TCRAP_Public/131101.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

          Friday, November 1, 2013, Vol. 16, No. 217

                            Headlines


A U S T R A L I A

MIRANDA RSL: In Administration After Sustaining AUD1.3MM Losses
SPRING GULLY: Makes First Dividend Payment to Unsecured Creditors


C H I N A

CHINA PROPERTIES: Fitch Rates $100MM Senior Notes at 'B-'
MODERN LAND: Moody's Rates $150MM Senior Unsecured Notes at 'B2'


I N D I A

AL-DUA FOOD: ICRA Raises Rating on INR40cr Loans to 'BB-'
AMARSON OVERSEAS: CRISIL Ups Rating on INR45.2MM Loans to 'BB'
APEX AUTO: ICRA Lowers Ratings on INR125cr Loans to 'D'
ASHISH CONSTRUCTIONS: ICRA Puts 'BB-' Ratings on INR7.78cr Loans
BANG OVERSEAS: CRISIL Assigns 'BB+' Ratings to INR200MM Loans

BANSAL SPINNING: CRISIL Reaffirms 'BB+' Ratings on INR900MM Loans
BHAVANI INDUSTRIES: ICRA Reaffirms BB+ Ratings on INR7.26cr Loans
BIG TILES: ICRA Reaffirms 'B+' Ratings on INR14.13cr Loans
BRIJBASI ART: ICRA Suspends 'BB+' Rating on INR17.3cr Loans
COMPACK ENTERPRISES: ICRA Assigns 'BB' Ratings to INR16cr Loans

CYPER PHARMA: CRISIL Assigns 'B' Ratings to INR100MM Loans
DE'S TECHNICO: ICRA Assigns 'BB-' Rating to INR2cr Loans
ELITE DISTILLERIES: CRISIL Raises Ratings on INR520MM Loans
GAYATRI HI-TECH: ICRA Suspends 'D' Rating on INR317cr Loans
GOLF CERAMICS: CRISIL Reaffirms B- Ratings on INR118.3MM Loans

JINDAL SUPER: CRISIL Suspends 'BB+' Rating on INR50MM Loans
JSL ISPAT: CRISIL Reaffirms 'BB+' Rating on INR98MM Loan
JSM DEVCONS: ICRA Assigns 'B' Rating to INR37.75cr LT Loans
KAMESWARI JEWELLERS: CRISIL Rates INR50MM Cash Credit at 'BB-'
LDH AGRO: ICRA Assigns 'B' Ratings to INR10.3cr Loans

LV ENTERPRISES: ICRA Assigns 'B+' Ratings to INR12.81cr Loans
MEERA COTTON: CRISIL Reaffirms 'BB+' Ratings on INR428.5MM Loans
MEGHA FRUIT: CRISIL Suspends 'BB+' Ratings on INR232.9MM Loans
MKU PVT: CRISIL Reaffirms 'BB+' Ratings on INR418.7MM Loans
NANDI PLASTICISERS: ICRA Assigns 'B+' Rating to INR13cr Loans

NARSING TEXTILE: ICRA Upgrades Ratings on INR11.85cr Loans to BB-
NEXGENSOLUTION TECH: CRISIL Suspends BB Ratings on INR55MM Loans
NIZAMABAD AGRO: ICRA Suspends 'B' Rating on INR8cr Loans
PARKSONS CARTAMUNDI: CRISIL Keeps 'BB+' Rating on INR350MM Loans
PMA CONSTRUCTION: ICRA Assigns 'D' Ratings to INR10cr Loans

PROGRES COMM: CRISIL Suspends B+ Rating on INR50MM Loans
QUALITY HEIGHTCON: ICRA Reaffirms 'BB+' Rating on INR25cr Loans
R D ENGINEERS: CRISIL Reaffirms 'B-' Ratings on INR125MM Loans
RSAL STEEL: ICRA Cuts Rating on INR70.52cr Loans to 'BB-'
S.P. SOLVENT: ICRA Rates INR11cr Cash Credit at 'B+'

SEHGAL AUTORIDERS: CRISIL Cuts Ratings on INR248.5MM Loans to BB+
SHAILESH FORGING: ICRA Assigns 'BB-' Ratings to INR6.81cr Loans
SHAKTI SPINNERS: CRISIL Suspends 'D' Ratings on INR70MM Loans
SHARMA KALYPSO: ICRA Upgrades Ratings on INR85.30cr Loans to C+
SHERA ENERGY: CRISIL Reaffirms 'BB+' Ratings on INR365.6MM Loans

SHREE MALLIKARJUN: CRISIL Suspends 'D' Ratings on INR714.2MM Loan
SHRI RAM: ICRA Reaffirms 'BB' Ratings on INR22.5cr Loans
SRI GURU: ICRA Suspends 'B' Rating on INR12cr Loans
SRI LAKOSHA: CRISIL Assigns 'B+' Ratings to INR125MM Loans
STEELEX ELECTROCAST: CRISIL Puts 'BB' Ratings on INR118.5MM Loans

SUPERTECH INFRA: CRISIL Raises Ratings on INR1.25BB Loans to 'BB'
SUPERTECH PRECAST: CRISIL Raises Ratings on INR390MM Loans to BB
SUPERTECH REALTORS: CRISIL Rates INR7.3BB Loans at 'BB'
THERUVATH BUILDERS: ICRA Assigns 'BB-' Ratings to INR25cr Loans
TRATEC ENGINEERS: CRISIL Reaffirms 'D' Ratings on INR650MM Loans

UNIPACK INDUSTRIES: ICRA Assigns 'BB-' Ratings to INR7cr Loans
UNITED EXPORTS: CRISIL Reaffirms 'B' Ratings on INR570MM Loans
VINAYAK IRON: CRISIL Suspends 'D' Ratings on INR590.3MM Loans


I N D O N E S I A

MODERNLAND REALTY: Fitch Rates $150MM Notes Due 2016 at 'B'


J A P A N

L-JAC 7: S&P Lowers Rating on Classes C & D-2 Certificates to 'D'


N E W  Z E A L A N D

WEST HARBOUR: Waipareira Trust Seeks NZ$1.3MM From Developer
WINDOW HOLDINGS: Liquidation Ruling Challenged in Supreme Court


S O U T H  K O R E A

HANWHA GROUP: Court Orders Chairman to Compensate Shareholders
* Major South Korean Builders in Deeper Trouble


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


MIRANDA RSL: In Administration After Sustaining AUD1.3MM Losses
---------------------------------------------------------------
Jim Gainsford at St. George & Sutherland Shire Leader reports that
Miranda RSL Club has gone into administration after sustaining
losses totaling almost AUD1.3 million over the past two years.

The club is continuing to trade and is expected to stay open,
administrator Robert Brennan -- rbrennan@rthospitality.com -- of
RT Hospitality Solutions said.

The report notes that the club's directors voted for an
administrator to be appointed after posting a loss of more than
$600,000 for the year ending Dec. 31, 2012, and a similar loss for
the preceding year.

The appointment of the external administrator was approved by the
Liquor Administration Board on Tuesday, October 22, the report
relates.

The report discloses that Mr. Brennan said he would carry out a
review of the club's financial situation with a view to preparing
a recommendation for a meeting with the club's creditors in about
one month's time.

The report relays that the club's annual report for the year
ending December 31, 2012, showed the club sustained a loss of
AUD637,836.  The previous year saw a loss of AUD660,103.

In the report, the club's then-general manager Jeff Wilkie said
2012 trading was "a struggle and then some" due to a number of
factors, including the expansion of Tradies and the Miranda Hotel
and a slowing economy, St. George & Sutherland Shire Leader
discloses.

The report relays that Mr. Wilkie recently resigned as the club's
general manager for health reasons and is now employed by the club
as a consultant.

The club's administration is not expected to affect the separate
company the club set up to build a large development south of the
Sutherland CBD, adjacent to Waratah Park, the report adds.


SPRING GULLY: Makes First Dividend Payment to Unsecured Creditors
-----------------------------------------------------------------
foodprocessing.com.au reports that Spring Gully Foods has made its
first dividend payment -- 20 cents in the dollar -- to unsecured
creditors. The payment wipes AUD1 million off the company's total
debts and is the largest single payment the company will make to
unsecured creditors under the terms of the Deed of Company
Arrangement (DoCA) it signed on July 1.

Further payments of eight cents in the dollar will be made every
quarter until creditors have been fully repaid, the report notes.

"Since we signed the DOCA on July 1, we have been working
incredibly hard to restructure the company and rationalise our
operations, both to repay our creditors and to ensure we never
slip back into the position in which we found ourselves earlier
this year," the report quotes Spring Gully Managing Director Kevin
Webb as saying.

foodprocessing.com.au relates that Mr. Webb said the company has
made extensive changes to drive down manufacturing costs by
improving the efficiency of the plant.

Spring Gully Foods is one of South Australia's iconic food
businesses.  The company specialises in jams, chutneys, pickles,
sauces and honey.

The fourth generation Spring Gully Foods went into voluntary
administration April 11, 2013, with debts of more than
AUD3 million.  According to ABC Rural, managing director
Kevin Webb said its financial losses are due to a dramatic fall in
retail sales.

In July 2013, creditors of Spring Gully Foods approved a rescue
plan to hand back control of the company to the Webb family.


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


CHINA PROPERTIES: Fitch Rates $100MM Senior Notes at 'B-'
---------------------------------------------------------
Fitch Ratings has assigned China Properties Group Limited's (CPG;
'B-'/Stable) USD100m 13.5% senior notes due 2018 a final rating of
'B-'.

The notes were issued as a tap to the USD150m senior unsecured
notes due 2018 issued on 9 October 2013, with the same terms and
conditions. The assignment of the final rating follows the receipt
of documents conforming to information already received and the
final rating is in line with the expected rating assigned on Oct.
22, 2013.

Key Rating Drivers:

Limited Sales Track Record: CPG had less than HKD1bn in annual
revenue in the past three years, including HKD693m in 2012.
However, given an inventory of over 600,000 square metres in gross
floor area (GFA) available for sale in 2013, the company can
potentially achieve significant growth in sales if it overcomes
technical issues delaying construction and chooses to ramp up pre-
sales.

Project Concentration Risk: Just one project, Chongqing Manhattan,
accounted for over 95% of CPG's sales in 2012. Although Chongqing
Manhattan still has over 1.2 million sqm of unsold GFA and more
projects are likely to contribute to sales in the future, the
limited number of projects leads to concentration risk, making
cash flow less likely to be stable.

High Capex Needs: While CPG has paid all land premiums for
existing projects, given the more than 4.5 million sqm of GFA for
future development, Fitch expects CPG to incur capex of over
HKD8bn over the next four years to develop its property portfolio.
Its current low gearing - net debt/adjusted inventory was 20% at
end-H113, after excluding market revaluation from investment
properties - may be maintained only if the company significantly
increases pre-sales of its development properties.

Prime Locations: While its investment properties currently
generate limited recurrent income, they were valued at HKD60bn at
end-H113 and are located in prime locations in the downtowns of
Shanghai and Chongqing. Fitch expects the unique locations and
large scale of the investment properties to provide CPG with
financial flexibility.

Low Land Costs: Much of the land bank was acquired over five years
ago at low cost, especially for its projects in Shanghai. This
should allow CPG to achieve higher gross and EBITDA margins of
over 50% in its future sales. It will also provide CPG with price
flexibility in a market downturn.

Strong Shareholder Support: The company's managing director and
75% shareholder, Wong Sai Chung, has provided significant
financial support by subscribing to HKD500m of convertible notes
and providing a shareholders' loan of over HKD1.3bn, which is
subordinated to CPG's other debt, including the proposed senior
unsecured bonds. Funding from Mr Wong has helped underpin the
company's financial position.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- A deterioration in CPG's liquidity position. For example,
failure to refinance maturing debt

-- Repayment of the shareholders' loan without any improvement in
the company's operating cash flows

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Attainment of contracted sales of over HKD5bn (2012: CNY138m or
HKD175m) and recognised revenue of over HKD3bn while maintaining
its current strong financial position

-- Reduced concentration risk such that no single project accounts
for over 70% of total sales


MODERN LAND: Moody's Rates $150MM Senior Unsecured Notes at 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
Modern Land (China) Co., Ltd.'s $150 million, 13.875%, 5-year
senior unsecured notes, due 4 November 2018.

The outlook for the ratings is stable.

Ratings Rationale:

Moody's definitive rating on this debt obligation follows Modern
Land (China) Co., Ltd.'s completion of its USD note issuance, the
final terms and conditions of which are consistent with Moody's
expectations.

The provisional rating was assigned on 23 September, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds from the proposed bonds will be used to fund the
company's development of property projects and general working
capital needs.

Modern Land was founded in 2000 in Beijing by Mr Zhang Lei
(Chairman), a real estate developer based and principally focused
in China. Modern Land specializes in developing comfortable
housing units. It is one of the few early leaders in green and
eco-friendly lifestyles in China.

Modern Land was listed on the Hong Kong Stock Exchange in July
2013 (Stock Code: 1107). As of June 30 2013, the company had a
total land bank of 2,277,200 sqm in gross floor area (GFA) in
China (excluding investment properties held for its own use),
located in Beijing, Jiujiang, Nanchang, Taiyuan, Changsha and
Xiantao.


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


AL-DUA FOOD: ICRA Raises Rating on INR40cr Loans to 'BB-'
---------------------------------------------------------
ICRA has revised the rating assigned to INR40.00 crore fund based
limits of Al-Dua Food Processing Private Limited from '[ICRA]B' to
'[ICRA]BB-'. The long term rating has been assigned 'stable'
outlook. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR3.00 crore non-fund based limits of AFPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund-Based, Long-       40.00        [ICRA]BB-(Stable)
   term facilities                      Revised from [ICRA]B

   Non-Fund Based,          3.00        [ICRA]A4 Reaffirmed
   Short-term
   facilities

The rating revision factors in the steady ramp up of production
activity which has enabled the company to register healthy revenue
growth and cashflow generation in the first full year of
operations. Further, the ratings continue to draw comfort from the
long track record of promoters in the industry, tax benefits on
account of processing facility being located in a tax free zone
and the access to the MK Group's established distribution network
and clientele. Nevertheless, the ratings continue to be
constrained by the limited track record of AFPL's operations with
commencement of commercial operations in May 2012 and the
vulnerability of AFPL's profitability to the fluctuations in the
foreign exchange rates. The ratings also factor in the high
competitive intensity in the meat processing industry and
company's susceptibility to the change in regulatory environment
and its exposure to the event risks such as disease out-breaks
etc.

