TCRAP_Public/131105.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

           Tuesday, November 5, 2013, Vol. 16, No. 219


                            Headlines


A U S T R A L I A

BILLABONG INT'L: Gets Cash Injection from Centrebridge, Oaktree
BLUESTONE MORTGAGES: Fitch Rates AUD3.6MM Class F Notes BB-
MISSION NEWENERGY: Posts $10 Million Profit in Fiscal 2013


C H I N A

CHINA FORESTRY: Moody's Puts Caa2 CFR on Review for Downgrade
SUNTECH POWER: Intends to Challenge U.S. Involuntary Bankruptcy
SUNTECH POWER: Involuntary Chapter 7 Case Summary
SUNTECH POWER: To Sell Main China Assets for $492MM to Rival


I N D I A

AMTRAK TECHNOLOGIES: CRISIL Rates INR7.5MM Cash Credit at 'B+'
ANAND SYNTHETICS: CRISIL Reaffirms B+ Ratings on INR61.3MM Loans
ANUTEX SHOPPING: CRISIL Assigns 'B+' Ratings to INR150MM Loans
ARIHANT METALS: CRISIL Assigns 'B' Ratings to INR200MM Loans
BAJRANG COTGIN: ICRA Reaffirms 'B-' Ratings on INR14.83cr Loans

BALAN NATURAL: ICRA Suspends 'B+' Rating on INR34.96cr Loan
BILOREE CAST: CRISIL Assigns 'BB-' Ratings to INR115MM Loans
CREATIVE BAKERS: CRISIL Reaffirms BB+ Ratings on INR126.5MM Loans
DHARAM EXPORT: ICRA Assigns 'B+' Ratings to INR7.5cr Loans
DHARMARATHINA TEXTILE: CRISIL Suspends B- Rating on INR200M Loans

E R AUTOMOTIVES: CRISIL Reaffirms 'BB' Ratings on INR58MM Loans
EDIBLE PRODUCTS: ICRA Rates INR3cr Cash Credit Limit at 'BB-'
FRANK LIFECARE: ICRA Assigns 'B+' Ratings to INR15cr Loans
GLOBE CAPACITORS: ICRA Reaffirms 'BB' Ratings on INR21.44cr Loans
GOALTORE COLD: CRISIL Upgrades Ratings on INR60.1MM Loans to 'C'

HARIOM FLEXIPACK: ICRA Assigns 'B' Ratings to INR8.05cr Loans
INDOGREEN INT'L: CRISIL Suspends 'D' Ratings on INR107MM Loans
J & J PRECISION: CRISIL Rates INR100MM Cash Credit at 'B'
JMM INFRA: CRISIL Suspends 'B' Rating on INR105MM Long-Term Loan
KAMAKHYA COLD: CRISIL Suspends 'B' Rating on INR84MM LT Loan

KANCHAN OIL: ICRA Assigns 'BB' Rating to INR3cr Loan
KOHINOOR EXPORT: CRISIL Rates INR40MM Cash Credit at 'B'
KROSS MANUFACTURERS: CRISIL Suspends 'D' Rating on INR280MM Loans
LAVANYAA'S COTTON: CRISIL Assigns 'B' Ratings to INR52.4MM Loans
LINKSON COAL: ICRA Suspends 'BB' Ratings on INR45cr Loans

MARCK BIOSCIENCES: CRISIL Suspends D Ratings on INR835.7MM Loans
MECORDS INDIA: ICRA Assigns 'D' Ratings to INR35cr Loans
MOHANDAS MOTORS: CRISIL Assigns 'D' Ratings to INR150MM Loans
NSHM ACADEMY: CRISIL Suspends 'B-' Ratings on INR368.1MM Loans
PRAKASHA MOTORS: ICRA Assigns 'B' Ratings to INR10cr Loans

RAJ KUMAR: ICRA Assigns 'BB+' Ratings to INR20cr Loans
RAJ VEHICLES: CRISIL Assigns 'B+ 'Ratings to INR200MM Loans
RISHABH INDUSTRIES: CRISIL Rates INR100MM LT Loan at 'B+'
SAANIKA INDUSTRIES: ICRA Assigns 'BB' Ratings to INR39.95cr Loans
SAVITRI EDUCATION: CRISIL Rates INR350MM Term Loan at 'BB-'

SENTINI HOSPITALS: CRISIL Puts 'BB' Ratings on INR330MM Loans
SIGNET INDUSTRIES: ICRA Assigns 'BB+' Ratings to INR141cr Loans
SILICON CARS: ICRA Suspends 'BB' Rating on INR8.75cr Loans
SR BREWERIES: ICRA Lowers Ratings on INR57cr Loans to 'D'
SREE MAA: CRISIL Suspends 'D' Ratings on INR537.2MM Loans

SURESH CHAND: CRISIL Rates INR15MM Loan at 'BB+'
VARUN INDUSTRIES: Lenders Files Suit to Recover Unpaid Debt
VICHITRA PRESTRESSED: ICRA Assigns 'B+' Rating to INR5cr Loan
VIP AUTOMOBILES: ICRA Suspends 'BB-' Rating on INR5.5cr Loans


J A P A N

NINTENDO CO: Records Third Straight Quarterly Operating Loss


N E W  Z E A L A N D

ROSS ASSET: PwC Appointed as Receivers to Family Trust
* NEW ZEALAND: Wellington Region Receivership Portfolio on Market


P H I L I P P I N E S

VITARICH CORP: Wins SEC Approval to Raise Capital Stock


S O U T H  K O R E A

HANJIN SHIPPING: To Borrow KRW150BB From Korean Air to Survive


X X X X X X X X

* BOND PRICING: For the Week Oct. 28 to Nov. 1, 2013


                            - - - - -


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


BILLABONG INT'L: Gets Cash Injection from Centrebridge, Oaktree
---------------------------------------------------------------
The Sydney Morning Herald reports that Billabong International
said that US$300 million (AUD315.8 million) in funding from its
new private equity partners, Centrebridge Partners and Oaktree
Capital, had been received and used to repay a bridging facility.

Meanwhile a convoluted and complex musical chairs manoeuvre within
the Billabong  boardroom will see three directors step down, two
directors appointed and a third director who was intending to
leave actually now stay, SMH relates.

According to the report, Billabong, which has been in desperate
need of a cash injection following billions of dollars in losses
and writedowns in the face of a slump in sales and profits, also
said in a statement to the Australian Securities Exchange on
November 4 that has agreed to sell its Canadian retail chain
West 49 to YM Inc for between CAD9 million and CAD11 million.

SMH notes that Billabong has been forced to sell off a number of
its brands from its surf and streetwear portfolio in the last few
years to keep its head above water as the debt it was carrying
swelled into the hundreds of millions of dollars.

SMH states that Billabong was at the centre of a complex and
heated bidding war from private equity players over the last few
years to a deal to refinance and recapitalise the group with the
surfwear group originally doing a deal with US-based Altamont
before dumping it for a better deal with Centrebridge and Oaktree.

Billabong said November 4 that it has used fresh funds from
Centrebridge and Oaktree to repay in full a US$294 million bridge
loan facility from Altamont, together with accrued interest and
fees, according to SMH.

Billabong is still working with GE to provide an asset-based
multi-currency revolving credit facility of up to US$100 million -
- this has been now reduced from up to US$140 million in part due
to the sale of West 49. Under the refinancing deal Billabong will
grant 29.58 million options to the Centrebridge and Oaktree
consortium, SMH adds.

                         About Billabong

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.

Bloomberg News reported that the Gold Coast, Australia-based
company has closed 158 stores, canceled relationships with three-
quarters of its suppliers, and is cutting 15 percent of jobs in
its European division.

The value of its 13 brands fell to AUD90 million at the end of
June from AUD614 million in December 2011, and the Billabong label
itself is worthless, the company said in its financial statements,
Bloomberg said.  About AUD37 million of group brand value was
locked up in the DaKine outdoor clothing and backpack label which
Billabong sold to Altamont last month, relayed Bloomberg.

Four other brands, including Element skateboards and Palmers
surfboard accessories, were also written down to a zero valuation,
according to the statements cited by Bloomberg.

Full-year losses widened to AUD860 million in the year ended June
from a AUD276 million loss in the previous 12 months, compared to
the AUD547 million average loss expected from four analysts
surveyed by Bloomberg.  A 14 percent fall in sales put revenue
below the company's operating costs and the company took a loan
from Altamont Capital Partners to refinance its debt, Bloomberg
added.


BLUESTONE MORTGAGES: Fitch Rates AUD3.6MM Class F Notes BB-
-----------------------------------------------------------
Fitch Ratings has assigned Bluestone Mortgages Warehouse Trust's
mortgage-backed floating-rate notes final ratings as follows:

AUD169.8m Class A notes: 'AAAsf'; Outlook Stable
AUD6.8m Class B notes: 'AAsf'; Outlook Stable
AUD5.8m Class C notes: 'Asf'; Outlook Stable
AUD5m Class D notes: 'BBBsf'; Outlook Stable
AUD0m Class E notes: 'BBBsf'; Outlook Stable
AUD3.6m Class F notes: 'BB-sf'; Outlook Stable
AUD3m Class G notes: not rated
AUD6m seller notes: not rated

The notes are issued by Permanent Custodians Limited in its
capacity as trustee of Bluestone Mortgages Warehouse Trust.

At the pool cut-off date, the total collateral pool consisted of
422 loans with a total portfolio balance of AUD78.7m and an
average size of AUD186,598. The weighted average current loan-to-
value ratio was 66%, and the weighted average seasoning was 93.9
months. Credit-impaired mortgages comprise 49.1% of the pool.
Reduced documentation loans make up 70.1% of the portfolio. Of the
mortgages in the portfolio 0.5% are interest-only loans.
Investment loans account for 10.5% of the pool and owner occupier
loans the remainder. The agency has incorporated all the above-
mentioned factors into its credit analysis of the transaction. The
current facility limit is AUD200m.

Key Rating Drivers:

The Long-Term 'AAAsf' ratings on the Class A notes are based on
the quality of the collateral; 15.1% credit enhancement provided
by the subordinate class B, C, D, E, F, G and seller notes; excess
spread; a liquidity reserve account of 1.7% of outstanding notes,
funded by issue proceeds; and Bluestone Mortgages Limited's
underwriting and servicing capabilities.

The ratings on the class B, C, D, E and F notes are based on all
the strengths supporting the class A notes except their credit
enhancement levels.

Rating Sensitivities:

Unexpected decreases in the value of residential property or
increases in the frequency of foreclosures and loss severity on
defaulted mortgages could produce loss levels higher than Fitch
base case and could result in negative rating actions on the
notes. Fitch evaluated the sensitivity of the ratings assigned to
Bluestone Mortgages Warehouse Trust to increased defaults and
reduced recovery rates over the life of the transaction. Its
analysis found that all rated notes displayed little sensitivity
to increased defaults, with the Class A and C notes showing
downgrades of only one rating category even under Fitch's severe
(30% increase) scenario, the remaining rated notes did not
experience a downgrade under the same scenario. When subject to
reduced recovery rates, the class A, B and C notes suffered a one
category downgrade under Fitch's medium (15% reduction) scenario,
while the remaining rated notes did not experience a downgrade
under the same scenario.

The transaction shows significantly more sensitivity to a
combination of increased defaults and reduced recovery rates.


MISSION NEWENERGY: Posts $10 Million Profit in Fiscal 2013
----------------------------------------------------------
Mission NewEnergy filed its annual report with the U.S. Securities
and Exchange Commission disclosing profit of
$10.05 million on $8.41 million of total revenue for the year
ended June 30, 2013, as compared with a loss of $6.19 million on
$38.20 million of total revenue during the prior year.

The Company's balance sheet at June 30, 2013, showed
$20.10 million in total assets, $32.61 million in total
liabilities and a $12.50 million total deficiency.

A copy of the Annual Report is available for free at:

                        http://is.gd/i8qniK

                          Annual Meeting

The Annual General Meeting of the Shareholders of the Company will
be held at 2:30 pm (WST) on Nov. 29, 2013 at BDO, 38 Station St,
Subiaco, Perth, Western Australia, for the purposes of:

   (1) Adoption of renumeration report;
   (2) Re-election of director Dario Amara; and

   (3) Re-election of director Peter Torre.

A copy of the Notice is available for free at:

                        http://is.gd/zSpzgc

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of A$4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
A$24.4 million.

As of June 30, 2013, the Group had AU$7.53 million in total
assets, AU$32.60 million in total liabilities, and a AU$25.07
million total deficiency.



