes a workshop and undertakes sale of spare
parts. JMA also assists TML in the sale of vehicles to the
Jharkand's police department.


JOHN SAW MILL: CRISIL Reaffirms 'BB' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of John Saw Mill Pvt Ltd
(part of the John group) continue to reflect the John group's
moderate financial risk profile, marked by moderate gearing and
debt protection metrics, and the extensive experience of the
group's promoters in the timber industry. These rating strengths
are partially offset by the John group's working-capital-intensive
operations and exposure to intense competition in the timber
industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            70.00     CRISIL BB/Stable (Reaffirmed)

   Inland/Import         500.00     CRISIL A4+ (Reaffirmed)
   Letter of Credit

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JSMPL and Antony Metals Pvt Ltd (AMPL),
together referred to herein as the John group. This is because
both these entities are under the same promoters and management,
and have a common distribution network and operational linkages
with each other.

Outlook: Stable

CRISIL believes that the John group will continue to benefit over
the medium term from its promoters' experience in the timber
industry. The outlook may be revised to 'Positive' if the group
generates better-than-expected cash accruals or scales up its
operations, while it manages its working capital efficiently.
Conversely, the outlook may be revised to 'Negative' in case of
any large debt-funded capital expenditure or decline in
profitability.

Set up in 1981 by Mr. S Maria John, the John group started its
operations in the timber industry. The group began trading in
other building materials in 2000, with trading of thermo-
mechanically treated bars and cement. Today, the timber trading of
the group is mainly done through JSMPL and the trading of building
materials through AMPL.


K.C. RICE: CRISIL Reaffirms 'B+' Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of K.C. Rice Mills
continues to reflect KCR's small scale of operations, large
working capital requirements, susceptibility to volatility in raw
material prices and adverse regulatory changes, and its small net
worth. These rating weaknesses are partially offset by the
extensive experience of KCR's promoters in the rice industry and
the firm's above-average financial risk profile marked by moderate
gearing and comfortable debt protection metrics.

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

Earlier, for arriving at the ratings, CRISIL had combined the
business and financial risk profiles of KCR and K.C. Industries
(KCI), together referred to as the KC group. However, for the
current rating exercise, KCR's business and financial profiles are
considered on a standalone basis on account of consistent decline
in intercompany transactions and the management's stance that all
future transactions will be on an arm-length basis.

Outlook: Stable

CRISIL believes that KCR's financial risk profile will remain
constrained over the medium term because of its large working
capital requirements and small net worth. The outlook may be
revised to 'Positive' in case the firm substantially improves its
operating margin and scale of operations, while maintaining its
working capital requirements. Conversely, the outlook may be
revised to 'Negative 'if KCR's operating margin declines further,
adversely affecting its overall profitability, or it undertakes a
large, debt-funded capital expenditure programme.

KCR is part of the KC group of Jalalabad (Punjab). The group is
managed by Mr. Raman Kumar and his brother Mr. Anil Kumar. Both
KCR and KCI processes and sells basmati rice. The group primarily
processes the PUSA 1121 variety of basmati rice for its own sales
and as well as job work for outsiders.


KG FABRIKS: ICRA Reaffirms 'B-' Ratings on INR78.91cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on INR52.02
crore term loans (revised from INR48.93 crore) and INR26.89 crore
long term fund based facilities (revised from INR28.35 crore) of
KG Fabriks Limited at '[ICRA]B-'. ICRA has also re-affirmed the
short term non fund based facilities of INR10.08 crore at
'[ICRA]A4'.

                          Amount
   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Term Loans             52.02      [ICRA]B-/re-affirmed
   LT-Fund based          26.89      [ICRA]B-/re-affirmed
   ST-Non Fund based      10.08      [ICRA]A4/re-affirmed
   facilities

The rating re-affirmation considers the significant experience of
promoters in denim industry and the Company's diversified customer
profile which supports revenue through repeat orders. The ratings
also take comfort from the strong operational linkages with group
entity, Sri Kannapiran Mills Limited (SKML, [ICRA]BB-/Stable/A4),
which lend synergies in the form of efficient yarn procurement,
reduced lead time and optimal inventory holding. The Company's
margins have improved on the back of optimization of costs driven
by greater usage of lycra in its product mix.

The ratings, however, continue to factor in KGFL's highly
stretched capital structure and modest coverage indicators. The
ratings also consider the intense competition in the denim
industry which inhibits pricing flexibility and exposure of
earnings to high volatility in raw material prices, as is being
witnessed currently. The denim industry is also exposed to
cyclical supply side pressures, leading to alternate periods of
oversupply and tight demand supply conditions. With large debt
repayment obligation of -INR8.3 crore in 2013-14 and a proposed
capex of -INR8.7 crore (for 2013-14) to augment production
facilities, ability of the company to improve cash flows through
volume and profit expansion would be critical. Any sustained
pressure on volumes or pricing could have an adverse impact on the
Company's cash flows and its debt repayment ability.

K G Fabriks Limited was originally a Non Banking Finance Company
engaged in the business of hire purchase and leasing from 1995. In
1999, the name changed to "Southern Technologies Limited (STL)"
where its intended business areas also included trading business
but the company was not able to venture successfully into any new
business because of the recession in the economy. Finally the
company decided to move into textile business in a large way as
the group had core competence in the entire textile chain spanning
from ginning, weaving, processing garmenting and retailing. It
then changed the name to "K G Fabriks Limited" in 2004 where it
took up yarn processing and grey fabric manufacture as its primary
business.

Recent Results

During the financial year ended March 31, 2013, KGFL reported
profit after tax of INR3.8 crore on an operating income of
INR130.1 crore as against profit after tax of INR3.1crore on an
operating income of INR142.2 crore for the corresponding previous
year.


KHODASHI POWER: ICRA Reaffirms 'D' Rating on INR20cr LT Loans
-------------------------------------------------------------
ICRA has reaffirmed the rating assigned to INR20.00 crore fund
based bank limits of Khodashi Power Private Limited at '[ICRA]D'.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund                 20.00      [ICRA]D reaffirmed
   Based Limits

The rating reaffirmation continues to factor in the delays in debt
servicing on account of significant delays in commissioning and
consequently nil cash flow generation from KPPL's 4.9 MW run of
the river hydro power plant. While the plant was scheduled to
commence operations in September 2012, the plant is running delays
of over a year at present. Heavy rainfall and flooding at the
project site in August 2012 led to damages to electrical and
mechanical components resulting in delays. However, the cost
overrun was only INR2.7 crore since the electrical components were
covered under insurance. The term loan was restructured and debt
repayments were expected to start in June 2013. However, since the
plant is yet to commence its operations, KPPL has not made
principal/interest payments over the last 2 months. The plant is
expected to be commissioned in September 2013. ICRA however notes
that debt servicing would continue to remain challenging unless
additional funds are infused by the promoters given that peak
season of plant operations for FY14 (June-September) is over.

Khodashi Power Private Limited is setting up a 4.90 (2X2.45) MW
hydro electric power plant which is Located in Karad District of
Pune. It is being promoted by a group of individual promoters with
Mr Yadava Thimmaiah being the Managing Director. The project
envisages generation of power through run of river Hydro electric
scheme. The diversion is created on the river Krishna near Karad
just before it joins the Kyona tributary. The cost estimate for
the project is INR30.53 crore.


KRISHNA PAPER: CRISIL Reaffirms 'BB' Rating on INR135MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Paper Projects
Pvt Ltd (KPPPL; part of the Krishna group) continues to reflect
the the benefits that the Krishna group derives from its
promoters' extensive industry experience and its established
customer base, and the group's above-average capital structure
supported by regular capital infusion by its promoters. These
rating strengths are partially offset by the susceptibility of the
Krishna group's profitability to volatility in raw material prices
and fluctuations in foreign exchange rates, and the group's
working-capital-intensive operations.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           135      CRISIL BB/Stable (Reaffirmed)

   Foreign Letter of      40      CRISIL A4+ (Reaffirmed)
   Credit

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KPPPL, Tara Finvest Pvt Ltd (TFPL), MJK
Mercantiles Pvt Ltd (MJK), and Krishna Tissues Pvt Ltd (KTPL).
This is because all these companies, together referred to as the
Krishna group, are under a common management and have significant
operational linkages with each other.

Further, CRISIL has also treated portions of unsecured loans
provided by the promoters and associate entities of KPPPL, MJK,
TFPL, and KTPL in these respective companies as neither debt nor
equity. This is because these loans are interest free and the
Krishna group's promoters intend to keep them in the business to
fund the working capital requirements of the group.

Outlook: Stable

CRISIL believes that the Krishna group will continue to benefit
over the medium term from its promoters' extensive experience in
the industrial paper industry and its established customer base.
The outlook may be revised to 'Positive' in case the group
registers more-than-expected improvement in its operating income
or profitability, or demonstrates better working capital
management, resulting in more-than-expected improvement in its
financial risk profile, particularly in its liquidity. Conversely,
the outlook may be revised to 'Negative' in case the Krishna group
registers deterioration in its liquidity because of lengthening of
its working capital cycle, or if it generates lower-than-expected
accruals, or if it undertakes any significant debt-funded capital
expenditure programme.

The Krishna group primarily manufactures duplex paper board and
kraft paper. KPPPL, TFPL, and MJK trade in waste paper and
chemicals used in the paper industry. These companies procure
waste paper mainly for the group's manufacturing unit, which is
set up in KTPL. The manufacturing unit is at Ghoraghata near
Bagnan (West Bengal).


KUDU KNIT: ICRA Reaffirms 'BB' Rating on INR14.84cr Loans
---------------------------------------------------------
ICRA has re-affirmed '[ICRA]BB' rating for the long-term fund-
based bank facilities of Kudu Knit Process Private Limited for an
enhanced amount of INR14.84 crore (enhanced from INR10.89 crore).
The outlook on the long term rating continues to remain Stable.
ICRA has upgraded the short term rating for the INR0.10 crore non
fund based facilities of KKPL to '[ICRA]A4+' from '[ICRA]A4'
earlier.

                         Amount
   Facilities         (INR crore)   Ratings
   -----------        -----------   -------
   Long Term Fund        14.84      [ICRA]BB (Stable)/Reaffirmed
   Based Limits

   Short Term Non         0.10      [ICRA]A4+/Upgraded
   Fund Based Limits

The upgrade in KKPL's short-term rating reflects its improved
liquidity position primarily supported by marginal improvement in
working capital intensity of operations and steady revenue growth
leading to improved fund flow position. Liquidity is also
supported by enhancement in its working capital limits leading to
decline in peak utilization levels.

ICRA's ratings continue to derive comfort from the established
track record of KKPL's promoters and company's vertically
integrated operations from yarn processing to garment
manufacturing. ICRA remains cognizant of the greater supply chain
control and off-take visibility (owing to nomination with leading
brands) benefits accruing to the company owing to its level of
integration of operations. Driven by growth in sales of knitted
fabrics, garments and blankets, the company's overall revenues
have witnessed steady growth in the past few years, the operating
profitability (~6-8%) however continues to remain modest. Further,
the operations of KKPL are working capital intensive in nature on
account of high inventory days and receivable turnover period,
which has led to high reliance on working capital funds and
unsecured loans, thereby leading to sizeable interest costs and
modest net profit margins. Despite high working capital intensity
of operations (which saw marginal decline in FY13), steady revenue
growth coupled with enhanced working capital limits from the bank,
the liquidity has remained satisfactory.

However, modest profitability coupled with high reliance on
working capital bank borrowings has resulted in high gearing of
1.73x as on March 2013 and modest coverage indicators as reflected
by TD/OPBDITA of 4.12x, and NCA/TD of 12% for FY2013. ICRA takes
note of inherent susceptibility of profitability and cash flows to
cyclicality in raw material prices. Further, modest scale of
operations in a fragmented and competitive industry, which is
dominated by the unorganized sector, limits the pricing power and
benefits of economies of scale. Given the low entry barriers,
KKPL's business growth and profitability will continue to remain
susceptible to entry of new players in the industry; however the
company's forward integration into garmenting segment, which by
virtue of higher value addition and better realizations could
improve the overall profitability going forward as the company
scales up its scale of garmenting operations.