AFPL is engaged in the business of processing and export of fresh,
chilled and frozen buffalo meat and meat products. The company has
established its meat processing facility in Aligarh, Uttar Pradesh
.The Company is a part of MK Group promoted by Mr. Mohd. Kamil and
his family members. Mohd Kamil Qureshi, Chairman and Managing
Director of the Group have more than thirty years of experience in
the meat processing industry. The Group comprises of other
companies with operations related to meat processing ranging from
retail, wholesale to the meat processing plant and meat product
export companies. AFPL reported a net profit of INR28.8 Crore on
operating income of INR724.3 Crore in 2012-13.


AMARSON OVERSEAS: CRISIL Ups Rating on INR45.2MM Loans to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Amarson Overseas Pvt Ltd (AOPL; part of the Amarson group) to
'CRISIL BB/Stable' from 'CRISIL BB-/Stable', and has reaffirmed
its rating on the company's short-term bank facilities at 'CRISIL
A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          20      CRISIL A4+ (Reaffirmed)

   Packing Credit            10      CRISIL A4+ (Reaffirmed)

   Term Loan                 45.2    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade reflects expected improvement in the business
and financial risk profiles of the Amarson group. The revenues of
the group are expected to increase to over INR300 million in 2013-
14 (refers to financial year, April 1 to March 31). The revenues
increased to INR211 million in 2012-13 from INR145.6 million
during the previous year. Its revenue growth can be attributed
mainly to the expansion of its customer base in India and to the
increase in its exports to its existing customers in the US. The
Amarson group is expected to maintain its improved financial risk
profile over the medium term. Its financial risk profile improved
in 2012-13, as reflected in its improved gearing of 1.63 times as
on March 31, 2013 (from 2.55 times as on
March 31, 2012) and comfortable debt protection metrics. The
interest coverage and net cash accruals to total debt ratios of
the group were moderate at 2.3 times and 0.21 times, respectively,
in 2012-13. The financial risk profile of the group is expected to
improve further over the medium term, backed by the absence of any
major debt-funded capital expenditure (capex) plans for the medium
term, moderate accretion to reserves, and limited fund outflow
from AOPL to its new subsidiary in Bangladesh.

The ratings continue to reflect the extensive industry experience
of the Amarson group's promoter, and the group's moderate
financial risk profile marked by above-average debt protection
metrics. These rating strengths are partially offset by the
Amarson group's end-user industry concentration and relatively
small net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AOPL and Regency Fashions Ltd, Hong
Kong (RFL), together referred to as the Amarson group. This is
because RFL is a wholly owned subsidiary of AOPL. Moreover, both
these entities are under the same management team.

Outlook: Stable

CRISIL believes that Amarson group will continue to benefit over
the medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the group registers
significant improvement in its scale of operations and higher-
than-expected accruals, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
Amarson group undertakes a larger-than-expected, debt-funded capex
programme or if it records decline in its profitability, resulting
in weakening of its financial risk profile, or if there is larger-
than-expected fund outflow from AOPL to its new subsidiary in
Bangladesh.

About the Group

AOPL, incorporated in 1988, prints and exports bar codes,
stickers, hand tags, and mono cartons. The company, based in New
Delhi, is promoted by Mr. Yogesh Kakar. AOPL is a nominated vendor
of the US-based retailer GAP Inc; it derives 75 per cent of its
revenues from the same. RFL trades in fashion accessories, such as
waist belts, in Hong Kong.

The Amarson group reported a profit after tax (PAT) of INR9.1
million on net sales of INR211.1 million for 2012-13, against a
PAT of INR1.9 million on net sales of INR145.6 million for 2011-
12.


APEX AUTO: ICRA Lowers Ratings on INR125cr Loans to 'D'
-------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR63 crore term loan and INR15 crore cash credit facility of Apex
Auto Limited from '[ICRA]BB' to '[ICRA]D'. ICRA has also revised
downward the short term rating assigned to the INR36 crore bill
discounting facility and INR11 crore non-fund based facility of
AAL from '[ICRA]A4' to '[ICRA]D.'

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                 63        Revised to [ICRA]D
   Cash Credit Limits        15        Revised to [ICRA]D
   Bill Discounting Limits   36        Revised to [ICRA]D
   Non-fund based Limits     11        Revised to [ICRA]D

The revision in ratings takes into account the delays by the
company in meeting its debt servicing obligation. The delays have
been on account of slowdown in the industry, affecting the
company's operations thus leading to lower cash accruals which
were not sufficient to meet principal repayment obligation of the
company.

Apex Auto Limited is engaged in the fabrications of parts for the
earth-moving and construction equipment industries. It was set up
in 1995 to manufacture components for smaller range of excavators
of Tata Hitachi Construction Machinery Company Limited [erstwhile
Telco Construction Equipment Company Limited]. Currently, the
company manufactures components for excavators, back hoe loaders,
cranes, compactors, transit mixers, underground drilling, crushing
& screening equipments for the domestic and international market.

Recent Results

The company reported a net profit of INR0.23 crore in FY13 on an
operating income (OI) of INR164.58 crore, as compared to a net
profit of INR12.63 crore on an OI of INR163.81 crore during FY12.


ASHISH CONSTRUCTIONS: ICRA Puts 'BB-' Ratings on INR7.78cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' and a short-
term rating of '[ICRA]A4' to the INR12.50 crore fund based limits
and non-fund based limits of M/s Ashish Constructions. The outlook
on the long-term rating is stable.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit            6.00        [ICRA]BB- assigned
   Term Loan              1.23        [ICRA]BB- assigned
   Term Loan              0.55        [ICRA]BB- assigned
   Bank Guarantee         4.50        [ICRA]BB-/[ICRA]A4 assigned
   Unallocated Limits     0.22        [ICRA]BB-/[ICRA]A4 assigned

The ratings favorably factor in the promoter's long track record
of more than a decade in the construction sector, with established
client relationships, which lead to repeat orders, resulting in
healthy revenue growth of ~30% y-o-y for the past three years. The
ratings also note the presence of an escalation clause in all
ongoing projects.

The ratings are, however, constrained by the firm's small scale of
operations and low net worth, coupled with a leveraged capital
structure (gearing of 1.9x as on March 31, 2013) which has been
deteriorating over the past three years. The firm is exposed to
project concentration risk, since the top three orders contributed
to 68% of the outstanding order book. The firm is further exposed
to geographical and client concentration risks, as it undertakes
construction work mainly for PWD, Mahad, in Raigad district of
Maharashtra. The risk of capital withdrawal associated with the
proprietorship nature of the entity, which could affect the firm's
credit profile, is also a rating constraint.

The Navi Mumbai-based M/s Ashish Constructions is engaged in the
business of construction and maintenance of roads for various
state government departments, primarily in the Raigad district of
Maharashtra. It has been managed by Mr. Ashish Rai since 1999. The
outstanding order book of INR13.69 crore consists of nine orders;
and the scope of the projects mainly involves repairing and
construction of roads for Public Works Department (Mahad),
Maharashtra Industrial Development Corporation (MIDC) and Roha
Municipal Corporation.

For FY13, the firm has reported an operating income of INR19.82
crore on a provisional basis.


BANG OVERSEAS: CRISIL Assigns 'BB+' Ratings to INR200MM Loans
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bang Overseas Ltd (BOL; part of the Bang group) and
has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to these
facilities. CRISIL had suspended the ratings as per its rating
rationale dated November 1, 2012, because BOL had not provided the
necessary information for a rating review. BOL has now shared the
requisite information, enabling CRISIL to assign ratings to the
company's bank facilities.

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

   Cash Credit              120      CRISIL BB+/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit          70      CRISIL A4+ (Assigned;
                                     Suspension Revoked)

   Letter of Credit         300      CRISIL A4+ (Assigned;
                                     Suspension Revoked)

The ratings reflect the Bang group's strong capital structure, and
its management's extensive experience in the fabric and readymade
garment business. These rating strengths are partially offset by
modest operating margins, exposure to risks related to foreign
exchange fluctuations, large working capital cycle, and
susceptibility to increasing competition in the fragmented
readymade garments industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BOL, and BOL's wholly owned subsidiary,
Vedanta Creations Ltd, because of cash flow fungibility between
them. The consolidated entities are referred to as the Bang group.

Outlook: Stable

CRISIL believes that the Bang group will continue to benefit from
its above-average capital structure, supported by absence of any
debt-funded capital expenditure (capex) programmes and moderate
net worth. The outlook may be revised to 'Positive' if there is
significant and sustained improvement in its operating
profitability, leading to healthy cash accruals and improvement in
its debt protection metrics, while maintaining current capital
structure. Conversely, the outlook may be revised to 'Negative' if
the group undertakes any large debt-funded capex or any large real
estate development, adversely impacting its liquidity, any stretch
in working capital cycle, or unanticipated bad debt or forex
losses.

BOL was promoted in 1992 as a private limited company by Mr.
Venugopal Bang and Mr. Brijgopal Bang. The company trades in
fabrics and manufactures readymade garments. It was reconstituted
as a public limited company in 2005 and also floated an initial
public offering (IPO) in January 2008. The company's manufacturing
facilities are located in Bengaluru (Karnataka). VCL, based in
Mumbai (Maharashtra), undertakes trading of premium cotton fabric.

On a standalone basis, BOL reported a profit after tax (PAT) of
INR10.15 million on operating income of INR2.36 billion for 2012-
13, as against a PAT of INR2.2 million on operating income of
INR1.37 billion for 2011-12. BOL reported, on provisional basis, a
net loss of INR17.67 million on revenues of INR326 million for the
three months ended June 30, 2013, as against a PAT of INR10.25
million on revenues of INR407 million for the corresponding period
of the previous year.

VCL, reported, on a provisional basis, a PAT of INR2.6.million on
operating revenues of INR408.9 million for 2012-13; the company
reported a net loss of INR0.05 million on operating revenues of
INR313.9 million for 2011-12.


BANSAL SPINNING: CRISIL Reaffirms 'BB+' Ratings on INR900MM Loans
-----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Bansal Spinning Mills Ltd to 'Positive' from
'Stable', while reaffirming the rating at 'CRISIL BB+'; the rating
on the company's short-term facilities has also been reaffirmed,
at 'CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit         650.0     CRISIL BB+/Positive (Reaffirmed)

   Term Loan           214.6     CRISIL BB+/Positive (Reaffirmed)

   Letter of Credit    600.0     CRISIL A4+ (Reaffirmed)

   Proposed Long-Term   35.4     CRISIL BB+/Positive (Reaffirmed)
   Bank Loan Facility

The outlook revision reflects CRISIL's belief that BSML's
financial risk profile, particularly its gearing and debt
protection metrics, will improve over the medium term on the back
of its generation of moderate cash accruals. The expected
improvement in the cash accruals is backed by the company's
increasing scale of operations owing to enhanced production
capacity and successful addition of customers, in both domestic
and export markets. The revision also factors in CRISIL's belief
that BSML will not undertake any larger-than-expected debt-funded
capital expenditure (capex) programme, thus supporting the
improvement in its gearing.

The ratings continue to reflect the extensive experience of BSML's
promoters in the textile industry, and its healthy revenue
visibility on the back of its confirmed order book coupled with
its diversified revenue mix. These rating strengths are partially
offset by BSML's modest financial risk profile, marked by average
gearing and debt protection metrics, and its working-capital-
intensive operations.

Outlook: Positive

CRISIL believes that BSML is likely to sustain the healthy growth
in its operating revenues over the medium term, driven by its
enhanced capacity, increasing sale of value-added products, and
its established market position in the domestic woollen yarn
industry. The ratings may be upgraded if BSML reports higher-than-
expected cash accruals and/or if its working capital management
improves, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Stable' if the company
generates lower-than-expected cash accruals, or if its capital
structure weakens, most likely because of substantial debt-funded
capex or lengthening of its working capital cycle.

BSML was promoted by Mr. Sanjay Bansal and his brother, Mr. S P
Bansal, in 1997 as Bansal Spinning & Weaving Mills Pvt Ltd. This
company was reconstituted as a public limited company with the
current name in 1998. BSML traded in cotton, woollen, and other
yarns till 2004, but thereafter started manufacturing woollen yarn
with a capacity of 2000 spindles in Ludhiana (Punjab). The company
currently manufactures woollen yarn, blended worsted yarn, woollen
fabric, worsted fabric, and blankets. It has a vertically
integrated facility with its total capacity having been increased
to 15,000 spindles from 12,000 spindles in 2013. The company has
eight looms with a capacity of weaving 50,000 metres of fabric per
month.

For 2012-13, BSML, on a provisional basis, reported a profit after
tax (PAT) of INR31.8 million on net sales of INR2529.3 million; it
had reported a PAT of INR16.9 million on net sales of INR2121.5
million for 2011-12.


BHAVANI INDUSTRIES: ICRA Reaffirms BB+ Ratings on INR7.26cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR7.26 crore (revised from INR7.25 crore) fund based facilities
of Bhavani Industries. The outlook on the long-term rating is
'Stable'. ICRA has also reaffirmed the short term rating of
'[ICRA]A4+' to the INR0.73 crore (revised from INR0.75 crore) non-
fund based facilities of Bhavani.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term scale-     3.50       [ICRA]BB+ (Stable)/Reaffirmed
   Cash Credit

   Long-term scale-     3.76       [ICRA]BB+ (Stable)/Reaffirmed
   Term Loans

   Short-term scale-    0.63       [ICRA]A4+/ Reaffirmed
   Fund Based

   Short-term scale-    0.10       [ICRA]A4+/ Reaffirmed
   Non Fund Based

The ratings reaffirmation takes into account Bhavani's steady
revenue growth of 24% in FY13 over the preceding fiscal (FY12),
predominantly supported by volume growth from some of its key
customers. ICRA also notes, that Bhavani continues to generate
healthy margins at the operating level (17.6% in FY13) while
maintaining moderate capital structure as reflected by gearing of
0.8x (as on March 31st, 2013) with healthy coverage indicators
such as interest coverage of 5.1x, Debt/OPBITDA of 1.6x and
NCA/Total Debt of 40.6%. Further, ICRA continues to take into
account Bhavani's high degree of quality focus, its established
customer relationships and the strong technical background of its
promoter.

However, the ratings continue to be constrained by Bhavani's
moderate scale of operations with operating income of INR23.58
core in FY13, its moderately concentrated customer base (top 5
customers accounting for 74.5% of total revenues in FY13),
exposure to raw material price fluctuation and foreign exchange
fluctuation risk and its moderately high repayment obligation
going forward (Rs. 1.37 crore in FY14, INR1.24 crore in FY15 and
INR1.33 crore in FY16).

Going forward, Bhavani's ability to maintain steady revenue growth
while keeping its margins intact to generate sufficient internal
accruals to fund debt repayment and growth capital expenditure
would be the key rating sensitive factor.

