TCRAP_Public/131010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 10, 2013, Vol. 16, No. 201


                            Headlines


A U S T R A L I A

FORD AUSTRALIA: To Shut Factories by 2016
GUNNS LIMITED: Forestry Plantations Up for Sale
INIKA: Administrators Seek Buyers For Cosmetics Business
MIRABELA NICKEL: Halts Shares Trading on Failure to Update Market
PACIFIC INDUSTRIAL: Moody's Assigns 'B2' Corporate Family Rating

VIRGIN AUSTRALIA: Fitch to Rate Class C Notes at 'B+'
* AUSTRALIA: Newmont, Gold Fields Join Royalties Rebellion


I N D I A

BAJRANG WIRE: CRISIL Reaffirms 'BB+' Ratings on INR280MM Loans
BETHANY HOSPITAL: CRISIL Suspends 'D' Ratings on INR78.2MM Loans
CENTRAL HOTELS: CRISIL Reaffirms 'C' Ratings on INR60MM Loans
CORE JEWELLERY: CRISIL Reaffirms 'B+' Ratings on INR112.5MM Loans
HORIZON INDUSTRIAL: CRISIL Cuts Ratings on INR270MM Loans to BB-

ILPEA PARAMOUNT: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
ISHAAN PLASTICS: CRISIL Reaffirms 'D' Ratings on INR122MM Loans
JK TIMBER: CRISIL Suspends 'B+' Ratings on INR115MM Loans
KHOKHAR INFRA: CRISIL Suspends 'BB+' Ratings on INR200MM Loans
LAXMI COTTEX: CRISIL Reaffirms 'B+' Ratings on INR75MM Loans

MARKETING TIMES: CRISIL Reaffirms 'BB-' Ratings on INR300MM Loans
MASTECH TECHNOLOGIES: CRISIL Suspends D Ratings on INR98.8M Loans
M N POLYTEX: CRISIL Reaffirms 'B' Rating on INR75MM Cash Credit
MODERN MOBITECH: CRISIL Suspends 'B-' Rating on INR125MM Loan
MODI BUILDERS: CRISIL Suspends 'D' Rating on INR135MM Loan

NILADREE BUILD-TECH: CRISIL Reaffirms 'B' Rating on INR168M Loans
NORTELS SERVICE: CRISIL Assigns 'B' Rating to INR100MM LT Loan
PARAMESWARA EDUC: CRISIL Reaffirms BB- Rating on INR100M Loan
P. K. AGRI: CRISIL Suspends 'D' Ratings on INR204.5MM Loans
RASAA FOODS: CRISIL Suspends 'D' Ratings on INR80MM Loans

RUKMANI FERRO: CRISIL Suspends 'D' Ratings on INR76.4MM Loans
SHRI MAHABIR: CRISIL Reaffirms 'BB-' Rating on INR210MM Loan
SHRI RAM: CRISIL Suspends 'BB' Ratings on INR250MM Loans
SHYAM GINNING: CRISIL Reaffirms 'B' Rating on INR300MM Loan
SPC LIFESCIENCES: CRISIL Reaffirms 'BB' Ratings on INR192MM Loans

SRI LAKSHMI: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
SRI VENKATESA: CRISIL Assigns 'BB-' Ratings on INR110MM Loans
SUNIL GARG: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
VIJAI ELECTRICALS: CRISIL Puts 'B-' Ratings on Watch Positive
WEST END: CRISIL Suspends 'BB+' Rating on INR150MM Term Loan


J A P A N

CAFES 1: Fitch Affirms 'B' Ratings on Classes D-1 and D-2 Notes
ORSO FUNDING: Moody's Withdraws B2 Rating on Class E Notes
TOYO PROPERTY: S&P Puts 'BB+' LT CCR on CreditWatch Negative


P H I L I P P I N E S

ZEST AIR: Aviation Regulator Blast Carrier for Faking Losses


S O U T H  K O R E A

TONG YANG: Prosecution Opens Probe Into Chairman Over Fraud


                            - - - - -


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


FORD AUSTRALIA: To Shut Factories by 2016
-----------------------------------------
Joshua Dowling at Perth Now reports that Ford Australia will shut
its Australian factories despite an offer from the Federal
Government to try to save them.

Perth Now says Australia's oldest automotive manufacturer will
close its Victorian car-making facility in Broadmeadows and the
engine plant in Geelong by no later than October 2016.

But the newly appointed Federal Industry Minister Ian Macfarlane
has revisited the idea of a rescue package ahead of his meeting
with the car maker at its Broadmeadows head office later on
October 9, according to the report.

"I'm prepared to look at anything . . . I never die wondering,"
said Mr. Macfarlane after a tour of the Toyota factory in Altona
on the outskirts of Melbourne, Perth Now reports.

According to the report, the boss of Ford Australia,
Bob Graziano, said the minister is welcome to visit but the
decision to shut the manufacturing operations won't be reversed.

"We are not going to reverse the decision we have taken,"
Mr. Graziano told motoring.com.au, Perth Now reports.

Perth Now relates that Mr. Macfarlane said if Ford can't make
vehicles in Australia he would ensure there was sufficient funding
to support Ford's design, research and development division, which
employs about 1,100 people, almost twice as many as Holden and
almost 10 times as many as Toyota.

"If (Ford) can't make vehicles here -- and Ford have apparently
made that decision -- then I want to make sure the really smart
end of that, the design, the R and D, the stuff that goes into
cars these days is staying here in Australia and staying for a
long time," the report quotes Mr. Macfarlane as saying.

However, Ford has already committed to keep its design, research
and development centre in Australia, the report adds.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.


GUNNS LIMITED: Forestry Plantations Up for Sale
-----------------------------------------------
Dissolve.com.au reports that expressions of interest are sought
for the purchase of a part or all of the managed investment scheme
forestry plantations of Gunns Plantations Limited.  The company is
currently in liquidation and appointed Daniel Mathew Bryant, David
Crosbie, Carson Craig and Ian Menzies of PPB Advisory as
administrators on March 5, 2013, the report says.

According to the report, the final buyer will own a property with
an area of 50,000 hectares planted with Eucalyptus trees.
Potentially, the sale will include another 40,000 hectares of
property.

The Gunns Plantations Limited's forestry plantations sit on a
leasehold land in Tasmania. It also has approximately 5,000
hectares of Pine situated in NSW and Tasmania, the report notes.

                      About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.


INIKA: Administrators Seek Buyers For Cosmetics Business
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that administrators of
Inika Pty Ltd are seeking expressions of interest for the
company's cosmetics business.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 4, 2013, SmartCompany said Inika has collapsed with more than
AUD1.5 million in debt, with the company having consistently
traded at a loss.  The business was placed in administration with
Gavin Moss and Nick Combis appointed from Vincents Chartered
Accountants.

Inika was founded in 2006 by Miranda Bond and its range is sold in
more than 16 countries.  The company markets its mineral and
organic cosmetics as being free from synthetic chemicals and
incorporating vegan and organic products.


MIRABELA NICKEL: Halts Shares Trading on Failure to Update Market
-----------------------------------------------------------------
Sarah-Jane Tasker at The Australian reports that struggling
Mirabela Nickel has suspended trading in its shares after failing
to update the market on October 9.

The Australian relates that the Brazilian-focused company had
halted trading in its stock on October 7, the second time in just
over a week, pending an operational update. It requested the halt
remain until Australian markets opened October 9.

According to the report, Mirabela on October 9 sought a voluntary
suspension in its shares until it can make an announcement on the
company, which it said it expected to release before the end of
October.

The nickel miner has seen about 80 per cent of the value wiped off
the share price in the past month and it dipped to a low of 0.8
cents  last October 3, the report relays.  The share price was at
1.6 cents when it halted trading.

The Australian says Chief Financial Officer Chris Els is
understood to be in Brazil discussing options for the company,
which could include putting its Santa Rita mine on care and
maintenance to conserve its cash flow in the short-term.

Brazil's Votorantim Group, one of Mirabela's two major customers,
flagged last month it would close its smelting facilities in
November, forcing it to terminate a contract with the miner one
year earlier than expected, the report says.

The Australian relates that the junior warned the cancelled
contract could constitute an event of default under its
US$50 million (AUD53m) debt facility with Brazil's Branco
Bradesco.

                        About Mirabela Nickel

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 7, 2013, Moody's Investors Service downgraded Mirabela Nickel
Limited's Corporate Family Rating and Senior Unsecured debt
ratings to Caa3 from Caa1. The outlook on the ratings is negative.
The downgrade reflects heightened likelihood of default on
Mirabela's rated senior unsecured notes.

The downgrade follows the announcement by the company that the
potential termination of the sales agreement with Votorantim
Metais Niquel S.A. (Votorantim) may constitute an event of default
under its subsidiaries' bank facility in place with Banco Bradesco
S.A (Bradesco). The downgrade concludes the review for downgrade
initiated on 27 September 2013 when Mirabela announced that it had
received notification from one of its two customers, Votorantim,
that it intends to close its smelting facilities from November
2013 and considers that the concentrate sales agreement in place
with Mirabela will terminate at the end of November 2013.


