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

                      A S I A   P A C I F I C

          Tuesday, October 29, 2013, Vol. 16, No. 214


                            Headlines


A U S T R A L I A

CUNIC CONSTRUCTIONS: 19 Jobs Slashed as Firm Enters Liquidation
MOWBRAY COLLEGE: Up to AUD280K Advance Fees Won't Be Repaid
PENNYTEL: MyNetFone to Pick Up Customers After Liquidation
SNOWGUM AUSTRALIA: Apparel Retailer Collapses Into Administration
WHITEHAVEN COAL: Wants Restructuring After Snafus at $735M Mine


C H I N A

SUNTECH POWER: Chinese Solar Firm Gets Approval to Buy Assets


I N D I A

ALFA FLEXITUBES: CARE Assigns 'BB-' Rating to INR1.5cr Loans
ALFA TRANSFORMERS: CRISIL Reaffirms 'D' Ratings on INR245MM Loans
ANEESH AHMAD: ICRA Lowers Ratings on INR9.63cr Loans to 'D'
ASSOCIATE LUMBERS: CRISIL Suspends 'BB-' Rating on INR600MM Loan
AUTO DYNAMIC: CRISIL Suspends 'BB' Rating on INR32.5MM Loans

BEST CHERAN: CRISIL Assigns 'B-' Ratings to INR331MM Loans
BHILAI INSTITUTE: CRISIL Cuts Rating on INR97.5MM Loan to 'D'
BRIJLAX MOTORS: CARE Rates INR7.25cr LT Bank Loans at 'B+'
CANARA JEWEL: CRISIL Assigns 'B' Ratings to INR125MM Loans
CHAMUNDA PHARMA: CARE Assigns 'B' Rating to INR5cr LT Loans

COLORS TELETECH: CRISIL Suspends B- Ratings on INR50MM Loans
DHAN STEELS: ICRA Suspends 'BB' Ratings on INR2cr LT Loans
EASTERN LOGICA: CRISIL Assigns 'BB+' Ratings to INR150MM Loans
EPITOME PETROPACK: ICRA Assigns 'BB' Ratings to INR33.26cr Loans
ESSAR STEEL: CARE Assigns 'C' Ratings to INR6,000cr LT Loans

GOODWILL AUTO: CRISIL Suspends 'B-' Ratings on INR65MM Loans
GOYAL ISPAT: CRISIL Assigns 'B' Ratings to INR156.8MM Loans
HANUMAN COTTEX: CRISIL Reaffirms 'B' Ratings on INR226MM Loans
JINDAL RICE: ICRA Assigns 'B-' Rating to INR13.32cr LT Loans
KAMARHATTY CO: CRISIL Reaffirms 'BB+' Ratings to INR245MM Loans

KARNIMATA COLD: CARE Rates INR8.34cr LT Bank Loans at 'B'
KATARIA CARRIERS: CRISIL Reaffirms BB+ Ratings on INR304MM Loans
KEERTHI INDUSTRIES: CARE Ups Ratings on INR48.18cr Loans to 'C'
KPG ENTERPRISE: CARE Reaffirms 'BB-' Rating on INR6cr Loans
LANDMARK ENGINEER: CARE Reaffirms 'B+' Rating on INR3cr Loans

LAXMI BUILDCON: CARE Rates INR9.9cr LT Bank Loan at 'BB-'
M. B. TIMBER: CARE Rates INR5cr Long-Term Bank Loans at 'BB'
MADHU JEWELLERS: CRISIL Suspends 'BB-' Rating on INR70MM Loan
MADRAS MEDICAL: ICRA Cuts Ratings on INR54.28cr Loans to 'D'
MUNJANI BOTHERS: CARE Ups Rating on INR83.15cr Loans to 'BB-'

N. K. PROTEINS: ICRA Downgrades Rating on INR74.5cr Loans to 'C'
NEMLAXMI BOOKS: ICRA Suspends 'B+' Rating on INR7cr LT Loans
NL ENGINEERS: CARE Assigns 'B+' Rating to INR11cr LT Loans
PUSHPAK COLOUR: CARE Rates INR6.5cr LT Bank Loans at 'B+'
R. S. ENTERPRISES: CRISIL Reaffirms B Ratings on INR230MM Loans

RADHESHYAM COTTEX: CARE Reaffirms 'B' Rating on INR7.67cr Loans
RAJU CONSTRUCTION: CRISIL Reaffirms BB Rating on INR80MM Loans
RELISYS MEDICAL: CRISIL Ups Ratings on INR140.6MM Loans to 'B-'
RISHI CONSFAB: CARE Cuts Rating on INR6.96cr Loans to 'B'
SAKSHI AUTO: CRISIL Reaffirms 'D' Ratings on INR100MM Loans

SHREE DATT: CRISIL Suspends 'D' Ratings on INR268.5MM Loans
SHREE RADHEYSHYAM: CRISIL Assigns 'B+' Ratings to INR175MM Loans
SHRI RAMESHWAR: CRISIL Rates INR280MM Cash Credit at 'B-'
SHRUTI FASHIONS: CARE Reaffirms 'BB+' Rating on INR6.48cr Loans
SKKP & SVIMS: CRISIL Suspends 'B' Rating on INR4.2BB Loans

SOUTH INDIAN: CRISIL Rates INR50MM Cash Credit at 'B+'
SREE RAJESWARI: CRISIL Rates INR90MM Cash Credit at 'B'
TIRUPATI STEEL: CRISIL Assigns 'B' Rating to INR120MM Loan
TOSHBRO MEDICAL: CRISIL Reaffirms 'B' Rating on INR65MM Loans
VEDSIDHA PRODUCTS: CRISIL Rates INR180MM Term Loan at 'B+'

VISHAL SURGICAL: CRISIL Reaffirms 'BB' Rating on INR50MM Loan


S O U T H  K O R E A

LS GROUP: Unit Faces Major Lawsuit Over Faulty Cables


X X X X X X X X

* BOND PRICING: For the Week Oct. 21 to Oct. 25, 2013


                            - - - - -


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


CUNIC CONSTRUCTIONS: 19 Jobs Slashed as Firm Enters Liquidation
---------------------------------------------------------------
Nick Clark at The Mercury reports that Cunic Constructions Pty Ltd
has been placed in liquidation, with the loss of 19 jobs.

The Mercury says the collapse prompted Housing Industry
Association executive director Stuart Clues to query the future as
a long-term decline in home building continues.

According to the report, Paul Cook and Associates joint liquidator
Paul Cook -- p_cook@pjc.com.au -- said the company had been in
operation for more than 50 years 40 years under current directors
Bill and Judi Wedd.

"In general terms for a long established company with the same
management to find itself in trouble it is often related to the
economic conditions at the time," the report quotes Mr. Cook as
saying.

He said the company owed unsecured creditors AUD770,000 and a
financial institution about AUD200,000, the report discloses.

The Mercury relates that Mr. Cook said employees' superannuation
and entitlements were paid up.

Cunic had 20 projects under way but it had not yet been decided if
they would be finished, the report says.


MOWBRAY COLLEGE: Up to AUD280K Advance Fees Won't Be Repaid
------------------------------------------------------------
Konrad Marshall at The Age reports that almost AUD280,000 of
school fees paid in advance to Mowbray College by parents of
former students of the failed school will not be returned directly
to the families and will instead be used to pay the general costs
of the liquidation, after a Supreme Court judgment on October 23.

The Age relates that in the latest court action over the fall of
the college, the court heard school staff tried to quarantine a
bulk sum of the pre-paid fees in March 2012, by transferring them
from a heavily overdrawn NAB account used by the school for day-
to-day expenses, into another account with the Commonwealth Bank.

The intention was to separate the funds from the spiralling debt
and credit amassed by the western suburbs school, but the effort
was ultimately unsuccessful, the report says.

According to the report, Justice Ross Robson found that while the
school was in the process of establishing a trust, no such trust
had been created at the time the money was transferred.

The Age says the cash will therefore be treated as any other
Mowbray asset and distributed by the liquidator, Jim Downey --
jim@JPDowney.com -- at first to cover costs, including the
millions of dollars spent paying the Fair Entitlements Guarantee
to employees.

"This will, no doubt, be disappointing for some parents,"
Mr. Downey said in a statement, "but at least the matter has been
clarified once and for all," The Age reports.

Mowbray College was a Melbourne-based private school.  It had
three campuses with about 1,000 students, and 200 staff. The
college entered voluntary administration in May 2012 with debts
of AUD18 million and is owed about AUD2 million in unpaid fees.
The school was placed into liquidation after a second meeting
with creditors on July 4, 2012.


PENNYTEL: MyNetFone to Pick Up Customers After Liquidation
----------------------------------------------------------
Josh Taylor at ZDNet reports that MyNetFone will pick up the
customers from PennyTel and iVoisys after the two companies were
placed into liquidation.

PennyTel was placed into liquidation last week amid claims that
the company received AUD3.9 million in fraudulent payments from
another liquidated company, Hi-Tech Telecom. Customers have
reported being unable to top up their accounts since then, ZDNet
relays.

ZDNet says there is hope yet for PennyTel customers, however, with
rival voice-over-IP (VoIP) provider MyNetFone publishing a now-
removed FAQ on its website announcing that MyNetFone had been
working with the court-appointed provisional liquidator and
PennyTel's suppliers to ensure continuity of services for all of
PennyTel and IVoisys' customers across mobile, broadband, VoIP,
and business. The company said it is looking to restore payment
facilities as soon as possible and sign agreements with all of the
companies' suppliers.

"We are pleased to announce that we have now secured the necessary
agreements to achieve this aim," MyNetFone, as cited by ZDNet,
said.

The company originally spoken too soon, however, quickly pulling
down the FAQ from its website mere hours after posting it, the
report relays.

MyNetFone told ZDNet that despite publishing a page specifically
stating that the company had an agreement with PennyTel's
liquidator and suppliers, no such agreement had been reached.

The company later republished the FAQ, announcing that it had
secured a deal with the liquidator and suppliers for PennyTel's
services, ZDNet reports.


SNOWGUM AUSTRALIA: Apparel Retailer Collapses Into Administration
-----------------------------------------------------------------
Melinda Oliver at SmartCompany reports that outdoor apparel
retailer Snowgum Australia has collapsed into administration, with
a sale for the 89-year-old Australian-owned business being sought.

Glenn Franklin -- gfranklin@lawlerdd.com.au-- Petr Vrsecky --
pvrsecky@lawlerdd.com.au -- and Jason Stone --
jstone@lawlerdd.com.au -- of Lawlor Draper Dillon in Melbourne
have been appointed as administrators, the report says.

Mr. Franklin told SmartCompany that the focus of the
administration is to sell the business as a going concern, as this
was the best chance of recovery.

According to the report, Mr. Franklin said the company, which has
a franchise structure, has advertised for a buyer, with a number
of parties already showing interest at the first expression of
interest deadline.

"It is a well-known brand in a competitive market," the report
quotes Mr. Franklin as saying.

The administrators reported that the amount of debt to unsecured
creditors is estimated in the vicinity of $2.2-2.3 million,
however, said this figure was subject to further verification,
SmartCompany notes.

SmartCompany relates that Mr. Franklin said no major banks were
owed money, but unsecured creditors consisted mostly of suppliers
and landlords.

Mr. Franklin said the company has approximately over 86 employees
plus casuals and operated 17 retail stores in Victoria, Tasmania,
New South Wales, ACT and Queensland, together with eight
franchisee stores in Victoria.

The first creditors meeting for the Australian company will be
held on November 4 at the Lawler Draper Dillon offices in
Melbourne, the report discloses.

Snowgum Australia was launched at The Scout Shop in 1924, and has
had various names and structures in its history.  It changed names
to the Scout Outdoor Centre in 1978, then to Snowgum in 1992, with
the view of reaching a broader market.  Its core product offer is
performance outdoor clothing, designed for bush walking, mountain
climbing and other adventurous activities. It also offers luggage,
footwear and travel accessories.


WHITEHAVEN COAL: Wants Restructuring After Snafus at $735M Mine
---------------------------------------------------------------
Law360 reported that Australia's Whitehaven Coal Ltd. said on
Oct. 25 it needs to restructure debt on a 10-figure lending
facility after permitting delays and environmental litigation on
its biggest growth project, the AU$767 million ($735 million)
Maules Creek mine, left it vulnerable to missing payment
deadlines.

According to the report, the disclosure comes as Whitehaven's
stock has tumbled 44 percent on the year, brought on mainly by
soft coal prices that have only recently ticked up amid higher
import demand in China and the Pacific market.



