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

                      A S I A   P A C I F I C  
  
           Wednesday, October 16, 2013, Vol. 16, No. 205


                            Headlines


A U S T R A L I A

BYRON BAY COOKIE: Bounces Back From The Brink of Collapse
CROSSCITY TUNNEL: Fresh Doubt on Financial Outlook Arises
DOLLARFORCE FINANCIAL: Accountant Gets 12-Mo. Jail Term
EXPRESS OFFICE: Jirsch Sutherland Appointed as Administrators
GRIFFIN COAL: Ric Stowe's Devereaux Farm Sold For AUD21.35MM

KATOOMBA GOLF CLUB: Creditors Vote to Liquidate Club
MARSHALL THOMPSON: Creditors' Meeting Set For October 21
TIMBERCORP LTD: Investors Likely to Repay AUD470MM to Liquidators


C H I N A

* FDIC: China Among Nations Nearing Deals on Bank-Failure Path


I N D I A

ALAPATT JEWELLERY: ICRA Reaffirms BB- Rating on INR5.5cr LT Loans
ANAND CONSTRUWELL: ICRA Suspends 'BB+' Ratings on INR10cr Loans
ANAY AGENCY: ICRA Assigns 'B+' Rating to INR15cr LT Bank Loans
ARPIT INTERNATIONAL: CRISIL Suspends 'B+' Cash Credit Rating
BAJAJ POLYBLENDS: CRISIL Reaffirms BB- Ratings on INR115MM Loans

BALAJI MACHINE: CRISIL Reaffirms 'BB-' Ratings on INR90MM Loans
BALDEO METALS: ICRA Suspends 'B' Rating on INR31cr Bank Loans
BANSAL CONSTRUCTION: ICRA Assigns 'B+' Ratings on INR30cr Loans
BARODA MOULDS: ICRA Assigns 'BB+' Ratings on INR7cr Loans
BETHEL CASHEW: ICRA Assigns 'B+' Rating to INR5cr Loans

CHAS METAL: CRISIL Suspends 'B+' Rating on INR97MM Cash Credit
CHEEMA SPINTEX: CRISIL Suspends 'D' Ratings on INR764.7MM Loans
CRYSTAL INDUSTRIAL: ICRA Reaffirms 'BB' Rating on INR8cr Loan
FAMINA KNIT: CRISIL Reaffirms 'B' Rating on INR2MM Term Loan
FENASIA LTD: CRISIL Assigns 'BB-' Rating to INR38MM Cash Credit

G. H. AGRO: CRISIL Reaffirms 'B+' Ratings on INR180MM Loans
GITA & COMPANY: ICRA Reaffirms 'BB' Rating on INR4.25cr Loans
GRM OVERSEAS: CRISIL Reaffirms 'BB-' Ratings on INR230MM Loans
HARSH AUTOMOBILES: CRISIL Reaffirms BB Ratings on INR150MM Loans
HI-RISE BUILDING: CRISIL Cuts Ratings on INR230MM Loans to 'D'

JAI HIND: CRISIL Reaffirms 'BB+' Ratings on INR343.1MM Loans
KAVCON ENGINEERS: ICRA Cuts Ratings on INR28cr Loans to 'C'
KRUSHNA GODAVARI: ICRA Rates INR5cr LT Cash Credit at 'BB-'
KWALITY PHARMA: CRISIL Reaffirms BB- Ratings on INR82.6MM Loans
MACK SPRING: CRISIL Suspends 'BB' Ratings on INR70MM Loans

MANISHA INFRA: CRISIL Reaffirms 'BB-' Rating on INR130MM Loans
MARUTII QUALITY: CRISIL Cuts Ratings on INR165.7MM Loans to 'B-'
MBH POWER: ICRA Suspends 'BB' Rating on INR7.75cr Loans
NANZ MED: ICRA Reaffirms 'B' Ratings on INR9.36cr Loans
OBERAI MOTORS: CRISIL Reaffirms 'B-' Ratings on INR59MM Loans

OMKAR TEXTILE: ICRA Reaffirms 'BB-' Ratings on INR43.57cr Loans
OPTIVAL HEALTH: CRISIL Raises Ratings on INR750MM Loans to 'BB+'
PANDOUL FLOUR: ICRA Assigns 'B' Ratings to INR10.25cr Loans
PAUL STRIPS: CRISIL Assigns 'BB-' Ratings on INR110.7MM Loans
RADHIKA PACKAGING: ICRA Assigns 'B+' Ratings on INR4.69cr Loans

RAJSHREE STEELMET: CRISIL Assigns 'BB' Rating to INR60MM Loan
RAMPA AUTOS: CRISIL Reassigns B- Rating to INR53MM Cash Credit
RITEMED PHARMA: CRISIL Ups Ratings on INR170MM Loans to 'BB+'
SARVHIT TRUST: ICRA Reaffirms 'BB-' Rating on INR30.5cr Loans
SCIENTECH TECH: ICRA Suspends BB+ Rating on INR9.6cr Loans

SHIVAKRITI INT'L: ICRA Reaffirms 'BB' Rating on INR13cr Loans
SHIVAM RICE: CRISIL Raises Ratings on INR62.3MM Loans to 'B-'
SIDVIN CORE-TECH: ICRA Reaffirms 'BB' Rating on INR11cr Loan
SIMOCO TELECOM: CRISIL Suspends 'D' Ratings on INR360MM Loans
SIMPLEX CHEMOPACK: CRISIL Suspends 'BB-' Cash Credit Rating

SOUTH INDIAN FILM: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
SREE PAVAN: ICRA Suspends 'D' Ratings on INR15cr Loans
SRI BALAJI: ICRA Suspends 'B-' Rating on INR7cr LT Cash Credit
SUYASH POLYMER: ICRA Places 'B+' Ratings on INR4.46cr Loans
TEJORA TECHNOLOGIES: CRISIL Reaffirms BB Rating on INR150MM Loan

THOMSON RUBBERS: CRISIL Reaffirms 'BB-' Ratings on INR250MM Loans
TRANS TYRES: ICRA Reaffirms 'BB' Ratings on INR14.63cr Loans
WINSOME TEXTILE: ICRA Raises Ratings on INR342.93cr Loans to 'BB'
* INDIA: Sugar Mills Face Wider Losses as Elections Loom


N E W  Z E A L A N D

ALBANY HEIGHTS: SFO Confirms Ongoing Probe Into Possible Fraud
INDEPENDENT FISHERIES: May Close Christchurch Plant, Shed Jobs
LANE WALKER: Director Pleads Guilty to Fraud Charges
NZF GROUP: Agrees to Sell Home Loans Stake, Notes For $1.25MM


S I N G A P O R E

VIVA INDUSTRIAL: S&P Assigns Prelim. 'BB+' CCR; Outlook Stable


S O U T H  K O R E A

STX PAN: Cuts Ship Orders to Save Cash Under Receivership
TONG YANG GROUP: FSS to Check Money-Lending Unit
TONG YANG: FSS to Take Complaints as Collective Request
* Liquidity Crisis at Big Firms Hampers Corporate Fund-Raising


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BYRON BAY COOKIE: Bounces Back From The Brink of Collapse
---------------------------------------------------------    
Megan Kinninment at The Northern Star reports that Byron Bay
Cookie Company, on the brink of collapse earlier this year, is now
on the mend and extending its operations, employing more staff and
opening a new retail outlet in town.

The troubled company made headlines in March when it was placed in
receivership and was then sold to the Rinoldi Group in July,
according to The Northern Star.

The report notes that since being sold to Rinoldi, the cookie
company has gone from strength to strength, producing 500,000
cookies a week, said Chief Operations Officer Keith Byrne.

The report relates that on Oct. 8 it opened a retail outlet at the
top end of Jonson St opposite the Beach Hotel, another sign the
company is back on its feet.

The report notes that Mr. Byrne said while the company was
struggling to pay staff and suppliers as it slid into
receivership, morale at the company is at a new high.


CROSSCITY TUNNEL: Fresh Doubt on Financial Outlook Arises
---------------------------------------------------------
Damon Kitney at The Australian reports that fresh doubts have
arisen about the financial outlook of embattled Sydney toll road
the CrossCity Tunnel, which has been put up for sale by lender
Royal Bank of Scotland, with new figures revealing it has had
decreasing traffic numbers for three of the past five years.

Confidential financial data circulated in recent weeks to
prospective bidders, seen by The Australian, shows annual average
daily traffic fell in the 12 months to June 30 this year to 36,164
vehicles, down from 36,395 in 2012.

Annual traffic fell 0.6 per cent this year after falling 0.9 per
cent in 2012. The only two years of growth in the past five were
in 2010 and 2011, when traffic increased 2.7 per cent and 3.1 per
cent, respectively, the report discloses.

The 2.1km tunnel runs east-west beneath the central business
district of Sydney, The Australian notes.

According to the report, the documents also cast doubt on
analysts' forecasts of earnings before interest, tax, depreciation
and amortisation this year of more than
AUD40 million. They reveal EBITDA in 2013 was AUD33.1 million. Two
years ago it was AUD30.4 million.

Expressions of interest for the sale process, being run by
CrossCity Tunnel receiver KordaMentha and investment bank UBS,
closed last week. An information memorandum is to be released this
week, relays The Australian.

But the financial data casts doubt about future earnings and
traffic forecasts for the road, and raises questions about the
mooted sale price, which some analysts say could be
AUD600 million or more, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2013, The Sydney Morning Herald said KordaMentha has
been appointed the receiver to the Cross City Tunnel in Sydney,
marking the second time in eight years the insolvency firm has
overseen the debt-stricken toll road.

SMH related that the appointment of receivers follows the tollroad
being placed in voluntary administration on Sept. 13, 2013.

KordaMentha partner Martin Madden said that despite the tunnel's
troubled financial history, he was confident of finding a buyer,
AAP adds.


DOLLARFORCE FINANCIAL: Accountant Gets 12-Mo. Jail Term
--------------------------------------------------------
James Stephen Lewis, an accountant (CPA) involved in the collapse
of Dollarforce Financial Services, has been sentenced after an
Australian Securities and Investment Commission investigation led
to him being charged with making false and misleading statements.

Appearing in the County Court of Victoria, Mr. Lewis was sentenced
to 12 months imprisonment. Mr. Lewis was released on entering a
AUD2,000 recognisance to be of good behaviour for a period of 18
months. As a result of his conviction he is automatically
disqualified from managing any company for 5 years.

Mr. Lewis, 59, of Kew, Victoria, is the second person to be
convicted following the collapse of Dollarforce. In September,
Clestus Weerappah, a former director of Dollarforce was jailed for
four years over his role in the collapse of the property
development group.

Mr. Lewis (referred to as Stephen) was found guilty of one charge
of omitting or authorising the omission of material information in
a prospectus lodged with ASIC. At the time of the offence,
Mr. Lewis was a director of Altitude Property Limited (Altitude),
one of the companies in the Dollarforce group.

The prospectus failed to disclose information that was relevant to
investors and/or potential investors buying shares in Altitude.
Specifically, it failed to disclose that an incentive payment
agreement had been entered into between Altitude and Alamanda
Property Investments No 2 Pty Ltd.

The incentive payment agreement was a mechanism where money
collected from investors was paid to an entity related to
Mr. Weerappah, who was also a director of Altitude. Over
AUD1.4 million was paid out under the terms of the agreement.

ASIC Deputy Chairman Peter Kell said, 'Information that is
material to investors should be disclosed. Mr. Lewis was found
guilty of deliberately omitting that an incentive payment
agreement had been entered into and that investor funds raised
would be paid out to another company.'

Mr. Lewis is automatically disqualified from being a director
under section 206B of the Corporations Act 2001.

Simon Wallace-Smith of Deloitte Touche Tohmatsu is a liquidator of
a number of companies within the Dollarforce Group, following his
appointment by the Federal Court of Australia (Victoria) on
March 12, 2009, as a result of proceedings brought by ASIC in
2008.

Mr. Wallace-Smith also received funding from ASIC from the
Assetless Administration fund in order to carry out investigations
into some of the companies.  He is appointed to:

    Bennett Street Developments Pty Ltd
    Altitude Property No1 Pty Ltd
    My Building No 1 Pty Ltd
    Altitude Property Limited
    Lewmac Investments Pty Ltd
    Ivory Property Group Pty Ltd
    Retail Treasury Pty Ltd, and
    Elite Wealth Builders Pty Ltd.

The AA Fund was established by the Australian Government and is
administered by ASIC.  It provides funding for liquidators to
prepare an appropriate report into the failure of companies with
few or no assets, so ASIC can determine whether to commence
enforcement action.

The collapse of the Dollarforce group of companies involved a
deficit in the group of more than AU$24 million.

Greg Andrews of GS Andrews and Associates is the liquidator of
Dollarforce Financial Services Pty Ltd.  Mr. Murray Godfrey of RMG
partners and Michael Royal of BIR Solvency Solutions are the
liquidators of Alamanda Property Investments No 2 Pty Ltd.


EXPRESS OFFICE: Jirsch Sutherland Appointed as Administrators
-------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that Express Office Systems
has collapsed with AUD1.5 million in debt.  

Malcolm Howell -- MalcolmH@jirschsutherland.com.au -- and
Renee Di Carlo from Jirsch Sutherland were appointed as
administrators to Express Office Systems on October 2, 2013.

Mr. Di Carlo told SmartCompany there is currently no clear
indication as to what caused the company to collapse.

Its major creditors are NAB and Dicker Data (a hardware
distributing business), SmartCompany relates.

According to the report, currently the business is continuing to
trade and there have been no redundancies.

"At the moment we understand the director will be making a deed of
company arrangement proposal which will be presented at the first
creditors meeting at October 14," SmartCompany quotes
Mr. Di Carlo as saying.

A deed of company arrangement is aimed at maximising the chances
of the business continuing to operate, or to provide a better
return for creditors than an immediate winding up of the company,
the report notes.

Melbourne-based Express Office Systems primarily provides
businesses with imaging, printing and IT infrastructure products
and it has a multi-million dollar turnover.


GRIFFIN COAL: Ric Stowe's Devereaux Farm Sold For AUD21.35MM
------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Devereaux Farm in
West Australia, formerly owned by bankrupt Ric Stowe has been sold
for AUD21.35 million. The mansion was reportedly valued originally
at almost AUD70 million.  Receivers PPB Advisory first listed the
property for sale in 2010.

Dissolve.com.au relates that the property was put on sale after
Stowe's Griffin Coal collapsed.  The company shut down with almost
AUD1 billion debts. It has been said that after a couple of failed
marketing campaigns the mansion was finally sold through Garland
International and Jones Lang LaSalle.

In advertising campaigns, it was mentioned that the estate
includes two pools, five different residences, a dam, a private
chapel, a polo field and a two helicopter pads. The name of the
buyer was not revealed, the report notes.

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

Bloomberg News said Griffin Coal Mining Co. appointed Kordamentha
as administrator with total debts amounting to AUD700 million.
The coal supplier defaulted on an interest payment in December
2009 to bondholders owed US$475 million and also missed a payment
to Australia's tax authority.


KATOOMBA GOLF CLUB: Creditors Vote to Liquidate Club
----------------------------------------------------
Jennie Curtin at St. George & Sutherland Shire Leader reports that
Katoomba Golf Club is in liquidation, after a vote by creditors at
a meeting earlier in October.

Liquidator Brian Silvia said the vote at least means employees
will get AUD120,000 in unpaid entitlements -- including holiday
pay and leave loading -- under a government-guaranteed scheme, the
Leader relates.

But staff will not get the tens of thousands of superannuation
which had not been paid to them since February last year, the
report says. The government guarantee does not cover
superannuation.

According to the report, Mr. Silvia, from insolvency company BRI
Ferrier, said the Reed Construction group, which sponsored the
club, still faced financial difficulties.

"Reed has not been successful in securing funds to refinance his
group's activities," he said.

And although Reed representative Garth Graydon "expressed some
optimism" at the creditors meeting that money would be
forthcoming, "the fact of the matter is that it hasn't happened
and creditors voted to put the club into liquidation," Mr. Silvia,
as cited by the Leader, said.

The club shut down on July 1.  It had incurred AUD4.6 million in
trading losses in the past four years, the report discloses.


MARSHALL THOMPSON: Creditors' Meeting Set For October 21
--------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Marshall Thompson Homes (SA) Pty
Ltd on Oct. 10, 2013.

A meeting of creditors will be held at 11:30 a.m. on Oct. 21,
2013, at the Adelaide Pavilion, Corner South Terrace and Peacock
Road, in Adelaide, South Australia.


TIMBERCORP LTD: Investors Likely to Repay AUD470MM to Liquidators
-----------------------------------------------------------------
Georgia Wilkins at The Sydney Morning Herald reports that
investors in failed forestry scheme Timbercorp could be forced to
repay more than AUD470 million in outstanding loans to liquidators
after the Victorian Supreme Court threw out an appeal by one of
the investors.