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


CHINA FORESTRY: Moody's Puts Caa2 CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed China Forestry Holdings Co.,
Ltd's Caa2 corporate family and senior unsecured bond ratings on
review for downgrade.

Ratings Rationale:

"The rating review is mainly driven by Moody's concerns over the
company's increased repayment risk, in view of its weakening
liquidity and its business model, which is proving inadequate for
prevailing conditions," says Chenyi Lu, a Moody's Vice President
and Senior Analyst.

Since the irregularities reported in its financial accounts in
early 2011, the company's operation has not recovered. It has
maintained a small scale operation in forestry management, and
wood processing and lumber trading, which contributed total
revenue of RMB101 million in 1H 2013.

But this business model does not generate sufficient cash flow to
service existing debt.

The company reported negative cash flow from operations of RMB136
billion for the 12 months ended in June 2013.

Thus, it has been relying on its cash balance to cover its
operating expenses and interest payments.

As a result, its cash position declined to RMB236 million as of
end-June 2013 from RMB396 million as of end-2012. Consequently,
its cash coverage on interest payments of about RMB120 million and
operating expenses of RMB130 million per year has declined to a
risky level.

Meanwhile, trading in the company's shares remains suspended and
this limits its ability to raise new equity.

"Moody's will review China Forestry's ability to improve its
current business model, resolve its share trading suspension, and
improve its liquidity position," says Lu.

China Forestry's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside China Forestry's core
industry and believes China Forestry's ratings are comparable to
those of other issuers with similar credit risk.

China Forestry, listed on the Hong Kong Exchange in 2009, is one
of China's operators of naturally regenerated forest plantations.
The company has rights over plantation assets in Sichuan and
Yunnan provinces.


SUNTECH POWER: Intends to Challenge U.S. Involuntary Bankruptcy
---------------------------------------------------------------
Suntech Power Holdings Co., Ltd., on Oct. 31 disclosed that it
intends to challenge the petition for involuntary bankruptcy filed
against it under Chapter 7 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court in the Southern District of New York.  The
Company has until November 6, 2013 to respond.

The petition was brought by a group of four asserted bondholders
holding in aggregate approximately $1.6 million of the Company's
3% Convertible Senior Notes Due 2013, representing less than 0.3%
of the total aggregate principal amount of approximately $541
million of Notes outstanding.  On September 20, 2013, a judgment
had been entered in favor of certain of such petitioning
bondholders with respect to repayment of their Notes.  Suntech is
currently appealing such judgment.

Michael Bathon, substituting for Bill Rochelle, the bankruptcy
columnist for Bloomberg News, reports that Suntech's main unit was
pulled into bankruptcy proceedings in China after the panel maker
missed a bond payment in March.  It was the world's biggest solar
manufacturer by 2011 shipments.

Suntech defaulted on $541 million in bonds, according to the
Chapter 7 filing.

Bondholders claim that that Suntech has failed to satisfy
judgments of more than $560,000 they won in September.

Wall Street investors funneled $1.28 billion into Suntech,
including the bonds and $742.6 million of stock sales in 2005
and 2009, according to the filing.

The company had $2.26 billion in debt at the end of the first
quarter, the last time it reported earnings.

                            About Suntech

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

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

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.


SUNTECH POWER: Involuntary Chapter 7 Case Summary
-------------------------------------------------
Alleged Debtor: Suntech Power Holdings Co., Ltd.
                575 Market Street
                San Francisco, CA 94105

Case Number: 13-13350

Type of Business: Producer of solar products for residential,
                  commercial, industrial, and utility
                  applications.

Involuntary Chapter 7 Petition Date: October 14, 2013

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Stuart M. Bernstein

Petitioners' Counsel: Jay Teitelbaum, Esq.
                      TEITELBAUM & BASKIN LLP
                      1 Barker Avenue, Third Floor
                      White Plains, NY 10601
                      Tel: 914 437 7670
                      Fax: 914 437 7672
                      Email: jteitelbaum@tblawllp.com

Alleged Debtor's petitioners:

Petitioner                       Nature of Claim  Claim Amount
----------                       ---------------  ------------
Trondheim Capital Partners, L.P.  Federal Court      $516,277
2224 Buckaroo Trail               Jugment
Gilbert, AZ 85295

Michael Meixler                   Federal Court       $51,627
4451 S. White Mountain Rd #A      Judgment
Show Low, AZ 85901

Longball Holdings, LLC            Federal Court       $10,325
107 S. Tower Ave                  Judgment
Centralia, WA 98531

Jiangsu Liquidators, LLC          Matured Note/    $1,000,000
2224 Buckaroo Trail               Indenture
Gilbert, AZ 85295


SUNTECH POWER: To Sell Main China Assets for $492MM to Rival
------------------------------------------------------------
Wayne Ma, writing for The Wall Street Journal, reported that
Suntech Power Holdings Co. agreed to sell its core assets in China
for three billion yuan ($492 million) to a smaller rival,
attempting to pay back creditors after defaulting on billions of
dollars in debt.

According to the report, Shunfeng Photovoltaic International Ltd.
said on Nov. 3 Sunday that it won a bid to acquire the main
Chinese unit of Suntech, once the world's largest solar-panel
supplier.  As part of the deal, Shunfeng said it would absorb Wuxi
Suntech losses of up to 20 million yuan a month between March 20
and Oct. 31. It also would provide funds for upgrading Wuxi
Suntech's facilities within two years.

The unit, Wuxi Suntech Power Co., owns intellectual property, more
than two gigawatts of solar-panel manufacturing capacity and a
research-and-development operation, according to people familiar
with the company, the report related.

Suntech, which has struggled amid a global overcapacity of solar
panels and falling prices, defaulted on $541 million in U.S.
convertible bonds in March, the report added.  That triggered
defaults on its Chinese debt and put Wuxi Suntech into bankruptcy
proceedings in China. Including the bonds, Suntech holds more than
$2.3 billion in mostly Chinese debt.

Shunfeng said that it paid a 500 million yuan deposit to acquire
Wuxi Suntech, the report further related.  The deal is subject to
the approval of Shunfeng's shareholders and the local court
supervising Wuxi Suntech's restructuring. Shunfeng said it would
pay the balance of the purchase price within a month of getting
approval for the deal.

                            About Suntech

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

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

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.



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I N D I A
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AMTRAK TECHNOLOGIES: CRISIL Rates INR7.5MM Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Amtrak Technologies Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term      12.5     CRISIL A4 (Assigned)
   Bank Loan Facility

   Bank Guarantee          100.0     CRISIL A4 (Assigned)

   Cash Credit               7.5     CRISIL B+/Stable (Assigned)

The ratings reflect ATPL's low profitability due to intense
competition, and its working-capital-intensive operations. These
weaknesses are partially offset by the extensive experience of
ATPL's promoters in the information technology (IT) industry and
its strong relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that ATPL will continue to benefit over the medium
term from the extensive industry experience of its promoters, and
its established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if ATPL improves its
profitability, while substantially improving its scale of
operations and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if the company's revenue growth slows
down, or its capital structure or debt protection metrics
deteriorate.

ATPL is a closely held company that provides IT solutions, mainly
in networking through network security solutions and data security
hardware. The company was incorporated in 1996 and promoted by Mr.
Sandeep Arya, a Delhi-based entrepreneur, along with his family
members.

ATPL reported a profit after tax (PAT) of INR11.5 million on net
sales of INR368 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR9.4 million on net sales
of INR265 million for 2011-12.


ANAND SYNTHETICS: CRISIL Reaffirms B+ Ratings on INR61.3MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Anand
Synthetics continues to reflect AS's average financial risk
profile, marked by a modest net worth, high gearing, and average
debt protection metrics. The ratings also factor in the firm's
working-capital-intensive operations and its exposure to intense
market competition because of the commoditised nature of its
business. These rating weaknesses are partially offset by the
extensive experience of AS's partners in the polypropylene multi-
filament yarn industry, and its established ties with customers.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           20      CRISIL B+/Stable (Reaffirmed)
   Term Loan             41.3    CRISIL B+/Stable (Reaffirmed)

Outlook Stable

CRISIL believes that AS will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with key customers.. The outlook may be
revised to 'Positive' if the partners infuse funds into AS,
leading to improvement in its capital structure or if AS achieves
a sustainable and significant improvement in scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if the firm's profitability is lower than expected,
resulting in lower cash accruals, if its working capital
management deteriorates or if the firm undertakes any large debt
funded capex leading to any further deterioration in financial
risk profile

Update

For 2012-13 (refers to financial year, April 1 to March 31), AS
registered revenues of INR168.2 million, broadly in line with
CRISIL's expectations. The firm's scale of operation is expected
to remain stable over the medium term. AS's operating margin, at 6
per cent in 2012-13, was in line with past trends, and is expected
to remain around this level over the medium term. AS's operations
remain working-capital-intensive, reflected in its high gross
current assets of 105 days as on March 31, 2013. CRISIL believes
that the firm's working capital requirements will remain high over
the medium term. During 2012-13, AS completed its planned capital
expenditure (capex) of around INR63 million for enhancing its
production capacity to 200 tonnes per month (tpm) from 125 tpm.
The new capacities have been operational since April 2013. AS does
not plan any significant debt-funded capex over the medium term.

AS's financial risk profile remained average, marked by a modest
net worth of INR19.4 million and high gearing of 4.79 times as on
March 31, 2013. The firm's debt protection metrics were average,
with a net cash accruals to total debt ratio of 0.07 times. CRISIL
believes that in the absence of any significant debt-funded capex
plans, AS's financial risk profile will remain average over the
medium term. AS's liquidity was stretched, marked by tightly
matched cash accruals expected at around INR90 million during
2013-14 against debt repayment obligations of around INR85 million
for the year. The firm's bank limit utilisation was moderate, and
averaged at around 72 per cent during the 12 months through
September 2013.

AS was set up as a partnership firm in 2002 by Mr. Dilipbhai
Makwana and his brother. In 2007, the firm came under the
management of Mr. Dilipbhai Makwana, his son, Mr. Bharat Makwana,
and his wife, Mrs. Hansa Makwana. It manufactures polypropylene
multi-filament yarn at its plant at Bhavnagar (Gujarat).


ANUTEX SHOPPING: CRISIL Assigns 'B+' Ratings to INR150MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Anutex Shopping Mall LLP.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             75      CRISIL B+/Stable (Assigned)
   Term Loan               75      CRISIL B+/Stable (Assigned)

The ratings reflect ASML's initial stage of operations; along with
geographical concentration in revenues in the competitive apparel
and gold retail market and expected working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that ASML derives from the extensive experience of its
promoters in apparel retailing.

Outlook: Stable

CRISIL believes that Anutex Shopping Mall LLP will benefit over
the medium term from its partners' extensive business experience
in apparel and gold retailing. The outlook may be revised to
'Positive' if the firm successfully scales up its operations,
while improving its working capital management and generating
better-than-expected accruals. Conversely, the outlook may be
revised to 'Negative' if ASML's working capital cycle weakens, or
if the firm undertakes any significant debt-funded capex
programme, leading to deterioration in its financial risk profile.

ASML started its operations on May 2013. The firm is engaged in
the retailing of saris, readymade garments (kids, men's and
women), gold and silver jewellery. Its day-to-day operations are
managed by Mr. P Srinivas, Mr. Nageshwara Rao, and Mr. P
Rajashekhar who are its partners.


ARIHANT METALS: CRISIL Assigns 'B' Ratings to INR200MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Arihant Metals (Jodhpur).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           90       CRISIL B/Stable (Assigned)
   Term Loan            110       CRISIL B/Stable (Assigned)

The rating reflects AMJ's modest scale of operations, weak
financial risk profile and susceptibility of its operating margin
to fluctuations in raw material prices. These rating weaknesses
are partially offset by the extensive industry experience of the
proprietor in the steel industry.

Outlook: Stable

CRISIL believes that AMJ will benefit over the medium term from
its established customer relations and the proprietor's extensive
industry experience. The outlook may be revised to 'Positive' if
the firm reports higher-than-expected revenues with quick
stabilisation of its current and proposed capital expenditure
(capex) programmes, while maintaining its profitability, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if AMJ's revenues or profitability
decline significantly, or if the company is unable to promptly
stabilise its debt-funded capex programme, which could
significantly affect its financial risk profile.

AMJ was established in 1993, as a proprietorship concern by Mr.
Padam Raj Abani. The firm manufactures stainless steel sheets
which are used to manufacture utensils, kitchenware and pipes. AMJ
has a manufacturing facility in Jodhpur (Rajasthan). The firm's
operations are handled by Mr. Padam Raj Abani and his sons, Mr.
Pankaj Abani, and Mr. Gaurav Abani.