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


SUNTECH POWER: Chinese Solar Firm Gets Approval to Buy Assets
-------------------------------------------------------------
Law360 reported that midsize solar manufacturer Shunfeng
Photovoltaic International Ltd. has won Chinese regulatory
approval to purchase the assets of the bankrupt main unit of
Suntech Power Holdings Co., once the world's largest manufacturer
of solar panels, according to news reports on Oct. 25.

According to the report, the Hong Kong-based company won local
regulatory approval to buy the main Chinese subsidiary of Suntech,
known as Wuxi Suntech Power Co., which holds assets such as
intellectual property and more than two gigawatts of solar-panel
manufacturing capacity.

                            About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., received from the trustee of its 3 percent Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.


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


ALFA FLEXITUBES: CARE Assigns 'BB-' Rating to INR1.5cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Alfa Flexitubes Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        1.50       CARE BB- Assigned
   Facilities

   Short-term Bank       1.00       CARE A4 Assigned
   Facilities

   Long-term/Short-     15.50       CARE BB-/CARE A4 Assigned
   term Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Alfa Flexitubes
Private Limited are primarily constrained by its small scale of
operations, working capital intensive nature of its operations and
exposure to foreign exchange fluctuation risk. The ratings however
draw comfort from the experienced and resourceful promoters,
growing scale of operations coupled with moderate profitability
margins and moderate capital structure. The ratings further draw
comfort from AFPL's diversified geographical presence and likely
recovery of the end user industry.

Going forward, AFPL's ability to scale-up its operations while
maintaining its profitability margins and effective working
capital management shall be the key rating sensitivities. AFPL's
ability to manage its foreign exchange fluctuation risk shall also
be a rating sensitivity.

Established in 1996, Alfa flexitubes Private Limited is a private
limited company promoted by Mr Rajendra Kumar Sardana and Mr Indra
Sardana. The company is engaged in the manufacturing of stainless
steel flexible hoses, exhaust connectors, hose assemblies,
stainless steel bellows, and expansion joints which find
application in diverse industries like automotive, fertilizer,
chemical, oil and gas, and power sector etc. The company has its
manufacturing facility located at Bahadurgarh (Haryana) and the
operations are TS 16949:2009 certified. The main raw materials of
AFPL are stainless steel coils, wires, mild steel pipes, aluminum
pipes, filler rods and brass nuts; the company procures its raw
material from both the domestic and overseas markets.

The final products of the company are sold in the overseas markets
as well as in the domestic market. During FY13 (refers to the
period April 1 to March 31), AFPL achieved a total operating
income (TOI) of INR29.89 with a Profit After Tax (PAT) of INR0.72
crore.


ALFA TRANSFORMERS: CRISIL Reaffirms 'D' Ratings on INR245MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alfa Transformers Ltd
continue to reflect instances of delay by Alfa in servicing its
term debt; the delays have been caused by the company's weak
liquidity, mainly because of low revenues and operating losses as
well as delayed payment from its customers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           40       CRISIL D (Reaffirmed)

   Cash Credit             119       CRISIL D (Reaffirmed)

   Letter of Credit         42.5     CRISIL D (Reaffirmed)

   Proposed Long-Term       32.80    CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan                10.70    CRISIL D (Reaffirmed)

Alfa also has a weak financial risk profile, marked by declining
profitability, a small net worth and inadequate debt protection
metrics. The company, however, benefits from its established track
record with adequate technical competence.

Set up by Mr. D K Das in 1982, Alfa began operations by
manufacturing small distribution transformers at its unit in
Bhubaneswar (Odisha). Over the years, the company has increased
its range of products to include power and other specialised
transformers, including furnace, stabilised output, amorphous
metal alloy, and single-phase transformers. It also offers related
technical assistance and services, including repair work. Alfa's
manufacturing unit in Bhubaneswar has a capacity of 1000 megavolt
amperes per annum. The company has also commissioned a unit in
Vadodara (Gujarat) in February 2009.

Alfa reported a net loss of INR37 million on net sales of INR210
million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net loss of INR23 million on net sales of
INR186 million for 2011-12.


ANEESH AHMAD: ICRA Lowers Ratings on INR9.63cr Loans to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.63
crore fund based bank facilities of Aneesh Ahmad Khan from
'[ICRA]BB-' to '[ICRA]D'. ICRA has also downgraded the short-term
rating assigned to the INR3.00 crore non-fund based facility of
AAK from '[ICRA]A4' to [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund          4.50         [ICRA]D Revised from
   Based Limit-                         [ICRA]BB- (Stable)
   Cash Credit

   Long Term Fund          2.13         [ICRA]D Revised from
   Based Limit-                         [ICRA]BB-(Stable)
   Corporate Loan

   Short Term Non          3.00         [ICRA]D Revised from
   Fund Based Limit-                    [ICRA]A4
   Bank Guarantee

The ratings revision takes into account the firm's strained
liquidity position as reflected by delays in servicing of debt in
the past six months. The ratings also continue to remain
constrained by the firm's limited scale of operations concentrated
to coal mining areas of Madhya Pradesh. The ratings also continue
to take into account the vulnerability of profitability to diesel
price variation in case of diesel usage being higher than the
allowed levels, regulatory risks associated with mining operations
and presence of liquidated damage (LD) clause in all contracts
making it critical to achieve the monthly mining quantities. The
ratings are further constrained by the partnership nature of the
firm whereby any substantial capital withdrawals from the capital
account can adversely affect the capital structure.

However, the ratings continue to take comfort from the track
record of the firm in overburden removal and coal mining services,
moderate entry barriers for new players on account of stringent
technical and financial qualification criteria. The ratings also
favourably reflect the firm's comfortable order book position at
present providing revenue visibility in the near to medium term.

Aneesh Ahmad Khan was established in the year 1994 and is engaged
in the business of overburden removal and coal excavation contract
works. The firm was established by eight partners belonging to the
same family. The firm's operations are concentrated in coal mining
areas of Madhya Pradesh, primarily in the district of Chhindwara.

Recent Results

During the financial year 2011-12, AAK registered a profit after
tax (PAT) of Rs.0.92 crore on an operating income of Rs.23.56
crore, while in the year 2012-13 the firm registered a PAT of
INR0.81 crore on an operating income of INR30.13 crore.


ASSOCIATE LUMBERS: CRISIL Suspends 'BB-' Rating on INR600MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Associate
Lumbers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              600      CRISIL BB-/Stable Suspended

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

ALPL is a part of the Associate group, an equal joint venture of
two well-reputed business houses, Jawahar Saw Mills (the Agicha
family) and the Farouk Sodagar Darvesh group (FSD group). The FSD
group has been in the timber trading business for almost 100
years, whereas the Agicha family has been in the timber business
for over 60 years.


AUTO DYNAMIC: CRISIL Suspends 'BB' Rating on INR32.5MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Auto
Dynamic Corporation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              32.5     CRISIL BB/Stable Suspended

   Letter of Credit         60.0  CRISIL A4+ Suspended

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

Set up as a partnership firm in 2004 by Mr. Sunder Das Monga and
his sons, ADC trades in alloy wheels and tyres for passenger cars.
The firm is the sole distributor of Kumho Tire Company Inc, Korea,
and Federal Tires, Taiwan, in Punjab, and has a presence in
several other states. ADC is located in Ludhiana (Punjab).


BEST CHERAN: CRISIL Assigns 'B-' Ratings to INR331MM Loans
----------------------------------------------------------
CRISIL's ratings continue to reflect Best Cheran Spintex India
Limited's exposure to risks related to volatility in the prices of
viscose staple fibre (VSF), and its weak financial risk profile,
particularly liquidity. These rating weaknesses are partially
offset by the extensive experience of its promoters in the viscose
yarn industry.

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

   Export Packing Credit     30      CRISIL B-/Stable

   Letter of credit &        50      CRISIL A4
   Bank Guarantee

   Proposed Term Loan       211      CRISIL B-/Stable

   Term Loan                 80      CRISIL B-/Stable

For arriving at the ratings, CRISIL has now considered the
business and financial risk profiles of Best Cheran on a
standalone basis. Previously, CRISIL had combined the business and
financial risk profiles of Best Cheran and Cheran Spinner Limited
(Cheran Spinner, rated CRISIL B+/Stable/CRISIL A4), together
referred to as the Cheran group, for arriving at the ratings.

The change in CRISIL's analytical approach follows the
communication from the management that Best Cheran and Cheran
Spinner would henceforth be separately owned and managed as part
of a family arrangement, and also to exercise better control over
the business and to improve the management of the two companies.

Outlook: Stable

CRISIL believes that Best Cheran will continue to benefit over the
medium term from its promoters' extensive experience in the
viscose yarn industry. The outlook may be revised to 'Positive' if
the company reports significant improvement in its profitability
and cash accruals, while managing its working capital prudently,
resulting in an improvement in its liquidity and financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a sharp decline in its revenues, or if the company
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or if there is an adverse impact of any compromise
settlement between Best Cheran and Cheran Spinner which would
affect its debt servicing ability.

Based at Erode (Tamil Nadu), Best Cheran is engaged in
manufacturing and export of viscose and viscose blended yarn.

For 2012-13 (refers to financial year, April 1 to March 31), Best
Cheran reported a net loss of INR 48.7 million on operating
revenues of INR309.4 million, against a net loss of INR37.5
million on operating revenues of INR573.5 million for 2011-12.


BHILAI INSTITUTE: CRISIL Cuts Rating on INR97.5MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bhilai Institute of Technology Trust to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              97.5     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by BITT in
servicing its debt. BITT manages two institutes in Chhattisgarh:
Bhilai Institute of Technology, Durg (BITD) and Bhilai Institute
of Technology, Raipur (BITR; institute with debt obligations). The
delay in servicing of the debt was on account of insufficient
accruals generated by BITR vis-…-vis its debt obligations, and
delay in support from BITD and BITT for debt repayment.

BITT is exposed to risks related to its ongoing capital
expenditure programme and to regulatory restrictions in the
education sector. However, the trust benefits from its diverse
course offerings and strong reputation.

Established in 1986, BITT manages BITD, established in 1986, and
BITR, established in 2009. The institutes offer a variety of
courses in graduate and post-graduate engineering, business
administration, and computer applications, as well as a doctorate
in engineering, chemistry, environmental science, and applied
physics at its BITD facility; it offers only graduate engineering
courses at its BITR facility.

BITT reported a surplus of INR17 million on collections of INR262
million for 2012-13 (refers to financial year, April 1 to
March 31), against a surplus of INR10 million on collections of
INR192 million for 2011-12.


BRIJLAX MOTORS: CARE Rates INR7.25cr LT Bank Loans at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Brijlax
Motors Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.25       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Brijlax Motors
Private Limited is primarily constrained by the weak financial
risk profile marked by a significant decline in the total
operating income in FY13 (refers to the period April 1 to
March 31), low profitability margins, leveraged capital structure
and weak debt service coverage indicators. The ratings are further
constrained by the subdued domestic demand outlook of passenger
vehicles and high competitive intensity of the business. The
rating also takes cognizance of the fortunes linked to the
performance of Tata Motors Limited.

The above constraints are partially offset by the strengths
derived from the experienced promoters of BMP, moderate operating
cycle and association with Tata Motors, an established brand.
Going forward, the ability of BMP to increase its scale of
operations along with improvement in the profitability margins and
capital structure shall be the key rating sensitivities.

Brijlax Motors Private Limited was incorporated in 1995 by Mr
Bimal Kumal Agarwal and his family members. The company initially
started in 1995 with the automobile dealership of Daewoo Motors
Limited (DML) for the sale of its passenger cars which was later
surrendered in year 2002. During the same year, BMP took the
automobile dealership of TML for its passenger cars for the
Varanasi region.

BMP operates 3S facility (Sales, Spares, Service) at Sigra,
Varansai, and caters the area in and around the region for
passenger vehicles (PV) (Sumo, Safari, Xenon, Venture, ARIA,
Indica, Nano, etc).

During FY13, BMP reported a net profit of INR0.24 crore on a total
operating income of INR66.75 crore as against a total operating
income of INR77.78 crore with a net profit of INR0.21 crore in
FY12.

Moreover, the company has achieved net sales of INR21.50 crores
for 5MFY14 (refers to the period April 1 to August 31).


CANARA JEWEL: CRISIL Assigns 'B' Ratings to INR125MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Canara Jewel Tex Pvt Ltd
continues to reflect CJTPL's modest scale of operations in the
apparel retailing segment and the geographical concentration in
its revenue profile. These rating weaknesses are partly offset by
CJTPL's moderate financial risk profile marked by low gearing and
steady cash flows from lease rentals.

