TCRAP_Public/131111.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  
  
           Monday, November 11, 2013, Vol. 16, No. 223


                            Headlines


A U S T R A L I A

CHILDCARE PORTFOLIO: Liquidators Put Assets on the Market
* Distressed Commercial Property Sales Decrease, LMW Reports


I N D I A

A.V. VALVES: CRISIL Suspends 'D' Ratings on INR67.4MM Loans
ANDHRA BARYTE: CRISIL Lowers Ratings on INR103MM Loans to 'D'
APPLE CHEMIE: CRISIL Assigns 'B+' Ratings to INR48.4MM Loans
BALAJI COTEX: CRISIL Reaffirms 'B' Rating on INR60MM Loan
CORPORATED SHIPYARD: CRISIL Cuts Ratings on INR130MM Loans to BB

EASY FIT: CRISIL Lowers Rating on INR300MM LT Loan to 'BB'
FAB TRADE: CRISIL Suspends 'B' Ratings on INR112.5MM Loans
G. K. AUTOWHEELS: CRISIL Suspends BB- Ratings on INR70MM Loans
GOYAL FOOD: CRISIL Assigns 'D' Ratings to INR140MM Loans
JAGMOHAN LAL: CRISIL Lowers Ratings on INR34MM Loans to 'D'

JANKI NEWSPRINT: CRISIL Suspends 'D' Ratings on INR190MM Loans
JR METAL: CRISIL Suspends 'D' Ratings on INR335MM Loans
JRD INDUSTRIES: CRISIL Reassigns 'BB+' Rating to INR500MM Loans
KSV COTTON: CRISIL Reaffirms 'D' Ratings on INR238.6MM Loans
LANTECH PHARMA: CRISIL Reaffirms 'D' Ratings on INR217.5MM Loans

MSP PAPER: CRISIL Suspends 'D' Ratings on INR135.9MM Loans
NAVYA INDUSTRIES: CRISIL Reaffirms 'D' Ratings on INR300MM Loans
P. D. SHAH: CRISIL Cuts Ratings on INR90MM Loans to 'B-'
PARAMOUNT SEAFOODS: CRISIL Rates IN15cr Term Loan at 'B+'
PASARI SILK: CRISIL Suspends 'D' Ratings on INR270MM Loans

POWERTREK INDUSTRIES: CRISIL Suspends B+ Ratings on INR25MM Loans
PRASAD MULTI: CRISIL Reaffirms 'B-' Ratings on INR270MM Loans
PUJA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR59.1MM Loans
PULSE POWER: CRISIL Cuts Ratings on INR45.2MM Loans to 'B'
RIMJHIM ISPAT: CRISIL Raises Ratings on INR2.35BB Loans to 'BB'

ROHIT EXTRACTIONS: CRISIL Reaffirms BB- Ratings on INR100MM Loans
SEANTO MINERALS: CRISIL Suspends 'B' Ratings on INR110MM Loans
SHIVALIK POLYADD: CRISIL Suspends BB- Ratings on INR63.6MM Loans
SHRI SATGURU: CRISIL Suspends 'BB-' Ratings on INR127MM Loans
SIGACHI CHLORO-CHEMICALS: CRISIL Suspend B+ Rating on INR51M Loan

SRI VARALAXMI: CRISIL Suspends 'B+' Rating on INR100M Loan
STERLING TAPES: CRISIL Places 'B+' Ratings on INR82.8MM Loans
SUNCORP EXIM: CRISIL Raises Ratings on INR190MM Loans to 'B+'
SUSHRUTA VISHRANTHI: CRISIL Suspends 'B-' Rating on INR150MM Loan
SYSCON ENGINEERS: CRISIL Suspends BB- Ratings on INR62.5MM Loans

TRANSPORT SOLUTIONS: CRISIL Ups Ratings on INR250MM Loans to 'B-'
UMANANDA RICE: CRISIL Lowers Rating on INR130MM Loan to 'D'
VIJAY TECHNOLOGIES: CRISIL Suspends 'D' Ratings on INR125MM Loans
VIJAYNATH INTERIORS: CRISIL Cuts Ratings on INR77.5MM Loans to B
VIKAS ENTERPRISES: CRISIL Suspends 'BB-' Ratings on INR80MM Loans

