TCRAP_Public/131107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 7, 2013, Vol. 16, No. 221


                            Headlines


A U S T R A L I A

GUJARAT NRE: RUS Mining Files Wind-Up Petition
MACQUARIE REGIONAL: Rapsey Griffiths Appointed as Liquidators
NATIONAL ENGINEERING: Business and Assets Up for Sale
TAMAR VALLEY: Fonterra Buys Assets Out of Administration


C H I N A

ANTON OILFIELD: Moody's Rates $250MM Sr. Unsec. Notes 'Ba2'


I N D I A

AASRA FOUNDATIONS: CRISIL Suspends C Ratings on INR270.8MM Loans
ANJAN DRUG: CRISIL Assigns 'BB' Ratings to INR217.5MM Loans
BELL TOWER: CRISIL Suspends 'D' Ratings on INR405.8MM Loans
D. D. STEEL: CRISIL Assigns 'BB-' Ratings to INR100MM Loans
DEVRAJ TROPICAL: CRISIL Assigns 'BB+' Ratings to INR88.9MM Loans

ENAR RUBBER: CRISIL Assigns 'B' Ratings to INR100MM Loans
FRONTIER STRIPS: CRISIL Assigns 'BB' Ratings to INR150MM Loans
GUJARAT NRE: Initiates Corporate Debt Restructuring Process
HIGH VOLT: CRISIL Assigns 'BB' Ratings to INR112.5MM Loans
HIMA SAI: CRISIL Assigns 'BB-' Ratings to INR150MM Loans

HINDUSTAN HERBALS: CRISIL Assigns 'B-' Ratings to INR200MM Loans
J. B. COTTON: CRISIL Reaffirms 'BB-' Rating on INR100MM Loan
JAI JALARAM: CRISIL Reaffirms 'B' Ratings on INR75MM Loans
KAAISER OILS: CRISIL Suspends 'B+' Ratings on INR213.6MM Loans
KALYANESHWARI POLYFABS: CRISIL Puts 'B' Ratings on INR120MM Loans

KAPSONS WORLDWIDE: CRISIL Reaffirms 'BB' Rating on INR20MM Loan
L-COMPS & IMPEX: CRISIL Reaffirms 'BB-' Rating on INR85MM Loan
LINGAYA'S SOCIETY: CRISIL Assigns 'B' Rating to INR400MM Loan
MAHENDRA METAL: CRISIL Assigns 'B' Ratings to INR45MM Loans
MEGA VITRIFIED: CRISIL Assigns 'D' Ratings to INR163.6MM Loans

MRS EDUCATIONAL: CRISIL Assigns 'B-' Ratings to INR160MM Loans
NAKODA GINNING: CRISIL Rates INR78.5MM Cash Credit at 'B'
NAVIN TRADING: CRISIL Suspends 'B+' Ratings on INR50MM Loans
POLLUTECH ENGINEERING: CRISIL Puts 'BB-' Ratings on INR75MM Loans
PONDY VENKATESWARA: CRISIL Suspends 'B-' Ratings on INR46MM Loans

PROTOCOL MARINE: CRISIL Assigns 'BB-' Ratings to INR120MM Loans
RUBY MICA: CRISIL Upgrades Ratings on INR49.6MM Loans to 'B'
S.R. SELVARAJ: CRISIL Suspends 'B+' Ratings on INR41.5MM Loans
SHREE MUKUND: CRISIL Suspends 'BB-' Rating on INR100MM Loan
SRI DEVARAAJA: CRISIL Assigns 'BB+' Ratings to INR140MM Loans

SUNSILK DYEING: CRISIL Assigns 'D' Ratings to INR91MM Loans
TAYO ROLLS: CRISIL Cuts Ratings on INR1.35BB Loans to 'BB+'
TIRUPATI BALAJI: CRISIL Suspends 'B+' Ratings on INR75MM Loans
TRISHAKTI ALLOYS: CRISIL Suspends B Ratings on INR56MM Loans
YEGNA MANOJAVAM: CRISIL Assigns 'B-' Ratings to INR762.4MM Loans


I N D O N E S I A

BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'CC'


M O N G O L I A

GOLOMT BANK: Moody's Withdraws 'B1' Issuer & Deposit Ratings


                            - - - - -


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


GUJARAT NRE: RUS Mining Files Wind-Up Petition
----------------------------------------------
Kate Walsh at Illawara Mercury reports that RUS Mining, a company
that provides mining services and equipment, has applied to have
Gujarat NRE Coking Coal wound up in a bid to recoup the debts it
is owed.

RUS Mining, which has its headquarters in Rathmines, Lake
Macquarie, as well as an office in Wollongong, notified the
Australian Securities and Investments Commission on October 23
that it intended to pursue court action for a winding-up order
against Gujarat NRE.

RUS Mining provides specialised underground mining services,
including consumables such as drill heads and miner picks, mining
equipment hire, equipment rebuilds and mine maintenance.

A creditor can make an application for a winding-up order if a
debt remains unpaid 21 days after service of a statutory demand
for it to be paid, the report says.

According to the report, Construction, Forestry, Mining and Energy
Union south-western district vice-president Bob Timbs said while
he understood companies had suffered as they waited for their
money, he did not believe a winding-up order was the best course
of action.

"I understand that they're owed money, but the CFMEU and all
stakeholders have worked together to keep these companies operable
so that at some stage if they return to full operation everyone
will be paid up 100per cent," the report quotes Mr. Timbs as
saying.  "We've gone this far and I'd call on everyone to give the
new operator of the mine, which is Jindal, who have only really
been there for a week, some time to sort out and make good on
their debt."

The matter is scheduled to go before the Supreme Court on December
4, the Mercury discloses.

Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/-
- is an India-based company engaged manufacturing metallurgical
coke. The Company operates in two segments: coal & coke and steel.
The Company together with its subsidiaries owns and operates two
coal mines: NRE No.1 Colliery and NRE Wongawilli colliery
(Avondale and Elouera colliery) having about 652 million tons
insitu resources of metallurgical coal with coking properties.
Coke segment is at the core of the operations of the Company and
contributed approximately 75% of the total turnover during the
fiscal year ended March 31, 2012 (fiscal 2012). Steel segment
contributed around 25% to the total turnover in fiscal 2012. The
Company operates in India and the rest of the world. As of March
31, 2012, the Company had two Indian subsidiaries and nine
Australian subsidiaries.


MACQUARIE REGIONAL: Rapsey Griffiths Appointed as Liquidators
-------------------------------------------------------------
Tony Ibrahim at CRN reports that Macquarie Regional Technology has
entered liquidation after the company struggled to cope with its
growth.

CRN relates that Founder Daniel Gordon said the company was placed
into liquidation due to the toll it was taking on his health.

"My physical and mental health was starting to fail, and there's
no point running a business if your health is starting to fail,"
the report quotes Mr. Gordon as saying.

According to CRN, the company was placed into liquidation under
Rapsey Griffiths Insolvency after it failed to reconcile debts in
excess of AUD338,000.

Partner Chad Rapsey -- chadr@rapseygriffiths.com.au -- said the
company went under as a result of mismanaged growth, CRN relays.

"It grew very quickly over a short period of time and that led to
cash flow problems. The problem is the company didn't have a
growth plan and as it grew it was funded through non payment of
tax," Mr. Rapsey, as cited by CRN, said.

Among the company's largest creditors is the Australian Taxation
Office who is owed AUD289,539. Other creditors include the
National Australia Bank and Telstra which are owed AUD11,672 and
AUD2,973, respectively, CRN discloses.

CRN says the insolvency firm is trying to claim outstanding
payments and sell off the company's assets. "We're trying to get
about AUD30,000 in customer payments and outstanding bills. There
are a few assets we need to sell. The plant equipment is probably
worth AUD10,000," CRN quotes Mr. Rapsey as saying.