SMH relates that Allen Rodney Woodcroft-Brown led the class action
against Timbercorp to recover more than AUD300 million from its
finance arm, Timbercorp Finance.

But the Court of Appeal on October 10 upheld an earlier ruling by
the trial judge, dismissing claims that Timbercorp directors had
failed to disclose significant risks to investors relating to the
scheme, according to the report.  Ron Willemsen, who represented
Mr. Woodcroft-Brown in the Supreme Court, said the investor group
was considering an appeal to the High Court, SMH says.

According to the report, Mr. Willemsen said Mr. Woodcroft could be
forced to pay for the cost of the trial and appeal, but that the
cost was so far undetermined.

SMH recalls that Timbercorp collapsed in 2009, just after the
financial crisis. As a result, the managed investment schemes
could not be carried out, meaning the investments were of limited
or no value.

After the collapse, the report relates, liquidators have tried to
recover some of the funds lent to 14,500 investors through
recovery actions.

The money was lent to the group to fund investments in
Timbercorp's forestry managed investment schemes, SMH notes.

Mr. Woodcroft-Brown alleged Timbercorp failed to disclose the risk
associated with its financial structure and the fact that the
group could fail because of insufficient cash, the report adds.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited was engaged in
the establishment, development, marketing and management of
primary industry-based projects, the acquisition of land, water
rights and infrastructure to support these projects, and the
provision of finance to growers in these projects.  The company
was also involved in eucalypt and olive oil processing operations,
asset development, asset management, the sale of agricultural
assets and holding investments in agricultural-related
enterprises.

Timbercorp called in voluntary administrators to the company and
its subsidiaries.  The company appointed Mark Korda and Leanne
Chesser of KordaMentha as voluntary administrators.  KordaMentha
stated that the company had been hurt by the combined impact of
declining global asset values, tightening credit, the economic
downturn and drought.  On June 29, 2009, the creditors voted
unanimously to wind up the 41 companies in the Timbercorp Group
and put them into liquidation.



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C H I N A
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* FDIC: China Among Nations Nearing Deals on Bank-Failure Path
--------------------------------------------------------------
Jesse Hamilton at Bloomberg News reports that China, Japan,
Switzerland and Germany are among nations close to reaching
arrangements with U.S. regulators to ease the dismantling of
failed banks, said Federal Deposit Insurance Corp. Chairman Martin
J. Gruenberg.

U.S. regulators are working with German and Swiss counterparts on
joint white papers similar to agreements already in place with the
U.K. for how banks governed by multiple jurisdictions could be
unwound by their host nations, Mr. Gruenberg said in remarks
prepared for a speech on October 14 in Washington, Bloomberg
relates.  The FDIC will secure memorandums of understanding on
bank resolutions with China and Japan soon, Mr. Gruenberg, as
cited by Bloomberg, said.

"It is critical that home and host jurisdictions understand well
the approach to resolution of their counterpart and work together
to develop a cooperative approach," the report quotes Mr.
Gruenberg as saying.

Bloomberg notes that the 2010 Dodd-Frank Act empowered the FDIC to
seize a firm and dismantle it if regulators think a bankruptcy
would pose a significant threat to the financial system.  This
resolution authority hasn't been tested, and Mr. Gruenberg said
his agency will disclose a full description of its approach by
year-end -- opening the idea to public comment, relays Bloomberg.

Germany and Switzerland share the U.S. preference for a so-called
single point of entry, in which the host nation takes over a
failed bank's holding company, imposes losses on shareholders and
lets healthy subsidiaries stay open, Bloomberg reports. The
approach depends on long-term debt held in the parent to absorb
losses and capitalize a healthy bridge company, Mr. Gruenberg
said. The agency is consulting with the Federal Reserve on a
future rule to set a minimum.



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


ALAPATT JEWELLERY: ICRA Reaffirms BB- Rating on INR5.5cr LT Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' assigned
to the INR5.50 crore fund based facilities of Alapatt Jewellery.
The outlook on the long-term rating is stable.

                           Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term -Fund          5.50       [ICRA]BB- (Stable)
   based facilities                    reaffirmed

The rating reaffirmation takes into account the experience of the
promoters in the jewellery retailing business spanning over two
decades, the established market presence in a prominent location
in Cochin (Kerala) and the healthy profit margins generated on
account of increase in volumes from high margin diamond jewellery.
The rating is, however, constrained by the Firm's relatively small
scale of operations which restricts financial flexibility, the
intense competitive pressures prevalent in the highly fragmented
jewellery retail industry leading to decline in gold jewellery
volumes and the inherent susceptibility of the industry's
profitability to gold price fluctuations and foreign exchange
rates. The rating also factors in the presence of many family
owned entities under the name Alapatt which leads to brand
ambiguity and the significant geographical concentration risk with
a single showroom presence in Cochin. The Firm's working capital
intensity continues to remain high, characterized by large
inventory requirements (higher than industry average), which is
reflected in the high utilization levels of its cash credit
facilities. The rating also takes note of the decline in domestic
gold jewellery volumes in the past two fiscals on account of
higher gold prices and intense competitive pressures.

Alapatt Jewellery is a partnership firm set up by Mr. Jose Alapatt
in Cochin (Kerala) in 1994. The Firm is currently engaged in the
business of gold and diamond jewellery retailing and operates with
single retail showroom (~15,000 square feet area) located in
Cochin. The Firm's bullion requirements are met by bullion
purchase from banks / nominated agencies and through gold melted
from exchange of old jewellery from customers. The jewellery
manufacturing is outsourced to local goldsmiths with a portion of
requirements met from jewellery purchases from wholesalers.

Recent Results

AJY reported net profit of INR2.8 crore on an operating income of
INR25.8 crore during 2012-13 (according to unaudited results) as
against net profit of INR3.8 crore on operating income of INR23.3
crore during 2011-12.


ANAND CONSTRUWELL: ICRA Suspends 'BB+' Ratings on INR10cr Loans
---------------------------------------------------------------
ICRA has suspended '[ICRA]BB+' rating assigned to the INR10.00
crore long term facilities and '[ICRA]A4+' rating assigned to the
INR10.00 crore short term facilities of Anand Construwell Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long term, fund          4.00       [ICRA]BB+ (Stable)
   based limits-                       Suspended
   Term Loan                

   Long term, fund          6.00       [ICRA]BB+ (Stable)
   based limits-                       Suspended
   Cash Credit

   Short Term, Non         10.00       [ICRA]A4+ Suspended
   Fund Based              

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Anand Construwell Pvt. Ltd. is a construction company engaged in
Civil Works, Water Storage Projects, Road Works & Underground
Drainage Works of Public Works Department (PWD), Nashik Municipal
Corporation (NMC), Maharashtra Industrial Development Corporation
(MIDC) & other Government and Semi Government Authorities &
Private Agencies.

Mr. Navinchandra Chokasi, a promoter of the company, had
established a proprietary concern named Anand Construction in the
year 1988. It was incorporated as a Private Ltd. Co. in the year
1996. The promoters have a rich experience of more than 30 years
in the construction business. The company is lead by a team of
technocrats of the Chokasi Family.


ANAY AGENCY: ICRA Assigns 'B+' Rating to INR15cr LT Bank Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' for INR15.00
Crore fund based facilities of Anay Agency. ICRA has also assigned
a short-term rating of '[ICRA]A4' to the INR10.00 Crore non fund
based facilities of AA.

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long Term, Fund          15.00      [ICRA]B+ assigned
   Based Limits        

   Short Term, Non          10.00      [ICRA]A4 assigned
   Fund Based Limits        

The assigned ratings take into account the vast experience of the
promoter in the trading business resulting in established
relationships with its suppliers and customers. The rating also
factors in the wide product portfolio of the entity which reduces
industry specific risks and healthy growth in revenues in the
previous four fiscals, albeit on a low base. The ratings are,
however, constrained by thin profitability of the entity due to
limited value addition in the trading business and the highly
fragmented industry structure, as characterized by intense
competition, both of which result in low profitability and modest
scale of operations. The ratings are further constrained by the
entity's status as a proprietorship, weak coverage indicators and
increase in debt levels in the current fiscal which have
deteriorated the capital structure.

Anay Agency, incorporated in 2007 by Mr. Hardik Parekh, is a
proprietary concern based in Mumbai. It is engaged in the trading
of steel and steel products, spices and chemicals.

Recent results

AA has reported a profit before tax (PBT) of INR0.22 crore on an
operating income of INR90.81 crore in FY13 as against a PBT of
INR0.12 crore on an operating income of INR34.06 crore in FY12.


ARPIT INTERNATIONAL: CRISIL Suspends 'B+' Cash Credit Rating
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Arpit
International Pvt Ltd.

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

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

Arpit was set up in 2001 by Mr. Naresh Jhawar and Mr. Anoop
Jhawar. The company trades in non-ferrous metals, which account
for 85 per cent of its revenues. Arpit also manufactures brass
products, which account for 15 per cent of its total sales. It
manufactures brass fittings used for pipes such as screws,
anchors, and brackets. Most of these are exported to the European
markets.


BAJAJ POLYBLENDS: CRISIL Reaffirms BB- Ratings on INR115MM Loans
----------------------------------------------------------------
The ratings continue to reflect the extensive industry experience
of Bajaj Polyblends Pvt Ltd's promoters, and its moderate
financial risk profile. This ratings strength is partially offset
by the company's stretched liquidity and its modest scale of
operations in a competitive industry.

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

   Cash Credit            80       CRISIL BB-/Stable (Reaffirmed)

   Proposed Long-Term     14.8     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              20.2     CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BPPL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if stronger-than-expected
net cash accruals or working capital improvement leads to easing
of liquidity. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected cash accruals or larger-than-
expected working capital requirements or large debt-funded capital
expenditure, which may put pressure on the company's financial
risk profile.

Update

Operationally, BPPL reported year-on-year sales growth of around
42 per cent in 2012-13 (refers to financial year, April 1 to
March 31) and higher operating margin of around 15 per cent for
the same period against operating margin of about 10 per cent in
2011-12. Higher operating margin was backed by economies of scale
the company achieved because of higher capacity utilisation in
2012-13 and higher sales of high-margin product during the year.
BPPL reported sales of about INR87 million from April to June
2013, and CRISIL expects the company to record sales of over
INR400 million in 2013-14. CRISIL expects BPPL's operating margin
to stabilise at 12 to 13 per cent in the medium term backed by
stabilised product mix of high- and low-margin products.

However, BPPL's liquidity continues to be stretched, marked by
high bank limit utilisation. The company is expected to generate
adequate cash accruals vis-a-vis term debt repayment of about INR8
million and INR11 million in 2013-14 and 2014-15, respectively;
however, sharp revenue growth coupled with increased inventory
levels has exerted pressure on liquidity, as reflected in high
bank limit utilisation in the past few months. BPPL's bank limit
utilisation over the 12 months ending March 2013 was about 90 per
cent and were nearly fully utilised in the last quarter of 2012-
13. However, the company's limits which are expected to be
enhanced in the near term will alleviate the pressure on liquidity
to some extent.

BPPL's financial risk profile is marked by moderate gearing of
about 1.6 times as on March 31, 2013 and improved debt protection
metrics. Supported by improved profitability in 2012-13 vis-…-vis
2011-12, the company interest coverage and net cash accruals to
total debt (NCATD) ratios are estimated to have improved to about
3.6 times and 0.2 times, respectively, in 2012-13 from 2 times and
0.1 times, respectively, in 2011-12. Even with an expected decline
in operating margin to around 13 per cent in the medium term from
15 per cent in 2013-14, CRISIL expects BPPL's debt protection
metrics to remain comfortable at 3 times and 0.2 times,
respectively, in the medium term.

For 2012-13, BPPL is estimated to have reported a profit after tax
(PAT) of INR23 million on revenues of INR334 million, against a
PAT of INR3 million on revenues of INR235 million for the
preceding year.

BPPL was incorporated in 1997 and was engaged in providing cable
television services till 2007-08, after which the operations were
discontinued. The company has been manufacturing plastic granules
of various grades since 2010. These granules find application in
the packaging industry, particularly in manufacturing LDPE (low-
density polyethylene) and HDPE (high-density polyethylene) bags.
BPPL is presently managed by Mr. Vinod Bajaj.


BALAJI MACHINE: CRISIL Reaffirms 'BB-' Ratings on INR90MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Machine Works
Pvt Ltd continue to reflect BMWPL's improved business risk profile
on the back of healthy order flow from the Tamil Nadu Civil
Supplies Corporation under the welfare scheme of Government of
Tamil Nadu [GoTN] and the company's leading position in the wet
grinder industry. These rating strengths are partially offset by
BMWPL's weak financial risk profile on account of small net worth,
high gearing and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             54      CRISIL BB-/Stable(Reaffirmed)

   Rupee Term Loan         36      CRISIL BB-/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that BMWPL's scale of operations will improve
further on the back of continued orders from GoTN but expects the
liquidity to remain stretched due to large working capital
requirements. The outlook may be revised to 'Positive' in case
BMWPL significantly reduces its dependence on external borrowings
to fund the working capital requirement. Conversely, the outlook
may be revised to 'Negative' in case the company's capital
structure, especially the gearing, deteriorates further or it
undertakes any large, debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

Update

On the back of healthy strike rate in winning orders under the
GoTN welfare scheme and improving brand visibility of its
products, BMWPL registered a strong growth in topline to INR1.24
billion in 2012-13 (refers to financial year, April 1 to
March 31) from INR0.71 billion in 2011-12. The operating margin,
though supported by better profitability in sales under own brand,
has been constrained at about 5 per cent due to competitive
bidding for government orders.

BMWPL's financial risk profile remains weak as large proportion of
the incremental working capital requirements arising from increase
in operations have been funded through bank borrowings.
Consequently, the net worth is small at INR89 million and the
gearing is weak at 3.6 times as on March 31, 2013. Large debt
requirements, coupled with decline in margins, have resulted in
weak interest coverage ratio of 1.9 times and net cash accruals to
total debt ratio of 0.08 times for 2012-13. CRISIL expects BMWPL's
liquidity to remain adequate to meet its maturing debt obligations
of INR15 million in 2013-14. Continued funding support from
promoters, expected accruals of around INR20 million in 2013-14
and average bank limit utilisation at 50 per cent over the 12
months ended June 2013 are expected to support BMWPL's liquidity.

For 2012-13, on a provisional basis, BMWPL reported a net profit
of INR15.1 million on net sales of INR1237.4 million, against a
net profit of INR9.1 million on net sales of INR706.9 million for
2011-12.

Incorporated in 2002, BMWPL is promoted by Mr. G Velmurugan, Mr. G
Balamurugan and Mrs. S. Sundrakanty. The company primarily
manufacturers table top wet grinders distributed under TNGWS. The
company also sells home appliances under the brand name Mantra in
Southern India.


BALDEO METALS: ICRA Suspends 'B' Rating on INR31cr Bank Loans
-------------------------------------------------------------
ICRA has suspended '[ICRA]B' and '[ICRA]A4' rating assigned to the
INR31.00 crores bank facilities of Baldeo Metals Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


BANSAL CONSTRUCTION: ICRA Assigns 'B+' Ratings on INR30cr Loans
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR30.0 crore bank
facilities of Bansal Construction Works Private Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund based limits        25.0      [ICRA]B+ assigned
   Unallocated               5.0      [ICRA]B+ assigned

The rating favorably factors in the strengths from being part of
the Bansal group which has execution experience in the
construction business, healthy order book position which lends
revenue visibility over the medium term and its comfortable
capital structure which leads to financial flexibility. The rating
is, however, constrained by BCWPL's limited track record of
operations as it is yet to complete its first order. Further, its
high dependence on subcontractor (its group entity Bansal
Construction Works or BCW) in absence of its own equipment base
and resources, exposes it to execution risks. The rating also
takes into account the sizeable funding requirements towards the
recently awarded Damoh- Katni BOT project, sectoral concentration
risks owing to BCWPL's presence only in road sector which is
highly competitive and is prone to delays on account of non-
availability of site and requisite approvals. Going forward,
BCWPL's ability to execute its orders as planned, manage funding
requirements for its BOT projects and maintain profitability in
the competitive environment would be key rating sensitivities.

Bansal Construction Works Pvt Ltd is promoted by Mr. Anil Bansal
and Mr. Sunil Bansal. The company has been incorporated in 2011 as
a vehicle to take up BOT and EPC projects primarily in road
construction segment in the state of Madhya Pradesh. BCWPL is part
of the 'Bansal Group' of Bhopal which has a three decade old
construction business (currently being carried out through Bansal
Construction Works Partenrship or BCW), a steel rolling mill and
edible oil extraction unit. Further, it is also present in
education through its Engineering & Management institutes.

Recent Results:

For the financial year ending Mar 31st 2013, the company posted
revenues of INR50.5 crore with an Operating profit before
depreciation interest and tax of INR9.7 crore and a net profit of
INR8.3 crore. The revenues were derived for the EPC work done for
Garakota BOT project. The company had sub contracted the EPC work
to group entity BCW. As of Mar 31st 2013, the company had total
debt of INR8.0 crore and networth of INR16.6 crore translating to
a gearing of 0.48 times.