VISHNU CARS: CRISIL Suspends 'D' Ratings on INR178.7MM Loans


N E W  Z E A L A N D

CYNOTECH HOLDINGS: Finance Units Issued 'Stop Now' Letter
MEDIAWORKS NZ: To Exit Receivership
* NZ Contractors Federation Welcomes Supreme Court Decision


                            - - - - -


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


CHILDCARE PORTFOLIO: Liquidators Put Assets on the Market
---------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Childcare
Portfolio in Far North Queensland is placed on the market by
appointed agency Benchmark Business and Commercial Sales.  The
sale is under instruction from liquidators Michael McCann --
michael.mccann@au.gt.com and Shaun McKinnon --
shaun.mckinnon@au.gt.com -- of Grant Thorton, the report says.

dissolve.com.au relates that the buyer of the company will be able
to own 5 childcare centres in 4 freehold sites. The centres have
375 child places, desirable locations and modern facilities.

The report notes that the search for expressions of interest is
set to close on November 2013. The child group is offered as
individual business, individual freehold or one-line or a
combination of these options, adds dissolve.com.au.


* Distressed Commercial Property Sales Decrease, LMW Reports
------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Landmark White
(LMW) released its most recent Forced Sales Monitor stating that
liquidators, mortgagees and receivers had listed 86 commercial
properties in distress and up for sale on the east coast of
Australia.  Reportedly, the figure is the second lowest result
since LMW started compiling data, the report notes.

dissolve.com.au relates that LMW said while the properties for
sale was decreased by one-third when compared with the figure in
2012, the distressed and non-distressed listing ration was not
changed at 22 percent.

According to the report, Ross Horsley, research manager at LMW,
noted that a distressed ratio that is stable indicates that the
distress level is slowly leaving the commercial property field. He
cited that APRA figures which depicted impaired commercial
property loans value had decreased by 60 percent from its
September 2010 peak, the report relays. Finally, Mr. Horsley also
explained that majority of the decrease includes huge amounts of
debts being purchased by private equities. However, with secured
steep discounts, such groups can have more patience in selling the
assets and adding value so that their returns can be maximized,
the report adds.



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


A.V. VALVES: CRISIL Suspends 'D' Ratings on INR67.4MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A.V. Valves Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           22.5     CRISIL D Suspended
   Cash Credit              30.0     CRISIL D Suspended
   Foreign Bill Purchase     6.0     CRISIL D Suspended
   Packing Credit            6.0     CRISIL D Suspended
   Term Loan                 2.9     CRISIL D Suspended

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

AVL was set up as a proprietorship firm called A.V. engineering
Works in 1971. In 1974, the firm was reconstituted as a
partnership firm with Mr. Satish Kumar Jain, Mr. Subhash Kumar
Jain and Mrs. Kamlavanti Jain as partners. In 1987, the firm was
reconstituted as a private limited company and in 1993, the
company was reconstituted as a closely held public limited
company. The company manufactures industrial valves, which are
used in chemical plants, fertiliser plants, refineries, power
houses, water treatment plants, irrigation pipelines, and gas
pipelines. It has a manufacturing facility at Agra, Uttar Pradesh
to manufacture 1450 tonnes per annum (tpa) of valves on a single
shift basis.


ANDHRA BARYTE: CRISIL Lowers Ratings on INR103MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Andhra Baryte Corporation Pvt Ltd (ABCPL) to 'CRISIL D' from
'CRISIL C'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           95       CRISIL D (Downgraded from
                                     'CRISIL C')

   Proposed Term Loan        8       CRISIL D (Downgraded from
                                     'CRISIL C')

The rating downgrade reflects instances of delay by ABCPL in
servicing its term debt obligations; the delays have been caused
by the company's weak liquidity owing to start-up nature of
operations.

ABCPL also has a below-average financial risk profile, marked by a
highly leveraged capital structure and weak debt protection
metrics, and a concentrated supplier profile; also its operations
are vulnerable to downturns in end-user industry. However, the
company benefits from the extensive experience of its promoters in
the mining industry.

ABCPL, incorporated in 2008, is involved in the beneficiation of
barytes. The company is a joint venture between IBC Ltd and Andhra
Pradesh Mineral Development Corporation Ltd. The day-to-day
operations of the company are managed by Mr. Rajamohan Reddy.