AMJ's book profit and net sales were estimated at INR6.4 million
and INR438 million, respectively, for 2012-13 (refers to financial
year, April 1 to March 31); the firm reported a book profit of
INR4.3 million on net sales of INR306 million for 2011-12.


BAJRANG COTGIN: ICRA Reaffirms 'B-' Ratings on INR14.83cr Loans
---------------------------------------------------------------
ICRA has reaffirmed [ICRA]B- rating to the INR14.83 crore long
term fund based facilities of Bajrang Cotgin Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-              14.00       [ICRA]B- Reaffirmed
   Cash Credit

   Fund Based-               0.83       [ICRA]B- Reaffirmed
   Term Loan

The reaffirmation of rating factors in the weak financial profile
as evident from the highly leveraged capital structure, weak debt
coverage indicators and operating losses in FY13. The rating is
further constrained by the highly competitive and fragmented
industry structure owing to low entry barriers and vulnerability
of profitability to any adverse fluctuations in the raw material
prices, which are also subject to seasonality, crop harvest and
regulatory risks. The ratings further factor in the vulnerability
of profitability to currency fluctuations as majority of the sales
is derived by way of export sales to customers based in China.
However, the ratings favorably factor in the long track record of
the promoters in the ginning industry; favorable location of the
company's manufacturing facility in Rajkot giving it an easy
access to raw material and favourable demand outlook for cotton
and cottonseeds in the domestic as well as international market.

Bajrang Cotgin Private Limited was incorporated in the year 2005
and is engaged in the business of ginning and pressing of raw
cotton along with crushing of cotton seed to extract cotton seed
oil and cotton seed cake. The company's plant is located in Rajkot
with production capacity of 300 bales per day and 100MT capacity
of crushing oil seeds per day. Besides manufacturing, the company
is also engaged in trading of cotton seeds, yarn, lint, etc.

Recent Results
For the year ended on March 31, 2013, the company reported an
operating income of INR141.76 crore and profit after tax of
INR0.12 crore as against an operating income of INR149.07 crore
and profit after tax of INR0.09 crore for FY 2012.


BALAN NATURAL: ICRA Suspends 'B+' Rating on INR34.96cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR34.96 crores line of credit of Balan Natural Foods Private
Limited.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


BILOREE CAST: CRISIL Assigns 'BB-' Ratings to INR115MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Biloree Cast (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 60      CRISIL BB-/Stable (Assigned)

   Cash Credit               50      CRISIL BB-/Stable (Assigned)

   Proposed Long-Term         5      CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the extensive experience of BCIPL's promoters
in the automotive cylinder liner business, and its moderate
financial risk profile, marked by moderate gearing and comfortable
debt protection metrics. These rating strengths are partially
offset by BCIPL's modest scale of operations, customer
concentration in its revenue profile, and its working-capital-
intensive operations.

Outlook: Stable

CRISIL believes that BCIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if the company generates higher-than-
expected cash accruals or there is significant equity infusion by
its promoters, leading to further improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a significant decline in BCIPL's cash accruals or
deterioration in its working capital cycle, or if it undertakes a
large debt-funded capital expenditure programme, resulting in
weakening of its financial risk profile.

Incorporated in 1994, BCIPL manufactures cylinder liners for use
in the automotive industry. The company is promoted by Rajkot-
based Mr. Magan Dhingani; he and his two sons, Mr. Paresh Dhingani
and Mr. Deepak Dhingani, are its directors.

For 2012-13 (refers to financial year, April 1 to March 31), BCIPL
reported a profit after tax (PAT) of INR7.2 million on net sales
of INR181.4 million, against a PAT of INR5.2 million on net sales
of INR184.1 million for 2011-12.


CREATIVE BAKERS: CRISIL Reaffirms BB+ Ratings on INR126.5MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Creative Bakers &
Confectioners Private Limited continue to reflect its established
market position in eastern India and its average financial risk
profile marked by modest net worth and gearing, though constrained
by weak debt protection metrics. These rating strengths are
partially offset by CBCPL's limited pricing power because of
intense industry competition and its working-capital-intensive
operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           105      CRISIL BB+/Stable (Reaffirmed)

   Proposed Long-Term      6      CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

   Standby Line of        15.5    CRISIL BB+/Stable (Reaffirmed)
   Credit

Outlook: Stable

CRISIL believes that CBCPL will continue to benefit over the
medium term from its established market position and distribution
network in eastern India. The outlook may be revised to 'Positive'
if the company reports higher-than-expected operating margin and
achieves moderation in its working capital requirements, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' in case CBCPL's working capital management
deteriorates further or it undertakes a large, unanticipated debt-
funded capital expenditure programme, weakening its financial risk
profile.

CBCPL was set up in 1999 by Ms. Supriya Roy. The company
manufactures birthday cakes, pastries, savories bread and Indian
sweets.

CBCPL, on a provisional basis, reported a profit after tax (PAT)
of INR7.9 million on net sales of INR702.9 million for 2012-13
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR9.5 million on net sales of INR695.8 million
for 2011-12.


DHARAM EXPORT: ICRA Assigns 'B+' Ratings to INR7.5cr Loans
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the fund-based
limits and proposed limits of Dharam Export (India) Pvt. Ltd.
aggregating to INR7.50 Cr.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limit-        4.75        [ICRA]B+ assigned
   Cash credit

   Proposed limits          2.75        [ICRA]B+ assigned

The rating is constrained by the company's small size of
operations and high financial risk profile as characterized by low
profitability margins & working capital intensive nature of
operations in diamond processing segment. The rating is also
constrained by stiff competitive pressures in the industry and
the company's high geographic and customer concentration
particularly in the markets of Belgium and Dubai. Further, the
profitability margins also remain exposed to adverse fluctuations
in prices of rough and polished diamonds and the foreign exchange
rates.

The rating, however, favourably takes into account the promoters'
experience and operating track record of over four decades in the
CPD industry and established relationships with its customers.

Established in 2011, Dharam Export (India) Pvt. Ltd. (DEIPL) is
engaged in the business of cutting and polished diamonds (CPD).
DEIPL was set up as a proprietorship concern in 2002 and
subsequently in 2011 the firm was reconstituted as a private
limited company. The company has set up a manufacturing facility
in Surat in Gujarat. The company primarily deals in cutting and
polishing of rough diamonds in smaller sizes i.e upto 0.30 carats.

For FY 2012, the company reported Profit after Tax (PAT) of
INR0.46 Cr. on an operating income of INR44.76 Cr. For FY 2013,
the company has reported PAT of INR0.54 Cr. on an operating income
of INR51.31 Cr.


DHARMARATHINA TEXTILE: CRISIL Suspends B- Rating on INR200M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dharmarathina Textile Private Limited.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         3.5      CRISIL A4 Suspended
   Cash Credit           45.0      CRISIL B-/Negative Suspended
   Long-Term Loan       155.0      CRISIL B-/Negative Suspended

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

DTPL was set up by Mr. Dharmarajan and his son, Mr. D Ravi, in
2006. This is the promoters' first venture into the textile
industry. Their family has been running two rice mills and a rice
trading unit for the past 20 years in Aruppukottai.


E R AUTOMOTIVES: CRISIL Reaffirms 'BB' Ratings on INR58MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of E R Automotives Ltd
continue to reflect ERAL's above-average financial risk profile,
marked by comfortable gearing and healthy debt protection metrics,
the benefits that the company derives from its promoters'
extensive experience in the automobile components industry, and
its established relationship with its customers. These rating
strengths are partially offset by ERAL's small scale of
operations, high customer concentration, and working-capital-
intensive operations.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            45.0     CRISIL BB/Stable (Reaffirmed)

   Term Loan               7.5     CRISIL BB/Stable (Reaffirmed)

   Proposed Long-Term      5.5     CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that ERAL will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
components industry and its established relationships with its key
customers. The outlook may be revised to 'Positive' if ERAL
significantly increases its scale of operations or profitability,
leading to improvement in its financial risk profile, particularly
its liquidity. Conversely, the outlook may be revised to
'Negative' in case ERAL reports deterioration in its liquidity
because of less-than-expected cash accruals, larger-than-expected
working capital requirements or debt-funded capital expenditure
(capex).

Update

The company's business profile is expected to remain stable with
modest growth in sales over the medium term. During 2012-13
(refers to financial year, April 1 to March 31), the company's
revenues grew by 11 per cent year-on-year to INR350 million.
However, its operating margin declined to 6.7 per cent for the
year from 7.6 per cent in 2011-12. This was majorly driven by the
slowdown in the automotive industry leading to pressure on margins
of auto-components manufacturers. However, the company's financial
risk profile remains moderate with a net worth of INR68.9 million
resulting in a gearing of 1.02 times as on March 31, 2013. The
gearing is expected to slightly deteriorate to around 1.4 times
over the medium term driven by the on-going debt-funded capex
program undertaken for adding machines.

The company has weak liquidity marked by low cushion between
expected cash accruals for the year 2013-14 and fixed repayment
obligations. The company is expected to generate accruals of less
than INR15 million for 2013-14, against INR12 million of fixed
repayment obligations during the year. However, the company's bank
lines remain moderately utilised at 79 per cent for the 12 months
ended September 2013. Moreover, the company remains supported by
way of unsecured loans from promoters which stood at INR23.1
million as on March 31, 2013. The funding support from promoters
will remain a key rating sensitivity factor over the medium term.

CRISIL believes that ERAL's financial risk profile will remain
moderate over the medium term because of the capex undertaken by
the company.

ERAL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR327.9 million for 2012-13; the company reported a PAT
of INR2.9 million on net sales of INR291.1 million for 2011-12.

ERAL was established as a public limited company in 2006 by Mr.
Suman K Dhawan, Mr. Gesu Dhawan, Mr. Rahul Dhawan, Mr. Amit Nada,
and Mr. S K Arora. It manufactures gears, engine components, and
precision hydraulic parts. The company's products are used in the
tractor, two-wheelers, four-wheelers, and heavy earth-moving
equipment segments. ERAL has an in-house facility for its
manufacturing activities; however, it outsources the processes of
casting and plating to vendors.


EDIBLE PRODUCTS: ICRA Rates INR3cr Cash Credit Limit at 'BB-'
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]BB- to the INR3.00
crore cash credit limit of Edible Products (India) Limited. The
outlook on the long term rating is Stable. ICRA has also assigned
a short term rating of [ICRA]A4 to the INR4.00 crore non fund
based bank limits of EPIL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based-             3.00        [ICRA]BB- (Stable)
   Cash Credit Limit                   assigned

   Non Fund Based          4.00        [ICRA]A4 assigned
   Limit

While assigning the ratings, ICRA has considered the consolidated
performance of the Edible Group, due to the strong managerial and
financial linkages between various group entities. The ratings
take into account the long experience of the promoters in the
edible oil refining business, the low working capital intensive
nature of EPIL's operations, leading to a comfortable liquidity
profile, and its shared distribution network with other group
entities, which provides greater market reach. The assigned
ratings are, however, constrained by the company's low capacity
utilization, leading to higher overhead costs, the highly
competitive nature of the edible oil refining business, leading to
downward pressures on profit margins. ICRA has also factored in
EPIL's suppressed debt protection metrics, and the company's
exposure to geographical concentration risks with around 90% of
the sales being concentrated in West Bengal.

EPIL, a part of the Edible Group, was incorporated in 1982 and is
engaged in the trading and refining of edible oils, as well as
trading in sugar, pulses and salt. The company has an installed
capacity of 9000 tonne per annum (TPA) for refining of rice bran
oil at its production unit located in Kolkata.

Recent Results

EPIL reported a profit after tax (PAT) of INR0.12 crore
(provisional) during FY 2012-13 on an operating income of INR90.79
crore (provisional), as against a net profit of INR0.10 crore on
an operating income of INR92.06 crore during FY 2011-12.


FRANK LIFECARE: ICRA Assigns 'B+' Ratings to INR15cr Loans
----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR14.40 term loans
and the proposed INR0.60 crore long term facilities of Frank
Lifecare Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               14.40       [ICRA]B+ assigned
   Proposed Long             0.60       [ICRA]B+ assigned
   Term Facilities

The rating is constrained by the fact that the hospital is in
early project stage thereby leading to project execution risk.
Further, with no other operational hospitals, FLPL is exposed to
geographical concentration risk owing to its single location
presence. Also the hospital is likely to face competition from the
established hospitals in Delhi which is about 40 kilometres away
from the project site though it enjoys a good catchment area as it
is located in the high population density area of Sonipat
(Haryana) with a number of new colonies (such as TDI city, Parker
city etc) and institutions (such as Rajiv Gandhi University, Rai
IT park) coming up in the vicinity. However, ICRA takes note of
the wide experience of some of the promoters in the healthcare
industry with a number of specialities/departments proposed to be
headed by the promoter doctors and their spouses.