Macquarie Regional Technology provided managed services and IT
support for regional companies in western New South Wales.


NATIONAL ENGINEERING: Business and Assets Up for Sale
-----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that urgent expressions
of interest are being sought by voluntary administrator Frank Lo
Pilato for the sale of the business assets of National Engineering
Young Pty Limited.  The sale is said to be based on a "walk in
walk out" basis, dissolve.com.au relates. Individual asset offers
will be taken into account.

According to the report, the sale of the business includes a
voortman robotic beam line, plant for surface coating and steel
fabrication, a multi head profile cutting and welding machine as
well as beam manufacturing.

National Engineering was engaged in fabricating and surface
coating structural steelwork. The company started out as a
blacksmith business in 1890.


TAMAR VALLEY: Fonterra Buys Assets Out of Administration
--------------------------------------------------------
New Zealand-based dairy manufacturer Fonterra has entered into a
binding contract to acquire the business and assets of Tasmanian
yoghurt producer Tamar Valley Dairy.

The sale was achieved by Deloitte Restructuring Services Partners
Glen Kanevsky -- gkanevsky@deloitte.com.au -- and Tim Norman --
tnorman@deloitte.com.au -- who were appointed Joint and Several
Administrators over the Launceston-based business on Sept. 23,
2013.

Fonterra is a global dairy manufacturer with existing operations
in Tasmania, Victoria and New South Wales.

The sale agreement will see Fonterra acquire the processing
equipment, related services, intellectual property rights and
trademark for the Tamar Valley Dairy brand. The acquisition will
be effective from 25 November (subject to completion of the sale).
Terms of the sale will not be disclosed.

Mr. Kanevsky said the sale was an excellent outcome for the
business, employees, suppliers and the Tasmanian dairy industry in
general.

"We are extremely pleased with the sale," he said. "The voluntary
administration process is inherently unpredictable, and this
transaction now provides certainty of outcome for suppliers,
customers and employees.

"This is a particularly complex and highly regulated industry, and
we are very fortunate to have received tremendous support from all
stakeholders since our appointment which has allowed us the
opportunity to pursue a transaction of this scale and complexity.

"While we still have some milestones to meet before completion on
November 25, we will work closely with Fonterra over the coming
weeks to ensure that the transition of the business is managed in
a way that minimises any disruption to day-to-day operations."

Tamar Valley Dairy produces a variety of yoghurt products
including classic, low fat and Greek varieties.  The 17-year-old
business was established in 1996 near Launceston, Tasmania and has
170 employees.



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


ANTON OILFIELD: Moody's Rates $250MM Sr. Unsec. Notes 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to
Anton Oilfield Services Group's $250 million, 7.5%, 5-year senior
unsecured notes, due 6 November 2018.

The outlook for the ratings is stable.

Ratings Rationale:

Moody's definitive rating on this debt obligation follows Anton
Oilfield Services Group's completion of its USD note issuance, the
final terms and conditions of which are consistent with Moody's
expectations.

The provisional rating was assigned on 21 October, and Moody's
ratings rationale was set out in a press release published on the
same day.

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

Anton Oil is a leading Chinese oil services company focusing
mainly on the country's fast growing natural gas sector. Anton Oil
was founded by its chairman Luo Lin in 1999 and was listed on the
Exchange of Hong Kong in December 2007.



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


AASRA FOUNDATIONS: CRISIL Suspends C Ratings on INR270.8MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aasra
Foundations (Regd.).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           9.2      CRISIL A4 Suspended
   Long-Term Loan         210.8      CRISIL C Suspended
   Overdraft Facility      60.0      CRISIL C Suspended

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

AF, a society registered in Punjab with the Registrar of Firms and
Societies, has been operating educational institutes since 1996.
AF is part of a group set up by its promoter Dr. Zora Singh. The
group is primarily involved in the education sector. AF runs a
cluster of institutes offering education in the fields of
engineering, technology, management, medicine, dentistry,
ayurveda, and nursing. The society currently has 12 institutes,
with campuses in Mandi Gobindgarh (Punjab). It has around 4000
students on its rolls in various programs offered by its
institutes.


ANJAN DRUG: CRISIL Assigns 'BB' Ratings to INR217.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Anjan Drug Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              79.5     CRISIL BB/Stable (Assigned)

   Standby Line of        18.0     CRISIL BB/Stable (Assigned)
   Credit

   Letter of Credit       80.0     CRISIL A4+ (Assigned)

   Bank Guarantee          2.5     CRISIL A4+ (Assigned)

   Cash Credit           120.0     CRISIL BB/Stable (Assigned)

The ratings reflect ADPL's above-average financial risk profile,
marked by comfortable gearing, and its promoters' extensive
experience in the pharmaceutical industry. These rating strengths
are partially offset by the company's modest scale of operations
and large working capital requirements.

Outlook: Stable

CRISIL believes that ADPL will continue to benefit from its
promoters' extensive industry experience, and maintain its
comfortable capital structure over the medium term. The outlook
may be revised to 'Positive' if ADPL reports higher-than-expected
revenues or profitability, resulting in an improved liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines sharply, or if it undertakes a
large debt-funded capital expenditure programme, weakening its
financial risk profile.

Set up in 1990 and promoted by Mr. C Kalaichelvan, ADPL is a
Chennai-based pharmaceutical company. It specialises in
manufacturing active pharmaceutical ingredients that are used in
formulations for the treatment of central nervous system
disorders.

ADPL reported a profit after tax (PAT) of INR28.2 million on net
sales of INR580 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR5.4 million on net sales
of INR412 million for 2011-12.


BELL TOWER: CRISIL Suspends 'D' Ratings on INR405.8MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bell Tower Resorts Private Limited.

                      Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL D Suspended
   Foreign Currency
   Term Loan                332.8    CRISIL D Suspended

   Long-Term Loan            23.0    CRISIL D Suspended

   Overdraft Facility        20.0    CRISIL D Suspended

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

Bell was set up in 2007 by the Kamani family, which has interests
in floriculture, hospitality, real estate, power generation, and
hotels and resorts in India, the UK, and Kenya. Bell operates a
106-room resort under the brand The Retreat by Zuri, at Benaulim
beach, Goa. In India, the promoters have another company, Zuri
Hospitality Pvt Ltd, which operates resorts in Goa, Kerala, and
Bangalore, apart from windmills in Tamil Nadu. The promoters are
into real estate and floriculture in Kenya and UK.


D. D. STEEL: CRISIL Assigns 'BB-' Ratings to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of D. D. Steel.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              49.6     CRISIL BB-/Stable (Assigned)

   Cash Credit            40.0     CRISIL BB-/Stable (Assigned)

   Proposed Long-Term     10.4     CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the firm's small scale of operations in the
fragmented industry and susceptibility of margins to volatility in
steel prices and intense competition. These rating weaknesses are
partially offset by the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that DDS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations increases significantly along with sustained
improvement in its profitability, leading to higher-than-expected
accruals and substantial improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if DDS's
financial risk profile deteriorates further owing to a stretch in
working capital requirements or lower-than-expected accruals or
higher-than-expected debt-funded capital expenditure plan.

DDS manufactures mild steel ingots, and its plant is located at
Godhra, Gujarat. The firm is promoted by Mr. Danish Dadi and Mr.
Minty Saliya. DDS started its manufacturing operations from
September 2012.

For 2012-13 (refers to financial year, April 1 to March 31), DDS
reported a net profit of INR0.7 million on sales of INR165.9
million.


DEVRAJ TROPICAL: CRISIL Assigns 'BB+' Ratings to INR88.9MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Devraj Tropical Fruits (DTF; part of the
Devaraja group).