Going forward, ability of the company to sustain satisfactory
growth in revenues, in addition to improving the profitability
margins and prudently manage its working capital cycle will remain
the key rating sensitivities in the near to medium term.

Incorporated in 1999 by the current managing director and second
generation entrepreneur Mr. Vipan Kumar Mittal and now also
actively managed by Mr. Varun Mittal, Kudu Knit Process Limited
(KKPL) is engaged in manufacture of knitted fabrics, garments and
blankets along with other ancillary items across the textile value
chain. The company positions itself as a composite knitting entity
equipped with trend sensitive technology for manufacturing knitted
products in the textile product portfolio. While sale of knitted
fabrics remains the main revenue driver for the company, KKPL also
has sizeable focus on garments division wherein the company
majorly sells garments under the in-house mass-market unisexual
sportswear "Nitrate Sports". KKPL has also recently launched its
own brand "Sappal Homes" for sale of fleece blankets.

Recent Results:

Kudu Knit Process Private Limited reported a PAT of INR0.74 crore
on an operating income of INR64.90 crore in FY2013 as against a
PAT of INR0.87 crore on an operating income of INR55.54 crore in
FY2012.


LANTRASOFT: CRISIL Assigns 'B' Ratings to INR13.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Lantrasoft.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Cash          4.5      CRISIL B/Stable (Assigned)
   Credit Limit
   Cash Credit            3.0      CRISIL B/Stable (Assigned)

   Long-Term Loan         6.0      CRISIL B/Stable (Assigned)

The rating reflects LTS's start-up nature of operations in the
intensely competitive information technology (IT) services
business. This rating weakness is partially offset by the
extensive experience of LTS's promoters in the IT services
industry.

Outlook: Stable

CRISIL believes that LTS will benefit over the medium term from
the extensive industry experience of its promoters and its modest
order book. The outlook may be revised to 'Positive' in case of
significant increase in the firm's scale of operations and
profitability resulting in improvement in its business risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the firm's financial risk profile on
account of decline in cash accruals or if it undertakes any large
debt-funded capital expenditure programme or in case LTS reports
larger-than-expected capital withdrawals by its partners.

LTS, established as a partnership firm in 2013, provides software
application, support, and maintenance services. The firm's day-to-
day operations are managed by Mr. A N Nagarajan.


LAXYA DIAMONDS: CRISIL Rates INR20MM Cash Credit 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Laxya Diamonds.

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

   Export Post-Shipment     130      CRISIL A4
   Credit

The ratings reflect the firm's modest scale of operations in the
competitive diamond industry; and an average financial risk
profile, marked by modest net worth and high total outside
liabilities to tangible net worth ratio. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the diamond industry, and established relations with customers
and suppliers.

Outlook: Stable

CRISIL believes that Laxya Diamonds will continue to benefit over
the medium term, from the extensive experience of its promoters,
and their established relations with customers and suppliers. The
outlook may be revised to 'Positive' if the firm reports a
significant improvement in its profitability, while maintaining
steady revenue growth. Conversely, the outlook may be revised to
'Negative', if the firm's financial risk profile deteriorates,
following a sharp decline in revenue and profitability; or any
debt-funded capital expansion plan; or an increase in its working
capital cycle, thereby constraining its liquidity.

Laxya Diamonds was established by Mr. Ramesh Manjibhai Mangukiya,
as a proprietorship firm, in Surat (Gujrat) in 2003. The firm was
reconstituted as a partnership in 2005, with Mr. Ramesh Manjibhai
Mangukiya, Mr. Arvind Manjibhai Mangukiya, and Mr. Bharat Karshan
Mangukiya as partners. Laxya Diamonds cuts and polishes rough
diamonds.

Laxya Diamonds' profit after tax (PAT) and net sales were
estimated at INR8.9 million and INR564.1 million, respectively,
for 2012-13 (refers to financial year, April 1 to March 31); the
firm reported a PAT of INR6.6 million on net sales of INR366.7
million for 2011-12.


LINNHOFF INDIA: CRISIL Reaffirms 'BB' Ratings on INR405MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Linnhoff India Pvt Ltd
continue to reflect the healthy demand prospects for LIPL's
products, given the Government of India's emphasis on road
development, and the extensive industry experience of the
company's promoters. These rating strengths are partially offset
by LIPL's susceptibility to project implementation risks and to
volatility in input prices, and its vulnerability to cyclicality
in the end-user industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            100.0     CRISIL BB/Stable (Reaffirmed)

   Bank Guarantee          50.0     CRISIL A4+ (Reaffirmed)

   Letter of Credit        25.0     CRISIL A4+ (Reaffirmed)

   External Commercial    305.0     CRISIL BB/Stable (Reaffirmed)
   Borrowings

Outlook: Stable

CRISIL believes that LIPL will continue to benefit over the medium
term from its promoters' extensive experience in the road
construction equipment industry. The outlook may be revised to
'Positive' in case the company demonstrates efficient working
capital management and generates better-than-expected cash
accruals during the initial phase of its operations. Conversely,
the outlook may be revised to 'Negative' in case LIPL faces delays
in commencement of its operations or generates lower-than-expected
cash accruals during the initial phase of its operations,
resulting in pressure on its liquidity.

LIPL was set up in April 2012 as a joint venture between STG
Infrastructure Pvt Ltd (part of the S-T group owned by the Tanna
family in India) and IPS-Lintec Asia Pacific Pte Ltd (part of the
IPSL group). LIPL trades in hardware/replacement parts and spare
parts of asphalt batch mix plants in India. It is in the process
of setting up a unit for manufacturing such plants. Mr. Ashok
Narottam Tanna, Mr. Ajay Narottam Tanna, and Mr. Rohan Shah are
directors in LIPL.

LIPL's profit after tax (PAT) is estimated at around INR4.3
million and its net sales at INR428.8 million for 2012-13 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR0.1 million on net sales of INR2.4 million for 2011-12.


MA BHAGWATI: CARE Assigns 'D' Rating to INR18.16cr LT Loans
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of MA Bhagwati
Sugar Mill Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      18.16      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Ma Bhagwati Sugar
Mills Ltd takes into account the frequent instances of delay in
debt servicing due to its stressed liquidity position.

MBL was initially incorporated in December 2006, by the Patel
family of Bhopal to undertake business of manufacturing of sugar.
Due to operational constraints, the business was taken over by
AG8 Ventures Ltd in FY09 (refers to the period April 1 to
March 31), which holds 98.79% of the holding in MBL and the
commercial operations commenced from Sugar Season (SS) 2008-09.
MBL operates its cane processing plant at Sehore in Madhya Pradesh
with an installed capacity of 1,600 Tonnes of canes crushed per
Day (TCD) as on March 31, 2013.

MBL also has associate concerns namely Ma Bhagwati Power Mill Ltd,
which is engaged in power generation, Reva Kripa Sugars Pvt Ltd
and Kareli Sugar Mill Pvt Ltd (KML; rated CARE BB), which are
engaged in manufacturing of sugar.

During FY12 (refers to the period April 1 to March 31), MBL
reported a total operating income of INR11.72 crore and a net loss
of INR1.20 crore as against a total operating income of INR2.36
crore and a PAT of INR0.77 crore in FY11. During FY13
(provisional), MBL has achieved a total operating income of INR22
crore and PBT of INR0.56 crore.


MANGESH ENTERPRISES: CRISIL Cuts Ratings on INR90MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mangesh Enterprises Pvt Ltd; part of the Pelena group) to
'CRISIL D' from 'CRISIL BB/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           15      CRISIL D (Downgraded from
                                 'CRISIL BB/Stable')

   Proposed Long-Term    75      CRISIL D (Downgraded from
   Bank Loan Facility            'CRISIL BB/Stable')

The rating downgrade reflects the Pelena group's overdrawn cash
credit account for more than 30 days, driven by the group's weak
liquidity. The group has weak liquidity because of its large
working capital requirements.

The Pelena group also has a modest scale of operations in the
intensely competitive cutting tools trading industry, with large
working capital requirements; it also has an average financial
risk profile.  However, the group benefits from the extensive
industry experience of its promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MEL, Pelena Trading Pvt Ltd (Pelena),
and Meenal Enterprises Pvt Ltd (MEPL). This is because these
entities, collectively referred to as the Pelena group, are in the
same line of business, under a common management, and have common
suppliers.

The Pelena group commenced business operations through its
flagship firm Oriental Trading Corporation, a proprietorship
concern based in Mumbai (Maharashtra); this firm was set up in
1994 by Mr. Mohanlal Patel. Subsequently, two more firms, Vatsa
Enterprises and Bhagwati Enterprises, were set up in 1995.
However, the business of all three firms was acquired in 2010 by
Pelena, MEL, and MEPL, respectively, which were incorporated in
2008. The group currently comprises these three companies. The
Pelena group trades in carbide metal cutting tools (of different
sizes), measurement instruments, and fasteners such as screws,
nuts, bolts, and ball bearings.


MEENAL ENTERPRISES: CRISIL Cuts Ratings on INR90MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Meenal
Enterprises Pvt Ltd (MEPL; part of the Pelena group) to 'CRISIL D'
from 'CRISIL BB/Stable'. The rating downgrade reflects the Pelena
group's overdrawn cash credit account for more than 30 days,
driven by the group's weak liquidity. The group has weak liquidity
because of its large working capital requirements.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           80       CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

   Proposed Long-Term    10       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL BB/Stable')

The Pelena group also has a modest scale of operations in the
intensely competitive cutting tools trading industry, with large
working capital requirements; it also has an average financial
risk profile. However, the group benefits from the extensive
industry experience of its promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MEPL, Pelena Trading Pvt Ltd (Pelena),
and Mangesh Enterprises Pvt Ltd (MEL). This is because these
entities, collectively referred to as the Pelena group, are in the
same line of business, under a common management, and have common
suppliers.

The Pelena group commenced business operations through its
flagship firm Oriental Trading Corporation, a proprietorship
concern based in Mumbai (Maharashtra); this firm was set up in
1994 by Mr. Mohanlal Patel. Subsequently, two more firms, Vatsa
Enterprises and Bhagwati Enterprises, were set up in 1995.
However, the business of all three firms was acquired in 2010 by
Pelena, MEL, and MEPL, respectively, which were incorporated in
2008. The group currently comprises these three companies. The
Pelena group trades in carbide metal cutting tools (of different
sizes), measurement instruments, and fasteners such as screws,
nuts, bolts, and ball bearings.


MEENAL TRADING: CRISIL Lowers Ratings on INR100MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Meenal
Trading Pvt Ltd (Meenal; part of the Mocha group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Packing Credit            70      CRISIL D (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects overdrawals in the group's cash
credit account for a period of more than 30 days driven by the
group's weak liquidity. The group has weak liquidity on account of
its large working capital requirements.

The Mocha group also has moderate scale of operations in the
intensely competitive cutting tools trading industry with large
working capital requirements. The group has an average financial
risk profile. However, the group benefits from its promoters'
extensive experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Meenal and Mocha Trading Pvt Ltd
(Mocha). This is because these entities, together referred to as
the Mocha group, are in the same line of business, under a common
management, and have common suppliers.

The Mocha group commenced business operations through its flagship
firm Mocha Trading Corporation, a partnership concern based in
Mumbai (Maharashtra) and set up in 1996 by Mr. Mohanlal Patel and
his son, Mr. Romen Patel. The firm was reconstituted as a private
limited company in 2008. The Mocha group trades in carbide metal
cutting tools, measurement instruments, and fasteners such as
screws, nuts, bolts, and ball bearings. It also trades in iron ore
fines in the domestic market.