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

   Long Term Loan           11.6     CRISIL B/Stable

   Proposed Long-Term       53.4     CRISIL B/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that CJTPL will benefit over the medium term from
its steady cash flows from lease rentals and its promoters'
extensive entrepreneurial experience. The outlook may be revised
to 'Positive' if CJTPL registers a significant increase in its
scale of operations while maintaining the capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's cash flows from lease rentals reduce or in case of a
decline in operating margin resulting in deterioration in its
financial risk profile.

CJTPL was established in 2006 by Mr. Mohammed Iqbal and Mr. Abdul
Khadar in Udupi. The company is a retailer of readymade garments;
it also gets rentals from leasing of its building premises to Euro
Gold.

CJTPL reported a profit after tax (PAT) of INR27 million on net
sales of INR241 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR236 million for 2012-13.


CHAMUNDA PHARMA: CARE Assigns 'B' Rating to INR5cr LT Loans
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Chamunda Pharma Machinery Private Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term/ Short-         5        CARE B/CARE A4 Assigned
   term Bank Facilities

   Short-term Bank           1        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Chamunda Pharma
Machinery Private Limited are primarily constrained on account of
its modest scale of operations, fluctuating turnover, net losses
in the past four years ended FY13 (refers to the period April 1 to
March 31), significant bad debt written-off during FY13, weak debt
coverage indicators and stressed liquidity position. The ratings
are further constrained by its presence in a competitive and
fragmented industry coupled with its dependence on the level of
capital expenditure planned by the pharmaceutical companies and
susceptibility of margins to volatile raw material prices.
These constraints far offset the benefits derived from the wide
experience of the promoters and its comfortable capital structure.

CPMPL's ability to increase its scale of operations with better
profitability along with the effective management of working
capital and raw material fluctuation risk amidst the competitive
nature of the industry are the key rating sensitivities.

Incorporated in March 2000, Ahmedabad-based CPMPL is promoted by
Mr. Sanil Suthar with an objective to manufacture various types of
pharmaceutical process equipments. Mr. Sanil Suthar holds 69.13%
stake in the company and looks after the overall operations of the
company. CPMPL's product portfolio consisted of specially designed
process equipments such as tablet press machines, tablet coating
machines, equipments for liquid processing and various other R&D
and pharmaceutical ancillary equipments. CPMPL's manufacturing
facility is located at Vatva, Ahmedabad. The products are
manufactured as per GMP guidelines and are marketed under the
brand names "Clit" and "Chamunda".

As per the audited results for FY13, CPMPL reported a total
operating income (TOI) of INR17.68 crore (FY12: INR15.59 crore)
and a net loss of INR1.60 crore (FY12: net loss of INR0.31 crore).


COLORS TELETECH: CRISIL Suspends B- Ratings on INR50MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Colors
Teletech Pvt Ltd.

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

   Letter of Credit         10       CRISIL A4 Suspended

   Proposed Long-Term       10       CRISIL B-/Stable Suspended
   Bank Loan Facility

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

Incorporated in 2009, CTPL is promoted by Mr. Sushil Gupta, Mr.
Narendra Gupta, and Mr. Sumit Kithania. CTPL sells mobile phones
in India and Nepal under the Colors brand, after importing them
from Shenzhen, China. CTPL commenced operations in October 2009.
CTPL has till date launched 49 mobile handsets, priced between
INR1000 and INR4000 per handset, around 90 per cent of which are
GSM mobile handsets and the rest are CDMA mobile handsets. CTPL
has 30 super distributors and 120 distributors across North, West,
and Central India. It recently entered some states in East and
South India.


DHAN STEELS: ICRA Suspends 'BB' Ratings on INR2cr LT Loans
----------------------------------------------------------
ICRA has suspended the '[ICRA]BB(Stable)' rating assigned to the
INR2.00 crore long-term fund-based limits & [ICRA]A4 rating
assigned to the INR18.00 crore short-term non-fund-based limits of
Dhan Steels Private Limited . The suspension follows ICRAs
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.

Dhan Steels Pvt Ltd was incorporated in 1990, when it started ship
breaking operations. The company has its office at Bhavnagar and
ship breaking yard at Alang in Gujarat. The company demolished 13
vessels for the period till 2003. From 2003 to 2008, the company
had stopped its operations on account of uneconomic market
conditions, but resumed operations in 2009. DSPL currently
operates from Plot No. 112 at Sosiya Ship breaking Yard,
Bhavnagar. The size of the plot is 30m x 45m (1350sq. mts).


EASTERN LOGICA: CRISIL Assigns 'BB+' Ratings to INR150MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
loan facilities of Eastern Logica Infoway Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              145      CRISIL BB+/Stable

   Proposed Long-Term         5      CRISIL BB+/Stable
   Bank Loan Facility

The rating reflects its established market position supported by
its promoters' extensive experience in trading of information
technology (IT) hardware products and efficient working capital
management. These rating strengths are partially offset by ELIL's
average financial risk profile, marked by weak debt protection
metrics and exposure to intense competition in trading of IT
hardware products.

Outlook: Stable

CRISIL believes that ELIL will continue to benefit over the medium
term from its established market position and the extensive
experience of the promoters in trading domestic information
technology (IT) hardware products. The outlook may be revised to
'Positive' if the company significantly improves its scale of
operations and profitability, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' if
ELIL reports a significant decline in its profitability or
lengthening in its working capital cycle, thereby weakening its
financial risk profile.

ELIL was incorporated in Kolkata (West Bengal) in 1995. The
company trades IT products through its distributorship network and
retail outlets. The day to day operations of ELIL is managed by
Mr. Gaurav Goel.


EPITOME PETROPACK: ICRA Assigns 'BB' Ratings to INR33.26cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR25.00
crore* term loan, INR7.50 crore cash credit and INR0.76 crore
unallocated limits of Epitome Petropack Limited. The outlook on
the long-term rating is stable. ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR16.74 crore non-fund based
limits of the company.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loan               25.00      [ICRA]BB (Stable) assigned
   Cash Credit              7.50      [ICRA]BB (Stable) assigned
   Non-Fund Based Limits   16.74      [ICRA]A4 assigned
   Unallocated Limits       0.76      [ICRA]BB (Stable) assigned

The ratings takes into account the status of EPL's PET preform
manufacturing facility as the only Coca Cola and Pepsi approved
unit for catering to the states of West Bengal and Odisha, as well
as the ongoing negotiations for finalization of a sale agreement
for direct supply to Coca Cola's company-owned bottling plants,
which is likely to support EPL's market position going forward.
Although the main raw material used by EPL is a crude derivate,
and thus prone to price fluctuations, EPL's manufacturing process,
which comprises an injection moulding technique, can be executed
in a short span of time, which, together with the company's
pricing model for most of its sales contracts, which builds in raw
material cost fluctuations, mitigates margin risks to a large
extent. The ratings also favourably factor in the demonstrated
commitment of the promoters towards the company, and the positive
demand outlook for PET preforms. The ratings are however,
constrained by the nascent stage of EPL's operations, with
commercial production having commenced only in December, 2012,
although ICRA notes that the operations have broken even in the
first quarter of 2013-14. Nonetheless, the financial profile of
the company remains weak at present, with low cash accruals, and
subdued debt coverage indicators. The aggressive capital
structure, with a project gearing of around 2.5 times, is likely
to keep debt coverage indicators under pressure. Moreover, the
experience of the promoters in the industry is limited, and the
company is exposed to high client concentration risks. Going
forward, EPL's ability to successfully market its products,
command favourable prices and grow its business without
significantly increasing the debt levels arising out of higher
working capital requirements would remain a key rating
sensitivity.

Epitome Petropack Limited was incorporated in the year 2011 by Mr.
Ashok Surana and family. It is engaged in the manufacture of PET
preforms, ranging from 9 gms to 48 gms. The company's
manufacturing unit, located in Sankrail Industrial Park, Howrah,
has an installed capacity of 30 tonnes per day (TPD). The plant
was set up at a cost of INR35 crore, with INR25 crore being funded
by a bank loan, and the balance by the promoters. Commercial
production commenced in December, 2012.

Recent Results

EPL recorded a profit before tax of INR0.69 crore on an operating
income of INR20.69 crore in the first quarter of 2013-14
(provisional). In 2012-13, it recorded a net loss of INR1.08 crore
on the back of an operating income of INR7.05 crore.


ESSAR STEEL: CARE Assigns 'C' Ratings to INR6,000cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Essar Steel
India Limited.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long term Bank       6,000      CARE C Assigned
   Facilities
   (proposed)

Rating Rationale

CARE has assigned a 'CARE C' rating to the proposed long term bank
facilities of Essar Steel India Ltd. Rating reflects liquidity
pressures faced by ESIL resulting from extraneous challenges
impacting in running of steel plant optimally leading to modest
operating profitability levels on one hand and higher interest
outgo arising from commissioning of new facilities and imminent
debt repayments on the other. The rating also factors in ESIL's
weakened financial profile due to continuing losses in FY13 and
increase in gearing levels. The rating also takes into account
ESIL's presence in the inherently cyclical steel industry.

The rating however, factors in positively the experience of the
promoters and management in the steel industry.

Timely completion of the ongoing financing exercise aimed at
easing ESIL's liquidity position reducing interest cost and
streamlining cash flows as well as completion of the residual
capex within the envisaged time are the key rating sensitivities.
CARE has rated INR31,500 crore facilities of ESIL at CARE D, as
either interest or principal repayment on some of these facilities
is overdue.

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and has integrated steel manufacturing facilities at
Hazira, Gujarat and iron ore beneficiation and pelletisation
facilities in Odisha. The Essar group has global footprint in the
steel industry with manufacturing facilities located in Canada,
USA, Middle East as well as Asia. With completion of expansion at
its plant located at Hazira (Gujarat), the company added
capacities to manufacture steel through three major routes viz
Blast Furnace, Direct Reduced Iron (DRI) and Corex, taking the
total steel-making capacity at the location to 10 m.m.t.p.a
[million metric tonne per annum]. ESIL has manufacturing
capabilities across the steel value chain including ore
processing, intermediate as well as value added steel.


GOODWILL AUTO: CRISIL Suspends 'B-' Ratings on INR65MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Goodwill
Auto Agencies.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              55       CRISIL B-/Stable Suspended

   Working Capital          10       CRISIL B-/Stable Suspended
   Term Loan

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

Set in 1991 by Mr. Sushil Kumar Agarwal, GAA is a distributor of
spare parts and accessories for two-wheelers manufactured by HML.
The firm's warehouse in Jaipur (Rajasthan) is spread across an
area of 15,000 square feet and caters to service centres and
retailers all over Rajasthan.


GOYAL ISPAT: CRISIL Assigns 'B' Ratings to INR156.8MM Loans
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facilities of Goyal Ispat Ltd and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. The ratings were
earlier, as on May 02, 2013, suspended by CRISIL, as GIL had not
provided necessary information required for reviewing the ratings.
GIL has now shared the requisite information, thereby enabling
CRISIL to assign ratings to the bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              125      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit          50      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long-Term        31.8    CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect GIL's weak liquidity because of its small cash
accruals and moderately working-capital-intensive operations, and
overall below-average financial risk profile marked by a small net
worth, a moderate gearing, and weak debt protection metrics. The
ratings also factor in GIL's small scale of operations and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
GIL's promoters in the steel industry and the company's
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that GIL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company registers significant improvement in its financial risk
profile because of higher-than-expected increase in its scale of
operations along with improvement in its profitability and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case GIL registers deterioration in
its financial risk profile, particularly in its liquidity, because
of lower-than-expected cash accruals, larger-than-expected working
capital requirements, or any large debt-funded capital
expenditure.

GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was
purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has
a thermo-mechanically treated bar manufacturing facility in
Chennai, with capacity of 36,000 tonnes per annum.


HANUMAN COTTEX: CRISIL Reaffirms 'B' Ratings on INR226MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Hanuman Cottex continues
to reflect the firm's modest scale of operations, and weak
financial risk profile, marked by high gearing and weak debt
protection measures. These weaknesses are partially offset by the
extensive experience of the proprietor in the cotton ginning
segment.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              190      CRISIL B/Stable (Reaffirms)

   Proposed Long-Term        14      CRISIL B/Stable (Reaffirms)
   Bank Loan Facility

   Term Loan                 22      CRISIL B/Stable (Reaffirms)

Outlook: Stable

CRISIL believes that HACO's credit risk profile will remain
constrained by its small scale of operations and small net worth
over the medium term. The outlook may be revised to 'Positive' if
the firm increases its scale of operations while maintaining its
operating margin. Conversely, the outlook may be revised to
'Negative' if the firm's reliance on debt to fund its working
capital requirements increases, or it undertakes a large debt-
funded capital expenditure programme, or its revenues and
operating margin decline.