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                23.6     CRISIL BB+/Stable (Assigned)

   Proposed Long-Term        5.3     CRISIL BB+/Stable (Assigned)
   Bank Loan Facility

   Letter of Credit         10.0     CRISIL A4+ (Assigned)

   Bank Guarantee            1.1     CRISIL A4+ (Assigned)

   Cash Credit              60.0     CRISIL BB+/Stable (Assigned)

The ratings reflect the Devaraja group's above-average financial
profile, marked by healthy gearing and debt protection metrics,
the promoters' extensive experience in the fruit processing
industry, and established customer relations. These rating
strengths are partially offset by the Devaraja group's modest
scale of operations, intense competition in the fruit processing
industry, and susceptibility of the group's profitability to
volatility in raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DTF, Shre Devaraja Agro Aseptic
Industries (SDAAI), and Sri Devaraaja Agro Industries (SDAI). This
is because the three entities together referred to as the Devaraja
group, have a common management and derive considerable business
and financial synergies from each other.

Outlook: Stable

CRISIL believes that the Devaraja group will continue to benefit
over the medium term from the promoters' extensive experience in
the fruit processing industry and healthy capital structure. The
outlook may be revised to 'Positive' if the group records higher-
than-expected revenues and profitability, while maintaining its
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if the group reports lower-than-expected
cash accruals or deterioration in its working capital management.
The outlook may also be revised to 'Negative' if the Devaraja
group undertakes any larger-than-expected debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

DTF was established in 2010, in Tamil Nadu as a partnership firm;
it manufactures and sells pulp and concentrates of fruits such as
mango, guava, papaya, and tomato. The firm, along with SDAI and
SDAAI, is promoted by Mr. Devaraja and his family. SDAI and SDAAI
were established in 2005 and 2007, respectively, to manufacture
and sell pulp and concentrates of fruits such as mango, guava,
papaya, and tomato.

The Devaraja group reported a profit after tax (PAT) of INR20.5
million on net sales of INR532.5 million for 2012-13 (refers to
financial year, April 1 to March 31), vis--vis a PAT of INR22.8
million on net sales of INR260.3 million for 2011-12.


ENAR RUBBER: CRISIL Assigns 'B' Ratings to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Enar Rubber Reclaim Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                68.3     CRISIL B/Stable (Assigned)

   Cash Credit              25.0     CRISIL B/Stable (Assigned)

   Proposed Long-Term        6.7     CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects the company's susceptibility to risks related
to timely implementation and stabilisation of ongoing project and
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of ERRIPL's
promoters.

Outlook: Stable

CRISIL believes that ERRIPL will continue to benefit from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if ERRIPL successfully commercialises and
stabilises operations at its manufacturing facility without cost
and time overrun while efficiently managing its working capital,
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if time or cost overrun in setting up
manufacturing facilities adversely affects its financial risk
profile, or if ERRIPL reports considerably lower-than-expected
revenue and cash accruals.

ERRIPL was incorporated in September 2012 to undertake the
production of reclaimed rubber. The company is setting up its
manufacturing facility with total installed capacity of 7200
tonnes per annum in Jamshedpur (Jharkhand) and is expected to
commence commercial production in November 2013.


FRONTIER STRIPS: CRISIL Assigns 'BB' Ratings to INR150MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Frontier Strips Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                100      CRISIL BB/Stable (Assigned)
   Letter of Credit          50      CRISIL A4+ (Assigned)
   Bank Guarantee            20      CRISIL A4+ (Assigned)
   Cash Credit               50      CRISIL BB/Stable (Assigned)

The ratings reflect FSPL's above-average financial risk profile,
marked by low gearing and comfortable debt protection metrics. The
rating also factors in the benefits that FSPL derives from its
promoters' extensive experience in the steel industry, and
established customer relationship. These rating strengths are
partially offset by susceptibility of FSPL's operating performance
to volatility in steel prices and offtake by end user industry,
and modest scale of operations

Outlook: Stable

CRISIL believes that FSPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry and established customer relationship. The outlook may be
revised to 'Positive' if FSPL reports higher-than-expected
increase in its revenues, while improving its operating margins,
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' if FSPL's financial risk
profile weakens, most likely because of lower-than-expected cash
accruals, or larger-than-expected working capital requirements, or
debt-funded capital expenditure (capex).

FSPL was incorporated in 2010, by the Mr. Pawan Agarwal alongwith
his brother Mr. Vinod Agarwal and business acquaintance Mr.
Ramavtar Singhal. The company is engaged in manufacturing of
stainless steel (SS) cold rolled coils and strips. FSPL has it
manufacturing unit located at Bhiwadi, Alwar with an installed
capacity of 1800 metric tonne per month (MTPM), which commenced
commercial operation from June 2012. Mr. Pawan Agarwal oversees
the day-to-day operations of the company.


GUJARAT NRE: Initiates Corporate Debt Restructuring Process
-----------------------------------------------------------
Business Standard reports that Gujarat NRE Coke Ltd said it has
initiated the process of corporate debt restructuring (CDR), a
month after the auditor's comment on its Australian subsidiary,
Gujarat NRE Coking Coal.

The company informed exchanges about its plan to approach the CDR
cell to realign its debt and is holding discussions with major
secured lenders, Business Standard relates.

According to Business Standard, it was reported that Grant
Thornton, the auditor, refused to give an opinion on the accounts
of Gujarat NRE Coking Coal for FY 2013 citing doubts over the
company's ability to survive as a 'going concern' and inadequate
information about its ability to repay debts.

Gujarat NRE Coke Ltd has INR952 crore long term borrowing on its
book as on March 2013 against INR756.9 crore in 2012, the report
notes.

The annual interest burden for FY 2013 is close to INR250 crore
while for Q2 of FY 2014 it is INR67 crore, Business Standard
discloses.

Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/-
- is an India-based company engaged manufacturing metallurgical
coke. The Company operates in two segments: coal & coke and steel.
The Company together with its subsidiaries owns and operates two
coal mines: NRE No.1 Colliery and NRE Wongawilli colliery
(Avondale and Elouera colliery) having about 652 million tons
insitu resources of metallurgical coal with coking properties.
Coke segment is at the core of the operations of the Company and
contributed approximately 75% of the total turnover during the
fiscal year ended March 31, 2012 (fiscal 2012). Steel segment
contributed around 25% to the total turnover in fiscal 2012. The
Company operates in India and the rest of the world. As of March
31, 2012, the Company had two Indian subsidiaries and nine
Australian subsidiaries.


HIGH VOLT: CRISIL Assigns 'BB' Ratings to INR112.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of High Volt Electricals Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                21.8     CRISIL BB/Stable (Assigned)

   Standby Line of           2.5     CRISIL A4+ (Assigned)
   Credit

   Proposed Long-Term        3.2     CRISIL BB/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee           37.5     CRISIL A4+ (Assigned)

   Cash Credit              87.5     CRISIL BB/Stable (Assigned)

The ratings reflect the extensive experience of HVEPL's promoters
in the transformers industry. The ratings also factor in HVEPL's
above-average financial risk profile, marked by moderate net
worth, comfortable gearing and healthy debt protection metrics.
These rating strengths are partially offset by HVEPL's modest
scale of operations, customer concentration in its revenue profile
and working capital intensive nature of activity.

Outlook: Stable

CRISIL believes that HVEPL will continue to benefit over the
medium term from its promoter's extensive experience in the
industry. The outlook may be revised to 'Positive' in case the
company achieves significant and sustained improvement in its
revenues, while maintaining its margins and capital structure.
Conversely, the outlook may be revised to 'Negative' in case HVEPL
registers significant decline in its revenues or margins, or if
there is elongation in its working capital cycle or if it
undertakes a larger than expected debt-funded capital expenditure
programme, resulting in weakening in its financial risk profile.

HVEPL, incorporated in 1992, by Mr. Rajesh Shah is engaged in
manufacturing and repairs of power, locomotive and industrial
transformers. Mr. Rajesh Shah started his business under his
proprietorship concern, 'High Volt Electricals' in 1979. After the
commencement of operations in HVEPL, the business is now mostly
booked under HVEPL. The company's manufacturing facility is
located in Tarapur (Maharashtra) and the registered office is in
Mumbai.