ABCPL reported a loss of INR31.5 million on total revenue of
INR20.1 million for 2012-13 (refers to financial year, April 1 to
March 31) as against a loss of INR5.83 million on total revenues
of INR12.85 million for 2011-12.


APPLE CHEMIE: CRISIL Assigns 'B+' Ratings to INR48.4MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Apple Chemie India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                19.9     CRISIL B+/Stable (Assigned)

   Standby Line of           3.5     CRISIL B+/Stable (Assigned)
   Credit

   Cash Credit              25.0     CRISIL B+/Stable (Assigned)

   Letter of Credit         10.0     CRISIL A4 (Assigned)

The ratings reflect ACIPL's small scale of operations, large
working capital requirements, and small net worth. These rating
weaknesses are partially offset by the benefits that ACIPL derives
from its promoters' extensive experience in the construction
chemicals industry and its moderate financial risk profile.

Outlook: Stable

CRISIL believes that ACIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
construction chemicals industry. The outlook may be revised to
'Positive' if the company's scale of operations and profitability
increase significantly, leading to improvement in its accruals and
net worth. Conversely, the outlook may be revised to 'Negative' if
the company's profitability or revenue declines, or if its
financial risk profile weakens because of lengthening of its
working capital cycle, or if it undertakes a large debt-funded
capital expenditure programme.

ACIPL was incorporated as Black Cat Enterprises Pvt Ltd by Mr.
Vivek Govind Naik and his wife Mrs. Kanchan Vivek Naik in 1992;
the company got its present name in 2012. ACIPL manufactures
construction chemicals such as admixtures, water proofers, and
grouts, and repair and polymer products that are mainly used in
the construction and infrastructure industries.

ACIPL reported profit after tax (PAT) and net sales of INR1.5
million and INR74 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR1.1 million on net sales of INR46.2 million for 2011-12.


BALAJI COTEX: CRISIL Reaffirms 'B' Rating on INR60MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facility of Balaji Cotex India Pvt Ltd
continue to reflect BCIPL's below-average financial risk profile,
marked by a small net worth, improved gearing, and modest debt
protection metrics, and susceptibility of its margins to adverse
regulatory changes. These rating weaknesses are partially offset
by the extensive industry experience of BCIPL's promoters in the
cotton ginning business and the location advantage of its units
being in the cotton belt of Andhra Pradesh.

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

Outlook: Stable

CRISIL believes that BCIPL will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if BCIPL significantly increases its
revenues and profitability along with improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
BCIPL undertakes a larger-than-expected debt-funded capital
expenditure programme (capex) or its sales volumes and
profitability decline sharply or it faces a significant stretch in
working capital cycle.

Update

BCIPL's revenues declined to INR231.5 million in 2012-13 (refers
to financial year, April 1 to March 31) from INR381.6 million in
2011-12. The lowering of prices below minimum support price
triggered the Cotton Corporation of India (CCI) to procure raw
cotton (kapas) directly from the farmers; which lead to only job
work charges to the ginners in Andhra Pradesh from CCI leading to
subdue topline. The company for the period April to August 2013
has reported revenue of about INR80 million. BCIPL's operating
margin of 2.7 per cent in 2012-13 has been in line with its past
performances. Apart from demand and supply factors, cotton prices
are also influenced by government policies. Cotton prices had been
highly volatile in the past and are expected to remain so, thereby
exposing the company to price risk.

BCIPL's operations are moderately working capital intensive as
reflected in its estimated gross current assets of 72 days as on
March 31, 2013. BCIPL's financial risk profile continues to be
weak with a modest net worth of INR28 million, however gearing
improved to 0.97 times as of March 31, 2013. The gearing improved
on account of limited dependency on its bank lines to fund the
subdued topline. The liquidity of the company remains stretched
due to insufficient net cash accruals to meet its maturing debt
obligations; however, the shortfall was met through fund infusion
by promoters in form of equity and further low utilization of its
bank lines due to subdued topline.

BCIPL, incorporated in 2008, is promoted by Mr. Gopal Rao, Mrs
Vimala Rao, Mr. Nand Kishore Lahoti and Mrs. Madhuri Lahoti. The
company is based in Warangal (Andhra Pradesh). It is engaged in
ginning and pressing of kapas with a capacity of 400 bales per
day.


