TCRAP_Public/131031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 31, 2013, Vol. 16, No. 216


                            Headlines


A U S T R A L I A

GUNNS LIMITED: Hancock Timber Eyes Timber Assets
WALTON GROUP: Set to Go Into Liquidation on November 8
* AUSTRALIA: Construction Firms Failing Faster Than Other Sectors
* Sports Broadcaster Pleads Guilty Over Company Liquidation


H O N G K O N G

PEREGRINE DERIVATIVES: Claims Bar Date Set for Nov. 30


I N D I A

AGARWALLA TEAK: CRISIL Reaffirms 'BB-' Ratings on INR65MM Loans
AGGARWAL FOODS: ICRA Reaffirms 'B+' Rating on INR13cr Loans
ASHUTOSH FOODS: ICRA Reaffirms 'B' Rating on INR29cr Loans
ASIAN AEROSOL: CARE Rates INR14.75cr LT Bank Loans at 'BB-'
B2B CONNECTIONS: CARE Cuts Ratings on INR14cr Loans to 'D'

BABA AKHILA: ICRA Assigns 'BB' Rating to INR30.35cr Loans
BANNA LAL: ICRA Suspends 'B+' Rating on INR14.5cr LT Loans
BHOOMI TEXTILES: ICRA Reaffirms 'BB' Ratings on INR9.46cr Loans
CASCY FORGE: CRISIL Puts 'BB' Ratings on INR80.8MM Loans
CATERING PRIVATE: ICRA Reaffirms 'BB+' Rating on INR12cr Loans

CDP (INDIA): ICRA Assigns 'B+' Ratings to INR19cr Loans
DHINGRA EXPORTS: ICRA Rates INR8cr Fund Based Limits at 'B'
DUNCANS INDUSTRIES: ICRA Withdraws 'C' Rating on INR39.9cr Loans
EASTERN FOODS: ICRA Suspends 'BB-' Rating on INR12cr Loan
GNG EXPORTS: CRISIL Suspends 'D' Ratings on INR700MM Loans

HOLLIS VITRIFIED: CARE Raises Rating on INR19.62cr Loans at 'BB-'
INNOVATIVE CUISINE: CRISIL Suspends 'BB+' Ratings on INR95M Loans
JAI INT'L: CRISIL Suspends 'B' Ratings on INR24MM Loans
JAI PRAKASH: ICRA Suspends 'BB+/A4' Rating on INR170cr Loans
JAIKA AUTOMOBILES: ICRA Suspends 'BB-' Rating on INR17.5cr Loans

JMJ EDUCATION: ICRA Withdraws 'B' Rating on INR2.81cr Loan
K. CHANDRAKANT: ICRA Upgrades Rating on INR100cr Loans to 'BB+'
KAMDAR CARZ: CRISIL Assigns 'BB+' Ratings to INR400MM Loans
KBJ EXPORTS: ICRA Suspends 'BB-' Rating on INR20cr LT Loans
KBJ GEMS: ICRA Suspends 'BB-' Rating on INR20cr Loans

KIKANI EXPORTS: CRISIL Suspends 'B' Ratings on INR75MM Loans
KIWI WINES: CRISIL Suspends 'BB-' Ratings on INR800MM Loans
KRISHNA FERRO: CRISIL Suspends 'D' Ratings on INR250MM Loans
LORDS BLUETECH: ICRA Rates INR18cr Fund Based Loans at 'BB-'
MALPE MANIPAL: ICRA Suspends 'B' Rating on INR30cr Term Loan

MOKAMA-MUNGER: ICRA Cuts Rating on INR355cr Loans to 'D'
NAGARJUNA FERTILIZERS: CARE Cuts Rating on INR769.03cr Loan to BB
PRABHU SPONGE: ICRA Cuts Ratings on INR10.99cr Loans to 'B+'
PRASAD EDUCATIONAL: CRISIL Reaffirms BB- Rating on INR140MM Loans
R.K.COTTON: CRISIL Reaffirms 'B' Ratings on INR40MM Loans

RAJ EXPORTS: ICRA Reaffirms 'BB' Ratings on INR22.94cr Loans
RAUNAK EXPORTS: ICRA Reaffirms 'BB-' Rating on INR8.5cr Loan
ROYAL BEVERAGES: CRISIL Suspends 'BB-' Ratings on INR900MM Loans
S.B. SYSCON: ICRA Rates INR12cr Fund Based Loans at 'B'
SARVESH REFRACTORIES: CRISIL Revokes Suspension on 'D' Ratings

SERVIONT GLOBAL: ICRA Raises Ratings on INR27.3cr to 'BB'
SHREE METALLOYS: ICRA Reaffirms 'B+' Rating on INR8cr Cash Credit
SHREE STAMBH: CARE Cuts Rating on INR8.10cr LT Bank Loans to 'D'
SINGHANIA BUILDCON: ICRA Lowers Rating on INR41.8cr Loans to 'D'
SOWMIYA SPINNERS: CARE Assigns 'BB-' Rating to INR39.59cr Loans

SRI LAXMI: CRISIL Assigns 'D' Ratings to INR200MM Loans
SRI SURYA: CRISIL Suspends 'D' Ratings on INR204.5MM Loans
SRI VIDYA: ICRA Reaffirms 'BB+' Rating on INR11.08cr Term Loan
SSP ENTERPRISES: CARE Assigns 'B+' Rating to INR2.5cr LT Loans
SUPERTECH LTD: CRISIL Ups Ratings on INR6.68BB Loans to 'BB'

SURABHI SPINNING: CRISIL Cuts Rating on INR300MM Loan to 'D'
SURYA EXIM: ICRA Assigns 'BB+' Rating to INR40cr LT Loans
T.C. TERRYTEX: ICRA Suspends 'B+' Ratings on INR107cr LT Loans
TARA INFRATECH: CRISIL Reaffirms 'D' Rating on INR120MM Loan
TARUNSHREE COTTON: CRISIL Puts 'B' Ratings on INR2.07BB Loans

TRIMURTI FLOUR: ICRA Assigns 'B' Ratings to INR7.5cr Loans
TRITON INTERNATIONAL: ICRA Suspends 'BB-' Rating on INR25cr Loan
UNILOIDS BIOSCIENCES: ICRA Rates INR7.5cr LT Loans at 'B+'
VIMAL DAIRY: ICRA Revises Ratings on INR47.65cr Loans to 'BB'
VIMAL OIL: ICRA Reaffirms 'BB+' Rating on INR162cr Loans


J A P A N

* JAPAN: Third-Sector Firms May Face Liquidation Due to Debts


N E W  Z E A L A N D

ASR LIMITED: Owner 'Not Traced' a Year After Liquidation
PIKE RIVER: NZOG Shareholders Reject Reparation Plan
* NEW ZEALAND: Doing Nothing to Help Manufacturing, Greens Says


S O U T H  K O R E A

TONGYANG INC: Tongyang Life Seeks to Sell All Shares in Firm


V I E T N A M

HUALON CORP: Evades VND78.1BB in Income Taxes


                            - - - - -


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


GUNNS LIMITED: Hancock Timber Eyes Timber Assets
------------------------------------------------
Elise Shaw at Australian Financial Review reports that Hancock
Timber Resource Group is said to be looking at buying more than
200,000 hectares of timber assets owned by Gunns Limited that is
expected to sell for more than AUD400 million next month.

AFR, citing The Australian, relates that Hancock and three
Canadian superannuation funds have reportedly been in talks with
the receivers.

According to AFR, The Australian reported that the pension funds
include the Canada Pension Plan Investment Board, Ontario Teachers
Pension Plan and Alberta Investment Management Corp.

The Tasmanian timber business was placed into administration last
year with debts of about AUD560 million and is expected to come up
for sale in about a fortnight through insolvency firm Korda
Mentha, with investment bank Moelis advising on the transaction,
AFR notes.

Gunns was placed into liquidation in March, AFR recalls.
According to AFR, Administrator PPB Advisory has released a
damning report that said Gunns might have traded while insolvent
and outlined several possible breaches of directors' duties.

It flagged that secured lenders were owed AUD446 million and were
unlikely to be repaid in full while workers' entitlements
totalling around AUD10 million would be paid. The report concluded
that Gunns had debts of around AUD3 billion and recommended
liquidation.

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


WALTON GROUP: Set to Go Into Liquidation on November 8
------------------------------------------------------
Bill Hoffman at Fraser Coast Chronicle reports that the Walton
Group will go into liquidation on November 8, allowing a thorough
investigation of the company's affairs.

According to the report, Sunshine Coast trade sub-contractors are
facing losses of around AUD3 million for work completed on the
Nambour Coles project after the builder went into administration
on October 4.

Administrator Lawler Draper Dillon of Melbourne on October 29
released its first report into the state of Walton Construction
and a report on Walton Construction (Qld) followed on October 30,
according to Fraser Coast Chronicle.

Fraser Coast Chronicle says key areas that will be examined once
both companies are placed in liquidation will be the issue of
insolvency trading and for how long that had occurred.

The setting up in August of two companies, Lewton Asset Services
and Peloton Builders and asset sale agreements that saw them take
over 31 Walton projects in Queensland and Victoria will also be
examined, the report notes.

A spokesman for the administrator said it has not stood in the way
of those agreements given that Walton is no longer a company with
employees, funding and a place of business because of the
potential for that to worsen the liability situation. However it
has reserved its rights.

Liquidation will allow an investigation of those agreements, the
issue of insolvency trading that is believed goes back some time
and issues about directors' duty of care, says the report.

Walton Construction is a Melbourne-based builder.  The company was
founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.


* AUSTRALIA: Construction Firms Failing Faster Than Other Sectors
-----------------------------------------------------------------
perthnow.com.au reports that construction firms are failing at a
rate higher than in any other sector of the South Australian
economy, with industry leaders warning state and federal
politicians must do more to protect businesses from closing.

New figures from the Australian Securities and Investments
Commission show 69 companies in the construction sector were in
extreme financial stress and forced into administration in the
financial year ending June 30, according to perthnow.com.au.

The report relates that retail trade was the next worst with 49
entering administration.

The previous financial year, ASIC said 72 construction firms went
into administration but in 2009-10 that figure was 35, the report
notes.

The report discloses that Civil Contractors Federation Chief
Executive Phil Sutherland said the ASIC figures were an indication
of just how tough the industry had become in recent years.

"We often hear about Adelaide being one of the most livable cities
in the world but it's no good if there is no work and no jobs
here," said Mr. Sutherland, whose federation makes up about 30 per
cent of the construction industry and 20,000 jobs, the report
relates.

The report notes that Mr. Sutherland compared the situation to the
one facing the defence industry, which is facing what it calls a
"valley of death" in reference to what will happen to naval
shipbuilding for the period between 2015 and 2020, when the work
runs out.

While there are many cranes on the Adelaide skyline because of
state Government investment in projects such as the Adelaide Oval
and the new Royal Adelaide Hospital, Mr. Sutherland is concerned
about what happens when those current projects are finished, the
report discloses.

"The construction industry is facing the Mariana Trench here as
these big projects come to a conclusion; there is clearly going to
be a gap now between any other major works being available," the
report quoted Mr. Sutherland as saying.

The Mariana Trench, at 11,000 meters, is the deepest part of any
ocean in the world.

Mr. Sutherland urged state and federal governments to work
together, to plan new projects which would keep construction firms
in work, the report notes.

Mr. Sutherland said he welcomed Prime Minister Tony Abbott's
announcement to fully upgrade South Road in 10 years, and Premier
Jay Weatherill's 30-year transport plan, but said both could come
too late for many companies, the report relates.

The report discloses that principal of insolvency outfit BRI
Ferrier Nick Cooper said because there was a lack of work,
companies were taking financial risks that eventually caught up
with them.

Master Builders Association Chief Executive John Stokes said many
people were still unsure about the future direction of the
economy, the report adds.


* Sports Broadcaster Pleads Guilty Over Company Liquidation
-----------------------------------------------------------
Steve Butcher at The Age reports that one of Victoria's best-known
broadcasters, Mark Fine of Melbourne's 24-hour sports radio
station SEN, has pleaded guilty to two charges over the
liquidation of a company.

Mr. Fine's wife Rebecca also pleaded guilty to failing to provide
a report as to affairs and also the records and books to the
liquidator, The Age says.

The Age relates that a magistrate told the couple, who have no
prior convictions, that they had "failed in their duty", but he
regarded Rebecca Fine as "probably" more responsible than her
husband.

According to the report, the magistrate Charlie Rozencwajg
accepted that Mr. Fine had left matters about the company to his
wife, but he did not accept that he had no knowledge that it had
gone into liquidation last year.

Julia Tomaskovic, for the Australian Securities and Investment
Corporation, said the couple were co-directors of the company when
it was wound up in the Supreme Court last November, The Age
relays.

The Age says Ms. Tomaskovic told Melbourne Magistrates Court the
liquidator later wrote to Rebecca to ask for the documents and he
also later gave her formal instructions about the process, but by
March they had not been supplied. She said ASIC had sent warning
letters and the liquidator had also sent one to Mr. Fine on
December 12, the report says.

The Age adds that defence barrister Stephen Wartski said the
company was incorporated in 1995 and originally was used for
development and marketing before Mr. Fine engaged it for his
copywriting.


===============
H O N G K O N G
===============


PEREGRINE DERIVATIVES: Claims Bar Date Set for Nov. 30
------------------------------------------------------
A seventh and final dividend is intended to be declared in the
matter of Peregrine Derivatives Limited (In liquidation).  All
creditors of the company must prove their debts by Nov. 30, 2013.
Any creditor who does not lodge a claim by that date will be
excluded from the benefit of any distribution made before those
debts are provided and from objecting to the distribution.