MISTRY CONSTRUCTION: ICRA Assigns 'B-' Ratings to INR35.8cr Loans
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR15.00
crore cash credit facility and INR20.80 crore of overdraft
facilities of Mistry Construction Co Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund Based            15.00     [ICRA]B- assigned
   Cash Credit Facility

   Long Term Fund Based            20.80     [ICRA]B- assigned
   Overdraft Facility

The rating is constrained by the vulnerability of profitability to
fuel price variation with the ongoing contract having fixed fuel
compensation rates, presence of LD clause which mandates the
company to maintain performance level and timeliness in delivery,
exposure of operations to regulatory risks which can impact the
volume of work undertaken though the responsibility of getting
regulatory approvals lies with the Principle, client concentration
risk with Bhushan Steel Limited as the only major client at
present being served by the company, large fluctuations in the
operating income and profitability with decline in profitability
with commencement of trading operations and high working capital
intensity on account of stretched receivable cycle and high
working capital limit utilization.

The rating favourably factors in the long experience of more than
3 decades of the promoter in site excavation activities and an
established track record of the company, long relationship and
repeat business from its key client and a moderate order book
position of INR78.46 crore (1.50 times of FY13 operating income)
as on 1st April 2013.

Incorporated in 1983, Mistry Construction Co Pvt Ltd is engaged in
site excavation and mining work and also undertakes textile
trading. The promoters are also associated with other companies
engaged in film exhibition & tower leasing (Meghraj Cinema, Kurla
Exhibitors), textile trading (Millennium Clothing Pvt Ltd) and
site excavation & mining activities (Mistry Enterprises Limited).
MCCPL is presently undertaking mining, excavation and earthwork
for Bhushan Steel Limited at Angol, Orrissa.

For the year FY2013 (Provisional unaudited financials), the
company reported an operating income of INR52.17 crore (against
INR33.40 crore for FY2012) and profit after tax of INR1.40 crore
(against INR1.22 crore for FY2012).


MISTRY ENTERPRISES: ICRA Assigns 'B-' Ratings to INR27.5cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR10.00
crore cash credit facility and INR17.50 crore overdraft facilities
of Mistry Enterprises Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Fund Based            10.00     [ICRA]B- assigned
   Cash Credit Facility

   Long Term Fund Based            17.50     [ICRA]B- assigned
   Overdraft Facility

The rating is constrained by the vulnerability of profitability to
fuel price variation with the ongoing contract having fixed fuel
compensation rates, presence of LD clause which mandates the
company to maintain performance level and timeliness in delivery,
exposure of operations to regulatory risks which can impact the
volume of work undertaken though the responsibility of getting
regulatory approvals lies with the client, client concentration
risk with the present order book consisting entirely of the
subcontracting work from Mistry Construction Company Private
Limited, large fluctuations in the operating income and
profitability over the past three years with sharp decline in
operating income in FY13 and stretched working capital cycle and
high working capital limit utilization. The rating, however,
favourably factors in the long experience of more than three
decades of the promoter in site excavation activities and an
established track record of the company and a healthy order book
position of INR107.75 crore (6.06 times the operating income of
FY13) as on 31st July 2013.

Incorporated in 2007, Mistry Enterprises Limited is engaged in
heavy excavation and earthwork. The promoters are also associated
with other companies engaged in film exhibition & tower leasing
(Meghraj Cinema, Kurla Exhibitors), textile trading (Millennium
Clothing Pvt Ltd) and site excavation & mining activities (Mistry
Construction Company Private Limited, MCCPL) and MEL has extended
large amount of advances to many of these group companies. MEL is
presently undertaking mining, excavation and earthwork in the
capacity of a sub contractor for the group company MCCPL at Angol,
Orrissa.

For the year FY2013 (Provisional unaudited financials), the
company reported an operating income of INR17.79 crore (against
INR42.41 crore for FY2012) and profit after tax of INR0.31 crore
(against net loss of INR0.08 crore for FY2012).


M. K. PRODUCTS: CARE Rates INR6.59cr LT Bank Loans at 'B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of M. K.
Products.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.59      CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partner and the financial strength of the firm at present. The
rating may undergo a change in case of the withdrawal of capital
or the unsecured loans brought in by the partner in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of M. K. Products is
primarily constrained on account of its small scale of operations
along with its constitution as a partnership firm and its
financial risk profile marked by moderate profitability margin,
moderately stressed capital structure and stressed liquidity
position. The rating is further constrained on account of
vulnerability of its margins to fluctuation in raw material prices
and foreign exchange rate.

The rating, however, derives strength from the vast experience of
the management in the textile industry.

The ability of the firm to increase its scale of operations with
improvement in liquidity position will be the key rating
sensitivities.

MKP was formed in 1995 as a partnership concern formed by three
partners. However, in April 2012, there was a change in the
partners and currently, MKP consists of three partners viz Mr
Dayaram Khanchadani, Mr Shamlal Khanchadani and Mrs Pushpa
Khanchadani with profit sharing ratio of 15:70:15 respectively.

Till FY12 (refers to the period April 1 to March 31), MKP was
engaged in the manufacturing of home made-up items and trading of
salwar suits. However, to widen its scale of operation, in FY13,
the firm undertook a project and installed machineries for
production of printed and embroidered salwar suits (semi-stitched)
and increased installed capacity for manufacturing of home made-up
items. The plant of the firm is located at Jaipur and has total
installed capacity of 97,600 Pieces Per Annum (PPA) for
manufacturing of embroidered and printed salwar suits, 288,000 PPA
for manufacturing of bed-sheets and 57,600 Meters Per Annum (MPA)
for running length of rich embroidery as on March 31, 2013. MKP
has utilized 97% of the installed capacity for printed bedsheet,
80% for running length of rich embroidery and 54% for printed and
embroidered dress material in FY13. It markets bed-sheets in the
brand name of 'Mona Print' and salwar suit in the brand name of
'Dreams'. MKP sells home made-up items through traders as well as
through its single retail outlet located at Jaipur. Further, the
firm entirely exports salwar suits mainly to Dubai.

As per provisional result of FY13 (refers to the period April 1 to
March 31), MKP reported a total income of INR 4.37 crore with a
PAT of INR 0.26 crore. In 5MFY14, MKP has achieved TOI of INR3.47
crore.


PELENA TRADING: CRISIL Lowers Ratings on INR90MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Pelena
Trading Pvt Ltd (Pelena; part of the Pelena group) to 'CRISIL D'
from 'CRISIL BB/Stable'. The rating downgrade reflects the Pelena
group's overdrawn cash credit account for more than 30 days,
driven by the group's weak liquidity. The group has weak liquidity
because of its large working capital requirements.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           15      CRISIL D (Downgraded from
                                 'CRISIL BB/Stable')

   Proposed Long-Term    75      CRISIL D (Downgraded from
   Bank Loan Facility            'CRISIL BB/Stable')

The Pelena group also has a modest scale of operations in the
intensely competitive cutting tools trading industry, with large
working capital requirements; it also has an average financial
risk profile.However, the group benefits from the extensive
industry experience of its promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pelena, Mangesh Enterprises Ltd (MEL),
and Meenal Enterprises Pvt Ltd (MEPL). This is because these
entities, collectively referred to as the Pelena group, are in the
same line of business, under a common management, and have common
suppliers.

The Pelena group commenced business operations through its
flagship firm Oriental Trading Corporation, a proprietorship
concern based in Mumbai (Maharashtra); this firm was set up in
1994 by Mr. Mohanlal Patel. Subsequently, two more firms, Vatsa
Enterprises and Bhagwati Enterprises, were set up in 1995.
However, the business of all three firms was acquired in 2010 by
Pelena, MEL, and MEPL, respectively, which were incorporated in
2008. The group currently comprises these three companies. The
Pelena group trades in carbide metal cutting tools (of different
sizes), measurement instruments, and fasteners such as screws,
nuts, bolts, and ball bearings.


PRAHLADRAI FABRICS: CRISIL Cuts Ratings on INR950MM Loans to BB+
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Prahladrai Fabrics Ltd (PFL; part of the Jajoo group) to 'CRISIL
BB+/ Stable' from 'CRISIL BBB-/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            350      CRISIL BB+/Stable (Downgraded
                                   from CRISIL BBB-/Stable)

   Proposed Long-Term     600      CRISIL BB+/Stable (Downgraded
   Bank Loan Facility              from CRISIL BBB-/Stable)

The rating downgrade reflects deterioration in the Jajoo group's
liquidity because of a delay in realisation of receivables. The
Jajoo group experienced a significant build-up of receivables
during 2012-13 (refers to financial year, April 1 to March 31)
with an increase to 164 days as on March 31, 2013, from 97 days as
on March 31, 2012. The stretch in realisation of receivables has
led to a pressure on the group's liquidity.

The Jajoo group's financial risk profile has also deteriorated,
with total outside liabilities to tangible networth (TOLTNW) ratio
increasing to 2.5 times as on March 31, 2013, from 1.4 times as on
March 31, 2012. The deterioration in TOLTNW was driven by an
increase in creditors and working capital borrowings to fund the
stretch in receivables. The interest coverage ratio was also
below-average at 1.4 times in 2012-13.

The rating reflects the extensive industry experience of the Jajoo
group's promoters and established relations with various
suppliers, and the asset-light model. The strengths are partially
offset by the Jajoo group's below-average financial risk profile,
marked by low profitability; and exposure to stiff competition in
the fabric trading industry.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of PFL, Guru Aashish Texfab Ltd (GATL)
and Jajoo Enterprises Ltd (JEL). This is because the above-
mentioned companies, together referred to as the Jajoo group, are
engaged in similar business activities and have common promoters.
Besides, JEL has extended its corporate guarantee to the credit
facilities of GATL and vice versa.

Outlook: Stable

CRISIL believes that the Jajoo group will continue to benefit from
the extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' if the group's
receivables management improves, or if the group receives any
sizeable equity infusion thereby supporting its liquidity.
Conversely, the outlook may be revised to 'Negative' in the event
of a sustained deterioration in the group's receivables, leading
to acute liquidity pressures; or any significant drop in business
volumes leading to a reduction in cash accruals.

PFL was set up by Mr. Kamal Jajoo along with his father Mr.
Satyaprakash Jajoo, and his brother Mr. Sharad Jajoo in Mumbai
(Maharashtra) in 1992. PFL is a closely held public limited
company trading shirting and suiting fabric. The company is a part
of the Jajoo group, which was established by Mr. Prahladrai Jajoo
(grandfather of Mr. Kamal Jajoo) in Gwalior, in 1951. The other
key group companies include GATL (incorporated in 2003) and JEL
(incorporated in 2000), which also operate in a similar line of
business.

The Jajoo group reported a profit after tax (PAT) of INR56.8
million on net sales of around INR8.79 billion (provisional
figures) for 2012-13; and a PAT of INR54.84 million on net sales
of INR9.62 billion for 2011-12.


PUDUVAI LIFE: CRISIL Assigns 'B' Rating to INR23.6MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
bank facility of Puduvai Life Line.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       23.6     CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects PLL's limited track record of operations and
its exposure to intense competition in the hospital industry.
These rating weaknesses are partially offset by the benefits that
PLL derives from the healthy demand prospects for the hospital
industry, its favorable location, and its partners' industry
experience.

Outlook: Stable

CRISIL believes that PLL will continue to benefit over the medium
term from the healthy demand prospects for the hospital industry
and from its favorable location. The outlook may be revised to
'Positive' if the firm achieves earlier-than-expected completion
of its hospital project and registers more-than-expected revenue
and profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm achieves lower-than-expected revenue and operating
profitability or if the partners withdraw significant capital from
the firm, thereby weakening its financial risk profile.