CORPORATED SHIPYARD: CRISIL Cuts Ratings on INR130MM Loans to BB
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Corporated Shipyard Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Negative', and has reaffirmed its rating on the company's
short-term facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           90       CRISIL A4+ (Reaffirmed)

   Cash Credit              50       CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Negative')

   Proposed Long-Term       80       CRISIL BB/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB+/Negative')  
                            
The rating downgrade reflects the deterioration in CSPL's business
risk profile, marked by a significant decline in its operating
revenues and profitability in 2012-13 (refers to financial year,
April 1 to March 31). The company's revenues declined to around
INR99 million in 2012-13 as against around INR200 million in 2011-
12, and INR350 million in 2010-11. The decline was driven by the
slowdown in the ship-building industry, resulting in lesser
tenders being opened by the government sector. CSPL derives 70 to
80 per cent of its revenues from government and semi-government
entities. The company has also incurred net losses over the past
two years; it had a net loss of INR14 million in 2012-13. CSPL had
a moderate order book of INR200 million as on August 31, 2013.
CRISIL believes that improvement in the company's operating
revenues and revival of its profitability will remain the key
rating sensitivity factors over the medium term.

The rating downgrade also reflects CSPL's weak liquidity, marked
by gross current assets of 838 days as on March 31, 2013. The weak
liquidity was because of large receivables and inventory. The
company had receivables of around INR112 million, including
debtors exceeding six months of around INR71 million, as on this
date. The large receivables were primarily on account of the
company's ongoing dispute with Bharati Shipyards Ltd (BSL); CSPL
has receivables of around INR56 million from BSL. The dispute with
BSL has been continuing over the past one year. CSPL's inventory
was also high at around 300 days as on March 31, 2013. On account
of the large working capital requirements, the company's average
cash credit utilisation over the 12 months ended July 31, 2013,
was around 99 per cent.

The ratings continue to reflect the significant financial and
operational support received by CSPL from Titagarh Wagons Ltd
(TWL; rated 'CRISIL A+/Stable/CRISIL A1+'). CSPL was acquired by
TWL in 2012-13 through one of its wholly owned subsidiaries,
Titagarh Marine Ltd (TML). The Titagarh group has invested around
INR200 million in CSPL till March 31, 2013. CSPL has paid off its
entire term loans through the fund infusion made by the Titagarh
group. CRISIL believes that the TWL, through TML, will continue to
support the operations of CSPL over the medium term. This rating
strength is partially offset by CSPL's weak financial risk
profile, marked by a small net worth and weak debt protection
metrics.

Outlook: Stable

CRISIL believes that CSPL will continue to benefit over the medium
term from the support expected from TWL and the extensive
experience of its management in the heavy engineering industry.
The outlook may be revised to 'Positive' if there is significant
improvement in the company's working capital management,
particularly its debtors, or substantial increase in its revenues
and profitability, resulting in higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of any significant debt-funded capital expenditure, or
further decline in CSPL's revenues, leading to lower-than-expected
cash accruals. The outlook may also be revised to 'Negative' if
the financial support from TWL is lower-than-anticipated or there
are significant delays in realisation of receivables, leading to
further stretch in the company's liquidity.

Set up in 1981, CSPL (formerly, Corporated Consultancy &
Engineering Enterprises Pvt Ltd) designs and constructs sea-going,
coastal, river, inland, and harbour vessels, including passenger
ferries, vehicle ferries, survey vessels, pilot launches, patrol
crafts, coastal research vessels, dredgers, fast patrol launches,
and tourist cruise vessels. In 2012-13 the company was taken over
by TML, a wholly owned subsidiary of TWL.


EASY FIT: CRISIL Lowers Rating on INR300MM LT Loan to 'BB'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Easy
Fit Jewellery Pvt Ltd (Easy Fit; a part of the SGJHL group) to
'CRISIL BB/Negative/CRISIL A4+' from 'CRISIL A/Stable/CRISIL A1'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting      1,000     CRISIL A4+ (Downgraded from
                                   CRISIL A1)

   Proposed Long-Term      300     CRISIL BB/Negative (Downgraded
   Bank Loan Facility              from CRISIL A/Stable)

   Proposed Short-Term     700     CRISIL A4+ (Downgraded from
   Bank Loan Facility              CRISIL A1)

The rating downgrade reflects a sharp weakening in the SGJHL
group's liquidity owing to substantial stretch in realisation of
payments from its export customers. The pressure on the group's
liquidity has significantly intensified in the past 1 to 2 months
due to frequent delays in receivable collections. Debtors
constitute a significant proportion of the group's working capital
requirements. Thus, delay in the collection of receivables has
constrained the group's liquidity significantly. Debtors
outstanding for more than six month increased sharply to around 13
per cent of total receivables as on March 31, 2013, against 1 per
cent of total receivables as on March 31, 2012. Furthermore, the
revision in ratings also reflects CRISIL's expectation that the
SGJHL group's profitability levels will be under pressure on
account of volatile gold prices during the current year.