The liquidation cases are pending before the High Court of The
Hong Kong Special Administrative Region and before the Grand Court
of the Cayman Islands.

David Richard Hague at PricewaterhouseCoopers in Hongkong serve as
joint and several liquidator of Peregrine Derivatives.



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


AGARWALLA TEAK: CRISIL Reaffirms 'BB-' Ratings on INR65MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Agarwalla Teak
International Pvt Ltd continue to reflect ATIPL's small scale of
operations and low profitability margins owing to intense
competition in the timber market; the ratings also factor in
ATIPL's weak financial risk profile, particularly its liquidity,
because of working-capital-intensive operations and low cash
accruals. These rating weaknesses are partially offset by the
experience of ATIPL's promoters in the timber trading business and
absence of any major repayment obligations.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             40      CRISIL BB-/Stable (Reaffirmed)

   Letter of Credit       305      CRISIL A4+ (Reaffirmed)

   Letter of Credit        25      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ATIPL will maintain its business risk profile
over the medium term backed by its promoter's extensive experience
in the timber industry, coupled with established retail clientele.
The outlook may be revised to 'Positive' if AITPL scales up its
operations with improvement in its profitability levels leading to
higher-than-expected cash accruals, or if the company's financial
risk profile improves, most likely driven by fresh equity infusion
or by prudent working capital management. Conversely, the outlook
may be revised to 'Negative' if ATIPL's working capital cycle
deteriorates; leading to weakening of its capital structure and
liquidity, or the firm undertakes a large, debt-funded capital
expenditure programme.

ATIPL, a Delhi-based company, was promoted in 1991 by the Goyal
family. It imports timber and sells it in the domestic market. The
promoters have experience of more than 20 years in the timber
industry. The company deals in Malaysian, Latin American and
African timber and is diversifying into hardwood. It has sales
offices in four states: Delhi, Punjab, Gujarat, and Haryana.

ATIPL reported a profit after tax (PAT) of INR7.9 million on net
sales of INR803.4 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR7.3 million on net sales
of INR673.6 million for 2011-12.


AGGARWAL FOODS: ICRA Reaffirms 'B+' Rating on INR13cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' for the
INR13.00 crore fund based facilities of Aggarwal Foods.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based limits       11.67        [ICRA]B+ (reaffirmed)
   Proposed Limits          1.33        [ICRA]B+ (reaffirmed)
   (unallocated)

The rating is constrained by AF's weak financial profile,
reflected by deterioration in the operating margins and leveraged
capital structure. The rating continues to be constrained by high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating, however favorably takes into account long
standing experience of promoters in rice industry and proximity of
the mill to major rice growing area which results in easy
availability of paddy.

Aggarwal Foods is a proprietorship firm, was set up in 1997 by Mr.
Suresh Kumar. Aggarwal Foods is engaged in processing and export
of basmati rice to countries in the Middle East. It has a plant at
Karnal (Haryana) which has a milling capacity of 6 tonnes per hour
and a sortex machinery with a capacity of 4 ton/hr.

Recent Results

During the financial year 2012-13, the firm reported profit after
tax (PAT) of INR0.91 crore on an operating income of INR30.22
crore as against PAT of INR0.35 crore on an operating income of
INR24.21 crore in FY12.


ASHUTOSH FOODS: ICRA Reaffirms 'B' Rating on INR29cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR29.00 crore* fund based facilities of Ashutosh Foods.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities     29.00       [ICRA]B (reaffirmed)

The rating is constrained by AF's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The ratings further take note of the
risks inherent in proprietorship firm such as limited ability to
raise funds; funds withdrawal and dissolution. The rating however,
favorably takes into account long standing experience of
promoters, expected benefits arising out of established client
relationships of its group companies in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

The firm has enhanced its milling capacity from 6ton/hr to 10
ton/hr during FY13 and incurred capex of INR1.15 crores. The firm
has also added a sortex machine and doubled its capacity to 8
ton/hr. The funding of the same has been done through internal
accruals and unsecured loans from family & friends.

Ashutosh Foods was established in the year 2000. The firm is
primarily engaged in the milling of basmati/non basmati paddy and
is based out of Nisiing (Karnal). The firm has enhanced the
milling capacity from 6ton/hr to 10 ton/hr and doubled its sortex
capacity to 8 ton/hr during FY13.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.09 crore on an operating income of
INR81.48 crore as against PAT of INR0.09 crore on an operating
income of INR65.49 crore in 2011-12.


ASIAN AEROSOL: CARE Rates INR14.75cr LT Bank Loans at 'BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Asian Aerosol Oan Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        14.75      CARE BB- Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Asian Aerosol OAN
Private Limited is primarily constrained by the nascent stage of
operations along with stabilisation risk of the significantly
debt-funded project. The rating however derives strength from the
group's established presence in the aerosol industry, favorable
industry scenario and the Memorandum of Understanding with leading
aerosol manufacturers.

Stabilization of the recently commissioned capacities and
realization of the envisaged benefit from the project are the key
rating sensitivities.

Incorporated in 2011, AAPL is promoted by Mr. Bhogilal Patel.
During FY13, the company had setup a greenfield project at Valsad
(Gujarat) to undertake the manufacturing of aerosol containers
and filling of aerosol products [like shaving creams, gels, after
shave products, deodorants and antiperspirant] for Fast Moving
Consumer Goods (FMGC) companies. The project was completed
in September 2013 and currently the company has commenced trial
runs. The commercial production is expected to commence by the end
of October 2013. Furthermore, AAPL has signed a Memorandum of
Understanding (MOU) with One Asia Network (OAN; a partnership
venture of two international aerosol manufacturing companies Daizo
{Japan} and PAX {Australia} in order to cater the Asian markets)
to garner marketing and new product development support.

AAPL is a part of the Asian Aerosol Group which is in existence
for nearly four decades in the aerosol industry having a group
turnover of more than INR125 crore.


B2B CONNECTIONS: CARE Cuts Ratings on INR14cr Loans to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
B2B Connections Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13         CARE D Revised
   Facilities                       from CARE BB

   Short-term Bank        1         CARE D Revised
   Facilities                       from CARE A4

Rating Rationale

The revision in ratings of B2B Connections Private Limited takes
into account the ongoing delays in debt servicing.

New Delhi based B2B was incorporated in March, 2010 and was
promoted by Mr. Sahil Batra. The company was initially promoted as
a proprietorship concern under the name of S.K. Enterprises
established in November 2008 and the business of S.K. Enterprises
was transferred to B2B in April 2011. B2B is engaged in the
manufacturing of chrome leather and vegetable tanned leather,
which find direct application with the producers of leather goods
and accessories. The manufacturing unit of the company is located
at Sonepat, Haryana.

For FY12 (refers to the period April 1 to March 31), B2BCPL
achieved a total operating income of INR70.6 crore with a PAT of
INR3.2 crore. Further, during 11MFY13, the company has achieved
total operating income of about INR77.3 crore.


BABA AKHILA: ICRA Assigns 'BB' Rating to INR30.35cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to INR30.35
crore fund based limits of Baba Akhila Sai Jyothi Industries
Private Limited. ICRA has also assigned short term rating of
'[ICRA]A4' to INR8.45 crore non-fund based limits of BASJIPL. The
outlook on the long term rating is Stable.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits       30.35       [ICRA]BB (Stable) Assigned
   Non fund based limits    8.45       [ICRA]A4 Assigned

The assigned rating favorably factors in significant experience of
the promoters in the sponge iron industry; strong growth in
revenues in the past 2 years owing to increased production levels
on the back of doubling of capacity in April 2011; and moderate
financial risk profile with gearing of 0.89 times as on March 31,
2013 & interest coverage ratio of 3.30 times for FY2013. The
assigned ratings are however constrained by moderate capacity
utilization levels of around 55% in the past 2 years; moderate
customer concentration risk with top 3 customers accounting for
around 50% of sales in FY2013; and dip in operating profitability
owing to limited ability of the company in passing input cost
hikes primarily coal & iron ore. In addition, the ratings also
factor in cyclicality inherent in the steel industry amidst the
volatility in raw material prices making the cash flows of players
like BASJIPL volatile and iron ore mining restrictions in
Karnataka impacting the supply in the past 2 years & thereby
resulting in higher iron ore prices. These apart, the ratings also
take into the account the proposed construction of captive power
plant adversely impacting the leverage and coverage indicators in
the medium term.

Going forward, improvement in iron ore availability, increase in
sales while simultaneously improving the operating margins and
quantum of capital expenditure & funding of the same are the key
rating drivers from credit perspective.

Incorporated in 2005, Baba Akhila Sai Jyothi Industries Private
Limited is into manufacturing of sponge iron. The sponge iron
plant is located at village Chikka Bagnal in Koppal district of
Karnataka and the plant commenced operations from April 2009. The
installed capacity of the plant was 100TPD (tons per day) which
was increased to 200TPD from April 2011. The company is managed by
Mr. V Krishna Murthy who has more than 15 years of prior
experience in the sponge iron industry.


BANNA LAL: ICRA Suspends 'B+' Rating on INR14.5cr LT Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR14.50
crore long term fund based facilities of Banna Lal Jat
Constructions Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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

Banna Lal Jat Constructions Private Limited was incorporated in
December 2005 and is primarily engaged in construction, up-
gradation and widening of state roads and highways for government
departments in Rajasthan. The company is an AA class contractor
registered with PWD, Rajasthan. The operations were earlier
carried out in a proprietorship firm, Banna Lal Jat, by Mr. Banna
Lal Jat for last more than two decades and from 2011-12 all the
new orders are been executed in BLJ.


BHOOMI TEXTILES: ICRA Reaffirms 'BB' Ratings on INR9.46cr Loans
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating to the INR9.46 crore long
term fund based facilities of Bhoomi Textile. ICRA has also
reaffirmed '[ICRA]A4' rating to the INR1.00 crore short term
facilities of Bhoomi. The outlook on the long term rating is
'Stable'.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          5.00         [ICRA]BB (Stable) reaffirmed
   Term Loans           4.46         [ICRA]BB (Stable) reaffirmed
   Letter of Credit     1.00         [ICRA]A4 reaffirmed

Rating Rationale

The ratings continue to remain constrained by Bhoomi's small scale
of operations in the fabric processing industry which is
fragmented by nature thereby resulting in intense competition from
small unorganised as well as large organised players. The ratings
are further constrained by the vulnerability of profitability to
adverse fluctuations in prices of key raw materials and increased
working capital intensity on account of high inventory levels
maintained by the firm as on March 31,2013. Further, Bhoomi is a
partnership concern and any significant withdrawals from the
capital account would impact the net worth and thereby the capital
structure.

The ratings, however, favorably factor in the extensive experience
of partners and long track record of the firm in textile industry;
favorable location of the firm's processing unit in Ahmedabad in
proximity to raw material suppliers and forward linkages with
associate concern which ensures steady order flow for the firm.
The ratings also positively factor in the healthy profitability,
coverage and return indicators maintained by the firm over the
last two fiscals.

Incorporated in the year 1986, Bhoomi Textiles is engaged in the
processing of knitted fabrics on job work basis. The processing
unit of the firm is located in Ahmedabad with a processing
capacity of 115 MT per month of knitted fabric. The firm holds
certification from Global Organic Textile Standard (GOTS) for
processing fabrics made from Organic Cotton. Bhoomi is a family
owned partnership firm and is managed by three partners - Mr.
Yugesh Shah, Mr. Shirish Shah and Mr. Niraj Shah. The firm has one
associate concern namely Raj Exports, which is an exporter of
knitted garments and is also managed by the same partners.

Recent Results

For the year ended March 31, 2013, the firm reported an operating
income of INR31.88 crore and profit after tax of INR1.42 crore as
against an operating income of INR22.89 crore and profit after tax
of INR0.97 crore for the financial year 2011-12.


CASCY FORGE: CRISIL Puts 'BB' Ratings on INR80.8MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Cascy Forge Products.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       38.8     CRISIL BB/Stable (Assigned)
   Bank Loan Facility

   Letter of Credit          3.5     CRISIL A4+ (Assigned)

   Bank Guarantee            0.7     CRISIL A4+ (Assigned)

   Cash Credit              25.0     CRISIL BB/Stable (Assigned)

   SME Care Loan             5.0     CRISIL BB/Stable (Assigned)

   SME Credit                2.0     CRISIL BB/Stable (Assigned)

   Long-Term Loan           10.0     CRISIL BB/Stable (Assigned)

The ratings reflect the benefits that Cascy derives from the
extensive experience of its promoters in the forging industry, and
its above-average financial risk profile, marked by comfortable
capital structure. These rating strengths are partially offset by
Cascy's modest scale of operations and susceptibility of its
operating margin to volatility in raw material prices and to
intense competition in the forging industry.

Outlook: Stable

CRISIL believes that Cascy will continue to benefit, over the
medium term, from the extensive experience of its promoters in the
forging industry and established relationships with its customers.
The outlook may be revised to 'Positive' if the firm's scale of
operations significantly increases along with improvement in
operating profitability, resulting in higher-than-expected cash
accruals, while maintaining its capital structure. Conversely, the
outlook may be revised to 'Negative', if Cascy records lower-than-
expected cash accruals or the firm undertakes any large debt-
funded capital expenditure or its working capital management
deteriorates, resulting in deterioration in its financial risk
profile.

Cascy, set-up in 1996, manufactures forged items. The firm is
promoted by Mr. D Chandrasekar Raju.

Cascy reported a profit before tax (PBT) of INR12.3 million on net
sales of INR232.0 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PBT of INR13.4 million on net
sales of INR226.5 million for 2011-12.