PACIFIC INDUSTRIAL: Moody's Assigns 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating ("CFR") to Pacific Industrial Services BidCo Pty
Ltd.  PIS owns the "Spotless" group, which is an integrated
facility services provider in Australia and New Zealand.

At the same time, Moody's has assigned a definitive B1 senior
secured rating to the 1st lien USD Term Loan B ("TLB") and
revolving debt facility and a definitive B3 senior secured rating
to the 2nd lien USD term loan facility. The facilities are entered
into by PIS, Pacific Industrial Services US FinCo LLC and PIS'
wholly owned subsidiary, Spotless Holdings (NZ) Limited ("Spotless
NZ"). The loans are guaranteed by PIS and its subsidiaries
Spotless Group Limited (Australia) ("Spotless Australia") and
Spotless NZ.

The outlook on the ratings is stable. The assignment of the
definitive CFR and long-term ratings follow the provisional
ratings assigned on 9 September 2013 and review of the final
documentation.

The debt rated is:

USD 845 million 1st Lien Senior Secured Term Loan B Facility due
October 2018

AUD 200 million Senior Secured Revolving Facility due April 2018

USD 235 million 2nd Lien Senior Secured Term Loan Facility due
April 2019

The proceeds of the issuance will be used principally to repay
existing indebtedness, for specific distributions to shareholders
and to provide working capital.

Ratings Rationale:

"PIS' ratings principally reflect its highly levered capital
structure and evolving capital management strategy," says Mary
Anne Low, a Moody's Analyst. Following this transaction, Moody's
expects financial leverage -- as measured by total debt/EBITDA (on
Moody's adjusted basis) --to step up to around 5.4x from 3.9x
immediately prior to the re-leveraging. Such a highly leveraged
position limits the company's financial flexibility and constrains
its ratings at their current levels.

"Whilst expectations of earnings growth should help reduce
leverage, any improvement in its debt position depends heavily on
its continued ability to improve efficiency and operations, as
well as shareholder expectations of equity returns," adds Low.

The ratings also incorporate the company's ability to execute on
its operational and financial targets, as a result of costs
savings initiatives delivered so far. Moody's believe the extent
of costs savings will reduce over time and EBITDA margin is likely
to be maintained near current levels, but could be slightly
better. This, plus the group's financial leverage, is comparable
to similarly-rated B peers. The ratings incorporate our
expectation that the company will maintain its earnings and
profitability at levels that are appropriate for the current
ratings.

PIS' ongoing business profile reflects its fairly predictable
earnings generation which is underpinned by multi-year contracts.
The group is one of the leading integrated facility service
providers in Australia and benefits from its longstanding
presence, and resultant high client retention rate, which Moody's
expects to continue.

On the other hand, PIS is exposed to adverse economic trends, as
the facility services market is highly fragmented and consists of
end customers from various sectors. Moody's expects volatility
risk to be offset by the company's diversified customer and sector
base.

The B2 CFR also reflects the group's limited geographical
diversification in a competitive industry when compared to other
Moody's B-rated peers, which have broader geographical presence.
PIS earns a majority of its revenues in Australia, albeit this is
countered by its solid position in the domestic market.

The company is 98%-owned by funds managed and advised by Pacific
Equity Partners ("PEP", unrated), which may not be a long term
strategic owner and this is likely to see capital distributions
(subject to covenant limitations) from time to time. As such, the
rating incorporates uncertainty surrounding the group's financial
leverage over time, as shareholder-friendly initiatives could be
taken from time to time, within the confines of the loan
documents, either in the form of the distribution or capital
returns funded by a re-gearing similar to the recent
recapitalisation.

The stable outlook reflects Moody's expectation for relatively
stable industry conditions in Australia and New Zealand. The
outlook also factors in our expectation that PIS will continue
focusing on organic growth with steady EBITDA margins.

The B1 senior secured rating assigned to the 1st lien USD TLB and
revolving facility reflects a one notch uplift to the PIS CFR of
B2, indicative of its superior secured position and claim in PIS'
capital structure.

The B3 senior secured rating assigned to the 2nd lien USD term
loan reflects a one notch lower rating to the PIS CFR of B2,
indicative of its inferior position and claim in the PIS' capital
structure.

The ratings could be upgraded if there is an establishment of a
track record and evidence of the company's ability to deliver
successfully on its operational and financial targets.
Additionally, there could be upward rating momentum if the company
de-leverages beyond our expectations. An indication of this
improvement is the ability to maintain the Moody's adjusted total
debt/EBITDA ratio below 5.5x on a consistent basis.

On the other hand, the ratings could be downgraded if the
company's performance declines beyond our expectations, through
poor earnings performance or other adverse industry conditions.
Other negative pressures such as ongoing negative free cash flow
or if the company incurs material additional debt to fund capital
investments or equity returns could also negatively pressure the
ratings. An indication of downward pressure would include an
Moody's adjusted total debt/EBITDA ratio measuring 6.5x.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

PIS is the parent entity of both Spotless Australia and Spotless
NZ, which owns the operating companies of the Spotless group.
Spotless is an integrated facility services provider and operates
within four main business segments, namely facilities management,
food & catering, cleaning and laundry services, catering to
various industry end customers. PIS is 98% owned by funds managed
and advised by PEP, the largest private equity firm in Australia
and New Zealand.


VIRGIN AUSTRALIA: Fitch to Rate Class C Notes at 'B+'
-----------------------------------------------------
Fitch Ratings has issued a presale report for Virgin Australia's
proposed enhanced equipment notes (EEN), series 2013-1. Fitch
expects to assign the following expected ratings to the
transaction:

-- $474.0 million Class A Notes 'A(EXP)';
-- $120.7 million Class B Notes 'BB+(EXP)';
-- $137.9 million Class C Notes 'B+(EXP)';


* AUSTRALIA: Newmont, Gold Fields Join Royalties Rebellion
----------------------------------------------------------
Paul Garvey at The Australian reports that major international
gold producers Newmont Mining and Gold Fields have united with
Perth's smaller gold players in their fight against a proposed
rise in Western Australia's gold royalties.

The majors have joined the likes of Regis Resources, Silver Lake
Resources and Evolution Mining in a campaign against a proposed
increase in gold royalties, with 10 companies joining the Gold
Royalties Response Group, according to The Australian.

The report notes that the GRRG is warning that any rise in gold
royalties could force some mines to close and drive some miners
into administration.

The report relates that the Barnett government is currently
reviewing the structure of its mineral royalties.  Premier Colin
Barnett wants to see royalties of about 10 per cent applied, less
discounts for any processing that takes place, the report notes.

The report relays that at present, gold production in WA attracts
a royalty of just 2.5 per cent.

The Australian discloses that GRRG spokesman Allan Kelly, who is
also the managing director of small WA goldminer Doray Minerals,
noted that a number of WA goldmines had already fallen into
administration in recent months on the back of falling gold prices
and high costs.

"With gold prices coming down and margins being challenged, if you
add an extra amount to the cost base it has the potential to shut
down operations. . . . Any time you increase the cost and you have
that squeeze on profit margins, you have those mines that get
tipped over the edge into administration or shut down," the report
quoted Mr. Kelly as saying.

The report notes that recent research by JPMorgan estimated that
about 30 per cent of WA's gold output is being produced at a cost
in excess of the current gold price, while a further 30 per cent
is considered marginal.

The report adds that smaller goldminers such as Apex Minerals and
Navigator Resources have gone into administration recently, while
Focus Minerals and Tanami Gold have shut goldmines in WA this
year.



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I N D I A
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BAJRANG WIRE: CRISIL Reaffirms 'BB+' Ratings on INR280MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bajrang Wire Products
(India) Pvt. Ltd continue to reflect BWPL's above-average capital
structure, and established market position in the wire
manufacturing industry backed by its promoters' extensive industry
experience.
                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         35       CRISIL A4+ (Reaffirmed)

   Cash Credit           220       CRISIL BB+/Stable (Reaffirmed)

   Letter of Credit        1       CRISIL A4+ (Reaffirmed)

   Proposed Long-Term     48.7     CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              11.3     CRISIL BB+/Stable (Reaffirmed)

These rating strengths are partially offset by the susceptibility
of BWPL's profit margins to volatility in raw material prices and
the company's exposure to intense competition in the wire
manufacturing industry and modest debt protection metrics,
particularly a weak interest coverage ratio.

For arriving at the ratings, CRISIL has treated the unsecured
loans of INR47 million as on March 31, 2013 extended to BWPL by
its promoters as neither debt nor equity. This is because these
loans carry lower interest than the bank interest and are
subordinated to the bank loan in terms of interest and repayments.

Outlook: Stable

CRISIL believes that BWPL will maintain its established market
position in the wires industry over the medium term, supported by
its diversified product portfolio, strong clientele, and
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company registers substantial and
sustained improvement in its profitability margins, while it
maintains its healthy revenue growth. Conversely, the outlook may
be revised to 'Negative' if BWPL's profitability margins comes
under more-than-expected pressure, or if there is deterioration in
the company's capital structure on account of large debt-funded
capital expenditure (capex) or larger-than-expected working
capital requirements.