BARODA MOULDS: ICRA Assigns 'BB+' Ratings on INR7cr Loans
---------------------------------------------------------
ICRA has assigned the '[ICRA]BB+' rating to the INR5.00 crore term
loans and INR2.00 crore cash credit facilities of Baroda Moulds &
Dies. The outlook on the long term rating is 'Stable'.

                          Amount
   Facilities          (INR crore)    Ratings
   -----------         -----------    -------
   Cash Credit Limits      2.00       [ICRA]BB+ (Stable) assigned
   Term Loans              5.00       [ICRA]BB+ (Stable) assigned

The rating assigned is constrained by the firm's relatively small
scale of operations, high working capital intensity of operations
driven by high receivables and risks inherent in partnership form
of business. Further, the rating factors in the rather limited
size of the firm's market given that the epoxy based
insulators/bushings are primarily being used for indoor
applications and the relatively higher, competition from lower
cost porcelain based manufacturers with respect to outdoor
applications market; and the concentrated customer base with top
five clients contributing more than ~66% of total sales which is,
however, partly mitigated by firm's long standing relationships
with the reputed customers and high proportion of repeat orders.
ICRA also takes into account the firm's ongoing capex towards
installation of solar power plant and purchase of new line of
machineries which is expected to put some pressure on the firm's
liquidity and credit metrics.

However, the rating favorably considers the long track record of
the promoters in the electrical equipment industry; the firm's
financial profile characterized by healthy profitability margins,
comfortable capital structure and debt protection metrics and the
stable demand outlook for the transformer industry and hence
electrical equipments, driven by increasing energy requirements
and planned capacity addition in the power sector.

Baroda Moulds & Dies was setup in the year 1990 as a partnership
firm. The firm is in the business of manufacturing epoxy moulded
components (bushings and insulators), interrupter housings and
slip rings. The manufacturing facility of the firm is located at
Waghodia, Dist. Vadodra in Gujarat region. BMD is a part of Epoxy
House group formed by the Patel family based out of Vadodara,
which has a presence in the electrical component manufacturing
industry for over five decades. The group has four major entities
in electrical component industry namely Baroda Bushings and
Insulators (rated by ICRA at BB+/Stable), Kaizen Switchgear
Products, Electrical Control and Systems (ECS) and Baroda Moulds &
Dies having a group turnover of more than INR170 crore in FY 2013.
Mr. D. R. Patel is the key promoter of Epoxy House group and has
long experience of more than five decades in manufacturing epoxy
moulded components. He is supported by his brother Mr. G. R. Patel
and other family members, who are also in to this business since
inception.

In FY 2013, BMD reported an operating income of INR21.56 crore and
profit after tax of INR2.25 crore as against an operating income
of INR18.95 crore and profit after tax of INR1.80 crore during FY
2012.


BETHEL CASHEW: ICRA Assigns 'B+' Rating to INR5cr Loans
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR5.00
crore long term fund based facilities of Bethel Cashew Company.
ICRA has also assigned a short-term rating of '[ICRA]A4' to the
INR1.00 crore fund based facilities of the firm.

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Fund based facilities    5.00       [ICRA]B+/assigned
   Fund based facilities    1.00       [ICRA]A4/assigned

The assigned ratings consider the significant experience of
promoters in the cashew processing industry, spanning over a
decade and BCC's relatively diversified customer base in the
domestic market, which accounts for more than 90% of the revenues
from cashew kernels sales. The ratings are, however, constrained
by BCC's weak financial profile characterized by modest revenues,
thin net profits and accruals, stretched capitalization and
coverage, high working capital intensity and strained cash flows.
BCC witnesses intense competition owing to limited product
differentiation and low value addition in a highly fragmented
environment and its margins are vulnerable to forex fluctuations
and volatility in cashew prices. BCC's production is constrained
by the prevailing labour shortage in the region and worsening of
the situation could impact production further going forward, given
the negligible mechanization plans over the medium term. Firm
Profile Commenced in 1995 as a partnership concern with Mr. Gee
Varghese and Mr. Paul Varghese as partners, Bethel Cashew Company
is primarily engaged in sale of cashew kernels. The firm imports
RCNs from African countries and processes them in its two
manufacturing facilities in Kollam, Kerala, with an aggregate
capacity to process 7,560 metric tonnes (MT) of RCNs per year. The
sales primarily happen to cashew kernel exporters in Kollam and
direct exports go to Dubai, Kuwait and Algeria.

Recent Results

According to unaudited figures, the firm reported net profit of
INR0.5 crore on operating income of INR22.8 crore during 2012-13,
as against net profit of INR0.1 crore on operating income of
INR18.9 crore during 2011-12.


CHAS METAL: CRISIL Suspends 'B+' Rating on INR97MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Chas Metal
Centre.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           97       CRISIL B+/Stable Suspended

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

CMC, based in Bokaro (Jharkhand), was set up as a proprietorship
firm by Mr. Sanjay Kumar in 2006. It is engaged in processing hot-
rolled, cold-rolled, and galvanized steel coils into sheets,
plates and structures, which are used in power, automobile,
infrastructure, and ship-building industries. The firm has an
installed capacity of 1,50,000 metric tonnes per annum.


CHEEMA SPINTEX: CRISIL Suspends 'D' Ratings on INR764.7MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cheema
Spintex Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              105      CRISIL D Suspended

   Export Bill              225      CRISIL D Suspended
   Purchase-
   Discounting

   Letter of Credit          90      CRISIL D Suspended

   Term Loan                344.7    CRISIL D Suspended

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

Cheema Spintex was set up by Mr. Harbhajan Singh Cheema in
association with Punjab State Industrial Development Corporation.
Incorporated in 1994 as a 100 per cent export-oriented unit, the
company manufactures combed and carded cotton yarn in counts
ranging from 20s to 40s. It has an installed capacity of 30,240
spindles. Cheema Spintex exports its products mainly to Hong Kong,
Taiwan, China, South Korea, Singapore, Thailand, Malaysia, and
Canada.


CRYSTAL INDUSTRIAL: ICRA Reaffirms 'BB' Rating on INR8cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' assigned to
the INR8.00 crore fund based bank limit and the short-term rating
of '[ICRA]A4' assigned to the INR13.50 crore non-fund based bank
limits of Crystal Industrial Syndicate Private Limited. ICRA has
also reaffirmed the ratings of [ICRA]BB and/or [ICRA]A4 assigned
to the INR0.50 crore proposed limit of CISPL. The outlook assigned
to the long term rating is 'Stable'.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Fund           8.00      [ICRA]BB(Stable) Reaffirmed
   Based Limit-
   Cash Credit

   Short-term Non-         13.50      [ICRA]A4 Reaffirmed
   Fund Based Limit-
   Inland/Foreign
   Bank Guarantee          

   Proposed Limit           0.50      [ICRA]BB and/or [ICRA]A4
                                      Reaffirmed

The ratings continue to factor in CISPL small scale of operations,
vulnerability of its profit margins to commodity price risks,
competitive pressure and high working capital intensity in the
business due to the increase in inventory levels. Given the small
scale of operations and its limited market reach, the company also
remains exposed to risks of slowdown in capex by the user
industries.

The ratings, however, favorably factor in the long experience of
CISPL's promoters in the business of fabrication/supply of air
pollution control equipments, its reputed customer base and
moderate financial risk profile with moderate profitability
margins and comfortable gearing levels. ICRA also notes that the
order-book position as on August 2013 is moderate and stands at
INR47.97 crore (around twice the operating income of 2012-13),
though its ability to build-up the order-book position and execute
the same without time and cost overruns is critical from the
rating perspective.

Crystal Industrial Syndicate Private Limited, incorporated in the
year 1991 as a partnership firm, acquired its corporate status in
January 2006. Initially, CISPL used to manufacture products like
steam jet ejectors and wet scrubbing systems, subsequently it
diversified into design (only residual mechanical designing),
fabrication, and commissioning of process equipments such as
pressure vessels, injection quills, crude handling equipments,
heat exchangers, columns, plant pressure piping for various
chemical, petrochemical, fertilizer and other process industries.

Recent results

CISPL recorded a net profit of INR0.81 crore on an operating
income of INR28.54 crore for the year ending March 31, 2012, and a
net profit of INR0.54 crore on an operating income of INR24.14
crore for the year ending March 31, 2013 (Provisional numbers).


FAMINA KNIT: CRISIL Reaffirms 'B' Rating on INR2MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Famina Knit Fabs
continue to reflect Famina's weak financial risk profile, marked
by high gearing, weak liquidity, and weak debt protection metrics,
and its susceptibility to volatility in raw material prices and to
adverse foreign exchange rates. These rating weaknesses are
partially offset by the extensive track record of Famina's
promoter-partners in the ready-made garments industry and the
firm's geographical diversification in the export markets.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1       CRISIL A4 (Reaffirmed)

   Bill Discounting          1       CRISIL A4 (Reaffirmed)

   Foreign Bill Purchase    95       CRISIL A4 (Reaffirmed)

   Packing Credit           99       CRISIL A4 (Reaffirmed)

   Term Loan                 2       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Famina will maintain its business risk
profile over the medium term on the back of its promoter-partners'
industry experience. The firm's financial risk profile is expected
to remain weak over this period because of its subdued
profitability and large working capital requirements, leading to
high gearing and weak debt protection metrics. The outlook may be
revised to 'Positive' if Famina's financial risk profile improves
significantly, with improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens further,
most likely caused by a further decline in its operating margin or
a further increase in its working capital requirements, or by
larger-than-expected, debt-funded capital expenditure.

Update

Famina's business risk profile remained moderate with an operating
income of INR964 million in 2012-13 (refers to financial year,
April 1 to March 31), a decline of around 39 per cent from INR1.57
billion in 2011-12. The decline was because of a conscious
decision of the partners to target only high-profit assignments.
Although this strategy has led to lower revenues, the firm's
profitability has improved significantly with its operating margin
increasing to 4.9 per cent in 2012-13 from 2.3 per cent in 2011-
12. The firm added a new customer, SKH, London, in 2012-13, to
which it is supplying higher quality T-shirts and sweat shirts;
this business segment has a higher operating margin of 15 to 18
per cent.

Famina's financial risk profile remains weak, with a high gearing,
small net worth, and weak debt protection metrics. Its gearing
remained high at around 3.6 times as on March 31, 2013, though it
improved from 4.3 times as on March 31, 2012. The improvement was
driven by infusion of INR64.2 million by the partners during 2012-
13 as partners' capital and healthy accretion to reserves.
Famina's debt protection metrics remained moderate in 2012-13,
with interest coverage ratio at 1.5 times, against 1.6 times in
2011-12, despite lower scale of operations. This was due to the
firm's higher profitability. CRISIL expects Famina's interest
coverage ratio to remain moderate in the range of 1.5 to 2.0 times
over the medium term.

Famina's liquidity remains stretched, marked by fully utilised
bank limits during the 12 months through June 2013, despite
significant increase in bank limits in 2012-13.

Famina, on a provisional basis, reported a profit after tax (PAT)
of INR7.6 million on an operating income of INR964 million for
2012-13; it had reported a PAT of INR6.4 million on operating
income of INR1.57 billion for 2011-12.

Famina was established as a partnership firm in 1996 by Mr. Vijay
Miglani and Mr. Rakesh Miglani. In 2006, a new partner, Ms. Rekha
Miglani, came in, while Mr. Rakesh Miglani resigned. The firm
manufactures cotton-based knitted wear (mainly T-shirts, night
wear, women's gowns, and track suits) for men and women. It mainly
exports to Europe, the US, and the Middle East.


FENASIA LTD: CRISIL Assigns 'BB-' Rating to INR38MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Fenasia Ltd. The ratings reflect FL's
modest scale of operations in the fragmented chemicals trading
business, low profitability and working capital intensive
business. These rating weaknesses are partially offset by
extensive industry experience of FL's promoter's.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            7       CRISIL A4+ (Assigned)

   Cash Credit              38       CRISIL BB-/Stable (Assigned)

   Inland/Import            10       CRISIL A4+ (Assigned)
   Letter of Credit

Outlook: Stable

CRISIL believes that FL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if FL reports more-than-
expected revenues and cash accruals from its manufacturing and
trading facilities, leading to an improved liquidity. Conversely,
the outlook may be revised to 'Negative' if FL registers
significant decline in its profit margins and revenues, or its
capital structure and debt protection metrics weaken, most likely
because of larger-than-expected debt.

FL was incorporated in January 1997 and is promoted by Mr. Naresh
Juneja. It is engaged in trading and manufacturing of leather
chemicals.


G. H. AGRO: CRISIL Reaffirms 'B+' Ratings on INR180MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G. H. Agro
Products Pvt Ltd continues to reflect GHAPL's weak financial risk
profile, marked by a small net worth, high gearing, and below-
average debt protection metrics. The rating also factors in the
company's large working capital requirements, and small scale of
operations in the highly regulated and fragmented edible oil
industry. These rating weaknesses are partially offset by the
extensive experience of GHAPL's promoters in extraction of rice
bran oil, and its integrated operations, with a presence in both
rice bran oil extraction and refining segments.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          160       CRISIL B+/Stable (Reaffirmed)
   Term Loan             20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GHAPL will continue to benefit over the
medium term from its promoters' industry experience and from its
integrated operations. However, GHAPL's financial risk profile
will remain constrained because of its large debt-funded capital
expenditure programme, over the near term. The outlook may be
revised to 'Positive' if the company significantly ramps up its
operations from the proposed enhanced facilities while maintaining
its profitability, leading to a substantial increase in its cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is more-than-expected deterioration in GHAPL's capital
structure, or if its profitability declines.

GHAPL extracts and refines rice bran oil. The company has two
extraction units, with a combined extraction capacity of 450
tonnes per day (tpd), and one refining unit, with capacity of 50
tpd. GHAPL sells rice bran oil and de-oiled cakes, which is a by-
product in the oil extraction process. The management has plans to
increase the extraction capacity to 1000 tpd and refining capacity
to 100 tpd.


GITA & COMPANY: ICRA Reaffirms 'BB' Rating on INR4.25cr Loans
-------------------------------------------------------------
ICRA has re-affirmed long-term rating of '[ICRA]BB' assigned to
the fund based facilities aggregating to INR4.25 crore of Gita &
Company. ICRA has also re-affirmed short-term rating of '[ICRA]A4'
assigned to the non-fund based facilities aggregating to INR4.25
crore of GCO. The long term rating has a stable outlook.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long Term Scale-         4.25      [ICRA]BB (Stable)
   Fund Based Limits                  re-affirmed

   Short term scale-        4.25      [ICRA]A4 re-affirmed
   Non-Fund Based Limits    


The re-affirmation in ratings continues to take into account the
firm's small size of operations; high working capital intensity of
operations and vulnerability of operations to regulatory risks
such as imposition of anti dumping duty. The ratings are further
constrained by GCO's exposure to adverse fluctuations in foreign
currency in the absence of a firm hedging policy and highly
competitive nature of the digital printing consumables segment
which leads to downward pressures on profit margins. The ability
of the firm to increase its scale while managing the high working
capital intensity remains critical for maintaining its credit risk
profile. Further, GCO is a partnership concern and any significant
withdrawals from the capital account would affect its capital
structure.

The ratings however draw comfort from the long track record of
GCO's promoters in the digital printing consumable industry and
favorable demand prospects for digital printing consumable
segment. ICRA further notes that while the anti-dumping duty is
relatively lower for Heytex (China Plant) as compared with other
China based counterparts and GCO has exclusivity clause with
Heytex (China Plant), which in turn is expected to support firm's
profitability margins, any adverse movement in anti-dumping duty
going forward remains key rating sensitivity.

Gita & Company (GCO) was established in the year 1965 by Mr.
Shantilal H. Doshi as a plywood trading firm and subsequently
ventured into other businesses. In 1990s, as a part of family
settlement, Shantilal H. Doshi took over trading operations of
GCO. In the year 2000, the firm also started trading in digital
printing consumables (printing and signage materials) viz.
frontlit and backlit flex, self adhesive vinyl, one way vision
films, pvc sheets, canvas etc.

Recent Results

For FY 2013, the firm reported profit before tax of INR0.38 crore
on an operating income of INR24.64 crore. For FY 2012, the firm
reported profit before tax of INR0.42 crore on an operating income
of INR23.80 crore.


GRM OVERSEAS: CRISIL Reaffirms 'BB-' Ratings on INR230MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of GRM Overseas Ltd
continue to reflect the benefits that GRM derives from the
extensive industry experience of its promoters in the rice
processing industry.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Export Packing Credit     650.0    CRISIL A4+ (Reaffirmed)

   Proposed Short-Term       220.0    CRISIL A4+ (Reaffirmed)
   Bank facilities

   Standby Line of Credit    130.0    CRISIL BB-/Stable
                                      (Reaffirmed)

   Proposed Long-Term        100.0    CRISIL BB-/Stable
   Bank facilities                    (Reaffirmed)

This rating strength is partially offset by the company's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, large working capital requirements, and
susceptibility to volatility in raw material prices, fluctuations
in rainfall and regulatory changes.