CATERING PRIVATE: ICRA Reaffirms 'BB+' Rating on INR12cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' and short
term rating of '[ICRA]A4+' for the INR12 crores non fund based
facilties of Catering Private Limited. The outlook on the rating
is 'stable'.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term/Short-        12.00       [ICRA]BB+/stable/
   term, non-fund                      A4+ reaffirmed
   based facilities

The ratings reaffirmation takes into account the favourable impact
from SCPL becoming a 100% subsidiary of Gate Gourmet Singapore
Pte. Ltd (a wholly owned subsidiary of gategroup Holding AG) which
is likely to result in greater technical and financial support to
SCPL. Gate Gourmet, one of the main brands of gategroup, is a
global leader in airline catering services having a long and
established track record in providing services to leading airlines
across the world. The ratings also continue to reflect SCPL's
strong competitive position in the domestic airline catering
industry with a pan-India presence across major cities in India.

The ratings are, however, constrained by SCPL's tight liquidity
position owing to thinning margins and delayed payments by some of
the airlines. Margins have remained under pressure owing to high
employee expenses as well due to impact of high food inflation
with limited ability to pass on increase in raw material costs due
to the largely fixed price nature of contracts. Financial profile
remains weak characterized by continued losses and significant
provision required for doubtful debts. However financial support
from the parent provides comfort. Going forward, ability of the
company to shore up and the continued financial support from the
parent will remain the key rating sensitivities.

Skygourmet Catering Private Limited (SCPL) is an airline service
provider which prepares and supplies meals, food items and
beverages for its airline customers, transports all food carrying
and serving equipment between the airline catering units and the
aircraft; loads, unloads all food and other service items and
provides ancillary services to the airlines, including laundry
services. In addition to supplying meals for First Class, Business
Class and Economy Class passengers, SCPL also supplies its Low
Cost Carrier customers with snack boxes.

SCPL was originally set up by Mr. Sanjay Narang and was
subsequently bought by India Hospitality Corporation. IHC was
created in 2006 as a special purpose company, to acquire Indian
businesses or assets in those industries, including but not
limited to hotels, resorts, timeshares serviced apartments and
restaurants. On 11th November 2010, gategroup announced the
acquisition of a 74% stake in SCPL.

In June 2012, Gate Gourmet acquired the remaining 26% of the stake
from IHC. gategroup Holdings AG is rated B1, Negative by Moody's.

Recent Results

As per the audited results for FY 2013, SCPL reported a net loss
of INR101.50 crores on an operating income of INR105.64 crores as
compared to a net loss of INR120.72 crores on an operating income
of INR140.41 crores in FY 2012.


CDP (INDIA): ICRA Assigns 'B+' Ratings to INR19cr Loans
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR19.00
crore fund based bank facilities of CDP (India) Private Limited.
ICRA has also assigned a short-term rating of '[ICRA]A4' to the
INR3.00 crore non fund based bank facility of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund           7.00       [ICRA]B+ Assigned
   Based Limit-
   Term Loans

   Long Term Fund          12.00       [ICRA]B+ Assigned
   Based Limit-Cash
   Credit

   Short Term Non           3.00       [ICRA]A4 Assigned
   Fund Based Limit-
   Bank Guarantee

The assigned ratings take into account the company's modest scale
of operations and its weak financial profile characterized by low
profit margins owing to limited pricing flexibility in branded IT
products, deteriorating coverage indicators and stretched capital
structure due to debt-funded capacity expansion. Moreover, the
ratings are further affected by the intensely competitive nature
of Information Technology (IT) industry with presence of several
small players.

However, the assigned ratings favourably factor in the experience
and track record of the promoters in the IT business; reputed and
diversified clientele and alliance with leading brands providing
wider range of products/services to the company.

CDP (India) Private Limited was incorporated in the year 1999 and
is engaged in trading of computer system and accessories, supply
and installation of different hardware and software and annual
maintenance contract (AMC). The company has its registered office
in Mumbai and a warehouse cum quality check centre at Vasai
(Thane). It has a pan India presence in terms of support
infrastructure in more than 70 locations across India and has
branch offices in Ahmedabad, Bengaluru, Delhi and Lucknow.

Recent Results

CDP recorded a profit after tax of INR0.68 crore on an operating
income of INR52.93 crore for the year ending March 31, 2012 and a
profit before tax of INR1.05 crore on an operating income of
INR79.51 crore for the year ending March 31, 2013 (Provisional
numbers).


DHINGRA EXPORTS: ICRA Rates INR8cr Fund Based Limits at 'B'
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR8.00
crore* bank lines of Dhingra Exports.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits        8.00         [ICRA]B assigned

The assigned rating factors in DE's relatively modest scale of
operations; and highly competitive and fragmented nature of the
rice industry which have resulted in modest profitability metrics
for the firm.

Further, the rating is also constrained by the high working
capital intensity of business, on the back of high levels of
inventory maintained by the firm, which has led to consistently
high utilization of working capital facilities from the bank and
high gearing levels (6.14 times as on 31st March 2013) and modest
debt coverage indicators. The rating also takes into consideration
the exposure of the firm to adverse movements in foreign exchange
rates given the absence of a firm hedging mechanism. Further, the
rating takes into account the risks inherent in the partnership
firms like limited ability to raise equity capital and risk of
dissolution upon the death/retirement/insolvency of the partners
etc. However, ICRA draws comfort from the long experience of the
promoters in the rice industry; long track record of operations of
the firm; geographical advantage enjoyed by India with regard to
Basmati rice cultivation; and the favorable location of the mill
in the state of Haryana which is a major rice growing area, which
in-turn results in easy availability of paddy and rice.

Dhingra Exports was incorporated in the year 1992 and is engaged
in the business of milling and processing of basmati rice and has
an installed milling and sorting capacity of 2 tons/hour. The
firm's plant is in Pipli (Kurukshetra), Haryana. The operations of
the firm are looked after by Mr. Narinder Dhingra, Mr. Ram Ditta
Mal Dhingra and Mr. Shankar Dhingra.

Recent Results

For FY2013, the firm has achieved an operating income of INR25.90
crore and a net profit of INR0.07 crore as against an operating
income of INR3.25 crore and a net profit of INR0.01 crore in
FY2012.


DUNCANS INDUSTRIES: ICRA Withdraws 'C' Rating on INR39.9cr Loans
----------------------------------------------------------------
ICRA has withdrawn the rating of '[ICRA]C' for the INR39.9 crore
Partly Convertible Debentures of Duncans Industries Limited as the
notice period of three years since the suspension of the rating
has expired.


EASTERN FOODS: ICRA Suspends 'BB-' Rating on INR12cr Loan
---------------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating assigned to the INR12.00
crore working capital facility of Eastern Foods Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


GNG EXPORTS: CRISIL Suspends 'D' Ratings on INR700MM Loans
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of GNG
Exports.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-           290      CRISIL D Suspended
   Discounting
   Facility

   Letter of Credit          50      CRISIL D Suspended

   Packing Credit           360      CRISIL D Suspended

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

GNG was set up in 1993 in Kolkata (West Bengal) by Mr. G N Agarwal
and his son, Mr. Praveen Agarwal. His other son, Mr. Vineet
Agarwal, joined the business in 2006. The firm has been exporting
iron ore fines of grades 59 to 63 to China, since 2004. Prior to
that, GNG traded in minerals (such as chrome, manganese, and
limestone), ready-made garments, and agricultural commodities
(such as rice, sugar, and wheat). These were discontinued
gradually, depending upon demand-supply dynamics and changes in
the regulatory environment.


HOLLIS VITRIFIED: CARE Raises Rating on INR19.62cr Loans at 'BB-'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Hollis
Vitrified Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        19.62      CARE BB- Revised
   Facilities                       from CARE B

   Short-term Bank        2.75      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Hollis Vitrified Private Limited primarily takes
into account the stabilization and increase in the scale of
operations with better capacity utilization, improvement in
the financial risk profile marked by moderate profitability,
improved capital structure and moderate debt coverage and
liquidity indicators during FY13 (FY refers to period April 01 to
March 31).

The ratings, however, continue to remain constrained on account of
its presence in the highly competitive tile industry and the
vulnerability of its operating margin to the volatility associated
with the raw material and fuel (natural gas) prices as well as its
linkages with the cyclical real estate industry. The ratings
continue to take comfort from the promoters' experience in the
tile industry and its presence in the ceramic tile cluster of
Morbi in Gujarat.

The ability of HVPL to increase its scale of operations while
maintaining profitability and improvement in the capital structure
in light of the highly competitive tiles industry are the key
rating sensitivities.

HVPL, a closely-held private limited company, was incorporated in
January 2011 by Mr. Dharamshi Kagathara, Mr. Dinesh Rangpariya and
Mr. Jatin Kagathara who have experience in the vitrified tiles
manufacturing business through the other sister concern M/s Vasant
Ceramics (partnership firm, Morbi). HVPL operates from its sole
manufacturing facilities located at Morbi, one of the largest
ceramic clusters in India, with an annual installed capacity of
48,000 MTPA as on March 31, 2013.

As per the audited results for FY13 ( refers to the period
April 1 to March 31), HVPL achieved the Profit after Tax (PAT)
INR0.92 crore on a Total Operating Income (TOI) of INR42.22 crore
as against the net loss of INR0.57 crore on a TOI of 1.26 crore in
FY12.


INNOVATIVE CUISINE: CRISIL Suspends 'BB+' Ratings on INR95M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Innovative Cuisine Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             2.3       CRISIL BB+/Stable Suspended
   Term Loan              92.7       CRISIL BB+/Stable Suspended

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

ICPL, a private limited company incorporated in 2006 is promoted
by the Amin family of the USA. Mr. Arvind Amin &Mrs. Bhagwati Amin
are promoter directors of the company. Amins have been in the
business of processed foods through their company Deep Foods Inc.,
an established processed food company in USA which has been in
operations since 70's.

ICPL is engaged in manufacturing and export of individually quick
frozen (IQF) vegetables and fruits. Day-to-day operations are
looked after by Mr. Nehul Mehta and Mr. Dipak Dalal who are
professional directors of ICPL. ICPL's manufacturing facilities
are located near Vadodara in Gujarat. The company's operations
commenced from January 2011.


JAI INT'L: CRISIL Suspends 'B' Ratings on INR24MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jai
International.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase            57.0     CRISIL A4 Suspended
   Cash Credit               2.5     CRISIL B/Stable Suspended
   Overdraft Facility        6.0     CRISIL B/Stable Suspended
   Term Loan                15.5     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by Jai
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Jai is yet to
provide adequate information to enable CRISIL to assess Jai'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 1993, Jai International processes
granite, marble, sand stone and sale stone. The firm has two
processing units: one in Udaipur (Rajasthan) and the other at
Bengaluru (Karnataka). About 60 per cent of Jai International's
revenue is from granite sale and the rest is from marble or other
stones.

Jai's net profit is estimated at INR1.98 million on net sales of
INR255 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR1.93 million on net sales of
INR268.5 million for 2009-10.


JAI PRAKASH: ICRA Suspends 'BB+/A4' Rating on INR170cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]BB+/A4' (stable) ratings assigned to the
INR170.00 crore fund based and non fund based facilities of Jai
Prakash Agri Initiatives Company Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


JAIKA AUTOMOBILES: ICRA Suspends 'BB-' Rating on INR17.5cr Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]BB-/Stable' and '[ICRA]A4' ratings
assigned to the INR12 crores cash credit facility and INR5.5 crore
unallocated bank limits of Jaika Automobiles Pvt. Ltd.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JMJ EDUCATION: ICRA Withdraws 'B' Rating on INR2.81cr Loan
----------------------------------------------------------
ICRA has withdrawn the '[ICRA]B' rating assigned to INR2.81 crore
term loan of JMJ Education Society at the request of the company
as the company has fully redeemed the instrument. There is no
amount outstanding against the rated instrument.


K. CHANDRAKANT: ICRA Upgrades Rating on INR100cr Loans to 'BB+'
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR100.00
Crore fund based bank facility of K. Chandrakant and Company
International Private Limited from '[ICRA]BB' to '[ICRA]BB+'. The
outlook on the long term rating is 'Stable'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   LT & ST Scale-          100.00       [ICRA]BB+(Stable)/
   Fund Based Limits                    [ICRA]A4+ Revised

ICRA has also upgraded the short term rating assigned to the
INR100.00 Crore (earlier INR86.90 Crore) fund based facility from
'[ICRA]A4' to '[ICRA]A4+'. The fund based facility of INR100.00
Crore has been rated on both long term and short term scale.

The rating upgrade takes into account the improvement in financial
profile of the company, as reflected by improvement in capital
structure supported by considerable infusion of capital, along
with rise in margins, leading to better coverage indicators.

The ratings however, continues to be constrained by the company's
modest profitability levels coupled with stretched receivables
position leading to high working capital intensity. The rating
also takes note of the susceptibility to fluctuations in rough and
polished diamond prices and foreign exchange rates. ICRA also
takes note of the fact that the cut and polished diamonds (CPD)
industry is highly competitive due to the fragmented nature of the
industry marked by the large presence of unorganized players. The
ratings also factor in the vast experience of the promoters in the
CPD industry and well established business relations with its
customers and suppliers.

K. Chandrakant and Company was set up in 1966 as a partnership
company by three partners, viz. Chandrakant Doshi, Chhabildas Shah
and Kantilal Shah. The firm was converted to a private limited
company in May 2011 and presently operates under the name of K.
Chandrakant and Company International Private Limited. The company
is engaged in manufacturing and trading of cut & polished diamonds
(CPD). Its product range mainly comprises of diamonds ranging
between 20 cents to 1 carat. It has a registered office in Mumbai
and manufacturing facilities at Surat.

Recent results:

KCCIPL earned net profit of INR2.21 Crore on an operating income
of INR289.85 Crore for the year ended March 31, 2013.