The company was incorporated in 1993 in the name of Frank
Pharmaceutical Private Limited and commenced operations as a whole
seller of medicines. In 2003, the company ventured into the
manufacturing of polypropylene laminated cloth sacks for the paint
industry. The sacks manufactured by the company are used by the
paint companies for the packaging of powder and paste form of
gysum (wall putty). In 2008, the whole sale business of medicines
was discontinued.

The company has now conceived of a hospital project (called Frank
Institute of Medicals Sciences) which is being constructed in
Sonipat district of Haryana. Pursuant of the decision to construct
a hospital the promoters would be divesting the packaging business
of the company. The total budgeted cost for the hospital project
is INR22 crore which is being funded by INR7.60 crore equity from
the promoters and INR14.4 crore debt. The hospital is expected to
commence operations in April 2015. The promoters of the hospital
project are Dr Anand Mittal (20% stake), Dr Anil Jain (15%), Dr.
Sandeep Jain (20%), Mr Rajpal Jain (20%), Mr Vijay Mittal (15%)
and Mr. Naresh Mittal (15%).

Recent Results
In FY13 the company reported profit after tax of INR0.03 crore on
net sales of INR1.36 crore as against profit after tax of INR0.01
crore on net sales of INR1.36 crore in FY12.


GLOBE CAPACITORS: ICRA Reaffirms 'BB' Ratings on INR21.44cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' for the
INR21.44 crore bank lines of Globe Capacitors Limited. The outlook
on the long-term rating is Stable. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4' for the INR8.00 crore non fund
based limits of GCL.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Working Capital        21.0       [ICRA]BB (stable) reaffirmed
   Limits

   Unallocated            0.44       [ICRA]BB (stable) reaffirmed

   Non Fund Based         8.0        [ICRA]A4 reaffirmed
   Limits

In assigning the ratings, ICRA has taken a consolidated view of
the financial and operating position of GCL along with its group
company - Super Electro Films Limited (SEFL), given the common
management, strong operational linkage and cross corporate
guarantee extended by both the companies. Majority of SEFL's
turnover is contributed to by GCL.

The rating action takes into account the steady revenue growth
registered by group driven by both increase in production volumes
and average realizations. Additionally the ratings continue to
factor in the group's established operational track record and
long experience of the promoters in the capacitor manufacturing
business; the semi integrated nature of operations of the group;
and long standing relations with established electronic appliance
manufacturers like LG Electronics India, Samsung India
Electronics, Whirlpool of India Limited, etc. However, the ratings
are constrained by the high working capital intensity of the
business primarily driven by high inventory levels. This has led
to consistently high utilisation of the working capital limits
availed from the bank, thereby translating into relatively high
gearing levels and modest debt protection metrics. Further, the
ratings continue to factor in the competitive nature of the
industry which along with the group's relatively modest scale
limits its bargaining power and pricing flexibility vis-a-vis its
large sized customers. The rating also factors in the
vulnerability of the group's profitability to the volatility in
raw material prices and to adverse movements in foreign exchange
rates given that the group exports finished goods and also imports
a sizeable portion of its raw material requirements. However, in
FY2013, as the level of exports was largely in-line with the level
of imports, a natural hedge was created and the risk was largely
mitigated.

Going forward, an increase in the group's scale of operations,
whilst maintaining its profitability and improvement in liquidity
position through better working capital management will remain the
key rating sensitivities.

Globe Capacitors Limited was setup in the year 1983 by Mr. S. P.
Agarwal to manufacture capacitors. The company has an installed
capacity to manufacture upto 300 lakh pieces per annum at its
manufacturing facility located in Faridabad, Haryana. In order to
backward integrate, the promoter group set up Super Electro Films
Limited (SEFL), in Faridabad (Haryana) for manufacturing GCL's key
raw material, metalized polypropylene (MPP) films. SEFL has an
installed capacity to manufacture 1440 TPA and meets the entire
MPP film requirement of GCL. The promoter group have also promoted
Greendot Health Foods Limited which is engaged in manufacturing
corn chips under the brand name Cornitos at is manufacturing
facility located in Roorkee (Uttarakhand). Presently the affairs
of the business group are being managed by Mr. S.P. Agarwal and
his two sons, Mr. Sanjay Agarwal and Mr. Vikram Agarwal.


GOALTORE COLD: CRISIL Upgrades Ratings on INR60.1MM Loans to 'C'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Goaltore Cold Storage Pvt Ltd to 'CRISIL C' from
'CRISIL D'.

                     Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          50.5     CRISIL C (Upgraded from
                                 'CRISIL D')

   Working Capital       9.6     CRISIL C (Upgraded from
   Demand Loan                   'CRISIL D')

The rating upgrade reflects timely servicing of interest on its
debt by GCSPL over the six months through September 2013. GCSPL
has an upcoming repayment obligation of around INR12 million in
November 2013, which continues to constrain its liquidity profile.
Timely servicing of this obligation or a reschedulement in the
time remains a key rating sensitivity factor.

The rating reflects GCSPL's financial risk profile, marked by high
gearing, weak debt protection metrics, and small net worth, and is
exposed to the intense competition in the cold storage industry in
west Bengal. These raying weaknesses are partially offset by the
extensive experience of GCSPL's promoters in the cold storage
business.

GCSPL was set up as a partnership firm in 1993, and was later
reconstituted as a private limited company in 1997. GSCPL is
promoted Mr. Tapan Kumar alongwith his family members. The company
operates a cold storage unit (primarily for storing potatoes) in
Paschim Medinipur district (West Bengal).


HARIOM FLEXIPACK: ICRA Assigns 'B' Ratings to INR8.05cr Loans
-------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to INR8.05 crore long term
fund based bank facilities of Hariom Flexipack Industries.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term, Fund          4.55        [ICRA]B assigned
   based limits-
   Term Loan

   Long term, Fund          3.50        [ICRA]B assigned
   based limits-
   Cash Credit

The assigned rating favorably factors in the long-standing track
record of the promoters in plastic bags and flexible packaging
business; along with diversified client profile with reputed FMCG
companies in portfolio; as well as healthy operating margins
though the net margins are suppressed on account of higher
depreciation and interest expense. The rating is, however,
constrained by a highly leveraged capital structure; weak coverage
indicators due to thin cash accruals; working capital intensive
operations and stiff competition from other players in highly
unorganized industry. ICRA also takes note of the small scale of
operations, along with the vulnerability associated with price
volatility of raw material which is a crude oil derivative.

Established in 2010, HFI is engaged in manufacturing of laminated
packaging material such as Printed Laminated Rolls, Pouches, Soap
Wrappers and Poly Coated Papers. The firm mainly caters to the
FMCG industry and the products manufactured by the firm find their
application in packaging of soaps, spices, grocery, wafers, and
food products etc. The manufacturing facility of the firm is
located in Kolhapur, Maharashtra. The firm is promoted by Mr.
Vijay Rohida and Mr. Sham Rohida. Rohida group is based out of
Kolhapur and has established track record in plastic bags and
flexible packaging business.


INDOGREEN INT'L: CRISIL Suspends 'D' Ratings on INR107MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Indogreen International.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7       CRISIL D Suspended
   Long-Term Loan          100       CRISIL D Suspended

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

Indogreen was set up in 2007 as a partnership firm, the partners
being NCJ International Ltd (NCJ) and GMPL. However, in 2010-11
(refers to financial year, April 1 to March 31), GMPL exited from
the partnership firm and the share held by the company was
acquired by NCJ and RCJ Investment Ltd in the ratio of 4:1. The
firm is currently commissioning a 50-room, three-star hotel, with
a resto-bar and two banquet halls, in East Delhi along National
Highway 24.


J & J PRECISION: CRISIL Rates INR100MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of J & J Precision Industries.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL B/Stable (Assigned)

The ratings reflect JJPI's modest scale of operations, exposure to
customer concentration risk and working capital intensive nature
of activity. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the proprietor.

Outlook: Stable

CRISIL believes that JJPI will continue to benefit from its
proprietor's extensive entrepreneurial experience over the medium
term. The outlook may be revised to 'Positive' in case JJPI
records a significant and sustained improvement in its revenues
and margins, while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in revenues and margins or further lengthening of its
working capital cycle or if the concern undertakes any debt funded
capex plans leading to pressure on the liquidity and financial
risk profile.

JJPI, established in 2013, is a proprietorship concern of Mr. Joit
Kumar Jain. The concern is engaged in manufacturing of memory
cards and other flash memory devices such as pen drives. Mr. Joit
Kumar Jain has also been associated with entities in the lighting
and electrical appliances such as Cenzer Industries Ltd. (rated
CRISIL BB-/Stable). JJPI's products are sold under its in-house
brand, JEC. The manufacturing facility and administrative office
of JJPI is located at Mapusa, Goa.

JJPI reported, on a provisional basis, a profit after tax (PAT) of
INR0.9 million on net sales of INR37.7 million for 2012-13 (refers
to financial year, April 1 to March 31).


JMM INFRA: CRISIL Suspends 'B' Rating on INR105MM Long-Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of JMM Infra
Projects Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           105      CRISIL B/Negative Suspended

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

JMMIPPL was set up in 2006 by the Mhatre family as a special
purpose vehicle for toll collection in a BOT project, awarded to
the Mhatre group by the Public Works Department, Maharashtra. The
company had been awarded the project for improving the 28.35-
kilometre Alibaug-Pen-Khopoli road in Raigad (Maharashtra) in
2004. Toll collections commenced in July 2007. The company's
revenues for 2010-11 (refers to financial year, April 1 to
March 31) are estimated at INR35 million.


KAMAKHYA COLD: CRISIL Suspends 'B' Rating on INR84MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kamakhya
Cold Storage (P) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           84       CRISIL B/Stable Suspended

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

KCSPL, a part of the K T group, was set up in 1997 to undertake
real estate development projects by Mr. R K Goel. The company is
implementing a residential and commercial project in Siliguri ,
West Bengal. The project is managed by Mr. R K Goel and his son,
Mr. Yogesh Goel. The commercial project is expected to be
completed by end of calendar year 2013 and its estimated cost is
around INR153.0 Million. The company has received the necessary
approvals and work on the project has just commenced. However,
term loan for the same is yet to be sanctioned.

The residential project is in the very initial stages. The company
has applied for the necessary approvals for the same which are yet
to be cleared.


KANCHAN OIL: ICRA Assigns 'BB' Rating to INR3cr Loan
----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR3.00
crore cash credit limit of Kanchan Oil Industries Limited. The
outlook on the long term rating is Stable. ICRA has also assigned
a short term rating of '[ICRA]A4' to the INR16.00 crore non fund
based bank limits of KOIL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-              3.00       [ICRA]BB (Stable) assigned
   Cash Credit Limit

   Non Fund Based          16.00       [ICRA]A4 assigned
   Limit

The assigned ratings take into account the experience of the
promoters in the edible oil refining business, the low working
capital intensive nature of KOIL's operations despite some
deterioration during the last two years, which provides support to
its liquidity profile and demonstrated track record of steady
growth in sales primarily on account of trading. The ratings also
take note of the product differentiation derived out of presence
of KOIL's own brands in the low value additive and highly
competitive edible oil refining business is likely to benefit the
company going forward. The assigned ratings are however,
constrained by the company's weak financial profile characterised
by low and declining margins, high gearing with deteriorating
capital structure and weak debt coverage indicators. The ratings
further incorporates KOIL's exposure to volatility in raw material
prices, and exposure to forex risks, notwithstanding the hedging
policy of the company, which leads to margin sensitivity and keeps
cash flows volatile. In addition, the declining duty differential
between crude and edible oil may expose the domestic edible oil
refining companies including KOIL to increased competition coming
from import of refined edible oil.

KOIL, incorporated in the year 1975, has its base in Kolkata and
is engaged in refining and trading of edible oils. KOIL is
primarily engaged in refining of crude palm oil (CPO) to refined
palm oil (RPO) and its subsequent hydrogenation to vanaspati at
its manufacturing unit located in Jhargram, West Bengal. KOIL is a
part of the Edible Group which has significant presence in the
edible oil refining business in East India.