Update:

HACO reported revenues of INR546 million in 2012-13 (refers to
financial year, April 1 to March 31), its first full year of
operation, vis-…-vis revenue of INR255 million in 2011-12. The
firm's operating margin increased to 5.8 per cent in 2012-13 from
4.0 percent in 2011-12, with better capacity utilization. CRISIL
believes that HACO will maintain its stable business risk profile,
with revenue between INR550 million and INR600 million, and an
operating margin of around 5 per cent over the medium term.

HACO had gross current assets (GCAs) of 100 days as on March 31,
2013, in line with CRISIL's expectations with moderate inventory
and debtors. The firm's gearing was 2.4 times as on March 31,
2013, driven by short term debt at 80 per cent of its total debt.
HACO has availed of short-term debt to support its working capital
requirement. The firm's debt protection metrics are modest due to
its modest capital structure and scale of operations. Its interest
coverage ratio was 1.8 times and net cash accruals to total debt
ratio 0.07 times for 2012-13. HACO's average bank limit
utilization for the 12 months through August 2013 was high, at 87
per cent. The firm does not have any large, debt-funded capital
expenditure plans over the medium term.

HACO, a sole proprietorship firm based in Alwar (Rajasthan), was
established by Mr. Balwant Rai in 2011. The firm gins and presses
cotton, and extracts oil from cotton seeds. HACO has a
manufacturing unit in Alwar.

For 2012-13, HACO reported a book profit of INR3.3 million on net
sales of INR544 million, against a book profit of INR1.3 million
on net sales of INR254.6 million for the previous year.


JINDAL RICE: ICRA Assigns 'B-' Rating to INR13.32cr LT Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR13.32
crores* fund based & Short term rating of '[ICRA]A4' to the
INR0.62 crores1 non fund based bank facilities of Jindal Rice &
General Mills.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund          13.32        [ICRA]B- assigned
   Based Limits

   Short Term Non           0.62        [ICRA]A4 assigned
   Fund Based Limits

The assigned rating is constrained by high gearing arising out of
debt funding of large working capital requirements. The rating
also takes into account high competitive intensity in the rice
milling industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions and also kept
profitability at lower levels. The ratings however, favorably take
into account long standing experience of promoters with strong
relationships with several customers and suppliers. Further the
ratings also derive comfort from the proximity of the mill to
major rice growing area which has resulted in easy availability of
paddy in the past.

Jindal Rice & General Mill was established in the year 1996 as a
partnership firm. Partners of the firm are Mrs. Anita Rani, Mrs.
Poonam Devi, Mr Mukesh Kumar, Mr Sat Narain and Mr Sushil Kumar.
Jindal Rice & General Mill is engaged in the business of
processing and trading of rice (Basmati/Non-Basmati) in domestic
market. Milling capacity of the plant is 6 tonnes/hr of paddy. As
per the management they also perform custom milling operations.
Company is having its manufacturing unit at Gullarpur Road,
Nissing, Haryana.

Recent Results:

JRGM reported a net profit of INR0.01 crores on an operating
income of INR28.96 crores for the year ended March 31, 2013 and a
net profit of INR0.00 crores on an operating income of INR20.13
crores for the year ended March 31, 2012.


KAMARHATTY CO: CRISIL Reaffirms 'BB+' Ratings to INR245MM Loans
-------------------------------------------------------------
CRISIL's ratings continue to reflect the experience of Kamarhatty
Co Ltd's promoters in the jute industry, and the company's
moderate financial risk profile. The rating strengths continue to
be offset by the company's exposure to risks related to the
regulated nature of the jute industry, which is also prone to
labour issues.

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

   Cash Credit             90       CRISIL BB+/Stable (Reaffirms)

   Letter of Credit        50       CRISIL A4+

   Term Loan              155       CRISIL BB+/Stable (Reaffirms)

For arriving at its ratings, CRISIL has not combined the financial
and business risk profiles of KCL and its subsidiary Kamarhatty
Power Ltd (KPL) despite corporate guarantees given by KCL for the
loans contracted by KPL. KPL has been unable to service the debt
contracted from West Bengal Industrial Development Corporation
(WBIDC) on account of weak liquidity, and KCL has not funded KPL's
debt repayments. The corporate guarantee has not been invoked by
WBIDC.

Outlook: Stable

CRISIL believes that KCL will maintain its business risk profile
over the medium term, backed by the experience of its promoters in
the jute industry. The outlook may be revised to 'Positive' if KCL
focuses on value-added products, leading to a sustained
improvement in the company's operating margin. Conversely, the
outlook may be revised to 'Negative' if the company contracts
higher than expected debt to fund capital expenditure (capex) or
acquisitions, or if its revenues decline sharply, most likely due
to changes in the Government of India's policy on the jute sector
or significant decline in jute prices. The invocation of the
corporate guarantee by WBIDC for the debt contracted by KPL, which
would lead to a weakening in KCL's financial risk profile, could
also result in a 'Negative' outlook.

KCL, set up in 1877 under British managing agency Jardine
Henderson Ltd, is one of the oldest functioning composite jute
mills in the country. The company was acquired by Kolkata-based
Mr. Badri Prasad Agarwal in 1987. KCL is currently managed by his
son Mr. S K Agarwal.

KCL reported a profit after tax (PAT) of INR16.1 million on net
sales of INR1.6 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR13.4 million on net
sales of INR855.8 million for 2009-10.


KARNIMATA COLD: CARE Rates INR8.34cr LT Bank Loans at 'B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Karnimata
Cold Storage Ltd.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        8.34      CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Karnimata Cold
Storage Ltd is constrained by its short track record of
operations, regulated nature of business, seasonality of business
with susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers, competition from other local players
and weak financial risk profile marked by the small scale of
operation with thin profitability, leveraged capital structure and
weak debt coverage indicators. The rating constraints are
partially offset by the satisfactory experience of the promoters
and its proximity to potato growing areas.

The ability to increase the scale of operations and profitability
and to manage the working capital effectively would be the key
rating sensitivities.

Karnimata Cold Storage Ltd was originally incorporated as
"Karnimata Cold Storage Private Limited" on April 29, 2011 by two
friends, Ms. Asha Ladia of Kolkata and Ms. Sushila Lodha of
Medinipur, West Bengal. Subsequently, the company was
reconstituted as a public limited company since December 4, 2012,
and its name changed to the current one. KCSL is engaged in the
business of providing cold storage facility primarily for potatoes
to local farmers and traders on rental basis with an aggregate
storage capacity of 18,000 metric tonne per annum. The cold
storage is located at the Paschim Medinipur district of West
Bengal in a build-up area of 15,895 sq ft.

Besides providing cold storage facility, the company also provides
interest bearing advances to farmers for potato farming purposes
against potato stored. This apart, KCSL is also engaged in the
trading of potatoes which accounts for about 41% of total
operating income in FY13 (refers to the period April 1 to
March 31).

During FY13, the company reported a PBILDT of INR1.48 crore
(INR0.13 crore in FY12) and a PAT of INR0.03 crore (INR0.05 crore
in FY12) on a total income from operations of INR3.53 crore
(INR0.25 crore in FY12).


KATARIA CARRIERS: CRISIL Reaffirms BB+ Ratings on INR304MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kataria Carriers
continues to reflect Kataria's moderate financial risk profile,
marked by comfortable debt protection metrics, and its established
and diversified clientele. These rating strengths are partially
offset by the susceptibility of the firm's operating margin to
fuel price hikes and to intense competition in the highly
fragmented road transportation industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         10       CRISIL A4+ (Reaffirmed)
   Cash Credit            70       CRISIL BB+/Stable (Reaffirmed)
   Letter of Credit       36       CRISIL A4+ (Reaffirmed)
   Proposed Long-Term     22.8     CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             211.2     CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kataria will continue to benefit over the
medium term from its established relationships with customers. The
outlook may be revised to 'Positive' if Kataria reports higher-
than-expected sales and profitability, while sustaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's revenues and profitability are
significantly lower-than-expected, leading to deterioration in its
financial risk profile.

Update

Kataria generated revenues of INR1.89 billion in 2012-13 (refers
to financial year, April 1 to March 31), registering a marginal
growth of 4 per cent over the previous year, in line with CRISIL's
estimates. CRISIL believes that the firm's sustenance of its
topline would be a challenge over the near term, considering the
sluggish demand from the end-user industry. Kataria reported a
moderate operating profitability margin of 7.9 per cent for 2012-
13, commensurate with past trends. The firm has been able to
maintain its working capital cycle, driven by low debtors of 25
days as on March 31, 2013.

Kataria's gearing improved slightly to 1.3 times as on March 31,
2013, from 1.5 times a year earlier due to lower fixed-asset
addition. CRISIL believes that the firm's gearing will remain at a
similar level over the near term, on account of lack of any
aggressive expansion plans.

Kataria's liquidity is moderate, driven by sufficient accruals to
meet term debt repayments and moderate bank limit utilisation. The
firm's liquidity is also supported by a cash and bank balance of
over INR80 million as on March 31, 2013.

Kataria reported a profit after tax (PAT) of INR33.5 million on
net revenues of INR1.89 billion for 2012-13, against a PAT of
INR25 million on net revenues of INR1.82 billion for 2011-12.

Kataria was established in 1995 as a partnership firm by Mr.
Mahendra Kataria and his brother Mr. Manish Kataria, and is based
in Kanpur (Uttar Pradesh). The firm is engaged in the road
transportation business with a fleet of about 213 owned vehicles
and 300 vehicles availed on rent, and operate mainly on a full-
truck-load basis. It has a diversified customer base in various
industries such as power, engineering, fast-moving consumer goods,
metal, and automobiles. It has reputed clients such as Areva T&D
India Ltd, Vedanta Aluminium Ltd, Bharat Aluminium Company Ltd
('CRISIL AA-/Stable/CRISIL A1+'), Bharat Heavy Electricals Ltd
('CRISIL AAA/Stable/CRISIL A1+'), Container Corporation of India
Ltd, and Gujarat Co-operative Milk Marketing Federation Ltd
('CRISIL AAA/Stable/CRISIL A1+').


KEERTHI INDUSTRIES: CARE Ups Ratings on INR48.18cr Loans to 'C'
---------------------------------------------------------------
CARE assigns ratings to the new bank facilities of Keerthi
Industries Ltd; revises the ratings assigned to the existing bank
facilities.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank          3.15       CARE C Assigned
   Facilities (Funded
   interest term loan)

   Long-term Bank          1.58       CARE C Assigned
   Facilities (Working
   capital term loan)

   Long-term Bank         42.38       CARE C Revised from CARE D
   Facilities (Term
   loan)

   Long-term Bank          4.80       CARE C Revised from CARE D
   Facilities (Cash
   credit)

   Long-term Bank          1.00       CARE C Revised from CARE D
   Facilities (Bank
   guarantees)

Rating Rationale

The revision in the rating takes into account the debt
restructuring of outstanding dues under various long-term
facilities, strained liquidity position due to a substantial
decline in the operational and financial performance in FY13
(refers to the period April 1 to March 31) and Q1FY14, relatively
small scale of operations and high geographical concentration of
revenue. The ratings also take into consideration the experienced
management and the long track record of the company.

Keerthi Industries Ltd, incorporated in 1982, currently belongs to
Ms. J Triveni and Mr. J S Rao of Hyderabad. It is engaged in the
manufacturing of Ordinary Portland Cement (OPC) and Pozzolona
Portland Cement, with the product mix of OPC: PPC in the ratio of
about 95:05.  Currently, the company has an installed capacity of
594,000 TPA at Nalgonda district of Andhra Pradesh (AP). KIL sells
cement under the brand name 'Suvarna Cements'. Besides, KIL has a
wind energy division (1.5 MW) at Karnataka and an electronics
division [engaged in the manufacturing of Printed Circuit Boards
(PCB)] in Hyderabad.

The company incurred a net loss of INR24.55 crore on a total
income of INR108.20 crore in FY13 as against a net profit of
INR11.94 crore on a total income of INR176.30 crore in FY12.
Furthermore, KIL incurred loss of INR5.50 crore on total income of
INR25.21 crore in Q1FY14.