KAMDAR CARZ: CRISIL Assigns 'BB+' Ratings to INR400MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Kamdar Carz Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL BB+/Stable (Assigned)

   Proposed Long-Term       200      CRISIL BB+/Stable (Assigned)
   Bank Loan Facility

The rating reflects the extensive experience of KCPL's promoters
in the automobile dealership business, and the financial support
that the company is expected to receive from its promoters and its
group company, Automotive Manufacturers Private Limited (rated
CRISIL A-/Stable/CRISIL A2+). These rating strengths are partially
offset by KCPL's weak financial risk profile marked by a high
total outside liabilities to tangible net worth ratio and average
interest coverage ratios; and exposure to intense competition in
the automobile dealership business.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its long-standing presence in the automobile dealership
business. The outlook may be revised to 'Positive' in case of
significant improvement in its capital structure on account of
equity infusion or better-than-expected cash accruals. Conversely,
the outlook may be revised to 'Negative' in case KCPL's revenues
or profitability are adversely impacted by competition and
slowdown in the automobile dealership industry or if the company's
capital structure deteriorates further because of larger-than-
expected debt-funded capital expenditure or deterioration in its
working capital cycle.

KCPL, incorporated in 2011, is promoted by Mr Pradip Kamdar and
his family members. KCPL is an automobile dealer for Renault India
Pvt Ltd, with three showrooms located in Ahmedabad, Rajkot, and
Vadodara (all in Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), KCPL
reported, a net profit of INR14.4 million on sales of INR 1944
million against net loss of INR2.7 million on net sales of INR212
million for 2011-12.


KBJ EXPORTS: ICRA Suspends 'BB-' Rating on INR20cr LT Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating assigned to the INR20
crore long term fund based facilities and '[ICRA]A4' rating
assigned to the INR20 crore short term non-fund based facilities
of KBJ Exports Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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

Established in November 2009, with operations commencing in March
2010, KBJ Exports Limited is a closely held limited company
engaged in the manufacturing and sale of plain gold jewellery with
product portfolio comprising of rings, earrings, pendants,
bracelets, necklaces etc. The firm has a registered office and
factory in Zaveri Bazaar, Mumbai.


KBJ GEMS: ICRA Suspends 'BB-' Rating on INR20cr Loans
-----------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating assigned to the INR20
crore long term fund based facilities and '[ICRA]A4' rating
assigned to the INR10 crore short term non-fund based facilities
of KBJ Gems & Jewellery Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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

Established in October 2009, with operations commencing in March
2010, KBJ Gems and Jewellery Limited is a closely held limited
company engaged in the manufacturing and sale of ethnic Indian
gold jewellery called kundan jewellery. The firm has a registered
office and factory in Zaveri Bazaar, Mumbai.


KIKANI EXPORTS: CRISIL Suspends 'B' Ratings on INR75MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kikani
Exports.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         170      CRISIL A4 Suspended

   Cash Credit                5      CRISIL B/Stable Suspended

   Packing Credit           105      CRISIL A4 Suspended

   Proposed Long-Term        66.4    CRISIL B/Stable Suspended
   Bank Loan Facility

   Term Loan                  3.6    CRISIL B/Stable Suspended

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

Kikani Exports is a partnership firm that was set up in 1984 as a
100 per cent export-oriented unit (EOU) for the manufacture and
export of cotton yarns. From its factory in Pollachi (Tamil Nadu),
the firm carries out conversion of single yarn into twisted yarn.
Kikani Exports came out if its EOU status in 2004 in order to sell
in the domestic market and to trade in cotton yarn. Of its total
revenues, trading operations of the firm now account for around 70
per cent, while export revenues account for around 85 per cent;
exports are to countries in Latin America, Italy, Egypt, Korea,
Singapore, and Hong Kong. Kikani Exports is managed by seven
partners (all from the Kikani family) led by its three managing
partners, Mr. Ramnik Kikani, Mr. Yogesh Kikani, and Mr. Manoj
Kikani. The Kikani family has been in the cotton yarn business for
over six decades.


KIWI WINES: CRISIL Suspends 'BB-' Ratings on INR800MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kiwi Wines and Beverages Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              700      CRISIL BB-/Stable Suspended

   Proposed Long-Term       100      CRISIL BB-/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by KWBL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KWBL is yet to
provide adequate information to enable CRISIL to assess KWBL'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 2006, KWBL received the sole-supplier license for
wholesale country liquor in 2010-11 (refers to financial year,
April 1 to March 31) for Varanasi (covering 11 districts), out of
the five zones in UP. The license is valid for two years till
March 31, 2013. Prior to 2010-11, KWBL was engaged in the trading
of Indian-made foreign liquor manufactured by several large
players, such as United Spirits Ltd and United Breweries Ltd.


KRISHNA FERRO: CRISIL Suspends 'D' Ratings on INR250MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Krishna
Ferro Product Limited (KFPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL D Suspended

   Letter of credit &        30      CRISIL D Suspended
   Bank Guarantee

   Long-Term Loan            40      CRISIL D Suspended

   Proposed Long-Term        60.5    CRISIL D Suspended
   Bank Loan Facility

   Standby Line of Credit    19.5    CRISIL D Suspended


The suspension of ratings is on account of non-cooperation by
KFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KFPL is yet to
provide adequate information to enable CRISIL to assess KFPL'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 1985, KFPL is engaged in the casting of iron,
steel, and alloys of various grades. The company's facility in
Mandiakudar (Orissa) has capacity to manufacture 9600 tonnes per
annum of cast iron, steel, and alloys. KFPL is managed by Mr. H K
Agarwal. The company recently concluded its capital expenditure
programme of adding high-quality machines and equipment to improve
the overall capacity utilisation of its plant. In addition to
catering to core sectors such as steel, aluminium, and cement,
KFPL has added new products, such as slip seal rings, ductile
castings, and centrifugal castings to cater to the automotive and
shipping industries; it has also started manufacturing low-margin
products, such as manhole covers.


LORDS BLUETECH: ICRA Rates INR18cr Fund Based Loans at 'BB-'
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR18 crore fund
based bank facility of Lords Bluetech Company Private Limited. The
outlook on the assigned long-term rating is Stable.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based          18.0        [ICRA] BB- (Stable) Assigned
   Facilities

The rating takes into consideration LBCPL's weak financial profile
with nominal profits and cash accruals, depressed debt coverage
indicators and moderately high gearing, notwithstanding
significant improvement in the capital structure witnessed during
FY13. Increasing and high level of creditor funding further
aggravates the financial risk profile of the company. ICRA also
notes that LBCPL generated more than 95% of its sales from China
and its top 3 clients contributed to almost 75-90% of the OI
during FY12 and FY13, exposing the company to high geographical
and client concentration risks. LBCPL's exposure to the risks of
adverse movements in foreign currency exchange rates has also been
considered while assigning the rating, as more than 98% of its
income is earned in foreign currency, which remains unhedged. The
rating takes into account the demonstrated ability of the
promoters to support the company through infusion of capital and
low counter party risk by virtue of export sales being backed by
sight Letter of Credit (LCs) and credit cover from Export Credit
Guarantee Corporation of India Limited (ECGC).

Established in 2003 by Kolkata based Saha family, LBCPL is
primarily engaged in export trading of iron ore fines. LBCPL's
other business interest includes export trading of agricultural
commodities and trading of computer and related products in the
domestic market.

Recent Results

LBCPL reported a net profit of INR0.55 crore during FY13 on an OI
of INR69.73 crore as against a net profit of INR0.34 crore and an
OI of INR40.32 crore during FY12.


MALPE MANIPAL: ICRA Suspends 'B' Rating on INR30cr Term Loan
------------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR30.00 crore
term loan facilities of Malpe Manipal Builders Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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.


MOKAMA-MUNGER: ICRA Cuts Rating on INR355cr Loans to 'D'
--------------------------------------------------------
ICRA has revised the rating assigned to the INR355.0 crore term
loans of Mokama-Munger Highway Ltd from '[ICRA]BBB-' to '[ICRA]D'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               355.0       [ICRA]D; Revised
                                        from [ICRA]BBB-

The rating revision takes into account delays in servicing of term
loans in the past (with last such delay in August 2013) due to
weakened liquidity position of MMHL. While the company had applied
for provisional completion in December 2012, the same was received
only in August 2013; due to the ensuing uncertainty on the
Commercial Operation Date (COD) during the interim period the
disbursement of the term loans was delayed and the company had to
depend on promoter's support for meeting the interest obligations.
While the promoters had provided additional funds, the support
came with a lag resulting in delays in interest servicing.

With the declaration of provisional Commercial Operation Date
(COD) and receipt of first annuity in August 2013, the liquidity
position of the company has improved.

The rating is also constrained by the risk associated with
operational annuity projects such as the provision of reduction in
annuity receivables (in case of not maintaining adequate lane
availability), and operation and maintenance costs escalating
beyond the budgeted amount which remains to be seen. ICRA has also
noted that NHAI is yet to provide about 8 km stretch for the
Barahia bypass which once provided, MMHL will have to secure
funding to complete its execution.

Going forward, timely servicing of debt obligations, maintaining
adequate lane availability as per the concession agreement,
receipt of full annuity payments, and maintaining Debt Servicing
Reserve for six months of debt servicing will be the key rating
sensitivities.

Incorporated in June 2010, Mokama-Munger Highway Ltd (MMHL) is a
Special Purpose Vehicle (SPV) promoted by BSCPL Infrastructure Ltd
(BSCPL) and C&C Constructions Ltd (C&C) for implementing the 2-
laning of Mokama-Munger Section of NH-80 from Km 1.43 to Km 70.0
in the state of Bihar on Design, Build, Finance, Operate and
Transfer (DBFOT) Annuity basis.

The project was awarded by the National Highway Authority of India
(NHAI) to BSCPL and C&C joint venture (BSC-C&C JV) on Build
Operate-Transfer (BOT) basis with a concession period of 15 years
(including construction period of 2 years) starting from the
appointed date (14-May-2011). NHAI will pay MMHL semi-annual
annuity (fixed semi-annual payments) of INR39.94 crore upon
successful completion of the project till the end of the
concession period.

The project received provisional completion certificate in August-
2013 with the provisional commercial operation date as 20-Jan-
2013. The company has also received first annuity payment from
NHAI on 23-Aug-2013 of INR37.27 crore after deducting INR2.7 crore
as one time negative scope.


NAGARJUNA FERTILIZERS: CARE Cuts Rating on INR769.03cr Loan to BB
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Nagarjuna Fertilizers & Chemicals Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       769.03      CARE BB Revised
   Facilities                       from CARE BBB

   Short-term Bank    2,649.90      CARE A4 Revised
   Facilities                       from CARE A3

Rating Rationale

The revision in ratings takes into account stressed liquidity
position of the company due to significant delay in reimbursement
of fertilizer subsidies from the Government of India (GoI) which
has exerted pressure on the working capital position.

The ratings remain constrained by the presence of company under
the purview of CDR, exposure to foreign exchange fluctuation risk
in the trading operations and highly regulated nature of the
fertilizer industry. The ratings are underpinned by the
established track record of the company in urea business, high
operational efficiency with availability of natural gas for
meeting the entire requirement of feedstock and moderate financial
position.

Nagarjuna Fertilisers & Chemicals Ltd. is engaged in manufacturing
of urea and currently, operates two urea plants (capacity - 1,810
MT per day each) at its facilities located at Kakinada, Andhra
Pradesh. While Plant-I operates entirely on natural gas as the
feedstock, Plant -II can use both natural gas and naphtha. Besides
manufacturing, NFCL is also involved in trading of urea
(Government Pool Urea), Specialty Fertilizers and Agri-inputs
[viz. Muriate of Potash (MOP), Diammonium Phosphate (DAP), other
NPK fertilizers).

In June 2011, the business of NFCL went through a scheme of
restructuring (effective from April 1, 2011) pursuant to which,
the fertilizer business and oil business of NFCL (operated through
its subsidiary, NOCL) have been demerged into two separate
companies [Kakinada Fertilizers Ltd.

(KFL, a subsidiary of erstwhile NFCL) and Nagarjuna Oil Refinery
Ltd. (NORL, a group company) respectively]. Furthermore, another
group company Ikisan Ltd. has been merged with KFL. Post
such arrangement, KFL has been renamed NFCL w.e.f. August 19,
2011.

As per the financials reported by the company; during FY13, NFCL
reported a PBILDT of INR517.3 crore [FY12 (Audited) - INR470.4
crore] and a PAT (after deferred tax) of INR81.05 crore (FY12 -
INR137.3 crore) on a total operating income of INR2398.2 crore
(FY12 - INR 2091.1 crore).

As per unaudited financials for the three months ended June 30,
2013 (Q1FY13), NFCL reported net sales of INR579.9 crore and net
loss of INR65.7 crore respectively.


PRABHU SPONGE: ICRA Cuts Ratings on INR10.99cr Loans to 'B+'
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR1.99 crore (reduced from INR3.10 crore earlier) term loan and
INR9.00 crore cash credit facilities of Prabhu Sponge Private
Limited from '[ICRA]BB-' to '[ICRA]B+'.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-       1.99         [ICRA]B+ downgraded
   Term Loan

   Fund Based Limits-       9.00         [ICRA]B+ downgraded
   Cash Credit

The rating revision primarily takes into account the significant
deterioration in PSPL's profitability indicators with loss
reported at net level in 2012-13, further weakening of coverage
indicators and decline in net cash accruals, along with a stagnant
top-line. The rating also factors in the lack of vertical
integration in the company's stand-alone sponge iron manufacturing
operations, making margins sensitive to input and output prices,
and the sub-optimal level of capacity utilisation resulting in a
small scale of current operations. ICRA also notes that PSPL is
susceptible to the current weakness and inherent cyclicality in
the steel industry which is likely to keep the company's
profitability and cash flows volatile. The rating, however,
favourably factors in the experience of the company's promoters in
the steel industry and proximity of the company's manufacturing
unit to the raw material sources, which ensures low freight costs.