Recent Results

KOIL reported a profit before tax (PBT) of INR0.76 crore during
the financial year 2012-13 on an operating income of INR169.12
crore (provisional numbers), as against a net profit of INR0.86
crore on an operating income of INR150.35 crore during the
financial year 2011-12.


KOHINOOR EXPORT: CRISIL Rates INR40MM Cash Credit at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kohinoor Export and Import Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40       CRISIL B/Stable (Assigned)
   Letter of Credit          80       CRISIL A4 (Assigned)

The ratings reflect KEIPL's modest scale of operations in the
intensely competitive synthetic rubber trading business, working
capital intensive nature of operations and weak 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 KEIPL's promoters in the
rubber trading and tyre manufacturing business.

Outlook: Stable

CRISIL believes that KEIPL will continue to benefit over the
medium term from its promoter's extensive experience in the rubber
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 KEIPL 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.

KEIPL, promoted in 1993, by Mr. S.P. Jain and his family members,
is engaged in trading of synthetic rubber. The company imports the
products from countries like Korea and Japan and sells to traders
as well as to tyre and rubber chappal manufacturers in and around
Punjab. The company has its administrative office in Jalandar.

KEIPL reported, on a provisional basis, a profit after tax (PAT)
of INR0.5 million on net sales of INR266 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR0.8 million on net sales of INR405 million for 2011-12.


KROSS MANUFACTURERS: CRISIL Suspends 'D' Rating on INR280MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kross
Manufacturers (India) Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              201.5    CRISIL D Suspended

   Corporate Loan             8.8    CRISIL D Suspended

   Letter of Credit          10.0    CRISIL D Suspended
   Proposed Short-Term

   Bank Loan Facility         1.4    CRISIL D Suspended

   Term Loan                 58.3    CRISIL D Suspended

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

KMIPL, incorporated in 1992, manufactures auto components of
tractors and trucks for OEMs. Its unit in Jamshedpur (Jharkhand)
manufactures axles, spindles, and universal joint crosses; the
axle is its major revenue driver. The company has about 10
customers. However, about 90 per cent of its revenues come from
four major OEMs: Tata Motors Ltd (TML), TAFE Motors and Tractors
Ltd (TAFE), Ashok Leyland Ltd (ALL), and Axle India Ltd (AIL). Mr.
Sudhir Rai is KMIPL's promoter-director.


LAVANYAA'S COTTON: CRISIL Assigns 'B' Ratings to INR52.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank facilities of Lavanyaa's Cotton Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        20      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Term Loan                 32.4    CRISIL B/Stable (Assigned)

The rating reflects LCI's expected weak financial risk profile
because of its ongoing debt-funded capital expenditure (capex) for
setting up a cotton ginning unit. The rating also reflects the
firm's exposure to risks arising from the expected debt funding of
its working capital requirements and to risks related to
commissioning of its project, and its susceptibility to volatility
in cotton prices and changes in government policies. These
weaknesses are partially offset by the extensive experience of
LCI's promoters in the cotton industry and the expected funding
support to the firm from them.

Outlook: Stable

CRISIL believes that LCI will benefit over the medium term from
its promoters' extensive experience in the cotton industry. The
outlook may be revised to 'Positive' if the firm ramps up
operations significantly on successful commissioning of its unit
and achieves better-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of weaker-than-
expected financial risk profile, particularly liquidity, most
likely because of delay in commissioning of the firm's project or
larger-than-expected working capital requirements.

LCI was set up in 2013 as a partnership firm by Mr. B Hari Babu,
Mr. D Venkateswarlu, Mr. B Kiran Kumar, Ms. B Koteswaramma, and
Ms. D Seethamahalakshmi for setting up a cotton ginning unit in
Haveri (Karnataka). The unit is expected to have ginning capacity
of 168 quintals per day and pressing capacity of 144 bales per
day, and is likely to start commercial operations in the last
quarter of 2013-14 (refers to financial year, April 1 to
March 31).


LINKSON COAL: ICRA Suspends 'BB' Ratings on INR45cr Loans
---------------------------------------------------------
ICRA has suspended '[ICRA]BB/Stable' rating to the INR45.00 crore
working capital facilities and [ICRA]A4 rating to the INR10.00
crore, short term, non-fund based (sub-limit of INR45.0 crore long
term facility) bank facilities of Linkson Coal & Minerals Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MARCK BIOSCIENCES: CRISIL Suspends D Ratings on INR835.7MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Marck
Biosciences Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           187.5     CRISIL D Suspended
   Letter of Credit       50.0     CRISIL D Suspended
   Long-Term Loan        598.2     CRISIL D Suspended

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

Marck, which began operations as a parenteral manufacturer in
1995, is a closely held, unlisted company. In India, the company
sells fluid therapy products, injectables, formulations, and
diluents to hospitals. It also manufactures nasal drops, wound
care products, respiratory and ophthalmic solutions, and diluents.
In the contract manufacturing segment, Marck manufactures
injectables, formulations, ophthalmic and respiratory solutions,
nebulae, and diluents, for Indian pharmaceutical companies. The
company will soon start its lens cleaning solution division. Marck
also sells fluid therapy products in more than 60 countries. The
company manufactures large- and small-volume parenterals at its
unit in Kheda (Gujarat).


MECORDS INDIA: ICRA Assigns 'D' Ratings to INR35cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' and a short-term
rating of '[ICRA]D' to the fund-based and non-fund based limits of
Mecords India Ltd. aggregating to INR35.00 Cr.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund based limit-          2.08      [ICRA]D assigned
   Sanctioned OD

   Fund based limit-         15.92      [ICRA]D assigned
   Cash credit

   Fund based limit-          5.00      [ICRA]D assigned
   PCFC

   Non-fund based limits-    12.00      [ICRA]D assigned
   Letter of Credit

The ratings are constrained by the company's stretched liquidity
position leading to recent delays in debt servicing, as also
evident from its consistent over-utilisation of working capital
limits. The ratings also take into account the weak financial risk
profile of the company as reflected by its low profitability at
net level, stretched capital structure as well as working capital
intensive nature of the operations. Further, the profitability
margins remain thin at net level due to intense competitive
pressures as well as the same remains exposed to both the
volatility in raw material prices and any foreign exchange
fluctuations.

The ratings, however, consider favourably the long and established
track record of the company's promoters in the technical textile
business, the company's reputed and established customer base in
domestic and export markets and strong relationships with its
suppliers.

Incorporated in 1990 and operational from 1993, Mecords India
Limited (MIL) is a manufacturer of technical textiles and
industrial fabrics including Chafer, Liner and Speciality fabrics
used mainly in the tyre industry. The company has a manufacturing
facility in Tarapur with a capacity of 1612 MT for Chafer and 550
lakh meters for industrial and speciality fabric. The company also
has an in-house R&D and quality assurance department which ensure
high quality standards for its products. MIL's products are
approved by all the domestic tyre manufacturing companies for
their plants and some of the international tyre manufactures like
Goodyear International and Sumitomo, Japan. The company sells the
fabric in domestic and export markets.

For FY 2012, the company reported Profit after Tax (PAT) of
INR0.32 Cr. on an operating income of INR53.72 Cr. For FY 2013,
the company has reported PAT of INR0.91 Cr. on an operating income
of INR52.95 Cr. (provisional)


MOHANDAS MOTORS: CRISIL Assigns 'D' Ratings to INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Mohandas Motors Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        30      CRISIL D (Assigned)
   Bank Loan Facility

   Inventory Funding        100      CRISIL D (Assigned)
   Facility

   Long-Term Loan            20      CRISIL D (Assigned)

The rating reflects instances of delay by MMPL in servicing its
term loan obligations; the delays have been caused by the
company's weak liquidity. MMPL also has a weak financial risk
profile, marked by small net worth and high total outside
liabilities to tangible net worth ratio. The company, however,
benefits from its promoters' extensive entrepreneurial experience.

Set up in 2009, MMPL is a Tata Motors Ltd dealer for passenger
cars and utility vehicles in Trivandrum in Kerala. The company was
promoted by Mr.Mohandas and his family.

MMPL reported a net loss of INR9 million on net sales of INR697
million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net loss of INR37 million on net sales of
INR379 million for 2010-11.


NSHM ACADEMY: CRISIL Suspends 'B-' Ratings on INR368.1MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of NSHM
Academy.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          356.6     CRISIL B-/Stable Suspended
   Proposed Long-Term       11.5     CRISIL B-/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by NSHM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NSHM is yet to
provide adequate information to enable CRISIL to assess NSHM'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 financial risk profiles of NSHM and
Haricharan Garg Charitable Trust (HCG), collectively referred to
as the NSHM group. This is because both entities have fungible
cash flows and a common management.

The NSHM group runs two institutes in West Bengal. The NSHM
Knowledge Campus, Durgapur (West Bengal) and The NSHM Knowledge
Campus, Kolkata (West Bengal). The Durgapur campus set up in 1998,
is spread over an area of 23.65 acres and is run by the trust NSHM
Academy. The Kolkata campus which was set up in 2006-07 is
operated by the HCG Charitable Trust. The Kolkata campus is spread
over an area of 2.17 acres


PRAKASHA MOTORS: ICRA Assigns 'B' Ratings to INR10cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR5.95 crore term loan
facilities, INR1.5 crore long-term fund based facilities and
INR2.55 crore long-term non-fund based facilities of Prakasha
Motors.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans              5.95         [ICRA]B/assigned

   Long-Term Fund          1.50         [ICRA]B/assigned
   Based Limits

   Long-Term Non-          2.55         [ICRA]B/assigned
   Fund Based Limits

The assigned rating takes into account the long standing
experience of the promoters in the dealership business, its
established relationship with the market leader in the domestic
two wheeler segment - Hero Motocorp Limited and healthy market
share of the Firm in the Davengere two-wheeler market. The ratings
are however constrained by the stretched financial profile of the
Firm, characterized by high gearing and weak coverage indicators
and also thin profit margins owing to the competitive pressures
and low value addition in the dealership business, supported to an
extent by the income generated from servicing of vehicles and sale
of spares. Further, the liquidity position of the Firm is strained
owing to the working capital intensive nature of operations
coupled with the modest accruals, limited by the thin margins and
weak demand conditions in the recent past. The Firm has recently
undertaken a project for erecting electrical poles in the
Davengere district for INR23 Crore, with the operational and
financial support extended by group entities. While the same
coupled with the income from solar power (being established in the
current fiscal) are likely to support earnings, capital structure
is expected to remain stretched in the short to medium term owing
to the debt funded capital expenditure incurred in the current
fiscal.

Prakasha Motors was incorporated as a partnership firm in the year
2004 by the Amberkar family. The Firm is engaged in two wheeler
dealership business for Hero Motocorp Limited in Davengere,
Karnataka. The Firm is also involved in generating renewable
energy through its windmills in Tamilnadu (0.25 MW) and is
currently in the process of establishing solar power unit in
Hindupur in Andhra Pradesh (1 MW). The promoters have diversified
interests, with the group also engaged in manufacturing of
electric poles and hume pipes out of its 8 factories in Karnataka.

Recent Results

For 2012-13, the Firm reported a profit after tax (PAT) of INR0.4
crore on an operating income of INR33.8 crore as against a profit
before tax (PAT) of INR0.4 crore on an operating income of INR33.1
crore during 2011-12.


RAJ KUMAR: ICRA Assigns 'BB+' Ratings to INR20cr Loans
-------------------------------------------------------
ICRA has assigned a rating of [ICRA]BB+ to the INR20.0 crore term
loans and fund based facilities of Raj Kumar Goel Educational
Foundations. The outlook on the long term rating is 'stable'.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits         17.0     [ICRA]BB+ (stable) assigned
   Term loans                 3.0     [ICRA]BB+ (stable) assigned

The rating favorably factors in the established track record of
RKGEF's engineering college in Ghaziabad (Uttar Pradesh) supported
by adequate infrastructure and experienced faculty profile. The
rating also draws comfort from RKGEF's moderate revenue growth
backed by growing sanctioned intake and healthy occupancy in its
B-Tech courses. While assigning the rating, ICRA has also taken
note of RKGEF's healthy liquidity position and modest leverage
levels, which are expected to continue considering that RKGEF does
not have any significant debt funded expansion plans. The ratings
are however constrained by the declining profitability on account
of rising employee costs and administration expenses, and advances
extended by RKGEF to group trusts in the past. Further, exposure
to high competition from various other colleges/courses operating
in the vicinity and adverse changes in regulations in the
education sector remains. Going forward, RKGEF's ability to
maintain its operating metrics and revenue growth and improve its
profitability indicators will be key rating sensitivities.