Update

BWPL's operating revenues improved by around 30 per cent to INR2.2
billion in 2012-13 (refers to financial year, April 1 to March 31)
from around INR1.72 billion in 2011-12, on account of healthy
demand for the company's wire products. BWPL's operating margin in
2012-13 also improved to around 4 per cent from that of 2.73 per
cent in the previous year. The operating margin though remains
susceptible to volatility in the company's key raw materials.
BWPL's operations remained moderately working capital intensive,
with low inventory and receivables holding, as reflected in the
company's gross current assets of around 88 days as on March 31,
2013. The inventory and receivables holding were maintained at 30
to 40 days. The moderate working capital intensity supports the
liquidity of the company, to an extent. The bank limits were
utilized at an average rate of around 88 per cent over the 12
months through July 2012. BWPL's financial risk profile remains
moderate, with a gearing of around 1.35 times and total outside
liabilities to tangible net worth of around 1.63 times as on March
31, 2013. The overall financial risk profile was constrained on
account of a low interest coverage ratio of around 1.8 times in
2012-13. Over the near term, the company plans to undertake a
capex programme of INR70 million to INR80 million for setting up a
PVC manufacturing unit, funded by term loans to the extent of
INR35 million to INR45 million.

BWPL, incorporated in 1993, manufactures wires, including steel,
alloy steel, carbon, and aluminium wires, aluminium conductor
steel reinforced core wires, pre-stressed concrete wires, and
automobile spoke wires. BWPL's operations are ISO 9001:2000-
certified, and the company is a member of the Confederation of
Indian Industry, Federation of Indian Chambers of Commerce and
Industry, and Steel Wire and Manufacturing Association of India.


BETHANY HOSPITAL: CRISIL Suspends 'D' Ratings on INR78.2MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bethany
Hospital.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                4      CRISIL D Suspended

   Proposed Long Term         2.2    CRISIL D Suspended
   Bank Loan Facility

   Term Loan                 72      CRISIL D Suspended

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

Initially set up as Bethany Medical Center (BMC) in Shillong in
the year 1992 by Dr. John L Sailo Rynthathiang, BMC was
rechristened as Bethany Hospital (Bethany) in the year 2002. The
hospital was initially set up with 94 beds and has recently been
expanded to 175 beds.

Bethany offers services in the fields of medicine, obstetrics,
gynecology, ophthalmology, dental, radiology, pathology and
surgery. Bethany has visiting consultants for oncology and
neurology departments. It also has association with Max hospital
in Delhi, doctors of which visit Bethany frequently for
operations.


CENTRAL HOTELS: CRISIL Reaffirms 'C' Ratings on INR60MM Loans
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL C' ratings on the bank
facilities of Central Hotels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        7.5     CRISIL C (Reaffirmed)
   Bank Loan Facility

   Term Loan                52.5     CRISIL C (Reaffirmed)

The ratings continue to reflect instances of delay by CHPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

CHPL also has a small scale of operations, limited revenue
diversity, and below-average financial risk profile, marked by
small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that CHPL derives
from the extensive entrepreneurial experience of its promoters.

Established in 1995, Chennai (Tamil Nadu)-based CHPL was promoted
by the Mohammed Sathak group, which has presence in the
educational segment. CHPL has a commercial property with a built-
up area of 53,701 square feet in Chennai. Since inception till
2005, CHPL had leased out the property to Apollo Sindhuri Hotels
Ltd, post which the property has been leased out to The Royal
Regency Hotel.

CHPL posted a net loss of INR1.7 million on net sales of INR10.3
million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR3.7 million on net sales
of INR10.0 million for 2010-11.


CORE JEWELLERY: CRISIL Reaffirms 'B+' Ratings on INR112.5MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Core Jewellery Pvt Ltd
continues to reflect CJPL's modest scale of operations and working
capital intensive nature of activity. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the gold and diamond studded
jewellery industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit    82.5     CRISIL B+/Stable

   Post Shipment Credit    167.5     CRISIL A4

   Proposed Long Term       30.0     CRISIL B+/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that CJPL will continue to benefit over the medium
term from its promoters' extensive experience in the gold and
diamond studded jewellery industry. The outlook may be revised to
'Positive' in case the company reports a substantial growth in its
operating revenues, while improving its profitability and working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case CJPL reports a significant decline in its
revenues or profitability, or its working capital cycle lengthens
or if it undertakes any large debt-funded capital expenditure
programme, thereby weakening its financial risk profile.

Update

CJPL's revenues decreased by 8 per cent year-on-year to INR541.2
million in 2012-13 (refers to financial year, April 1 to March 31)
from INR590.5 million in 2011-12. The decline in revenues was
primarily on account of deferment of several orders to next fiscal
year. CJPL has achieved sales of around INR 210 million for five
months from April to August 2013. The company expects to achieve
revenues of around INR 750 million for FY 2013-14. CJPL had
operating profit margin of 7.4 per cent in 2012-13 as against 7.2
per cent in 2011-12 which is expected to remain at similar levels
over the medium term.

CJPL's working capital cycle in 2012-13 increased with gross
current assets (GCAs) at 363 days as on March 31, 2013, against
330 days as on March 31, 2012. The increase in GCAs was primarily
driven by increase in receivables (200 days as on March 31, 2013
as against 167 days as on March 2012) as the company has recorded
a significant portion of its sales in March 2013. The inventory
days remained high at 155 days as on March 31, 2013 (160 days as
on March 31, 2012). Part of this working capital requirement is
supported by credit from suppliers. The creditor days were at 61
days as on March 31, 2013 (65 days as on March 31, 2012). The bank
lines have been fully utilised during the 12 months ended August
2013.

CJPL had a healthy net worth of INR285.1 million as on March 31,
2013. CJPL's gearing has been low ranging between 0.75 and 0.85
times over the past four years with gearing at 0.85 times as on
March 31, 2013. On account of moderate profitability coupled with
high interest commitments, the debt protection metrics of the
company were weak with net cash accruals to total debt (NCATD) and
interest coverage ratios at 0.06 times and 2.40 times,
respectively, for 2012-13. CJPL is expected to generate cash
accruals of INR17.2 million in 2013-14 and has no term debt
servicing obligations during the same period.

CJPL incorporated in 1999, is engaged in manufacturing and export
of gold, platinum and diamond studded jewellery. The company's
registered office is located at Seepz. The promoters, Mr. Kamal
Bhansali and Mr.Vivek Jadhav oversee the day to day operations of
the company.

CJPL reported a profit after tax (PAT) of INR7.9 million on net
sales of INR541.2 million for 2012-13, against a PAT of INR13.1
million on net sales of INR590.5 million for 2011-12.


HORIZON INDUSTRIAL: CRISIL Cuts Ratings on INR270MM Loans to BB-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Horizon Industrial Products Pvt Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable', while reaffirming its rating on the company's
short-term facility at 'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           5.0     CRISIL A4+ (Reaffirmed)

   Cash Credit            100.0     CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Letter of Credit         5.0     CRISIL A4+ (Reaffirmed)

   Long-Term Loan         168.0     CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Long-Term       2.0     CRISIL BB-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB/Stable')


The rating downgrade reflects the deterioration in HIPPL's
financial risk profile, driven by a decline in its profitability
margin and substantial increase in debt to fund its capital
expenditure (capex) and working capital requirements. The
downgrade also reflects moderation in HIPPL's business risk
profile, driven by lower-than-expected growth in revenues and
profitability in 2012-13 (refers to financial year, April 1 to
March 31), which is attributable to the Manesar issue of Maruti
Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'). HIPPL's
operating profitability is estimated to have declined to 6.8 per
cent in 2012-13 from 8.3 per cent in 2011-12. The increase in the
company's debt with no corresponding capital infusion has led to
deterioration in the capital structure to an estimated 2.53 times
as on March 31, 2013, from 1.98 times as on March 31, 2012.
However, HIPPL's cash accruals are expected to be sufficient to
meet its maturing debt obligations over the medium term. CRISIL
believes that HIPPL's credit risk profile will remain under
pressure over the medium term because of muted growth and
increasing working capital requirements.

The ratings reflect the extensive experience of HIPPL's promoters
in the automotive components industry and its moderate debt
protection metrics. These rating strengths are partially offset by
the company's modest scale of operations, customer concentration
in its revenue profile, and susceptibility of its margins to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that HIPPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' if the company reports a
sustained improvement in its profitability along with an increase
in its scale of operations, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if HIPPL reports lower-than-expected profitability or
has larger-than-expected working capital requirements, or
undertakes a large debt-funded capital expenditure programme,
thereby leading to weakening of its financial risk profile.

HIPPL was established in 1961 by the late Mr. B N Kaul and his
son, Mr. A K Kaul. The company commenced operations by
manufacturing stainless steel utensils. However, in 1964, it
started manufacturing stampings and sheet metal components for
original equipment manufacturers and Tier 1 players in the
automotive component sector. Currently, the operations of HIPPL
are managed by Mr. A K Kaul and Ms. Alka Kaul.