Outlook: Stable

CRISIL believes that GRM will continue to benefit over the medium
term from its promoters' extensive experience in, and the healthy
growth prospects for, the rice processing industry. The outlook
may be revised to 'Positive' in case of significant improvement in
GRM's capital structure, most likely because of large equity
infusion or more-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of significant
pressure on GRM's liquidity, most likely because of decline in
cash accruals or larger-than-expected incremental working capital
requirements, or if GRM undertakes any large debt-funded capital
expenditure (capex) programme, thereby weakening its capital
structure.

Update

For 2012-13 (refers to financial year, April 1 to March 31), GRM
achieved a year-on-year revenue growth of around 14 per cent, with
revenues of around INR2.70 billion. The revenue growth was on
account of improved geographic diversification with new customers
in Iraq, United Kingdom and parts of Europe and relatively higher
paddy prices, leading to increase in realisation. GRM's operating
profitability remained at 4.5 per cent in 2012-13 and is expected
to remain at similar levels over the medium term, in line with the
historical trend.

GRM has no major debt-funded capex plans over the medium term,
except regular capex of around INR10 million to INR20 million,
which is expected to be funded entirely through internal accruals.
However, because of its working-capital-intensive operations,
GRM's gearing is expected to remain high, in the range of 3.45 to
4.25 times, over the medium term. Owing to its low profitability
levels, GRM's debt protection metrics are likely to be weak, with
interest coverage and net cash accruals to total debt (NCATD)
ratio expected in the range of 1.50 to 2.00 times and 0.03 to 0.04
times, respectively, over the medium term.

GRM has weak liquidity, marked by low cash accruals and high bank
limit utilisation during the peak season. With the increased scale
of operations, the company's cash accruals have increased to
INR40.0 million in 2012-13 from INR27.0 million in 2011-12.
Although GRM has had an operating margin of 3.3 to 5.0 per cent
over the past five years, the increase in its cash accruals has
been insufficient to meet its incremental working capital
requirements, thereby weakening its liquidity. Furthermore, the
company's financial flexibility is constrained by its high gearing
of 4.13 times as on March 31, 2013. However, GRM's liquidity is
supported by its expected moderate cash accruals of INR40.0
million to INR50.0 million in 2013-14, against nil debt
obligations.

GRM was set up in 1995 by Mr. H C Garg and his son, Mr. Rohit
Garg. It processes and exports basmati rice (Pusa 1121 variety).
The company has two processing centres, with five fully automatic
units in Panipat (Haryana), which have a total capacity of 20
tonnes per annum. GRM primarily exports basmati rice to the Middle
East.

GRM reported a profit after tax (PAT) of INR27.8 million on net
sales of INR2.70 billion for 2012-13, against a PAT of INR23.9
million on net sales of INR2.36 billion for 2011-12.


HARSH AUTOMOBILES: CRISIL Reaffirms BB Ratings on INR150MM Loans
----------------------------------------------------------------
RISIL's rating on the bank facilities of Harsh Automobiles Pvt Ltd
continues to reflect the extensive experience of HAPL's promoters
in the automotive (auto) dealership business and the company's
established relationship with its principal Hyundai Motors India
Ltd (Hyundai). These rating strengths are partially offset by
HAPL's exposure to intense competition in the auto dealership
market and its subdued financial risk profile marked by low
profitability margins, high external indebtedness, and modest net
worth.

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

   Term Loan                40      CRISIL BB/Stable (Reaffirmed)

   Proposed Long-Term       60      CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

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

Update

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

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

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

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

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

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


HI-RISE BUILDING: CRISIL Cuts Ratings on INR230MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hi-Rise Building Materials to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term       140      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The downgrade reflects Hi-Rise's overdrawn cash credit limit for
more than 30 days; this was caused by the firm's weak liquidity,
driven by its large working capital requirements.

Hi-Rise also has a below-average financial risk profile, marked by
a small net-worth, high gearing, and weak debt protection metrics.
However, the firm benefits from its promoter's extensive
experience in the timber-trading business.

Hi-Rise was set up in 2007 by Mr. Rajesh. The firm, based in
Hyderabad (Andhra Pradesh), trades in building materials and
focuses mainly on timber and marble.


JAI HIND: CRISIL Reaffirms 'BB+' Ratings on INR343.1MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jai Hind Wire Rod Mills
Ltd continue to reflect Jai Hind's moderate operating efficiency,
and established relationships with its customers and suppliers.
These rating strengths are partially offset by Jai Hind's below-
average financial risk profile, marked by high gearing and a small
net worth, and susceptibility to volatility in raw material
prices.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         2.5      CRISIL A4+ (Reaffirmed)

   Cash Credit           90.0      CRISIL BB+/Stable (Reaffirmed)

   Letter of Credit     150.0      CRISIL A4+ (Reaffirmed)

   Proposed Long-Term   103.1      CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan            150.0      CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Jai Hind will continue to benefit over the
medium term from its long track record in the steel industry, and
its established customer relationships. The outlook may be revised
to 'Positive' if the company scales up its operations and improves
its operating margin, leading to sustained improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if Jai Hind's financial risk profile deteriorates
because of large, debt-funded capital expenditure (capex), or if
the company's cash accruals come under pressure because of
volatility in steel prices.

Incorporated in 1991 at Salem (Tamil Nadu) by Mr. G E Govindaraj,
Jai Hind manufactures TMT steel rods, twisted bars, flats,
squares, and other speciality products from scrap and sponge iron.

KAVCON ENGINEERS: ICRA Cuts Ratings on INR28cr Loans to 'C'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4 crores
long term loans and INR24.00 crore (enhanced from INR20.00 Cr)
fund based bank facilities of Kavcon Engineers Private Limited
from '[ICRA]BB-' to '[ICRA]C'. ICRA has reaffirmed the short term
rating assigned to the INR6.00 crore non fund based facilities of
KEPL at '[ICRA]A4'.

                           Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long term Loan          4.00         [ICRA]C; Revised from
                                        [ICRA]BB- (stable)

   Long term Fund         24.00         [ICRA]C; Revised from
   based limits-                        [ICRA]BB- (stable)
   Cash Credit             
                                        
   Short term Non-         6.00         [ICRA]A4; Reaffirmed
   Fund limits              

The revision in long-term rating takes into account the decline in
revenues and profitability of KEPL in FY13 which coupled with
delay in payments by some of the major clients has resulted in
stretched liquidity position of the company. This in turn has
resulted in frequent overdraws of the cash credit facility availed
by the company and instances of delays in servicing of interest
payments on working capital borrowings. The ratings continue to be
constrained by the weak financial profile of the company as
reflected by its relatively weak capital structure (gearing of
2.22 times as on March 31, 2013) and modest debt coverage
indicators, highly competitive nature of the transmission tower
manufacturing industry with presence of established backward
integrated EPC players both at the national and regional level,
resulting in pricing pressures and KEPL's modest scale of
operations leading to limited economies benefits. However, the
ratings are supported by long track record of operations of the
company, its experienced promoters and its ability to pass on raw
material price fluctuations to customers due to presence of
'price-variation' clauses in supply contracts. Further, KEPL is an
approved vendor of various power utilities and transmission EPC
players and has a reputed client base which includes players such
as Tata Projects Ltd, L&T Ltd., IVRCL Ltd. and ABB Ltd.

Being set up as a partnership firm in 1982, Kavcon Engineers
Private Ltd (KEPL) was reconstituted as a private limited company
and was given its current name (was initially named Kaveri
Constructions) in October 2002. Based out of Bangalore, the
company is engaged in the process of fabrication and/or
galvanization of power transmission and telecommunication towers,
used by the Indian Railways, State Electricity Boards, and
telecommunication companies.

The company reported an operating income of INR64.15 Cr in FY13
with a net loss of INR0.56 Cr (provisional numbers) as opposed to
an operating income of INR73.75 Cr with a net profit of INR2.12 Cr
in FY12.


KRUSHNA GODAVARI: ICRA Rates INR5cr LT Cash Credit at 'BB-'
-----------------------------------------------------------
ICRA has assigned the '[ICRA]BB-' rating to INR5.00 crore long
term bank facilities of Krushna Godavari Khate, Bi-Biyane Utpadan
Va Vikri Sahakari Sanstha Ltd. The outlook on the long term rating
is stable.

                           Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long term, Fund           5.00       [ICRA]BB- (stable)
   based limits-                        assigned
   Cash Credit            

The assigned rating favorably factors in the long-standing
experience of the promoters in the fertilizer and other agri
related trading business; along with their established marketing
and distribution network in South Western Maharashtra and Northern
Karnataka with its six branches and more than 400 retailers. ICRA
also take note of favorable demand outlook for FY14 owing to
healthy monsoon in current fiscal. The rating is, however,
constrained by thin margins in line with trading nature of
business; low net worth given marginal accruals with liquidity
profile of the society majorly supported by extended credit period
availed from suppliers. The inventory levels rose significantly in
Mar'13 on back of society availing bulk discounts from suppliers
in the off season resulting in increased working capital
borrowings. ICRA also takes note of the moderate scale of
operations, along with the vulnerability associated with agro-
climatic conditions, which has a direct impact on the society's
profitability.

Established in 2004, KGK is a Multi State Co-Operative Society,
engaged in trading in agricultural inputs such as Fertilizers,
Seeds, Micronutrients, Pesticides and Organic products. The
society is also engaged in providing warehousing and
transportation services. KGK has six branches; four branches
located in Sangli, Kolhapur, Satara and Solapur district of
Maharashtra and other two branches located in Belgaum and Dharwad
district of Karnataka.


KWALITY PHARMA: CRISIL Reaffirms BB- Ratings on INR82.6MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kwality Pharmaceuticals
Pvt Ltd continue to reflect the company's established track record
in the formulations segment of the pharmaceutical industry; and
its moderate financial risk profile, marked by a healthy capital
structure and moderate debt protection metrics. These rating
strengths are partially offset by KPPL's small scale of operations
in the intensely competitive formulations segment, and its highly
working-capital-intensive operations.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee         20       CRISIL A4+ (Reaffirmed)

   Letter of Credit       10       CRISIL A4+ (Reaffirmed)

   Packing Credit         30       CRISIL A4+ (Reaffirmed)

   Cash Credit            50       CRISIL BB-/Stable (Reaffirmed)

   Term Loan               2.6     CRISIL BB-/Stable (Reaffirmed)

   Proposed Long-Term     30       CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that KPPL will continue to benefit over the medium
term from the promoters' extensive experience in the
pharmaceutical industry. The outlook may be revised to 'Positive'
if KPPL's revenues and profitability improve substantially,
leading to larger-than-expected cash accruals, while the company
maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if KPPL's revenues or profitability decline
steeply; or its capital structure weakens, most likely because of
larger-than-expected working capital requirements or debt-funded
capital expenditure programmes.

Set up in 1976 as a partnership firm, KPPL was reconstituted as a
private limited company in 1980 in Amritsar (Punjab). The company
manufactures formulations, which are available as injectables,
tablets, capsules, and syrups. KPPL has two units, one each at
Amritsar (Punjab) and Kangra (Himachal Pradesh), with capacities
to produce 3.5 million tablets per day and 850,000 tablets per
day, respectively. The Kangra unit commenced production in October
2008.


MACK SPRING: CRISIL Suspends 'BB' Ratings on INR70MM Loans
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mack
Spring Industries.

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

   Long-Term Loan          30       CRISIL BB/Stable Suspended

   Proposed Long-Term      30       CRISIL BB/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by MSI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSI is yet to
provide adequate information to enable CRISIL to assess MSI'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 2007, MSI manufactures leaf springs that are used
in the automobile industry, specifically in heavy-duty commercial
vehicles. The firm's plant in Amabernath (Maharashtra) has a
manufacturing capacity of 700 tonnes per month. MSI derives around
40 per cent of its revenue from original equipment manufacturers
and the remaining from the replacement market and export house.
The firm exports the goods through BS International, a 100 per
cent export-oriented division of Mack Springs Group and a
recognised export house with the Ministry of Commerce, Government
of India.


MANISHA INFRA: CRISIL Reaffirms 'BB-' Rating on INR130MM Loans
--------------------------------------------------------------
The ratings continue to reflect Manisha Infrastructure Private
Limited's established market position in the civil construction
industry, healthy order book position, and its above-average
financial risk profile marked by a moderate net worth and
comfortable gearing. These rating strengths are partially offset
by the working-capital-intensive nature of its operations and
susceptibility of the operational cash flows to the timely
execution of orders and realization of receivables.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            400     CRISIL A4+ Reaffirmed
   Cash Credit               130     CRISIL BB-/Stable Reaffirmed

Outlook: Stable

CRISIL expects MIPL to maintain a stable business risk profile on
the back of its established presence in the civil construction
industry. The outlook may be revised to 'Positive' if the company
reports substantial growth in its scale of operations and
profitability while improving its working capital cycle resulting
in overall improvement in liquidity. The outlook may be revised to
'Negative' if the company reports lower than expected sales or
operating margins or deterioration in working capital cycle or
large debt funded capital expenditure leading to deterioration of
financial risk profile.

Update

MIPL's operating income at INR416 million in 2012-13 was 19
percent lower than operating income in 2011-12. This is because of
lower infrastructure work carried out in the state of Maharashtra,
the company's key geography, owing to the state's focus towards
draught relief in 2012-13. However, the situation is expected to
be better in 2013-14 with a strong monsoon. CRISIL expects company
to achieve operating income of about INR1000 million in medium
term supported by its strong order book of about INR7870 million
executable over next 4-5 years. Execution pace is also expected to
pick up as funds of about INR720 million are already executed for
certain major projects and required clearances are obtained by
other projects. Operating margins of the company are expected to
remain in 16-17 percent range in medium term supported by
company's investment in fixed assets of INR80 million in last six
years ending March 31, 2013 leading to lower rental expenses of
hiring machines.

However, MIPL's liquidity continues to remain stretched marked by
working capital intensive operations leading to fully utilised
bank limits with instances of over drawls. Company's average Gross
Current Asset (GCA) days were high at INR284 days as on March 31,
2013. High GCA days were marked by high inventory days of about
184 days. Majority of inventory build up in 2012-13 was due to
work executed and not billed due to limited fund availability in
various projects. However, GCA days are expected to reduce to
about 240-250 days in medium term supported by improving inventory
days, though debtors are expected to revert to historical levels
of about 2-3 months. Despite the improvement in GCA days,
company's liquidity is nevertheless expected to remain stretched
owing to large incremental working capital requirements stemming
from its large order-book execution.

MIPL's financial risk profile continues to be above-average marked
by a moderate net worth and gearing of INR261 million and 0.9
times respectively as on March 31, 2013. Backed by moderate
gearing levels and healthy operating margins, company's debt
protection metrics are moderate with interest coverage ratio and
net cash accruals upon term debt (NCATD) at 2.3 times and 13% in
2012-13. The company's financial risk profile is expected to be
maintained over the medium term backed by steady accretion to
reserves and absence of any major debt funded capex.

For 2012-13 (refers to financial year, April 1 to March 31), MIPL
reported, on a provisional basis, a profit after tax (PAT) of
INR16 million on net sales of around INR416 million; the company
reported a PAT of INR55 million on net sales of INR516 million for
2011-12.

Incorporated in the year 2005, MIPL is a civil contractor engaged
in construction activities for the irrigation segment which
includes construction of dams, barrages, canals, etc. The company
undertakes construction activities for state government irrigation
department, mainly in Maharashtra, Andhra Pradesh and Karnataka.
The day-to-day operations of the company are currently managed by
Mr. Pradeep Chavan and his brother Mr. Deelip Chavan.


MARUTII QUALITY: CRISIL Cuts Ratings on INR165.7MM Loans to 'B-'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Marutii Quality Products Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

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

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

   Term Loan                125.7    CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects the deterioration in MQPPL's liquidity, as
its cash accruals are expected to tightly match its debt
obligations over the medium term. CRISIL believes that MQPPL will
require fund infusion from its promoters or register larger-than-
expected cash accruals to alleviate the pressure on its liquidity.
The company generated revenues of INR155.7 million for and its
cash accrual were modest at around INR4.0 million in 2012-13.
CRISIL expects the revenue growth of the company to remain modest
on account of increasing competitive pressures in its noodles
business and delay in commencement of company's wheat flour
business.

The ratings continue to reflect MQPPL's nascent stage of
operations and modest scale of operations, and its weak financial
risk profile, marked by high gearing, weak debt protection metrics
and stretched liquidity. These rating weaknesses are partially
offset by MQPPL's promoters' extensive experience in the packaged
foods industry and the benefits the company is likely to reap from
healthy demand prospects for packaged food in North-East India.