Raj Kumar Goel Educational Foundations (RKGEF) is a non-profit
making trust and is part of the Ghaziabad based Raj Kumar Goel
group on institutions. At present the group runs eight educational
institutes in the region. RKGEF established the flagship institute
of the group, Raj Kumar Goel Institute of Technology(RKGIT) in the
year 2000. RKGIT is affiliated to Mahamaya Technical University,
Uttar Pradesh and offers B.Tech, MBA, B Pharm, M Pharm and MCA
courses. It also runs the Lala Mangat Ram Mahavidyalaya which
offers B.Ed course.

Recent results

In FY13, the trust reported an operating income of INR30.2 crore
with an OPBDIT of INR6.6 crore translating to operating margin of
21.9% and net profit of INR3.4 crore translating to a net margin
of 11.3%. As of Mar 31st 2013, the society had a total debt of
INR20.6 crore largely comprising of working capital borrowings.
With a net worth of INR26.8 crore, the leverage stood at 0.77
times.


RAJ VEHICLES: CRISIL Assigns 'B+ 'Ratings to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Raj Vehicles Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           180      CRISIL B+/Stable (Assigned)
   Term Loan              20      CRISIL B+/Stable (Assigned)

The rating reflects RVPL's weak financial risk profile, marked by
high debt and small net worth, and exposure to intense competition
in the automobile dealership market. These rating weaknesses are
partially offset by the extensive experience of RVPL's promoters
in the auto dealership business.

Outlook: Stable

CRISIL believes that RVPL will maintain its business risk profile
backed by its promoters' extensive experience in the auto
dealership business. The outlook may be revised to 'Positive' if
the financial risk profile improves on account of better operating
profitability and accruals or significant capital infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
the company undertakes any debt-funded capital expenditure or if
there is more-than-expected increase in the working capital
thereby leading to further deterioration in its financial risk
profile.

Incorporated in 2007, RVPL is an authorised dealer of Mahindra &
Mahindra Ltd (MML) for the manufacturer's entire range of
passenger vehicles, utility vehicles and two-wheelers in three
districts of Punjab-Patiala, Sangrur, and Barnala. The company is
operating three showrooms in the sales, service, and spares (3S)
format, of which two showrooms are located in Patiala and one
showroom is in Barnala and Sangrur each. The company is promoted
and managed by Mr. Rajvinder Singh and his family members.

RVPL reported profit after tax (PAT) of INR9.2 million on net
sales of INR2463.2 million for 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR3.6 million on net sales
of INR1859.0 million for 2011-12.


RISHABH INDUSTRIES: CRISIL Rates INR100MM LT Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rishabh Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       100      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The ratings reflect RI's modest scale of operations, exposure to
customer concentration risk and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of RI's proprietor in the lighting industry.

Outlook: Stable

CRISIL believes that RI will continue to benefit from its
proprietor's experience in the lighting industry. The outlook may
be revised to 'Positive' in case RI records a significant and
sustained improvement in its revenues and margins, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in revenues
and margins, or further lengthening of its working capital cycle
or if the concern undertakes any debt-funded capital expenditure
(capex) programme, leading to pressure on the liquidity and
financial risk profile.

RI is a proprietorship concern of Mr. Mayur Jain. RI is engaged in
manufacturing of compact fluorescent lamps (CFL). The operations
of RI have been carried out for more than a decade. Mr. Mayur Jain
took over the management of the concern from the earlier
proprietor in 2013. He manages the day to day operations alongwith
his father Mr. Joit Kumar Jain, a businessman with interests in
lighting, electrical appliances and memory cards industry. RI is a
supplier of CFL for established brands such as Crompton Greaves
Ltd and Finolex Industries Ltd. The manufacturing facility of the
concern is located in Mapusa (Goa).

RI reported, on a provisional basis, a profit after tax (PAT) of
INR6.6 million on net sales of INR362.1 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR5.8 million on net sales of INR270 million for 2011-12.


SAANIKA INDUSTRIES: ICRA Assigns 'BB' Ratings to INR39.95cr Loans
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the INR12.32
crore term loan facility and INR27.60 crore fund-based limits of
Saanika Industries Private Limited. ICRA has also assigned a
short-term rating of '[ICRA]A4' to the INR2.10 crore non-fund
based limits of SIPL. ICRA has also assigned ratings of [ICRA]BB
and [ICRA]A4 to the INR0.03 crore proposed limits of SIPL. The
long-term rating has a stable outlook.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            12.32        [ICRA]BB (stable) assigned

   Fund-based Limits    27.60        [ICRA]BB (stable) assigned

   Non-Fund Based        2.10        [ICRA]A4 assigned
   Limits

   Proposed Limits       0.03        [ICRA]BB (stable)/[ICRA]A4
                                     assigned

The ratings are constrained by the modest financial profile of the
company with low margins and leveraged capital structure. The
ratings are further constrained by the vulnerability of the
company's profitability to fluctuations in prices of POY;
vulnerability to changes in export regulations; the limited
bargaining power with its suppliers in terms of prices and credit
period offered and the competitive business environment due to the
fragmented nature of the industry with presence of large number of
players in the organized and unorganized segment.

The ratings, however, favourably consider the established track
record of the promoters in the textile business; low customer
concentration risk; healthy growth in revenues supported by strong
demand indicators in the export markets; geographically
diversified presence with export sales to over fifty countries and
the location advantage by the virtue of proximity to raw material
sources.

Incorporated in 2006, Saanika Industries Private Limited (SIPL) is
engaged in texturing of partially oriented yarn (POY). The company
is managed by Mr. Om Prakash Agarwal, having an experience of over
two decades in the textile industry. The company has its texturing
unit in Surat, Gujarat with total installed capacity of 7,440
spindles (24 texturing machines). The company sells its product
both in the domestic market as well as exports its products to
over 50 countries.


SAVITRI EDUCATION: CRISIL Rates INR350MM Term Loan at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facility of the Savitri Education Foundation.

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

The rating reflects the benefits that SEF is likely to derive from
the healthy demand prospects in the education sector in India; and
the extensive experience of trustees in the education sector. The
rating also factors in the expected need based financial support
that SEF is likely to receive from its trustees. These rating
strengths are partially offset by SEF's considerable exposure to
project implementation risks associated with its on-going capital
expenditure (capex) programme, to set up a school in Kolkata.

To arrive at the rating, CRISIL has treated unsecured loans
already infused, and to be brought in as equity capital by the
promoters and associates of SEF, to partially fund its on-going
capex programme. This is because, these loans cannot be withdrawn
during the currency of a term loan contracted to fund the project
till March 31, 2023.

Outlook: Stable

CRISIL believes that SEF's credit risk profile will be constrained
by its project nature of operations. Moreover, the trust benefits
from the promoter's extensive experience in the education sector,
project advisory, and loan syndication. The outlook may be revised
to 'Positive' if SEF promptly implements the ongoing capex
programme within the budgeted cost, and successfully commences
commercial operations. Conversely, any significant delay in
project implementation, leading to time and cost overruns may
result in a revision in the outlook to 'Negative'.

SEF was established in Kolkata in 2003 by Mr. Sanjay Kumar Khemka
and Mr. Sunil Agarwal. The trust is establishing The Newtown
School in Kolkata (West Bengal). The proposed school is scheduled
to begin commercial operations in April 2015, and will provide
education from Nursery to Class XII, under the affiliation of the
Central Board of Secondary Education (CBSE).


SENTINI HOSPITALS: CRISIL Puts 'BB' Ratings on INR330MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long term
bank facilities of Sentini Hospitals Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        10      CRISIL BB/Stable (Assigned)
   Bank Loan Facility

   Cash Credit               30      CRISIL BB/Stable (Assigned)

   Long Term Loan           290      CRISIL BB/Stable (Assigned)

The rating reflects the benefits derived from the extensive
entrepreneurial experience of SHPL's promoters and its strong
regional presence in the super-speciality hospital segment. These
rating strengths are partially offset by SHPL's below average
financial risk profile marked by modest debt protection metrics
and its high working capital requirements.

Outlook: Stable

CRISIL believes that SHPL will continue to benefit from its
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if SHPL's financial risk profile improves
driven by 'higher than expected' cash accruals or additional
equity infusion. Conversely, the outlook may be revised to
'Negative' if there is a decline in the hospital's revenues and
operating profitability or if the company incurs a 'larger than
expected' debt funded capital expenditure or if there is
significant fund support extended to associate entities, there by
leading to a deterioration in its financial risk profile.

Incorporated in 2012 as a private limited company, SHPL is part of
the Andhra Pradesh based Sentini group of companies. The company
is promoted and managed by Mr.Anand Srinivas Movva along with his
wife Dr.Padma Movva. SHPL operates a super-speciality hospital at
Vijayawada (Andhra Pradesh).

During 2012-13 (refers to financial year April 1 to March 31),
SHPL reported a profit after tax (PAT) INR0.8 million on net sales
of INR133.2 million.


SIGNET INDUSTRIES: ICRA Assigns 'BB+' Ratings to INR141cr Loans
---------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR67.00 crore
term loans and INR74.00 crore fund-based working capital facility
of Signet Industries Limited. The outlook on the long term rating
is stable. The rating of [ICRA]A4+ has also been assigned to the
INR160.00 crore short-term non-fund based facilities of SIL.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term Loans            67.00      [ICRA]BB+ (stable) assigned
   Long-term Fund
   based limits          74.00      [ICRA]BB+ (stable) assigned

   Short-term Non-      160.00      [ICRA]A4+ assigned
   fund based limits

The ratings factor in the company's leveraged capital structure
and modest debt coverage indicators, and its stretched liquidity
position as reflected by the near full utilisation of working
capital facilities which is further expected to remain tight going
forward due to working capital intensive nature of the company's
operations. Further, the company has high debt repayment
obligations in the near to medium term vis-a-vis its existing cash
accruals. Accordingly, gearing may continue to remain on the
higher side, although it should moderate to some extent in the
near term following the conversion of unsecured loans to
preference shares by March 2014. The ratings also take into
account the vulnerability of the company's profitability to any
adverse fluctuations in foreign exchange rates and volatility in
raw material prices besides the highly competitive nature of the
plastic industry. ICRA also takes note of the delays in
disbursement of subsidy by the respective state governments
leading to high working capital requirements, although the company
has been largely able to mitigate that risk through higher
exposure to states with timely payment track record and cash-and-
carry payment model followed in other states where payments are
delayed.

The assigned ratings, however, favourably take into account the
long experience of promoters in plastic industry; established
relationships with polymer suppliers; geographically diversified
customer base in micro-irrigation business and its moderately
healthy profitability and return indicators. The ratings also
factor in the favourable demand outlook for micro irrigation and
household plastic products in the domestic market. The revenue
base is diversified with presence in trading and manufacturing
activities, with the manufacturing portfolio comprising a wide
variety of agro-based, construction-based and household plastic
products which also provides synergies in terms of procurement.
The company's cost structure is aided by fiscal benefits for its
manufacturing unit in Pitahmpur. Going forward, the company's
ability to improve its capital structure and efficiently manage
its working capital cycle as well as manage its cash flows to
cater to the significantly high upcoming term loan repayment
obligations would be the key rating sensitivities. The other
rating sensitivities would be the company's ability to manage its
forex risks during periods of high currency volatility as well as
impact of raw material price fluctuations on profitability.

Incorporated in 1985, Signet Industries Limited (erstwhile Signet
Fincom Limited/Signet Overseas Ltd.), commenced its business as an
authorised distributor of chemicals and polymers in the year 1992.
Presently, the company acts as a distributor as well as a merchant
trader of polymers, chemicals, petrochemicals and spices. In 2002,
the company forayed into manufacturing of plastic moulded products
by setting up a 3,000 metric tonnes per annum (MTPA) plant in
Indore. Further in the year 2011, SIL commenced manufacturing of
drip irrigation systems, HDPE pipes/fittings and moulded furniture
with an installed capacity of 15,600 MT per annum at Pithampur in
Dhar district of MP. Moreover, SIL has installed windmills at
Rajasthan and Maharashtra and sells the electricity generated from
these windmills. The company is ISO 9001:2008 certified and holds
a number of BIS certifications for its products.