Set up in 2013, PLL is involved in setting up and managing a
hospital at Puducherry. The firm is promoted by Dr. Sathish
Chakravarthy, his wife Dr. Umamaheswari, and their family. The
hospital is expected to commence commercial operations by December
2013.


RAMA KRISHNA: CRISIL Reaffirms 'BB-' Ratings on INR40MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rama Krishna Knitters
Pvt Ltd continue to reflect RKKPL's established position in the
garment exports business and its long-standing customer
relationships.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------         ---------   -------
   Foreign Bill          900      CRISIL A4+ (Reaffirmed)
   Discounting

   Packing Credit        350      CRISIL A4+ (Reaffirmed)

   Proposed Long-Term     15.8    CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              24.2    CRISIL BB-/Stable (Reaffirmed)

These rating strengths are partially offset by the company's
susceptibility to volatility in the rupee value, which impacts its
realisations and margins, and its average financial risk profile,
marked by high gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that RKKPL will continue to benefit over the
medium term from its established relationships with its customers,
leading to steady export revenues. The outlook may be revised to
'Positive' in case of a sustained improvement in the company's
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if RKKPL undertakes a large debt-funded
capital expenditure (capex) programme, or if its realisations and
margins decline steeply, causing its financial risk profile to
weaken.

Update

RKKPL's sales increased by 12 per cent year-on-year in 2012-13
(refers to financial year, April 1 to March 31), backed by ramp-up
in production at its integrated garment manufacturing plant;
capacity utilisation at the plant was nearly 80 per cent. The
sales growth is expected to moderate to 10 per cent year-on-year
in 2013-14, owing to constraints in funding incremental working
capital requirements. RKKPL has changed its credit policy and is
now collecting payments directly from customers after a credit
period of 90 days instead of through collection agents, where the
credit period was 60 days.

RKKPL's operating margin improved to 5.4 per cent in 2012-13 from
4.8 per cent in 2011-12, following the integration in its
manufacturing process and direct sales to customers. CRISIL
believes that the company's operating margin will remain at around
5 per cent over the medium term, owing to removal of
intermediaries (collection agents) and consequent saving on
selling expenses, moderated by intense competition in overseas
markets. RKKPL had debtors outstanding of 119 days and an
inventory of 76 days as on March 31, 2013; these were higher than
CRISIL's expectations owing to the above-mentioned change in the
company's credit policy. RKKPL's incremental working capital
requirements in 2012-13 were largely funded by enhancement in bank
facilities and funding support from promoters.

RKKPL's gearing was 2.5 times as on March 31, 2013, and is
expected to be at a similar level over the medium term. The
company's debt protection metrics are weak, owing to a modest
operating margin and a leveraged capital structure. Its interest
coverage ratio was 1.6 times and net cash accruals to total debt
ratio 0.05 times for 2012-13. Its average bank limit utilisation
for the 12 months through August 2013 was high, at 99 per cent.
The company's term loan and vehicle loan repayments of INR18.8
million in 2013-14 can be met through expected accruals of INR60
million during the year. RKKPL does not have any large debt-funded
capex plans for the medium term.

Ludhiana (Punjab)-based RKKPL manufactures and exports knitted
garments and T-shirts. The promoters, Mr. Naresh Kumar Gupta and
his wife, Mrs. Shalu Gupta, had set up two partnership firms,
Sriram Knitters and Sriram International, in 1990. The two firms
were merged and reconstituted as RKKPL on April 1, 2008. RKKPL has
a knitting capacity of 17 tonnes per day and garmenting capacity
of about 50,000 pieces per day.

RKKPL reported a profit after tax (PAT) of INR60 million on net
sales of INR3.8 billion for 2012-13, as against a PAT of INR53
million on net sales of INR3.3 billion for 2011-12.


RAMKY ELSAMEX: CARE Reaffirms 'D' Rating on INR277.09cr Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities Ramky
Elsamex Hyderabad Ring Road Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       277.09    CARE D Reaffirmed

Rating Rationale

The rating continues to take into account delays in debt servicing
owing to tight liquidity position of the company.

Ramky Elsamex Hyderabad Ring Road Ltd is a Special Purpose Vehicle
(SPV) incorporated on July 18, 2007, to design, construct,
develop, finance, operate and maintain eight-lane access
controlled expressway under Phase II -A program in the Hyderabad
city for a stretch of 12.63 km from Tukkuguda (Km 121) to
Shamshabad (Km 133.63), under Build, Operate & Transfer (BOT)
Annuity Basis. The project has been awarded under annuity scheme
by HMDA (erstwhile Hyderabad Urban Development Authority -- HUDA).
REL is promoted by the Hyderabad-based Ramky Infrastructure Ltd
and Elsamex SA, a Spanish engineering and construction company,
and a subsidiary of IL&FS Transportation Networks Limited.

The concession is for a period of 15 years, including a 30-month
implementation period. The project was completed and awarded
Provisional Completion Certificate (PCC) on March 31, 2010 (with
retrospective effect from November 26, 2009). Considering the PCC,
the company is eligible for bonus for early completion. However,
REL received Final Completion Certificate retroactive from
September 16, 2010. The company is in dispute with HMDA with
respect to the date of final completion and is in the process of
going for arbitration for the same.

REL registered annuity income of INR63 crore and net loss of
INR4.15 crore for FY13 (Provisional) (refers to the period
April 1, 2012 to March 31, 2013).

Credit Risk Assessment

Ongoing delays with respect to debt servicing:

There are ongoing delays with respect to interest servicing. The
ratings initially derived strength from its sponsor; Ramky
Infrastructure Limited extending tangible and intangible support
to the company to fill in cash flow gaps in the past considering
the delays in receipt of annuities and ongoing disputes with HMDA
with respect to bonus, change of scope etc. The company is
dependent on support from its sponsor for timely repayment of
debt. However, recently on account of tight liquidity position of
RIL, it has been unable to extend the required timely support
towards REL to fill in the cash flow risen on account of delayed
receipt of annuity which has led to delays in debt servicing.


REEP INDUSTRIES: CRISIL Reaffirms 'D' Ratings on INR201.8MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reep Industries Pvt Ltd
continue to reflect irregularity in RIPL's servicing of its fund-
based line for a period of more than 30 consecutive days as a
result of weak liquidity. RIPL has weak liquidity on account of
its large working capital requirements driven by high debtor days.
Instances of delay in collection of receivables from customers
have also affected the company's liquidity. CRISIL believes that
RIPL's liquidity will remain under pressure over the medium term.
                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           40.0     CRISIL D (Reaffirmed)

   Bill Purchase         40.0     CRISIL D (Reaffirmed)

   Packing Credit         9.0     CRISIL D (Reaffirmed)

   Foreign Bill           9.0     CRISIL D (Reaffirmed)
   Discounting

   Inland/Import Letter   2.0     CRISIL D (Reaffirmed)
   of Credit

   Bank Guarantee        34.4     CRISIL D (Reaffirmed)

   Term Loan             67.4     CRISIL D (Reaffirmed)

CRISIL had downgraded its ratings on RIPL's bank facilities to
'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+' on
September 24, 2013.

RIPL also has a below-average financial risk profile, marked by
weak debt protection metrics, and working-capital-intensive
operations. However, the company continues to benefit from its
promoters' extensive experience in the electrical products
industry.

RIPL, incorporated in 1996, manufactures bus ducts, control
panels, cubicles, and copper flexibles which are used in the
transmission of power.


REGALIA JEWELS: CRISIL Rates INR65MM Cash Credit at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Regalia Jewels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B/Stable (Assigned)

The rating reflects RJPL's weak financial risk profile with a
highly leveraged capital structure, weak debt protection metrics,
and small scale of operations in the highly fragmented jewellery
industry. These weaknesses are partially offset by the experience
of RJPL's promoter in the jewellery industry.

Outlook: Stable

CRISIL believes that RJPL will continue to benefit from the
experience of its promoters in the jewellery business. The outlook
may be revised to 'Positive' if RJPL increases its scale of
operations with better working capital management, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in its
financial risk profile, on account of lower-than-expected
profitability, or larger-than-expected working capital
requirements.

RJPL, incorporated in 2006 by Mr. Sumit Verma, is based in Delhi.
The company is engaged in manufacturing and wholesaling of gold
and diamond-studded jewellery. The company has a showroom at
Gurgaon (Haryana).


R K METAL: CRISIL Reaffirms 'BB-' Ratings on INR127.5MM Loans
-------------------------------------------------------------
CRISIL's ratings on R K Metal and Plastic Private Limited (RKMP;
part of the RK group) continue to reflect the benefits that the
group derives from its established market position in the polymer
industry, long-term contracts with clients that have in-built
escalation clauses and its promoters' extensive industry
experience.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4+ (Reaffirmed)

   Cash Credit           100       CRISIL BB-/Stable (Reaffirmed)

   Letter of Credit       20       CRISIL A4+ (Reaffirmed)

   Term Loan               8       CRISIL BB-/Stable (Reaffirmed)

   Proposed Long-Term     19.5     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

These rating strengths are partially offset by the group's modest
scale of operations in a highly fragmented industry, below-average
financial risk profile marked by small net worth, moderate gearing
and inadequate debt protection metrics, and working-capital-
intensive nature of operations.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of YP and R K Metal and Plastic Pvt Ltd
(RKMP), together referred to as the RK group. The consolidated
approach is because of significant operational and financials
linkages between these two entities.

Outlook: Stable

CRISIL believes that the RK group will benefit over the medium
term from its established market position and extensive experience
of its promoters in the plastic products manufacturing industry.
The outlook may be revised to 'Positive' in case the group
improves its liquidity through efficient working capital
management and enhanced cash accruals driven by higher topline and
profitability. Conversely, the outlook may be revised to
'Negative' if the group's liquidity and thereby financial risk
profile deteriorates due to lengthening of working capital cycle
or higher-than-expected debt-funded capital expenditure.

Update

On the back of an increased and more diversified customer base,
the RK group's revenue grew by 36 per cent year-on-year to about
INR618 million in 2012-13 (refers to the financial year, April 1
to March 31). Moreover, driven by escalation clauses built in the
group's contracts with its clients, the operating margin, though
low, remains range-bound at 7.5 to 8.5 per cent despite sharp
volatility in input prices. CRISIL believes that long-term
contracts with the customers will help the group maintain its
increased scale of operations over the medium term.

Due to delays in receivables from the newly added customers, the
sharp growth in revenue has translated into large working capital
requirements. Although the promoters continue to extend support -
promoters infused about INR29 million of equity and unsecured
loans in the past two years - the group chiefly relies on bank
lines. Consequently, the fund-based bank lines of the group were
utilised highly at an average 93 per cent over the 15 months ended
June 2013. Also, the gearing has been moderate at 1.8 times as on
March 31, 2013. The high cost of debt, coupled with moderate
profitability, leads to weak debt protection metrics with net cash
accruals to total debt and interest coverage ratios at 0.1 times
and 1.8 times, respectively, for 2012-13. CRISIL believes that
improvement in profitability levels, efficient working capital
management and continued fund support from promoters will be key
factors affecting the group's liquidity over the medium term.

Incorporated in 1998, RKMP manufactures injection moulded plastic
containers such as buckets and pails which primarily find
application in the oil, lubricants and paints industries. YP was
incorporated in 2000 and undertakes similar activities as that of
RKMP. The group's manufacturing facilities are located in Daman.
The day-to-day operations of the RK group are managed by Mr.
Pankaj Sheth.

KMP reported a profit after tax (PAT) of INR5.8 million on net
sales of INR445 million for 2012-13 (provisional), as against a
PAT of INR4.2 million on an operating income of INR345 million for
2011-12.

YP reported a PAT of INR4.2 million on an operating income of net
sales of INR177 million for 2012-13 (provisional), as against a
PAT of INR1.2 million on an operating income of INR114 million for
2011-12.