Incorporated in August, 2001, PSPL has been engaged in the
manufacturing of sponge iron. The company commenced its operations
in September, 2002. PSPL has four sponge iron kilns at its plant
located in the Sundargarh district of Odisha, with an annual
manufacturing capacity of 48,000 tons.

Recent Results

In 2012-13, the company reported a net loss of INR1.22 crore on an
operating income of INR49.88 crore, as compared to a net profit of
INR0.98 crore on an operating income of INR50.54 crore in 2011-12.


PRASAD EDUCATIONAL: CRISIL Reaffirms BB- Rating on INR140MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prasad Educational
Trust continue to reflect PET's diversified revenue profile,
supported by healthy demand prospects for the education industry
in India, and its healthy debt protection metrics. These rating
strengths are partially offset by the trust's below-average
financial risk profile, marked by modest net worth and high
gearing, and its exposure to risks relating to unfavourable
regulatory changes, geographical concentration in revenue, and to
intense competition in the education sector.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Overdraft Facility     27       CRISIL BB-/Stable (Reaffirmed)

   Proposed Long Term     31.6     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              81.4     CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PET will continue to benefit over the medium
term from its diversified revenue profile, and the healthy demand
prospects for the education industry in India. The outlook may be
revised to 'Positive' if PET increases its scale of operations
substantially, most likely by increasing the number of courses it
offers or by increasing its intake capacity, while maintaining its
profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if PET undertakes any large
debt-funded capital expenditure (capex) programme, or faces any
regulatory change, resulting in significant deterioration in its
financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), PET
reported an operating income of INR101 million, in line with
CRISIL's expectations. The revenues increased by 48 per cent year
on year, supported by addition of new seats in its Enginerring
College. The operating profitability of 61 per cent for 2012-13
was also in line with CRISIL's expectation.

PET proposes to undertake a capex of around INR135 million over
the medium term to add infrastructure at its Engineering College.
The capex is to be funded by term loans of INR100 million and
through internal accruals. Consequently, the trust's capital
structure is expected to remain highly geared at 1.8 to 2 times
over the medium term. Nevertheless, liquidity is expected to
remain adequate, marked by sufficient cash accruals to service
maturing debt, although the proposed capex and cash flow
mismatches may constrain liquidity to an extent.

PET reported a profit after tax (PAT) of INR33.2 million on
operating income of INR101 million for 2012-13, against a PAT of
INR16.4 million on operating income of INR68 million for 2011-12.

PET was established in 2005-06 (refers to financial year, April 1
to March 31) by Mr. Rama Prasad and his family. The trust operates
two institutes, Indian College of Education (ICE) and Global
Institute of Engineering and Technology (GIET).


R.K.COTTON: CRISIL Reaffirms 'B' Ratings on INR40MM Loans
---------------------------------------------------------
CRISIL's ratings on bank facilities of R.K.Cotton's (RKC) continue
to reflect RKC's small scale of operations with high customer
concentration in its revenue profile, and its below-average
financial risk profile, marked by small net worth and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of RKC's promoter in the garments
business.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan         2.20      CRISIL B/Stable (Reaffirmed)

   Packing Credit         80.00      CRISIL A4 (Reaffirmed)

   Foreign Bill           30.00      CRISIL A4 (Reaffirmed)
   Discounting

   Proposed Long-Term     37.80      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RKC will benefit over the medium term from
its promoter's extensive experience in the garment export
industry. The outlook may be revised to 'Positive' if RKC books
significantly larger-than-expected cash accruals, driven by
better-than-expected revenues and profitability, while improving
its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of any deterioration in RKC's credit
risk profile due to large debt-funded capital expenditure
programme or large working capital requirements or capital
withdrawals by the promoter.

RKC is a proprietorship concern established by Mr. Raj Kumar in
1997. The firm manufactures and exports knitted garments.


RAJ EXPORTS: ICRA Reaffirms 'BB' Ratings on INR22.94cr Loans
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating to the INR22.94 crore
(enhanced from INR20.79 crore) long term fund based facilities of
Raj Exports. ICRA has also reaffirmed '[ICRA]A4' rating to the
INR2.30 crore short term non fund based facilities of Raj. The
outlook on the long term rating is 'Stable'.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loans           4.94        [ICRA]BB (Stable) reaffirmed

   Cash Credit         18.00        [ICRA]BB (Stable) reaffirmed

   Letter of Credit     1.00        [ICRA]A4 reaffirmed

   Forward Cover        1.30        [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings continues to factor the small
scale of operations and the fragmented nature of the garmenting
industry resulting in intense competition from other exporters.
The ratings have also factored the increased debt levels during FY
13 which has been on account of increased working capital
intensity owing to high inventory requirements in relatively
longer manufacturing cycle. The ratings are further constrained by
the vulnerability of profitability to adverse fluctuations in
prices of key raw materials (grey yarn/fabrics) which may not be
passed onto the customers adequately and exposure to foreign
currency exchange rate fluctuations risk although the same is
partly mitigated through booking of forward contracts. Further,
Raj is a partnership concern and any significant withdrawals from
the capital account would impact the net worth and thereby the
capital structure.

The ratings, however, favourably factor in the extensive
experience of partners and long track record of the firm in
textile industry; favourable location of the firm's processing
unit in Ahmedabad in proximity to raw material suppliers and
backward linkages with associate concern, Bhoomi Textiles which
increases the cost competitiveness of its products in export
markets.

Incorporated in the year 1986, Raj Exports is partnership firm
engaged in the manufacturing and export of knitted textile
garments. The manufacturing facility of the firm is located in
Ahmedabad and is managed by three partners - Mr.Yugesh Shah, Mr.
Shirish Shah and Mr. Niraj Shah. The firm has one associate
concern named - Bhoomi Textiles, which is a process house and is
also managed by the same partners.

Recent Results

For the year ended March 31, 2013, the firm reported an operating
income of INR42.77 crore and profit after tax of INR1.44 crore as
against an operating income of INR28.33 crore and profit after tax
of INR1.10 crore for the financial year 2011-12.


RAUNAK EXPORTS: ICRA Reaffirms 'BB-' Rating on INR8.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed/assigned the '[ICRA]BB-' rating to INR8.50
crore (enhanced from INR7.00 crore) cash credit facility of Raunak
Exports Private Limited. The outlook on the long term rating is
stable.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-       8.50        [ICRA]BB- (Stable)
   Cash Credit                          reaffirmed/assigned

The reaffirmation of the rating takes into consideration the
consistent growth in REPL's turnover over the previous years,
backed by a positive demand scenario of the poultry sector, the
track record of the promoters in the poultry industry, and the
company's integrated operations ranging from poultry feed
production to farming of broiler chicken, including hatching
operations, leading to enhanced value addition and diversification
of revenue stream. The rating is, however, constrained by the
company's weak financial profile reflected by its low profit
margins and subdued coverage indicators, the inherent risks in the
poultry and related businesses in terms of seasonal demand
fluctuations and sudden disease outbreaks, and the highly
fragmented nature of the industry with low entry barriers giving
rise to intense price based competition from organized and
unorganized players. The rating also factors in the vulnerability
of profitability of the poultry feed business to the risks of
fluctuation in raw material prices, and the company's stretched
liquidity position, as evidenced by the high utilisation of
working capital limits.

Incorporated in 1998, REPL is engaged in the manufacturing of
poultry feed, poultry farming of broiler chickens and hatching. In
2006, a group company Hare Krishna Fodders Mills Pvt. Ltd. (HKF),
engaged in the manufacturing of poultry feed, was merged into
REPL. Currently REPL's manufacturing facility for the production
of poultry feed, mainly in the pellet form, and its hatchery are
located at Jangalpur, West Bengal. The company is engaged in the
poultry farming of broiler chickens at rented farms and also
through contract farming arrangements with the local farm owners
of the Bankura, Burdwan and Hooghly districts of West Bengal.

Recent Results

During 2012-13, the company reported a net profit of INR0.23 crore
on an operating income of INR56.03 crore, as compared to a net
profit of INR0.21 crore on an operating income of INR46.64 crore
in 2011-12.


ROYAL BEVERAGES: CRISIL Suspends 'BB-' Ratings on INR900MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Royal
Beverages Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              800      CRISIL BB-/Stable Suspended

   Proposed Long-Term       100      CRISIL BB-/Stable Suspended
   Bank Loan Facility

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

Incorporated in 2007, RBPL is promoted by Mr. Manmohan Singh Walia
and Mr. Bhupender Singh, who have extensive experience in managing
liquor business. The entity was engaged in the wholesale liquor
business in UP (country liquor/Indian-made foreign liquor) under
Blue Water Pvt Ltd till 2007-08 (refers to financial year, April 1
to March 31); the company's name was changed to RBPL in 2008-09.
For 2010-11, the company was engaged in the wholesale country
liquor operations for one of the five zones in UP. From current
year, RBPL has obtained a two-year license from the UP authorities
for operating wholesale country liquor trading for Agra,
comprising 21 districts.


S.B. SYSCON: ICRA Rates INR12cr Fund Based Loans at 'B'
-------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to INR12.0 crore Cash Credit
facilities of S.B. Syscon (P) Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities    12.0       [ICRA]B Assigned

The assigned rating takes into account the long-standing
experience of the promoter in trading of power distribution
electricals. The rating also favorably factors in the company's
channel partnerships with reputed OEMs such as Siemens, GE etc as
well as its diversified customer base. The rating is, however,
constrained by the company's moderate scale of operations combined
with thin profit margins as seen in trading business. Further,
high working capital intensity results in relatively large working
capital borrowings, putting pressure on the financial risk
profile. With large debt and thin profit margins, the company's
debt protection metrics are also weak. The competitive intensity
is also high on account of competition from dealerships associated
with other OEMs. Going forward, the company's ability to increase
its scale of operations and improve its debt profile would be the
key rating sensitivities.

SBS' promoter, Mr. RP Pandey (B.Sc., B.E.) started with trading of
power-distribution electricals in 1992 under his proprietorship
firm, M/s SB Electricals. SB Syscon (P) Ltd. was incorporated in
2008 and the trading business of SB Electricals was transferred to
the new company in 2009-10. Since FY11, most of the trading is
being undertaken by SB Syscon (P) Ltd and business in SB
Electricals has reduced to negligible levels.

As per FY13 audited financials, SB Electricals reported a sale of
INR0.3 crore and a PAT of INR0.03 crore. Currently, SB Syscon (P)
Ltd operates as authorized dealer of Switchgears, Motors and
Cables for reputed companies such as Siemens, GE, Pierlite etc.


SARVESH REFRACTORIES: CRISIL Revokes Suspension on 'D' Ratings
--------------------------------------------------------------
CRISIL has revoked the suspension of the ratings on the bank
facilities of Sarvesh Refractories Ltd and has assigned the
ratings of 'CRISIL D/CRISIL D' to the bank facilities of SRL. The
rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated March 5, 2013 since SRL had not provided necessary
information required to take rating view. SRL has now shared the
requisite information enabling CRISIL to assign a rating on its
bank facilities.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         60      CRISIL D (Assigned; Suspension
                                  Revoked)

   Cash Credit           390      CRISIL D (Assigned; Suspension
                                  Revoked)

   Term Loan              45      CRISIL D (Assigned; Suspension
                                  Revoked)

   Proposed Long-Term     80      CRISIL D (Assigned; Suspension
   Bank Loan Facility             Revoked)

   Letter of credit &     20      CRISIL D (Assigned; Suspension
   Bank Guarantee                 Revoked)

   Letter of Credit       55      CRISIL D (Assigned; Suspension
                                  Revoked)

The ratings factor in delays by SRL in servicing its term loan
obligations, because of weak liquidity. The ratings also reflect
SRL's exposure to risks related to the fragmented nature of
refractory industry and dependence on the cyclical steel industry.
However, SRL benefits from the extensive experience of its
promoters in the refractory industry, and its moderate business
risk profile.

SRL was formed in 1992 Rourkela. It is a closely-held company,
formed by Mr. Ashok Agarwal and family, and manufactures
refractory products. The company has its manufacturing units in
Rourkela and Ahmedabad.


SERVIONT GLOBAL: ICRA Raises Ratings on INR27.3cr to 'BB'
---------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]B+' to
'[ICRA]BB' to the INR10.8 crore (enhanced from INR9.0 crore) term
loans and INR16.5 crore (enhanced from INR10.5 crore) fund based
limits of ServionT Global Solutions Limited; the outlook on the
rating is 'Positive'. ICRA has also reaffirmed the short term
rating of '[ICRA]A4' to the INR17.0 crore (enhanced from INR6.0
crore) short term, non fund based facilities of ServionT.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans              10.80        Upgraded from [ICRA]B+
                                        to [ICRA]BB; Positive
                                        outlook

   Fund-based, Long-       16.50        Upgraded from [ICRA]B+
   term facilities                      to [ICRA]BB; Positive
                                        outlook

   Non-fund-based,         17.00        [ICRA]A4 reaffirmed
   Short-term
   facilities

To arrive at the ratings, ICRA has taken a consolidated view of
the company with its subsidiaries, viz. Servion Global Solutions
Inc (US), Acqueon Technologies Inc (US), Servion Global Solution
Pte. Ltd. (Singapore), JAMS Technologies Private Limited (India)
and JAMS Technologies Ltd. (UK). The upgrade of the long-term
rating reflects the improvement in the financial performance of
Servion characterised by increase in revenues, improved gearing
and healthy profitability and returns indicators. The ratings also
consider the favourable demand prospects for CIM industry; the
track record of the company of over a decade in the CIM industry;
the diversified customer base of the company across various
businesses and the presence of its subsidiaries across various
geographies aiding revenue growth; and, the domain expertise in
providing end-to-end CIM solutions with technical knowhow of
various telecom platforms. The ratings also consider the revenue
visibility from the company's long term contracts, its established
relationships with suppliers and customers; and, the expected
stabilization of revenues due to increasing focus on annuity
model.