Outlook: Stable

CRISIL believes that MQPPL will maintain its business risk profile
over the medium term, supported by promoters' extensive industry
experience. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in MQPPL's revenues and
operating margins from the current levels, or if there is an
improvement in the working capital management.. Conversely, the
outlook may be revised to 'Negative' if there is a significant
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large debt-funded capex.

MQPPL was established in 2009 by Mr. Deepak Agarwal, his father,
Mr. Shyam Sunder Agarwal, his mother, and his nephew. The company
has been set up to manufacture noodles and wheat flour in
Guwahati, Assam. The company has also set up a ready to eat food
facility and PVC pipes manufacturing facility.


MBH POWER: ICRA Suspends 'BB' Rating on INR7.75cr Loans
-------------------------------------------------------
ICRA has suspended the '[ICRA]BB' rating assigned to the INR7.75
crore long term fund based facilities and '[ICRA]A4' rating
assigned to the INR4.00 crore non fund based facilities of MBH
Power Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

MBH Power Private Limited was established in 2006 as a Private
Limited Company. MPPL is engaged in the business of exporting
electrical engineering goods to group associates and executing
transmission & distribution based EPC contracts in Africa and
Gujarat. MPPL has also commissioned a 1MW solar based power
generation unit in Jambusar-Gujarat. MPPL is promoted by Mr
Bhagwan Mukhi who has vast experience in the power transmission
industry. The promoter is on the board of several companies
forming part of the Singapore based "Tolaram Group".


NANZ MED: ICRA Reaffirms 'B' Ratings on INR9.36cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating of "[ICRA]B" for the
INR9.36 crore bank facilities of Nanz Med Science Pharma Private
Limited. ICRA has also reaffirmed the short term rating of
"[ICRA]A4" for the INR5.64 crore bank facilities of NMSP. The
total rated limits are INR15.0 crore.

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Term Loan                1.87       [ICRA]B reaffirmed
   Cash Credit              6.00       [ICRA]B reaffirmed
   PCFC                     2.00       [ICRA]A4 reaffirmed
   Letter of Credit/FLC     3.10       [ICRA]A4 reaffirmed
   Bank Guarantee           0.50       [ICRA]A4 reaffirmed
   Forward Contract         0.04       [ICRA]A4 assigned
   Facility                 1.49       [ICRA]B reaffirmed
   Unallocated

The rating reaffirmation of Nanz Med Science Pharma Private
Limited, considers the long experience of the promoters in the
field and a diversified customer base company that translates into
healthy revenue growth in the recent past and a healthy orderbook
position. The rating is, however, constrained by weak
profitability indicators and stretched financial profile. Given
the healthy growth in revenues expected, the high working capital
intensity of business and the proposed debt funded capex, the
financial profile may deteriorate in the near to medium term.
Additionally, the company's profitability remains vulnerable to
forex fluctuations on account of dependence on imports for raw
materials while the ability to pass on the adverse forex movement
remains limited. NMSP's ability to improve profitability and
liquidity position as well as manage its financial risk profile
will continue to be key rating sensitivities. The company's scale
of operations remains small.

Nanz Med Science Pharma Private Limited, a subsidiary of Med
Science Canada Inc, and found by Mr. L.P. Singh in 2005 is engaged
in the manufacturing of pharmaceutical bulk drugs, formulations,
creams and specialty chemicals and trading of diagnostic kits. The
major product produced by the company is Povidone-iodine, a raw
material for antiseptics and ointments. The manufacturing process
of the plant adheres to the WHO-cGMP guidelines and the company is
expecting approval from WHO in a few months. The manufacturing
plant is located in a tax free zone in Himachal Pradesh and has
production capacities for manufacturing ointments and liquids
along with Povidone-iodine. The company also trades in diagnostic
kits fby importing the kits from Ind Diagnostics Inc, Canada and
selling it to various clients such as Intas Pharmaceuticals, MHS
and Galpha Laboratories.

Recent Results

NMSP reported negative Profit After Tax (PAT) of INR0.1 Crore on
an Operating Income (OI) of INR42.9 Crore in 2012-13.


OBERAI MOTORS: CRISIL Reaffirms 'B-' Ratings on INR59MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Oberai Motors
Ltd continues to reflect OML's weak financial risk profile, marked
by a high total outside liabilities to tangible net worth ratio
and weak debt protection metrics, and geographic concentration in
its revenue profile. These rating weaknesses are partially offset
by the long track record of OML's promoters in the automobile
dealership segment.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit         51.50     CRISIL B-/ Stable (Reaffirmed)
   Term Loan            7.50     CRISIL B-/ Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OML will maintain its business risk profile over
the medium term, supported by its established relationship with
its principal, Tata Motors Ltd (TML; rated CRISIL AA-
/Positive/CRISIL A1+). However, the company's financial risk
profile is expected to remain weak over this period because of its
large working capital requirements and debt-funded capital
expenditure (capex). The outlook may be revised to 'Positive' if
OML's financial risk profile improves, most likely driven by fresh
infusion of equity capital or sustained improvement in its
operating margin. Conversely, the outlook maybe revised to
'Negative' if the company's financial risk profile deteriorates
further, most likely because of larger-than-expected debt-funded
capex or less-than-anticipated cash accruals.

OML was incorporated in 2002 and promoted by Mr. Rakesh Oberai.
The company deals in light commercial vehicles of TML. OML has
showrooms in Dehradun and Garhwal (both in Uttarakhand). It has
set up a showroom in Roorkee (Uttrakhand) which is expected to be
operational by the end of September 2013. The company also has
sales offices in Vikasnagar and Haridwar (also in Uttarakhand).


OMKAR TEXTILE: ICRA Reaffirms 'BB-' Ratings on INR43.57cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR30.00
Cr, cash credit facility (enhanced from INR28.00 Cr.) and the
INR13.57 Cr. term loans (enhanced from INR6.65 Cr.) of Omkar
Textile Mills Pvt. Ltd. at '[ICRA]BB-'. The outlook on the long
term rating is Stable. Further, ICRA has assigned an '[ICRA]A4'
rating to the INR5.00 crore short term facility of OTMPL.

                         Amount
   Facilities         (INR crore)   Ratings
   -----------        -----------   -------
   Cash Credit           30.00      [ICRA]BB- (Stable) reaffirmed
   Term Loan             13.57      [ICRA]BB- (Stable) reaffirmed
   Letter of Credit       5.00      [ICRA]A4 assigned

The ratings continue to be constrained by vulnerability of
profitability margins to adverse fluctuations in the prices of key
inputs viz. gray yarn/fabric, dyes and chemicals and exposure to
high competitive intensity in the fabric processing business on
account of high fragmentation. The ratings also take into account
the weak financial profile of the company as reflected in its
modest profitability margins, adverse capital structure, high
working capital intensity and weak coverage indicators. The high
debt funded capital expenditure plans in the near future are
expected to further subdue return and credit metrics.

The ratings however take comfort from the past experience of the
promoters and the company of more than four decades in the textile
industry; easy availability of key raw materials like dyes,
chemicals and gray fabric on account of it being located in
Ahmedabad and operational support from other group entities in
similar lines of business

Omkar Textile Mills Private Limited was incorporated as M/s.
Ajanta Mills Gujarat Private Limited on October 4, 1973 at
Ahmedabad by Mr. Babubhai D Patel and Mr. Kantilal C Shah. The
present promoter, Mr. Omkarmal Agarwal, took charge of the company
in 1981 and the company was renamed as Omkar Textile Mills Private
Limited on February 16, 1981. OTMPL is primarily engaged in the
business of processing gray cotton and synthetic cloth, both on
job work as well as for own sales. The company specializes in the
processing of wider width fabrics for bed linen, bed sheets and
other home textiles OTMPL has a total installed processing
capacity of 750 lakh meters per annum at its two facilities
located at Narol and at Naroda in Ahmedabad.

Recent Results

For the year ended 31st March 2013, the company reported an
operating income of INR143.91 crore and profit after tax of
INR1.43 crore.


OPTIVAL HEALTH: CRISIL Raises Ratings on INR750MM Loans to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank-facilities of
Optival Health Solutions Pvt. Ltd (OHSPL; part of the Medplus
group) to 'CRISIL BB+/Stable' from 'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              400      CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

   Proposed Cash            350      CRISIL BB+/Stable (Upgraded
   Credit Limit                      from 'CRISIL BB/Stable')

The rating upgrade reflects improvement in the Medplus group's
financial risk profile, supported by significant improvement in
the group's revenues and operating profitability. The group
registered revenues of around INR8.7 billion during 2012-13
(refers to financial year, April 1 to March 31), higher than
CRISIL's expectations. The growth in revenues is primarily driven
by stabilisation of operations at the group's retail outlets and
increased revenue per store. Furthermore, the group has also been
prudent in its expansion activities, focusing more on
consolidating its operations at its existing retail outlets.
Consequently, the group's operating profitability was also higher
than CRISIL's expectations during 2012-13. The higher than
expected improvement in operating profitability led to an
improvement in the company's networth levels and hence its capital
structure. Medplus group's liquidity continues to remain adequate
aided by healthy cash accruals to meet its maturing term debt
repayment obligations and prudent bank limit utilisation.

The rating continues to reflect the benefits that the Medplus
group derives from the established market position of its Medplus
brand in the organised pharmacy retail segment and its healthy
scale of operations. The rating also factors in the benefits that
the group derives from its backward integration in the pharmacy
retailing value chain. These rating strengths are partially offset
by the Medplus group's moderate financial risk profile, and its
exposure to risks associated with its low vintage outlets

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OHSPL, its associate entity Ritemed
Pharma Retail Pvt. Ltd. (RPRPL), and their holding company,
Medplus Health Services Pvt Ltd (MHSPL). This is because the three
entities derive business synergies from each other, and have
common ownership and fungible cash flows.

Outlook: Stable

CRISIL believes that Medplus group will continue to benefit over
the medium term from its established pan-India presence in the
pharmacy retail distribution segment. The outlook may be revised
to 'Positive' if the group increases its scale of operations and
operating profitability on a sustained basis, leading to
improvement in its credit risk profile. Conversely, the outlook
may be revised to 'Negative' if the Medplus group continues to
incur operating losses because of its delay in stabilising
operations at its retail outlets, or if the group undertakes a
larger-than-expected debt-funded capital expenditure programme,
thereby deteriorating its financial risk profile

OHSPL, established in 2006, is part of the Medplus group which
also contains RPRPL and MHSPL. The group is involved in wholesale
and retail distribution of pharmaceutical and personal care
products through its retail outlets under the 'Medplus' brand. The
group is promoted by Dr. Madhukar Gangadi.


PANDOUL FLOUR: ICRA Assigns 'B' Ratings to INR10.25cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR6.5
crore proposed term loan and the INR3.75 crore proposed cash
credit facilities of Pandoul Flour Mills Pvt. Ltd. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR2.9 crore
proposed bridge loan of PFMPL.

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Fund Based Limits-       3.75       [ICRA]B assigned
   Cash Credit

   Fund Based Limits-       6.50       [ICRA]B assigned   
   Term Loan

   Fund Based Limits-       2.90       [ICRA]A4 assigned
   Bridge Loan  

The ratings take into account the company's exposure to execution
risks, given the preliminary stage of construction of the flour
mill, and its exposure to funding risks, in the absence of any
funding tie-up with banks as of now. The ratings also take into
consideration the highly competitive nature of the wheat
processing industry on account of the low barriers to entry, and
limited value addition, thereby leading to suppressed profit
margins. The ratings further incorporate PFMPL's vulnerability to
agro-climatic conditions and Government regulations on pricing,
distribution and export of agricultural commodities, and the
company's exposure to margin risks on account of volatility in the
price of wheat. The ratings, however, derives support from the
demonstrated track record of the promoters in the wheat processing
business, and the favourable location of the plant in Darbhanga,
Bihar, which is in proximity to wheat growing regions, thereby
leading to low freight costs. The ratings also factor in the
expected support from the State Government of Bihar under the
'Integrated Development of Food Processing Sector' scheme, which
would lead to lower reliance on bank funding. Nonetheless, with
the company yet to receive any disbursements from the State
Government of Bihar till date, the timeliness of receipt of
Government grant would remain crucial. The ratings further
incorporate PFMPL's stable target market, given that flour and
semolina forms an essential constituent of the Indian diet.

PFMPL was established in the year 2010 by Mr. Sunil Murarka, Mr.
Niketan Gupta and Mr. Pawan Kumar, to set up a flour mill. PFMPL
is currently developing a flour mill in Darbhanga, Bihar, which
will have an installed capacity of 200 tonne per day (TPD),
comprising 150 TPD roller flour mill and 50 TPD atta chakki. The
plant is expected to be operational by May 2014.


PAUL STRIPS: CRISIL Assigns 'BB-' Ratings on INR110.7MM Loans
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Paul Strips and Tubes Pvt Ltd and has assigned its
'CRISIL BB-/Stable/CRISIL A4+' ratings to these facilities. CRISIL
had earlier suspended the ratings of PSTPL through its rating
rationale dated May 03, 2013.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        10       CRISIL A4+ (Assigned; Suspension
                                  Revoked)

   Cash Credit           80       CRISIL BB-/Stable (Assigned;
                                  Suspension Revoked)

   Term Loan             30.7     CRISIL BB-/Stable (Assigned;
                                  Suspension Revoked)

The ratings reflect the benefit that PSTPL derives from its
promoters' extensive industry experience, funding support extended
by them, and its semi-integrated operations supporting its
profitability. These rating strengths are partially offset by
PSTPL's average financial risk profile marked by small net worth
and moderately high gearing, and modest scale of operations. Also,
the rating strengths are partially offset by exposure of the
company's margins to fluctuations in commodity prices and to
economic downturns.

For arriving at the ratings, CRISIL has treated the interest-free
unsecured loans of INR37.6 million extended to PSTPL as on March
31, 2013 by its promoters as neither debt nor equity. This is
based on an undertaking from PSTPL's management that these funds
will be retained in the company's business during the currency of
the bank loan.

Outlook: Stable

CRISIL believes that PSTPL will benefit from its promoters'
industry experience over the medium term. The outlook may be
revised to 'Positive' if there is a substantial and sustainable
growth in the company's scale of operations and profitability
resulting in better-than-expected cash accruals along with
efficient working capital management, leading to improvement in
its capital structure and liquidity. Conversely, the outlook may
be revised to 'Negative' if PSTPL's financial risk profile,
particularly liquidity, deteriorates, most likely owing to lower-
than-expected cash accruals, larger-than-expected working capital
requirements, or a large debt-funded capital expenditure.

Promoted by Mr. Sunil Katyal, his son Mr. Rishi Katyal, and their
relative Mr. Siddhartha Katyal, PSTPL was incorporated in 2007 in
Kanpur (Uttar Pradesh). The company manufactures mild steel (MS)
tubes, shapes and sections, ingots hot-rolled strips, and skelps.
PSTPL has semi-integrated facilities at Pune (Maharashtra) with a
furnace mill, one rolling mill, and two casting and tube
manufacturing mills. The company derives around 90per cent of its
revenues from sale of MS tubes. Ingots, strips, and skelps have
been mostly utilised in-house.

PSTPL reported, on a provisional basis, a profit after tax (PAT)
of INR7.9 million on net sales of INR409.6 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR5.4 million on net sales of INR359.6 million for 2011-12.


RADHIKA PACKAGING: ICRA Assigns 'B+' Ratings on INR4.69cr Loans
---------------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR3.60 crore cash
credit and INR1.09 crore term loan facilities of Radhika Packaging
Private Limited. ICRA has also assigned the '[ICRA]A4' rating to
the INR0.12 crore short term non fund based facility of RPPL.
                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long Term, Fund           3.60      [ICRA]B+ Assigned
   Based Limits-
   Cash Credit             

   Long Term, Fund           1.09      [ICRA]B+ Assigned
   Based Limits-
   Term Loan

   Short Term, Non-          0.12      [ICRA]A4 Assigned
   Fund Based Limits-
   Bank Guarantee            

The assigned ratings favourably factor in the long standing
experience of promoters in the industry, established marketing
networks in Maharashtra and adjoining states and favourable demand
prospects of disposables industry. The assigned ratings, however,
remain constrained by stretched accruals owing to constrained
margins and working capital intensive nature of the business
resulting in stretched capital structure and weak coverage
indicators. The ratings are also constrained by small scale of
operations, and susceptibility of margins to raw material price
fluctuations which can be partially passed on to its clients. ICRA
has taken a consolidated view of RPPL and the three other
companies viz. Brajesh Packaging Private Limited (BPPL), Suyash
Polymer (SP) and Harshita Polypack (SP) (together referred to as
the Dammani Group) while arriving at ratings, as the group
companies derive significant business synergies from each other.

RPPL is a part of the Dammani group with group interest in
polypropylene (PP) strap, strap machine and disposable cups
manufacturing. RPPL is engaged in manufacturing of PP disposable
cups and markets it under the brand "Novastrap". The group
manufactures more than 150 variants of disposable cups and markets
them through a network of ~100 dealers spread across Maharashtra,
Rajasthan, Chhattisgarh and Madhya Pradesh. Around 90% of total
revenue is generated through traders and remaining ~10% is
generated through institutional clients who include local dairies
and ice cream manufacturers.