KPG ENTERPRISE: CARE Reaffirms 'BB-' Rating on INR6cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
KPG Enterprise.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        6.00      CARE BB- Reaffirmed
   Facilities

   Short-term Bank      49.08      CARE A4+ Reaffirmed
   Facilities

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

Rating Rationale

The ratings of the bank facilities of KPG Enterprise continue to
remain constrained by its presence in the volatile ship-breaking
industry and weak financial risk profile marked thin profit
margins, leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained on account of
foreign exchange fluctuation risk along with the risk of adverse
movement in the steel prices on uncut ship inventory and
vulnerability to changes in the government policies.

The ratings, however, continue to favorably take into
consideration the experience of the partners and presence in the
Alang-Sosiya belt along with good prospects for the Indian ship-
breaking industry in the near future. The ratings also factor in
the healthy growth in turnover in FY13 (refers to the period
April 1 to March 31) KPG's ability to recover the cost of ships
purchased through the sale of scrap in light of the volatile
scrap prices and timely availability/renewal of rental plots from
the port authorities are the key rating sensitivities.

Bhavnagar-based KPG was incorporated in June 1999 as a partnership
firm. KPG is promoted by Mr Rakesh Bansal, having an experience of
more than a decade in the ship-breaking business in the Alang-
Sosiya belt of the Bhavnagar region in Gujarat. KPG is engaged in
the business of shipbreaking activity through allotted plots at
Alang Shipyard by Gujarat Maritime Board (GMB). KPG purchases
ships directly from ship owners or through sales agents for
recycling them, and items like electrical equipments, machine
parts, etc, are sold directly while scrap, primarily steel,
generated is sold in the market to scrap traders and manufacturing
units, who in turn use the scrap to produce steel.

As per the audited results for FY13, KPG reported a total
operating income of INR85.68 crore (FY12: INR55.02 crore) with a
net profit of INR1.54 crore (FY12: INR1.38 crore).


LANDMARK ENGINEER: CARE Reaffirms 'B+' Rating on INR3cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Landmark Engineer.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank         3        'CARE B+' Reaffirmed
   Facilities

   Short-term Bank       10        'CARE A4' Reaffirmed
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Landmark Engineer
continues to be constrained by its small scale of operations,
working capital intensive nature of operations, leveraged capital
structure and weak debt coverage indicators. The above constraints
continue to be partially offset by the vast experience of the
proprietor in the construction industry.

The ability of LE to efficiently manage its operating cycle,
regular and timely execution of the contract without any cost
overrun is the key rating sensitivity.

Established in 2005, Landmark Engineer is engaged in civil
construction services (road works involving construction, up-
gradation, widening of roads and other miscellaneous works) under
Pradhan Mantri Gram Sadak Yojana (PMGSY) in the state of Madhya
Pradesh & Chhattisgarh and Public Works Department (PWD),
Chhattisgarh through a bidding process.

During FY13, LE has posted a total income of INR17.15 crore (vis-
…-vis INR11.37 crore in FY12) and PAT of INR0.72 crore (vis-…-vis
INR0.33 in FY12).


LAXMI BUILDCON: CARE Rates INR9.9cr LT Bank Loan at 'BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Laxmi
Buildcon.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.90       CARE BB- Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Laxmi Buildcon are
primarily constrained on account of its moderate booking status
and risk associated with the real estate sector. The rating,
however, derive benefits from the vast experience of the promoters
in various businesses and moderately comfortable level of customer
advances received.

The ability of LBN to sell the remaining units at the envisaged
prices in a timely manner would be the key rating sensitivities.

LBN was formed in May 2011 by Mr Jayesh Shah, Mr Vasant Shah and
Mr. Pinkesh Shah having a profit sharing ratio of 47%, 28% and 25%
respectively to undertake the business of real estate. Currently,
LBN is executing a single project, namely, 'Laxmi Villa - II' for
the construction of residential flats and shops in Naroda,
Ahmedabad. The project comprises of 355 residential flats (2 BHK
and 3 BHK) and 43 shops. The total project cost is envisaged at
INR43.41 crore which would be funded with a term loan of INR9.90
crore, partner's contribution of INR17 crore and the balance
amount of INR16.51 crore through advances received from customers.
LBN has received the required land and other clearances for the
project. LBN has incurred a cost of INR38.89 crore as on June 30,
2013.

As on September 30, 2013, the firm has sold 19 residential flats
and received booking of 161 residential flats and 19 shops and has
received INR16.17 crore towards the same which constitutes
37.25% of the total project cost.


M. B. TIMBER: CARE Rates INR5cr Long-Term Bank Loans at 'BB'
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of M. B. Timber Private Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.00       'CARE BB' Assigned
   Facilities
   (Fund Based)

   Short-term Bank      30.00       'CARE A4+' Assigned
   Facilities (Non
   Fund Based)

Rating Rationale

The above rating is constrained by low profitability margins
inherent in the nature of the business, risk associated with
volatility in timber prices, regulatory risks, foreign exchange
risk, intense competition and exposure to cyclical real estate
industry. However, the rating also factors in long experience of
the promoters in timber business and their continuous support
through infusion of funds, company's satisfactory operational
track record, wide network of timber suppliers and customers and
satisfactory leverage ratios. Ability of the company to increase
its scale of operations and improve profitability while managing
its working capital efficiently on the back of demand outlook for
timber industry will remain the key rating sensitivities.

M. B. Timber Pvt. Ltd. was initially set up as a partnership firm
in 1991 by Shri Ajay Kumar Gupta and Shree Ganga Prasad Gupta of
Kolkata. Subsequently, in November 2001, it was converted to a
private limited company. Currently, the company is engaged into
trading of timber logs which are mainly used in manufacture of
door & window panels, decorative furniture, veneer, plywood,
board, etc. MBTPL belongs to M B group which includes other
companies engaged in same line of business and the aggregate
turnover of the group was INR348.2 crore in FY12. The Board of
Directors of the company comprises two promoter directors.

MBTPL earned PBILDT of INR6.7 crore and PAT (after defd. tax) of
INR2.3 crore on net sales of INR152.3 crore in FY13.


MADHU JEWELLERS: CRISIL Suspends 'BB-' Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Madhu
Jewellers Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             70      CRISIL BB-/Stable Suspended

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

Established in 2006 by Mr. Mukeshkumar Muthaliya in Mumbai, MJPL
is engaged in the manufacturing (on a job-work basis) of gold
jewellery. The company mainly deals in bangles in addition to
necklaces, rings, chains. MJPL mainly sells to branded retail
showrooms with major revenues coming from Southern India.


MADRAS MEDICAL: ICRA Cuts Ratings on INR54.28cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR23.72
crore term loan facilities and INR3.00 crore fund based bank
facilities of The Madras Medical Mission from '[ICRA]B+' to
'[ICRA]D'. ICRA has also revised the short term rating outstanding
on the INR14.00 crore short term fund based facilities and the
INR13.56 crore non-fund based bank facilities of MMM from
'[ICRA]A4' to '[ICRA]D'.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term loans               23.72        [ICRA]D/revised from
                                         [ICRA]B+

   Long term fund             3.0        [ICRA]D/revised from
   based facilities                      [ICRA]B+

   Short term fund           14.0        [ICRA]D/revised from
   based facilities                      [ICRA]A4

   Non fund based            13.56       [ICRA]D/revised from
   Facilities                            [ICRA]A4

The revision in ratings reflects the recent delays in debt
servicing by the company. The liquidity of position has been
constrained by the deterioration in operational performance over
the recent past and continuous capital expenditure incurred by the
entity. The drop in occupancy levels coupled with the sharp
increase in operating costs and concession provided to patients
have resulted in severe dent in operating margins (OPM) of the
entity over the past two fiscals, with OPM levels reducing from
13.8% in 2010-11 to 3.5% in 2012-13. The capitalization levels of
the entity remains weak with negative networth owing to large
accumulated losses and increase in debt levels to support
expenditure on medical equipments and capacity expansion. MMM has
a long standing presence in the healthcare market of Chennai, with
strong technical capabilities backed by state-of-the-art equipment
and quality professionals supporting revenue growth over the
years. The expected growth in accruals going forward with
favourable demand potential for the healthcare industry, aided by
income from the recently commenced Gastroentology Department and
other diversification initiatives would be critical to improve the
credit profile of the entity.

The Madras Medical mission (MMM) is a registered society (under
the Tamil Nadu Societies Registration Act, 1975) established in
1982 by Bishop Zachariah Mar Dionysius. MMM commenced operations
in 1987 by providing cardiac care treatment out of rented premises
and over the years has developed into a multi specialty hospital
with current capacity of 257 beds. In 2001, MMM started the
Pondicherry Institute of Medical Sciences (PIMS) to provide
medical education. MMM has also entered into public - private
partnership with the Ministries of Health and Family Welfare of
several countries including Tanzania, Seychelles, Bangladesh,
Fiji, Bahrain, Maldives and Rwanda for treatment of their patients
and for training of their medical and paramedical professionals.
In 2008, MMM College of Nursing was established to train quality
nursing personnel to serve the global markets.


MUNJANI BOTHERS: CARE Ups Rating on INR83.15cr Loans to 'BB-'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Munjani Bothers.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Long-term Bank        83.15      CARE BB- Revised from CARE B+
   Facilities

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

Rating Rationale

The rating revision factors in improvement in the capital
structure and profitability margins. The rating of the firm
continues to be constrained by the constitution as a partnership
firm, susceptibility of its revenue to exchange rate fluctuation,
stretched liquidity due to an elongated receivable period
resulting in high working capital utilization and strong
competition from the organized and unorganized players in the gems
& jewellery industry.  The rating derives strength from the
experience of the partners, established track record and diverse
presence across the globe.

The ability of the firm to maintain the capital structure and
improve its operating cycle remain the key rating sensitivities.

Munjani Brothers is a partnership firm engaged in the cutting and
polishing of diamonds since 1986 with four partners. MB is engaged
in the import and processing of rough diamonds and export of cut
and polished diamonds of various sizes. The firm has its
manufacturing facilities at Surat and Bhavnagar. It procures rough
diamonds from the international as well as local sources.

MB caters to polishing of diamonds of varied sizes. During FY13
(refers to the period April 1 to March 31), the firm posted a
profit after tax of INR5.17 crore on a total income of INR239.92
crore.


N. K. PROTEINS: ICRA Downgrades Rating on INR74.5cr Loans to 'C'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR74.50
crores fund based facility of N. K. Proteins Limited to '[ICRA]C'
from '[ICRA]B-' while maintaining the short-term rating at
'[ICRA]A4' for the INR110.0 crore short term fund based/ non-fund
based facilities of NKPL. Further, ICRA has suspended the ratings
assigned to all the above bank facilities of NKPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term fund          74.5         Downgraded to [ICRA]C;
   based limits                         Suspended

   Short-term fund         110.0        [ICRA]A4; Suspended
   based/ non-fund
   based limits

The ratings revision takes into account the expected weakening in
the credit risk profile of the company following cancellation of
the bank limits by the bankers. ICRA also takes into account the
potential impact on the credit profile of NKPL on account of its
large outstanding exposure amounting to ~Rs. 970 Cr. to National
Spot Exchange Ltd (NSEL) for commodity trading transactions. In
addition, ICRA has also suspended the ratings, due to 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.

N. K. Proteins Limited was incorporated in March, 1992 as Maruti
Proteins Ltd.  Later, it changed its name to N K Proteins Ltd in
February, 1993. The company is promoted by Mr. Nimish Patel &
Mr. Nilesh Patel and is engaged in the business of refining edible
oils viz, Cotton Seed Oil, Palmolein, Sunflower Oil, Groundnut Oil
and Vegetable Oils including trading in edible edible oils.
However, its product portfolio is concentrated towards cottonseed
oil, which contributed 53% of the turnover in FY 13. It has a
refining capacity of 1600 tpd and fractionation capacity of 650
tpd at its plant located at Kadi, Gujarat. It also has a 100 tpd
refinery plant at Akola, Maharashtra. Apart from the above, NKPL
also utilizes additional capacities on jobwork basis. It markets
edible oils under the brand name of TIRUPATI, Malaya and
"Sunpride" with Tirupati being the flagship brand and enjoying a
market share of ~60% in the cottonseed oil segment in Gujarat.


NEMLAXMI BOOKS: ICRA Suspends 'B+' Rating on INR7cr LT Loans
------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR7.00
crore long term fund based facilities of Nemlaxmi Books (India)
Private Limited. ICRA has also suspended the '[ICRA]A4' rating
assigned to the INR0.70 crore short term non fund based facilities
of NBIPL. 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.