Nevertheless, the ratings are constrained by the competition from
integrated and large players who provide the entire range of
consulting & CIM services; the vulnerability of margins to foreign
exchange fluctuations since exports constitute bulk of the
revenues, though this is partially mitigated by the hedging policy
adopted by the company; the challenge of high attrition rates as
is typical to the Indian IT industry; and the high working capital
intensity on account of high debtor days. The ratings would remain
sensitive to any impairment on investments across subsidiaries as
witnessed in the past, and any future outlay for inorganic
expansion by the company.

Serviont Global Solutions Ltd. was incorporated in 1991 and
commenced operations as the business partner of Avaya (earlier
AT&T and Lucent Technologies). The company is engaged in providing
end-to-end CIM solutions and IP based solutions in the contact
centre space. Servion was established by five first-generation
entrepreneurs. The company was a pioneer in introducing
Interactive Voice Response (IVR) systems in India. Servion has six
subsidiaries - Servion Global Solutions Inc. (USA), Acqueon
Technologies Inc (USA), Servion Global Solutions MSC Sdn Bhn
(Malaysia), Servion Global Solutions Pte Ltd (Singapore), JAMS
Technologies Private Limited (India) and JAMS Technologies Limited
(UK). It has over 1000 implementations of self-service/contact
centre solutions in 60 countries across various customer segments.


SHREE METALLOYS: ICRA Reaffirms 'B+' Rating on INR8cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR8.00 crore
cash credit facility of Shree Metalloys Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit             8.00         [ICRA]B+ reaffirmed

The assigned rating reflects SML's modest size of operations; weak
financial profile characterized by low profitability on account of
trading nature of business and weak coverage indicators. The
rating also takes into account the risk arising out of volatility
in metal prices as the company does not fully hedge its price
movement and highly competitive and fragmented nature of the
industry.

However, the rating draws comfort from the experience of the
promoters in metals trading business with an established
relationship with suppliers and customers and large customer base
readily available in brass component manufacturing hub of
Jamnagar.

Shree Metalloys Limited was incorporated in the year 1994 as
Mercury Finance Stock Ltd. with the main object of dealing in
shares, securities and financing. Subsequently, the company went
for public issue and got listed on Bombay Stock Exchange in 1995.
Since then, the company's name and business line was changed twice
and was finally renamed as Shree Metalloys Limited in 2009. It is
currently engaged in trading business of non ferrous metals
primarily brass. It has also diversified its business and set up a
manufacturing unit for metal alloys wires used in ball pen
production with the installed capacity of 2400 MTPA. The
production facility of the company is located in Jamangar,
Gujarat. SML is presently headed by Mr. Pratik R. Kabra along with
three other directors having a long experience in metal industry.

Recent Results

During FY 2013, the company reported a profit after tax of INR0.15
crore on an operating income of INR42.19 crore as against profit
after tax of INR0.07 crore on an operating income of INR62.99
crore in FY 2012.


SHREE STAMBH: CARE Cuts Rating on INR8.10cr LT Bank Loans to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the long-term bank facilities
of Shree Stambh Colonizers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.10       CARE D Revised
   Facilities                       from CARE BB

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 the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The revision in the rating of Shree Stambh Colonizers takes into
account the ongoing delay in debt servicing due to the stressed
liquidity position of the firm owing to the low booking status and
delay in project implementation along with a cost overrun.

Udaipur-based (Rajasthan) SSC was formed as a partnership firm in
June 2009 by Suhalka family to carry out the real estate business.
The key partners of SSC have been engaged in the business of real
estate business for more than a decade and have also developed
residential and commercial schemes in Udaipur namely Shree Stambh
(Residential), Neptune Tower (Residential), Madhav Chambers
(Commercial) and Silver Nest Apartment (Commercial).

At present, SSC is executing a residential project under the name
'Lake Gardens' in Udaipur. The project consists of the
construction of nine multi-story buildings having a total of 304
flats (total salable area-560,015 square feet). The project was
initially envisaged to be completed by March 2014 at a total cost
of INR53.52 crore. However, the project has been delayed and is
now expected to get completed by March 2015. Furthermore, with the
rising input costs and slow work progress, the project cost is
envisaged to increase by INR7.45 crore and the same is expected to
be funded through booking advances as well as sales receipt. Till
September 15, 2013, SSC has incurred a total cost of INR49.78
crore funded through term loan of INR10 crore, partner's capital
of INR8.76 crore, unsecured loans of INR6.19 crore, advances from
customers of INR20.19 crore and the remaining through sale of
flats and creditors.

In FY13 (refers to the period April 1 to March 31), SSC reported a
total operating income of INR2.10 crore as against INR0.50 crore
in FY12.


SINGHANIA BUILDCON: ICRA Lowers Rating on INR41.8cr Loans to 'D'
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR41.80 crore term loan facilities of Singhania Buildcon Private
Limited from '[ICRA]B' to '[ICRA]D'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-       41.80       [ICRA]D downgraded
   Term Loans

The rating action factors in the recent delays by SBPL in meeting
its debt service obligations in a timely manner.

Incorporated in 1999, SBPL is the flagship company of the
'Singhania Buildcon' group which is engaged in the real estate
business in Raipur, Chhattisgarh for over a decade. Most of the
projects undertaken by SBPL are located in and around the Raipur
city. SBPL is a partner in an ICRA rated entity Singhania Merlin
Estate (rated at [ICRA]BB+/Stable) which has constructed a modern
residential housing complex 'Singapore City' at Raipur.


SOWMIYA SPINNERS: CARE Assigns 'BB-' Rating to INR39.59cr Loans
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sowmiya Spinners Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       39.59       CARE BB- Assigned
   Facilities

   Short-term Bank      17.30       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sowmiya Spinners
Private Limited are constrained by the company's moderate size of
operations, susceptibility of profit margins to the
volatile raw material prices and the highly leveraged capital
structure. The ratings, however, favourably consider the
promoters' experience of over two decades in the textile industry,
consistent growth in the operations and income for the last three
years ending March 2013.

Going forward, ability of the company to scale up its operations
while improving and sustaining its profitability and ensure
efficient management of working capital would be the key rating
sensitivities.

Sowmiya Spinners Private Limited (SSPL), promoted by Mr K M
Chinnadurai in 2002, is engaged in the production and sale of
cotton yarn and knitted fabric. SSPL had an installed capacity of
30,960 spindles as on March 31, 2013 and manufactures cotton yarn
with an average count 40s.

SSPL does not have knitting facilities and outsources knitting
activities to units located in nearby areas. The other group
companies under the same management are Sowmiya Textiles Private
Limited and Gem Edible Oils Private Limited.

During FY13 (refers to the period April 1 to March 31), the
company registered a PAT of INR1.13 crore on a total operating
income of INR54.96 crore.


SRI LAXMI: CRISIL Assigns 'D' Ratings to INR200MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sri Laxmi Narasimhaa Spinning Mill Private Limited
(SLN). The ratings reflect instances of delay by SLN in servicing
its term debt; the delays have been caused by the company's weak
liquidity, driven by large working capital requirements.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                70.3     CRISIL D (Assigned)

   Proposed Term Loan       36.6     CRISIL D (Assigned)

   Bank Guarantee           13.1     CRISIL D (Assigned)

   Cash Credit              80.0     CRISIL D (Assigned)

SLN also has a small scale of operations and a below-average
financial risk profile, marked by high gearing and weak debt
protection metrics. The company, however, benefits from the
extensive experience of its promoters in the textile industry.

Set up in 2007, SLN manufactures cotton yarn in counts ranging
from 20s to 40s. The day-to-day operations of the company are
managed by the managing director, Mr. R Palanisamy.

SLN reported a profit after tax (PAT) of around INR4.7 million on
net sales of INR270 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of around INR1.1 million on
net sales of INR160 million for 2011-12.


SRI SURYA: CRISIL Suspends 'D' Ratings on INR204.5MM Loans
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Surya Gangadhara Boiled & Raw Rice Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             185.5     CRISIL D Suspended

   Term Loan                19.0     CRISIL D Suspended

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

Sri Surya Gangadhara was set up in 1979 as a partnership firm for
milling and processing of non-basmati parboiled rice. Currently,
the firm has rice processing facilities with capacity to process
360 tonnes of paddy per day. It procures paddy mainly from farmers
and traders in Andhra Pradesh and Orissa on cash payment. Sri
Surya Gangadhara sells around 75 per cent of its total rice
production to Food Corporation of India, and the rest to
wholesalers and traders in Kerala and Andhra Pradesh.


SRI VIDYA: ICRA Reaffirms 'BB+' Rating on INR11.08cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR11.08
crore term loan facilities of Sri Vidya Educational & Charitable
Trust at '[ICRA] BB+'. The outlook on the long term rating is
stable.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities    11.08       [ICRA]BB+ (stable)/
                                       Reaffirmed

The rating considers the diversified portfolio of the trust
comprising of various colleges with multiple courses and a school
which lends stability to the trust's revenue stream. The Trust's
operations have scaled up in the recent past with introduction of
new courses, increase in sanctioned intake capacity for existing
courses and commencement of new classes in the school. Further,
the demand outlook for higher education sector is expected to
remain healthy in India owing to the favourable demographic
profile, rising income level of the middle class and availability
of better financing options.

The ratings take note of the moderately geared capital structure,
which is likely to remain at current levels in the near term due
to the trust's ongoing debt funded capital expenditure. The cash
flows from education institutes are lumpy in nature and it will be
crucial for the trust to prudently manage its liquidity position
to avoid any short term liquidity mismatches. ICRA also takes note
of the steep increase in staff salary expenses with moderately
high faculty attrition and the pressure on the Trust to attract
and retain experienced faculty members. Going forward, improving
the occupancy level for engineering courses whose sanctioned
intake increased from 360 to 480 in 2013-14, would remain key to
improving the financial profile of the Trust.
Sri Vidya Educational & Charitable Trust, floated in September
2006 by Mr. R. Thiruvengada Ramanuja Doss, commenced its
operations in 2007-08 by starting Sri Vidya College of Education
(offering Bachelor's degree in Education) and later expanded its
operations in 2008-09 by starting Sri Vidya College of Engineering
& Technology (offering B.E, M.E and M.B.A courses) and Sri Vidya
Teacher Training Institute (offering Diploma in Teacher
Education). The Trust also established Sri Vidya Matriculation
School during the year 2010-11. All these educational institutions
are located in the 25 acres of land owned by the Trust in
Virudhanagar district, Tamil Nadu.

Recent Results

As per the audited results for 2012-13, SVCET has reported a net
loss of INR0.6 crore on an operating income of INR12.0 crore as
against net profit of INR0.1 crore on an operating income of
INR9.7 crore for 2011-12.


SSP ENTERPRISES: CARE Assigns 'B+' Rating to INR2.5cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of SSP Enterprises Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.50       CARE B+ Assigned
   Facilities

   Short-term Bank       6.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of SSP Enterprises
Private Limited are primarily constrained on account of its low
networth base, thin profitability, leveraged capital structure and
weak debt coverage indicators. The ratings are further constrained
on account of its low value-added trading nature of operations in
the highly fragmented industry, volatility in prices of traded
goods and foreign exchange fluctuation risk. The ratings, however,
favorably take into account the vast experience of the promoters
in the industry.

The ability of SSP to increase its scale of operations alongwith
improvement in profitability and better working capital management
will be the key rating sensitivity.

Incorporated in April 1999, SSP is engaged in the trading of
plastic granules mainly Poly vinyl chloride (PVC) resins,
Polypropylene (PP) granules, High-density Polyethylene (HDPE)
granules, Low-density Polyethylene (LDPE) granules, Linear-Low
Density Polyethylene (LLDPE) granules, Ethylene-vinyl Acetate
(EVA) granules etc. It imports PVC resin as well as plastic
granules and also procures plastic granules locally from India.
SSP sells its product in domestic market only through its three
different branches located at Daman, Halol and Indore as well as
through high sea sales.

During FY13 (refers to the period April 1 to March 31), SSP
reported a PAT of INR0.18 crore on a Total Operating Income (TOI)
of INR69.33 crore as against a PAT of INR0.14 crore on a TOI of
INR57.85 crore in FY12.


SUPERTECH LTD: CRISIL Ups Ratings on INR6.68BB Loans to 'BB'
------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank loan
facilities of Supertech Ltd (Supertech; part of the Supertech
group), to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term     1,913.8    CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan              4,773.1    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade reflects the group's strong cash flow position,
driven by good saleability of its ongoing projects as reflected in
customer advances of INR12.75 billion during the six months ended
September 2013 and INR19.85 billion in 2012-13 (refers to
financial year, April 1 to March 31). The saleability of the
group's projects is expected to remain healthy, driven by its
focussed marketing efforts.