HVEPL reported a profit after tax (PAT) of INR16.5 million on net
sales of INR 287.9 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.6 million on net
sales of INR197.9 million for 2011-12


HIMA SAI: CRISIL Assigns 'BB-' Ratings to INR150MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of M/s. Hima Sai Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash             35      CRISIL BB-/Stable (Assigned)
   Credit Limit

   Proposed Bank            100      CRISIL BB-/Stable (Assigned)
   Guarantee

   Bank Guarantee            50      CRISIL A4+ (Assigned)

   Cash Credit               15      CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of HSC's promoters in the
civil construction industry and its above-average financial risk
profile, though constrained by small net worth. These rating
strengths are partially offset by HSC's modest scale of
operations, and exposure to intense competition in the fragmented
civil construction industry.

Outlook: Stable

CRISIL believes that HSC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm diversifies and
improves its scale of operations and operating profitability on a
sustainable basis, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case there is a significant decline in the firm's revenues and
profitability, or if the firm undertakes a larger-than-expected
debt-funded capital expenditure programme, or if there is
deterioration in working capital management, leading to weak
financial risk profile.

Set up in 2001, HSC is promoted by Mr.V Srinivas Reddy, Mr. K
Praveen Reddy, Mr. K Linga Reddy and their family. The firm
undertakes subcontracting of civil construction works like
construction of canals, bridges and roads.

HSC reported a profit after tax (PAT) of INR9.1 million on net
sales of INR174.6 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.9 million on net
sales of INR109.7 million in 2011-12.


HINDUSTAN HERBALS: CRISIL Assigns 'B-' Ratings to INR200MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Hindustan Herbals Ltd. The rating reflects
HHL's weak financial risk profile marked by weak debt protection
metrics and nascent stage of operations. These weaknesses are
partially offset by the extensive industry experience of HHL's
promoters.

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

Outlook: Stable

CRISIL believes that HHL's business and financial risk profiles
will remain constrained by its nascent stage of operations. The
outlook may be revised to 'Positive' in case of stabilisation of
operations with an increase in revenues and positive operating
margin, leading to better financial risk profile. The outlook may
be revised to 'Negative' if HHL's financial risk profile further
deteriorates on account of a significant increase in working
capital requirements or any debt-funded capital expenditure
programme.

HHL was incorporated in 2010 by Mr. Radhe Shyam Goel, Mr. Ved
Parkash Goel, and Mr. Om Parkash Goel (cousins) along with their
sons. The company manufactures and processes herbal extracts and
phytochemicals, and caters to pharmaceutical companies. HHL has
its manufacturing facility in Rohtak, Haryana.


J. B. COTTON: CRISIL Reaffirms 'BB-' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of J. B. Cotton Industries
continue to reflect the benefits that JBI derives from its
partners' extensive industry experience.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting       15       CRISIL A4+ (Reaffirmed)
   Cash Credit           100       CRISIL BB-/Stable (Reaffirmed)

This rating strength is partially offset by JBI's below average
financial risk profile, marked by modest net worth and weak debt
protection metrics and small scale of operations in the intensely
competitive cotton industry, and vulnerability to unfavorable
changes in government POLICY.

Outlook: Stable

CRISIL believes that JBCI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's capital structure
improves significantly, either because of equity infusion or cash
accruals. Conversely, the outlook may be revised to 'Negative' if
JBI's financial risk profile weakens further because of increased
working capital-related debt or in case of changes in government
policy negatively impacting its operations.

JBCI was set up in Vijapur (Gujarat) in 2005. The firm undertakes
cotton ginning activities; it is owned and managed by Mr.
Ramanbhai Joitram Patel.

JBCI's profit after tax (PAT) and sales were estimated at INR3.6
million and INR494 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the firm reported PAT of
INR3.0 million on sales of INR490 million for 2011-12.


JAI JALARAM: CRISIL Reaffirms 'B' Ratings on INR75MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Jai Jalaram Ceramic
Works Pvt Ltd continues to reflect JJCWPL's below-average
financial risk profile, marked by a modest net worth, high
gearing, and weak debt protection metrics.

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

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

The rating also factors in the company's exposure to the
fragmented and intensely competitive cotton industry, restricting
its scale of operations, and its susceptibility to any changes in
government policies related to cotton. These rating weaknesses are
partially offset by the extensive industry experience of JJCWPL's
promoters.

Outlook: Stable

CRISIL believes that JJCWPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
infusion of capital into the company, leading to improvement in
its capital structure, and/or significant improvement in its scale
of operations and profitability, thereby improving its debt
protection measures. Conversely, the outlook may be revised to
'Negative' if JJCWPL contracts more-than-expected debt to fund its
incremental working capital requirements or capital expenditure.

JJCWPL was originally set up in 1973; it was purchased by its
present promoter in 2007. The company is engaged in cotton
ginning, which contributes the major portion of its revenues, as
well as manufacturing of ceramic pipes. JJCWPL is located in
Vijapur (Gujarat) and is promoted and managed by Mr. Raman Patel.

JJCWPL's profit after tax (PAT) and sales are estimated at INR0.6
million and INR279 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR0.5 million on sales of INR213 million for 2011-12.


KAAISER OILS: CRISIL Suspends 'B+' Ratings on INR213.6MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaaiser
Oils Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4 Suspended
   Cash Credit              70.6     CRISIL B+/Stable Suspended
   Rupee Term Loan         143.0     CRISIL B+/Stable Suspended

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

Kaaiser, promoted by Mr. Aditya Sikdar and Mr. Amartya Sikdar in
April 2010 processes rice bran at its 250 tonne per day (tpd)
solvent extraction plant and 100 tpd refinery to extract rice bran
oil and in the process manufactures de-oiled rice bran. The plant
started commercial production on July 2, 2011 and is located in
the Burdwan district of West Bengal, a rice mill hub. The flagship
company of the group, Dollon's Food Products Pvt Ltd, processes
and packages milk for Anand Milk Union Ltd Dairy, on a job work
basis.


KALYANESHWARI POLYFABS: CRISIL Puts 'B' Ratings on INR120MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kalyaneshwari Polyfabs Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 60      CRISIL B/Stable (Assigned)
   Bank Guarantee             5      CRISIL A4 (Assigned)
   Cash Credit               60      CRISIL B/Stable (Assigned)

The ratings reflect KPPL's exposure to risks related to timely
implementation and stabilisation of its on-going project, coupled
with exposure to intense competition in the packaging industry.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that KPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company successfully
commercialises and stabilises operations at its manufacturing
facility without cost and time overrun while efficiently managing
its working capital, leading to improved liquidity. Conversely,
the outlook may be revised to 'Negative' if KPPL faces a time or
cost overrun in setting up its manufacturing facilities, or if it
reports considerably lower-than-expected revenues and cash
accruals, adversely impacting its financial risk profile.

KPPL, incorporated in 2011 and promoted by the Kolkata-based
Agarwal family, is setting up a facility for manufacturing
polypropylene (PP) and high-density polyethylene (HDPE) woven
sacks with an installed capacity of 3300 tonnes per annum. The
company plans to sell the PP and HDPE woven sacks to companies in
the cement and agricultural commodities industries. Its day-to-
operations are managed by Mrs. Pooja Agarwal and Mrs. Anita
Agarwal.