For 2012-13, HIPPL, on a provisional basis, reported a profit
after tax (PAT) of INR5.66 million on net sales of INR685.0
million; it had reported PAT of INR4.45 million on net sales of
INR605.57 million for 2011-12.


ILPEA PARAMOUNT: CRISIL Assigns 'B' Rating to INR90MM Cash Credit
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Ilpea Paramount Ltd and has assigned its 'CRISIL
B/Stable' rating to the long-term bank facilities of Ilpea.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            90      CRISIL B/Stable (Assigned;
                                  Suspension Revoked)

The rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated August 08, 2012, because Ilpea had not provided
the necessary information required for a rating review. Ilpea has
now shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The rating reflects Ilpea's below-average financial risk profile,
marked by negative cash accruals, and it's reducing scale and
working-capital-intensive nature of operations. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters' in the manufacturing industry worldwide, and
the funding support it receives from them.

Outlook: Stable

CRISIL believes that Ilpea will continue to benefit over the
medium term from its promoters' extensive experience in the
manufacturing industry worldwide. The outlook may be revised to
'Positive' if the company generates substantial cash accruals,
driven by a better-than-expected scale of operations and
profitability, leading to a significant improvement in its
financial risk profile, especially its liquidity. Conversely, the
outlook may be revised to 'Negative' if Ilpea's financial risk
profile, particularly its liquidity, deteriorates, most likely
because of a significant decline in its scale of operations and
profitability, leading to lower accruals, or an increase in its
working capital requirements.

Ilpea, established in 1996, is a 51:49 joint venture between
Industrie Ilpea SpA, Italy, and Paramount Polymers Pvt Ltd.
Ilpea's product profile consists of magnetic gaskets, polyvinyl
chloride (PVC) rigid profiles, injection-moulded components, and
rubber components for the white goods industry. The company has
its manufacturing facilities at Faridabad (Haryana) and Pune
(Maharashtra). Ilpea has also set up two satellite plants at Noida
(Uttar Pradesh) and Jajru (Haryana).


ISHAAN PLASTICS: CRISIL Reaffirms 'D' Ratings on INR122MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ishaan Plastics Pvt Ltd
(IPPL) continue to reflect instances of delay by IPPL in servicing
its term debt; the delays have been caused by the company's weak
liquidity, driven by its working-capital-intensive operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             2      CRISIL D (Reaffirmed)
   Cash Credit               55      CRISIL D (Reaffirmed)
   Letter of Credit          15      CRISIL D (Reaffirmed)
   Term Loan                 50      CRISIL D (Reaffirmed)

IPPL also has a below-average financial risk profile, marked by a
small net worth, high gearing, and subdued debt protection
metrics, and a modest scale of operations in the intensely
competitive plastic and plastic products industry. However, IPPL
benefits from the entrepreneurial experience of its promoters.

Update

In 2012-13 (refers to financial year, April 1 to March 31), IPPL's
revenues grew by around 58 per cent year-on-year. Volatility in
raw material prices has, to some extent, adversely impacted its
operating margin, though the margin has remained moderate at
around 10 per cent in 2012-13. IPPL's operations are working-
capital-intensive, marked by gross current assets of 152 to 259
days over the three years ended March 31, 2013. This was because
of delays in receipts from customers and large inventory
maintained. IPPL's financial risk profile has remained below
average, marked by gearing of 2.4 times as on March 31, 2013; its
net cash accruals to total debt ratio was 0.12 times and interest
coverage ratio 1.99 times for 2012-13. Also, the company's
liquidity has remained weak, marked by almost fully utilised
working capital limits.

For 2012-13, IPPL reported a net profit of INR2 million on net
sales of INR245 million, against a net profit of INR0.07 million
on net sales of INR154 million for 2011-12.

IPPL was set up in 2005 by Mr. Ajay Poddar, a Kolkata (West
Bengal)-based entrepreneur. It manufactures polyethylene
terephthalate (PET) bottles, jars, and preforms for
pharmaceutical, food products, packaged drinking water, and tea
manufacturing companies.


JK TIMBER: CRISIL Suspends 'B+' Ratings on INR115MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JK Timber Impex Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              15       CRISIL B+/Stable Suspended
   Letter of Credit        100       CRISIL B+/Stable Suspended

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

Incorporated in 2004, JKT processes and trades timber. The company
primarily deals in hard wood and derives revenues mainly from
Andhra Pradesh (AP). JKT imports timber logs from dealers in Burma
and Africa and sells them to various wholesalers, distributors,
and large timber depots in and around AP. The saw mill is located
in Hyderabad (AP) and has capacity of about 2500 cubic feet per
day and a owned stock yard measuring 5.50 acres.


KHOKHAR INFRA: CRISIL Suspends 'BB+' Ratings on INR200MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Khokhar
Infrastructure Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            150     CRISIL A4+ Suspended
   Cash Credit                50     CRISIL BB+/Stable Suspended
   Proposed Long-Term        150     CRISIL BB+/Stable Suspended
   Bank Loan Facility

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

Khokhar, incorporated in 2007 by the late Mr. Harbhajan Singh
Khokhar along with his family, undertakes civil construction
activities, including construction of roads, bridges, and
buildings, in Jharkhand and Bihar. Bharat Construction, engaged in
similar activity, was set up as a partnership concern by Mr.
Harbhajan Singh Khokhar and his three brothers in 2001. The firm
was acquired by Khokhar on March 31, 2010.


LAXMI COTTEX: CRISIL Reaffirms 'B+' Ratings on INR75MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Laxmi Cottex
continue to reflect the firm's below average financial risk
profile, marked by high gearing and average debt protection
metrics, its modest scale of operations in a fragmented and
competitive industry, and exposure to adverse regulatory changes.
These rating weaknesses are partially offset by the benefits that
LC derives from its partners' extensive experience in the cotton
industry and its proximity to the cotton-growing belt in Gujarat.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           72.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly improves
its scale of operations and profitability or if its capital
structure improves significantly either by equity infusion or
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates further, most likely because of large, incremental
working capital requirements, or if the firm undertakes any large
debt-funded capex

Update

For 2012-13(refers to financial year, April 1 to March 31), LC has
registered estimated revenues of INR358 million broadly in line
with CRISIL's expectations. The firm now plans to increase its
ginning capacity by around 50 bales per day(bpd) to 300 bpd, which
is expected to result in increase in revenues by over 15 per cent
over the medium term LC's operating margin for 2012-13 remained
modest at around 3 per cent in line with CRISIL's expectations.
CRISIL believes that the fragmented nature of the industry will
continue to restrict LC's bargaining power, thus leading to
continued modest operating margins over the medium term.

The firm's financial risk profile remained below average marked by
its modest networth estimated at INR25 million and high gearing
estimated at 2.2 times as on March 31 2013. Incremental capex for
increasing the ginning capacity, estimated at INR25 million, is
expected to be debt funded to the extent of 75 per cent. This will
result in continued high gearing over the medium term. Liquidity
of the firm remained weak due to limited financial flexibility and
low cash accruals, though the same was sufficient to meet its debt
repayment obligations. The firm's bank limits remained moderately
utilised with average bank limit utilisation of 78 per cent for
the twelve months through December 2012.

LC is a partnership firm promoted by Mr. Mahesh Patel, Mr.
PravinKhunt, Mr. Harshad Viramgama, Mr.Bhupat Kavathia, and Mr.
Sanjay Patel. The firm has a cotton-ginning unit at Babra in
Amreli (Gujarat) with capacity of 250 bpd.


MARKETING TIMES: CRISIL Reaffirms 'BB-' Ratings on INR300MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Marketing Times
Automobiles Pvt. Ltd continue to reflect its established presence
in the automotive dealership industry and promoters' extensive
industry experience and funding support in the form of unsecured
loans coupled with its moderate financial risk profile. These
rating strengths are partially offset by the low interest coverage
ratio and susceptibility to intense competition in the automotive
dealership market.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          50      CRISIL A4+ (Reaffirmed)
   Cash Credit            230      CRISIL BB-/Stable (Reaffirmed)
   Overdraft Facility      70      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTAL will continue to benefit from its
established presence in the automotive dealership industry and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company is able to achieve a
substantial and sustained increase in its revenues while
maintaining its profitability margins or if there is a substantial
increase in net worth, backed by equity infusion from promoters.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the company's profitability or revenues or there
is a significant deterioration in its capital structure on account
of larger-than-expected working capital requirements or large,
debt-funded capex.

Incorporated in 2003 and promoted by Mr. Deepak Kapoor and his
family, MTA commenced operations in 2004 on attaining a dealership
of MSIL. Currently, MTA has one showroom and two workshops in New
Delhi. The company also deals in resale of old vehicles through a
true-value showroom at MG Road (New Delhi) and in spare parts of
MSIL.