The ratings reflect the benefits that the SGJHL group derives from
its promoters' extensive industry experience and its established
market position in the hand-crafted jewellery industry. These
rating strengths are partially offset by the SGJHL group's
exposure to risk related to high customer and geographical
concentration and intense industry competition in the domestic
retail jewellery market.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Gokul Jewellery House Pvt Ltd (Gokul),
Easy Fit, and their parent, Shree Ganesh Jewellery House (I) Ltd
(SGJHL). This is because these companies, together referred as the
SGJHL group, have a common management, are in similar lines of
operations, and share operational and financial linkages. CRISIL
does not have any outstanding rating on the debt of parent company
SGJHL.

Outlook: Negative

CRISIL believes that the SGJHL group's liquidity will remain
constrained due to its long debtor collection cycle, particularly
pertaining to its jewellery exports. The ratings may be downgraded
further if the group is unable to reverse weakening of receivable
collection period in a short time span and manage its working
capital requirements better, or if it contracts large debt to fund
its capital expenditure programme leading to deterioration in its
capital structure. Conversely, the outlook may be revised to
'Stable' if there is significant improvement in the SGJHL group's
liquidity, most likely through improvement in debtors' collection
period or infusion of substantial funds by shareholders.

SGJHL, incorporated in August 2002, belongs to the SGJHL group of
Kolkata (West Bengal), promoted by Mr. Nilesh Parekh and Mr. Umesh
Parekh. The company is engaged in trading, manufacturing, and
export of handcrafted/machine-made plain and studded gold
jewellery and diamond jewellery over the past four decades. The
company markets its jewellery products under the brand name GAJA
in the domestic market. It is one of the largest exporters of
handcrafted gold jewellery from India primarily in countries such
as the UAE, Hong Kong, and Singapore.

Easy Fit is a 100 per cent subsidiary of SGJHL and is engaged in
manufacturing and exporting handcrafted/machine-made plain and
studded diamond jewellery.

Gokul is a 51 per cent subsidiary of SGJHL and is engaged in
manufacturing and exporting handcrafted/machine-made, plain, and
studded gold jewellery.


FAB TRADE: CRISIL Suspends 'B' Ratings on INR112.5MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Fab Trade Private Limited.

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

   Letter of Credit          2.5     CRISIL A4 Suspended

   Proposed Long-Term       50.0     CRISIL B/Stable Suspended
   Bank Loan Facility

   Standby Line of           7.5     CRISIL B/Stable Suspended
   Credit                    

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

Fab Trade Pvt. Ltd. (FTPL) was incorporated in April 2010, by Mr.
Amit Bavasi, a Mumbai based first generation entrepreneur, and is
engaged in trading of various organic chemicals and solvents
catering mainly to pharmaceutical, plastic, paper and textile
industries. The business was earlier carried out under M/s. Fab
Trade enterprises (FTE), a proprietorship concern, with Mrs. Felie
Bavisi, wife of Mr. Amit Bavisi, as the sole proprietor of the
firm. All the operations under FTE were transferred to FTPL in
2010.


G. K. AUTOWHEELS: CRISIL Suspends BB- Ratings on INR70MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of G. K.
Autowheels Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              62.5     CRISIL BB-/Stable Suspended

   Proposed Long-Term        7.5     CRISIL BB-/Stable Suspended
   Bank Loan Facility        

The suspension of ratings is on account of non-cooperation by GK
Auto with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GK Auto is yet
to provide adequate information to enable CRISIL to assess GK
Auto'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 1998 as a partnership firm by Mr. Puroshottam Parwani
and his brothers, Mr. Amar Parwani and Mr. Hemant Parwani, GK Auto
(formerly, GK Motors) was reconstituted as a closely held private
limited company in July 2008. The company initially operated as an
automobile dealer for Fiat India; however, this dealership was
discontinued in 2008. GK Auto, over the years, has acquired the
dealership of Piaggio Vehicles Pvt Ltd (PVPL), VE Commercial
Vehicles (VE), and Honda Motors & Scooters India Pvt Ltd (HMSI).
GK Auto has eight showrooms and service centres in Chhattisgarh.
The company plans to open four new showrooms in Chhattisgarh - two
for PVPL and one each for VE and HMSI entailing an outlay of about
INR30 million, which will be primarily debt-funded.