SANT RAM: CRISIL Reaffirms 'BB-' Ratings on INR186.4MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Sant Ram Mangat Ram
Jewellers Pvt Ltd continue to reflect the experience of SRMRJPL's
promoters in the jewellery business. This rating strength is
partially offset by SRMRJPL's below-average financial risk
profile, marked by a high gearing, a small net worth, and weak
debt protection metrics, modest scale of operations, and exposure
to intense competition in the retail gold jewellery industry.


                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           180       CRISIL BB-/Stable (Reaffirmed)

   Proposed Long-Term      6.4     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SRMRJPL will benefit over the medium term
from the healthy growth in its revenues and its promoter's
experience in the jewellery business. The outlook may be revised
to 'Positive' if SRMRJPL improves its financial risk profile
through improvement in profitability or fresh equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' if
SRMRJPL undertakes any large, debt-funded capital expenditure
(capex), leading to deterioration in its financial risk profile.

Update

SRMRJPL reported sales of INR475 million in 2012-13 (refers to
financial year, April 1 to March 31), 5 per cent lower than last
year. However, SRMRJPL's operating margin improved to 10.7 per
cent in 2012-13 from 9.2 per cent in 2011-12. SRMRJPL fully
utilises its cash credit facilities to build inventory and
inventory days remain high at 265 days as of March 31, 2013.
CRISIL believes that SRMRJPL' business will remain vulnerable to
recent sharp volatility in gold prices as well as the policy
changes on gold imports, adversely impacting the liquidity in the
sector.

SRMRJPL's financial risk profile remains constrained by high total
outside liabilities to tangible net worth (TOL/TNW) ratio of 2.7
times, weak interest coverage ratio of 1.43 times in 2012-13 and
weak liquidity, marked by high bank limit utilisation. The cash
accruals remain low at INR12 million in 2012-13. SRMRJPL does not
have any major capex plans over the medium term

Incorporated in 1991 as a private limited company, SRMRJPL
manufactures and retails gold and diamond-studded jewellery in
Ludhiana (Punjab) under the brand name, SM. The company is
promoted by Mr. Mahesh Jain and family.

SRMRJPL reported, on provisional basis, a profit after tax (PAT)
of INR7 million on net sales of INR475 million for 2012-13,
against a reported PAT of INR3 million on net sales of INR499
million in 2011-12.


SCORPIO ENG'G: CRISIL Cuts Ratings on INR81MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Scorpio Engineering Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           0.40     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Cash Credit             80.00     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        70.00     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Bank Guarantee          40.00     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long-Term       0.60     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects the stretch in the liquidity profile of the
company, consequent to customer-side delays in project progress.
This has led to a stretch in the working capital cycle of the
company resulting from the increase in the inventory holding
levels, which has increased to around 110 days as on March 31,
2013 from 63 days as on March 31, 2012 to around 110 days as on
March 31, 2013.

As a result, the fund based bank limits of the company were not
only fully utilised, but also saw instances of overdrawals during
the 12 months ended December, 2012. The downgrade also reflects
CRISIL's belief that the business risk profile of the company will
continue to remain constrained over the medium term on account of
customer concentration in its revenue profile, making it highly
susceptible to the cost as well as time over runs of these
projects.

The ratings continue to reflect SEPL's modest scale of operations,
concentration in revenue profile, and below-average financial risk
profile, marked by high gearing. These weaknesses are partially
offset by SEPL's established presence in setting up material
handling systems across diverse industries.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its established position in setting up material handling
systems across diverse industries. The outlook may be revised to
'Positive' in case of significant improvement in the company's
financial risk profile, driven most likely by better-than-expected
cash accruals along with efficient working capital management,
resulting in better-than-expected liquidity. Conversely, the
outlook may be revised to 'Negative' if continued delays in
execution of orders further weakens the group's liquidity or if
the overall credit risk profile of SEPL weakens, most likely
driven by lower-than-anticipated cash accruals, or larger than
expected debt-funded capital expenditure.

Incorporated in 1983 and based in Bengaluru (Karnataka), SEPL
designs, manufactures, supplies, erects, and commissions pneumatic
conveying systems and heavy bulk handling systems. SEPL is
promoted by Mr. Bala Velan along with his wife, Mrs. Veera Velan.

SEPL is estimated to have reported a profit after tax (PAT) of
INR2.7 million on net sales of INR232.3 million for 2012-13
(refers to financial year, April 1 to March 31), as against a PAT
of INR4.3 million on net sales of INR412.2 million for 2011-12.


SHANTDEEP METALS: CRISIL Assigns 'B' Ratings to INR130MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shantdeep Metals Pvt. Ltd.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          2.5      CRISIL B/Stable (Assigned)
   Term Loan          127.5      CRISIL B/Stable (Assigned)

The rating reflects SMPL's modest scale of operations and subdued
financial risk profile marked by low networth and high gearing.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
the auto components industry.

Outlook: Stable

CRISIL believes that SMPL will maintain its stable business risk
profile over the medium term, backed by extensive experience of
its promoters in the auto components industry. The outlook may be
revised to 'Positive' if SMPL's financial risk profile improves
significantly driven by higher-than-expected revenues and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
significant debt-funded capital expenditure or if cash accruals
decrease significantly resulting in deterioration in SMPL's
financial risk profile.

SMPL, incorporated in 2009, is engaged primarily in undertaking
job work activities such as heat treatment for various auto
components. From 2013 onwards, the company has also ventured into
manufacturing activities, mainly producing gears for two wheelers.
Its business operations are managed by Mr. Pradeep Chaudhary, Mrs.
Sanjot Chaudhary and Mr. Prashant Rahane.


SHREE SUSHMA: ICRA Rates INR5cr Long-Term Loan at 'B+'
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR5.00
Crore fund based bank facilities of Shree Sushma Ferrous Alloys
Pvt. Ltd. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR1.00 Crore non fund based bank facilities of SSLPL.
ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to the INR9.00
Crore unallocated amount of SSFPL.

                             Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long Term Fund            5.00       [ICRA]B+; Assigned
   Based Limits

   Short Term Non            1.00       [ICRA]A4+; Assigned
   Fund Based Limits

   Unallocated Amount        9.00       [ICRA]B+/[ICRA]A4+;
                                        Assigned

The ratings reflect SSFPL's stretched financial position as
reflected by low profitability levels, highly leveraged capital
structure given high working capital borrowing levels and moderate
coverage indicators. The ratings also incorporate its presence in
a highly competitive and fragmented nature of industry which
limits the pricing flexibility. The margins also remain vulnerable
to volatility in steel prices and limited value addition, given
the modest levels. The ratings however, favourably take into
account the promoters' long and established experience in the
manufacture of steel ingots and the locational advantage arising
from its proximity to client base.

SSFPL was established in the year 2008 as a private limited
company. It is engaged in the manufacture of mild steel alloys in
the form of ingots. SSFPL's parent company Surya Ferrous Alloys
Pvt. Ltd. is engaged in the manufacture of MS ingots, billets and
TMT bars. The registered and marketing office is in Navi Mumbai
and the manufacturing facility at Wada, Thane.

Recent Results:

SSFPL recorded a net profit of INR0.80 Crore on an operating
income of INR70.30 Crore for the year ending March 31, 2013.


SOLARIS CHEMTECH: CRISIL Keeps 'BB+' Loan Ratings on Watch Neg.
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Solaris Chemtech
Industries Ltd remain on 'Rating Watch with Negative
Implications'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting        100      CRISIL A4+ (Remains on
                                    'Rating Watch With Negative
                                    Implications')

   Cash Credit             600      CRISIL BB+ (Remains on
                                    'Rating Watch With Negative
                                    Implications')

   Corporate Loan        1,128.5    CRISIL BB+ (Remains on
                                    'Rating Watch With Negative
                                    Implications')

   Proposed Long-Term      576.5    CRISIL BB+ (Remains on
   Bank Loan Facility               'Rating Watch With Negative
                                    Implications')

    Rupee Term Loan       2,656.5    CRISIL BB+ (Remains on
                                    'Rating Watch With Negative
                                    Implications')

The ratings were placed on watch with developing implications on
October 1, 2012, following the signing of a definitive agreement
between SCIL and Chemtura Corporation (Chemtura; rated 'BB-
/Stable' by Standard & Poor's) for the sale of SCIL's bromine
business segment to Chemtura for USD142 million (now revised to
USD135 million). SCIL will now receive these funds in two
tranches, with only USD105 million expected in 2013-14 (refers to
financial year, April 1 to March 31), while the remaining will be
received in 2014-15 or thereafter.

CRISIL is in discussion with SCIL's management to assess the
impact of the sale of the bromine business on SCIL's business and
financial risk profiles. CRISIL will remove the ratings from watch
and take appropriate rating action once it has clarity on the
receipt and utilisation of the sale proceeds, and the impact of
the transaction on SCIL's overall credit risk profile.

SCIL commenced operations in 1972-73 as part of the chemicals
division of Ballarpur Industries Ltd (BILT), which is the flagship
company of the Avantha group; it was known as BILT Chemicals till
2002. SCIL started operations in the chlor-alkali business by
setting up a 100-tonne-per-day plant in Karwar (Karnataka). The
chemical division of BILT diversified into bromine manufacturing
in 1996, and, in 1998, the division was hived off into a separate
entity, BILT Chemicals. SCIL closed its chlor-alkali business in
December 2012 while it continued producing phosphoric acid. It
sold the entire chlor-alkali and phosphoric acid business to
Aditya Birla Chemicals India Ltd (ABCIL) in May 2013 for INR1.5
billion. SCIL is expected to realise an additional INR0.6 billion
from the sale of mercury in the chlor-alkali plant.

SCIL develops, produces, and sells bromine and bromine chemicals
in India. Its products include brominated flame retardants,
speciality chemicals, and active pharmaceutical ingredient
intermediates. It serves customers in various industries,
including pharmaceuticals, agrochemicals, electronics, alumina,
pulp and paper, soaps and detergents, sugar refining, and edible
oil refining.

For 2011-12, SCIL reported a net profit of INR20.7 million on net
sales of INR3.93 billion, against a net loss of INR516.1 million
on net sales of INR2.62 billion for 2010-11.


SRI LAKSHMINARAYANA: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri
Lakshminarayana Rice Mill (SLRM) continues to reflects SLRM's
below-average financial risk profile, marked by a highly leveraged
capital structure and modest debt protection metrics and its
exposure to intense competition in the fragmented rice milling
industry. The rating also factors in the susceptibility of the
firm's operating margin to adverse changes in government
regulations. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          100      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLRM will continue to benefit over the medium
term from the extensive experience of its partners in the rice
milling industry. The outlook may be revised to 'Positive' if
SLRM's revenues and profitability increase substantially in
addition to a sustainable improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if SLRM
undertakes aggressive debt-funded expansions or if the partners
withdraw capital from the firm, leading to further weakening in
its financial risk profile.

Set up in 1984 as a partnership firm, SLRM is engaged in milling
and processing of paddy into rice. The firm is promoted by Mr.
Lakshmi Narayana Setty and his son, Mr. Raghavendra Setty.

SLRM is estimated to have reported revenues of INR 594 million for
2012-13 (refers to financial year, April 1 to March 31). SLRM
reported a profit after tax (PAT) of INR3.2 million on net sales
of INR311.2 million for 2011-12, as against PAT of INR2.7 million
on net sales of INR261.6 million for 2010-11.


SRM CONSTRUCTION: CRISIL Assigns 'D' Ratings to INR70MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of SRM Construction. The ratings reflect instances of
delay by SRM in servicing its debt; the delays have been caused by
the firm's weak liquidity.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       30.0     CRISIL D (Assigned)

   Bank Guarantee           40.0     CRISIL D (Assigned)

SRM also has a small scale of operations, large working capital
requirements, a small net worth limiting its financial
flexibility, and a high degree of geographical and customer
concentration in its revenue profile. However, the firm benefits
from the extensive experience of its promoters in the construction
industry.