KAPSONS WORLDWIDE: CRISIL Reaffirms 'BB' Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL's ratings on bank facilities of Kapsons Worldwide continue
to reflect the extensive experience of KW's proprietor in the
footwear industry and its moderate debt protection metrics. These
rating strengths are partially offset by customer and geographical
concentration in the firm's revenue profile, and its
susceptibility to volatility in raw material prices and foreign
exchange rates.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting         10      CRISIL A4+ (Reaffirmed)

   Export Packing Credit    40      CRISIL A4+ (Reaffirmed)

   Letter of Credit         10      CRISIL A4+ (Reaffirmed)

   Proposed Long-Term       20      CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that KW will continue to benefit over the medium
term from its proprietor's extensive experience in the footwear
industry. The outlook may be revised to 'Positive' if the firm
increases its scale of operations while maintaining its operating
margin, or in case of significant improvement in its net worth, on
the back of equity infusion by its proprietor. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected margins, withdrawal of funds by KW's proprietor, or a
substantial debt-funded expansion programme that weakens its
capital structure.

Update

KW reported net sales of INR415 million for 2012-13 (refers to
financial year, April 1 to March 31), registering a year-on-year
growth of 56 per cent. The surge in the topline was driven by an
increase in the installed capacity and receipt of more orders as
compared to previous year. The firm, however, remains exposed to
customer and geographical concentration. KW reported an operating
margin of 8.7 per cent for 2012-13, similar to the previous year's
margin. The firm's operations have remained moderately working-
capital-intensive, with gross current assets of 122 days as on
March 31, 2013.

KW's gearing was moderate at 0.75 times as on March 31, 2013,
because of its modest debt. This resulted in moderate debt
protection metrics. However, the firm's financial risk profile
remains constrained by its small net worth at less than INR60
million as on March 31, 2013.

KW utilised its bank limits at an average of 82 per cent over the
eight months through September 2013. The firm's liquidity is
partially supported by unsecured loans of INR31.4 million, which
have been treated as neither debt nor equity.

KW reported a profit after tax (PAT) of INR15 million on net sales
of INR415 million for 2012-13, against a PAT of INR7.6 million on
net sales of INR262 million for 2011-12.

KW was originally set up in 1985 as a partnership concern by Mr.
Lakshmi Narayan Kapoor and his son, Mr. Pradeep Kapoor. It was
reconstituted as a proprietorship concern in 2006, with Mr.
Pradeep Kapoor as the sole proprietor. The firm manufactures
leather footwear for men and women, and exports primarily to the
UK and Germany.


L-COMPS & IMPEX: CRISIL Reaffirms 'BB-' Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of L-Comps & Impex Pvt Ltd
continue to reflect LCIPL's established relations with principals,
and moderate financial risk profile, marked by comfortable total
outside liabilities to tangible net worth (TOLTNW) ratio and
modest debt protection metrics. These rating strengths are
partially offset by LCIPL's small scale of operations in a
fragmented industry, and weak liquidity due to its working-
capital-intensive operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           85       CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit      26.8     CRISIL A4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that LCIPL will continue to benefit from its
established relations with its key suppliers, over the medium
term. The outlook may be revised to 'Positive' if LCIPL sustains
growth in its topline and operating margin, while improving its
working capital cycle, and hence, its liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's liquidity
weakens significantly, or its working capital cycle increases, or
its revenues and profitability come under pressure, or the company
undertakes a sizeable debt-funded capital expenditure (capex)
programme, leading to deterioration in its financial risk profile,
specifically its liquidity.

Update:

LCIPL's revenues (net sales) increased by 6.5 per cent to INR391.1
million in 2012-13 (refers to financial year, April 1 to March 31)
from INR366.9 million in 2011-12. The growth in revenues was
driven by the expansion of its product base with the addition of
new brands in its portfolio, and partly by product price hikes.
LCIPL is expected to book revenues between INR400 million and
INR450 million in 2013-14. The company's operating margin was 5.2
per cent in 2012-13, 100 basis points (bps) lower than that in
2011-12 at 6.2 per cent on account of currency fluctuation. LCIPL
is likely to report an operating margin between 4.5 per cent and
6.0 per cent over the medium term.

LCIPL's financial risk profile continues to be moderate, marked by
its comfortable debt protection metrics with interest coverage
ratio of 2.1 times during 2012-13 and total outside liabilities to
tangible net worth (TOLTNW) ratio of 3.1 times due to complete
repayment of its term loan; along with its improved but small net
worth of INR 62 million as of March 31, 2013. Though the company's
turnover has increased, the modest operating margin of its trading
operations continues to constrain its liquidity. LCIPL's liquidity
is marked by moderate bank line utilisation at 78 per cent over
the 12 months through July 2013, and expected sufficient but low
net cash accruals of INR8 million to INR9 million for term loan
obligations of around INR6 million, maturing in 2013-14. The
company's liquidity is, however, supported by the absence of any
significant debt-funded capex plans over the medium term.

LCIPL was set up in Chandigarh in 1997 by father of Mr. Puneet
Gupta. The company trades imported fast moving consumer goods
(FMCG) including cheese, juices, yoghurt and ice creams. LCIPL is
the sole Indian distributor of several multinational brands.

LCIPL on a provisional basis, reported a profit after tax (PAT) of
INR9.9 million on net sales of INR391.1 million for 2012-13, vis-
a-vis a PAT of INR11.8 million on net sales of INR366.9 million
for 2011-12.


LINGAYA'S SOCIETY: CRISIL Assigns 'B' Rating to INR400MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Lingaya's Society.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             400      CRISIL B/Stable (Assigned)

The rating reflects the society's weak financial risk profile, and
the regulatory restrictions inherent to the education sector,
which affect revenue growth. These rating weaknesses are partially
offset by the experience of LIS's management in the education
sector along with diversified courses offered by society.

Outlook: Stable

CRISIL believes that LIS's credit risk profile will remain
sensitive to the timely infusion of funds from the members to
service its debt due to low surpluses, given its nascent stage of
operations. The outlook may be revised to 'Positive' if LIS
increases its scale of operations leading to a considerable
improvement in its cash accruals, which will suffice its term debt
obligations. Conversely, the outlook may be revised to 'Negative'
if the society's liquidity deteriorates because of lower-than-
expected cash accruals, resulting from a significant decline in
the total number of its students; or if LIS undertakes a large,
debt-funded capital expenditure programme, or if the All India
Council for Technical Education withdraws its approval for courses
offered by the society.

LIS was setup in 2010 as Lingaya Jankalyan Shikshan Sansthan
(LJSS). The trust conducts courses through various educational
institutes set up in Delhi and the Northern Capital Region (NCR).
The society is promoted by Mr. V K Sinha.


MAHENDRA METAL: CRISIL Assigns 'B' Ratings to INR45MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank
facilities of Mahendra Metal Corporation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash            15       CRISIL B/Stable (Assigned)
   Credit Limit

   Cash Credit              30       CRISIL B/Stable (Assigned)

   Letter of Credit         25       CRISIL A4 (Assigned)

The ratings reflect MMC's moderate scale of operations in the
intensely competitive steel trading segment and below-average
financial risk profile marked by high total outside liabilities to
tangible net worth ratio. These rating weaknesses are partially
offset by extensive industry experience of MMC's promoters.

Outlook: Stable

CRISIL believes that MMC will continue to benefit over the medium
term from the extensive experience of its promoters in the trading
of steel trading. The outlook may be revised to 'Positive' if MMC
enhances its scale of operations, mainly by diversifying its
product mix and improves its profitability leading to improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' if MMC financial risk profile weakens, most likely
because of large debt-funded capex, thereby weakening its capital
structure, its revenues and margins decline.

Set up in 1985, Chennai (Tamil Nadu) based-MMC is engaged in the
trading of stainless steel sheets, wires, rods and coils which are
used in railways, household appliances, and refrigerators. The day
to day operations are managed by its proprietor, Mr. Rajkumar
Jain.

MMC recorded profit after tax (PAT) of INR2 million on net sales
of INR231 million during 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR4 million on net sales
of INR223 million during 2011-12.