MASTECH TECHNOLOGIES: CRISIL Suspends D Ratings on INR98.8M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mastech
Technologies Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL D Suspended
   Cash Credit              37       CRISIL D Suspended
   Long Term Loan           56.8     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by MTPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MTPL is yet to
provide adequate information to enable CRISIL to assess MTPL'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 in 2008, MTPL is promoted by Avaids Technovators Pvt Ltd
(ATPL), Mr. Rajesh Piplani, Mr. Ashok Kaul, and Mr. Sanjay
Chaudary. ATPL owns 73.45 per cent of MTPL's shares. The Piplani
and Kaul families each own 50 per cent of ATPL's shares. MTPL
manufactures poles, high masts, and fabricated structures. Poles
and high masts are used primarily in power plants, refineries, and
road infrastructure, while fabricated structures are supplied to
power substations.


M N POLYTEX: CRISIL Reaffirms 'B' Rating on INR75MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facility of M N Polytex Pvt Ltd
continue to reflect MNPPL's modest scale of operations in an
intensely competitive industry, susceptibility of operating
margins to fluctuations in raw material prices and moderate
financial risk profile marked by low net worth and high gearing.
These rating weaknesses are partially offset by the extensive
experience of promoters in the textile industry.

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

Outlook: Stable

CRISIL believes that MNPPL will continue to benefit over the
medium term from its promoters extensive experience in textile
industry. The outlook may be revised to 'Positive' in case the
company scales up its operations, while improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a sharp decline in the
company's revenues or operating margins or an elongation of its
working capital cycle, resulting in weakening in its financial
risk profile.

Update

MNPPL recorded revenues of around Rs 478.8 million (provisional
figures) for 2012-13 (refers to financial year, April 1 to
March 31), as against INR417.3 million in 2011-12. The revenue
growth has been primarily driven by volume growth. MNPPL reported
operating margin of 3.3 per cent during 2012-13 compared to 2.7
per cent during 2011-12.

MNPPL's working capital cycle during 2012-13 has been inline with
previous years. MNPPL reported gross current asset days of about
122 days in 2012-13 as compared to 124 days in 2011-12. The high
GCA days are mainly attributable to debtors of around 45 days and
inventory requirements of about 60 days. The working capital
requirements are funded by a credit of up to 30 days available
from the suppliers and internal accruals, and the gap is funded
through its fund based bank facilities. The high working capital
intensity has resulted in high bank limit utilisation of around 90
per cent over the past 12 months through August 2013.

MNPPL's financial risk profile is marked by a high gearing of 2.8
times as on March 31, 2013. MNPPL had modest debt protection
measures with interest coverage of 1.2 times and net cash accruals
to total debt ratio (NCATD) of 0.02 times as on
March 31, 2013. MNPPL has no major capex plans over the medium
term.

MNPPL, promoted in 2004, is engaged in buying yarn and getting it
converted into grey fabric on contract basis from outside
manufacturers. Mr. Ramesh Shah, Mr. Pravin Shah, Mr. Manish Shah
and Mr. Mukesh Shah are the promoters of MNPPL. MNPPL's office is
at Mumbai.


MODERN MOBITECH: CRISIL Suspends 'B-' Rating on INR125MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Modern
Mobitech Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           125      CRISIL B-/Stable Suspended

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

CRISIL has combined the business and financial risk profiles of,
Simoco, Modern Mobitech Pvt Ltd (Modern Mobitech), and
Transceivers India Ltd (Transceivers), collectively referred to as
the Simoco group, herein. This is because all these entities have
a common management, strong operational and financial linkages,
inter-company-holding and bank guarantee by Simoco to Modern
Mobitech.

Modern Mobitech was set up in February 2010 by the same promoter.
The company is to take charge of Simoco's computer division in
2011-12.


MODI BUILDERS: CRISIL Suspends 'D' Rating on INR135MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Modi
Builders.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 135     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by Modi
Builders with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Modi
Builders is yet to provide adequate information to enable CRISIL
to assess Modi Builders'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 1979 as a partnership firm by Mr. Ramesh Modi and Mr.
Bharat Modi, Modi Builders is into commercial real estate
development and leasing in Pune. Currently, the firm is earning
rental income from two commercial properties - Modi Mall and Modi
Towers. The firm also occasionally trades in land plots.


NILADREE BUILD-TECH: CRISIL Reaffirms 'B' Rating on INR168M Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the long-
term bank facilities of Niladree Build-Tech Pvt Ltd and has
assigned 'CRISIL A4' rating to the short-term bank facilities of
the company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               6       CRISIL B/Stable (Reaffirmed)

   Letter of credit &       10       CRISIL A4 (Assigned)
   Bank Guarantee

   Term Loan               162       CRISIL B/Stable (Reaffirmed)

The rating reflects NBTPL's exposure to risks related to
commercialisation of its hotel projects, estimated small scale of
operations, and geographical and segmental concentration in
revenue profile. These rating weaknesses are partially offset by
the extensive experience of NBTPL's promoters in the hospitality
industry and the locational advantage of its hotels.

Outlook: Stable

CRISIL believes that NBTPL's business risk profile will be
supported by its management's experience in the hospitality and
real estate business. The outlook may be revised to 'Positive' if
the occupancy rates at, and accruals from, NBTPL's hotel are more
than expected. Conversely, the outlook may be revised to
'Negative' if any further time or cost overruns in the hotel
project adversely impact the company's financial risk profile.

Update

In 2012-13, the company generated revenues of INR62.8 million from
Blue Lilly, a 120 room hotel that it has leased since 2010. Blue
Lilly, like its other upcoming hotels, is also located in Puri.
The other hotels which the company was constructing, have been
delayed by around 9 months and are expected to start commercial
operations by November-December 2013. These hotels are expected
to have 98 rooms in all. The total cost of the projects is
expected to be around INR259 million, which includes a cost-
overrun of about INR80 million. The company has completed around
INR220 million of project so far. The company has taken additional
term debt of INR50 million for construction. The project is been
funded at a DER of 1.8:1.

Though there has a been a time and cost overrun in the project,
however, this is offset by steady revenues and net cash accruals
from hotel Blue Lilly. The company has been servicing current
interest obligations through cash flows from Blue Lilly.
Nevertheless, the liquidity of the company is expected to be
stretched going forward as depicted by expected cash accruals of
around INR29.6 million as against repayment obligations of INR28.8
million in FY15. However, there has been support from the
promoters in the form of unsecured loans to the tune of INR15
million to support the liquidity of the company. Continued
financial support from promoters to support the company's
liquiudty going forward remains a key rating sensitivity factor.
The company has also availed CC facilities of INR6 million, which
would be disbursed when the operations of the ongoing project will
start and will buffer its liquidity to some extent.

Incorporated in 2009, NBTPL is developing three hotels in Puri
(Orissa) and is already operating another hotel on leased basis
named "Blue Lilly". The project construction, technical,
marketing, and other allied activities are being taken undertaken
by the promoters themselves.

In 2012-13, the company reported(on provisional basis) Profit
After Tax( PAT) of INR7.6 million on net sales of INR65.8 million
as against net loss of INR 1.8 million on net sales of INR40.8
million.


NORTELS SERVICE: CRISIL Assigns 'B' Rating to INR100MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nortels Service Apartments (P) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           100      CRISIL B/Stable

The rating reflects NSAPL's exposure to risks related to the
implementation and stabilisation of its ongoing project, and its
small scale of operations with geographic concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the
hospitality industry, and the favourable location of its service
apartments.

Outlook: Stable

CRISIL believes that NSAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NSAPL improves its scale
of operations and reports more-than-expected revenues and
profitability, resulting in an improvement in its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there are significant time and cost overruns in the
company's ongoing project, leading to deterioration in its
financial risk profile.

Incorporated in 2000, NSAPL operates service apartments in Chennai
(Tamil Nadu). The company is promoted by Mr. Sri Krishnan, Mr.
Sunil Nair, Mr. A Murugappan, Mr. S Narayanan, and Mr. Lui ki.

NSAPL, on a provisional basis, reported a profit after tax (PAT)
of INR16 million on net sales of INR1043 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
net loss of INR0.3 million on net sales of INR17 million for 2011-
12.


PARAMESWARA EDUC: CRISIL Reaffirms BB- Rating on INR100M Loan
-------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Parameswara
Educational Academy (PEA) continues to reflect the extensive
experience of PEA's promoters in the educational sector. This
rating strength is partially offset by PEA's below average
financial risk profile, marked by weak capital structure, and
susceptibility to regulatory risks in the education sector.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             30      CRISIL BB-/Stable (Reaffirmed)

   Proposed Long-Term      70      CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that PEA will continue to benefit over the medium
term from its established presence in the educational sector in
Nandyal. The outlook may be revised to 'Positive' in case of
sustainable increase in the academy's scale of operations and
profitability or improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' if the academy undertakes
a large debt-funded capital expenditure programme, leading to
weakening in its capital structure, or if its revenues and margins
decline steeply or if it extends any further substantial support
to its group entities, resulting in further deterioration of its
liquidity.

Established in 1985, PEA runs a school, Nandyal Public School and
Junior College, and an engineering college, Rajeev Gandhi Memorial
College of Engineering and Technology, in Nandyal in Kurnool
district (Andhra Pradesh). The academy is promoted by Dr. M
Shanthi Ramudu and his family members. The engineering college
offers graduate and postgraduate courses in engineering and
postgraduate courses in management. The courses offered are
approved by the All India Council for Technical Education and the
college is affiliated to the Jawaharlal Nehru Technological
University (JNTU), Hyderabad (AP).