SRM was set up as a partnership firm in 2006 at Erode (Tamil
Nadu). The firm undertakes civil contracts, involving the
construction of canals, buildings, roads, earthworks, canal
lining, and civil construction works, primarily for government
departments. SRM is promoted by Mr. S Boopathy and his family
members.


SUPRABHA CONSTRUCTION: ICRA Reaffirms D Ratings on INR10cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR4.50
crore enhanced term loan facilities, and INR4.50 crore enhanced
cash credit facilities of Suprabha Construction Company Private
Limited. ICRA has also reaffirmed the '[ICRA]D' rating assigned to
the INR1.00 crore reduced short-term non-fund based facilities of
SCCPL The reaffirmation of ratings reflect current delays in debt
servicing by the company, due to its stretched liquidity
conditions arising from an extended receivables cycle.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Long term loans          4.50       [ICRA]D Reaffirmed

   Long term, cash
   credit facilities        4.50       [ICRA]D Reaffirmed

   Short term, non-fund     1.00       [ICRA]D Reaffirmed
   based facilities

The business is characterized by small scale of operations, high
competitive intensity and substantial dependence on the Nashik
Municipal Corporation and the Public Works Department for new
projects. The financial profile of the company is strained with
low profitability, a stretched working capital position and a
tight liquidity position, resulting in delays.

Suprabha Construction Co. Pvt. Ltd. is a construction company
undertaking all types of road infrastructure projects. The company
started out as a partnership firm - M/s Pushpak Construction in
1996 - with three partners, Mrs. Indira Raghunath Bhoi, Mr. Rajesh
Hirkan More and Mrs. Sunita Pravin Mohane. Mr. Pravin Mohane, a
civil engineer with the Public Works Department (PWD), resigned
from his responsibilities upon sensing opportunities in the
construction business, and incorporated Suprabha Construction Co.
Pvt. Ltd. in 2005. Till date the firm has executed projects worth
around INR100 crore for the PWD, the NMC, the Malegaon Municipal
Corporation, Zilla Parishad Nahik, Zilla Parishad Nandurbar etc.

Recent Results

During the past months of FY13, SCCPL has reported an operating
profit of INR3.3 crore on an operating income of INR24.9 crore
(provisional).



SYMCOM IMPEX: CRISIL Assigns 'B' Rating to INR250MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Symcom Impex Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             250.0     CRISIL B/Stable

The rating reflects SIPL's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and a weak interest coverage ratio, its susceptibility to
risks related to the highly fragmented nature of the scrap-trading
industry, and vulnerability of its operating margin to
fluctuations in steel scrap prices. These weaknesses are partially
offset by the extensive experience of the company's promoters in
the steel scrap trading industry.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company generates
more-than-expected cash accruals, driven most likely by a
sustainable increase in its scale of operations and its
profitability, leading to improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if SIPL's liquidity weakens, driven most likely by
lower-than-expected cash accruals, increase in working capital
requirements, or significant diversion of funds towards group
companies.

SIPL was set up in April 2011. The company is engaged in the
business of disposing scrap obtained by dismantling and demolition
of big industries/workshops such as textile mills, sugar mills,
and steel plants, and of ships. It also trades in scrap.


TARA FINVEST: CRISIL Reaffirms 'BB' Rating on INR124MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facility of Tara Finvest Pvt Ltd
(TFPL; part of the Krishna group) continues to reflect the the
benefits that the Krishna group derives from its promoters'
extensive industry experience and its established customer base,
and the group's above-average capital structure supported by
regular capital infusion by its promoters. These rating strengths
are partially offset by the susceptibility of the Krishna group's
profitability to volatility in raw material prices and
fluctuations in foreign exchange rates, and the group's working-
capital-intensive operations.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------        ---------   -------
   Cash Credit         124       CRISIL BB/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TFPL, MJK Mercantiles Pvt Ltd (MJK),
Krishna Paper Projects Pvt Ltd (KPPPL), and Krishna Tissues Pvt
Ltd (KTPL). This is because all these companies, together referred
to as the Krishna group, are under a common management and have
significant operational linkages with each other.

Further, CRISIL has also treated portions of unsecured loans
provided by the promoters and associate entities of KPPPL, MJK,
TFPL, and KTPL in these respective companies as neither debt nor
equity. This is because these loans are interest free and the
Krishna group's promoters intend to keep them in the business to
fund the working capital requirements of the group.

Outlook: Stable

CRISIL believes that the Krishna group will continue to benefit
over the medium term from its promoters' extensive experience in
the industrial paper industry and its established customer base.
The outlook may be revised to 'Positive' in case the group
registers more-than-expected improvement in its operating income
or profitability, or demonstrates better working capital
management, resulting in more-than-expected improvement in its
financial risk profile, particularly in its liquidity. Conversely,
the outlook may be revised to 'Negative' in case the Krishna group
registers deterioration in its liquidity because of lengthening of
its working capital cycle, or if it generates lower-than-expected
accruals, or if it undertakes any significant debt-funded capital
expenditure programme.

The Krishna group primarily manufactures duplex paper board and
kraft paper. KPPPL, TFPL, and MJK trade in waste paper and
chemicals used in the paper industry. These companies procure
waste paper mainly for the group's manufacturing unit, which is
set up in KTPL. The manufacturing unit is at Ghoraghata near
Bagnan (West Bengal).


TECUMSEH PRODUCTS: CRISIL Assigns 'BB' Ratings to INR815MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Tecumseh Products India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Short-Term Bank          535      CRISIL A4+ (Assigned)
   Facility

   Long-Term Bank           780      CRISIL BB/Stable (Assigned)
   Facility

   Proposed Long-Term        35      CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The ratings reflect the continued technical, managerial, and
financial support that TPIPL receives from its parent, Tecumseh
Products Company Inc (TPC), and benefits expected from the
favourable long-term prospects for the refrigerator and air-
conditioner industry, driven by robust demand from the household
end-user segment. These rating strengths are partially offset by
TPIPL's below-average financial risk profile, marked by a weak
capital structure on account of accumulated losses, and its
susceptibility to volatility in raw material prices (copper,
aluminium, and steel) and in foreign exchange rates.

Outlook: Stable

CRISIL believes that TPIPL's continued focus on cost reduction,
quality improvement, and development of new product lines will
support its business risk profile over the medium term, in the
face of pressure from the highly competitive Chinese compressor
manufacturers. The outlook may be revised to 'Positive' if there
is more-than-expected improvement in TPIPL's revenues and
profitability, resulting in strengthening of its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if TPIPL registers lower-than-expected
profitability and revenue growth, or if it undertakes a larger-
than-expected debt-funded capital expenditure programme, leading
to weakening of its debt protection metrics.

Incorporated in 1997, TPIPL manufactures a wide range of
compressors used in room air-conditioners and household
refrigerators. TPIPL is a wholly owned subsidiary of US-based TPC.
TPC, incorporated in 1934, is a global player in the air-
conditioning and refrigeration industry, with manufacturing
facilities in the US, Brazil, France, and India, assembly plants
in Canada, Mexico, and Malaysia, and a joint venture in China.

TPC entered India in 1997 through a dual acquisition of Shriram
Refrigeration Industries in Hyderabad (Andhra Pradesh) and the
compressor division of Whirlpool India Ltd at Ballabgarh
(Haryana). In 2011, TPC transferred its shareholding in TPIPL to
Tecumseh Europe Asia, a subsidiary of Tecumseh Europe SA, which in
turn is a subsidiary of TPC. Thus, TPC continues to be the
ultimate parent company of TPIPL.

TPIPL has two manufacturing facilities at Hyderabad and
Ballabhgarh, with a combined annual capacity of 4.5 million
compressor units. The company serves leading multinational brands
in the air-conditioning and refrigeration business in India, and
also exports to the Middle East, the US, and other countries.

TPIPL reported revenues of INR7.30 billion and a profit after tax
of INR107 million for 2012-13 (refers to financial year, April 1
to March 31), as against revenues of INR4.48 billion and a net
loss of INR280 million for 2011-12.


VAIBHAV ENTERPRISES: CARE Rates INR18cr LT Bank Loans at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vaibhav
Enterprises.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        18       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Vaibhav Enterprises
is primarily constrained by its highly leveraged capital
structure, low profitability margins and susceptibility of the
same to volatility in gold prices and VEP's presence in a highly
fragmented and competitive gems & jewellery (G&J) industry. The
rating is further constrained by the constitution of the entity as
a partnership firm.

The rating, however, draws comfort from its experienced and
resourceful partners, growing scale of operations and moderate
operating cycle.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and capital
structure would be the key rating sensitivities.

Vaibhav Enterprises is a Delhi-based partnership firm established
in 2001 by Sanjeev Gupta and Anju Gupta as its partners having
equal profit sharing ratio. The firm is engaged in wholesale
trading of diamond and gold jewellery. VEP procures gold and
diamond jewellery/gold bars from wholesale traders in Delhi mainly
on cash or advance basis and also gets its jewellery manufactured
on job-work basis. VEP mainly sells to the Delhi-based wholesale
traders and retailers.

As against PAT of INR0.38 crore on a total operating income of
INR32.05 crore during FY12 (refers to the period April 1 to
March 31), Vaibhav Enterprises earned a PAT of INR0.89 crore on a
total operating income of INR93.12 crore during FY13.


VAISHNO DEVI: CRISIL Assigns 'BB-' Ratings to INR160MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Vaishno Devi Food Products Pvt Ltd
(VDFPPL, formerly Vaishno Devi Milk Products Pvt Ltd).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                59.8     CRISIL BB-/Stable (Assigned)

   Cash Credit             100.0     CRISIL BB-/Stable (Assigned)

   Proposed Long-Term        0.2     CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the extensive industry experience of VDFPPL's
promoters and the funding support that it receives from them. The
rating also factors in the company's above-average debt protection
metrics. These rating strengths are partially offset by VDFPPL's
modest scale of operations with low profitability, and the
company's average capital structure marked by a modest net worth
and average gearing.

For arriving at the rating, CRISIL has treated the interest-free
unsecured loans of INR25 million extended to VDFPPL by its
promoters and their associates as neither debt nor equity, as
these loans will be retained in the business until the bank loans
are repaid.

Outlook: Stable

CRISIL believes that VDFPPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
the funding support that it receives from them. The outlook may be
revised to 'Positive' in case the company registers significant
improvement in its capital structure, most likely on account of
better-than-expected cash accruals or substantial equity infusion
by its promoters, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case
VDFPPL generates lower-than-expected cash accruals or if its
working capital requirements are larger than expected or if the
company undertakes a large, debt-funded capital expenditure
programme, resulting in pressure on its liquidity.

VDFPPL, incorporated in 2003, is headquartered in Pune
(Maharashtra). The company processes and sells liquid milk and
also manufactures and sells ghee, butter, and skimmed milk powder.
It got its current name in 2009 and is currently owned and managed
by Mr. Navneetlal Kakani and his family.


VENTO CERAMIC: ICRA Assigns 'B' Ratings to INR9.65cr Loans
----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to INR6.65 Cr. term
loans and INR3.00 Cr. cash credit facility of Vento Ceramic. The
rating of '[ICRA]A4' has been assigned to the INR1.55 Cr. short-
term non-fund based facility of VC.

                          Amount
   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Cash Credit            3.00       [ICRA]B assigned
   Term Loan              6.65       [ICRA]B assigned
   Bank Guarantee         1.55       [ICRA]A4 assigned

The assigned ratings are constrained by the project implementation
risks associated with the project, with commissioning targeted for
October 2013. The ratings are further constrained by vulnerability
of firm's profitability post commissioning to the cyclicality
inherent in the real estate industry, which is the main consuming
sector; and to the adverse fluctuations in prices of raw materials
and natural gas, which is the major fuel. The ratings also take
into consideration the highly competitive ceramic industry with
presence of large established organized tile manufacturers as well
as unorganized players resulting in limited pricing flexibility.
The ratings further take into account the risks associated with
partnership form of business in terms of continuity, capital
infusions and withdrawals The ratings, however, favourably take
into account the experience of the partners in the ceramic
industry and locational advantage by way of presence in Morbi
which houses several tile manufacturers.