Established in 1992, Nemlaxmi Books (India) Private Limited is
engaged in the business of manufacturing and trading of paper-
based stationery products. The company has two manufacturing
facilities located in Surat. The company is closely held by Mr.
Vimal Sekhani and family.


NL ENGINEERS: CARE Assigns 'B+' Rating to INR11cr LT Loans
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of NL Engineers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         11        CARE B+ Assigned
   Facilities

   Short-term Bank         8        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of NL Engineers
Private Limited are primarily constrained by its small scale of
operations and weak financial risk profile marked by declining
profitability margins, leveraged capital structure, weak debt
service coverage indicators and elongated operating cycle. The
ratings are further constrained by the concentrated order-book,
raw material price volatility risk and its presence in a highly
competitive and fragmented industry.

The ratings, however, find support from the experienced and
resourceful promoters, growing scale of operations and moderate
order book position.

Going forward, the ability of NLE to increase its scale of
operations along with an improvement in the profitability margins
and capital structure and efficient working capital management
shall be the key rating sensitivities.

Chandigarh-based NL Engineers Pvt Ltd was incorporated in 1997 and
promoted by Mr Vijay Kant Aggarwal and his family members. NLE is
engaged in the manufacturing of steel towers and different types
of structural steel fabrications for telecommunication and power
distribution companies. Its product range includes transmission
line towers, substation structure microwave towers, ISI galvanized
and black nut bolts, earthing materials, etc.

The manufacturing facility of the company is located at Mohali
(Punjab) having an installed capacity of 7,560 tonnes per annum
(TPA) as on March 31, 2013 for fabrication and galvanization
works. The manufacturing processes are ISO 9001:2008 certified.
Raw material procurement is from the domestic market and NLE's
client base includes Bharat Sanchar Nigam Limited (BSNL), Central
Organisation for Railway Electrification (CORE) - Allahabad, Uttar
Pradesh Power Corporation Ltd, Himachal Pradesh State Electricity
Board Ltd, etc.

For FY13 (refers to the period April 1 to March 31), NLE achieved
a total operating income of INR39.87 crore with a PAT of INR0.20
crore as against a total operating income of INR37.16 crore and
PAT of INR0.10 crore in FY12.


PUSHPAK COLOUR: CARE Rates INR6.5cr LT Bank Loans at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pushpak
Colour Roof India Private Limited.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        6.50      CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Pushpak Colour Roof
India Private Limited is constrained on account of the short track
record coupled with small scale of operations, susceptibility to
volatility in the prices of raw material along with the cyclical
nature of steel industry.

The rating, however, derives strength from the experience of the
promoters, strong growth in operating income with comfortable
capital structure. The rating further derives strength from the
synergies of group firm, with an established presence under the
brand name 'Pushpak'.  The ability of the company to increase its
scale of operations with optimum utilisation of its installed
capacity and the ability to manage the raw material price
fluctuation risk will be the key rating sensitivity.

Pune-based Pushpak Colour Roof India Private Limited (PCRPL) was
incorporated on February 1, 2010. PCRPL is engaged in the
manufacturing of colour coated roofing sheets under the brand
name 'Pushpak'. The product range of PCRPL include roofing &
cladding sheets, steel decking sheets, roof ventilators,
polycarbonate sheets and GC sheets along with the trading of self
drilling screws. The products of PCRPL finds application in the
industries like railways, infrastructure projects, paper mills,
sugar factories, steel/metal industries, auto industries, glass,
warehouse and many more.

During FY13 (refers to the period April 1 to March 31), PCRPL
earned a PAT of INR0.57 crore on a total income of INR56.05 crore
as against a PAT of INR0.33 crore on a total income of INR37.43
crore in FY12.


R. S. ENTERPRISES: CRISIL Reaffirms B Ratings on INR230MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of R. S. Enterprises
(Ludhiana) continues to reflect the firm's moderate scale of
operations in the fragmented industry and below-average financial
risk profile, marked by leveraged capital structure. These rating
weaknesses are partially offset by the extensive experience of
RSE's promoters and established supplier relationships.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL B/Stable (Reaffirmed)

   Foreign Exchange          30      CRISIL A4 (Assigned)
   Forward

   Term Loan                 60.5    CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term        29.5    CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RSE will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability, resulting in
better-than-expected cash accruals, and reports efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if RSE's liquidity comes under pressure because of
lower-than-expected cash accruals or larger-than-expected working
capital requirements, or cost or time overrun in the completion of
its project.

Update

For 2012-13 (refers to financial year, April 1 to March 31), RSE
registered revenues of INR1070 million and profitability of 1.8
per cent, in line with CRISIL's expectation. In 2013-14, the
company's sales, along with profitability, are expected to
increase further with increase in knitting capacity leading to
increased contribution of manufacturing activity to the total
revenues. The incremental working capital requirements are
expected to remain high with expected increase in the firm's scale
of operations. CRISIL believes that the firm's business risk
profile will remain moderate with moderate scale of operations,
low profitability and high incremental working capital
requirements.

The incremental working capital requirements have resulted in high
debt levels reflected in a gearing of 3.87 times as on
March 31, 2013, and weak debt protection metrics; its interest
coverage ratio was at 1.58 times and net cash accruals to total
debt ratio was at 0.06 times for 2012-13. With expected increase
in working capital requirements, the firm's debt is likely to
increase further. Also, the debt-funded capex plan of INR80
million towards enhancing the knitting capacity to 10 tonnes per
day is expected to result in high debt levels, constraining the
capital structure. RSE's liquidity is expected to remain stretched
with high term debt repayment obligations against limited cash
accruals and debt-funded working capital requirements. However,
the same is likely to be supported by expected enhancement in bank
lines.

RSE was established in 2001 as a proprietorship concern in
Ludhiana (Punjab) by Mr. Rachit Tuli. The firm manufactures
textiles and trades in fabric. The company has knitting capacity
of 5 tonnes per day. The promoter's family has over six decades of
experience in the textile industry.


RADHESHYAM COTTEX: CARE Reaffirms 'B' Rating on INR7.67cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Radheshyam Cottex.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.67       CARE B Reaffirmed
   Facilities

   Short-term Bank       5.00       CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings continue to remain constrained on account of the weak
financial risk profile of RAC characterized by thin profit
margins, leveraged capital structure and weak debt coverage
indicators. The ratings further continue to be constrained by its
presence in the lowest segment of the textile value chain with
limited value addition in the cotton ginning business and
seasonality associated with the procurement of raw material
resulting into working-capital intensive nature of operations.

The ratings continue to draw strength from the wide experience of
the partners in the cotton industry and locational advantage in
terms of proximity to the cotton-growing regions in Gujarat.
The ability of RAC to increase its ginning operations, improve
profitability and effectively manage its working capital cycle, in
addition to improving its capital structure would remain the key
rating sensitivities.

Amreli-based (Gujarat) RAC was formed in June 2009 as a
partnership firm by Mr Paresh Kothiya and few other family members
and associates to undertake the business of cotton ginning. The
partner group consists of ten partners with unequal profit and
loss sharing among them. Mr Paresh Kothiya is the key partner of
the firm and looks after the day-to-day operations of the firm,
including purchase and marketing, finance as well as
administration. RAC is present at the lowest end of the value
chain in the cotton textile industry and is engaged in the
business of cotton ginning and pressing. The firm's product mix
constitutes cotton bales and cotton seeds and has an installed
capacity to produce 4,032 Metric Tons Per Annum (MTPA) of cotton
bales and 7,372 MTPA of cotton seeds as on March 31, 2013.

During FY13 (refers to the period April 1 to March 31), RAC
reported a total income of INR73.02 crore with a PAT of INR0.10
crore as against a total income of INR65.08 crore and PAT of
INR0.08 crore during FY12.


RAJU CONSTRUCTION: CRISIL Reaffirms BB Rating on INR80MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Raju Construction
Co. & Shelters Pvt Ltd continue to reflect RCCSPL's above average
financial risk profile marked by average gearing and healthy debt
protection metrics, and healthy order-book, providing stable
revenue visibility over medium term. These ratings strengths are
partially offset by limited project diversity, and geographic
concentration in revenues and exposure to risks related to intense
completion in, and tender-based nature of, civil construction
industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            100     CRISIL A4+
   Cash Credit                80     CRISIL BB/Stable

Outlook: Stable

CRISIL believes that RCCSPL will continue to benefit over the
medium term from its healthy order book providing stable revenue
visibility over the medium term. The outlook may be revised to
'Positive' if RCCSPL reports substantial and sustained growth in
revenue and profitability from the current levels. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
larger-than-expected, debt-funded, capital expenditure (capex)
programme, or its working capital requirements are higher than
expected, leading to deterioration in its financial risk profile
particularly its capital structure.

Set up in 1981, RCCSPL undertakes civil construction activities.
The company is predominantly into road construction projects for
state government agencies. It is registered with various
government agencies, such as Madhya Pradesh (MP) Public Works
Department (MPPWD), MP Road Development Corporation (MPRDC), and
MP Water Resource Department (MPWRD).


RELISYS MEDICAL: CRISIL Ups Ratings on INR140.6MM Loans to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Relisys Medical Devices Ltd to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           8.2      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             40.0      CRISIL B-/ Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit         9.5      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Long-Term Loan          72.4      CRISIL B-/ Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term      28.2      CRISIL B-/ Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects timely servicing of term debt by RMD
over the four months through September 2013. The upgrade also
factors in CRISIL's belief that RMD will continue to receive
funding support from its promoters, for timely repayment of its
term debt obligations over the medium term.

The ratings reflect RMD's weak financial risk profile marked by
weak debt protection metrics, large working capital requirements,
and a small scale of operations. These rating weaknesses are
partially offset by the extensive experience of RMD's promoters in
the healthcare industry.

Outlook: Stable

CRISIL believes that RMD's business risk profile will be supported
by its promoters' experience in the healthcare industry, over the
medium term. The outlook may be revised to 'Positive' if RMD
reports substantial and sustained improvement in its scale of
operations and profitability, leading to higher-than-expected cash
accruals and subsequently improvement in the liquidity.
Conversely, the outlook may be revised to 'Negative' if RMD is
unable to scale up its operations, resulting in lower-than-
expected cash accruals, or if there is a stretch in its working
capital cycle, resulting in deterioration in the company's
financial risk profile.

Set up in 1998, RMD manufactures medical devices applicable in
treating life-threatening diseases, including cardiovascular,
peripheral vascular, neurovascular (stroke), and structural heart
diseases. The device includes cardiac stents, diagnostic
catheters, and balloon catheters. Currently, the company's
business operations are actively managed by Dr. N Krishna Reddy
(chairman), Dr. N Ramakrishna Rao (director-operations), and Dr. K
T Venkateswara Rao (chief executive officer-cum-director).


RISHI CONSFAB: CARE Cuts Rating on INR6.96cr Loans to 'B'
---------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Rishi Consfab Private Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6.96      CARE B Revised from CARE B+
   Facilities

   Short-term Bank        1.75      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the long-term rating takes into account the
declining operating income and profitability of the company.
The ratings continue to be constrained by the small scale of
operations, customer concentration risk and deterioration in the
net-worth of the company characterized by losses incurred in the
last two financial years ending FY13 (refers to the period
April 1 to March 31).

The ratings continue to factor in the experience of the promoters
in laser cutting/fabrication business and strong support from the
promoter group.  The ability of the company to increase the scale
of operations and improve the profitability margins are the key
rating sensitivities.

Rishi Consfab Private Limited is engaged in the manufacturing and
supply of fabricated components and assemblies for earth moving
equipment to the manufacturing industry. Rishi Laser Limited and
L&T Komatsu have incorporated RCPL with a shareholding of 76% and
24%, respectively in the year 2008. RCPL's manufacturing facility
is located at Bangalore. It has an installed capacity of 4,000
Metric Tonnes Per Annum (MTPA).

RCPL reported a loss of INR1.28 crore on a total operating income
of INR30.98 crore in FY13 as compared with a loss of INR0.04 crore
on a total operating income of INR34.33 crore in FY12.


SAKSHI AUTO: CRISIL Reaffirms 'D' Ratings on INR100MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sakshi Auto
Parts Pvt Ltd continues to reflect instances of delay by SAPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              20       CRISIL D (Reaffirmed)

   Long-Term Loan           75       CRISIL D (Reaffirmed)

   Proposed Term Loan        5       CRISIL D (Reaffirmed)

SAPL also has a weak financial risk profile, marked by a small net
worth and high gearing, and a small scale of operations. However,
the company benefits from its promoters' extensive industry
experience and the funding support that it receives from them.