MEGA VITRIFIED: CRISIL Assigns 'D' Ratings to INR163.6MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Mega Vitrified Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             61.1     CRISIL D (Assigned)
   Letter of Credit      10.0     CRISIL D (Assigned)
   Bank Guarantee        22.5     CRISIL D (Assigned)
   Cash Credit           70.0     CRISIL D (Assigned)

The ratings reflect instances of delay by MVPL in servicing its
debt; the delays have been caused by the company's weak liquidity.
MVPL has weak liquidity because of its working-capital-intensive
operations.

MVPL also has a small scale of operations in the highly fragmented
ceramic industry. Moreover, it is susceptible to volatility in raw
material prices and to intense industry competition. However, MVPL
benefits from its promoters' extensive industry experience, and
its strategic location which ensures availability of raw material
and labour.

Incorporated in 2006, Mega Vitrified Private Limited (MVPL) is
promoted by Mr Prakash Patel, Mr Paresh Gopani , and Mr Anil
Gopani . The company is engaged into manufacturing of vitrified
tiles with a manufacturing facility in morbi (Gujarat).


MRS EDUCATIONAL: CRISIL Assigns 'B-' Ratings to INR160MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of MRS Educational Trust.

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

   Term Loan               150       CRISIL B-/Stable (Assigned)

The rating reflects MRS's small scale and nascent stage of
operations and exposure risks related to their ongoing project.
These rating weaknesses are partially offset by favorable demand
for primary and secondary education.

Outlook: Stable

CRISIL believes that MRS's credit risk profile will be constrained
due to project nature of operations. However, CRISIL also believes
that MRS benefits from the high demand for primary and secondary
education in the country. The outlook may be revised to 'Positive'
if MRS implements the ongoing project within the envisaged cost
and time and achieves more-than-expected offtake. Conversely, the
outlook may be revised to 'Negative' if the trust's debt servicing
ability weakens, caused most likely by lack of timely funding
support from the promoters or substantially less-than-expected
offtake.

Set up in July 2011 as a trust by Swami Sadanand Ji Maharaj, Mr.
Kamal Kumar Gupta, Ms. Madhu Gupta, Mr. Yash Gupta, and Mr. Ketan
Gupta, MRS has commenced operations of Redbridge International
Academy, an international school, at Bangalore, with 2013-14 being
the first academic year. However, construction activities are
still not fully complete. The project was commenced in 2011 and is
being undertaken in three phases.


NAKODA GINNING: CRISIL Rates INR78.5MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Nakoda Ginning and Pressing Factory.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              78.5     CRISIL B/Stable (Assigned)

The rating reflects NGPF's modest scale of operations with low
profitability, and susceptibility to volatility in cotton prices;
the rating also factors in the firm's below-average financial risk
profile marked by a small net worth, a high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of NGPF's proprietor and the
funding support that the firm receives from him.

Outlook: Stable

CRISIL believes that NGPF will continue to benefit from its
proprietor's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' in case NGPF
significantly improves capital structure led by higher-than-
expected cash accruals or capital infusion along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' in case of lower-than-expected cash accruals or
larger-than-expected working capital requirements or the firm
undertakes any large debt-funded capital expenditure exerting
further pressure on its liquidity.

Established in 1996, NGPF is engaged in ginning and pressing of
cotton and also trades in cotton bales. Headquartered in Khargone
(Madhya Pradesh), NGPF is a sole proprietorship firm owned and
managed by Mr. Premchand Dosi.


NAVIN TRADING: CRISIL Suspends 'B+' Ratings on INR50MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Navin
Trading Company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          10      CRISIL A4 Suspended

   Cash Credit               30      CRISIL B+/Stable Suspended

   Proposed Bill             10      CRISIL A4 Suspended
   Discounting Facility

   Proposed Cash             20      CRISIL B+/Stable Suspended
   Credit Limit

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

Set up as a partnership firm in 1979 by Mr. Mahendrakumar Jain at
Kochi (Kerala), Navin trades in spices and pulses such as pepper,
red chillies, and green moong. In 2009-10 (refers to financial
year, April 1 to March 31), it also started trading in rubber. The
firm procures spices and rubber from farmers and local traders and
sells it on commodity exchanges and to exporters. For 2010-11,
about 65 per cent of its sales were through commodity exchanges.
Navin's promoters, through Jai Hind Traders, a partnership firm,
also trade in metals such as steel and aluminium.


POLLUTECH ENGINEERING: CRISIL Puts 'BB-' Ratings on INR75MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Pollutech Engineering.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Standby Line              5       CRISIL BB-/Stable (Assigned)
   of Credit

   Cash Credit              50       CRISIL BB-/Stable (Assigned)

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

The rating reflects PE's established market position in
distribution and servicing of Volvo India Ltd's (Volvo)
construction equipment and spares in Odisha and moderate financial
risk profile. These rating strengths are partially offset by PE's
modest scale of operations in the competitive heavy earth moving
equipment (HEME) and construction equipment segments, and its
working capital intensive operations.

Outlook: Stable

CRISIL believes that PE will maintain its stable business risk
profile over the medium term on the back of its established
position in Volvo's HEME dealership in Odisha. The outlook may be
revised to 'Positive' if PE improves its scale of operation while
maintaining its profitability and improves its working capital
management. Conversely, the outlook may be revised to 'Negative'
if the firm's working capital cycle weakens or it undertakes any
larger-than-expected debt-funded capital expenditure programmes.

PE was a partnership firm set up in 1990 by Mr. Dilip Tripathi, as
the managing partner and his family members in Bhubaneswar
(Odisha). In September 2003, it entered into dealership for
Volvo's HEME, construction and road machinery equipment. The firm
is the sole dealer of Volvo in Odisha for construction equipment
and road machinery. It also undertakes sales of spares and
servicing of equipment. The firm has six branches-cum-workshops
and four onsite service points in Odisha.


PONDY VENKATESWARA: CRISIL Suspends 'B-' Ratings on INR46MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pondy
Venkateswara Modern Rice Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL B-/Stable Suspended
   Proposed Cash
   Credit Limit              10      CRISIL B-/Stable Suspended
   Proposed Term Loan         3      CRISIL B-/Stable Suspended
   Term Loan                  3      CRISIL B-/Stable Suspended

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

Set up in 1987 in Pondicherry under the proprietorship of Mrs.
Premavathy, PVMR mills parboiled rice variety with capacity of
around 37.5 tonnes per day. The firm's day-to-day operations are
managed by the proprietor's son, Mr. Govindaraju. PVMR currently
caters to customers in Kerala and Pondicherry.


PROTOCOL MARINE: CRISIL Assigns 'BB-' Ratings to INR120MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long
term bank facilities of Protocol Marine Services Private Limited
(PMSPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 29      CRISIL BB-/Stable (Assigned)
   Cash Credit               40      CRISIL BB-/Stable (Assigned)
   Proposed Long-Term        51      CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the extensive experience of PMSPL's promoters
in the freight forwarding and logistics business and established
relationship with customers. These rating strengths are partially
offset by the modest scale of PMSPL's operations in the intensely
competitive freight forwarding and logistics business and below-
average financial risk profile marked by modest net worth, high
gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that PMSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports a significant growth in its revenues and profitability
while improving its capital structure. Conversely, the outlook may
be revised to 'Negative' in case there is significant decline in
revenues and margins or lengthening of its working capital cycle
leading to pressure on liquidity and financial risk profile.

PMSPL was incorporated in 2001 in Mumbai by Mr. Devilal Chapagain
and is engaged in freight forwarding, customs clearing,
transportation and warehousing business. The entire revenue is
generated by ocean freight with operations across all major ports
in India.