Incorporated in March 2013, Vento Ceramic is setting up ceramic
wall tiles manufacturing facility at Morbi, Gujarat with planned
installed capacity of ~7800 boxes per day. The firm would
manufacture digitally printed ceramic wall tiles of two sizes 12"
X 18", and 12" X 24" with commercial production expected to
commence from October 2013. The firm is promoted by Mr. Anil
Panchotiya, Mr. Bharat Panchotiya and a few others and the
partners have experience in ceramic industry by way of their
association with other related entities.


VERMONT PROJECTS: CRISIL Suspends 'B' Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Vermont
Projects.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL B/Negative Suspended

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

Set up in 2007 as a partnership firm by Mr. Vinod Agarwal and
Mr. Chandulal Patel, VP is developing a residential project,
Welkin Park, in Hyderabad. The Welkin Park project comprises five
high-rise towers, aggregating 243 residential flats. VP has
entered a real estate development agreement with the land owners
and is, hence, entitled to 55 per cent of the total flat inventory
of the project. As on April 30, 2011, it had sold 33 flats. VP is
estimated to report revenues of about INR85 million for 2010-11
(refers to financial year, April 1 to March 31).


VISHNU COTTON: CRISIL Reaffirms 'D' Ratings on INR346MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishnu Cotton Mills Ltd
continue to reflect instances of delay by VCML in servicing its
debt; the delays have been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           90       CRISIL D (Reaffirmed)

   Funded Interest       36.1     CRISIL D (Reaffirmed)
   Term Loan
   Letter of Credit      69       CRISIL D (Reaffirmed)

   Proposed Long-Term    38.4     CRISIL D (Reaffirmed)
   Bank Loan Facility
   Term Loan             57.5     CRISIL D (Reaffirmed)

   Working Capital       55       CRISIL D (Reaffirmed)
   Term Loan

VCML also has a weak capital structure marked by a negative net
worth and large debt level. Moreover, the company's profitability
is also susceptible to volatility in cotton prices. However, VCML
benefits from its promoters' extensive experience in the spinning
industry.

VCML, incorporated in 1994, manufactures cotton yarn. It is also
involved in fabric dyeing. VCML manufacture 20 count to 40 count
yarn, though majorly manufacturers 28 count to 32 count yarn.


ZYDEX INDUSTRIES: CARE Assigns 'BB+' Rating to INR17.15cr Loans
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Zydex Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.15      CARE BB+ Assigned
   Short-term Bank Facilities      2.85      CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Zydex Industries
are primarily constrained on account of its modest scale of
operations along with high working capital intensity with long
inventory holding period and susceptibility of its profit margins
to fluctuation in input cost and foreign exchange rates.

The ratings, however, draw strength from wide experience of the
promoters, well-established marketing and distribution network and
financial risk profile marked by moderate profitability,
solvency and debt coverage indicators.

The ability of Zydex to increase its scale of operations, improve
its profitability along with the effective management of working
capital requirement is the key rating sensitivity.

Zydex was established as a proprietorship firm by Ms Seema Ranka
in the year 1998. The firm is engaged in manufacturing of
specialty chemicals which find application in textile, paint and
waterproofing segments. The firm is located at Parda District in
Vadodara, Gujarat and has an installed capacity of 12,420 metric
tonne per annum (MTPA) as on March 31, 2013. Zydex also exports
its product to the countries like the USA, Iran, Egypt, Turkey and
Germany.

During FY12 (refers to the period April 1 to March 31), Zydex
earned a PAT of INR2.86 crore on a total operating income of
INR73.90 crore as against a PAT of INR2.15 crore on a total
operating income of INR60.04 crore in FY11. During 9MFY13
(provisional), Zydex has achieved sales of INR68.09 crore.



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


XL AXIATA: Moody's Affirms Ba1 CFR Following PT Axis Purchase
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 local currency
corporate family rating of PT XL Axiata Tbk, after it announced
its plan to acquire PT Axis Telekom Indonesia (unrated).

The rating outlook is stable.

Ratings Rationale:

On September 26, 2013, XL announced that it had entered into a
conditional sale and purchase agreement with Saudi Telecom Company
(A1 stable) and its subsidiary, Teleglobal (unrated), to acquire
95% of Axis. Axis is valued at a 100% enterprise value of $865
million on a cash free and debt free basis.

"As a result of the transaction, XL will be able to obtain
additional spectrum, which will help the company improve its
network quality significantly and cut back on future capital
expenditure (capex)," says Yoshio Takahashi, a Moody's Assistant
Vice President.

"The transaction will also help XL strengthen its market position
in Indonesia's mobile market, with an improvement in its market
share to 22% from 19%, based on revenues as of 2Q 2013," says
Takahashi, who is also Lead Analyst for XL.

"Although the acquisition will cause XL's leverage -- measured by
adjusted debt/EBITDA -- to temporarily increase to approximately
3.0x-3.5x in 2014, Moody's expects its leverage to decline to
approximately 2.5x-3.0x in the coming two years, given expected
cost synergies and capex reductions in 2014 and 2015," adds
Takahashi.

Moody's expects XL's capex to further decline to at least IDR7
trillion in 2014 from IDR8-9 trillion in 2013 and IDR10 trillion
in 2012 as additional spectrums will not require incremental capex
to strengthen its 2G and 3G networks.

XL plans to finance this transaction with a combination of
external debt and a shareholder loan from its parent, Axiata Group
Berhad (Baa2 stable), which, in Moody's view, further demonstrates
the strength of Axiata's parental support. Moody's believes that
this will mitigate the expected deterioration on XL's leverage.

The company expects the transaction to be completed by 4Q 2013 or
1Q 2014, subject to regulatory approvals, spectrum retention, and
shareholders' approval.

The stable outlook reflects Moody's expectation that XL will
secure the rights to the Axis spectrum and complete the
acquisition as outlined, including raising a substantial amount of
the necessary funding from Axiata through a shareholder loan. In
addition, Moody's expects that XL will maintain its credit profile
by reducing operating expenses and capex whilst solidifying its
market position.

Further upward rating pressure is limited, given the degree of
competition in the Indonesian cellular market and expected
increase in leverage. Moody's is also cognizant of emerging market
risks which need to be incorporated into the rating.

Downward pressure on XL's stand-alone credit strength could emerge
should there be any material deterioration in its underlying
credit strength, and which would arise from diminishing operating
margins, weaker operating cash flow, or rising FX risk; all of
which may be reflected in adjusted debt/EBITDA remaining above
3.0x, or free cash flow/adjusted debt falling below 0%-5% on a
sustained basis. There may also be pressure on the rating should
XL decide to fund a greater than expected proportion of the
acquisition through third party bank or bond debt.

In addition, the one-notch uplift based on expected support from
Axiata could be removed if Axiata's shareholding in XL falls below
50%, or if Axiata indicates that it is no longer a core asset for
the group.

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

XL is one of the largest cellular provider in Indonesia in terms
of revenues. As of June 30, 2013, XL had 54 million subscribers.
XL owns a nationwide cellular network covering all major cities in
Java, Bali and Sumatra, as well as populated centers in Sulawesi
and Kalimantan.

XL is 66.5%-owned by Axiata. Axiata is currently 58%-owned,
directly, by related entities of the Government of Malaysia (A3
stable), including a 39.02% stake held by Khazanah Nasional
Berhad. The UAE-based Emirates Telecommunications Corp (Aa3
stable) holds 4.2% of XL's shares and the remaining shares are
held by the public.



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


BRIDGECORP LTD: Former Chairman Banned as Barrister For 9 Months
----------------------------------------------------------------
Laura Walters at Stuff.co.nz reports that Bridgecorp's former
chairman has had been found to have brought the legal profession
into disrepute and has been suspended from practising as a lawyer.

Stuff.co.nz says Bruce Davidson's appeal into a decision by the
New Zealand Lawyers and Conveyancers Disciplinary Tribunal handed
down last year, has been dismissed by the High Court in Auckland.

Justice Brendan Brown also suspended Mr. Davidson from practising
as a barrister and solicitor for nine months, after the court
upheld an appeal by the Law Society's Auckland Standards
Committee, Stuff.co.nz relates.

In 2011, Mr. Davidson admitted 10 charges of misleading Bridgecorp
investors, in a prosecution brought by the Financial Markets
Authority, Stuff.co.nz recalls. He was sentenced to nine months'
home detention and 200 hours' community service, and ordered to
pay NZ$500,000 in reparations.

In the original decision, the tribunal found Mr. Davidson's
convictions had brought the law profession into disrepute, but his
actions did not have any bearing on his fitness to practise as a
lawyer, the report notes.

                        About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


MEDIAWORKS NZ: Sale of Broadcaster Delayed
------------------------------------------
Tim Hunter at Stuff.co.nz report that complications with suppliers
have delayed the transfer of broadcaster MediaWorks NZ Limited to
a new entity owned by its bankers.

The transfer was due to be settled Monday but receiver Brendon
Gibson, of KordaMentha, said some complex commercial arrangements
were still being negotiated with suppliers, according to the
report.

"This is not uncommon in a complex transaction of this nature, so
this delay is unsurprising," the report quotes Mr. Gibson as
saying.

Most of the transfer conditions had been satisfied and settlement
was expected "within weeks," the report relays.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.

MediaWorks funders on June 17, 2013, appointed Brendon Gibson and
Michael Stiassny of financial advisory firm KordaMentha to oversee
the receivership of MediaWorks NZ Limited and its subsidiaries,
including RadioWorks Ltd and TVWorks Ltd.



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


RURAL BANK OF HAGONOY: Placed Under PDIC Receivership
------------------------------------------------------
The Monetary Board (MB) placed the Rural Bank of Hagonoy (Davao
del Sur), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 1521.A
dated September 19, 2013. As Receiver, PDIC took over the bank on
September 20, 2013.

Rural Bank of Hagonoy is a single-unit bank located in Guihing,
Hagonoy, Davao del Sur. Latest available records show that as of
June 30, 2013, Rural Bank of Hagonoy had 1,114 accounts with total
deposit liabilities of PHP28.4 million. A total of 1,112 deposit
accounts or 99.8% of the accounts have balances of PHP500,000 or
less and fully covered by deposit insurance. Total insured
deposits amounted to PHP28.0 million or 98.8% of the total
deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC has conducted a Depositors-Borrowers Forum on Sept. 21,
2013, to inform depositors of the requirements and procedures for
filing deposit insurance claims. Claim forms were distributed
during the Forum. The claim forms and the requirements and
procedures for filing are available for downloading from the PDIC
website, www.pdic.gov.ph.

Depositors with valid deposit accounts with balances of P15,000.00
and below need not file deposit insurance claims. But depositors
who have outstanding obligations with the Rural Bank of Hagonoy
including co-makers of the obligations, and have incomplete and/or
have not updated their addresses with the bank, regardless of
amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the second week of October 2013.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the third week of October 2013. The schedule of the
claims settlement operations will be announced through notices to
be posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
April 30, 2013 filed by the Rural Bank of Hagonoy with the PDIC,
the bank is majority-owned by Get Holdings, Inc. (40%) and
Guillermo P. Torres, Jr. (26.92%). Its President is Roberto D.
Recede.



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


TONG YANG: Three Affiliates File For Court Receivership
-------------------------------------------------------
Yonhap News Agency reports that three affiliates of embattled Tong
Yang Group on September 30 filed for court receivership as a last
resort to avert bankruptcy after they failed to secure funds to
keep afloat, the group said.