Bhavani Industries is a partnership firm which was established in
1987 for the manufacture and supply of a wide range of precision
machined components that are used on a variety of products and
sub-assemblies. After initial years of sluggish performance the
chief Promoter Mr. A.J Hegde took over in 1995 and has been
driving the company since. It currently manufactures precision
machined components for automobiles, electronics, health care and
domestic appliance industries made out of raw materials such as
aluminium, brass, and steel.

Recent Results

Bhavani has reported profit after tax (PAT) of INR1.64 crore on an
operating income (OI) of INR23.58 crore in FY13 as compared to
INR1.26 crore of PAT on an OI of INR19.02 crore in FY12.


BIG TILES: ICRA Reaffirms 'B+' Ratings on INR14.13cr Loans
----------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR8.13 crore term
loan and INR6.00 crore cash credit facility of Big Tiles. ICRA has
also reaffirmed an '[ICRA]A4' rating to the INR1.50 crore short
term non-fund based facilities of BT.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term fund           6.00        [ICRA]B+ reaffirmed
   based-Cash Credit

   Long term fund           8.13        [ICRA]B+ reaffirmed
   based- Term loans

   Short term non           1.50        [ICRA]A4 reaffirmed
   fund based-Bank
   guarantee

The ratings continue to be constrained by weak financial profile
as reflected by low profitability and high gearing levels. The
ratings further continue to remain constrained by BT's modest
track record of operations and limited distribution network which
along with the high competitive intensity is likely to exert
pressure on margins. ICRA also notes the dependence of operations
and cash flows of the firm on the performance of the real estate
industry which is the main consumer sector and vulnerability of
profitability to increasing prices of gas and power.

The ratings however continue to consider the experience of the key
promoters in the ceramic industry and location advantage enjoyed
by BT giving it easy access to raw material.

Big Tiles is a wall tiles manufacturer with its plant situated at
Morbi, Gujarat. The firm was established in 2008, while the firm
commenced its operations in August 2009. BT is managed by Mr.
Pankaj Marvaniya and other family members. The plant has an
installed capacity to produce 40000 MTPA of ceramic wall tiles. BT
currently manufactures wall tiles of size "18 X 12" and 24" X 12"
with the current set of machineries at its production facilities.


BRIJBASI ART: ICRA Suspends 'BB+' Rating on INR17.3cr Loans
-----------------------------------------------------------
ICRA has suspended '[ICRA]BB+(stable)' rating assigned to the
INR17.30 crore, long term loans & working capital facilities, and
[ICRA]A4+ rating to the INR22.80 crore, short term, non fund based
letter of credit and bank guarantee facilities of Brijbasi Art
Press 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.


COMPACK ENTERPRISES: ICRA Assigns 'BB' Ratings to INR16cr Loans
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB' to INR5.0 crore of fund
based limits, INR3.89 crore of term loans, INR3.0 crore of
proposed term loans and INR4.11 crore of unallocated bank limits
of Compack Enterprises India Private Limited. The outlook on the
long term rating is 'Stable'.

While assigning the rating, ICRA has taken a consolidated view of
the financial and operational profile of CEIPL along with the
group companies - Unipack Industries - given the common promoters,
strong operational and financial linkage amongst the entities.
These are together referred to as 'the Group'.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based limits       5.00        [ICRA]BB (stable) assigned
   Term Loans              3.89        [ICRA]BB (stable) assigned
   Term Loan-Proposed      3.00        [ICRA]BB (stable) assigned
   Unallocated bank        4.11        [ICRA]BB (stable) assigned
   limits

The rating is constrained by the group's relatively moderate scale
of operations, resulting in moderate economies of scale, which
coupled with the intensely competitive nature of the packaging
industry, has resulted in modest profitability indicators.
Further, the profitability margins remain exposed to fluctuation
in price of raw materials as supply contracts usually do not have
price escalation clauses. The rating is however constrained by
high customer concentration risk with about 75-80% of sales from
the top three customers and low bargaining power in relation to
customers and suppliers due to relatively moderate scale of
operations. The rating is also constrained by the sizeable and
steady capex plans of the group (following the capex in FY13, the
group has sizeable plans for next 12 months) with increased
reliance on debt.

Nevertheless, the rating draws support from long and established
track record of promoters in the packaging industry, the Group's
established relationship with customers which includes reputed
names such as Dabur India Limited, Surya Roshni Limited, Halonix
Limited, Haldirams' Snacks Limited etc. Moreover, the rating takes
into consideration the steady addition to the product portfolio
and client base and the positive demand outlook for the packaging
industry, both of which provide visibility to the Group's
revenues. The rating also factors in the healthy debt protection
metrics as reflected by interest coverage of 3.07 times and Net
Debt to OPBDITA of 2.66 times as on 31st March 2013.

The Group's ability to increase its scale of operations in a
profitable manner, and manage working capital intensity would
remain key rating drivers.

Compack Enterprises India Private Limited, incorporated in 1995 by
Mr. Anil Gosain and Mr. Kulbhushan Gosain, who have more than two
decades of experience in packaging industry. CEIPL is engaged in
the manufacturing of customized printed cardboard boxes and foil
printing with 3 manufacturing facilities in Delhi.

Recent Results

CEIPL has reported a net profit (PAT) of INR0.98 crore on an
operating income of INR32.69 crore in FY 2013 as against, PAT of
INR0.80 crore on an operating income of INR31.19 crore in FY 2012.


CYPER PHARMA: CRISIL Assigns 'B' Ratings to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Cyper Pharma.

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

   Proposed Long-Term
   Bank Loan Facility        20      CRISIL B/Stable (Assigned)

The ratings reflect Cyper's modest scale of operations in the
intensely competitive pharmaceuticals industry, working-capital-
intensive operations, and below-average financial risk profile,
marked by a small net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its proprietor in the pharmaceuticals industry, and
established distribution network.

Outlook: Stable

CRISIL believes that Cyper will continue to benefit over the
medium term from its proprietors' extensive industry experience
and established distribution network. The outlook may be revised
to 'Positive' if the firm reports higher-than-expected growth in
revenues, while improving its working capital cycle, leading to an
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in Cyper's
financial risk profile, most likely due to delay in receivables,
or decline in revenues and profitability, or in case of further
lengthening of its working capital cycle.

Cyper was set up as a proprietorship concern in 1967 by Mr. Y S
Bhargava. It manufactures and markets pharmaceuticals and
healthcare products under its own brands. The firm manufactures
formulations in the form of tablets, dry syrups and capsules under
various segments, such as anti biotic, anti malarial, anti
allergic, anti fungal, anti diabetic, and vitamins supplements
amongst others at its unit located in Baddi (Himachal Pradesh).
Mr. Gaurav Bhargava (son of Mr. Y S Bhargava) oversees the firm's
day-to-day operations.

Cyper reported a profit after tax (PAT) of INR6.1 million on net
sales of INR250.1 million for 2012-13 on a provisional basis
(refers to financial year, April 1 to March 31), as against a PAT
of INR9.2 million on net sales of INR231.8 million for 2011-12.


DE'S TECHNICO: ICRA Assigns 'BB-' Rating to INR2cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR2.00 crore cash
credit facility of De's Technico Private Limited. The outlook on
the long term rating is stable. ICRA has also assigned an
'[ICRA]A4' rating to the INR4.50 crore non-fund based facilities
of DTPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit-        2.00        [ICRA]BB- (Stable)
   Cash Credit                          assigned

   Non Fund Based           1.00        [ICRA]A4 assigned
   Limit-Letter of
   Credit

   Non Fund Based           3.50        [ICRA]A4 assigned
   Limit-Bank
   Guarantee

The assigned ratings factor in the experience of the promoter in
fire protection business, established track record of the company
in execution of various fire safety projects and its strong client
profile which ensures low counter-party risks. The ratings also
take into account DTPL's financial risk profile characterized by
healthy profitability, low gearing and comfortable level of
coverage indicators. ICRA notes that DTPL's current healthy order
book and its recent foray into rim seal detection and suppression
system are likely to drive business growth in future. The ratings
are, however, constrained by DTPL's small scale of current
operations leading to nominal profits and cash accruals in
absolute terms, high client concentration risks and delayed
payments from customers leading to high receivables and tight
liquidity position. DTPL's ability to manage the sharp growth in
business levels being targeted and scaling up of resources,
including financial resources, would be critical for its future
business performance, since absence of mobilization advances from
large orders could stretch the company's cash flows and lead to
deterioration in the capital structure going forward. The ratings
are also constrained by the weak bargaining power of the company
against stronger raw material suppliers as well as customers and
the low level of awareness for fire protection in India, though
there has been an increase in the awareness due to various tragic
incidents faced by numerous companies in recent years.

Incorporated in 1988, DTPL is primarily a turnkey contractor for
setting up of fire detection and protection systems. DTPL's
operations comprises of designing, manufacturing, installing and
maintenance of fire detection and protection systems. The company
is being promoted by Dr. Pulak De, who has an experience of around
40 years in the same line of business. The company has a
manufacturing facility located at Bauria in West Bengal along with
7 branch offices across India.

Recent Results

The company has reported a net profit of INR0.61 crore in 2012-13
on an operating income of INR12.09 crore, as compared to a net
profit of INR0.57 crore on an operating income of INR10.98 crore
during 2011-12.


ELITE DISTILLERIES: CRISIL Raises Ratings on INR520MM Loans
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Elite Distilleries Pvt Ltd (EDPL; part of the Elite group) to
'CRISIL B+/Stable' from 'CRISIL D'.

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

   Letter of Credit           30     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term         90     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The upgrade in ratings reflects improvement in EDPL's liquidity
following the closure of one of its term loans in June 2013.
Further EDPL is expected to maintain its improved liquidity over
the medium term on account of its promoters' timely funding
support and its healthy operating margin. The timely funding
support, in the form of equity infusion and extension of unsecured
loans, has helped the company pay off its term loans and meet its
incremental working capital requirements. The promoters have
infused equity and extended unsecured loans of INR240 million and
INR70 million, respectively, in 2012-13 (refers to financial year,
April 1 to March 31). They have extended additional unsecured
loans of INR53 million in June 2014, which has helped the company
to pay off its entire term loans. EDPL reported an operating
margin of 18.3 per cent for 2012-13 as against 8.5 per cent for
2011-12, on account of improved realisations for its new products.
The upgrade also reflects CRISIL's belief that the company will
not extend significant funding support to other group entities
over the medium term.

The rating reflects EDPL's significant exposure to group entities,
its limited track record of operations, its susceptibility to
regulatory changes in the Indian-made foreign liquor (IMFL)
segment, and geographical concentration in its revenue profile.
These rating weaknesses are partially offset by the benefits that
the company derives from the healthy demand prospects for IMFL,
and the Elite group's established market position, in Tamil Nadu.

For arriving at the ratings, CRISIL has considered the business
and financial risk profiles of EDPL on a standalone basis.
Previously, CRISIL had combined the business and financial risk
profiles of EDPL and A M Breweries Private Ltd (AMBPL), together
referred to as the Elite group. The change in CRISIL's analytical
approach follows the communication from EDPL's management that
there will be no financial fungibility between the two entities,
and that AMBPL will be managed independently.

Outlook: Stable

CRISIL believes that EDPL will continue to benefit over the medium
term from its established market position and the healthy demand
prospects for IMFL in Tamil Nadu. The outlook may be revised to
'Positive' if the company significantly improves its financial
risk profile, most likely driven by reduction in exposure to group
entities and efficient working capital management. Conversely, the
outlook may be revised to 'Negative' if any regulatory changes
adversely affect EDPL's revenues and margins, or if it undertakes
a larger-than-expected debt-funded capital expenditure programme,
or makes significant investments in group companies or in
unrelated businesses.

EDPL was set up in 2007 by Mr. Jagathratchagan and his family. It
commissioned its IMFL bottling plant in October 2008 at Walajabad
in Kanchipuram (Tamil Nadu).


GAYATRI HI-TECH: ICRA Suspends 'D' Rating on INR317cr Loans
-----------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR317 crore
bank facilities of Gayatri Hi-Tech Hotels 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.


GOLF CERAMICS: CRISIL Reaffirms B- Ratings on INR118.3MM Loans
--------------------------------------------------------------
CRISIL's ratings reflect the susceptibility of margins to
volatility in raw material prices and Golf Ceramics Ltd's working
capital intensive operations. The company, however, benefits from
its promoters' experience in the sanitary ware industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          8.2      CRISIL A4 (Reaffirmed)

   Cash Credit            40.0      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term     46.4      CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              31.9      CRISIL B-/Stable (Reaffirmed)

CRISIL has upgraded its ratings on the bank facilities of Golf to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D' on
August 30, 2013.

The rating upgrade reflects improvement in Golf's liquidity,
enabling the company to service its debt on time. The
stabilisation of operations of its plant along with improving
working capital management has improved its liquidity. The
company's gross current asset (GCA) days as on March 31, 2013 were
at about 129 days as against 178 days as on March 31, 2011. This
also led to moderate bank limit utilisation about 75 per cent on
average for the 12 months through July 1, 2013. For 2013-14
(refers to financial year, April 1 to March 31), the company is
expected to generate accruals of about INR40 million against
repayment obligation of INR20.7 million. The upgrade also reflects
CRISIL's belief that Golf will continue to maintain its business
risk profile, marked by healthy growth in sales leading to healthy
accruals. Over the four years ended 2012-13, the company's sales
registered a compound annual growth rate (CAGR) of about 40 per
cent, though on a lower base. Currently, Golf is in the process of
acquiring a company Balaji Electrical Insulators Pvt Ltd (Balaji).
However, this is still at a nascent stage and the quantum and
timeline of the acquisition remains uncertain. Hence, how the
company proceeds further and its consequent impact on Golf's
financials will remain a rating sensitivity factor.

Outlook: Stable

CRISIL believes that Golf will maintain its business risk profile
over the medium term, backed by the promoters' extensive
experience in the sanitary ware industry. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, backed by higher accruals. Conversely, the
outlook may be revised to 'Negative' if Golf's capital structure
deteriorates because of acquisition of Balaji, leading to higher
reliance on external funding, or large incremental working capital
requirements or debt-funded capital expenditure (capex).

Set up in 2006, Golf manufactures vitreous sanitary ware such as
washbasins and closets. The company commenced commercial
operations in April 2008, after completing the construction of its
plant. Before it commenced manufacturing operations, Golf traded
in tiles and sanitary ware.

Golf, on a provisional basis, reported a profit after tax (PAT) of
INR19.5 million on net sales of INR478.8 million for 2012-13,
against a PAT of INR20.7 million on net sales of INR326.6 million
for 2011-12.


JINDAL SUPER: CRISIL Suspends 'BB+' Rating on INR50MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jindal Super Dall Mills.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50       CRISIL BB+/Stable Suspended
   Letter of Credit         25       CRISIL A4+ Suspended

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

CRISIL has combined the business and financial risk profiles of
JSDM and Faqir Chand Vinod Kumar and Company (FCVK), together
referred to as the Jindal Dall group. This is because the two
entities are under a common ownership, and in the same line of
business.