PMSPL reported, on a provisional basis, a profit after tax (PAT)
of INR8.7 million on net sales of INR460 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR4.3 million on net sales of INR430.3 million for 2011-12


RUBY MICA: CRISIL Upgrades Ratings on INR49.6MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings of the bank facilities of Ruby
Mica Company Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit-Book Debt     8       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Cash Credit-Stock        12       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Export Packing Credit    19       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Letter of Credit          5       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Post-Shipment Credit      6       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long-Term
   Bank Loan Facility       20.6     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Standby Line of Credit    9.0     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects RMCL's regularisation of its earlier
delays in debt servicing and improvement in its liquidity, backed
by infusion of funds by the promoters. The company repaid its
entire term loan outstanding in September 2013 and has no plan to
contract any fresh term loan in the near term. The rating upgrade
also factors in CRISIL's belief that RMCL will maintain its above-
average financial risk profile over the medium term.

The ratings reflect RMCL's modest scale of operations in the
highly competitive mica industry and working capital intensive
operations. These rating weaknesses are partially offset by the
promoters' extensive experience and above-average financial risk
profile, marked by low gearing and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that RMCL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if it reports substantial
growth in its revenues, while maintaining its profitability,
accompanied by efficient working capital management, resulting in
higher-than-expected net cash accruals, leading to improved
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's revenues and
margins, or lengthening of its working capital cycle, leading to
pressure on its liquidity.

RMCL is a closely held public limited company that processes and
exports natural mica. The company was initially started as a
partnership firm in 1968, but was reconstituted as a private
limited company in 1988 and as a closely held public limited
company in 2009-10 (refers to financial year, April 1 to March
31). RMCL is promoted, owned, and managed by the Bagaria family
based in Giridih (Jharkhand). The promoter family has been in the
mica business since 1937. Mr. Rajendra Kumar Bagaria and his elder
brother, Mr. Chandan Kumar Bagaria, look after the company's day-
to-day operations.

For 2012-13, RMCL reported a profit after tax (PAT) of INR3.6
million on net sales of INR120.6 million, against a PAT of INR3.3
million on net sales of INR114.7 million for 2011-12.


S.R. SELVARAJ: CRISIL Suspends 'B+' Ratings on INR41.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.R. Selvaraj & Sons.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4 Suspended
   Cheque Discounting         1      CRISIL A4 Suspended
   Overdraft Facility        40      CRISIL B+/Stable Suspended
   Proposed Overdraft         1.5    CRISIL B+/Stable Suspended
   Facility

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

Set up in 1950, SRS is engaged in civil construction works in
Tamil Nadu and Andaman and Nicobar. The firm mainly undertakes
civil construction works related to construction of industrial and
residential buildings. SRS is based in Tuticorin (Tamil Nadu) and
is promoted by Mr. S R Selvaraj and his family. The firm
undertakes works manly for various entities, such as Public Works
Department and NLC-Tamil Nadu Power Ltd (NTPL), Dhrangadhra
chemicals works ltd (Tuticorin) among others. The firm has order
book of around INR170 million.


SHREE MUKUND: CRISIL Suspends 'BB-' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Mukund Associates.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------          ---------   -------
   Overdraft Facility     100      CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by SMA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMA is yet to
provide adequate information to enable CRISIL to assess SMA'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'.
SMA is a partnership firm, which constructs and sells commercial
property, primarily in and around Navi Mumbai. The firm, which was
set up in 2004 has worked on five commercial projects till date.
SMA is owned by the Mumbai-based Bhanushali family. Mr. Chirag
Bhanushali, Mr. Laheri Bhanushali, Ms. L Bhanushali, and Mr. Devji
Joisar in equal proportion.


SRI DEVARAAJA: CRISIL Assigns 'BB+' Ratings to INR140MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Sri Devaraaja Agro Industries (SDAI; part
of the Devaraja group).

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               45      CRISIL BB+/Stable (Assigned)
   Cash Credit             95      CRISIL BB+/Stable (Assigned)
   Letter of Credit        10      CRISIL A4+ (Assigned)

The ratings reflect the Devaraja group's above-average financial
profile, marked by healthy gearing and debt protection metrics,
the promoters' extensive experience in the fruit processing
industry, and established customer relations. These rating
strengths are partially offset by the Devaraja group's modest
scale of operations, intense competition in the fruit processing
industry, and susceptibility of the group's profitability to
volatility in raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SDAI, Shre Devaraja Agro Aseptic
Industries (SDAAI), and Devraj Tropical Fruits (DTF). This is
because the three entities together referred to as the Devaraja
group, have a common management and derive considerable business
and financial synergies from each other.

Outlook: Stable

CRISIL believes that the Devaraja group will continue to benefit
over the medium term from the promoters' extensive experience in
the fruit processing industry and healthy capital structure. The
outlook may be revised to 'Positive' if the group records higher-
than-expected revenues and profitability, while maintaining its
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if the group reports lower-than-expected
cash accruals or deterioration in its working capital management.
The outlook may also be revised to 'Negative' if the Devaraja
group undertakes any larger-than-expected debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

SDAI was established in 2005, in Tamil Nadu as a partnership firm;
it manufactures and sells pulp and concentrates of fruits such as
mango, guava, papaya, and tomato. The firm, along with SDAAI and
DTF, is promoted by Mr. Devaraja and his family. SDAAI and DTF
were established in 2007 and 2010, respectively, to manufacture
and sell pulp and concentrates of fruits such as mango, guava,
papaya, and tomato.

The Devaraja group reported a profit after tax (PAT) of INR20.5
million on net sales of INR532.5 million for 2012-13 (refers to
financial year, April 1 to March 31), vis--vis a PAT of INR22.8
million on net sales of INR260.3 million for 2011-12.


SUNSILK DYEING: CRISIL Assigns 'D' Ratings to INR91MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Sunsilk Dyeing & Printing Mills Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                57.7     CRISIL D (Assigned)
   Cash Credit              30.0     CRISIL D (Assigned)
   EPCG Guarantee (ST)       3.3     CRISIL D (Assigned)

The ratings reflect instances of delay by SDPMPL in servicing its
debt; the delays have been caused by the company's weak liquidity,
marked by insufficient net cash accruals to meet its debt
obligations.

SDPMPL also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics, a small scale of
operations in the highly fragmented dyeing industry, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of SDPMPL's
promoters.

Incorporated in 2007, SDPMPL undertakes job work for dyeing of
knitted fabrics. With effect from April 2012, the company's
operations were taken over by the new management comprising of Mr.
Manoj Kumar Sethia (of Gujarat based Ginza Industries Ltd), Mr.
Arvind Sethia, and Mr. Suresh Baid.

For 2012-13 (refers to financial year, April 1 to March 31),
SDPMPL reported a net loss of INR8.5 million on net sales of
INR186.4 million.


TAYO ROLLS: CRISIL Cuts Ratings on INR1.35BB Loans to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tayo Rolls Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB+/Negative/CRISIL A2'. CRISIL has also downgraded its ratings
on TRL's commercial paper programme to 'CRISIL A4+' from 'CRISIL
A2' and on TRL's fixed deposit programme to 'FB+/Stable' from 'FA-
/Negative'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             610      CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB+/Negative')

   Letter of Credit        250      CRISIL A4+ (Downgraded from
   and Bank Guarantee               'CRISIL A2')

   Proposed Short-Term     100      CRISIL A4+ (Downgraded from
   Bank Loan Facility               'CRISIL A2'

   Rupee Term Loan         740      CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB+/Negative')

The rating downgrade reflects TRL's stretched liquidity, marked by
fully utilised bank limits, high gross current assets, and
inadequate cash accruals for servicing its debt.

The ratings reflect the benefits that TRL derives from its close
association with its promoters, Tata Steel Ltd (Tata Steel) and
Yodogawa Steel Works Ltd (Yodogawa). CRISIL believes that both the
promoters will continue to extend operational and need-based
financial support to TRL over the medium term. This rating
strength is partially offset by the company's weak business risk
profile, as reflected in its poor operating profitability and
return on capital employed. The company also has a weak financial
risk profile, marked by stretched liquidity and high gearing.