Yonhap relates that South Korea's 38th-largest conglomerate said
its three units -- Tongyang Inc., Tong Yang Leisure Co. and
Tongyang International Inc. -- requested a court's order earlier
on Monday for a corporate revival process.

According to the report, the troubled family-run company has been
faced with mounting pressure to secure money to repay its debts
worth KRW110 billion (US$102.1 million) maturing on Sept. 30. It
needs to pay back a total of KRW1.1 trillion worth of liabilities
by the end of this year, the report says.

Just before noon on September 30, the Seoul Central District Court
issued a comprehensive ban on all financial claims and obligations
related to Tong Yang Group, Yonhap reports.

Yonhap notes that the court issues a comprehensive prohibition
before it makes the final decision on whether to approve the
receivership, which normally takes about 20 working days.

The group has been striving to avoid a default by putting some of
its key assets up for sale, but had no success as few buyers
showed interest in acquiring its thermal power and home appliance
units, even though their balance sheets have remained sound,
Yonhap says.

"I fully realize the responsibility as the group's chief for
executives and staff who made relentless efforts to salvage the
company in a limited time," Tong Yang Group Chairman Hyun Jae-hyun
said in a statement, Yonhap reports. He promised to minimize
losses for investors by complying with the restructuring procedure
in an "orderly manner."

According to Yonhap, sources with knowledge of the matter said the
conglomerate is considering placing Tongyang Cement & Energy Corp.
for a debt workout and Tongyang Networks Corp. for court
receivership.

Yonhap relates sources said the group will also seek ways with
creditors of its other non-financial units, which have relatively
sounder balance sheets, to either split them from the group or
turn things around through a debt workout program.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.



===============
T H A I L A N D
===============


* Rising Regional Risks Could Erode Thailand's Resilience
---------------------------------------------------------
Fitch Ratings (Thailand) Limited says Thailand's resilience
continues with broadly Stable Outlooks on the country's sovereign
rating, as well as on major Thai financial institutions and
corporations, although the agency notes that eroding buffers, the
potential for further regional volatility, and rising private
sector leverage pose risks.

This was the key message at Fitch Ratings' annual Thai conference,
which concluded successfully in Bangkok on September 27.

Dr. Prasarn Trairatvorakul, Governor of the Bank of Thailand, was
the guest of honour at the event and provided the keynote opening
address.

Heads of Fitch's Asia-Pacific analytical teams also discussed the
prospects, challenges and credit implications for their respective
sectors.

Mr. Andrew Steel, Head of Asia-Pacific Corporates, remarked that
Fitch sees ongoing disruption to financial markets resulting from
changing monetary policies of the world's major central banks.
This disruption, combined with asset quality deterioration, has
the potential to negatively impact credit markets across the Asia-
Pacific region and cause difficulties for corporates in many
sectors as refinancing of the previous 'hot money' flows falls due
over the next 12-18 months. That said, the magnitude and impact of
risks in the Asia-Pacific credit markets remain far lower than
those of concern in the US or European markets, said Mr. Steel.

Fitch's Head of Asia-Pacific Sovereigns, Mr. Andrew Colquhoun,
noted that credit profiles have strengthened since 1997 in various
ways, including for most countries much higher foreign reserves
and reduced external indebtedness. However, those buffers have
been eroding for some economies including Thailand.

Fitch thinks the resilience of Emerging Asian sovereign credit
profiles will depend to a large degree on the credibility and
consistency of macro policy management. Thailand's sizable net
external creditor position and moderate public debt provide a
considerable buffer and the economy has not been afflicted with
the kind of volatility experienced by Indonesia or India. However,
Thailand's combination of an eroding current account surplus, low
real interest rates and a widening fiscal deficit coupled with
high private sector leverage are outliers among Emerging Asian
economies that could still prove to be sources of vulnerability.

A risk for the region and Thailand has been the rapid build-up of
credit and whether this will lead to substantially higher credit
losses when economic conditions become more challenging, said Mr.
Mark Young, Head of Asia-Pacific Financial Institutions. For
Thailand, one of the concerns relates to the build-up of household
credit that has occurred since 2010, which is partly due to the
high auto loan growth that stemmed from tax incentives, he added.
While Fitch expects overall loan growth to decline in the short
term, a sizeable part of the growth that occurred was outside the
commercial banks in the government-owned specialised financial
institutions and private savings cooperatives which are more
susceptible to credit losses due to their lower income borrowers.

A roundtable discussion addressed the outlook and challenges in
the banking, corporate and infrastructure sectors in Thailand. The
panelists comprised of Mr. Boontuck Wungcharoen, chief executive,
TMB Bank Public Company Limited; Mr. Chawan Theungsang, executive
director, Emerald Capital Asia Ltd. and Mr. Win Phromphaet, CFA,
head of investment, Social Security Office of Thailand. The
discussion was moderated by Mr. Vincent Milton, Managing Director
of Fitch Ratings (Thailand) Limited.

The conference was attended by over 350 senior executives and
officials across the investor, regulatory, financial and corporate
sectors.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Sept. 23 to Sept. 27, 2013
-------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

COMMONWEALTH BANK    1.50       04/19/22   AUD      72.77
EXPORT FINANCE &     0.50       12/16/19   NZD      75.10
EXPORT FINANCE &     0.50       06/15/20   NZD      72.91
MIRABELA NICKEL L    8.75       04/15/18   USD      70.00
MIRABELA NICKEL L    8.75       04/15/18   USD      68.88
NEW SOUTH WALES T    0.50       12/16/22   AUD      67.93
NEW SOUTH WALES T    0.50       09/14/22   AUD      68.06
NEW SOUTH WALES T    0.50       10/28/22   AUD      67.61
NEW SOUTH WALES T    0.50       03/30/23   AUD      66.94
NEW SOUTH WALES T    0.50       11/18/22   AUD      67.42
NEW SOUTH WALES T    0.50       10/07/22   AUD      67.83
NEW SOUTH WALES T    0.50       02/02/23   AUD      67.47
PALADIN ENERGY LT    3.63       11/04/15   USD      72.10
PALADIN ENERGY LT    6.00       04/30/17   USD      70.27
TREASURY CORP OF     0.50       03/03/23   AUD      67.98
TREASURY CORP OF     0.50       11/12/30   AUD      44.78
TREASURY CORP OF     0.50       08/25/22   AUD      69.47


  CHINA
  -----

CHINA GOVERNMENT     1.64       12/15/33   CNY      65.71


  HONG KONG
  ---------
MTR CORP LTD         3.65       06/17/43   USD      74.17


  INDONESIA
  ---------

DAVOMAS INTERNATI   11.00       12/08/14   USD      25.25
DAVOMAS INTERNATI   11.00       12/08/14   USD      25.25
ENERCOAL RESOURCE    9.25       08/05/14   USD      50.44


  INDIA
  -----

3I INFOTECH LTD      5.00       04/26/17   USD      25.28
CORE EDUCATION &     7.00       05/07/15   USD      24.71
COROMANDEL INTERN    9.00       07/23/16   INR      14.75
DR REDDY'S LABORA    9.25       03/24/14   INR       4.95
GTL INFRASTRUCTUR    2.53       11/09/17   USD      39.06
HPCL-MITTAL PIPEL    4.00       10/05/22   INR      63.45
INDIA GOVERNMENT     5.87       08/28/22   INR      74.82
INDIA GOVERNMENT     6.13       06/04/28   INR      69.59
INDIA GOVERNMENT     0.25       01/25/35   INR      16.99
INDIA GOVERNMENT     6.01       03/25/28   INR      68.87
INDIA GOVERNMENT     5.97       09/25/25   INR      71.16
JAIPRAKASH ASSOCI    5.75       09/08/17   USD      74.75
JCT LTD              2.50       04/08/11   USD      20.00
MASCON GLOBAL LTD    2.00       12/28/12   USD      10.00
PRAKASH INDUSTRIE    5.25       04/30/15   USD      50.24
PRAKASH INDUSTRIE    5.63       10/17/14   USD      55.39
PYRAMID SAIMIRA T    1.75       07/04/12   USD       1.00
REI AGRO LTD         5.50       11/13/14   USD      69.51
REI AGRO LTD         5.50       11/13/14   USD      69.51
SHIV-VANI OIL & G    5.00       08/17/15   USD      19.89
SUZLON ENERGY LTD    5.00       04/13/16   USD      48.00
SUZLON ENERGY LTD    7.50       10/11/12   USD      60.13


  JAPAN
  -----

ELPIDA MEMORY INC    0.50       10/26/15   JPY      12.00
ELPIDA MEMORY INC    0.70       08/01/16   JPY       8.63
ELPIDA MEMORY INC    2.10       11/29/12   JPY      20.38
ELPIDA MEMORY INC    2.03       03/22/12   JPY      10.88
ELPIDA MEMORY INC    2.29       12/07/12   JPY      10.38
JAPAN EXPRESSWAY     0.50       03/18/39   JPY      69.24
JAPAN EXPRESSWAY     0.50       09/17/38   JPY      69.79
TOKYO ELECTRIC PO    2.37       05/28/40   JPY      66.50
TOKYO ELECTRIC PO    1.96       07/29/30   JPY      73.05


  KOREA
  -----

CHEJU REGIONAL DE    3.00       12/29/34   KRW      65.62
EXPORT-IMPORT BAN    0.50       10/23/17   TRY      66.31
EXPORT-IMPORT BAN    0.50       11/21/17   BRL      63.19
EXPORT-IMPORT BAN    0.50       12/22/17   TRY      64.80
EXPORT-IMPORT BAN    0.50       10/27/16   BRL      70.92
EXPORT-IMPORT BAN    0.50       12/22/17   BRL      61.43
EXPORT-IMPORT BAN    0.50       08/10/16   BRL      74.98
EXPORT-IMPORT BAN    0.50       01/25/17   TRY      71.92
EXPORT-IMPORT BAN    0.50       09/28/16   BRL      71.68
EXPORT-IMPORT BAN    0.50       11/28/16   BRL      70.11
EXPORT-IMPORT BAN    0.50       12/22/16   BRL      69.84
LG ELECTRONICS IN    3.68       05/22/23   KRW      17.48


  MALAYSIA
  --------

SPECIAL PORT VEHI    5.80       07/29/16   MYR      69.11


  PHILIPPINES
  -----------

BAYAN TELECOMMUNI   13.50       07/15/06   USD      22.75
BAYAN TELECOMMUNI   13.50       07/15/06   USD      22.75


  SINGAPORE
  ---------


BAKRIE TELECOM PT   11.50       05/07/15   USD      32.00
BAKRIE TELECOM PT   11.50       05/07/15   USD      31.25
BLD INVESTMENTS P    8.63       03/23/15   USD      62.75
BUMI CAPITAL PTE    12.00       11/10/16   USD      70.50
BUMI CAPITAL PTE    12.00       11/10/16   USD      70.25
BUMI INVESTMENT P   10.75       10/06/17   USD      68.35
BUMI INVESTMENT P   10.75       10/06/17   USD      69.22
INDO INFRASTRUCTU    2.00       07/30/10   USD       1.88


  SRI LANKA
  ---------


SRI LANKA GOVERNM    9.00       06/01/43   LKR      72.16
SRI LANKA GOVERNM    5.35       03/01/26   LKR      56.94
SRI LANKA GOVERNM    7.00       10/01/23   LKR      67.34
SRI LANKA GOVERNM    9.00       07/01/28   LKR      73.99
SRI LANKA GOVERNM    8.00       01/01/32   LKR      69.64
SRI LANKA GOVERNM    6.20       08/01/20   LKR      72.65
SRI LANKA GOVERNM    9.00       10/01/32   LKR      73.39


  THAILAND
  --------

G STEEL PCL          3.00       10/04/15   USD      11.75
MDX PCL              4.75       09/17/03   USD      16.75



                             *********

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, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

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

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



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