Update

SAPL started its operations in September 2012, and generated
revenues of about INR69.5 million during 2012-13 (refers to
financial year, April 1 to March 31). The company is in the
business of recycling vehicle batteries for recovering lead. It
reported a profit after tax (PAT) of about INR9.2 million for
2012-13. SAPL's financial risk profile remains weak, marked by a
small net worth, high gearing, and weak debt protection metrics.
Its liquidity is also weak due to its low cash accruals resulting
from the start-up nature of its operations, against large term
debt repayments and high incremental working capital requirements.
SAPL has term debt repayments of about INR18.0 million per annum.
Though the promoters have been continuously infusing funds to
support the company's debt repayment obligations, the funds are
infused with a time lag, leading to delays in servicing its debt
obligations.

SAPL was incorporated in October 2011, promoted by Mr. Jitendra
Gupta and Mrs. Premsheela Gupta. The company has set up a plant
for smelting and refining of battery scrap to recover lead. The
capacity of the plant is about 3000 tonnes per month. SAPL started
its operations in September 2012.


SHREE DATT: CRISIL Suspends 'D' Ratings on INR268.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Datt Aquaculture Farms Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           0.9      CRISIL D Suspended
   Cash Credit             20.0      CRISIL D Suspended
   Packing Credit         180.0      CRISIL D Suspended
   Proposed Long-Term      40.0      CRISIL D Suspended
   Bank Loan Facility
   Rupee Term Loan         27.6      CRISIL D Suspended

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

SDAFPL is promoted by the Tandel family of Billimora (Gujarat).
The company processes and exports shrimps, prawns, and fish;
predominantly the Black Tiger type of shrimp. The company sells
its products under the brand name, Tandel's, in the export
markets. SDAFPL's current processing capacity of 46 tonnes per day
is operating at 70 per cent utilisation. The company buys 75 per
cent of the fish from fishermen and traders, though this is
expected to come down as the company is expanding its aquaculture
farms. SDAFPL exports mainly to European markets, primarily
France, Belgium, and Denmark; it also exports to China, Middle
East, and South Africa. The company supplies to dealers in Mumbai
(Maharashtra) and Delhi for consumption in the local markets.


SHREE RADHEYSHYAM: CRISIL Assigns 'B+' Ratings to INR175MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Radheyshyam Syn-Fab Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       35       CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit             140       CRISIL B+/Stable

   Letter of Credit         50       CRISIL A4

The ratings reflect SRSPL's average financial risk profile, marked
by high total outside liabilities to tangible net worth ratio, and
average interest coverage ratio. The rating also factors in the
company's working capital intensive operations, and susceptibility
to intense competition in the fabric industry. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

Outlook: Stable

CRISIL believes that SRSPL 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's improves its profitability and reports sustained
improvement in its scale of operations, or the company infuses
significant equity, leading to better than expected financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of decline in the company's revenues or profitability, or its
working capital requirements are larger than expected, or there is
higher than expected debt funded capex, resulting in weakening of
its financial risk profile.

Incorporated in 2009, SRSPL is engaged in trading and processing
of fabrics (mainly cotton). Currently, there are three directors
on board-Mr. Pawan Kumar Agrawal, Mr. Vinit Agrawal and Mr. Gaurav
Agrawal.


SHRI RAMESHWAR: CRISIL Rates INR280MM Cash Credit at 'B-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Shri Rameshwar Sahakari Sakhar Karkhana Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              280      CRISIL B-/Stable

The rating reflects SRSSKL's exposure to risks related to
cyclicality in the sugar industry and regulatory framework
governing the industry, and SRSSKL's below-average financial risk
profile marked by moderate net worth and subdued debt protection
metrics. These rating weakness are partially offset by the
established position of SRSSKL in the sugar industry.

Outlook: Stable

CRISIL expects SRSSKL to benefit from its established presence and
extensive experience of the promoters in the sugar industry. The
outlook may be revised to 'Positive' if the society reports higher
than expected revenues and margins, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative',
in case of deterioration in SRSSK's financial risk profile because
of sharp decline in revenues or profitability margins, or in case
the society undertakes a large, debt-funded capital expenditure
programme.

SRSSKL, established in 2001, is a co-operative society engaged in
manufacturing of sugar. It is based out of Jalna District in
Maharashtra. Mr. Santosh Patil Danve is the chairman of the
society and the day-to-day operations are managed by Mr. Dharmaraj
Shewale (Managing Director) along with support from other
functional personnel.

SRSSKL reported on a provisional basis a net loss of INR40.1
million on an operating income of Rs 1.01 billion for 2012-13
(refers to financial year, April 1 to March 31), as against a
profit after tax of INR73.9 million on an operating income of
INR804.8 million for 2011-12.


SHRUTI FASHIONS: CARE Reaffirms 'BB+' Rating on INR6.48cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shruti Fashions Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term Bank           6.48      CARE BB+ Reaffirmed
   Facilities

   Short-term Bank          0.34      CARE A4 Reaffirmed
   Facilities

   Long-term/Short-term     5.00      CARE BB+/CARE A4 Reaffirmed
   Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Shruti Fashions
Private Limited continue to remain constrained on account of its
moderate scale of operations in a highly fragmented and
competitive segment of the textile value chain coupled with
vulnerability to fluctuation in the prices of raw material. The
ratings further continue to be constrained by the modest
profitability, leveraged capital structure and moderate debt
coverage and liquidity indicators.

The ratings, however, continue to draw comfort from the
experienced and resourceful promoters, established marketing and
distribution network and in-house designing capabilities. The
ratings also favorably factor in the successful completion and
commencement of commercial operations from the expansion project
under taken by SFPL and an increase in the total operating income
and cash accruals during FY13 (refers to the period April 1 to
March 31).

The ability of SFPL to improve the overall financial risk profile
through an increase in the scale of operations with an improvement
in the profit margins in light of the competitive nature of the
industry are the key rating sensitivities.

Surat-based (Gujarat) SFPL was incorporated on March 25, 2003 by
Mr. Omprakash Tuteja and his sons, Mr. Amitkumar Tuteja and
Mr. Dineshkumar Tuteja. SFPL is mainly engaged in printing and
other value-added work such as embroidery, sequencing, zari and
handwork on fabrics for its domestic and international clients
under the brand "Omtex". SFPL has an installed capacity of
37.57 lakh meters per annum (mpa) for embroidery unit and the
printing machineries with an installed capacity of 9 lakh mpa as
on March 31, 2013.

During FY13, SFPL reported a PAT of INR0.54 crore (FY12: INR0.29
crore) on a total operating income of INR58.86 crore (FY12:
INR45.64 crore). During H1FY14, SFPL has reported a total
operating income of INR35.88 crore.


SKKP & SVIMS: CRISIL Suspends 'B' Rating on INR4.2BB Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of SKKP &
SVIMS, HME & Research Foundation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Bank            95       CRISIL A4 Suspended
   Guarantee

   Proposed Term Loan    4,240       CRISIL B/Stable Suspended

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

Established as a public charitable trust in 2008, SKKP is
currently setting up a medical college and 750-bed hospital in
Tirupathy (Andhra Pradesh). The project would involve civil
construction of 1.8 million square feet. The total project cost of
INR5.8 billion is to be funded through term loan of INR4.24
billion and the rest through the corpus fund of the trust
comprising contributions from Kanchi Mutt [formerly, Sri Kanchi
Kamakoti Peetam, a Hindu monastic institution in Kanchipuram
(Tamil Nadu)]. The hospital is expected to become operational by
December 2011 and the medical college by August 2013.


SOUTH INDIAN: CRISIL Rates INR50MM Cash Credit at 'B+'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of South Indian Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            40      CRISIL A4

   Cash Credit               50      CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations in a
fragmented civil construction segment, large working capital
requirements, and a moderate financial risk profile. These rating
weaknesses are partially offset by the proprietor's extensive
experience in the civil construction segment, and a moderate order
book.

Outlook: Stable

CRISIL believes that SIC will benefit over the medium term from
its moderate order book. The outlook may be revised to 'Positive'
if the firm significantly scales up its operations while improving
its profitability, leading to sizeable cash accruals and an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SIC's financial risk profile
weakens due to lower-than-expected revenues or profitability; or
deterioration in its working capital management, or substantial
financial support extended to its group entity, South Indian
Plastic. Any withdrawals by the proprietor, or any large debt-
funded capital expenditure (capex) programme undertaken by SIC,
and weakening its financial risk profile could also result in a
downward outlook revision.

SIC was set up in Karunagappally (Kerala) in 1992. The firm
undertakes civil construction contracts for various statutory
bodies of the Kerala and Tamil Nadu governments. The proprietor,
Mr. Vinod Kumar, oversees the firm's daily operations.

SIC, reported a net profit of INR19.1 million on net sales of
INR362.3 for 2012-13 (refers to financial year, April 1 to
March 31), and a net profit of INR17.7 million on net sales of
INR325.3 million for 2011-12.


SREE RAJESWARI: CRISIL Rates INR90MM Cash Credit at 'B'
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Rajeswari
Infrastructure continue to reflect SRI's weak financial risk
profile, which is marked by small net worth, weak debt protection
metrics, and large working capital requirements, and customer
concentration. These rating weaknesses are partially offset by the
benefits that SRI derives from its healthy order book and its
partners' extensive experience in the construction industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           73.5     CRISIL A4
   Cash Credit              90.0     CRISIL B/Stable
   Letter of Credit         20.0     CRISIL A4

Outlook: Stable

CRISIL believes that SRI will continue to benefit over the medium
term from its partners' extensive experience in the construction
industry and its established relationship with its client Ramky
Infrastructure Ltd (Ramky). The outlook may be revised to
'Positive' if the firm's scale of operations and profitability
margins increase from the current levels, or if it reports
sustained diversity in its revenue profile. Conversely, the
outlook may be revised to 'Negative' if SRI reports steep decline
in its profitability margins from the current levels or if there
is significant deterioration in its capital structure because of
larger-than-expected working capital requirements.

SRI was set up in August 2008 by Mr. G Badrinath and Mr. VVSN
Murthy and their family members. The firm undertakes civil works
related to drainage systems, water supply systems, roads, and
buildings for Ramky.


TIRUPATI STEEL: CRISIL Assigns 'B' Rating to INR120MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tirupati Steel Traders (Proprietor: Mahamaya
Mines Pvt Ltd) (TST).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4 (Assigned)
   Cash Credit             120       CRISIL B/Stable (Assigned)

The rating reflects TST's modest scale of operations in the highly
fragmented iron and steel trading industry, working capital
intensive nature of operations and moderate financial risk profile
marked by modest networth and subdued debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of TST's promoters in the iron and steel industry.

Outlook: Stable

CRISIL believes that TST will continue to benefit over the medium
term from its partners' extensive experience in the iron and steel
industry. The outlook may be revised to 'Positive' in case there
is significant and sustained improvement in the firm's revenue and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
the firm's revenues or profitability margins or an elongation of
its working capital cycle, resulting in a weakening in its
financial risk profile.

TST is operating as a proprietorship concern of Mahamaya Mines Pvt
Ltd (MMPL is promoted by Raipur based Mr. Anand Agrawal and his
wife Mrs. Asha Agrawal). TST was formed in 2000 and is engaged in
trading of iron and steel products. Mr. Anand Agrawal oversees the
day to day operations of the firm.

For 2012-13 (refers to financial year, April 1 to March 31), TST
reported a profit after tax (PAT) of INR 1.5 million on net sales
of INR697.6 million, against a PAT of INR3.3 million on net sales
of INR1.5 billion for 2011-12.


TOSHBRO MEDICAL: CRISIL Reaffirms 'B' Rating on INR65MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Toshbro Medical Private
Limited continue to reflect TMPL's modest scale of operations and
subdued financial risk profile marked by low networth level,
highly geared capital structure and weak debt protection
indicators, coupled with susceptibility of revenues and margins to
intense competition and to volatility in foreign exchange rates.
These rating weaknesses are partially offset by TMPL's promoters'
extensive experience and established presence in the trading of
medical equipments.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             50     CRISIL A4
   Cash Credit                65     CRISIL B/Stable
Outlook: Stable

CRISIL believes that TMPL will benefit over the medium term from
its promoters' extensive industry experience in the industry. The
outlook may be revised to 'Positive' if TMPL reports significant
and sustainable growth in revenues and profitability margins,
while improving its capital structure and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the company's revenues and operating
margins, or if its working capital cycle lengthens significantly,
adversely impacting its financial risk profile.