The Jindal Dall group has been trading in pulses for more than
four decades. Mr. Shiv Shanker Jindal and his son, Mr. Chirag
Jindal, are partners in FCVK. Apart from FCVK, Mr. Shiv Shanker
Jindal also owns and manages JSDM. JSDM also trades in pulses
apart from processing pulses. Both the entities bid for government
tenders to supply pulses for government programmes.


JSL ISPAT: CRISIL Reaffirms 'BB+' Rating on INR98MM Loan
--------------------------------------------------------
CRISIL's rating on the bank facility of JSL Ispat Private Ltd
continues to reflect JSL's moderate financial risk profile, marked
by moderate gearing and healthy debt protection metrics, and the
company's long-standing presence in the pipe trading industry.
These rating strengths are partially offset by JSL's modest scale
of operations in the fragmented steel industry, the vulnerability
of its operating margin to volatility in steel prices and its
small net worth.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit         98       CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JSL will benefit over the medium term from
its long-standing presence in the pipe trading industry and its
moderate financial risk profile. The outlook may be revised to
'Positive' if the company generates significantly larger-than-
expected revenues or profitability, leading to improvement in the
net worth and consequently, its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to increase in
working capital requirements, or if it undertakes a large, debt-
funded capital expenditure (capex) programme.

JSL was incorporated in October 2005 by Mr. Satyanarayan Kokra. It
trades in steel tubes and pipes (this accounts for more than 90
per cent of its sales). In 2012-13 (refers to financial year,
April 1 to March 31), JSL also started manufacturing scaffoldings
(less than 10 per cent of sales). JSL's head office is located in
Delhi, from where it controls the marketing and finance
operations. For stocking of inventory, the company has six
warehouses, five of which are located in Ghaziabad and one in
Delhi.

For 2012-13, JSL reported a profit after tax (PAT) of around
INR4.4 million (excluding non-operating income) on net sales of
around INR908.2 million, against a PAT of around INR1.5 million on
net sales of around INR745.3 million in 2011-12.


JSM DEVCONS: ICRA Assigns 'B' Rating to INR37.75cr LT Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR37.75
Crore fund based facilities of JSM Devcons Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund          37.75        [ICRA]B (Assigned)
   Based Facilities

The assigned rating is constrained by track record of weak
customer collections from the project despite advanced stage of
construction for ongoing phases and adequate booking levels, which
has resulted in dependence on funding support from the promoters.
Out of total construction cost of INR132 crore incurred as on June
2013, only 30% has been funded from customer advances with the
balance been funded by promoter contribution and bank loans. The
low level of collections could stretch the cash flows given the
repayment profile of the bank loan with most of the payments to be
made over 18 months from March 2014.

Further, notwithstanding healthy bookings secured during the first
few months of the launch, sales momentum has been sluggish over
past two years as reflected in less than 2% of the incremental
booking since March 2011. The market risk is further heightened by
the limited track record of promoters in the group housing
projects in Indore, Madhya Pradesh and launch of a number of
projects in the area by the established real estate players of the
region. Further, ICRA also notes that third phase of the project
is yet to be launched; thus, JDPL continues to remain exposed to
execution risk despite the considerable physical progress achieved
for ongoing phases. The rating is also constrained by
concentration risk arising from undiversified stream of cash flows
on account of single project under execution. The rating is
however supported by the attractive project location, which is
situated in close proximity to key prominent commercial centres of
Indore as also reflected in adequate booking levels; and low
regulatory risk as construction approvals are in place and the
company has taken possession of land.

JDPL, incorporated in December 2007, is developing its maiden
residential real estate project by the name 'Pinnacle D Dreams' in
Indore, Madhya Pradesh. 'Pinnacle D Dreams' is being developed in
phased manner whereby JDPL plans to complete the project in three
phases. In October 2009, first phase constituting saleable area of
0.6 million square feet (msf) across three high rise buildings was
launched. Subsequently, the second phase covering an incremental
0.6 msf area was launched in November 2011. Currently, the company
is undertaking development of these two phases, and third phase
with expected saleable are of 1.0 million square feet will be
launched upon completion of first phase.


KAMESWARI JEWELLERS: CRISIL Rates INR50MM Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Kameswari Jewellers.

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

The rating reflects extensive experience of KJ's promoters' in the
jewellery business. These rating strengths are partially offset by
KJ's modest financial risk profile, marked by moderate debt
protection metrics, high gearing and a small net worth, and
susceptibility to intense competition in a fragmented industry and
to volatility in gold prices.

Outlook: Stable

CRISIL believes that KJ will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of more-than-expected
growth in revenues and profitability coupled with better working
capital management, resulting in an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes large debt-funded capital expenditure over and
above expected affecting its capital structure, or its cash
accruals deteriorate sharply due to decline in operating margins
or subdued sales.

Incorporated in 1994 as a partnership firm by Mr. Perla Samba
Murty and his family, KJ is engaged in jewellery retailing
business. It operates two showrooms under the name Kameswari
Jewelers' at Vishakhapatnam and Srikakulam in Andhra Pradesh. Its
day-to-day operations are managed by Mr. Murty's son, Mr. Perla
Koushik.

KJ reported a profit after tax (PAT) of INR3.4 million on net
sales of INR90 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR0.9 million on net sales
of INR22.5 million for 2010-11.


LDH AGRO: ICRA Assigns 'B' Ratings to INR10.3cr Loans
-----------------------------------------------------
ICRA has assigned a rating of '[ICRA]B' to the INR8.30 crore term
loans and INR2.00 crore fund based cash credit facilities of LDH
Agro Food Pvt Ltd.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund           2.00         [ICRA]B assigned
   Based-Cash Credit

   Long Term Fund
   Based-Term Loan          8.30         [ICRA]B assigned

The assigned rating is constrained by the company's limited track
record, vulnerability to raw material prices which is subject to
seasonality and crop harvest and by limited brand presence in the
highly competitive ready to eat food market given the presence of
large number of players and from established branded players. The
rating also takes into account the company's weak financial
profile characterized by low profitability, weak capital structure
and moderate coverage indicators. The ratings also consider risks
associated with timely completion of new project being setup by
the plant without any cost overruns and stabilization of the plant
as per expected operating parameters.

The rating, however, factors in the diversified product portfolio
and backward integration with associate concerns mitigating the
raw material supplier risk to an extent and favourable outlook for
packaged food segment. The company is also expected to benefit
from the planned addition of pasta and noodles to its product mix
which is expected to boost the revenue and profitability.

LDH Agro Food Pvt Ltd incorporated in 2009, is managed by four
directors Mr. Sunil J Shah, Mr. Prakash J Shah, Mrs. Vijaylakshmi
V Shah and Mrs. Durgaben S Shah. LDH has manufacturing units in
Hyderabad (with a total installed capacity of manufacturing 9360
MTPA of maize grits) and Padamla (with installed capacity of
processing and packaging 1872 MTPA of snacks). The company markets
its products - maize grits to bulk dealers and snack foods under
the 'LDH' brand name. The company is currently setting up a plant
in Savli, Vadodara, with installed capacity of manufacturing 5100
MTPA of noodles, pasta and food pellets, which is expected to
become operational by October 2014.


LV ENTERPRISES: ICRA Assigns 'B+' Ratings to INR12.81cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR7.60
crore1 term loan and INR4.50 crore cash credit limit and INR0.71
crore FCNR (B) limits of LV Enterprises Private Limited. ICRA also
assigned a short term rating of '[ICRA]A4' to INR3.00 crore non
fund based facilities of LVEPL. ICRA also assigned a long
term/short term rating of [ICRA]B+/[ICRA]A4 to INR4.19 crore
unallocated limit of LVEPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loans               7.60       [ICRA]B+ assigned
   Cash Credit Limit        4.50       [ICRA]B+ assigned
   FCNR (B)                 0.71       [ICRA]B+ assigned
   Non Fund Based Limit-    3.00       [ICRA]A4 assigned
   Bank Guarantee
   Long term/short term     4.19       [ICRA]B+/[ICRA]A4 assigned
   unallocated

The ratings are constrained by limited track record of company's
operations, with commercial production starting from May, 2013 and
the limited financial flexibility arising from significant debt
repayment obligations in the medium term. The ratings also take
into consideration the highly competitive nature of wheat
processing business on account of low barriers to entry, and
limited value addition, thereby leading to suppressed profit
margins and limited pricing flexibility.

The ratings further incorporate the agro- climatic risk associated
with the availability of wheat and vulnerability of operations to
government regulations on pricing and distribution of agricultural
commodities. The ratings, however, derives support from the long
experience of the promoters in the wheat milling industry with
presence of group companies in similar line of business and
favorable location of the plant in Hajipur, Bihar, which is in
close proximity to wheat growing regions, leading to low
transportation costs. In addition, the expected support from State
Government of Bihar under the 'Integrated Development of Food
Processing Sector' scheme is likely to lead to lower reliance on
external funding. Although, LVEPL has already received 66% of the
subsidy grant, the timeliness of receipt of the balance amount
would remain crucial. The ratings further incorporate LVEPL's
stable target market, given that wheat flour forms an essential
constituent of Indian diet. Going forward, LVEPL's ability to
scale up production by effectively utilising its installed
capacity would be a key rating sensitivity.

LVEPL was incorporated in September, 2011 by the Sha and Kumar
family, to develop a flour mill. The manufacturing facility of the
company is located in Hajipur, Bihar with an installed flour
roller mill capacity of 45000 metric ton per annum (MTPA) and an
atta chakki plant with a capacity of 15000 MTPA. Commercial
production at the manufacturing facility commenced in May, 2013.


MEERA COTTON: CRISIL Reaffirms 'BB+' Ratings on INR428.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Meera Cotton and
Synthetic Mills Pvt Ltd continues to reflect the extensive
experience of Meera's promoters, and their established business
relationships, in the textile industry.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan          214.5      CRISIL BB+/Negative (Reaffirmed)
   Cash Credit        214.0      CRISIL BB+/Negative (Reaffirmed)
   Bill Discounting    71.5      CRISIL A4+ (Reaffirmed)

These ratings strengths are partially offset by Meera's
constrained financial risk profile marked by high gearing, weak
debt protection metrics, though supported by a healthy networth.
The ratings also reflect Meera' limited pricing power because of
the commodity nature of its products.

Outlook: Negative

CRISIL believes that Meera's financial risk profile will remain
under pressure over the medium term because of high gearing levels
and sizeable debt servicing obligations, amidst a muted demand
scenario. The ratings may be downgraded if Meera's accruals
decline, due to pressure on volumes or profitability, or if there
is a stretch in receivables leading to deterioration in liquidity.
Conversely, the outlook may be revised to 'Stable' if Meera posts
significantly higher-than-expected accruals, or in case there is
sizeable equity infusion, leading to improvement in its overall
financial risk profile.

Update:

Meera reported net sales of INR2.0 billion in 2012-13 (refers to
financial year, April 1 to March 31) as against INR 1.6 billion in
2011-12. Although, Meera has been able to grow its topline on the
back of increased offtake from the recently enhanced capacities in
2012-13, sustenance of the topline growth in a muted demand
scenario would support the business risk profile. Further, offtake
from one of the principal customers (contributing 20 per cent to
topline in 2012-13) has remained low in the first six months of
2013-14, which could constrain the scale of operations over the
near term. Although, foray into the exports market for the
garments business, is expected to support the topline, Meera's
ability to sustain its accruals from operations would determine
the rating direction over the medium term. Meera's profitability
has increased to 6.3 per cent in 2012-13 from 4.5 per cent in
2011-12, because of higher credit given to one of its principal
customers. The profitability is expected to moderate to about 5.0
per cent levels over the medium term.

Meera's financial risk profile continues to supported by its
networth of INR 176.1 million and high adjusted gearing of 2.1
times as on March 31, 2013. CRISIL has treated the unsecured loans
from promoters and associates of INR 38.5 million as neither debt
nor equity, as it is expected to be retained in the business over
the long term. Meera's interest coverage ratio has deteriorated
sharply to 1.5 times in 2012-13 from 2.2 times in 2011-12, due to
higher credit given to its major customer, which the company
funded by discounting the letter of credit from its customers.
Meera was able to partially pass on these costs to its customers,
as reflected in the higher operating margins in 2012-13. Net cash
accruals to total debt (NCATD) continues to remain constrained at
0.1 times in 2012-13, on account of sizeable debt to fund working
capital requirement and outstanding term loans.

Meera has stretched liquidity for its rating category because of
the pressure on its accruals, working capital intensity and
sizeable debt repayment obligations. Meera is expected to generate
net cash accruals of about INR42 million in 2013-14, against which
it has maturing debt repayment obligations of INR 30 million.
Meera's working capital bank lines have an average utilisation of
about 90 per cent for the five months through August 2013.
Additionally, the company availed of discounting of LC to support
its liquidity profile.

Incorporated in 1994, Meera is promoted by Mr. Jayesh Shah. It
manufactures polyester texturised yarn, knitted yarn, and twisted
yarn. It has also added a garment manufacturing unit.

On a provisional basis, Meera reported a profit after tax (PAT) of
INR20.3 million on net sales of INR2018.8 million, against a PAT
of INR19.0 million on net sales of INR1646.7 million for 2011-12.


MEGHA FRUIT: CRISIL Suspends 'BB+' Ratings on INR232.9MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Megha
Fruit Processing Private Limited.

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

   Letter of Credit      40       CRISIL A4+ Suspended

   Proposed Long-Term    40.8     CRISIL BB+/Stable Suspended
   Bank Loan Facility

   Term Loan             42.1     CRISIL BB+/Stable Suspended

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

Set up in 2004 by Mr. K Sathya Shankar, MFPPL manufactures and
sells fruit drinks. The company's facility at Puttur (Karnataka)
has capacity of 200,000 cases per month. It manufactures RTD
juices, primarily mango juice. The company also manufactures
milkshakes, squashes, and fizzy drinks. Its products are marketed
under the brand name, Sip On. MFPPL plans to set up a tetra pack
facility with capacity to manufacture 2.22 million cases in 2012-
13, at an estimated cost of INR200 million.


MKU PVT: CRISIL Reaffirms 'BB+' Ratings on INR418.7MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of MKU Pvt Ltd continue to
reflect MKU's established market position in the ballistic
protection business and moderate financial risk profile, marked by
a healthy net worth and low gearing. These rating strengths are
partially offset by the company's working-capital-intensive
operations and exposure to regulatory risks associated with
manufacture and sale of ballistic protection products.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee        238.0     CRISIL A4+ (Reaffirmed)

   Cash Credit            50.0     CRISIL BB+/Stable (Reaffirmed)

   Letter of Comfort      35.0     CRISIL A4+ (Reaffirmed)

   Packing Credit        240.0     CRISIL A4+ (Reaffirmed)

   Term Loan             148.7     CRISIL BB+/Stable (Reaffirmed)

   Buyers Credit Limit   220.0     CRISIL BB+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MKU and MKU GmbH, Germany (a wholly
owned subsidiary of MKU), together referred to as MKU. This is
because of the operational and financial linkages between the two
companies.