Incorporated in 1978, Radhika Packaging Private Limited is the
company of the Dammani group engaged in manufacturing of
polypropylene disposable cups. Mr. Neelesh Dammani -- the Managing
Director of the company oversees the group operations.


RAJSHREE STEELMET: CRISIL Assigns 'BB' Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Rajshree Steelmet Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL BB/Stable (Assigned)

   Inland/Import             90      CRISIL A4+ (Assigned)
   Letter of Credit

The ratings reflect the extensive experience of RSPL's promoters
in the coal trading business and comfortable risk management
policies with respect to inventory and debtors. These rating
strengths are partially offset by the company's modest scale of
operations in a highly fragmented coal trading industry and its
low operating profitability.

To arrive at the rating, CRISIL has treated a portion of interest
bearing unsecured loan, provided by RSPL's promoters to the
company as neither debt nor equity. The approach is undertaken,
since the management of RSPL has shared an undertaking with CRISIL
stating that these loans will not be withdrawn from the business
over the next three years.

Outlook: Stable

CRISIL believes that RSPL will maintain its stable business risk
profile over the medium term backed by its promoters' extensive
experience in the coal business. The outlook may be revised to
'Positive' if the company reports better-than-expected accruals or
working capital management, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
RSPL's working capital cycle weakens, or it undertakes a
significant debt-funded capex programme, leading to deterioration
in its overall financial risk profile, particularly its liquidity.

RSPL was established in 1999 in the name and style of a
proprietorship firm, Rajshree Steel. It was reconstituted as
corporate body on March 2010. The company trades in coal. The day-
to-day operations of the company are looked after by the company's
directors Mr. Vishal Arya and Mr. Mishal Arya.


RAMPA AUTOS: CRISIL Reassigns B- Rating to INR53MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Rampa Autos Ltd
continues to reflect RAL's weak financial risk profile marked by
high total outside liabilities by tangible net worth (TOLTNW)
ratio and weak debt protection metrics. The rating also continues
to reflect RAL's small scale of operations in the highly
competitive automotive dealership market and its working-capital-
intensive operations. These rating weaknesses are partially offset
by RAL's strong revenue growth, supported by its established
position in the automobile dealership market.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          8       CRISIL A4 (Reassigned)
   Cash Credit            53       CRISIL B-/Stable (Reassigned)

For arriving at the rating, CRISIL has considered the unsecured
loans of INR56 million extended to RAL by its promoters as neither
debt nor equity as they will be retained in the business over the
medium term and bear interest rate equal to the bank rate.

Outlook: Stable

CRISIL believes that RAL will maintain its business risk profile
over the medium term, supported by its established presence in the
automotive dealership business. However, the company's financial
risk profile, particularly its liquidity, is expected to remain
constrained over the medium term by its large working capital
requirements. CRISIL believes that RAL's promoters will provide
financial support to the company to meet its debt obligations in a
timely manner. The outlook may be revised to 'Positive' in case of
improvement in RAL's liquidity, or if the company reports a
higher-than-expected operating margin with healthy revenue growth.
Conversely, the outlook may be revised to 'Negative' if RAL's debt
protection metrics weaken, or if the company's margins
deteriorate, leading to decline in cash accruals, constraining its
liquidity.

Update

In 2012-13 (refers to financial year, April 1 to March 31), RAL's
revenue increased to INR1.1 billion from INR821 million in 2011-
12. In 2012-13, RAL opened a showroom for utility vehicles of
Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable /CRISIL
A1+'), leading to higher sales. RAL's operating profit was stable,
at 2.7 per cent, in 2012-13 against 2.9 per cent in 2011-12.
CRISIL believes that RAL's revenue will increase over the medium
term with stabilisation of operations of the new showroom, while
the company's operating margin will remain stable.

RAL's net worth was INR11 million as on March 31, 2013. The
company's TOLTNW ratio deteriorated to 7.7 times as on March 31,
2013, from 6.9 times a year ago because of increased debt
contracted to fund incremental working capital requirements.
Because of lower accretion to reserves, RAL's net worth is
expected to be small, while its TOLTNW ratio will remain high on
account of large working capital requirements over the medium
term. The company's interest coverage ratio remains weak, at 1.2
times in 2012-13, because of low profitability and high debt
level.

RAL's cash credit limit was fully utilised over the 12 months
through July 2013. RAL has also resorted to temporary limits to
meet its working capital requirements. The company posted net cash
accruals of INR4.4 million against debt obligations of INR3
million in 2012-13. The cash accruals are expected to be tightly
matched with debt obligations in 2013-14 too.

RAL, incorporated in 1985, is an authorised dealer of the
automobiles of Bajaj Auto Ltd (rated 'CRISIL AAA/Stable/CRISIL
A1+') and M&M in Hoshiarpur, Mukerian, and Nawanshahar (all in
Punjab). RAL has five showrooms. In addition, the company has 15
allocated service centres (ASCs) across Hoshiarpur and
Nawanshahar. RAL is promoted by Mr. Iqbal Singh and Mr. Sandeep
Singh and their families.


RITEMED PHARMA: CRISIL Ups Ratings on INR170MM Loans to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank-facilities of
Ritemed Pharma Retail Pvt. Ltd (RPRPL; part of the Medplus group)
to 'CRISIL BB+/Stable' from 'CRISIL BB/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          126      CRISIL BB+/Stable (Upgraded from
                                 CRISIL BB/Stable)

   Long-Term Loan        44      CRISIL BB+/Stable (Upgraded from
                                 CRISIL BB/Stable)

The rating upgrade reflects improvement in the Medplus group's
financial risk profile, supported by significant improvement in
the group's revenues and operating profitability. The group
registered revenues of around INR8.7 billion during 2012-13
(refers to financial year, April 1 to March 31), higher than
CRISIL's expectations. The growth in revenues is primarily driven
by stabilisation of operations at the group's retail outlets and
increased revenue per store. Furthermore, the group has also been
prudent in its expansion activities, focusing more on
consolidating its operations at its existing retail outlets.
Consequently, the group's operating profitability was also higher
than CRISIL's expectations during 2012-13. The higher than
expected improvement in operating profitability led to an
improvement in the company's networth levels and hence its capital
structure. Medplus group's liquidity continues to remain adequate
aided by healthy cash accruals to meet its maturing term debt
repayment obligations and prudent bank limit utilisation.

The rating continues to reflect the benefits that the Medplus
group derives from the established market position of its Medplus
brand in the organised pharmacy retail segment and its healthy
scale of operations. The rating also factors in the benefits that
the group derives from its backward integration in the pharmacy
retailing value chain. These rating strengths are partially offset
by the Medplus group's moderate financial risk profile, and its
exposure to risks associated with its low vintage outlets

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RPRPL, its associate entity Optival
Health Solutions Pvt. Ltd (OHSPL), and their holding company,
Medplus Health Services Pvt Ltd (MHSPL). This is because the three
entities derive business synergies from each other, and have
common ownership and fungible cash flows.

Outlook: Stable

CRISIL believes that Medplus group will continue to benefit over
the medium term from its established pan-India presence in the
pharmacy retail distribution segment. The outlook may be revised
to 'Positive' if the group increases its scale of operations and
operating profitability on a sustained basis, leading to
improvement in its credit risk profile. Conversely, the outlook
may be revised to 'Negative' if the Medplus group continues to
incur operating losses because of its delay in stabilising
operations at its retail outlets, or if the group undertakes a
larger-than-expected debt-funded capital expenditure programme,
thereby deteriorating its financial risk profile

RPRPL, established in 2010, is part of the Medplus group which
also contains OHSPL and MHSPL. The group is involved in wholesale
and retail distribution of pharmaceutical and personal care
products through its retail outlets under the Medplus brand. The
group is promoted by Dr. Madhukar Gangadi.


SARVHIT TRUST: ICRA Reaffirms 'BB-' Rating on INR30.5cr Loans
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB-/[ICRA]A4' ratings for the INR42.5
crore bank facilities of Sarvhit Trust. The outlook on long term
rating is "stable".

                        Amount
   Facilities        (INR crore)    Ratings
   -----------       -----------    -------
   Term Loans           30.50      [ICRA]BB-, Stable Reaffirmed

   Over Draft           12.00      [ICRA] A4 Reaffirmed

The rating reaffirmation considers Shridhar University's (operated
by Sarvhit Trust) healthy ramp-up in scale of operations leading
to a steady growth in Operating Income (OI) within four years from
inception and healthy operating profitability leading to healthy
coverage indicators. Being a university, it has flexibility in
addition of new courses and seats that provides visibility for
moderate revenue growth in future. However, the ratings are
constrained by the limited track record and lumpy nature of the
fee receipts which can result in cash flow mismatch regarding
meeting its debt service obligations especially in the backdrop of
significant term loan repayments due in the medium term. The
trust's ability to maintain its financial risk profile as it plans
a debt funded capex and manage its cash flows would remain key
rating sensitivities.

Sarvhit Trust was established in January 2008, and operates
Shridhar University, which is a full-fledged, autonomous state
university established under the Section 2(f) of the UGC Act,
1956. The University is spread over 60 acres area, located at
Bigonda (on Jaipur-Pilani State Highway). The university started
its operations in 2009, when its first batch was admitted. At
present, the university has more than 5,000 students on its
campus, and offers large number of courses including graduation,
post-graduation and doctorate programs in engineering, science,
management and commerce. The trust is being operated by Mr. Vijay
Pal Yadav, who has diverse work experience in UP State services,
Infrastructure development and commercial farming.

Recent Results

Sarvhit Trust reported Profit After Tax (PAT) of INR23.7 Crore on
an operating income of INR39.9 Crore during 2012-13 as per
provisional financials.


SCIENTECH TECH: ICRA Suspends BB+ Rating on INR9.6cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]BB+' Stable, [ICRA]A4+ ratings assigned
to the INR9.6 Crore bank facilities of Scientech Technologies
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SHIVAKRITI INT'L: ICRA Reaffirms 'BB' Rating on INR13cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the INR13
crore fund based facilities of Shivakriti International Limited.
The long term rating carries a stable outlook. ICRA has also
reaffirmed the short term rating of '[ICRA]A4' assigned to the non
fund based facilities of SIL.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund Based Limits         13     [ICRA]BB(Stable)(Reaffirmed)
   Non-Fund Based Limits     62     [ICRA]A4 (Reaffirmed)

The rating draws comfort from long experience of the promoters in
the field of railway infrastructure, established relationship with
clients and strong order book position of the company leading to
healthy revenue visibility in the medium term. The rating also
draws comfort from favorable capital structure of SIL
characterized by gearing and interest coverage of 0.43 times and
2.51 times as on March 2013.

The rating is however constrained by decline in operating income
in FY13 on account of slow moving orders due to delays in land
acquisition; however with the same being completed now, the
progress on the projects is expected to gather pace. ICRA also
notes that major portion of order book is constituted by a single
project involving significant land acquisition, hence exposing the
company to high project concentration and execution risks. The
rating is also constrained by exposure of SIL to fluctuations in
raw material prices due to absence of raw material price
escalation clause in the contracts entered into by SIL.

Going forward, ability of the company to achieve revenue growth
while maintaining its profitability and capital structure will be
the key rating sensitive factors.

Shivakriti International Limited was incorporated in 2005 by Mr.
S.D. Sharma, who was previously associated with Kalindee Rail
Nirman (Engg) Private Limited as a director. The company got its
first order and started operations in 2008.SIL is an ISO 9001:2008
certified company engaged in the civil engineering works and
undertakes various projects relating to construction of railway
sidings, track linking and signaling & telecommunication work for
Indian Railways and other private companies. The company has its
head office in Jaipur (Rajasthan) and branch office in Gurgaon
(Haryana).

The company is currently managed by Mr. S.D Sharma who looks after
the overall management of the company and his son Mr. Aditya
Awasthi who handles the marketing activities of the firm.

Recent Results

For the period 2012-13, the company has reported net profit of
INR2.71 crore on an operating income of INR56.60 crore as compared
to net profit of INR3.28 crore on operating income of INR64.18
crore for 2011-12.


SHIVAM RICE: CRISIL Raises Ratings on INR62.3MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shivam
Rice Mills Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.3      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             26.4      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term      12.2      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan               23.7      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects SRMPL's track record of timely debt
repayment over the past five months. CRISIL believes that the
company's liquidity will improve over the medium term due to the
absence of any large debt-funded capital expenditure (capex).
CRISIL also believes that SRMPL will continue to service its bank
borrowings in a timely manner over this period.

The ratings reflect SRMPL's modest scale of operations in the
highly fragmented rice industry, and its susceptibility to
regulatory changes and to fluctuations in raw material prices. The
ratings also factor in the company's moderate financial risk
profile, marked by a modest net worth, high gearing, and below-
average liquidity. These rating weaknesses are partially offset by
the extensive industry experience of SRMPL's promoters.

Outlook: Stable

CRISIL believes that SRMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports better-than-expected revenues or profitability, resulting
in higher cash accruals and hence to an improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
SRMPL has larger-than-expected debt-funded capex, leading to
deterioration in its capital structure, or if its revenues or
profitability margins decline substantially, resulting in pressure
on its liquidity.

Incorporated in 2009, SRMPL is engaged in milling and processing
of paddy into par boiled rice, raw rice, and broken rice.
Currently, the company has an installed paddy milling capacity of
5 tonnes per hour at its rice mill in Siliguri (West Bengal).
SRMPL is promoted by the Agarwal family.

SRMPL, on a provisional basis, reported a profit after tax (PAT)
of INR3.7 million on net sales of INR206 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR2.8 million on net sales of INR175 million for 2011-12.


SIDVIN CORE-TECH: ICRA Reaffirms 'BB' Rating on INR11cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB' to the INR11 Crore
(enhanced from INR9.00 crores) bank lines of Sidvin Core-tech
India Private Limited. The outlook on the long term rating is
Stable.

                        Amount
   Facilities         (INR crore)    Ratings
   -----------        -----------    -------
   Long term-Fund        11.00       [ICRA]BB (stable)
   based                             reaffirmed

Rating Rationale

The reaffirmation of rating takes into account the strong
relationship of SCIPL with its main customer-Single Buoy Moorings
Inc (SBM)-a global leader in Floating Production Storage and
Offloading (FPSO) design, commissioning and ownership. The rating
also factors in the high entry barrier in the core business of the
company (FPSO) which results in healthy profitability of SCIPL,
the developed man power expertise and design systems of the
company and its good working capital management owing to the
monthly billing cycle, systematic invoice approval process and
timely realization from customers.

However, the rating is constrained by SCIPL's moderate scale of
operations and low annualized revenue growth over last few years
owing to the company's presence in a niche business. Further given
the high proportion of fixed costs in the overall cost structure
of the company, SCIPL's revenues and profitability remains exposed
to the risks of limited diversification, limited number of orders
in a year in the industry and high susceptibility to global
economic conditions. The rating also reflects the fall in
operating profitability in FY 2013 due to purchase of software and
net profitability due to extraordinary expenses (of INR2.21 Cr)
following change in accounting policy on amortization expenses.
ICRA also takes note of the capital expenditure being undertaken
by the company to set up a second unit in anticipation of new
orders. Going forward, the ability of the company to secure fresh
orders, diversify its client base and maintain its capital
structure while funding its impending capex plan are the key
sensitivity factors.

Sidvin Core-tech India Private Limited was incorporated in 2000 in
Bangalore. It specializes in process plant designs and has worked
extensively in floating production storage and offloading (FPSO)
system design. SCIPL works closely with Single Buoy Moorings Inc
(SBM), Morocco based global leader in FPSO systems. It has also
worked with SBM for about five years and has executed multiple
orders. SCIPL presently has about 110 engineering employees and
operates out of a 10,000 sq ft area.

In FY 2013, SCIPL reported net profit of INR0.76 Cr on an
operating income of INR26.48 Cr as against net profit of INR0.85
Cr on an operating income of INR16.44 Cr in FY 2012.


SIMOCO TELECOM: CRISIL Suspends 'D' Ratings on INR360MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Simoco
Telecommunications (South Asia) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              277      CRISIL D Suspended
   Letter of Credit          83      CRISIL D Suspended

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


SIMPLEX CHEMOPACK: CRISIL Suspends 'BB-' Cash Credit Rating
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Simplex
Chemopack Pvt Ltd's.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           76.2      CRISIL BB-/Stable Suspended

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

SCPL was acquired by the Sarda family from the Nagpur
(Maharashtra)-based Mr. Mahesh Shah in 2000. It manufactures PP
and HDPE sacks and fabrics.

The company is currently managed by Nagpur-based Mr. Damodar Sarda
and members of his family. The overall operations of the company
are managed by Mr. Damodar Sarda along with his two sons, Mr.
Gaurav Sarda and Mr. Kunjan Sarda. The company's unit in Nagpur
has a capacity of 4800 tons per annum (tpa) of PP/HDPE tapes and
3600 tpa of woven sacs and fabrics. The management is in the
process of augmenting the production capacity to around 7200 tpa
of PP/HDPE tapes and around 7000 tpa of woven sacs and fabrics.