Update

TMPL reported an operating income of INR347.6 million for 2012-13
(refers to financial year, April 1 to March 31), an increase of 20
per cent over that in 2011-12. Its sales for 2013-14 are estimated
at around INR400 million. TMPL's operating margin declined
slightly, to around 6.3 per cent during 2012-13, from 6.7 per cent
in 2011-12. The margin is estimated at similar levels for 2013-14.
TMPL's operations continue to be working capital intensive, with
company's gross current asset (GCA) at 236 days as on March 31,
2013. The debtors remained high at 150 days for 2012-13.

Its gearing improved to 2.15 times as on March 31, 2013, from 2.44
times as on March 31, 2012. However, its total outside liabilities
to tangible net worth ratio increased to 4.45 times as on
March 31, 2013 from 4.19 times as on March 31, 2012. This was
mainly on account of higher credit from suppliers (payables stood
at 99 days as on March 31, 2013). The gearing is expected to
remain at similar levels over the medium term. The company's debt
protection metrics remain subdued, with net cash accruals to total
debt and interest coverage ratios of 0.08 times and 1.3 times,
respectively, for 2012-13; the metrics are expected to remain at
similar levels over the medium term. TMPL's bank facilities were
utilised at an average of 69 per cent over the 12 months ended May
2013.

TMPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR289.5 million for 2012-13, against a net loss of
INR3.5 million on net sales of INR230.1 million for 2011-12.

TMPL incorporated in 2001, by Mr. Arun Toshniwal and his son Mr.
Anurag Toshniwal. The company is engaged in the trading of medical
equipments primarily related to Ophthalmology, Neurosurgery,
Dentistry and ENT.


VEDSIDHA PRODUCTS: CRISIL Rates INR180MM Term Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Vedsidha Products Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               180.0     CRISIL B+/Stable

The rating reflects VPPL's expected weak financial risk profile,
marked by a high gearing and weak debt protection metrics and the
start-up nature of operations. These rating weaknesses are
partially offset by the extensive experience of VPPL's promoters
in the construction industry.

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive experience in the construction
industry. The outlook may be revised to 'Positive' if VPPL
stabilises its operations earlier than expected, leading to
better-than-expected financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case VPPL reports of
lower-than-expected operating margin or its working capital
management weakens, resulting in weak financial risk profile.

VPPL is promoted by Nagpur (Maharashtra)-based Mr. Prabhudas Vyas
and Mr. Niranjan Ranka. The company is setting up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur.


VISHAL SURGICAL: CRISIL Reaffirms 'BB' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishal Surgical Company
Equipment Pvt Ltd continue to reflect the long standing track
record of VSCEPL in the medical equipment trading industry and its
moderate financial risk profile, marked by healthy debt protection
metrics. These rating strengths are partially offset by VSCEPL's
large working capital requirements and its modest scale of
operations in the fragmented medical equipment trading industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          80       CRISIL A4+ (Reaffirmed)
   Letter of Credit        20       CRISIL A4+ (Reaffirmed)
   Overdraft Facility      50       CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VSCEPL will continue to benefit from its
promoters' extensive industry experience and its established
relationships with key suppliers, over the medium term. The
outlook may be revised to 'Positive' if VSCEPL scales up its
operations significantly while prudently managing its working
capital cycle or in case of any significant equity infusion.
Conversely, the outlook may be revised to 'Negative' or if the
company's accruals are lower than expectations or if the company
undertakes any large debt-funded capex leading to deterioration in
financial risk profile.

Set up in 1973, VSCEPL is a multi-brand and multi-product supplier
of medical equipment. The company is managed by Mr. Ramesh Ahuja,
his sons, Mr. Vishal Ahuja and Mr. Vikas Ahuja, and his brother,
Mr. Rajkumar Ahuja.

VSCEPL reported a profit after tax (PAT) of INR8 million on net
sales of INR489 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.8 million on net
sales of INR448 million in 2011-12.



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


LS GROUP: Unit Faces Major Lawsuit Over Faulty Cables
-----------------------------------------------------
Choi Kyong-ae at The Korea Times reports that the state-run Korea
Hydro & Nuclear Power (KHNP) said it will file a major lawsuit by
December to gain compensation from JS Cable for supplying faulty
cables to two new nuclear reactors.

According to The Korea Times, the move could do irreparable damage
to the firm and its parent, LS Group.

"After preparing all documents, we will file the case with a court
as soon as possible," a KHNP official told The Korea Times by
telephone. "We will ask JS Cable to pay all the costs for the
removal of existing cables, the purchase and installment of new
ones, and for the power-production losses incurred by the delay in
reactor operations."

The Korea Times relates that the official said that KHNP is
seeking far more than KRW9 billion ($8.5 million) it sought in a
previous lawsuit filed in September. "The compensation does not
stay at KRW9 billion and it will rise as the trial proceeds," he
said.

The suspension of reactor operations has already cost KHNP around
KRW450 billion since May when three reactors were taken offline
for cable replacement, the report notes.

Currently, the report discloses, six reactors are affected by the
scandal which erupted last year. Their combined power-generation
capacity is 6.8 million kilowatts.

On top of paying compensation, JS Cable is likely to be barred
from bidding for supply contracts with the government for up to
two years, the official told The Korea Times.

Nose-diving credibility, falling share prices and poor business
performances are adding to the woes of the LS Group, the country's
13th-biggest conglomerate by assets, The Korea Times adds.

LS Group engages in the electrical, electronic, and material
businesses in South Korea and internationally.



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


* BOND PRICING: For the Week Oct. 21 to Oct. 25, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MA    7.00      04/01/21   USD      72.75
BOART LONGYEAR MA    7.00      04/01/21   USD      72.75
COMMONWEALTH BANK    1.50      04/19/22   AUD      72.89
EXPORT FINANCE &     0.50      06/15/20   NZD      72.79
EXPORT FINANCE &     0.50      12/16/19   NZD      74.99
MIRABELA NICKEL L    8.75      04/15/18   USD      31.00
MIRABELA NICKEL L    8.75      04/15/18   USD      70.00
NEW SOUTH WALES T    0.50      12/16/22   AUD      67.65
NEW SOUTH WALES T    0.50      10/07/22   AUD      69.23
NEW SOUTH WALES T    0.50      10/28/22   AUD      69.03
NEW SOUTH WALES T    0.50      09/14/22   AUD      69.46
NEW SOUTH WALES T    0.50      03/30/23   AUD      66.66
NEW SOUTH WALES T    0.50      11/18/22   AUD      68.82
NEW SOUTH WALES T    0.50      02/02/23   AUD      67.19
NEWCREST FINANCE     5.75      11/15/41   USD      73.54
NEWCREST FINANCE     5.75      11/15/41   USD      76.76
PALADIN ENERGY LT    3.63      11/04/15   USD      74.00
PALADIN ENERGY LT    6.00      04/30/17   USD      67.48
TREASURY CORP OF     0.50      03/03/23   AUD      67.76
TREASURY CORP OF     0.50      11/12/30   AUD      43.95
TREASURY CORP OF     0.50      08/25/22   AUD      69.13

  CHINA
  -----

CHINA GOVERNMENT     1.64      12/15/33   CNY      66.71


  HONG KONG
  ---------

DAVOMAS INTERNATI   11.00      12/08/14   USD      24.75
DAVOMAS INTERNATI   11.00      12/08/14   USD      24.75
INDONESIA TREASUR    6.38      04/15/42   IDR      74.68
PERUSAHAAN PENERB    6.10      02/15/37   IDR      74.04


  INDIA
  -----

3I INFOTECH LTD      5.00      04/26/17   USD      26.00
CORE EDUCATION &     7.00      05/07/15   USD      28.38
COROMANDEL INTERN    9.00      07/23/16   INR      15.06
DR REDDY'S LABORA    9.25      03/24/14   INR       4.97
ECL FINANCE LTD     21.75      07/07/14   INR      77.81
GTL INFRASTRUCTUR    2.53      11/09/17   USD      39.57
HPCL-MITTAL PIPEL    4.00      10/05/22   INR      64.91
INDIA GOVERNMENT     5.87      08/28/22   INR      73.84
INDIA GOVERNMENT     0.24      01/25/35   INR      17.10
JCT LTD              2.50      04/08/11   USD      20.00
MASCON GLOBAL LTD    2.00      12/28/12   USD      10.00
PRAKASH INDUSTRIE    5.25      04/30/15   USD      51.00
PRAKASH INDUSTRIE    5.63      10/17/14   USD      55.13
PYRAMID SAIMIRA T    1.75      07/04/12   USD       1.00
REI AGRO LTD         5.50      11/13/14   USD      69.93
REI AGRO LTD         5.50      11/13/14   USD      69.93
SHIV-VANI OIL & G    5.00      08/17/15   USD      19.75
SUZLON ENERGY LTD    5.00      04/13/16   USD      46.78
SUZLON ENERGY LTD    7.50      10/11/12   USD      67.38


  INDONESIA
  ---------

BAKRIE TELECOM PT   11.50      05/07/15   USD      27.90
BAKRIE TELECOM PT   11.50      05/07/15   USD      27.75
BLD INVESTMENTS P    8.63      03/23/15   USD      62.63
ENERCOAL RESOURCE    9.25      08/05/14   USD      56.33
INDO INFRASTRUCTU    2.00      07/30/10   USD       1.88


  JAPAN
  -----

ELPIDA MEMORY INC    0.50      10/26/15   JPY      11.88
ELPIDA MEMORY INC    0.70      08/01/16   JPY      10.75
ELPIDA MEMORY INC    2.10      11/29/12   JPY      11.88
ELPIDA MEMORY INC    2.03      03/22/12   JPY      13.50
ELPIDA MEMORY INC    2.29      12/07/12   JPY      13.50
JAPAN EXPRESSWAY     0.50      03/18/39   JPY      70.74
JAPAN EXPRESSWAY     0.50      09/17/38   JPY      71.26
TOKYO ELECTRIC PO    2.37      05/28/40   JPY      67.00
TOKYO ELECTRIC PO    1.96      07/29/30   JPY      73.47


  KOREA
  -----
EXPORT-IMPORT BAN    0.50      10/23/17   TRY      67.25
EXPORT-IMPORT BAN    0.50      12/22/17   BRL      62.31
EXPORT-IMPORT BAN    0.50      10/27/16   BRL      71.80
EXPORT-IMPORT BAN    0.50      11/21/17   BRL      63.12
EXPORT-IMPORT BAN    0.50      01/25/17   TRY      72.51
EXPORT-IMPORT BAN    0.50      09/28/16   BRL      72.51
EXPORT-IMPORT BAN    0.50      12/22/17   TRY      65.66
EXPORT-IMPORT BAN    0.50      08/10/16   BRL      74.75
EXPORT-IMPORT BAN    0.50      11/28/16   BRL      71.04
EXPORT-IMPORT BAN    0.50      12/22/16   BRL      70.26
KIBO GREEN HI-TEC   10.00      12/21/15   KRW      30.96
SINBO SECURITIZAT    4.60      06/29/15   KRW      30.27
SINBO SECURITIZAT    4.60      06/29/15   KRW      30.28
SINBO SECURITIZAT    5.00      09/13/15   KRW      30.02
SINBO SECURITIZAT    5.00      09/13/15   KRW      30.00
SINBO SECURITIZAT   10.00      12/27/15   KRW      30.81
SINBO SECURITIZAT    8.00      02/02/16   KRW      29.96


  PHILIPPINES
  -----------

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


  SINGAPORE
  ---------

BUMI CAPITAL PTE    12.00      11/10/16   USD      70.00
BUMI CAPITAL PTE    12.00      11/10/16   USD      69.98
BUMI INVESTMENT P   10.75      10/06/17   USD      70.25
BUMI INVESTMENT P   10.75      10/06/17   USD      69.63


  SRI LANKA
  ---------
SRI LANKA GOVERNM    9.00      06/01/43   LKR      72.17
SRI LANKA GOVERNM    5.35      03/01/26   LKR      57.46
SRI LANKA GOVERNM    7.00      10/01/23   LKR      68.07
SRI LANKA GOVERNM    6.20      08/01/20   LKR      74.21
SRI LANKA GOVERNM    8.00      01/01/32   LKR      68.72


  THAILAND
  --------

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


                             *********

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

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

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


                            *********


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

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

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

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

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



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