Outlook: Stable

CRISIL believes that MKU will continue to benefit over the medium
term from its established position in the ballistic protection
equipment market and healthy order book. The outlook may be
revised to 'Positive' if the company sustains its healthy order
book, thereby leading to strong growth in its operating income,
while maintaining its moderate financial risk profile. Conversely,
the outlook may be revised to 'Negative' if MKU undertakes any
larger-than-expected debt-funded capital expenditure (capex)
programmes, and/or its margins deteriorate, leading to decline in
its debt protection metrics.

Update

For 2012-13 (refers to financial year, April 1 to March 31), MKU's
operating revenues declined by 20 per cent on year-on-year basis,
which was also lower than CRISIL's expectations. The decline was
primarily because of lower demand from the domestic market and
deferment of an export order worth about INR485 million, which was
later supplied in the first half of 2013-14. MKU's exports almost
doubled to INR1.17 billion in 2012-13 from INR0.61 billion in
2011-12. The company has achieved sales of INR600 million during
the first half of 2013-14, and currently has an order book of
INR500 million to INR550 million. MKU's operating profitability
increased to 12.6 per cent in 2012-13 from its earlier levels of
7-8 per cent, owing to the increased proportion of exports. CRISIL
believes that MKU will achieve moderate growth of 10 to 15 per
cent over the medium term, backed by its order book and
established position in the export market with a presence in more
than 100 countries; its profitability is expected to remain
moderate at 10 to 12 per cent, backed by the expected higher
proportion of exports.

MKU's financial risk profile remains moderate, marked by low
gearing of 0.80 times and a healthy net worth of INR600 million,
as on March 31, 2013. Its gearing is expected to deteriorate
marginally to between 0.85 and 1.0 times in the near term because
of its planned debt-funded capex of INR150 million towards its
night vision devices project in 2013-14. MKU's debt protection
metrics are expected to remain moderate, with interest coverage
and net cash accruals to total debt (NCATD) ratios at 2.0 to 2.2
times and 0.12 to 0.14 times, respectively, over the medium term.

MKU's liquidity is adequate, with expected cash accruals of INR80
million to INR85 million, against repayment obligations of INR16.5
million, in 2013-14. It also has a healthy current ratio and
financial flexibility owing to its healthy net worth. However, its
bank limit utilisation has been high, at an average of 88 per cent
during the eight months through August 2013 owing to its large
working capital requirements, marked by high gross current asset
(GCA) days that ranged between 260 and 300 days in the last three
years.

MKU reported a profit after tax (PAT) of INR49.6 million on net
sales of INR1371.1 million for 2012-13, as against a PAT of
INR52.7 million on net sales of INR1693.4 million for 2011-12.

Incorporated in 2001 and promoted by Mr. G K Gupta, MKU (formerly,
M Kumar) designs and manufactures ballistic protection products
for the army. It has manufacturing facilities in Kanpur (Uttar
Pradesh) and at Dehradun (Uttarakhand). Its product portfolio
consists of helmets, ballistic jackets, armour plates, de-mining
suits, bomb blankets, light-weight armour solutions, tents, and
camouflage nets.

MKU Armour Pvt Ltd, MKU's wholly owned export-oriented unit for
ballistic equipment, was merged with MKU in 2008. In 2007-08, MKU
acquired AST Security Equipment GmbH (AST), a company registered
with the North Atlantic Treaty Organisation (NATO), specialising
in helicopter and ship armouring. AST has been renamed MKU GmbH
and is a wholly owned subsidiary of MKU.


NANDI PLASTICISERS: ICRA Assigns 'B+' Rating to INR13cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR13.00 crore long term
bank lines of Nandi Plasticisers and Pipes Industries. ICRA has
also assigned '[ICRA]A4' rating to INR6.00 crore short term bank
lines of NPPI.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term fund           13.00       [ICRA]B+ assigned
   based and non-
   fund based limits

   Short term non-           6.00       [ICRA]A4 assigned
   fund based limits

The [ICRA]B+/A4 rating is constrained by NPPI's stretched
liquidity as reflected in overutilisations in its cash credit
facility on account of its high inventory and debtor levels and
limited credit period offered on purchase of raw materials. ICRA's
ratings also factor in dependence on a single client-Andhra
Pradesh Micro Irrigation Project (APMIP) for majority of the
revenues which exposes NPPI to the risk of a decline in annual
budgetary allocations for APMIP. The ratings also take into
account the highly competitive and fragmented nature of the
industry with competition from both unorganized and established
players and vulnerability of the operating profitability to
fluctuations in the cost of key raw materials.

The ratings however favourably factor in NPPI's track record in
the manufacture of LLDPE pipes, and the supply of sprinkler and
drip irrigation systems under the APMIP scheme of the Government
of Andhra Pradesh (GoAP). The ratings also factor in the modest
financial profile of NPPI in the absence of any capex in the last
few years.

Nandi Plasticisers & Pipes Industries was started in 1997. The
firm is Nandyal based proprietorship concern started by Mr. S P Y
Reddy. NPPI is a part of Nandi group of companies which has
presence in agro industries, infrastructure, pipes, cement etc.
NPPI was in the business of manufacturing LLDPE pipes, sprinklers
and drip. In provisional results for FY13, NPPI had an operating
income of INR56.36 crore and PAT of INR1.89 crore.


NARSING TEXTILE: ICRA Upgrades Ratings on INR11.85cr Loans to BB-
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.35
crore, long-term loans and INR10.50 crore long-term, fund based
facilities of Narsing Textile Industries Private Limited rating
from '[ICRA]B+' to '[ICRA]BB-'. The outlook assigned to the long-
term rating is stable.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term loans          1.35         Revised from [ICRA]B+
                                         to [ICRA]BB-

   Long-term, fund         10.50         Revised from [ICRA]B+
   based facilities                      to [ICRA]BB-

The rating revision takes into account healthy growth of the
company over the past three years whilst maintaining profitability
and internally funded capex which provides scope for future
revenue growth. Nonetheless, the rating continues to remain
constrained by the company's relatively small scale of operations
with modest capacity, in spite of recent expansion, in a
fragmented and cost-competitive yarn weaving industry segment
leading to low margins of operations and necessitating high
inventory holding levels. With accruals remaining weak, the
company continues to be dependent on bank finance to meet rising
working capital requirement. The capital structure indicators look
weak albeit improvement over FY 2013. Nevertheless, ICRA also
takes note of the long standing promoter experience in the textile
industry which aides operations.

Narsing Textile Private Limited was incorporated in 1981 by
current directors, Mr. Jayantilal Jain and Mr. Popatlal Jain. The
company is a small-sized company in the textile industry and is
currently into weaving of yarn fabrics. The company has 79 weaving
looms spread over two facilities located at Tarapur MIDC and are
headquartered in Mumbai. The total installed weaving capacity is a
modest 39 lakh metres per annum.

Recent Results

For the twelve months ending, provision financial for March 31,
2013, Narsing reported profit after tax (PAT) of INR0.7 crore on
an operating income of INR46.4 crore as compared to a PAT of
INR0.5 crore on an operating income of INR40.0 crore for the
twelve months ending March 31, 2012.


NEXGENSOLUTION TECH: CRISIL Suspends BB Ratings on INR55MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nexgensolution Technologies Private Ltd.

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

   Cash Credit           35       CRISIL BB/Stable Suspended

   Proposed Long-Term    14       CRISIL BB/Stable Suspended
   Bank Loan Facility

   Term Loan              6       CRISIL BB/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Nexgen with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Nexgen is yet to
provide adequate information to enable CRISIL to assess Nexgen'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 2002, Nexgen is an authorised dealer of Mahindra
and Mahindra Ltd's (M&M's) two-, three- and four-wheelers (non-
commercial vehicles), and spares and accessories, in Jharkhand. It
also provides vehicle services. It has been awarded the dealership
of M&M for Ranchi in 2003 and later expanded to other districts of
Jharkhand (Hazaribagh and Gumla). Nexgen has three showrooms and
two workshops for three- and four-wheelers and one showroom for
two-wheelers. It also has a showroom in Ranchi for Terex tractors
from Terex Vectra Equipment (P) Ltd.


NIZAMABAD AGRO: ICRA Suspends 'B' Rating on INR8cr Loans
--------------------------------------------------------
ICRA has suspended long term rating of '[ICRA]B' and short term
rating of '[ICRA]A4' ratings assigned to the INR8.00 crore bank
facilities of Nizamabad Agro 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.


PARKSONS CARTAMUNDI: CRISIL Keeps 'BB+' Rating on INR350MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Parksons
Cartamundi Pvt Ltd continues to reflect Parksons' established
position in the playing cards market and association with
Cartamundi NV, and above-average financial risk profile marked by
a low gearing. These rating strengths are partially offset by
susceptibility of its operating margin to competition from the
unorganised sector and increase in raw material cost.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             165.3     CRISIL BB+/Stable (Reaffirmed)
   Cash Credit           132.5     CRISIL BB+/Stable (Reaffirmed)
   Proposed Long-Term     52.2     CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that Parksons will continue to benefit over the
medium term from its association with Cartamundi NV and its
healthy capital structure. The outlook maybe revised to 'Positive'
if Parksons registers generates more-than-expected cash accruals,
because of sustained improvement in revenues and profitability,
while maintaining healthy capital structure. Conversely, the
outlook may be revised to 'Negative' if the company undertakes any
greater-than-expected debt-funded capital expenditure, or its
liquidity weakens because of sharp decline in profitability or
increase in working capital requirements.

Parksons (formerly, Parksons Games & Sports) manufactures playing
cards; it also has various board games in its product portfolio.
Cartamundi NV, a European games manufacturer based in Belgium,
acquired a 50 per cent stake in the entity in November 2010.
Parksons acquired its current name with effect from January 22,
2011. The day-to-day operations of the company are managed by Mr.
Sajjan Kejriwal.


PMA CONSTRUCTION: ICRA Assigns 'D' Ratings to INR10cr Loans
-----------------------------------------------------------
ICRA has assigned the rating of '[ICRA]D' to the INR5.00 crore
long-term fund based and INR5.00 crore long term non fund based
bank facilities of PMA Construction Co.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-Term Fund           5.00        [ICRA]D Assigned
   Based Limits (CC)

   Long-Term Non-Fund       5.00        [ICRA]D Assigned
   Based Limits (BG)

The rating reflects the frequent instances of overdrawals in the
fund based working capital facilities of the firm because of
stretched liquidity due to high working capital requirments of the
company, and execution related delays on its order book.

Furthermore, the rating remains constrained by its small scale of
operations; its stretched financial profile marked by high gearing
and low profitability; and by its high dependence on the State
Government of Maharashtra for new orders. Nonetheless, the rating
draws comfort from the long track record and experience of the
promoters in the construction industry; and from a healthy order
book, translating to four times the revenues booked during FY13.

Incorporated in 1999, PCC is based out of Nagpur, Maharashtra; and
is involved in road construction activities in the state. The firm
has been promoted and managed by Mr. Ashok Agarwal and his family.
In the past the promoters were also a part of Agarwal & Hawale, a
partnership firm that was also involved in construction activities
for government entities. The operations of PCC mainly involve
construction, repairs, renovation, widening and improvement of
roads in Maharashtra for government bodies, such as the PWD,
MSRDC, the Pradhan Mantri Gram Sadak Yojana, and the NMC.


PROGRES COMM: CRISIL Suspends B+ Rating on INR50MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Progres
Communications Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.5      CRISIL A4 Suspended
   Overdraft Facility      50.0      CRISIL B+/Stable Suspended

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

PCPL is a full-service advertising and communication agency,
offering services such as concept development, ad-production and
media planning at the national level. The company provides
advertising services across all media categories including print,
TV, radio, sales promotion, and event marketing. The company has a
total of 50 -55 customers.


QUALITY HEIGHTCON: ICRA Reaffirms 'BB+' Rating on INR25cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' assigned
to the INR25.00 crore fund based facilities and the INR20.00 crore
non-fund based facilities of Quality Heightcon Private Limited.
ICRA has also reaffirmed the short-term rating of '[ICRA]A4+'
assigned to the INR20.00 crore non-fund based facilities of QHPL.
ICRA has assigned a stable outlook to the long-term rating.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits        25.00       [ICRA]BB+ reaffirmed
   Non-Fund Based Limits    20.00       [ICRA]BB+/[ICRA]A4+
                                        Reaffirmed

The ratings reaffirmation continues to take into account QHPL's
moderate scale of operations; its high geographical risk owing to
concentration of projects in Mumbai; its dependence on a few
clients; and the highly competitive nature of the industry and
segmental concentration of order book towards projects from the
real estate sector. The firm's dependence on real estate
companies, along with a high client concentration risk, exposes it
to execution related delays, as well as delays in realisation of
receivables, resulting in high working capital requirements going
forward. Nevertheless, the ratings continue to favorably factor in
the healthy growth in the company's operating income, along with
its strong order book position and long track record in the
construction sector, with experience in executing projects for
private as well as government clients.

Quality Heighton Private Limited -- the erstwhile Quality
Construction Company (QCC) -- was founded in 1969 as a partnership
firm. The partners were Mr. Mahendra K Shah, Ms. Bhamini D Shah,
Mr. Parag D Shah and Ms. Hemalli R Shah. The erstwhile QCC was
converted into a private limited company in July 2009. QHPL
executes construction projects, which spans into areas including
civil engineering, structural engineering, plumbing, sanitation
and finishing jobs. The company has experience of working with
both private and government clients. Over four decades of its
operations, the company has successfully executed a wide range of
projects, such as the construction of hospital buildings, shopping
malls, atomic reactors buildings, community halls, residential and
commercial buildings, educational complexes, and slum
rehabilitation projects. The promoters also ventured into real
estate development through a group entity, Quality Construction
Developers (QCD), in FY12. QCD is currently developing a
commercial redevelopment project in Dombivali, Thane, with a total
developable area of 0.40 lakh sq. ft.