Outlook: Stable

CRISIL believes that TRL will report modest improvement in its
operating margin over the medium term, backed by cost-control
measures being implemented by it. However, the company's financial
risk profile will remain weak over this period, and it will depend
on infusion of funds by its promoters to support its liquidity.
The outlook may be revised to 'Positive' if TRL reports
significant and sustained improvement in its operating
profitability, leading to better-than-expected cash accruals and
hence to an improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if there is any reduction in support
from Tata Steel, or if TRL's operating performance deteriorates
further.

TRL is among India's largest steel-roll manufacturers, with an
overall market share of about 30 per cent. It manufactures steel
rolls of various steel alloy grades and sizes, and undertakes
regular process quality improvement measures. The company also
manufactures forged rolls. Moreover, it benefits from its close
association with Tata Steel and Yodogawa. Tata Steel is amongst
TRL's largest customers.

TRL reported a net loss of INR337.4 million on net sales of
INR1.75 billion for 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR531.2 million on net sales of
INR1.38 billion for 2011-12. The company reported a net loss of
INR211.8 million on an operating income of INR794.6 million for
the six months ended September 30, 2013, against a net loss of
INR161.8 million on an operating income of INR891.6 million for
the corresponding period of the previous year.


TIRUPATI BALAJI: CRISIL Suspends 'B+' Ratings on INR75MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirupati Balaji Foods Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4 Suspended
   Cash Credit               55      CRISIL B+/Stable Suspended
   Term Loan                 20      CRISIL B+/Stable Suspended

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

TBFP was set up in 2007. The company is engaged in the processing
and sale of non-basmati rice (parimal variety) and rice, gram and
corn grits. The company was promoted by Aggarwal family of Raipur,
Chattisgarh.


TRISHAKTI ALLOYS: CRISIL Suspends B Ratings on INR56MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Trishakti Alloys Private Limited.

                        Amount
   Facilities         (INR Mln)  Ratings
   ----------         ---------  -------
   Cash Credit            50     CRISIL B/Stable Suspended
   Letter of Credit       35     CRISIL A4 Suspended
   Term Loan               6     CRISIL B/Stable Suspended

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

Incorporated in 1993, TAPL manufactures aluminium-based alloys. It
initially had its production unit (capacity of 1500 tonnes per
annum) at Kolkata (West Bengal). In 2000, TAPL's promoters sold
its Kolkata facility, and the company remained non-operational
between 2000 and 2007. In 2007-08 (refers to financial year, April
1 to March 31), TAPL's promoters set up a manufacturing unit under
TAPL in Pune (Maharashtra) to cater to customers in West India.
The unit commenced commercial production in February 2010. TAPL's
production facility in Pune has capacity of 3600 tonnes per annum
(two shifts). However, TAPL operates one shift and had an annual
production of 1500 tonnes in 2010-11.


YEGNA MANOJAVAM: CRISIL Assigns 'B-' Ratings to INR762.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Yegna Manojavam Drugs & Chemicals Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital
   Term Loan                242.6    CRISIL B-/Stable (Assigned)

   Long-Term Loan           195.6    CRISIL B-/Stable (Assigned)

   Letter of Credit          40.0    CRISIL A4 (Assigned)

   Funded Interest
   Term Loan                114.2    CRISIL B-/Stable (Assigned)

   Bank Guarantee            40.0    CRISIL A4 (Assigned)

   Cash Credit              210.0    CRISIL B-/Stable (Assigned)

The ratings reflect YMDCL's weak financial risk profile marked by
a weak capital structure and debt protection metrics and its high
working capital requirements. These rating strengths are partially
offset by the extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that YMDCL will benefit from the extensive
industry experience of its promoters over the medium term. The
outlook may be revised to 'Positive' if the company's scale of
operations and operating profitability improve significantly on a
sustained basis or if the promoters provide a 'higher than
expected' fund support leading to an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's revenues and operating profitability decline or
if the company undertakes a 'larger than expected' debt funded
capital expenditure or if there are delay in receipt of fund
support from its promoters leading to weakening of its financial
risk profile.

Incorporated in 2003 and based out of Hyderabad, YMDCL is involved
in the manufacturing of bulk drugs and intermediaries. The company
is promoted by Mr. R.L.Y.P Shastry and Mr.Y.V. Ramana.

During 2012-13 (refers to financial year April 1 to March 31),
YMDCL reported a net loss of INR272.8 million on net sales of
INR478.9 million as against a profit after tax (PAT) of INR27.3
million on net sales of INR1.02 billion during 2011-12.



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


BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Indonesia-based limited mobility wireless
telecommunications operator PT Bakrie Telecom Tbk. to 'CC' from
'CCC'.  At the same time, S&P lowered its ASEAN regional scale
rating on BTEL to 'axCC' from 'axCCC'.  The outlook is negative.
S&P also lowered its rating on Bakrie Telecom Pte. Ltd.'s senior
unsecured notes due 2015 to 'CC' from 'CCC'.  BTEL guarantees the
notes.

"We lowered the rating to reflect our expectation that BTEL will
likely miss an interest payment to noteholders due on Nov. 7,
2013, and it is unlikely to make the payment within 30 days
allowed under the bond indenture," said Standard & Poor's credit
analyst Mehul Sukkawala.  "We also understand that the company is
in discussion with noteholders and other creditors to restructure
its debt to improve its weak liquidity position and debt servicing
ability."

Standard & Poor's plans to lower the rating on BTEL to 'D' on
Nov. 8, 2013, after the company misses its interest payment.  As
per S&P's criteria, it lowers the rating to 'D' or 'SD' if a
payment is missed and it do not believe payment will be made in
the relevant (stated or imputed) grace period.  Because BTEL's
unsecured notes account for about 90% of the company's debt,
excluding finance lease, S&P will be lowering the issuer and issue
ratings to 'D'.

"We expect BTEL's financial metrics to deteriorate more than we
earlier forecast as the rupiah depreciation has adversely affected
the company's debt servicing obligations and will more than offset
the improvement in BTEL's EBITDA margin," Mr. Sukkawala said.

S&P lowered its assessment of BTEL's management and governance to
"weak" from "fair."  This is based on S&P's view that the company
failed to implement its strategy successfully to address the
challenges of using CDMA wireless technology and manage intense
competition.  The company therefore materially underperformed its
unrealistic targets for operating performance.

BTEL's small scale and limited-mobility offerings put it at a
disadvantage compared with its peers'.  The company's share of the
Indonesian wireless market is less than 5%, and it has a good
presence in the highly populated and prosperous Jakarta, Bandung,
and West Java provinces.

The negative outlook reflects S&P's view that BTEL will likely
default on its interest payment obligation to noteholders on
Nov. 7, 2013.

S&P would lower the rating to 'D' on Nov. 8, 2013, after the
company misses its interest payment obligation to noteholders.
The rating is unlikely to be raised.



===============
M O N G O L I A
===============


GOLOMT BANK: Moody's Withdraws 'B1' Issuer & Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Golomt Bank
because it believes it currently does not have sufficient or
otherwise adequate information to support the maintenance of the
rating.

Ratings Rationale:

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

The ratings withdrawn are

E+ standalone bank financial strength rating (equivalent to a b1
baseline credit assessment, BCA);

B1 issuer rating;

B1 local currency long-term deposit rating;

B2 foreign currency long-term deposit rating

Domiciled in Ulaanbaatar, Golomt Bank reported total unaudited
IFRS assets of MNT2.5 trillion (USD1.8 billion) as of 31 December
2012. The bank is 84.6% owned by Bodi International LLC (unrated)
-- the immediate holding company of the Bodi Group in Mongolia
-- 10.1% by Swiss MO Investment AG (unrated), and 5.0% by
Trafigura Beheer B.V. (unrated).



                             *********

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.


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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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