PEA reported a provisional surplus (excess of income over
expenditure) of INR0.5 million on net revenues of INR195 million
for 2012-13, as against a surplus of INR0.7 million on net
revenues of INR171.6 million for 2011-12.


P. K. AGRI: CRISIL Suspends 'D' Ratings on INR204.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
P. K. Agri Link Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.4      CRISIL D Suspended

   Cash Credit             88.6      CRISIL D Suspended

   Proposed Long-Term      19.0      CRISIL D Suspended
   Bank Loan Facility

   Rupee Term Loan         94.5      CRISIL D Suspended

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

PKA was incorporated in 2008 by Mr. Keshab Kumar Halder and his
father for undertaking solvent extraction plant (crude rice bran
oil) from the germ and inner husk of the rice. In 2010-11 (refers
to financial year, April 1 to March 31), the company undertook a
capital expenditure programme of INR157.5 million for setting up
its oil extraction plant with a production capacity of 250 tonnes
per day (tpd). The firm is expected to start commercial operations
in 2011-12. The promoters also have interests in other entities;
namely, Sri Jatadhari Rice Mill Pvt Ltd (SJRMPL) and P K Cereals
Pvt Ltd (PKCPL) both of which, are engaged in rice milling.


RASAA FOODS: CRISIL Suspends 'D' Ratings on INR80MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rasaa
Foods Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL D Suspended
   Long-Term Loan            60      CRISIL D Suspended

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

RFPL was incorporated in 2005 and promoted by Mr. Venkataramana
Reddy. The company is based in Tamil Nadu. RFPL makes mango pulp
on job-work basis, primarily for Parle and Capricorn Food Products
Pvt Ltd. RFPL has installed capacity of 18,000 tonnes per annum.
The company plans to set up a bottling unit (for manufacturing
ready-to-drink items) for a total cost of about INR50 million by
April 2012. The company's promoter also owns two concerns, SVR
Fruit Company and Indian Shipping Services, which trade in
mangoes, and provide clearing and forwarding services to bulk
exporters of mangoes.


RUKMANI FERRO: CRISIL Suspends 'D' Ratings on INR76.4MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rukmani
Ferro Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              25       CRISIL D Suspended
   Proposed Cash            16.4     CRISIL D Suspended
   Credit Limit
   Term Loan                35       CRISIL D Suspended

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

Incorporated in 2009, RFPL manufactures steel ingots used in the
manufacture of thermo-mechanically-treated bars. The company's
plant in Aligarh (Uttar Pradesh) has a capacity of 15,000 tonnes
per annum.


SHRI MAHABIR: CRISIL Reaffirms 'BB-' Rating on INR210MM Loan
------------------------------------------------------------
CRISIL's ratings on Shri Mahabir Dyeing and Printing Mills Pvt
Ltd's bank facility reflect the company's established position and
the promoters' extensive experience in the textile industry. These
rating strengths are partially offset by SMDP's moderate financial
risk profile, marked by modest net worth, subdued debt protection
indicators, and working-capital-intensive operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           210      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMDP will benefit over the medium term from
its promoters' extensive experience in the ready-made garments
industry. The outlook may be revised to 'Positive' if the company
exhibits significant improvement in its capital structure and debt
protection metrics while maintaining steady growth in revenue and
profitability. The outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to further
lengthening of its operating cycle or if the company suffers a
decline in its revenue or profitability.

Update:

In 2012-13 (refers to financial year, April 1 to March 31), SMDP's
revenue was INR880 million as against INR822 million in 2011-12,
thereby registering growth of 7 per cent. Operating profit dipped
to 7.6 per cent in 2012-13 from 10.3 per cent mainly on account of
SMDP's inability to pass on the cost to end-user customers. CRISIL
believes that SMDP's revenue and profitability will remain stable
over the medium term.

SMDP's working capital requirements are higher than CRISIL's
expectations mainly on account of higher receivables due to delays
in receipts from customers. The receivables stood at 144 days as
against 104 days in the previous year whereas inventory was stable
at 151 days.

SMDP's net worth was INR163 million as on March 31, 2013. Gearing
was high at 2.3 times in line with CRISIL's expectations. Over the
near term, gearing is expected to remain high above 2 times owing
to high working capital requirements. The interest coverage ratio
stood at 1.4 times and net cash accruals to total debt ratio was
0.05 times in line with 2011-12. The debt protection metrics are
expected to remain weak over the medium term owing to high debt
levels.

SMDP's liquidity is supported through unsecured loans from the
promoters of INR151 million as on March 31, 2013. Average bank
limit utilisation was high at 93 per cent in the 12 months through
July 2013 despite enhancement of cash credit limits to INR250
million in June 2013 from INR210 million. SMDP has low repayment
obligations of INR3 million against which it is expected to
generate cash accruals of INR14 million to INR16 million in 2013-
14. Absence of capital expenditure plans over the near term also
supports SMDP's liquidity.

SMDP, set up in 1980 by Mr. Mahabir Ganeriwal, manufactures
printed cotton sarees and dress materials. The company's
manufacturing facility in Dombivali (Thane district, Maharashtra)
has installed capacity to process 0.15 million metres per day.
Currently, SMDP's day-to-day operations are handled by Mr. Subhash
Ganeriwal, son of Mr. Mahabir Ganeriwal.


SHRI RAM: CRISIL Suspends 'BB' Ratings on INR250MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Ram Impex (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              236      CRISIL BB/Stable Suspended
   Term Loan                 14      CRISIL BB/Stable Suspended

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

SRIPL was set up in 2000 by Mr. Puneet Bhatia and Mr. Vineet
Bhatia; the company acquired the business of a firm, Shri Ram
Enterprises, set up in 1984 by Mr. Puneet Bhatia. Shri Ram
Enterprises was involved in importing, and trading in tin plate,
hot-rolled, cold-rolled, and galvanised steel. After the
acquisition, SRIPL started importing defective tin plates, tin
free sheets, tin sheet cuttings, and selling them in India.


SHYAM GINNING: CRISIL Reaffirms 'B' Rating on INR300MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Shyam Ginning and
Pressing Pvt Ltd continues to reflect its below-average financial
risk profile, marked by high gearing, modest net worth, and weak
debt protection metrics, exposure to intense competition in the
cotton industry, and vulnerability to adverse changes in raw
cotton (kapas) prices and government policies. These weaknesses
are partially offset by SGPPL's promoters' extensive industry
experience and the company's proximity to the cotton-growing belt
ensuring regular supply of raw cotton.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            300      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGPPL will maintain its credit risk profile
over the medium term backed by the promoters' experience in the
industry. The outlook may be revised to 'Positive' in case of
infusion of capital leading to improvement in capital structure
and/or significant improvement in the scale of operations and
profitability thereby improving its debt protection measures.
Conversely, the outlook may be revised to 'Negative' in case of
higher-than-expected debt due to incremental working capital
requirements or more-than-expected debt-funded capital
expenditure.

Update

SGPPL reported revenue in 2012-13 (refers to financial year, April
1 to March 31) in lines with CRISIL's expectation at INR1400
million. The revenue was supported by comfortable volume growth.
Over the medium term, CRISIL believes that SGPPL will sustain its
revenue growth in the range of 10 to 15 per cent backed by healthy
offtake, although the revenue growth continues to be susceptible
to the economic scenario and government policies. In 2012-13,
SGPPL's profitability at the operating level was marginally higher
than the estimates at 2.5 per cent. Going forward CRIISL believes
that the fragmented nature of industry will restrict SGPPL's
bargaining power thus leading to similar low operating margins at
2.2 to 2.8 per cent. The working capital requirements were in line
with CRISIL's expectation with gross current assets (GCA) days in
the range of 80 days. Going forward; CRISIL believes that SGPPL's
GCAs will be in the range of 80 to 85 days but the overall working
capital requirements will increase with its scale of operations.
As on March 31, 2013, the gearing of the company is estimated to
increase to 3.98 times vs. 3.56 times as of March 2012 on account
of total debt increase of INR39 million to support its incremental
working capital requirements. In 2013-14, the gearing is expected
to remain high up to 4 times on account of high working capital
requirements as against modest accruals. Going forward, the
financial risk profile is expected to be constrained by its high
gearing led by modest net worth, below-average debt protection
metrics, and weak liquidity.

SGPPL's profit after tax (PAT) and net sales were estimated at
INR4.6 million and INR1400 million, respectively, for 2012-13; the
company reported PAT of INR3.4 million on net sales of INR1077
million for 2011-12.

SGPPL, located at Rajkot (Gujarat), is promoted by Mr. Bharatbhai
Wala. The company is engaged in the ginning and pressing of raw
cotton to make cotton bales. The company sells the cotton bales to
various traders and the cotton seed is sold to various oil mills
in the vicinity of the plant.