R D ENGINEERS: CRISIL Reaffirms 'B-' Ratings on INR125MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of R D Engineers (India)
Pvt Ltd continue to reflect RDEPL's working-capital-intensive
operations, weak financial risk profile, marked by high gearing
and weak debt protection metrics, small scale of operations, and
high end-user-industry concentration. These rating weaknesses are
partially offset by the extensive experience RDEPL's promoters in
the engineering goods industry, and its established relationships
with customers and suppliers.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term       5       CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Letter of Credit        50       CRISIL A4 (Reaffirmed)

   Letter Of Guarantee     160       CRISIL A4 (Reaffirmed)

   Cash Credit            120       CRISIL B-/Stable (Reaffirmed)

   Cheque Purchase          10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RDEPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is an
improvement in the company's working capital cycle and if its net
cash accruals increase significantly, leading to a sustainable
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' RDEPL's working capital
cycle deteriorates further, or its operational performance is
weaker than expected, or if it undertakes an unanticipated debt-
funded capital expenditure programme.

Update

In 2012-13 (refers to financial year, April 1 to March 31),
RDEPL's revenues declined marginally year-on-year to about INR240
million, owing to subdued demand from end-user industries. The
company's revenues may reduce further in 2013-14 as it has only
generated revenues of INR128 million until September 15, 2013,
while its order book has reduced to INR40 million as on September
, 2013, against around INR220 million as on June 30, 2012.

However, RDEPL is expected to maintain its operating margin at
about 16 per cent in 2013-14, in line with the preceding year. The
company's cash accruals for 2013-14 are also estimated to be
comfortable at over INR5 million, despite the revenue decline,
backed by lower interest outgo on reduced bank limits; its cash
credit limit has been reduced to INR30 million in 2013-14 from
INR130 million in keeping with its low order book.

RDEPL's financial risk profile remains weak, with a small net
worth of INR51 million, and aggressive gearing of 2.9 times, as on
March 31, 2013; its debt protection metrics are also weak with net
cash accruals to total debt ratio at 5 per cent and interest
coverage ratio at 1.2 times in 2012-13. Though the gearing is
expected to reduce with the lower revenues in 2013-14, it is
nevertheless expected to remain weak at over 1.5 times.

RDEPL's liquidity also remains stretched owing to its working-
capital-intensive operations. It had large gross current assets of
441 days as on March 31, 2013. Consequently, it continues to
stretch creditors, which stood at 193 days as on March 31, 2013,
and had often overdrawn its INR130-million fund-based bank limits.
With the recent reduction in bank limits, CRISIL believes that
RDEPL's liquidity could come under pressure if it there is a
sudden increase in its order book. However, its liquidity is
supported by unsecured loans from promoters, which stood at INR26
million as on March 31, 2013, and their willingness to infuse
further funds if required. RDEPL also has no term debt
obligations.

RDEPL, incorporated in 1984 and promoted by Mr. S R Dua, is
engaged in design and fabrication of critical process equipment
such a pressure vessels, heat exchangers, columns, and towers for
refinery, petrochemicals, and fertiliser industries. The company
has its manufacturing facilities in Mumbai and Nashik
(Maharashtra).

For 2012-13, RDEPL reported, on a provisional basis, a net profit
of INR3.0 million on net sales of INR237.7 million; it had
reported a net profit of INR6.3 million on net sales of INR247.8
million for 2011-12.


RSAL STEEL: ICRA Cuts Rating on INR70.52cr Loans to 'BB-'
---------------------------------------------------------
ICRA has downgraded the long term rating of RSAL Steel Private
Limited from '[ICRA]BB' to '[ICRA]BB-' for INR70.52 crore fund
based limits (earlier INR59.30 crore). The long term rating has
been assigned a "stable" outlook.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facilities     70.52       [ICRA]BB- (Downgraded)
                                         (Stable Outlook)

   Non-Fund Based           206.55       [ICRA]A4 (Reaffirmed)
   Facilities

ICRA has also reaffirmed the short term rating of RSAL at
'[ICRA]A4' for INR206.55 crore non-fund based limits (earlier
INR250.32 crore).

The ratings revision takes into account the impact on RSPL's
profitability in FY13 due to pressures on its sales volumes,
continued foreign exchange losses and sharp rise in interest
expense during the year. These factors combined, lead to a decline
in the company's net profit margins from 0.51% in FY12 to 0.37% in
FY13. Also, the debt coverage indicators continue to remain weak
as reflected by OPBITDA/ Interest of 1.34 times and NCA/ Total
Debt of 7% in FY13. ICRA notes that the funding support from the
promoters has increased during FY13 due to weak cash accruals,
high working capital requirement and continued delays in complete
term loan disbursal by the bank for the capacity expansion. The
ratings continue to be constrained by the intensely competitive
and cyclical nature of iron-and-steel business and vulnerability
of the company's cash flows to fluctuations in exchange rates and
commodity prices. The ratings, however, derive support from
experience of RSPL's promoters in trading and manufacturing of
steel products and its diversified and stable client base. Going
forward, revival in demand for steel products, completion of on-
going capex, improvement in profitability and capital structure of
the company will be the key rating sensitivities.

RSAL Steel Private Limited has been incorporated in December 2010
as a wholly owned subsidiary of Ruchi Strips & Alloys Limited
(RSAL), a Ruchi Group Company, with the object to take over the
steel business of RSAL. RSPL is engaged in manufacturing of cold
rolled steel coils (CRC) and has a current capacity to manufacture
1 lakh MT per annum CRC, the company is in the process of
expanding the capacity to 1.35 lakh MT per annum. The plant is
situated in Village- Sejwaya, District Dhar, Madhya Pradesh; it
commenced commercial production in the year 1991, then under the
name of RSAL. RSPL is also engaged in trading of various
commodities such as soya meal, CRC steel, steel ingots etc. It is
engaged in manufacturing of Cold Rolled Steel Sheets/Coils in
thinner gauges in a 20 Hi sendzimir cold rolling mill and the
coils are marketed in the brand of RUCHI. RSPL's products are also
exported to Africa and Asia and the company enjoys Export House
Status granted by the Ministry of Commerce, Government of India.

Recent Results:

In FY2012, the company reported a net profit of INR3.16 crore on
an operating income of INR621.83 crore. Further, in FY2013, RSPL
reported a profit after tax (PAT) of INR3.71 crore on an operating
income of INR998.18 crore.


S.P. SOLVENT: ICRA Rates INR11cr Cash Credit at 'B+'
----------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR11.00 crore
bank facilities of S.P. Solvent Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit             11.00        [ICRA]B+ assigned

The rating is constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic players to import competition;
variability in product prices due to linkage with global edible
oil price movements and changes in import duty differential
between crude and refined oil; and agro-climatic risks associated
with availability of raw material. ICRA also takes into account
the moderate financial risk profile characterised by moderately
aggressive capital structure, low profitability margins, return
indicators and debt coverage indicators. Further, ICRA notes the
tight liquidity position of the company as reflected in high
utilisation of working capital limits. However, the rating
favourably factors in the long track record of promoters in the
rice bran processing industry; favourable demand prospects for
rice bran oil due to its health benefits, easy availability in
India and competitive pricing compared to soybean & sunflower oil
and location of its manufacturing units near to raw material
sources.

S.P. Solvent Limited was incorporated in the year 1975 as a
partnership firm and later in the year 2012 got converted into a
private limited company. The company is engaged in the
manufacturing of rice bran oil, de-oiled rice, cattle feed and
refined rice bran oil at its manufacturing facilities located in
Rudrapur, Uttarakhand.

Recent Results
In 2012-13 the company reported net profit after tax (PAT) of
INR0.47 crore on a turnover of INR73.29 crore against net profit
after tax of INR0.47 crore on a turnover of INR38.28 crore in
2011-12.


SEHGAL AUTORIDERS: CRISIL Cuts Ratings on INR248.5MM Loans to BB+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Sehgal Autoriders Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Stable/CRISIL A3'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

   Cash Credit              52.4    CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable')

   Inventory Funding       125.8    CRISIL BB+/Stable (Downgraded
   Facility                          from 'CRISIL BBB-/Stable')

   Term Loan                70.3    CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable')


The downgrade follows continued deterioration in SAPL's financial
risk profile, since its passenger car dealership, which started in
2011-12 (refers to financial year, April 1 to March 31), for
Maruti Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL
A1+)) has not yet optimised operations. The increase in SAPL's
sales volumes from the dealership has been insufficient, vis--vis
the company's large fixed overheads, leading to contraction of its
operating margin to 1.4 per cent in 2012-13. Tepid demand for
passenger cars in India, implies that optimisation from the
dealership could take longer-than-expected, and along with large
external debt will result in continuance of aggressive
indebtedness (indicated by the ratio of SAPL's total outstanding
liability to tangible net worth ratio of over 5 times), and weak
interest coverage of below 1.5 times over the medium term, thereby
constraining its overall financial risk profile.

The ratings continue to reflect the extensive industry experience
of SAPL's promoters, and their established relations with its
principals. These rating strengths are partially offset by SAPL's
below-average financial risk profile, marked by its aggressive
capital structure and inadequate debt protection metrics; and its
working-capital-intensive operations.

For arriving at the ratings, CRISIL has not considered the
consolidated business and financial risk profiles of SAPL and
Sehgal Wheels Pvt Ltd (SWPL). This is because, as against earlier
expectations there has been no financial fungibility between the
two companies; and the SWPL management, henceforth, intends to
operate the companies separately.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from the promoters' extensive industry experience, and
established relations with principals. The outlook may be revised
to 'Positive' if the company reports sizeable cash accruals,
primarily through an increase in sales in the passenger car
division, while improving the capital structure. Conversely, the
outlook may be revised to 'Negative' if SAPL requires considerable
time to optimise operations at its MSIL passenger car dealership,
or if the company's profitability remains constrained, thereby,
weakening its financial risk profile.

SAPL was incorporated in in 1998. The company is a dealer of Hero
Motocorp Ltd's (HML's; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+')
two-wheelers. In April 2011, SAPL began trading MSIL's passenger
cars.

SAPL reported net losses of INR9.9 million on net sales of INR1.73
billion for 2012-13, vis--vis net losses of INR20.1 million on
net sales of INR1.54 billion for 2011-12.


SHAILESH FORGING: ICRA Assigns 'BB-' Ratings to INR6.81cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB-' to the
INR2.00 crore cash credit facility and the INR4.81 crore term loan
facility of Shailesh Forging Works. The outlook on the long-term
rating is Stable. The short-term rating of '[ICRA]A4' has been
assigned to the INR0.08 crore short-term non-fund based limit of
SFW.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             2.00       [ICRA]BB- (stable) assigned
   Term Loan               4.81       [ICRA]BB- (stable) assigned
   Non-fund Based Limit    0.08       [ICRA]A4 assigned

The assigned ratings are constrained by SFW's relatively modest
scale of operations leading to limited bargaining power with its
customers, vulnerability of its profitability to fluctuations in
prices of raw materials and to adverse movement in forex rates,
with ~25% of revenue derived from export sales in FY 2013 and
absence of any formal hedging policy. The ratings also take into
account the moderately leveraged capital structure of the firm
with a gearing of 1.60 times as on 31st March 2013. ICRA also
notes that as SFW is a partnership firm, any significant
withdrawals from the capital account by the partners would
adversely affect its net worth and thereby its capital structure;
this remains a key rating sensitivity.

The assigned ratings, however, favourably factor in the extensive
experience of the promoters and the long operational track record
of the firm in the forging industry and its established relations
with the customers which results in repeat orders. The ratings
also positively factor in the firm's healthy profit margins and
return indicators.

Incorporated in 1971, Shailesh Forging Works (SFW) is a
partnership firm engaged in manufacturing of forged rings from
carbon steel, alloy steel and stainless steel with its plant
located in Rajkot, Gujarat.

The firm manufactures forged rings of outer diameter (OD) up to
3000 mm and weight up to 400 kg. SFW is promoted by the Sorathiya
family.

Recent Results

During FY 2013, SFW reported an operating income of INR19.53 crore
and profit after tax of INR1.14 crore as against an operating
income of INR12.72 crore and profit after tax of INR0.48 crore
during FY 2012.


SHAKTI SPINNERS: CRISIL Suspends 'D' Ratings on INR70MM Loans
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shakti
Spinners Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL D Suspended
   Term Loan                 10      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSL is yet to
provide adequate information to enable CRISIL to assess SSL'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 views non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria "Information availability risk in Credit
ratings".

SSL was set up in 1993 by Mr. Prince Sagar Jasuja and his family.
The company manufactures and supplies acrylic mink blankets and
artificial fur cloth both in the domestic and export markets. Its
manufacturing unit is in Ludhiana (Punjab).


SHARMA KALYPSO: ICRA Upgrades Ratings on INR85.30cr Loans to C+
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR85.30 crore
(earlier INR32.5 crore) bank lines of Sharma Kalypso Private
Limited (formerly RAUS Infras Limited) to '[ICRA]C+' from
'[ICRA]C'.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund-based Limits       44.00       [ICRA]C+; upgraded
   Non-fund-based Limits   40.30       [ICRA]C+; upgraded
   Term Loans               1.00       [ICRA]C+; upgraded

The rating upgrade takes into account the regularization of debt
servicing of the sanctioned ad-hoc limits of SKPL. The rating
continues to derive comfort from SKPL's experienced management,
its reputed & diversified client base and its long track record in
the interior decoration business. The rating is, however,
constrained by the company's stretched liquidity position,
resulting from higher working capital intensity due to large
inventory getting piled up- the working capital intensity
increased to 99% in FY2013, from 74% in FY2012 while the inventory
days increased to 436 days from 323 days in the same period.
Further, ICRA's rating continues to factor in the weak debt
coverage indicators of the company, with gearing of 3 times & Net
Cash Accruals/Total Debt of 6% as on March 31, 2013, and interest
coverage ratio of 1.47 times in FY2013. The rating also takes into
account the competitive nature of civil construction and interior
decoration industries which are characterised by low entry
barriers, limited capex requirements and presence of large number
of small-to-medium sized players.

Going forward, improvement in working capital intensity and
liquidity profile of the company will be the key rating
sensitivities.

Sharma Kalypso Private Limited (SKPL; formerly RAUS Infras
Limited) is a private limited company engaged in interior
decorating and civil construction work of office buildings, staff
quarters, residential complexes, commercial complexes, hotels,
group housing societies, metro stations, hostels etc. for various
clients in public and private sectors. The company was promoted by
Mr. Ramesh Sharma, who has been carrying out the interior
decoration and civil construction business since 1988 under a
proprietorship concern (Sharma Constructions).

Recent Results

In FY2013, SKPL reported operating income of INR63.80 crore
(previous financial year INR80.25 crore) and net profit of INR2.57
crore (previous financial year INR2.11 crore).


SHERA ENERGY: CRISIL Reaffirms 'BB+' Ratings on INR365.6MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shera Energy Pvt Ltd
continue to reflect SEPL's healthy revenue growth, and moderate
operating efficiency driven by backward integration and product
and geographical diversification; the ratings also factor in the
extensive industry experience of the company's promoter and its
established clientele. These rating strengths are partially offset
by SEPL's modest financial risk profile, marked by modest debt
protection metrics and net worth, moderate working capital
requirements, and low operating margin due to intense competition
and adverse impact of the unorganised sector.