SOUTH INDIAN FILM: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of The South Indian
Film Chamber of Commerce continues to reflect SIFCC's limited
track record in the commercial real estate segment and its
exposure to commercialisation risks relating to Phase II of its
project of constructing theatres. These rating weaknesses are
partially offset by the steady cash flows from the organisation's
existing property, advantageous location of its property, and its
moderate financial risk profile, marked by low gearing and healthy
debt protection metrics.

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

Outlook: Stable

CRISIL believes that SIFCC will continue to benefit over the
medium term from the expected stable revenue stream in the form of
lease rentals, given its prime location. The outlook may be
revised to 'Positive' if the organisation increases its revenues
significantly post completion of Phase II, or through higher-than-
expected escalation in its lease rates, resulting in improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' in case of a time or cost overrun in SIFCC's ongoing
project or unexpected termination of its rental agreements,
leading to decline in its cash flows, or if there are significant
delays in receiving rent, leading to pressure on its liquidity.

SIFCC is a South-Indian film producers, studio owners,
distributors, and exhibitors association, headquartered in Chennai
(Tamil Nadu). It consists of the Andhra Film Chamber of Commerce,
Karnataka Film Chamber of Commerce, Kerala Film Chamber of
Commerce, and the Tamil Nadu Film Chamber of Commerce. SIFCC was
inaugurated in 1938.


SREE PAVAN: ICRA Suspends 'D' Ratings on INR15cr Loans
------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR10.0 crore,
long term fund based facilities and the INR5.0 crore, short term,
non-fund based facilities of Sree Pavan Traders. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SRI BALAJI: ICRA Suspends 'B-' Rating on INR7cr LT Cash Credit
--------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to the INR7.00 crore
cash credit facilities of Sri Balaji Cotton Agro Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long term, fund           7.00       [ICRA]B- Suspended
   based limits-
   Cash Credit

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Sri Balaji Cotton Agro Industries is engaged in cotton ginning and
pressing with the product mix of cotton bales and cottonseed. It
has its production facilities at Nirmal Road, Bhainsa, Adilabad
District of Andhra Pradesh. The plant has 30 DR gins with a total
annual capacity of 42,000 bales. The firm is a partnership between
the members of the Mandhani family viz; Mr. Ramnaresh Mandhani,
Mr. Harish Mandhani, Mrs. Shobhadevi Mandhani and Mrs. Anita
Mandhani.


SUYASH POLYMER: ICRA Places 'B+' Ratings on INR4.46cr Loans
-----------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR3.60 crore cash
credit and INR0.86 crore term loan facilities of Suyash Polymer.
ICRA has also assigned the '[ICRA]A4' rating to the INR0.13 crore
short term non fund based bank guarantee of SP.

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long Term, Fund          3.60       [ICRA]B+ Assigned
   Based Limits-
   Cash Credit              

   Long Term, Fund          0.86       [ICRA]B+ Assigned  
   Based Limits-
   Term Loan                

   Short Term, Non-         0.13       [ICRA]A4 Assigned
   Fund Based Limits-
   Bank Guarantee          

The assigned ratings favourably factor in the long standing
experience of promoters in the industry, established marketing
networks in Maharashtra and adjoining states and favourable demand
prospects of disposables industry. The assigned ratings, however,
remain constrained by stretched accruals owing to constrained
margins and working capital intensive nature of the business
resulting in stretched capital structure and weak coverage
indicators. The ratings are also constrained by small scale of
operations, and susceptibility of margins to raw material price
fluctuations which can be partially passed on to its clients. ICRA
has taken a consolidated view of SP and the three other companies
viz. Brajesh Packaging Private Limited (BPPL), Radhika Packaging
Private Limited and Harshita Polypack (HP) (together referred to
as the Dammani Group while arriving at ratings, as the group
companies derive significant business synergies from each other.

HP is a part of the Dammani group with group interest in
polypropylene (PP) strap, strap machine and disposable cups
manufacturing. RPPL is engaged in manufacturing of PP disposable
cups and markets it under the brand "Novastrap". The group
manufactures more than 150 variants of disposable cups and markets
them through a network of ~100 dealers spread across Maharashtra,
Rajasthan, Chhattisgarh and Madhya Pradesh. Around 90% of total
revenue is generated through traders and remaining ~10% is
generated through institutional clients who include local dairies
and ice cream manufacturers.

Incorporated in 1978, Suyash Polymer (SP) is the flagship company
of the Dammani group engaged in manufacturing of polypropylene
disposable cups. Mrs. Radhika Neelesh Dammani is the proprietor of
the firm while the affairs of the group are collectively managed
by Mr. Neelesh Dammani and Mr. Nitin Dammani.


TEJORA TECHNOLOGIES: CRISIL Reaffirms BB Rating on INR150MM Loan
----------------------------------------------------------------
The rating continues to reflect CRISIL's expectation that Tejora
Technologies Limited revenue growth will remain subdued due to the
overall slowdown in demand. and the margins will remain under
pressure over the medium term with.  The depreciation in the rupee
leading to increase in the cost of imported components will also
add to the pressure on margins.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           150      CRISIL BB/Stable (Reaffirmed)

The stretch in Tejora's working capital cycle which is expected to
continue over the medium term resulting in higher reliance on bank
facilities to fund the working capital gap. The GCA increased to
around 170 days as on March 31, 2013 from 88 day as on March 31,
2013 as a result of the stretch in debtors to around 158 days (64
days in 2011-12). The high working capital requirements has led to
higher reliance on debt with bank limits increasing to INR150
million in April 2013 from INR85 million earlier. The liquidity of
Tejora is likely to be under pressure on account of these
challenges. The higher borrowings and lower margins are expected
to lead to marginal increase in gearing to around 1 times by March
31, 2013 from around 0.67 times as on March 31, 2013 and decline
in interest coverage to around 3 times in 2013-14 compared to 4.05
times in 2012-13. Nonetheless its financial risk profile is
expected to remain moderate over the medium term.

CRISIL has downgraded its ratings on the bank facilities of
Tejora's to 'CRISIL BB/Stable' from 'CRISIL BB+/Stable' on
September 23, 2013.

The rating reflects Tejora's promoters' extensive experience in
the IT services industry, and its moderate financial risk profile
marked by moderate gearing and debt protection metrics, albeit on
a modest net worth base. These rating strengths are partially
offset by Tejora's modest scale of operations, with an evolving
business model and service-mix, volatile profitability, and
working-capital-intensive operations.

Outlook: Stable

CRISIL believes that Tejora will continue to benefit from the
extensive experience of its promoters in the IT services industry.
The outlook may be revised to 'Positive' if there is significant
and sustainable improvement in Tejora's scale of operations while
improving its margins and maintaining a healthy capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company faces slowdown in order inflow, a further decline in its
margins, or a stretch in receivables position.

Tejora was originally incorporated as RT Engines Software Pvt Ltd,
a private limited company in 2003 by Mr. Haridas R Shenoy and his
son, Mr. Nitin H Shenoy. In 2011, it was reconstituted as a public
limited company and its name was changed to the current one.
Tejora is headquartered in the IT-BPO hub of Mumbai at Mindspace,
Goregaon. A significant proportion of Tejora's revenues in 2012-13
were derived from system integration services in India. Tejora
also provides outsourced software development services for mobile
application, telecom, voice-over internet protocol, and social
networking sites. Over the years, Tejora has also developed radio
frequency identification - intellectual property right, and sold
it as software-as-a-service through a re-seller agreement in the
UAE. Recently, Tejora has added a business line of reselling
software in Asia, mainly in the banking, financial services and
insurance vertical. Mr. Nitin Shenoy oversees the day-to-day
operations. The company currently has employee strength of around
60 people, mainly consisting of technical staff of engineers and
other IT professionals.

For 2012-13 (refers to financial year, April 1 to March 31),
Tejora reported, on a provisional basis, a profit before tax (PBT)
of INR1.33 million on operating income of INR1.8 billion, against
a PBT of INR19.9 million on operating income of INR918.7 million
for 2011-12


THOMSON RUBBERS: CRISIL Reaffirms 'BB-' Ratings on INR250MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Thomson Rubbers India
Pvt Ltd continue to reflect TRI's established market position in
the rubber trading business backed by its promoters' extensive
industry experience.

                          Amount
   Facilities           (INR Mln)  Ratings
   ----------           ---------  -------
   Bank Guarantee           1.5    CRISIL A4+ (Reaffirmed)

   Cash Credit            100.0    CRISIL BB-/Stable (Reaffirmed)

   Cash Credit             50.0    CRISIL BB-/Stable (Reaffirmed)

   Export Packing         220.0    CRISIL A4+ (Reaffirmed)
   Credit

   Foreign Bill            30.0    CRISIL A4+ (Reaffirmed)
   Discounting   

   Letter of Credit       100.0    CRISIL A4+ (Reaffirmed)

   Proposed Long-Term     100.0    CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility               

This rating strength is partially offset by TRI's below-average
financial risk profile, marked by high gearing, small net worth,
and weak debt protection metrics, and its susceptibility to
volatility in rubber prices and intense competition in the
fragmented rubber trading industry.

Outlook: Stable

CRISIL believes that TRI will continue to benefit from its
promoters' extensive experience in the rubber trading business.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure and debt protection
measures. Conversely, the outlook may be revised to 'Negative' if
the company undertakes a large debt-funded capital expenditure
programme or in case of a sharp decline in its revenues, impacting
its financial risk profile.

Incorporated in 2004 and based in Kanjirappally (Kerala), TRI
processes and trades in natural rubber and latex products.
Centrifuged latex finds application in dipped goods (medical and
surgical items, household and industrial gloves, boots, and
balloons), while natural rubber finds use in the manufacture of
tyres. TRI is promoted by Mr. M T Thomas and his brother Mr. M K
Mathew.


TRANS TYRES: ICRA Reaffirms 'BB' Ratings on INR14.63cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR14.63 crore long-term facilities of Trans Tyres (India) Private
Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR10.37 crore short-term facilities of TTIPL
(including 6.25 crore short-term fund based limits which is
sublimit of CC). The outlook on the long-term rating is "stable".

                           Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term, Fund-          9.00      [ICRA]BB (stable)
   based limits                        reaffirmed
   (Cash Credit)

   Long-term, Fund-          5.13      [ICRA]BB (stable)
   based limits                        reaffirmed
   (Term Loan)

   Long-term, Non            0.50      [ICRA]BB (stable)
   Fund-based limits                   reaffirmed
   (Term Loan)

   Short-term, Fund         (6.25)     [ICRA]A4 reaffirmed
   based limits

   Short-term, Non           10.37     [ICRA]A4 reaffirmed
   Fund based limits

The ratings reaffirmation continues to factor in the long track
record of the promoters in tyre trading business and the
established business relationship with international suppliers
such as Hankook Tyre Company (Hankook - Korea) and Hangzhou
Zhongce Rubber Co. Ltd. (Hangzhou - China). Despite the sharp fall
in rupee value, TTIPL's trading margins have been protected due to
the aggressive pricing policy adopted by its Chinese and Korean
suppliers who have significantly reduced prices to remain
competitive.

The ratings are however constrained by the company's small scale
of operations, susceptibility of the business to changes in
government policies and the stretched capital structure
characterised by high leverage and weak coverage indicators. The
company also faces high supplier concentration risk with top three
suppliers accounting for 85% of total purchases. High dependence
on imports also exposes TTIPL to currency risk; however, the risk
is mitigated to some extent by entering into forward contract
covering significant portion of import payables.

Trans Tyres (India) Private Limited was initially floated as a
partnership firm in 2003 in the name of Trans (India).
Subsequently, it got converted into a private limited company in
January, 2006 and was renamed as Trans Tyres (India) Pvt. Ltd. The
company is the largest importer of Radial Tyres in India.
Initially, TTIPL was an importer of Chinese radial tyres from a
single supplier Hangzhou Zhongce Rubber Co. Over the years, it has
diversified by importing radials from South Korea too. The company
is the sole distributor of Hankook Tire Co. Ltd. in India (8th
largest in the world). TTIPL is entirely in the replacement
segment which is characterised by relatively higher margins.
Recently, the company has launched its own brand of T&B radial
tyres Ultramile. TTIPL does not have any production facility and
outsources manufacturing to Chinese manufacturer Shandong Yinbao
Tyre Group Co. Ltd. The company has more than 100 customers across
India comprising of traders, dealers, sub dealers, retailers and
fleet operators.

Recent results:

As per its unaudited results for FY 2013, TTIPL reported profit
before tax of INR0.68 crores on an operating income of INR48.56
crores.


WINSOME TEXTILE: ICRA Raises Ratings on INR342.93cr Loans to 'BB'
-----------------------------------------------------------------
ICRA has upgraded the long term rating of '[ICRA]BB-' to
'[ICRA]BB' to INR283.62 crore term loan, INR58.99 crore fund based
limits and unallocated limits of INR0.32 crore of Winsome Textile
Industries Limited. ICRA has also upgraded the short term rating
from '[ICRA]A4' to '[ICRA]A4+' for INR89.03 crore short term fund
based limits and INR81.04 crore non fund-based bank limits of
WTIL. The outlook on long term rating is stable.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Term loans             283.62      [ICRA]BB (stable), upgraded
   Fund Based Limits       58.99      [ICRA]BB (stable), upgraded
   Unallocated              0.32      [ICRA]BB (stable), upgraded
   Fund Based Limits       89.03      [ICRA]A4+, upgraded
   Non-Fund Based Limits   81.04      [ICRA]A4+, upgraded

The upward revision in the ratings reflect improvement in the
operating and financial performance of the company, whereby it
completed major capacity addition programme, amid the upturn in
the spinning industry, which in ICRA's view shall result in
further improvement in financial performance in FY14. WTIL already
witnessed an improvement in revenues and profitability in FY2013
on the back of improved demand for cotton yarn and limited
increase in cotton prices. The ratings are also supported by
established market presence and focus on value added products in
the form of dyed yarn, melange yarn, blended yarn etc which have
also resulted in better profitability margins than industry
averages. With the commissioning the additional spinning
capacities in FY14, ICRA expects the revenue to grow further and
profitability to be supported by increased share of value added
products like knitted fabric where the company added knitting
capacity in FY14. Upturn in spinning sector coupled with increased
sales volume shall also result in higher accruals and hence
improvement in the debt coverage indicators. The ratings however
continue to remain constrained on account of leveraged capital
structure owing to recent completion of debt funded capital
expenditure as well as high working capital requirements. Given
its leveraging and sizeable repayment obligations, the company
will continue to remain exposed to cyclicality in spinning sector,
whereby any adverse regulatory change can adversely impact the
debt servicing ability of the company. The rating also factors in,
the vulnerability of WTIL's earnings in near term to any adverse
policy decision by China on its cotton procurement policy, whereby
China has imposed 40% import duty on cotton imports and also
offering high support prices for cotton to its farmers. As a
result of high domestic cotton prices as well as high import duty
on cotton in China, Indian mills have seen a strong demand for
cotton yarn from China whereas the cotton exports to China
remained subdued. With subdued cotton exports, the Indian mills
have witnessed a limited increase in cotton prices in relation to
increase in yarn prices and hence the profitability will remain
susceptible to China's policy on release of cotton reserves as
well as domestic cotton prices. Further, ICRA also notes, that
Cotton yarn being a commoditised product and spinning business is
highly competitive owing to its fragmented nature will remain as
key deterrent for sustaining high levels of profitability in long
term. Since WTIL derives 30% of its revenues through exports, the
depreciation of Indian Rupee (INR) is expected to be beneficial in
near term; however its earnings will remain exposed to movement in
foreign exchange rates.

Going forward, ICRA expects WTIL's profitability and cash accruals
from operations in near term to be supported by buoyancy being
witnessed in cotton yarn prices, however it will remain highly
susceptible to policy level changes related to yarn trade.
However, any sharp weakening in profitability levels or immediate
announcement of further debt funded capital expenditure will
remain as key rating sensitivities.

Winsome Textile Industries Limited was promoted by Mr. S C
Bagrodia and his associates in 1980 for setting up a spinning unit
at Baddi, Himachal Pradesh. The company started commercial
production of cotton yarns in June 1983 with an installed capacity
of 16,400 spindles for manufacturing cotton and synthetic yarns.
Periodically, WTIL expanded and modernised its capacity and
currently has installed capacity of 105,696 spindles, yarn/fibre
dyeing capacity of 26 tons per day and knitting capacity of 6MT
per day. The company manufactures wide variety of yarn including
100% cotton as well as cotton blends with viscose / polyester /
acrylic / linen / modal / wool / silk in raw white, melange and
solid dyed suitable for domestic markets & for direct exports to
Europe and USA.