SPC LIFESCIENCES: CRISIL Reaffirms 'BB' Ratings on INR192MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of SPC Lifesciences Pvt
Ltd continue to reflect the extensive experience of SPCPL's
promoters in the pharmaceutical industry, and its moderate
financial risk profile, marked by moderate gearing and above-
average debt protection metrics. These rating strengths are
partially offset by the company's exposure to intense competition
in the fragmented pharmaceutical intermediates segment, and high
product and customer concentration in its revenue profile.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              100      CRISIL BB/Stable (Reaffirmed)

   Standby Line            12      CRISIL BB/Stable (Reaffirmed)
   of Credit

   Cash Credit             80      CRISIL BB/Stable (Reaffirmed)

   Letter of Credit        15      CRISIL A4+ (Reaffirmed)

   Bank Guarantee           3      CRISIL A4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SPCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
pharmaceutical industry. The outlook may be revised to 'Positive'
in case of significant improvement in the company's scale of
operations, along with diversification in its customer base and
product profile, while it maintains or reduces its gearing.
Conversely, the outlook may be revised to 'Negative' if SPCPL's
financial risk profile deteriorates, most likely because of
decline in revenues and profitability, leading to lower-than-
expected accruals, or larger-than-expected debt-funded capital
expenditure (capex), or a further stretch in its working capital
requirements.

Update
SPCPL's business risk profile remains moderate. The company
reported net sales of INR322.7 million for 2012-13 (refers to
financial year, April 1 to March 31), a year-on-year (y-o-y)
decline of 9 per cent, mainly due to lower offtake by one of its
customers. However, SPCPL's operating profitability has steadily
improved over the years to 13.3 per cent in 2012-13, due to higher
capacity utilisation, leading to economies of scale, and a change
in revenue mix. The company is expected to report a healthy y-o-y
growth of around 15 per cent in revenues for 2013-14, supported by
the additional manufacturing capacity taken on lease in August
2013, enabling it to increase its production of advanced
intermediaries.

SPCPL has a moderate financial risk profile, marked by moderate
gearing and above-average debt protection metrics, though
constrained by a modest net worth. Its debt protection metrics
were above-average, with interest coverage and net cash accruals
to total debt ratios of 4.2 times and 0.3 times, respectively, in
2012-13. The company's gearing has also improved to 1.2 times as
on March 31, 2013, because of an improvement in its net worth
resulting from higher profitability; it had a net worth of INR74.1
million as on the same date. SPCPL has a capex plan of around
INR100 million to be undertaken over the next two years, for
establishing an active pharmaceutical ingredients (API) plant. The
capex is expected to be funded by debt of 90 to 95 per cent. While
the gearing is expected to deteriorate over the near term on
account of the debt funded capex, it is expected to remain
moderate at around 1.7 times.

SPCPL has stretched liquidity; its bank limits were utilised at an
average of around 83 per cent during the 11 months through July
2013, despite high working capital requirements, with gross
current assets of 159 days as on March 31, 2013. The company is
expected to generate cash accruals of around INR29 million in
2013-14, against repayment obligations of INR9.7 million. While
the repayments are expected to increase over the near term,
corresponding to the debt funded capex undertaken, the company is
expected to generate sufficient cash accruals.

SPCPL reported a profit after tax (PAT) of INR17.2 million on net
sales of INR322.7 million for 2012-13, against a PAT of INR18.8
million on net sales of INR355.9 million for 2011-12.

Incorporated in 2005, SPCPL is promoted by Vadodara (Gujarat)-
based Mr. Snehal Patel. The company manufactures pharmaceutical
intermediaries.


SRI LAKSHMI: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Lakshmi
Narayana 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.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               150     CRISIL B+/Stable

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.

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.


SRI VENKATESA: CRISIL Assigns 'BB-' Ratings on INR110MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of The Sri Venkatesa Mills Ltd (SVM).


                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            70      CRISIL BB-/Stable (Assigned)
   Long Term Loan         40      CRISIL BB-/Stable (Assigned)

The rating reflects SVM's long-standing presence in the cotton
yarn spinning segment and its promoters' extensive experience in
the textile industry. These rating strengths are partially offset
by SVM's weak financial risk profile marked by high gearing, the
company's modest scale of operations in the highly fragmented
textile industry, and the susceptibility of its operating margin
to volatility in raw material prices.

Outlook: Stable

CRISIL believes that SVM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SVM increases its scale of
operations substantially and reports improvement in its
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SVM undertakes a large debt-funded capital expenditure programme,
or if its profitability declines significantly, leading to
deterioration in its financial risk profile.

Set up in 1933, SVM manufactures cotton yarn. The company is
promoted by Dr. V Genguswamy and his family members.

SVM reported a profit after tax (PAT) of INR31 million on net
sales of INR476 million for 2012-13 (refers to financial year,
April 1 to March 31); it reported a net loss of INR6 million on
net sales of INR277 million for 2011-12.


SUNIL GARG: CRISIL Assigns 'B+' Rating to INR35MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sunil Garg & Co.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4
   Cash Credit               35      CRISIL B+/Stable

The ratings reflect SGC's small scale of operations in the tender-
based construction business, the geographical concentration in the
firm's revenue profile, and its weak liquidity because of large
working capital requirements. These rating weaknesses are
partially offset by the benefits that SGC derives from its
promoters' extensive experience in the civil construction industry
and its above-average financial risk profile.

Outlook: Stable

CRISIL believes that SGC will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
SGC diversifies its customer base as well as geographical
presence, leading to improvement in its business risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
slowdown in tenders or any large debt-funded capital expenditure
(capex) programme, leading to deterioration in the firm's
financial risk profile.

SGC was established in April 2004 as a partnership firm. It is
based in Ghaziabad (Uttar Pradesh) and undertakes civil
construction and other allied activities for several government
and public works departments. It is registered as a 'Class A'
contractor with Uttar Pradesh Public Works Department, Uttar
Pradesh Irrigation Department, Ghaziabad Development Authority,
and Hapur Pilakhua Development Authority (organizations located in
western Uttar Pradesh and neighbouring regions). The firm is
managed by three brothers: Mr. Sunil Garg, Mr. Anil Garg, and Mr.
Praveen Garg.

SGC's net profit and net sales are estimated at INR13.3 million
and INR202 million, respectively, for 2012-13 (refers to financial
year, April 1 to March 31); the firm reported a net profit of
INR15.1 million on net sales of INR382.7 million for 2011-12.


VIJAI ELECTRICALS: CRISIL Puts 'B-' Ratings on Watch Positive
-------------------------------------------------------------
CRISIL has placed its ratings on the bank loan facilities of Vijai
Electricals Ltd (VEL; part of the Vijai Electricals group) on
'Rating Watch with Positive Implications'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             4,860.0   CRISIL B-/Watch Positive

   Letter of Credit        4,430.1   CRISIL A4/Watch Positive

   Bank Guarantee         14,272.5   CRISIL A4/Watch Positive

   Long-Term Loans         2,346.1   CRISIL B-/Watch Positive

   Proposed Term Loan         19.7   CRISIL B-/Watch Positive

   Working Capital           843.5   CRISIL B-/Watch Positive
   Term Loan

   Term Loan               1,788.8   CRISIL B-/Watch Positive

   Funded Interest           639.3   CRISIL B-/Watch Positive
   Term Loan
The rating watch follows the announcement by Toshiba Corporation
Ltd (Toshiba; rated 'BBB/Negative/A-2' by Standard &Poor's) on
September 10, 2013, that it would be acquiring a major part of the
Vijai Electrical group's transmission and distribution business
for about USD200 million. The group is planning to sell its major
business segments-distribution transformers (in Hyderabad), power
transformers, and semiconductors-which contributed around two-
thirds of its revenues in 2012-13 (refers to financial year, April
1 to March 31) to Toshiba on a slump-sale basis. The debt in these
businesses is at the corporate level and would continue with the
Vijai Electricals group. The group's management is planning to
utilise the funds for deleveraging its balance sheet. The deal is
expected to be completed by November 2013, contingent upon
necessary approvals.

CRISIL believes that the sale proceeds could improve the Vijai
Electricals group's liquidity and financial risk profile. CRISIL
is in discussions with the group's management to obtain clarity on
how it proposes to utilise the sale consideration, on the group's
business plans post divestment, and on the nature and implications
of the proposed business transfer on the group's credit risk
profile. CRISIL will remove the ratings from watch and take a
final rating action once it has clarity on these aspects.

The ratings continue to reflect the Vijai Electricals group's
working-capital-intensive nature of operations, its limited
pricing flexibility and susceptibility of its profitability
margins to volatility in raw material prices, and its below-
average financial risk profile marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits the group derives from its wide product
portfolio, control over its supply chain, and state-of-the-art
manufacturing facilities

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vijai Electricals and its subsidiaries,
Vijai Electrica Do Brasil Ltd, Brazil, and Vijai Electricals
Mexico SA DE CV, Mexico, and its associate company, Samrakshana
Electricals Ltd (rated 'CRISIL D'), collectively referred to as
the Vijai Electricals group. This is because of strong intra group
operational linkages among all the entities.