                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         100      CRISIL A4+ (Reaffirmed)

   Cash Credit            290      CRISIL BB+/Stable (Reaffirmed)

   Corporate Loan          35.6    CRISIL BB+/Stable (Reaffirmed)

   Letter of Credit       440.0    CRISIL A4+ (Reaffirmed)

   Long-Term Loan          30.0    CRISIL BB+/Stable (Reaffirmed)

   Standby Line of Credit  10.0    CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoter's extensive experience in the copper and
aluminium wire industry and its diversified product portfolio. The
outlook may be revised to 'Positive' if the company reports
larger-than-anticipated increase its scale of operations and
profitability, while it improves its capital structure.
Conversely, the outlook may be revised to 'Negative' in case SEPL
records a lower-than-expected operating margin or if its working
capital requirements are larger than expected, resulting in
pressure on its financial risk profile, particularly its
liquidity.

Update

In 2012-13 (refers to financial year, April 1 to March 31), SEPL's
revenues registered a 11 per cent year-on-year growth to around
INR2.4 billion. The revenue growth has been mainly driven by
geographical diversification. The company's operating margin
increased by around 59 basis points (100 basis points equal 1 per
cent) to 4.5 per cent in 2012-13 on account of backward
integration to produce copper wires from copper cathodes.

The company's operations are moderately working capital intensive,
as reflected in its estimated gross current assets (GCAs) of
around 101 days as on March 31, 2013; the same has marginally
increased from its past levels. These GCAs emanate from SEPL's
inventory levels of around 13 days and receivables of 73 days. As
a result, the company's average bank limit utilisation was high at
around 90 per cent over the 12 months through June 2013.

SEPL's net worth is estimated at a moderate level of around INR206
million, as on March 31, 2013. However, to support its moderate
working capital requirements and capital expenditure, the company
has large borrowings, resulting in gearing of 1.95 times as on
March 31, 2013. Furthermore, SEPL had a low interest coverage
ratio of 1.9 times in 2012-13 due to its low profitability and
large bank borrowings.

SEPL, incorporated in 2009 and based in Jaipur (Rajasthan),
acquired the existing business of Shera Metals & Engineers (SME).
SME, a proprietary firm, was set up in 2003 by Mr. Sheikh Naseem
to manufacture copper and aluminum winding wires as well as
transformers.


SHREE MALLIKARJUN: CRISIL Suspends 'D' Ratings on INR714.2MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Mallikarjun Shipping Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        80.5     CRISIL D Suspended
   Packing Credit       633.7     CRISIL D Suspended

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

SMSPL, set up in October 2003 by Mr. Satish Sail, trades in iron
ore fines from the Goa and Belekari (Karnataka) ports, and
provides iron-ore handling services to other operators in and
around Karnataka at the Belekari port. SMSPL has taken 48,000
square metres of land at the Belekari port from GoK on an
operating lease for a period of 30 years, which will expire in
2036. Mallikarjun Shipping Hong Kong Ltd (MSHKL), a Hong Kong-
based subsidiary of SMSPL incorporated in 2007-08 (refers to
financial year, April 1 to March 31), also trades in iron ore.
MSHKL accounted for around 45 per cent of SMSPL's revenues in
2010-11.


SHRI RAM: ICRA Reaffirms 'BB' Ratings on INR22.5cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to the
INR22.00 crore (Enhanced from INR11.25 crore) Cash Credit facility
and INR0.50 crore (Previously INR1.82 crore) Term Loan facility of
Shri Ram Rice Mills. ICRA has also assigned the rating of
'[ICRA]B' on the long term scale and '[ICRA]A4' on the short term
scale to INR12.50 crore unallocated bank facilities of SRRM.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit             22.00       [ICRA]B reaffirmed
   Term Loan                0.50       [ICRA]B reaffirmed
   Unallocated Bank        12.50       [ICRA]B/[ICRA]A4 assigned
   Facilities

The ratings of SRRM continue to take into consideration its
moderate scale of operations, its low profitability metrics, high
gearing levels and weak debt protection indicators. The ratings
also continue to factor in the firm's high working capital
intensity and the intensely competitive nature of industry which
exerts pressure on operating margins. However, the ratings
favourably take into account the significant increase in SRRM's
operating income in FY 2013, its experienced management and its
concentration on export of basmati rice. Further, ICRA continues
to factor in the favourable demand prospects of the rice industry
with India being the second largest producer and consumer of rice
in the world.

Shri Ram Rice Mills is a partnership firm established in 2004, and
is primarily engaged in milling of basmati rice. SRRM's milling
unit is based out of Karnal, Haryana, in close proximity to the
local grain market. The firm has two registered brands, and sells
rice in various states in India including Gujarat, Madhya Pradesh,
Maharashtra and Delhi mainly through external dealers. The firm is
also involved in the export of basmati rice.

In FY 2013, the company reported an operating income of INR102.42
crore and a net profit of INR0.27 crore.


SRI GURU: ICRA Suspends 'B' Rating on INR12cr Loans
---------------------------------------------------
ICRA has suspended long term rating of '[ICRA]B' and short term
rating of '[ICRA]A4' ratings assigned to the INR12.00 crore bank
facilities of Sri Guru Krupa Agro Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


SRI LAKOSHA: CRISIL Assigns 'B+' Ratings to INR125MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Lakosha Polymer Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 50      CRISIL B+/Stable (Assigned)

   Proposed Long-Term        45      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Cash Credit               30      CRISIL B+/Stable (Assigned)

   Letter of Credit         150      CRISIL A4 (Assigned)

The ratings reflect SLPPL's modest scale of operations in the
intensely competitive polymer products trading business, and
subdued financial risk profile marked by a modest net worth, high
total outside liabilities to tangible net worth ratio, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of SLPPL's promoters
in the polymer products trading business.

Outlook: Stable

CRISIL believes that SLPPL will continue to benefit over the
medium term from its promoter's extensive experience in the
polymer products trading business. The outlook may be revised to
'Positive' if the company registers a significant and sustainable
growth in its revenues and margins, while improving its capital
structure and debt protection indicators. Conversely, the outlook
may be revised to 'Negative' in case SLPPL registers a significant
decline in its revenues and margins or if its working capital
cycle lengthens further, leading to further weakening of its
financial risk profile.

SLPPL, promoted in 1998, by Mr. Sridharan and his wife, is engaged
in trading of polymer products. The company imports these products
from countries like Saudi Arabia, Kuwait, and Malaysia and sells
to traders and plastic manufacturers in Tamil Nadu. The company
has its administrative office in Tirupur.

SLPPL reported, on a provisional basis, a profit after tax (PAT)
of INR8.4 million on net sales of INR744.7 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR2.1 million on net sales of INR509 million for 2011-12.


STEELEX ELECTROCAST: CRISIL Puts 'BB' Ratings on INR118.5MM Loans
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL BB/Stable/CRISIL A4+'
to the various bank facilities of Steelex Electrocast Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                58.5     CRISIL BB/Stable (Assigned)
   Cash Credit              60.0     CRISIL BB/Stable (Assigned)
   Letter of Credit         18.0     CRISIL A4+ (Assigned)

The ratings reflect the benefits that SEPL derives from the
extensive experience of its promoters in the iron and steel
industry, and from its efficient working capital management. These
rating strengths are partially offset by SEPL's exposure to risks
relating to the fragmented and cyclical nature of the steel
industry, and by its average financial risk profile, marked by
modest net worth and debt protection metrics.

For arriving at its ratings, CRISIL has treated unsecured loans of
INR52.5 million extended to SEPL by its promoters, and their
friends and family, and affiliate companies, as neither debt nor
equity. This is based on a specific undertaking from the
management that it will maintain these loans in the business as
long as the bank loans remain current.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
promoters' extensive experience in the iron and steel industry
over the medium term. The outlook may be revised to 'Positive' if
SEPL achieves better capacity utilisation, scales up its
operations, and improves profitability, resulting in substantial
cash accruals and improved debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case SEPL's financial
risk profile, particularly liquidity, deteriorates because of a
stretch in its working capital cycle, or because of low cash
accruals, or any large debt-funded capital expenditure programme.

SEPL was incorporated in 2005 by Mr. Kedar Nath Agarwal and his
sons Mr. Anil Agarwal, Mr. Sunil Agarwal and Mr. Sanjay Agarwal.
The company has an induction furnace for manufacture of billets.
The plant is located in Barjora, Bankura (West Bengal). The
company also trades in iron and steel products.


SUPERTECH INFRA: CRISIL Raises Ratings on INR1.25BB Loans to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank loan
facilities of Supertech Infrastructure Pvt Ltd (SIPL; part of the
Supertech group), to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       145.7    CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan              1,104.3    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 Ltd (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.

Supertech holds 88.86 per cent equity stake in SIPL while about 11
per cent is held by Assotech Contracts (India) Ltd. SIPL has set
up Pentagon Mall in Haridwar (Uttaranchal) that includes a
shopping mall, multiplex, and a five-star hotel. SIPL has entered
into agreement with Radisson Hotel and Resorts for managing the
operations of the hotel.

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.


SUPERTECH PRECAST: CRISIL Raises Ratings on INR390MM Loans to BB
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Supertech Precast Technologies Private Ltd (SPTPL;
part of the Supertech group), to 'CRISIL BB/Stable' from 'CRISIL
BB-/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              70       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long-Term        5       CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               315       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 Ltd (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, SPTPL,
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 is setting up a plant for manufacturing
precast concrete, expected to be utilised in various real estate
projects being implemented by the Supertech group. The plant,
which is being set up in its subsidiary, SPTPL, is estimated to
have an installed capacity to manufacture 3 million square feet of
precast concrete per annum at a total project cost of INR1.06
billion.

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.


SUPERTECH REALTORS: CRISIL Rates INR7.3BB Loans at 'BB'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Supertech Realtors Pvt Ltd (SRPL; part of the
Supertech group).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             7,350     CRISIL BB/Stable (Assigned)

The rating reflects 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 Ltd (Supertech) and its
subsidiaries, SRPL, 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. SRPL has launched a
residential and commercial complex in Noida named Supernova.

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.


THERUVATH BUILDERS: ICRA Assigns 'BB-' Ratings to INR25cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the 25.0
crore fund based bank limits of M/s Theruvath Builders. The
outlook on the long term rating is Stable.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit             15.0       [ICRA]BB- (Stable) assigned

   Proposed Long term      10.0       [ICRA]BB- (Stable) assigned
   fund based facilities

The rating assigned is constrained by the small scale of
operations of the firm which also limits the capacity to bid for
larger and more profitable projects, the substantial geographical
concentration of the firm's operations which are restricted to
projects in Kerala, the sharp increase in working capital
intensity in FY13 owing to the delays in collection of payments;
and, the vulnerability of its profit margins to volatility in raw
material prices and labour costs. As Theruvath is a partnership
firm, any substantial withdrawals from the capital account by the
promoters would adversely impact the gearing levels, going
forward; this remains a key rating sensitivity.

The rating, however, takes comfort from the longstanding
experience and track record of the promoters in the construction
industry, adequate man power and equipment resource base available
with the firm to back execution of ongoing projects, healthy order
book as on end-August 2013 and the moderate gearing level on the
back of capital infusion by the promoters in FY 2013.

M/s Theruvath Builders is a partnership firm undertaking civil
construction in Kerala. The firm was started by nine partners, all
with different technical specialties in the construction sector,
in 1999. Mr. T.U. Cherian is the managing partner of the firm and
the other active partners include Mr. Phinu Thomas, Mr. Johny Jose
and Mr. Sagesh Samson. The firm has been awarded the class A
registration from Public Works Department, Kerala which enables it
to undertake civil contracts with no ceiling on the project value.
The firm is primarily involved in the construction of government
buildings in and around Kottayam, Kerala.

The firm had reported an operating income and PBT of INR15.3 crore
and INR1.3 crore respectively for the year ended March 2013.


TRATEC ENGINEERS: CRISIL Reaffirms 'D' Ratings on INR650MM Loans
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Tratec Engineers Private
Limited (Tratec) continue to reflect instances of delays by Tratec
in servicing its term debt; the delays have been caused by its
weak liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           160      CRISIL D (Reaffirmed)

   Cash Credit              150      CRISIL D (Reaffirmed)

   Letter of Credit          60      CRISIL D (Reaffirmed)

   Term Loan                262      CRISIL D (Reaffirmed)

   Proposed Long-Term        18      CRISIL D (Reaffirmed)
   Bank Loan Facility


Tratec continues to have small scale of; and working capital
intensive operations, while its financial risk profile has
significantly deteriorated, marked by its poor debt protection
metrics. However, Tratec continues to have an established market
position in the niche trailer manufacturing industry.

Tratec was incorporated in 1995 by Mr. Kamal Khosla, Mr.
Rangaswamy and Mr. Raman Anand. Mr Raman Anand subsequently sold
his stake in Tratec to the incoming promoter Mr. Anil Narendra.
Tratec manufactures special-purpose multi-axle vehicles to carry
extremely heavy and over-dimensional consignments (ODCs). The
company manufactures two types of trailers: specialised hydraulic
modular trailers and customised trailers. It derives the bulk of
its revenue from the former segment. Tratec has capacity to
manufacture 3600 axles per annum at its manufacturing unit at
Damdama Lake Road, Gurgaon (Haryana) and Plant at Bawal, which is
partially operational.

Tratec reported net loss of INR16.1 million on an operating income
of INR635.0 million for 2012-13, against a PAT of INR69.4million
on an operating income of INR910.3 million for 2011-12.


UNIPACK INDUSTRIES: ICRA Assigns 'BB-' Ratings to INR7cr Loans
---------------------------------------------------------------
ICRA has assigned a long- term rating of '[ICRA]BB-' to the
INR2.00 crore fund based limits and INR3.11 crore of term loan of
Unipack Industries. ICRA has also assigned long term rating of
INR1.89 crore of unallocated bank limits of UI. The outlook on the
long term rating is "Stable".