Recent Results

The company posted revenues of INR99.74 crore in Q1 FY2014
compared to INR81.77 crore in Q1 FY2013 and profit after tax of
INR4.41 crore compared to INR2.76 crore in Q1 FY2013.


* INDIA: Sugar Mills Face Wider Losses as Elections Loom
--------------------------------------------------------
Pratik Parija & Prabhudatta Mishra at Bloomberg News report that
Sugar mills in India, the world's biggest producer after Brazil,
are facing wider losses as the government prods them to pay more
for cane in a bid to woo farmers before elections.

A glut of the sweetener has caused prices to slide to a 15-month
low, prompting factories in the top two states accounting for 65
percent of the nation's output to sell below cost, Abinash Verma,
director general of the Indian Sugar Mills Association, said,
notes the report.

Mr. Verma said losses at mills may mount if cane prices are raised
for the crushing season starting this month, Bloomberg relates.

According to the report, producers are reeling under a rule that
allows states to fix cane rates to help about 50 million farmers,
a powerful voting bloc, earn more. Bajaj Hindusthan Ltd., the
biggest producer, reported a record loss in the three months to
June 30, while Balrampur Chini Mills Ltd. (BRCM) posted its first
loss in four quarters, Bloomberg disclsoes.  A shortage of working
capital may force mills to delay crushing in Uttar Pradesh state,
the nation's biggest grower, Mr. Verma, as cited by Bloomberg,
said.

"There's cash loss in running the mills and I don't have the
ability to operate," Vivek Saraogi, managing director of Balrampur
Chini, told Bloomberg in a phone interview. "Unreasonably high
cane price, falling sugar prices, higher stocks with prospects of
a large production owing to good monsoon have led all bankers to
withdraw loan limits to Uttar Pradesh mills."



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


ALBANY HEIGHTS: SFO Confirms Ongoing Probe Into Possible Fraud
--------------------------------------------------------------
The Serious Fraud Office (SFO) has confirmed that an investigation
is under way into a residential property development on the North
Shore, Auckland. The development companies included Albany Heights
Villas Limited and Hunter Gills Road Limited.

The investigation is being conducted under Part I of the Serious
Fraud Office Act, meaning the Director has reason to suspect that
an investigation into the affairs of any person may disclose
serious or complex fraud.

Both companies went into liquidation without the project being
completed. The land has now been sold to new developers.

Recent media reports have highlighted investors' angst at how
their funds have been dealt with. The investigation involves
allegations that these funds were not held in trust as they had
believed they would be, as well as allegations of misleading
statements by the developers.

Acting Chief Executive of SFO, Simon McArley, confirmed that many
of the investors reside outside of New Zealand and the terms of
the agreements differ between investors.

"The legal structures of the investments offered are extremely
complex. Our first task has been to get to the bottom of the legal
implications of those agreements. Whether there is potential for
criminal offending to be an issue will depend largely on the
outcome of that analysis," he said.

He also suggested that anyone considering payment of a substantial
deposit in relation to a property that had not yet been built
should take care to confirm the basis on which that money is held,
and the use it could be put to pending completion of the
development.

"We saw issues relating to the use of deposits in the Blue Chip
investigation, and in that case the legal structure provided no
limitation on the use of that money, and little or no protection
to purchasers when the developments failed to materialise,"
Mr. McArley said.


INDEPENDENT FISHERIES: May Close Christchurch Plant, Shed Jobs
--------------------------------------------------------------
Intense competition from heavily discounted foreign-sourced
product in its key markets has forced Christchurch-based fishing
company Independent Fisheries Ltd to consider the future of its
Woolston processing facilities.

"A proposal under review is for the possible closure of the plant,
with about 200 jobs affected," the company said in a statement.

Announcing the review to staff at IFL's premises today, General
Manager Mark Allison said the move was the result of fierce
competition in the market from mainly Asian-sourced processed fish
products of similar quality at much lower prices. This has caused
a sharp decline in sales over the last three years.

The market issues were compounded by damage to the Woolston
facilities resulting from the Canterbury earthquakes.

"We understand the concern that this announcement will cause for
our staff, many of whom have been with us for a considerable time.
We will be consulting with them and their representatives.

"We want to ensure that Independent Fisheries continues as a
viable company making a valuable contribution to the Canterbury
economy, but it is clear that we cannot do so under our current
structure.

"We hope to be in a position to announce the outcome of the
consultation process on November 8."

Independent Fisheries Ltd is a privately-owned company, whose
Woolston plant produces crumbed and battered fish products.
Other parts of the company will not be affected by the review.


LANE WALKER: Director Pleads Guilty to Fraud Charges
----------------------------------------------------
Kenneth James Anderson (66) has entered guilty pleas in the
Christchurch District Court on Oct. 14, 2013, to charges laid by
the Serious Fraud Office (SFO). The charges arose out of the
collapse of Canterbury clothing manufacturer, Lane Walker Rudkin
Industries (LWR) in 2009.

Mr. Anderson was the director of LWR. He pled guilty to three
representative charges brought under the Crimes Act of dishonestly
using a document. The charges relate to provision of false
financial statements which were used to obtain and retain lending
facilities from Westpac New Zealand Limited.

He also pled guilty to a further representative charge relating to
the use of false documentation to obtain funds under a letter of
credit facility provided by Westpac.

Mr. Anderson and another individual were charged in July 2011.

SFO Acting Director, Simon McArley, said that Mr Anderson's
actions had a profound effect on the region at the time.

"LWR employed many staff and enjoyed an international reputation.
The scale and impact of Mr Anderson's fraud was extensive. SFO are
pleased to bring some closure to his involvement in this
investigation," he said.

The remaining defendant continues to face charges and a trial
commenced in the Christchurch District Court on October 14.

LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers.  The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank.  The company owes about
NZ$120 million to Westpac.

                         About Lane Walker

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.


NZF GROUP: Agrees to Sell Home Loans Stake, Notes For $1.25MM
-------------------------------------------------------------
Tina Morrison at BusinessDesk reports that NZF Group, whose
lending arm went into receivership in 2011 owing about
NZ$16.4 million, agreed to sell its stake in a home loans company
and other investments to Resimac Financial Services for
NZ$1.25 million, completing its asset sales programme.

The agreement would see NZF sell its 20 percent stake in Resimac
NZ Home Loans, which it considers to have a nominal value, to
Resimac Financial Services, which owns the remaining 80 percent of
the company, BusinessDesk relates.

As part of the deal, NZF said it also plans to sell Resimac
Financial subordinated notes in a securitisation trust with a face
value of NZ$2 million, according to the report.  NZF has written
down the value of the notes to $1.25 million to reflect the sale
value, it said.

BusinessDesk adds that NZF said it plans to release its 2013
annual report soon. Shares in the financial services company were
suspended from trading in July after it failed to provide its
annual report on time. The company's stock last traded on June 25
at 1.2 cents a share, the report notes.

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.



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


VIVA INDUSTRIAL: S&P Assigns Prelim. 'BB+' CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
preliminary 'BB+' long-term corporate credit rating to Viva
Industrial REIT (VI-REIT), a Singapore-based industrial REIT.  The
outlook is stable.  S&P also assigned its preliminary 'axBBB+'
long-term ASEAN regional scale rating to the REIT.

The preliminary rating is contingent upon Viva Industrial Trust's
IPO and VI-REIT acquiring properties from developers such as
United Engineers Developments Pte. Ltd. (UED).  S&P assess the
REIT's business risk profile as "fair" and its financial risk
profile as "intermediate."

VI-REIT will have a small and highly concentrated portfolio
dominated by business parks.  Two business parks will represent
96% of the portfolio. Of the two business parks, UE Bizhub EAST
(which includes a hotel component) will account for 70% of the
portfolio as of April 2013.

"VI-REIT's limited asset diversity with reliance on a single
asset--UE Bizhub EAST--exposes it to event risk from competition,
which could prevent rental rates from rising to support the
valuation of the REIT's assets," said Standard & Poor's credit
analyst Yuehao Wu.  "The REIT's limited asset scale and low
occupancy rates also constrain its business risk profile."

S&P believes higher occupancy rates and rental support to enhance
UE Bizhub EAST's asset value over the next two years are critical
for the REIT to maintain its credit profile.  Such an improvement
could validate the trust's ability to support above-average
profitability and intermediate credit metrics.

S&P expects VI-REIT's ratio of funds from operations to debt to
stay at 12%-14% and its debt-to-EBITDA ratio to be about 6.5x-
6.8x, levels that S&P considers commensurate with an intermediate
financial risk profile.  S&P anticipates that the leverage (ratio
of debt to assets) will stay at 41%-42% in the next 18-24 months,
compared with the company's stated financial policy of maintaining
leverage below 40%.

The limited representation of free-floating stapled securities in
the proposed capital structure may limit VI-REIT's growth
aspirations, in S&P's opinion.

A five-year bank guarantee tempers the counterparty risk in UED's
rental support.  Nevertheless, as the bank guarantee will be
issued on an annual rolling basis, S&P believes UED's default on
rental support would be another event risk.

"The stable outlook reflects our expectation that occupancy rates
at UE Bizhub EAST will improve over the next 18-24 months and
reduce VI-REIT's reliance on UED's rental support," said Ms. Wu.
Standard & Poor's will consider such improvement as an indication
that the management can deliver on its operating strategy.  S&P
also anticipates that VI-REIT's leverage will stay above 40%
during this time, higher than the REIT's target peak.

S&P may lower the rating if: (1) VI-REIT faces headwinds in
leasing unoccupied space; (2) portfolio rentals are for short
durations or do not support the valuation of assets; or (3) VI-
REIT makes aggressive debt-funded acquisitions.

The probability for an upgrade is limited in the next 18-24
months, given VI-REIT's limited financial flexibility.  However,
S&P may raise the rating if: (1) the REIT improves its portfolio's
occupancy levels and boosts operating profitability on a stand-
alone basis; and (2) the REIT diversifies its asset base by
enlarging its property portfolio while maintaining financial
discipline.



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


STX PAN: Cuts Ship Orders to Save Cash Under Receivership
---------------------------------------------------------   
Kyunghee Park at Bloomberg News reports that STX Pan Ocean Co.,
South Korea's largest commodities shipping line, canceled some
ship orders as it seeks to revive operations under court
protection.

Contracts were canceled for four wood pulp-carrying ships and one
container vessel, helping pare investments by 21 percent to
US$827.2 million, the Seoul-based company said in regulatory
filings, according to Bloomberg News.  The commodity carriers were
ordered from STX Offshore & Shipbuilding Co.

Bloomberg News notes that Pan Ocean is working on a revival plan
to help raise funds after a slump in cargo rates caused losses and
prompted it to seek court protection in June.  The shipping line
sought the receivership after its main creditor and second-biggest
shareholder Korea Development Bank decided against buying the
company from debt-ridden STX Group, the report discloses.

Bloomberg News relates that Pan Ocean ordered 20 ships with STX
Offshore for US$1 billion in November 2010 to haul wood pulp for
Brazil's Fibria Celulose SA under a 25-year contract.  The
Brazilian company said in August it was in talks to renegotiate
the deal, the report notes.

STX Offshore was building the ships at its yards in South Korea
and China.  The shipbuilder has been restructuring its debt with
creditors since August as an excess capacity of ships led to a
drop in orders last year and an investment in its China yard
caused it to run out of cash.

                        About STX Pan Ocean

STX Pan Ocean Co. Ltd., the largest commodities carrier in South
Korea, filed a petition in New York on June 20, 2013, for
protection from creditors under Chapter 15 (Bankr. S.D.N.Y.
Case No. 13-12046).

The Debtor sought recognition of the company's bankruptcy
rehabilitation begun on June 7 in a court in Seoul.  The petition
was signed by You Sik Kim and Chun Il Yu, as the Seoul court
appointed administrators of STX.  Blank Rome LLP serves as U.S.
counsel for the administrators.  The bankruptcy was the result of
a decision by Korea Development Bank, the largest creditor and
second-biggest shareholder, not to buy the company.

The company disclosed assets of 6.88 trillion won ($5.59 billion)
and debt totaling 5.01 trillion won.

The U.S. Bankruptcy Court in New York has given STX preliminary
protection in the U.S.  In the Korean proceedings, the company
intends for creditors to exchange debt for stock.


TONG YANG GROUP: FSS to Check Money-Lending Unit
------------------------------------------------
Yonhap News Agency reports that the financial regulator is set to
inspect the money-lending arm of troubled Tong Yang Group over a
possible accounting fraud aimed at providing liquidity to its
cash-strapped affiliates, officials said October 11.

According to the report, FSS officials said the Financial
Supervisory Service (FSS) will ask the Korea Institute of
Certified Public Accountants (KICPA) to look into the books of
Tongyang Financial Services Corp. and see if it has abided by the
international accounting rules, otherwise known as the IFRS.

Yonhap notes that the probe comes as Tong Yang Group, the 38th-
largest family-run conglomerate in South Korea, has been dogged by
a liquidity crunch, with five of its affiliates placed under court
receivership after the firm defaulted on some
KRW110 billion (US$102.8 million) worth of debts that were to
mature on Sept. 30.

Yonhap says the FSS has begun an extensive probe into Tong Yang's
key financial arms, including the brokerage unit, for alleged
unfair trading and negligence of the owner family in the lead up
to the default.

But the local regulator is only authorized to investigate
financial companies that owe banks a certain amount of loans, or
that are listed on the stock market. It is thus planning to lodge
the inspection request at the KICPA for the unlisted Tongyang
Financial Services, FSS officials, as cited by Yonhap, added.

Tongyang Financial Services should have set aside the adequate
amount of reserves against potential loan losses from two of Tong
Yang Group's units -- Tongyang Leisure Co. and Tongyang
International Inc. -- that have now been filed for court
protection, the news agency relays.

Yonhap adds the FSS said suspicions have arisen that Tongyang
Financial Services may have deliberately inflated the two
affiliates' assets in a bid to qualify them for more loan
extensions. Both Tongyang Leisure and Tongyang International had
posted net negative worth at the time of the loan approvals,
Yonhap discloses.

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.


TONG YANG: FSS to Take Complaints as Collective Request
-------------------------------------------------------
Yonhap News Agency reports that the financial regulator said it
has decided to take individual complaints from Tong Yang Group
investors as a collective request as part of its probe into the
cash-strapped conglomerate.

The news agency relates that the Financial Supervisory Service
(FSS) was widely expected to accept the representative claim
lodged by more than 600 retail investors seeking compensation for
the losses from the default of Tong Yang Group, its officials with
knowledge on the matter said.

According to the report, the FSS said the FSS held a review
committee meeting earlier in the day to make a final decision on
whether to take the Tong Yang complaints as its first official
civil request. It will be run as a separate case on top of the
ongoing FSS probe into the Tong Yang units.

The decision to pursue the group complaints came as the liquidity
crisis of South Korea's 38th-largest conglomerate has left tens of
thousands of smaller investors to lose their sizable savings,
Yonhap notes.

Tong Yang Group filed for court receivership for five of its units
late last month after failing to repay some of its massive debts,
worth KRW110 billion (US$102.9 million) that came due at the end
of September.

Yonhap relates that local consumer advocate group Korea Financial
Consumer Agency, about 45,000 individuals have invested in Tong
Yang affiliates' debts such as commercial papers.

The collective request will be the first of its kind accepted by
the regulator since the FSS launched such a system early this year
aimed at bolstering consumer rights for individual financial
investors, the report says.

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.


* Liquidity Crisis at Big Firms Hampers Corporate Fund-Raising
--------------------------------------------------------------
Kim Yon-se at The Korea Herald reports that more companies are
likely to have difficulty in raising funds by issuing commercial
paper or bonds, as a huge portion of investors pull their
investment out of the corporate bond market in the wake of a
liquidity crisis among some conglomerates.

Over the past year, business groups such as Tong Yang, STX and
Woongjin undermined retail investors for an insolvent financial
status, according to the report.

The Korea Herald relates that investors for CPs and bonds issued
by the three conglomerates are estimated to have faced collective
losses of some trillion won.

The frozen corporate bond market is aggravating the financial
status of some conglomerates with relatively high debt-to-equity
ratios as well as putting the brakes on their fund-raising
activities, the report notes.

According to chaebul.com, bonds totaling KRW28.9 trillion
($26.2 billion) issued by Korea's 30 major conglomerates are
scheduled to mature between the fourth quarter of 2013 and the
fourth quarter of 2014, The Korea Herald reports.

Among them, the business groups will see their bonds worth
KRW9.7 trillion mature by the end of this year, the report relays.

The Korea Herald discloses that SK topped the list in holding
maturing bills before 2015 with KRW3.1 trillion, followed by
Hanjin with KRW2.5 trillion, Lotte with KRW2.2 trillion, Hyundai
Motor with KRW1.8 trillion, Doosan with KRW1.7 trillion and STX
with KRW1.6 trillion.

While some big conglomerates with financial soundness still have a
variety of chances in raising operating funds, more and more
investors are declining to purchase CPs and bonds issued by groups
that face increasing uncertainty, the report adds.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/


                             *********

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,
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***