The rating continues to reflect the Supertech group's ability to
garner healthy customer advances despite a subdued real estate
environment and its experienced management. This rating strength
is partially offset by the group's aggressive growth plans in the
National Capital Region (NCR) with area under development of more
than 53 million square feet and average financial risk profile
with gearing ratio of 1.59 times as on March 31, 2013.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Supertech and its subsidiaries,
Supertech Realtors P Ltd, Dazzle I.T Solutions Pvt Ltd, Supertech
Infrastructure P Ltd, Surprise Suppliers P Ltd, Supertech Hotels P
Ltd, Supertech Township Projects Ltd, Supertech Precast
Technologies P Ltd, Revital Reality P. Ltd, Sunlight Buildwell P
Ltd (now merged with Supertech Ltd), Super Alliance Marketing P
Ltd (now merged with Supertech Ltd), Supertech Estate P Ltd,
collectively referred to as the Supertech Group, herein. This is
because all these entities share business as well as financial
linkages. Moreover, the management is common for all the entities.

Outlook: Stable

CRISIL believes that the Supertech group will continue to benefit
from healthy customer advances, driven by good saleability of
existing as well as new projects. The outlook may be revised to
'Positive', if the group displays healthy traction in delivery of
its existing projects and achieves significant improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of slowdown in receipt of advances or in case
of larger-than-expected, debt-funded expansion plans.

Supertech, incorporated in 1995 and promoted by Mr. R K Arora, is
engaged in the construction business; it undertakes various
projects mainly in the residential segment. The group started
operations with construction of Supertech Estate in Vaishali (UP)
in 2000 and Supertech Residency in Kaushambi (UP) in 2003. The
company has also developed three shopping malls, named Shopprix
Mall, in Noida, Kaushambi, and Ghaziabad (UP) in 2004.

Supertech has 20 active real estate projects with majority of them
located in Noida and Greater Noida. The group is now diversifying
into Gurgaon's real estate market. Some of its projects include
Eco City, Eco Village, Cape Town, Supernova, Upcountry, and North
Eye. The company has completed projects such as Emerald Court,
Palm Green Moradabad, and Palm Green Meerut.

The Supertech group reported, on a provisional basis, a profit
after tax (PAT) of INR1.18 billion on net sales of INR19.85
billion for 2012-13 (refers to financial year, April 1 to
March 31), against a PAT of INR1.12 billion on net sales of
INR19.03 billion for 2011-12.


SURABHI SPINNING: CRISIL Cuts Rating on INR300MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility
Surabhi Spinning Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                300      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by SSPL in
servicing its term debt. The delays can be mainly attributed to
the stretched liquidity of the firm arising out of modest level of
cash accruals vis--vis its maturing debt obligations.

The rating continues to reflect SSPL's modest scale of operations
in the intensely competitive yarn industry and exposure to risks
related to the implementation and off-take in respect of its on-
going expansion project. The rating also factors SSPL's below-
average financial risk profile marked by modest networth and high
gearing. These rating weaknesses are partially offset by the
benefits that SSPL derives from the extensive industry experience
of its promoters.

SSPL, incorporated in the year 2009 by Mr. S. Hareender Rao, Mr.
S. Mahender Rao and Mr. B. Sridhar Rao, is engaged in the
manufacturing of cotton yarn. The company commenced commercial
operations from October 2012. The company has its manufacturing
facility at Peddapally (Andhra Pradesh).

For 2012-13, SSPL had reported a net loss of Rs 11.6 million on
net sales of 120.9 million during 2012-13.


SURYA EXIM: ICRA Assigns 'BB+' Rating to INR40cr LT Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' to the INR40
crore fund based facility of Surya Exim Limited. ICRA has also
assigned a short-term rating of '[ICRA]A4+' to the INR205.0 crore
short term non-fund based limits of SEL. The outlook for the long
term rating is 'Stable'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund          40.0       [ICRA]BB+ (Stable) assigned
   based limits

   Short-term non-        205.0       [ICRA]A4+ assigned
   fund based limits

The assigned ratings favourably consider the longstanding
experience of the promoters in the trading of commodities; the
steady demand prospects for the company's products, and the
diversified customer base. The ratings also factor in the healthy
growth in operating income during last few years supported by
growth in trading volumes and the comfortable gearing levels and
satisfactory coverage indicators; though the TOL/ TNW ratio
remains moderate for the company.

The ratings are however constrained on account of vulnerability of
the company's operations to commodity price cycles and the
exchange rate fluctuations. The company's policy of maintaining
limited inventory partially mitigates the commodity price risk
while the forex risk is mitigated to a large extent due to natural
hedge by way of exports and sales of products based on import-
parity prices in India. The ratings are takes into account the
high supplier concentration risk with top two suppliers forming
~80% of the purchases; however, recent purchase of an equity stake
in SEL by one of its major suppliers is expected to ensure steady
raw material availability from this supplier. The ratings are
further constrained by the high competitive pressures & limited
value addition in the business which is reflected in its low
profitability margins.

Surya Exim Limited was originally incorporated in the name of
Prestige Marketing Private Limited in June 1989 by Mr. J.P. Saboo
and converted into a Public Limited Company in September 2001. Its
name was later changed to Surya Exim Limited in September 2002. In
the earlier years, the Company was engaged in the business of
marketing of consumer durables and home appliances. Subsequently
in the year 2000, the Company decided to focus on import and
marketing of commodities, mainly Non-Coking Coal. Over the years,
the company has ventured into other segments and focused on the
imports of those products wherein the domestic demand is much
higher than the domestic supply and dependence on the imports is
high. Presently, the company's major business segments include
trading of basic materials used by Textile Industry and Plastics
Industry. The company also trades in non-coking Coal and has an
integrated coal Sorting, Grading and Warehousing unit located at
the Magdalla Port, near Surat. It also has in-house logistic /
transport division with 29 trailers/ trucks and 20 Dumper /
Tippers. It is also a DCA/CS of IOCL for Maharashtra, Goa, Daman
and Silvassa.

Recent Results

For the year FY 12, the company reported an operating income of
INR852.33 crores and profit after tax of INR9.47 crores. For the
year FY 13, the company reported an operating income of INR900.40
crores and profit after tax of INR9.76 crores.


T.C. TERRYTEX: ICRA Suspends 'B+' Ratings on INR107cr LT Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR104.00
crore long term fund based and INR3.00 crore long term non-fund
based bank facilities of T.C. Terrytex Limited. ICRA has also
suspended the '[ICRA]A4' rating assigned to INR11.00 crore short
term non-fund based bank limits of the company. 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.

T.C. Terrytex Limited was incorporated in August 2005 and is
promoted by Mr. Anil Satia. TCTL commenced commercial production
from August 2008 and is engaged in manufacturing of textile made-
ups such as terry towels, bath robes and bath mats. TCTL has a
manufacturing unit in Mohali district of Punjab with in-house
facilities for dyeing (yarn and fabric), weaving and finishing of
terry towels. The group is vertically integrated from spinning to
manufacturing of terry towels through another group company, Satia
Synthetics Limited which is engaged in cotton spinning.


TARA INFRATECH: CRISIL Reaffirms 'D' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Tara Infratech Ltd
continue to reflect instances of delays by TIL in servicing debt,
because of weak liquidity. TIL has weak liquidity on account of
low response to its ongoing project, which has resulted in low
accruals as compared to its large debt obligations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan              120.0      CRISIL D (Reaffirmed)

The company's business risk profile is constrained by its modest
scale of operations, and its ongoing residential project is
exposed to demand and implementation risks. The company is also
exposed to cyclicality inherent in the Indian real estate
industry. TIL, however, benefits from the support it receives from
its group company Tara Health Foods Ltd.

Update

TIL recorded revenues of INR105 million during 2011-12 (refers to
financial year, April 1 to March 31). Its revenues are estimated
to remain at similar levels during 2012-13. Majority of the
revenues have been generated through sale of plots. The project is
expected to be entirely completed by 2014-15. The management has
indicated that plots may replace villas if the sale of plots picks
up over the near to medium term. The low response to the ongoing
project as a result of the slowdown in the real estate market has
resulted in very low cash accruals from the business, which, in
turn, has resulted in weak liquidity. TIL's liquidity is expected
to remain weak over the medium term until the company increases
the scale of its operations, and generates adequate cash accruals
vis-a-vis fixed debt obligations.

TIL is engaged in real estate construction in Abohar (Punjab),
where it is currently developing plots and villas. The saleable
area of the project will be 1.27 million square feet (sq ft). The
project will majorly comprise of plots and some villas, the
bookings of which started in October 2011. The project shall also
offer commercial space in the form of a small plot of 40,000
square feet.


TARUNSHREE COTTON: CRISIL Puts 'B' Ratings on INR2.07BB Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tarunshree Cotton Spintex Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan      1,470     CRISIL B/Stable (Assigned)

   Proposed Bank             100     CRISIL A4 (Assigned)
   Guarantee

   Proposed Cash             600     CRISIL B/Stable (Assigned)
   Credit Limit

The rating reflects risk related to timely execution of on-going
capital expenditure (capex), average financial risk profile marked
by large debt-funded capex and susceptibility of operating
performance to any unfavourable regulatory changes in the textile
industry. These rating weaknesses are partially offset by the
benefit that the company derives from the favourable location of
its manufacturing unit in terms of cotton availability, promoter's
extensive experience in the textile industry and funding support.

Outlook: Stable

CRISIL believes that TSCSPL will benefit over the medium term from
the extensive industry experience of promoters and funding
support. The outlook may be revised to 'Positive' if the company
stabilises its on-going capex programme within the set timelines
and budgeted cost, while successfully scaling up its operations.
Conversely, the outlook may be revised to 'Negative' in case of
delays in commissioning of the project, resulting in time and cost
overruns.

TSCSPL was incorporated in June 2012, by Mr. Chava Sivarama
Krishna, and his family members. The company is currently setting
up cotton spinning unit constituting 34560 spindles in Rayagada,
Odisha. The construction commenced in September 2012 and
commercial production is expected to commence by April 2015.


TRIMURTI FLOUR: ICRA Assigns 'B' Ratings to INR7.5cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4.0 crore cash
credit facility and INR3.5 crore term loans of Trimurti Flour
Mills Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit              4.0         [ICRA]B Assigned
   Term Loan                3.5         [ICRA]B Assigned

The rating takes into consideration the project risks with the
plant yet to be commissioned, large debt funding (both bank as
well as loans from promoters) to set up the project which could
keep TFMPL's capital structure aggressive in the medium term and a
highly competitive nature of the industry characterised by a large
number of organised and unorganised players. The rating takes into
account the favourable demand outlook of wheat products in India,
advanced stage of completion of the project and the achievement of
financial closure for the project.

TFMPL was incorporated in 2010 at Patna, Bihar. The company is in
the process to set up a 100 tonnes per day (tpd) flour mill and a
50 tpd whole wheat flour mill at a total project cost of INR7.69
crores. The commercial production from the plant is expected to
commence soon.


TRITON INTERNATIONAL: ICRA Suspends 'BB-' Rating on INR25cr Loan
----------------------------------------------------------------
ICRA has suspended '[ICRA]BB-' rating assigned to the INR25.00
crore long term fund based/non fund based bank facilities of
Triton International Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


UNILOIDS BIOSCIENCES: ICRA Rates INR7.5cr LT Loans at 'B+'
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR7.50
crore fund based facilities of Uniloids Biosciences Private
Limited.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund           7.50         [ICRA]B+ assigned
   Based Limits

The assigned rating is constrained by modest scale of operations
and limited track record of the company with operations commencing
from February' 2013; moderate gearing due to debt funded nature of
project. Further, UBPL invested to the tune of INR4.71 crore in
group companies as on Mar 31, 2013 of which INR1.4 crore is
received as on Oct, 2013 and remaining INR3.31 crore is expected
to be received in next 6 months. Given the likely losses in the
initial years, the receipt of these deposits will be crucial to
improve UBPL's liquidity. ICRA also notes the vulnerability of raw
materials availability to external factors such as weather
conditions and diseases; and fragmented nature of industry & high
competition due to large number of unorganized players & low
capital investment. However, the rating favourably factors in easy
availability of raw material owing to proximity of plant to major
aquaculture belt of Andhra Pradesh. Further ICRA also factors in
steady alternate source of income in form of lease rentals and
also increasing application of chitin and its derivatives in
agrochemical and pharmaceutical sectors.

The ability of the company to attain breakeven, critically depends
on its capability to ramp up its volumes and attain high levels of
capacity utilization. Given the likely losses from operations in
the initial years, the timely receipt of lease rentals remains
critical to ensure timely debt servicing.

Uniloids Biosciences Private Limited (UBPL) was established in the
year 2010. The Company is promoted by Mr.Chandrasekar Yadav and
others. The company has a manufacturing unit of Chitin, Chitosan
and Glucosamine Hydrochloride (HCl) in Sesali Village near
Bhimavaram of West Godavari District, Andhra Pradesh with an
installed capacity of 360 MTPA for production of Chitin and
Chitosan and 300MTPA for production of Glucosamine HCl.


VIMAL DAIRY: ICRA Revises Ratings on INR47.65cr Loans to 'BB'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR11.65
crore (enhanced from INR2.00 crore) term loans and the INR36.00
crore (enhanced from INR20.00 crore) cash credit facility of Vimal
Dairy Limited to '[ICRA]BB' from '[ICRA]BB-'. Further, ICRA has
also assigned short term rating of '[ICRA]A4' to the INR0.10 crore
short term non fund based facility of VDL. The outlook on the long
term rating is Stable.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans              11.65        Revised from [ICRA]BB-
                                        to [ICRA]BB (stable)

   Cash Credit facility    36.00        Revised from [ICRA]BB-
                                        to [ICRA]BB (stable)

   Letter of Credit/        0.10        [ICRA]A4 assigned
   Bank Guarantee
   Facility

The revision in rating takes into account the significant growth
in revenue and improvement in profitability owing to boost in
sales of value added products as well as improvement in capital
structure owing to significant equity infusion during FY 2013. The
ratings also factor in the promoters' experience in dairy
operations and their ability to leverage on the umbrella brand of
the group - "Vimal". The ratings are further supported by the
diversification across all milk product segments and own SMP
(Skimmed Milk Powder) capacity to ensure uninterrupted production
in lean season.