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based limits       2.00       [ICRA]BB- (stable) assigned
   Term Loans              3.11       [ICRA]BB- (stable) assigned
   Unallocated             1.89       [ICRA]BB- (stable) assigned

While assigning the rating, ICRA has taken a consolidated view of
the financial and operational profile of UI along with the group
company - Compack Enterprises (India) Private Limited - given the
common promoters, strong operational and financial linkage amongst
the entities. These are together referred to as 'the Group'.
The rating is constrained by the group's relatively moderate scale
of operations, resulting in moderate economies of scale, which
coupled with the intensely competitive nature of the packaging
industry, has resulted in modest profitability indicators.
Further, the profitability margins remain exposed to fluctuation
in price of raw materials as supply contracts usually do not have
price escalation clauses. The rating is however constrained by
high customer concentration risk with about 75-80% of sales from
the top three customers and low bargaining power in relation to
customers and suppliers due to relatively moderate scale of
operations. The rating is also constrained by the sizeable and
steady capex plans of the group (following the capex in FY13, the
group has sizeable plans for next 12 months) with increased
reliance on debt. The rating also factors in the healthy debt
protection metrics as reflected by interest coverage of 3.07 times
and Net Debt to OPBDITA of 2.66 times as on 31st March 2013.The
rating also factors in the inherent risk of a partnership firm.
Nevertheless, the rating draws support from long and established
track record of promoters in the packaging industry, the Group's
established relationship with customers which includes reputed
names such as Dabur India Limited, Surya Roshni Limited, Halonix
Limited, Haldirams Snacks Limited etc. Moreover, the rating takes
into consideration the steady addition to the product portfolio
and client base and the positive demand outlook for the packaging
industry, both of which provide visibility to the Group's
revenues.

The Group's ability to increase its scale of operations in a
profitable manner, and manage working capital intensity would
remain key rating drivers.

Unipack Industries (UI), was established in 1987 as a partnership
firm by Mr. Ajay Gosain, Mr. Anil Gosain and Mr. Kulbhushan
Gosain. The firm is engaged in the manufacturing of customized
printed labels, hard card board boxes and corrugated boxes with a
manufacturing facility in New Delhi.


UNITED EXPORTS: CRISIL Reaffirms 'B' Ratings on INR570MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of United Exports continue
to reflect UE's large working capital requirements and small net
worth, resulting in weak financial risk profile, marked by high
gearing and weak debt protection metrics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-           100      CRISIL A4 (Reaffirmed)
   Discounting Facility

   Cash Credit              100      CRISIL B/Stable (Reaffirmed)

   Packing Credit           330      CRISIL A4 (Reaffirmed)

   Proposed Long-Term        87.4    CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                232.6    CRISIL B/Stable (Reaffirmed)

   Warehouse Financing      150.0    CRISIL B/Stable (Reaffirmed)

The ratings also reflect UE's small scale of operations in the
highly fragmented rice milling industry, and the susceptibility of
its profitability to volatility in raw material prices and to
regulatory changes. These weaknesses are partially offset by the
healthy growth prospects for the basmati rice industry, the
extensive industry experience of UE's promoters, and the firm's
diverse customer base.

Outlook: Stable

CRISIL believes that UE will benefit over the medium term from its
established market position and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case of
improvement in UE's financial risk profile because of equity
infusion or more-than-expected improvement in margins leading to
higher cash accruals. Conversely, the outlook may be revised to
'Negative' if UE's financial risk profile deteriorates because of
a larger-than-expected debt-funded capital expenditure plan or if
the firm's turnover and margins decline, weakening its debt
protection metrics.

UE was established as a partnership firm in 1983 by Mr. Harish
Narang and his sister, Mrs. Usha Malhotra. The firm is engaged in
milling and processing of basmati rice for sale in the domestic
and export markets.

UE reported a book profit of INR5.6 million on net sales of
INR1.25 billion for 2012-13 (refers to financial year, April 1 to
March 31), against a book loss of INR306.3 million on net sales of
INR1.67 billion for 2011-12.


VINAYAK IRON: CRISIL Suspends 'D' Ratings on INR590.3MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vinayak Iron And Coke Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL D Suspended
   Letter of Credit         400      CRISIL D Suspended
   Term Loan                100.3    CRISIL D Suspended

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

VICPL was established in 2003 and manufactures low-ash
metallurgical coke with an installed capacity of 1 lakh tonne per
annum. The company largely imports coking coal and manufactures
low ash metallurgical coke and sells to steel rolling mills in and
around Jharkhand. VICPL is a part of the Saraf group, which has
diversified business in steel, mica, real estate, and chemical
industries.


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


MODERNLAND REALTY: Fitch Rates $150MM Notes Due 2016 at 'B'
-----------------------------------------------------------
Fitch Ratings has assigned Indonesia-based property developer PT
Modernland Realty Tbk's (Modernland, B/Stable) USD150m 11% notes
due 2016 a final 'B' rating, with a Recovery Rating of 'RR4'. The
notes are issued by Modernland Overseas Pte Ltd and guaranteed by
Modernland and wholly-owned subsidiaries.

The rating action follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on 17 October 2013.

Proceeds from the notes will be used to acquire 51% of the Jakarta
Garden City project from Keppel Land (Keppel, unrated). Due to the
long-term payback nature of the acquisition, Fitch expects
Modernland will be able to refinance the notes when they are due
in 2016.

Key Rating Drivers:

Limited Recurring Income: Modernland's limited recurring revenue
differentiates it from higher rated global peers. Recurring
revenue is derived from estate management fees, golf course
operation and its new hotel operations. However, these segments
contribute less than 10% of annual EBITDA. Fitch views
Modernland's small recurring revenue base as the main constraint
on its ratings, particularly given the cyclical nature of the
property development sector.

Execution Risks: Jakarta Garden City's strategic location,
established infrastructure, and affordability compared with other
properties in the Kelapa Gading district, in northern Jakarta,
underpin Modernland's business growth prospects. The project is
currently a joint venture with Keppel and both parties have agreed
on Modernland acquiring Keppel's 51% share in the project.
However, in Fitch's view, Modernland has yet to demonstrate a
track record of strong presales without Keppel's support.

Similar risks are also present in Modernland's longer-term
expansion plan in Bekasi, an important satellite city about 16 km
from Jakarta, where success is contingent upon the timely
execution of accompanying infrastructure and the company's ability
to build critical mass.

Project Diversification: The ratings also reflect Modernland's
sizable landbank, which is diversified by location and evenly
balanced between industrial and residential use. Over the next 18
months, cashflows will be driven by presales from residential
estate Jakarta Garden City and industrial estate Modern Cikande.
Over the longer term, the company will also look to launch its
second industrial estate in Bekasi.

Cash Buffer from ASRI: Cashflows from land sales to PT Alam Sutera
Realty Tbk (ASRI, B+/Stable) mitigate the execution risks by
providing sufficient liquidity. Modernland expects to receive
IDR3.4trn over the next 30 months after selling 170 hectares of
land in Serpong, Tangerang, which is close to Jakarta and near
ASRI's existing residential estate. Proceeds will be used mostly
to buy land in Bekasi, which will enable Modernland to replenish
land inventory for sustainable presales and cashflows.

Modernland's low acquisition cost of about USD20 per square metre
for 489 hectares of land in Bekasi is an additional comfort and
reduces project execution risks.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- Decline in presales/ gross debt ratio to below 30% (2013: Fitch
forecast at 30%) on a sustained basis
- Net debt/net inventory remaining above 1x after 2015 (2013:
Fitch forecast 1.4x), possibly resulting from delayed project
execution or weaker pre-sales.

Positive rating action is not expected unless Modernland
demonstrates a track record in timely project execution, leading
to improved scale and project diversification, or improved
recurring income.



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


L-JAC 7: S&P Lowers Rating on Classes C & D-2 Certificates to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D
(sf)' from 'CCC- (sf)' its ratings on the class C and D-2 trust
certificates issued in March 2008 under the L-JAC 7 Trust
Beneficial Interest and Trust Loan (L-JAC 7) transaction.

Of the remaining loan and specified bonds that back the
transaction, the servicer completed the sale of the collateral
property for one of the specified bonds.  However, the specified
bond, which had defaulted, incurred a principal loss following the
property sale.  The specified bond originally represented about
14% of the total initial issuance amount of the trust certificates
and trust loan.  Following the impairment of the specified bond,
the principal on classes C and D-2 was fully or partly written off
on the trust payment date in October 2013.  S&P' lowered its
ratings on these classes after confirming that they have incurred
actual losses.

Currently, only one specified bond with an unsold collateral
property remains.  This specified bond, which has also defaulted,
originally represented about 24% of the total initial issuance
amount of the trust certificates and trust loan.

S&P intends to maintain its 'D (sf)' ratings on the class C and D-
2 trust certificates for at least 30 days, and then withdraw its
ratings on these classes.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Four specified bonds and four nonrecourse
loans originally issued by/extended to eight obligors initially
secured the trust certificates issued under this transaction, and
16 real estate properties and real estate beneficial interests
originally backed the specified bonds and nonrecourse loans.
Lehman Brothers Japan Inc. arranged the transaction, and Premier
Asset Management Co. acts as the servicer.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion trust certificates due October 2014

Class     To         From          Initial issue amount     Coupon
type
C         D (sf)     CCC- (sf)     JPY3.14 bil.      Floating rate
D-2       D (sf)     CCC- (sf)     JPY1.10 bil.      Floating rate



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


WEST HARBOUR: Waipareira Trust Seeks NZ$1.3MM From Developer
------------------------------------------------------------
Matt Nippert at Stuff.co.nz reports that the fallout from a soured
friendship and business relationship between talkback host and
former politician John Tamihere and developer Brent Ivil has
returned to the High Court in Auckland on October 30.

According to the report, Tamihere's Waipareira Trust is seeking
summary judgment against Mr. Ivil for NZ$1.3 million, on the basis
that a loan advanced in 2010, and subject to a personal guarantee,
had not been repaid.

The loan was to refinance a loan from Tower held over two
apartments, the court heard, the report relays.

Stuff.co.nz relates that Tim Allen, acting for Waipareira Trust
subsidiary Waipareira Investments, said the amount sought was
principal of NZ$640,000, penalty interest of 20.7 per cent, and
legal costs of more than NZ$300,000.

The report says the claim against Mr. Ivil is one of three live
legal arguments going through the courts following a soured joint-
venture deal between Mr. Ivil's companies and the trust to develop
a 20-story hotel in West Auckland.

Stuff.co.nz notes that Waterstone Insolvency, the liquidators of
Mr. Ivil's West Harbour Holdings, have upcoming High Court
hearings to pursue a claim of NZ$500,000 against Mr. Tamihere over
his receipt of a personal loan, and also to hear arguments that
Waipareira waived their security over a number of properties
following a failed bid to appoint a replacement liquidator.

Tamihere and Waipareira are defending both proceedings, the report
says.


WINDOW HOLDINGS: Liquidation Ruling Challenged in Supreme Court
---------------------------------------------------------------
NZN reports that a decision clearing the way for liquidators to
recover payments made before a firm's collapse is going to the
highest court in New Zealand.

According to the report, the Supreme Court has granted leave for a
company to challenge a Court of Appeal decision that it must pay
back NZ$13,000 it was paid by a customer that later went into
liquidation.

NZN relates that liquidators for Window Holdings Ltd sought
repayment of NZ$13,000 made to stabilisation technology specialist
Hiway Stabilisers less than two years before it was put into
liquidation in July 2011.

It challenged the demand and the High Court ruled against
liquidators Meltzer Mason but that decision was overturned by the
Court of Appeal, NZN says.

It ruled that under a change to the Companies Act in 2007 a
liquidator can legally claw back payments made by an insolvent
company to a contractor up to two years before its collapse - even
if legitimate services had been delivered in good faith in the
normal course of business, the report relates.

NZN notes that Hiway Stabilisers is being supported in its battle
by other members of the New Zealand Contractors Federation that
have chipped in NZ$18,000 to help with legal costs.

"The Court of Appeal decision set a dangerous precedent which
could leave many New Zealand businesses, of all kinds, that supply
goods and services on credit, facing the risk of having to pay
back money they have legitimately earned if a customer goes broke
within two years," the report quotes federation chief executive
Jeff Sole as saying.

"Hiway completed the contract properly, they were paid, and the
deal was closed off. They then paid their suppliers and staff and
invested the profit. Now they're being asked to give it all back."



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


HANWHA GROUP: Court Orders Chairman to Compensate Shareholders
--------------------------------------------------------------
The Korea Herald reports that a Seoul court ordered disgraced
Hanwha Group Chairman Kim Seung-youn on October 24 to compensate
the group's shareholders nearly KRW9 billion ($8.49 million) for
their massive losses.

The Korea Herald relates that the 61-year-old tycoon was indicted
on charges of ordering the group's executives to arrange the
illicit sale of Hanwha S&C bonds to his eldest son in 2005 at a
huge discount to help him take the largest stake in the group's IT
arm.

Chairman Kim and eight executives of South Korea's 10th largest
family-controlled conglomerate, however, were acquitted of the
charges in a criminal trial, the report relays.

The report says the group's two minority shareholders filed a
civil lawsuit, demanding that the nine pay back the losses to the
conglomerate.

According to the report, the Seoul Central District Court
partially ruled in favor of the plaintiffs and ordered Chairman
Kim to pay back KRW8.96 billion in damages, saying that he
inflicted massive financial losses to the shareholders in an aim
to maintain the control of the group.

"(Kim) holds liability in compensation for damages even if his
acquittal has been confirmed by the top court in a criminal
trial," Judge Yoon Jong-koo said in a ruling, the report relates.

The court, however, ruled that other executives are not liable,
saying that there is not enough evidence to prove that they were
negligent, according to The Korea Herald.

The Supreme Court last month reversed a lower court's ruling on
Kim on separate embezzlement charges and sent the case back to an
appellate court for a retrial, the report adds.


* Major South Korean Builders in Deeper Trouble
-----------------------------------------------
Choi Kyong-ae at The Korea Times reports that ongoing legal
disputes with the government will put more pressure on the
performance of local builders possibly for years to come, experts
and companies said.

Adding further woes to a construction sector still struggling with
sluggish sales, two government agencies recently banned dozens of
firms from bidding for construction projects placed by public
firms for up to 15 months, according to The Korea Times.

In a quick response to the move, Hyundai Engineering and
Construction and other accused firms filed for a preliminary
injunction to overturn the decision made by the Public Procurement
Service (PPS) and the Korea Water Resources Corporation (K water),
a Hyundai E&C spokeswoman told The Korea Times.

"The two public companies argue the builders colluded to evenly
share the mega project to refurbish the country's four biggest
rivers (under the former Lee Myung-bak government) but it is not
true," the spokeswoman told The Korea Times.

The National River Restoration, better known as the "four rivers
project," was aimed at reshaping and rehabilitating portions of
four of the country's biggest rivers, the Han, Geum, Naktong and
Yeongsan, to generate recreational areas for the public and
provide better protection against flooding.

An official from Daewoo Engineering & Construction stated that
accusations that large builders reaped profits worth about
1KRW trillion ($943 million) by exploiting their subcontractors,
made by some lawmakers, were groundless. "The fact is, most
construction companies sustained huge losses from the project
after they were forced to join," the official, as cited by the
Korea Times, said.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74


                             *********

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

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

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


                            *********

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

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

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

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

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


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