VEL was incorporated in 1980 as a private limited company,
promoted by Mr. D J Ramesh, the chairman and managing director. It
was reconstituted as a public limited company in 1992. VEL is
based in Hyderabad. It manufactures power and distribution
transformers, and erects transmission and distribution lines. The
company has got approval for a corporate debt restructuring
package with effect from March 2012.

VEL reported a loss after tax of INR868.5 million on net sales of
INR15.94 billion for 2012-13, against a loss after tax of INR2,038
million on net sales of INR13.6 billion for 2011-12.


WEST END: CRISIL Suspends 'BB+' Rating on INR150MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of West
End Hotel Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           150     CRISIL BB+/Stable Suspended

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

Incorporated in 1948, WEH is a four-star hotel property in Mumbai
(Maharashtra). The five-storey property has 80 rooms, a
restaurant, and three banquet halls. The small banquet hall has a
capacity to accommodate 40 people, whereas the large hall can
accommodate upto 600 people. WEH's revenues are largely
contributed by the room revenues (70 per cent) followed by food
and beverages.



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


CAFES 1: Fitch Affirms 'B' Ratings on Classes D-1 and D-2 Notes
---------------------------------------------------------------
Fitch Ratings has affirmed all classes of Cafes 1 Trust's trust
beneficiary interests (TBIs) due May 2018. The transaction is a
Japanese single-borrower type CMBS securitisation.  The rating
actions are as listed below:

JPY2.24bn Class A-1 TBIs affirmed at 'AAsf'; Outlook Stable
JPY28.06bn Class A-2 TBIs affirmed at 'AAsf'; Outlook Stable
JPY6.4bn Class B TBIs affirmed at 'Asf'; Outlook Stable
JPY3bn Class C-1 TBIs affirmed at 'BBsf'; Outlook Stable
JPY3.4bn Class C-2 TBIs affirmed at 'BBsf'; Outlook Stable
JPY1bn Class D-1 TBIs affirmed at 'Bsf'; Outlook Stable
JPY5.6bn Class D-2 TBIs affirmed at 'Bsf'; Outlook Stable

All balances as of 7 October 2013

Key Rating Drivers

The affirmations and Stable Outlooks of the class A-1 to D-2 TBIs
reflect Fitch's view that the current ratings are supported and
negative rating actions are not expected, given Fitch's very
conservative valuation of the single collateral property. Fitch's
assumed cash flow is based on the market trends of the rental
rates and occupancies in Japan's office properties with similar
characteristics to the collateral from a mid- to-long term
perspective. This results in a substantially lower cash flow
assumption for this analysis than the agency's initial assumption.
This is despite the fact that the actual cash flow performance has
broadly remained unchanged since closing.

Rating Sensitivities
The ratings on the TBIs are sensitive to Fitch's property
valuation. Fitch believes that the property valuation adopted for
this analysis is sufficiently conservative. Given that the
existing lease on the property remains intact, the stable
performance is expected to continue, and in turn, the agency's
property valuation is unlikely to be revised downward in the near
future.

Fitch assigned ratings to this transaction in July 2006. The
transaction is a securitisation of a loan backed by a condominium-
ownership interest to a class A office located in Chuo-ku, Tokyo.


ORSO FUNDING: Moody's Withdraws B2 Rating on Class E Notes
----------------------------------------------------------
Moody's Japan K.K. has withdrawn its ratings on the Class A-2
through E notes issued by Orso Funding CMBS 8 Limited for its own
business reasons.

The affected ratings are as follows:

Class A-2, Withdrawn (sf); previously on November 28, 2007
Definitive Rating Assigned Aaa (sf)

Class B, Withdrawn (sf); previously on July 6, 2011 Downgraded to
Aa3 (sf)

Class C, Withdrawn (sf); previously on July 6, 2011 Downgraded to
Baa1 (sf)

Class D, Withdrawn (sf); previously on July 6, 2011 Downgraded to
Ba3 (sf)

Class E, Withdrawn (sf); previously on July 6, 2011 Downgraded to
B2 (sf)

Deal Name: Orso Funding CMBS 8 Limited

Class: Class A-2, Class B, Class C, Class D, Class E

Issue Amount: JPY72.8 billion, JPY19.6 billion, JPY19.6 billion,
JPY23.9 billion, and JPY8.0 billion

Dividend: Floating

Issue Date: November 27, 2007

Legal Final Maturity Date: June 2024

Underlying Asset (initial): A non-recourse loan and a specified
bond

Originator: Bear Stearns (Japan), Ltd., Tokyo Branch (as of issue
date)

Arranger: Bear Stearns (Japan), Ltd., Tokyo Branch (as of issue
date)

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.


TOYO PROPERTY: S&P Puts 'BB+' LT CCR on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it has placed its 'BB+'
long-term corporate credit rating on Toyo Property Co. Ltd. on
CreditWatch with negative implications.  The rating action follows
media reports that Toyo Property will acquire a medium-size office
building in Tokyo.  S&P considers the estimated price of the TOTO
Toranomon Building, based on the purchase prices of neighboring
buildings, excessive for the company's financial position.
Therefore, S&P expects Toyo Property's financial position would
weaken if the acquisition were to proceed.

The property is old but is situated in a good location, which S&P
expects to attract a certain degree of occupancy (Toyo Property
reportedly plans to use a part of the property itself).  As a
result, acquisition of the property would likely improve the
quality of the company's leasing property portfolio and stabilize
cash flow from its property leasing business.  On the other hand,
S&P considers the property's estimated acquisition price excessive
relative to the company's financial standing.  S&P expects the
company to secure solid profits in its core wholesale commercial
property brokerage business amid an improving real estate market.
Nevertheless, Toyo Property's debt would increase if the company
debt-finances the acquisition, and, as a result, interest-bearing
debt would exceed its cash and cash equivalents.

"We aim to resolve the CreditWatch placement on Toyo Property
after considering such factors as the acquisition price, timing of
an acquisition, prospects for leasing the building in the future,
and funding of the acquisition and examining their potential
impact on the company's business and financial risk profiles.  We
will also review the company's financial policy.  We may consider
lowering our rating on Toyo Property if we see a reduction in the
likelihood of the company's capital structure improving to its
preacquisition level within two to three years.  Any downgrade,
however, would be no more than one notch, in our view," S&P said.



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


ZEST AIR: Aviation Regulator Blast Carrier for Faking Losses
------------------------------------------------------------
Ed Velasco at the Daily Tribune reports that the Civil Aviation
Authority of the Philippines (CAAP) has blasted budget carrier
Zest Air for allegedly overstating it losses amounting to
PHP70 million a day when the airline was suspended for four days
starting Aug. 16 to 19.

According to the report, CAAP deputy director general John Andrews
said he is wondering how come the budget airline could lose such
amount if technically, it was only unable to fly its seven-fleet
aircraft last Aug. 17 and 18.

"I want to know how they arrived to that figure. Did they lessen
the operational costs for that amount of loss?" Mr. Andrews, a
former vice president of a big airline, told the Daily Tribune in
an exclusive interview at his office.

He said the PHP70 million mentioned by the airline is probably the
total operational cost per day, the report relays.

That amount should have been deducted by the fuel fee, pilot fee,
crew fee, aircraft usage and landing fee before Zest Air could say
that it lost a lot of money, according to Daily Tribune.

The Daily Tribune relates that the CAAO official said technically,
Zest Air was able to fly the whole day of Aug. 16 because the
suspension was handed down past 4 p.m. that day.

"We allowed them to fly their remaining flights that day. So how
come they lost such amount on Aug. 16?" the CAAO official, as
cited by Daily Tribune, said.

The airline is also exaggerating its losses when it said that even
on Aug. 19, it lost another PHP70 million if there were 210
flights cancelled on that day due to heavy rains brought by
typhoon "Maring" and habagat winds.

Andrews provided the Tribune a copy of the cancelled flights that
day.

According to the data, there were 73 PAL Express, 81 PAL, 44 Cebu
Pacific and 12 Tiger Airways flights that were cancelled that day,
the Daily Tribune relays.

"I want to see how Zest Air is computing their losses. If they do
it just by calculation, they should not emphasize it. Numbers
should be supported by facts, not mere press releases," the
official told Daily Tribune.

The airline was slapped with four-day suspension due to absence of
accountable manager, the report notes.



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


TONG YANG: Prosecution Opens Probe Into Chairman Over Fraud
-----------------------------------------------------------
Yonhap News Agency reports that state prosecutors said that they
have launched an investigation into the chief of financially
troubled Tong Yang Group on suspicion of fraudulently issuing
commercial papers worth KRW160 billion (US$150 million).

The news agency relates that the probe comes after a local civic
group had filed a charge against Hyun Jae-hyun, the chairman of
the country's 38th-largest family-controlled conglomerate, with
the Seoul Central District Prosecutors' Office.

According to the report, Chairman Hyun is accused of issuing some
156.9 billion won worth of asset-backed commercial papers (ABCPs),
a type of short-term debts, in July and September, even with prior
knowledge that the firm has lost its ability to pay back its debt
and was on the verge of coming under court receivership.

Two-thirds of such debts were floated with assets of Tongyang
Cement, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2013, Yonhap News Agency said 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 related 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
for a corporate revival process.

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.


                             *********

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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