The ratings, however, continue to remain constrained by relatively
modest size of operations compared to the cooperative sector
undertakings and strong competitive pressures. The ratings are
further constrained on account of high working capital intensity
in the operations and recent debt funded capital expenditures. The
ratings are also constrained by the vulnerability of the profit
margins to volatility in raw material procurement prices and
seasonality of the raw milk procurement process.

Vimal Dairy Limited, incorporated in 1992 is primarily engaged in
the production of pasteurized milk and milk products like ghee,
butter, cheese, paneer, etc. VDL is one of the largest private
sector dairies in Gujarat. It has a processing capacity of two
lakh litres of milk per day at its plant located at Mehsana. The
company also operates a Milk powder plant on rent from the group
company - Vimal Oils and Foods Ltd.

VDL is part of the Vimal group of industries based out of Mehsana
whose flagship - Vimal Oils & Foods Ltd. is engaged in the
production, refining and marketing of edible oils. Vimal Group of
Industries is one of the leading groups of North Gujarat engaged
in diversified businesses like Electrical Products, Cable Wires,
Winding Wires, Submersible Pumps, Dairy Industry, Edible Oil
Industry, Paint Industry and Micronised Mineral Powder.

Recent Results

VDL reported profit after tax (PAT) of INR1.20 crore in FY 2012-13
on an operating income of INR117.29 crore.


VIMAL OIL: ICRA Reaffirms 'BB+' Rating on INR162cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long term ratings assigned to the INR162
crore (enhanced from INR135 crore) long term fund based facilities
of Vimal Oil and Foods Limited at '[ICRA]BB+'. The outlook on the
long term rating has been revised to stable from negative. ICRA
has also reaffirmed the short term ratings assigned to the INR500
crore (enhanced from INR414 crore) short term non fund based
facilities of VOFL at '[ICRA]A4+'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        162         [ICRA]BB+ reaffirmed;
                                        Outlook revised to
                                        Stable from Negative

   Non Fund Based Limits    500         [ICRA]A4+ reaffirmed

The outlook revision to stable from negative takes into account
the company's good performance in FY 2013 and current fiscal in
terms of volume growth and profits. The ratings also continue to
factor in the established market position of VOFL especially
within Gujarat as an organized edible oils player in the retail
segment with sales under its umbrella brand Vimal; diversified
product portfolio with flexibility to change the product mix
according to price and demand-supply trends as well as the
favourable growth prospects of the industry. The ratings are
further supported by the strong scale up of operations through
higher capacity utilization and addition of new refining capacity
which will enable increase in volumes going forward, more branding
initiatives and access to GUJOIL's additional distribution network
for sales of its products.

The ratings, however, continue to be constrained by the company's
low profitability indicators; high TOL/TNW of 5.7 times as on 31st
March, 2013; high competitive intensity in the edible oils
industry and vulnerability of the company's profitability to the
volatility in crude oil prices and the climatic risks associated
with procurement of indigenous oilseeds such as cottonseed,
rapeseed and soyabean. Further, profitability would also remain
exposed to adverse fluctuations in exchange rates and the
regulatory changes with respect to domestic and Indonesian duty
structure. The company's ability to maintain a prudent capital
structure in future given the increasing working capital
requirements and improve profitability would be the key rating
sensitivity.

Vimal Oil & Foods Limited, incorporated in 1992, is primarily
engaged in the refining and marketing of different types of edible
oils. VOFL commenced operations at its refinery with a 50 TPD
capacity in 1993 and has increased its capacity over the years to
250 TPD. The company also operates a 900 TPD refining capacity
owned by a group company - Gujarat Spices and Oilseeds Growers
Cooperative Union Ltd at Gandhidham. The company's product range
includes refined oils of Cottonseed, Sunflower, Groundnut, Soya,
Mustard and Palm. The refined oil is sold in the local market
under the "VIMAL" brand name. The Company also operates a wind
mill which is situated at village Kalyanpur, Dist. Jamnagar with a
capacity of 0.225 MW.

VOFL is the flagship of the Vimal group of industries based out of
Mehsana promoted by Mr. Chandubhai Patel and his associates. The
Group of Industries is one of the leading groups of North Gujarat
engaged in diversified businesses like Electrical Products, Cable
Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible
Oil Industry, Paint Industry and Micronised Mineral Powder.



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


* JAPAN: Third-Sector Firms May Face Liquidation Due to Debts
-------------------------------------------------------------
The Yomiuri Shimbun reports that joint public-private companies,
generally known as third-sector corporations, may not be able to
avoid liquidation as long as liabilities exceed assets.

The report says local governments operating loss-making firms in
partnership with private-sector entities must waste no time in
addressing the task of liquidating them ending a negative legacy
dating back to the days of the bubble economy even if doing so
will cause fiscal pain.

According to the report, bond issuance to expedite the
consolidation or abolition of poorly performing third-sector
corporations and businesses run solely by local governments has
risen sharply recently.

Local governments issued third-sector bonds in 64 cases, with a
combined value of JPY374.3 billion, during the April-September
period this year, the report discloses.

In the three-year period from fiscal 2009 to fiscal 2012, bonds
were issued 104 times with a combined value of JPY471.4 billion,
indicating how massive the issuance of bonds issued was in the
first half of this fiscal year, relays The Yomiuri Shimbun.

The report notes that with the issuance of third-sector bonds
permitted specially for a period of five years from fiscal 2009,
many local governments appear intent on issuing bonds just before
the expiration of the deadline at the end of fiscal 2013.

The Yomiuri Shimbun relates that third-sector bonds are issued by
local governments on the basis of resolutions by local assemblies,
along with approval by either the internal affairs and
communications minister or heads of relevant prefectural
governments.

Issuance of these bonds enables local entities to reschedule their
debts in the form of bonds, which have interest rates lower that
those on other forms of debt. In addition, the central government
offers preferential treatment by covering half of the interest
cost by means of local tax grants, or tax allocations to local
governments, the report states.

It is an extremely serious situation that the number of juridical
persons, such as companies, that are considered on the brink of
bankruptcy stands at 639 out of 1,928 juridical persons comprising
third-sector corporations and enterprises operated solely by
municipalities, The Yomiuri Shimbun discloses.



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


ASR LIMITED: Owner 'Not Traced' a Year After Liquidation
--------------------------------------------------------
BBC News reports that liquidators for artificial surf reef company
ASR Limited still cannot trace its owner, a year after it
collapsed.

ASR Limited built the GBP3.2 million Boscombe reef in Dorset in
2009 but was liquidated in September 2012, the report discloses.

According to BBC News, PricewaterhouseCoopers has been repeatedly
unable to contact owner Nick Behunin or any major shareholders.

BBC News notes that Bournemouth Borough Council, an unsecured
creditor for GBP14,800, has finally settled an insurance claim for
damage to two of the reef's sand bags.

The reef was created to enhance waves for surfers but has been
criticised for not working properly, the report says.

According to the report, PricewaterhouseCoopers' latest report,
released through Companies House New Zealand last month, revealed
it continues to be unsuccessful in contacting Mr. Behunin, the
firm's former director.

Bournemouth Borough Council registered to be an unsecured creditor
in May for money it spent to remove a container left by ASR, BBC
News notes.


PIKE RIVER: NZOG Shareholders Reject Reparation Plan
----------------------------------------------------
The New Zealand Herald reports that New Zealand Oil and Gas
shareholders voted on October 29 not to pay reparation of
NZ$3.41 million to the Pike River families.

NZOG was the largest secured shareholder in the mine when the
disaster occurred, the Herald discloses.

In July, Judge Jane Farish said the award was being made in spite
of the Pike company's parlous financial state, in the hope that
the directors or shareholders might contribute, the report
recalls.

But at New Zealand Oil and Gas's annual meeting on October 29, the
vast majority of shareholders voted against the proposal.

A second motion, put by an individual shareholder, was also lost,
the report relates.

"Shareholders express their dissatisfaction with the way in which
the directors managed the company's investment in Pike River Coal
Ltd and the company's response after the explosion in November
2010," the motion, as cited by the Herald, said.

During the recent court case, it was revealed there was only
NZ$156,000 left from a NZ$2 million insurance payment to Pike
River Coal Ltd, which is now in receivership, the Herald notes.

According to the report, Judge Farish said it was "morally unjust"
the way Pike River had been able to fold soon after the disaster
and escape having to pay anything towards the families' welfare.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

Bloomberg notes that Pike River Coal was found guilty in April
this year of nine breaches of health and safety laws including
those relating to ventilation and methane management.  A
New Zealand court awarded victims compensation of about NZ$110,000
each in July, adding that as the company was in receivership it
may be unable to make that payment, Bloomberg adds.


* NEW ZEALAND: Doing Nothing to Help Manufacturing, Greens Says
---------------------------------------------------------------
Jacqui Stanford at Farming Show news reports that the Green Party
said the closure of a Rotorua sawmill is another example of
manufacturers losing their jobs because of the high dollar, while
the Government does nothing.

120 jobs are going due to Tachikawa Forest Products going into
receivership, according to Farming Show news.

The report relates that Green Party co-leader Russel Norman said
it comes on the back of Statistics New Zealand figures showing
manufactured exports have reached a seven year low, as the dollar
trades at near record heights.

Mr. Norman said manufactured exports have fallen by 10 per cent in
the past year and 20 per cent under the National government, in
inflation-adjusted terms, the report notes.

Dr. Norman said "we actually need more jobs like the 120 that have
been lost in Rotorua, as they provide good, well-paid employment
in the regions, and make sustainable use of our resources," says
the report.



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


TONGYANG INC: Tongyang Life Seeks to Sell All Shares in Firm
------------------------------------------------------------
The Korean Times reports that Tongyang Life Insurance Co. said it
has offloaded all its shares in the troubled holding company, in
an apparent bid to tide over falling credibility.

According to the data by the Financial Supervisory Service, the
life insurer sold its 4.25 million shares in Tongyang Inc., the de
facto holding company of Tong Yang Group, at KRW2.8 billion
(US$2.6 million), The Korean Times notes.

The report relates that the number accounts for a 1.67 percent
stake in the holding company of South Korea's 38th-largest
conglomerate.

The move came after the family-run conglomerate filed for court
receivership of five of its affiliates, including Tongyang Leisure
Co. and Tongyang International Inc., on Sept. 30 after failing to
repay its maturing debts, according to The Korean Times.

The report relates that the crisis sparked an outflow of clients
from Tongyang Life, which holds a distant connection with the
group after it was acquired by a local private equity fund Vogo
Fund in 2011 while it retained the original name.

"We offloaded shares in Tongyang to avoid further losses from
falling share prices," the report quoted an official from Tongyang
Life as saying.

Tongyang Securities Inc., Tongyang's brokerage arm, currently
holds a 3 percent stake in the insurer, with the group's Chairman
Hyun Jae-hyun also holding 1,283 shares, the only remaining tie
between Tongyang Life and the group.

The report notes that Tongyang Life also decided to change its
corporate name to keep further distance from the troubled group
and applied for an official separation at the Fair Trade
Commission.

The group's liquidity shortage, meanwhile, has left tens of
thousands of individual investors who bought the firm's bonds on
the verge of losing their money, prompting a prosecution probe
into Hyun for alleged financial fraud, the report says.

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



=============
V I E T N A M
=============


HUALON CORP: Evades VND78.1BB in Income Taxes
---------------------------------------------
Viet Nam News' Biz Hub reports that Hualon Corporation Vietnam, a
foreign business in southern Dong Nai Province's Nhon Trach 2
Industrial Park with investment capital from Malaysia and Taiwan-
British Virgin Islands, dodged VND78.1 billion (US$3.7 million) in
income taxes.

Biz Hub notes that the corporation reported losses for nearly 20
years, stating cumulative losses of more than VND1 trillion
(US$47.7 million) at the end of 2010. The result was that it did
not have to pay income tax, the report relays.

However, inspectors concluded that Hualon had actually made major
profits and planned to collect VND78.1 billion in back taxes,
according to Biz Hub.

Biz Hub relates that despite reporting losses, Hualon opened many
new production facilities. In 1995, the company opened a knitting
plant with a daily capacity of 13 tonnes. This was followed by a
Draw Textured Yarn plant with 124 draw texturizing machines, a two
for one plant with 73 high and low twist machines, a weaving plant
with 3,190 water jet looms and a dyeing plant with 22 machines.

According to the report, General Department of Taxation said the
corporation blamed the losses on too much investment in expensive
production lines and materials, which selling prices could not
compensate for.

The corporation declared that it had imported a fabric weaving
production line for nearly US$16 million. However, it then sold
the line to another company for $400,000, 40 times lower than the
original price, the report relays.

A source from Vietnamnet online newspaper said that this
production line was very outdated and the corporation had not used
the line since it was imported to Viet Nam, Biz Hub reports.

Biz Hub says Hualon used transfer pricing to avoid paying taxes, a
strategy adopted by 121 other FDI firms in the 2007-12 period. The
businesses have been forced to pay back more than VND200 billion
($9.5 million) in taxes. FDI businesses in Ha Noi had to pay VND98
billion, HCM City firms paid VND15 billion, Thai Binh enterprises
paid VND7 billion and those in Lam Dong paid VND5 billion, the
report discloses.

Hualon, which opened in 1993 and specialises in fibre production
and fabric weaving, was one of the first foreign direct investment
businesses in Viet Nam. Its primary products are Draw Textured
Yarns, knitting fabrics, gray fabrics and dyed/finished fabrics.



                             *********

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.



                 *** End of Transmission ***