SILICON CARS: ICRA Suspends 'BB' Rating on INR8.75cr Loans
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]BB with a stable
outlook, assigned to the INR8.75 crore fund-based limits of
Silicon Cars Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SR BREWERIES: ICRA Lowers Ratings on INR57cr Loans to 'D'
---------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR57.00 crore fund based bank facilities of SR Breweries Private
Limited from [ICRA]BB- to [ICRA]D.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans              49.55        Downgraded to [ICRA]D
   Cash Credit              7.30        Downgraded to [ICRA]D
   Unallocated              0.15        Downgraded to [ICRA]D

The revision in rating takes into consideration the delays in debt
servicing by the company on account of stretched receivable
positions. The rating also factors in SRBPL's limited track record
of operations and suppressed debt protection measures as reflected
by a high gearing, in spite of infusion of additional equity by
the promoters, and low interest cover. The rating, however, takes
into consideration the robust growth in revenues during the
financial year 2012-2013, driven by improved scale of operations
and its tie up with SKOL Breweries Private Limited (SKOL) for
62.5% of its installed capacity and the company's ability to
increase the sales of its own brands in the market.

Incorporated in the financial year 2008-2009, SR Breweries Private
Limited (SRBPL) is engaged in the business of brewing beer and has
an installed capacity capable of producing 32.05 lakh cases+ per
annum. The company is a contract bottler for SKOL Breweries
Private Limited (SKOL) and has tied up to supply 20 lakh cases of
beer per annum for a period of three years in SKOL's brand
Haywards 5000 and Knockout at a fixed conversion cost. Besides,
the tie up SRBPL also brews and markets its own brand 'Concord'
and 'Hunk' in the state of Orissa. The company has been promoted
by Mr. Ranjan Kumar Padhi who is also the Director of the company.
The operations of the company commenced in November 2011.

Recent Results

SRBPL reported a net loss of INR0.76 crore on an operating income
of INR62.63 crore during the financial year 2012-2013, as against
a net loss of INR0.09 crore on an operating income of INR12.84
crore during the financial year 2011-2012.


SREE MAA: CRISIL Suspends 'D' Ratings on INR537.2MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Maa Sarada Ores & Forgings India Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            65      CRISIL D Suspended
   Cash Credit              290      CRISIL D Suspended
   Letter of Credit          50      CRISIL D Suspended
   Term Loan                132.2    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
SMSOFIPL with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, SMSOFIPL
is yet to provide adequate information to enable CRISIL to assess
SMSOFIPL'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
SMSOFIPL and Sree Maa Sarada Fabrication and Engineering Private
Ltd (SMSFEPL), collectively referred to as the SMSOFIPL group.
This is because both entities have the same promoters, are in the
same line of business, and do have some operational linkages.
Further, both the companies have given corporate guarantee to each
other.

SMSOFIPL, incorporated in 2005, is in the business of forging of
door hinges, collars, side and end walls, lower spring seats,
guides, assemblies, and spring guides through forging processes.
The company has an installed capacity of 44,000 tonnes and
proposes to add another 50,400 tonnes by the third quarter of
2011-12 (refers to financial year, April 1 to March 31) at a total
project cost of INR350 million.


SURESH CHAND: CRISIL Rates INR15MM Loan at 'BB+'
------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Suresh Chand Gupta.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term       18      CRISIL A4+(Assigned)
   Bank Loan Facility

   Overdraft Facility        15      CRISIL BB+/Stable (Assigned)

   Bank Guarantee           125      CRISIL A4+(Assigned)

   Letter Of Guarantee       42      CRISIL A4+(Assigned)

The ratings reflect SCG's above-average financial risk profile and
its promoters' extensive experience in the construction industry.
These rating strengths are partially offset by SCG's moderate
scale of operations and operating profitability in the highly
fragmented and competitive industry.

Outlook: Stable

CRISIL believes that SCG will maintain its business risk profile
backed by its promoters' extensive experience in the industry and
diversified revenue profile. The outlook may be revised to
'Positive' if the firm scales up its operations significantly,
while sustaining its financial profile. Conversely, the outlook
may be revised to 'Negative' in case the firm reports a decline in
its revenues and cash accruals or increase in working capital
requirement, or undertakes any debt-funded capital expenditure
leading to deterioration in financial risk profile.

SCG is a partnership firm started by Mr. Suresh Chand Gupta and
currently managed by him along with his two sons Vijay Gupta and
Vikas Gupta. The firm is based in Jhansi (Uttar Pradesh) and is
engaged in diversified construction activities which majorly
include lying of railway lines, construction of roads and
buildings.

For 2012-13, SCG reported a book profit of INR49.7 million on net
sales of INR922.3 million, against a book profit of INR43.2
million on net sales of INR855.2 million for the previous year.


VARUN INDUSTRIES: Lenders Files Suit to Recover Unpaid Debt
-----------------------------------------------------------
The Economic Times reports that a consortium of ten lenders, led
by Indian Bank, has filed a recovery suit against Varun Industries
in the Debt Recovery Tribunal (DRT) for INR1,900 crore for unpaid
dues after the loan restructuring exercise failed.

TOI relates that Varun Industries, which is an exporter of
stainless steel cookware, kitchenware, houseware, has been
severely hit by unrest in key markets of the Middle East and North
Africa (MENA), US sanctions on Iran, currency fluctuations, and a
slowdown in international trade.

"We have filed a suit and the matter will come up for hearing on
November 12," Nishit Dhruva, managing partner at MDP and Partners
told ET.  Dhruva is representing the bankers' consortium. The
consortium is seeking appointment of a recovery officer to conduct
auction and recover dues, Dhruva, as cited by ET, said.

According to the report, the consortium is also looking to stop
Varun Industries from selling assets and creating third party
rights as an injunction.  The company has been admitted to
corporate debt restructuring (CDR) cell by the consortium in
May 2012, the report recalls.

However, the CDR package was not implemented as the company did
not comply with certain conditions put forth by the consortium,
the bankers allege, ET relates. The company was recalled from the
CDR cell in July this year. The consortium consists of Indian
Bank, UCO Bank, Central Bank of India, Syndicate Bank, State Bank
of India, United Bank of India, Bank of India, Bank of Baroda,
IDBI Bank, and Allahabad Bank, the report discloses.

"The CDR package was approved but not implemented as certain
requirements such as promoter contribution of about Rs 35 crore
were not fulfilled," a senior banker, who did not wish to be
named, told ET.

India-based Varun Industries Limited -- http:/www.varun.com/ --
engages in mines and minerals, oil and natural gas, stainless
steelware, wind power energy, gems and jewellery, and commodity
trading businesses.


VICHITRA PRESTRESSED: ICRA Assigns 'B+' Rating to INR5cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR5.0 crore fund based
facilities of Vichitra Prestressed Concrete Udyog Private Limited.
ICRA has also assigned short term rating of [ICRA]A4 to the
INR15.0 crore non fund based facility of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-               5.0       [ICRA]B+(Assigned)
   Cash Credit

   Non Fund Based-          15.0       [ICRA]A4(Assigned)
   Bank Guarantee

The ratings takes into account healthy revenue visibility as
reflected by pending order book of INR77.2 crore as on June 2013
and long track record of promoters in civil construction industry.
Notwithstanding its modest scale of operations, the ratings draw
support from adequate debt coverage indicators as indicated by
interest coverage and gearing of 2.1 times and 0.75 times
respectively as on March 31, 2013.

The ratings are however constrained by high working capital
intensity of the company on account of high inventory and
receivable days, limited financial flexibility on account of fully
utilized working capital limits and vulnerability of margins to
fluctuations in raw material prices. The ratings are also
constrained on account of exposure to sectoral and geographical
risks emanating from VPC's pending order book, which is highly
concentrated towards the state of Rajasthan and water segment
(laying of pipes). Further, VPC's high dependence on government
entities for orders exposes the company to risks arising out of
budgetary allocation and spending of such government entities.

Going forward, ability of the firm to increase its scale of
operations while maintaining its profitability and improve its
working capital intensity will be the key rating sensitive
factors.

Based in Delhi, Vichitra Prestressed Concrete Udyog Private
Limited (VPC) was incorporated on 27th March 1989. The company is
closely held by promoters. VPC undertakes contracts for
manufacture and lying of water and sewerage lines for various
government agencies like Haryana Urban Development Authority
(HUDA), U.P. Jal Nigam, Rajasthan Urban Sector Development
Investment Program, etc. VPC is engaged in manufacture of
Prestressed Concrete Pipes, MS Pipes and RCC Pipes. The total
capacity of the manufacturing facility is 120,000 meters per
annum.

Recent Results

For the period 2011-12, the company reported operating income of
INR28.87 crore and net profit of INR0.76 crore. As per the
provisional results for 2012-13, the company reported operating
income of INR25.04 crore and net profit of INR0.69 crore.


VIP AUTOMOBILES: ICRA Suspends 'BB-' Rating on INR5.5cr Loans
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]BB- with a stable
outlook, assigned to the INR5.50 crore fund-based limits of VIP
Automobiles Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.



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


NINTENDO CO: Records Third Straight Quarterly Operating Loss
------------------------------------------------------------
Mayumi Negishi, writing for The Wall Street Journal, reported that
Nintendo Co. recorded its third straight quarterly operating loss,
with tepid sales of its flagship Wii U game console prompting the
company's president to say the time is nearing for a hard look.

According to the report, making a rare appearance at a news
conference in Japan, President Satoru Iwata said the success of
Nintendo's newest console and the company's direction would ride
on the performance of new games to be released in the coming
holiday season.

Once those results are in, Nintendo executives will decide "what
the company needs to do, over the long-term, about its platform,"
Mr. Iwata said on Oct. 30. He didn't elaborate, although he said a
strategic overhaul wasn't needed.

Mr. Iwata's statement underscored the pressure the world's biggest
videogame company is under to change its console-focused business
strategy, the report related.  The videogame industry is moving to
a model in which games are downloaded, and can move seamlessly
between platforms, including social networks and applications on
mobile phones, tablets, computers and consoles.

Sales of Nintendo's Wii U console, released last November, have
been dismal. Nintendo sold 460,000 units in the six months through
September, just 5% of the company's 12-month target, the report
further related.



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


ROSS ASSET: PwC Appointed as Receivers to Family Trust
------------------------------------------------------
Hamish Mcnichol at Stuff.co.nz reports that a family trust created
by fraudster David Ross, in which his children are the
beneficiaries of a large shareholding, has been handed to
receivers PwC.

Stuff.co.nz relates that the shareholding in British technology
company Arria NLG emerged in August this year after Fairfax Media
revealed Ross -- convicted of New Zealand's largest single fraud -
- held 200,000 preference shares as a trustee of the DRG Ross
Family Trust.

But on November 4 PwC were appointed receivers of the trust, in
order to investigate where the money used to buy the shares came
from, the report notes.

According to Stuff.co.nz, the shares in the 15-year-old trust were
understood to be worth a nominal US$200,000 (NZ$242,000), paid for
by Mr. Ross' children's accounts.

How the money came to be in the accounts was the main issue for
investigation, the report notes.

In the High Court in Wellington on November 4, the Financial
Markets Authority's (FMA) lawyer Hugh Rennie, QC, sought
preservation orders on all the shares, the report relates.

Stuff.co.nz adds that Mr. Rennie said the trust first came to the
authority's attention because of media coverage.

"It's unfair to say Mr Ross had concealed it, but he didn't bring
it to attention either," the report quotes Mr. Rennie as saying.
"Although we have not found other assets we can't be sure."

Mr. Rennie said it was difficult to immediately ascertain the
value of the shares, although the subscription was a "six-figure
sum".

Arria was not a listed company so the shares were not tradeable or
producing dividends, but it was likely to be listed through an
initial public offer soon, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).


* NEW ZEALAND: Wellington Region Receivership Portfolio on Market
-----------------------------------------------------------------
voxy.co.nz reports that nine diverse commercial and industrial
investment properties spread across the Wellington region have
come to the market as receivers move to liquidate further property
assets of companies associated with troubled Lower Hutt property
developer, Tony Molenaar.

Bayleys Wellington is acting under instruction from David Ruscoe -
- david.ruscoe@nz.gt.com -- and Richard Simpson --
richard.simpson@nz.gt.com --  of Grant Thornton and calling for
tenders on the properties either as a complete portfolio, or
individually, with tenders closing November 27, according to
voxy.co.nz.

The report notes that Mark Hourigan of Bayleys said the portfolio
is a well-balanced mix of commercial, industrial and retail
properties with a good geographical spread from the Wellington
CBD, through to Lower Hutt and up the Kapiti Coast.

"The bases are all covered here with add-value potential through
new tenants and fresh lease structures, passive opportunities and
owner-occupier options.  Given the circumstances which have
brought these properties to the market, interested buyers have an
opportunity to put forward their perceptions of value via the
tender process with the receivers keen to see sales concluded,"
the report quoted Mr. Hourigan as saying.

The properties on offer comprise:

   -- An office hub on 4047 sq m of land at 5 Bouverie Street,
      Petone with 24 tenancies over two buildings, 57 carparks
      and seven storage units currently returning a net rental
      of NZ$395,200 per annum with a potential net rental of
      NZ$470,300 per annum.

   -- Buildings with a total floor area of 12,174 sq m on
      1.3221ha at 22-32 Nevis Street, Petone.  Previously known
      as the Colgate building, the property now provides office
      accommodation, childcare, and a large storage facility
      along with an area of vacant land with upside.  The
      property currently returns a net rental of NZ$683,879 per
      annum with an assessed potential net rental of NZ$873,963
      per annum.

   -- A two-level office and retail building on a high-profile
      1178 sq m corner site at 66-70 Bloomfield Terrace, Lower
      Hutt.  Currently returning NZ$87,880 per annum, the
      property has a potential net rental of NZ$220,463 per
      annum.

   -- A refurbished two-level office building on the southern
      fringe of Lower Hutt's CBD at 4 Market Grove.  Net rental
      is currently NZ$42,814 per annum with a potential net
      rental of NZ$79,275 per annum.

   -- Single level concrete office building with onsite car
      parking at 6 Market Grove, Lower Hutt with a current net
      rental of NZ$16,265 per annum and a potential net income of
      NZ$33,397 per annum.

   -- A 528 sq m two-level multi-tenanted office building in Ward
      Street, Lower Hutt, on 307 sq m adjoining the property at 4
      Market Street.

   -- A 72 sq m unit title penthouse office floor on The Terrace
      in Wellington's CBD to be sold with vacant possession.
      Potential net rental of NZ$20,118 per annum.

   -- A storage complex leased to Storage One with 85 units of
      varying sizes on a high-profile corner site in Sheffield
      Street, Paraparaumu.  The current net rental is NZ$53,717
      per annum.

   -- A modern six unit industrial complex with generic usage
      opportunities, good parking ratio, and deemed investment
      grade stock in Northpoint Street, Plimmerton.  Currently
      returning a net rental of NZ$49,164 per annum with a
      potential net rental of NZ$135,708 per annum.

As a complete portfolio, the total current net income is
$1,373,681 and the total potential net income when vacancies are
fully leased up is $1, 951,818.

"The mix of tenancies and the locational breadth of the properties
spreads the risk for an investor," the report quoted Mr. Hourigan
as saying.  "The receivers are looking for proactive offers and
have given us a clear message that they want best value," Mr.
Hourigan added, the report relates.



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


VITARICH CORP: Wins SEC Approval to Raise Capital Stock
-------------------------------------------------------
BusinessWorld Online reports that Vitarich Corp. said it has
bagged regulatory approval to increase its authorized capital
stock, paving the way for a debt-to-equity conversion that will
enable the company to exit corporate rehabilitation.

According to the report, the company said the Securities and
Exchange Commission last Oct. 16 approved Vitarich's application
to hike capitalization to PHP3.5 billion from PHP500 million.

The corporate regulator, at the same time, cleared conversion of
PHP2.38 billion worth of debt to Kormasinc, Inc. into equity,
according to the same disclosure obtained by BusinessWorld.

Conversion will reduce Vitarich's debt to P800 million, Ricardo M.
Sarmiento, Vitarich executive vice-president, told reporters last
month, the report recalls.

Vitarich in 2007 embarked on a 15-year corporate rehabilitation
program due to difficulties in paying debt.

BusinessWorld relates that the debt conversion, Mr. Sarmiento
said, would also allow the company to get out of rehabilitation as
early as next year.

While Kormasinc will own around 80% of Vitarich after the
conversion process, the Sarmiento family will continue to run the
company, the official, as cited by BusinessWorld, said.

Vitarich, formerly known as Philippine American Milling Co., Inc.,
was incorporated in 1962 and is currently engaged in the
formulation, production, storage and marketing of various animal
and aqua feeds in mash, pellet, crumble, and extruded forms.



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


HANJIN SHIPPING: To Borrow KRW150BB From Korean Air to Survive
--------------------------------------------------------------
Choi Kyong-ae at The Korea Times reports that Hanjin Shipping said
it will borrow KRW150 billion ($140 million) in financial support
from Korean Air Lines, another major affiliate of Hanjin Group, to
stay afloat.

Hanjin Shipping spokeswoman Sonya Cho said Korean Air's board of
directors held a meeting on the same day to help the sister
company which is struggling with a severe shortage of operating
capital, according to the report.

The Korea Times relates that Ms. Cho said the airline company took
the 15.4 percent stake in Hanjin Shipping owned by Hanjin Shipping
Holdings as security in return for the "emergency loan" extended
to the shipping company.

According to the report, Ms. Cho said Hanjin Shipping will use the
money for one year with an interest rate of 5.6 percent. Hanjin
Holdings owns a 36.2 percent stake in Hanjin Shipping under the
wing of Hanjin Group, the country's 10th-biggest shipping-to-
airline conglomerate by assets, the report discloses.

"If necessary, Korean Air will consider an additional loan to help
put Hanjin Shipping back on track after consultations with the
(group's) main creditor Korea Development Bank (KDB)," the
spokeswoman said, The Korea Times reports.

"We believe the financial support from Korean Air will have a
positive impact on other various measures we are working on,
including loans from its major creditor banks as well as perpetual
bonds (with no maturity date), to overcome current liquidity
problems," the report quotes Ms. Cho as saying.

Hanjin Shipping Co. Ltd is a global shipping and logistics
company.



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


* BOND PRICING: For the Week Oct. 28 to Nov. 1, 2013
----------------------------------------------------

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


  AUSTRALIA
  ---------

AUSTRALIAN POSTAL    5.50     11/13/23    AUD     97.20
BOART LONGYEAR MA    7.00     04/01/21    USD     73.00
BOART LONGYEAR MA    7.00     04/01/21    USD     73.00
COMMONWEALTH BANK    1.50     04/19/22    AUD     72.41
EXPORT FINANCE &     0.50     06/15/20    NZD     74.00
GRIFFIN COAL MINI    9.50     12/01/16    USD     74.63
GRIFFIN COAL MINI    9.50     12/01/16    USD     74.63
MIRABELA NICKEL L    8.75     04/15/18    USD     34.88
MIRABELA NICKEL L    8.75     04/15/18    USD     35.00
NEW SOUTH WALES T    0.50     09/14/22    AUD     68.97
NEW SOUTH WALES T    0.50     12/16/22    AUD     68.09
NEW SOUTH WALES T    0.50     03/30/23    AUD     67.12
NEW SOUTH WALES T    0.50     02/02/23    AUD     67.64
NEW SOUTH WALES T    0.50     11/18/22    AUD     68.33
NEW SOUTH WALES T    0.50     10/07/22    AUD     68.74
NEW SOUTH WALES T    0.50     10/28/22    AUD     68.53
PALADIN ENERGY LT    3.63     11/04/15    USD     74.08
PALADIN ENERGY LT    6.00     04/30/17    USD     68.74
TREASURY CORP OF     0.50     03/03/23    AUD     68.34
TREASURY CORP OF     0.50     11/12/30    AUD     44.61
TREASURY CORP OF     0.50     08/25/22    AUD     69.75


CHINA
-----

CHINA GOVERNMENT     1.64     12/15/33    CNY     65.21


INDONESIA
---------

DAVOMAS INTERNATI   11.00     12/08/14    USD     24.38
DAVOMAS INTERNATI   11.00     12/08/14    USD     24.38


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17    USD     25.84
CORE EDUCATION &     7.00     05/07/15    USD     27.75
COROMANDEL INTERN    9.00     07/23/16    INR     15.13
DR REDDY'S LABORA    9.25     03/24/14    INR      4.98
GTL INFRASTRUCTUR    2.53     11/09/17    USD     40.21
HPCL-MITTAL PIPEL    4.00     10/05/22    INR     64.39
INDIA GOVERNMENT     0.24     01/25/35    INR     16.97
INDIA GOVERNMENT     5.87     08/28/22    INR     73.84
JCT LTD              2.50     04/08/11    USD     20.00
MASCON GLOBAL LTD    2.00     12/28/12    USD     10.00
PRAKASH INDUSTRIE    5.25     04/30/15    USD     51.25
PRAKASH INDUSTRIE    5.63     10/17/14    USD     55.75
PYRAMID SAIMIRA T    1.75     07/04/12    USD      1.00
REI AGRO LTD         5.50     11/13/14    USD     69.99
REI AGRO LTD         5.50     11/13/14    USD     69.99
SHIV-VANI OIL & G    5.00     08/17/15    USD     19.88
SUZLON ENERGY LTD    5.00     04/13/16    USD     47.06
SUZLON ENERGY LTD    7.50     10/11/12    USD     65.88


JAPAN
-----

ELPIDA MEMORY INC    0.50     10/26/15    JPY      9.88
ELPIDA MEMORY INC    0.70     08/01/16    JPY      9.75
ELPIDA MEMORY INC    2.10     11/29/12    JPY     11.38
ELPIDA MEMORY INC    2.29     12/07/12    JPY     11.38
ELPIDA MEMORY INC    2.03     03/22/12    JPY     11.38
JAPAN EXPRESSWAY     0.50     03/18/39    JPY     70.62
JAPAN EXPRESSWAY     0.50     09/17/38    JPY     71.14
TOKYO ELECTRIC PO    2.37     05/28/40    JPY     67.13
TOKYO ELECTRIC PO    1.96     07/29/30    JPY     73.63


PHILIPPINES
-----------

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


SOUTH KOREA
-----------

EXPORT-IMPORT BAN    0.50     10/23/17    TRY     69.22
EXPORT-IMPORT BAN    0.50     09/28/16    BRL     72.28
EXPORT-IMPORT BAN    0.50     10/27/16    BRL     71.60
EXPORT-IMPORT BAN    0.50     01/25/17    TRY     73.93
EXPORT-IMPORT BAN    0.50     08/10/16    BRL     74.27
EXPORT-IMPORT BAN    0.50     12/22/17    BRL     62.81
EXPORT-IMPORT BAN    0.50     11/21/17    BRL     63.06
EXPORT-IMPORT BAN    0.50     11/28/16    BRL     71.04
EXPORT-IMPORT BAN    0.50     12/22/17    TRY     67.14
EXPORT-IMPORT BAN    0.50     12/22/16    BRL     70.09
KIBO GREEN HI-TEC   10.00     12/21/15    KRW     31.10
SINBO SECURITIZAT    4.60     06/29/15    KRW     30.40
SINBO SECURITIZAT    4.60     06/29/15    KRW     30.40
SINBO SECURITIZAT    5.00     09/13/15    KRW     30.16
SINBO SECURITIZAT    8.00     02/02/16    KRW     30.13
SINBO SECURITIZAT    5.00     09/13/15    KRW     30.16
TONGYANG CEMENT &    7.50     04/20/14    KRW     65.00
TONGYANG CEMENT &    7.30     06/26/15    KRW     70.13
TONGYANG CEMENT &    7.30     04/12/15    KRW     65.00
TONGYANG CEMENT &    7.50     07/20/14    KRW     67.63
TONGYANG CEMENT &    7.50     09/10/14    KRW     67.63

SRI LANKA
---------

SRI LANKA GOVERNM    9.00     06/01/43    LKR     74.55
SRI LANKA GOVERNM    5.35     03/01/26    LKR     58.50
SRI LANKA GOVERNM    7.00     10/01/23    LKR     70.11
SRI LANKA GOVERNM    8.00     01/01/32    LKR     70.94


SINGAPORE
---------

BAKRIE TELECOM PT   11.50     05/07/15    USD     27.50
BAKRIE TELECOM PT   11.50     05/07/15    USD     26.75
BLD INVESTMENTS P    8.63     03/23/15    USD     59.75
BUMI CAPITAL PTE    12.00     11/10/16    USD     61.50
BUMI CAPITAL PTE    12.00     11/10/16    USD     61.38
BUMI INVESTMENT P   10.75     10/06/17    USD     60.75
BUMI INVESTMENT P   10.75     10/06/17    USD     60.91
ENERCOAL RESOURCE    9.25     08/05/14    USD     54.00
INDO INFRASTRUCTU    2.00     07/30/10    USD      1.88


THAILAND
--------

G STEEL PCL          3.00     10/04/15    USD     11.75
MDX PCL              4.75     09/17/03    USD     16.38



                             *********

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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