GOYAL FOOD: CRISIL Assigns 'D' Ratings to INR140MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Goyal Food Stuff Industries. The ratings
reflect instances of delay by GFSI in servicing its term loan; the
delays have been caused by the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                32.1     CRISIL D (Assigned)

   Foreign Letter of         7.0     CRISIL D (Assigned)
   Credit                    

   Bank Guarantee            0.9     CRISIL D (Assigned)

   Cash Credit             100.0     CRISIL D (Assigned)

GFSI also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and a small scale of
operations. However, the firm benefits from its partners'
extensive experience in the rice processing industry.

GFSI is a partnership firm set up in 2010 by Mr. Vijay Kumar and
his brother Mr. Ranjeev Kumar. The firm, based in Punjab,
processes paddy into rice; basmati rice contributes to about 50
per cent of its total sales.


JAGMOHAN LAL: CRISIL Lowers Ratings on INR34MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jagmohan Lal Gupta Estates Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           14.4     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              16.7     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Term Loan        2.9     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays by JGEPL in servicing its term debt
obligations on account of low cash accruals of the company which
is tightly matched with its debt repayment obligations.

JGEPL has weak financial risk profile, marked by negative net
worth and weak debt protection metrics, exposure to risks related
to stabilisation of its hotel, and to the inherent cyclicality in
the hospitality segment. These rating weaknesses are partially
offset by the extensive experience of JGEPL's operation and
management (O&M) partner in the hotel management industry.

JGEPL was incorporated in 1981 runs a 5-star hotel in Ranchi
(Jharkhand). The hotel has been set up in collaboration with
Radisson International, an international chain of hotels under the
Radisson Blu brand. The hotel has 116 rooms comprising 72 superior
rooms, 36 business class rooms and 8 suites. The hotel also has 3
restaurants, 2 pubs, 1 spa and 3 banquet halls.


JANKI NEWSPRINT: CRISIL Suspends 'D' Ratings on INR190MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Janki
Newsprint Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL D Suspended
   Letter of Credit          50      CRISIL D Suspended

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

JNL (earlier known as Sumit Agro Products Ltd) was incorporated in
2000. The company manufactures newsprint paper (contributing
around 70 per cent of operating income) and kraft paper (around 30
per cent). Its production unit in Meerut (Uttar Pradesh) has
capacity of 41,250 tpa. The company manufactures paper with waste
paper procured from the domestic market. Its clientele include
dailies such as Dainik Jagran, Amar Ujala, Dainik Bhaskar, Punjab
Kesari, and Hindustan Times.


JR METAL: CRISIL Suspends 'D' Ratings on INR335MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JR Metal Chennai Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL D Suspended

   Foreign Bill Purchase      7.5    CRISIL D Suspended

   Letter of Credit         150.0    CRISIL D Suspended

   Long-Term Loan           137.5    CRISIL D Suspended

   Packing Credit            15.0    CRISIL D Suspended

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

JR Metal was set up in 2008 but commenced commercial production
only in April 2011. It has an integrated TMT bar manufacturing
unit in Thiruvallur, near Chennai (Tamil Nadu), which has a
capacity of 600 tonnes per day (tpd). JR Metal markets it product
under the brand name JR TMT. The company is backward integrated
with furnace capacity of 450 tpd.


JRD INDUSTRIES: CRISIL Reassigns 'BB+' Rating to INR500MM Loans
---------------------------------------------------------------
CRISIL has reassigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of JRD Industries (part of the MJR group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         500      CRISIL BB+/Stable

The rating reflects the MJR group's diversified business risk
profile, marked by revenue income from its ship-breaking and steel
trading businesses, and above-average financial risk profile
marked by a low total outside liabilities to tangible net worth
ratio. These rating strengths are partially offset by the MJR
group's susceptibility to cyclicality and competition in the end-
user industries and vulnerability of the group's margins to
fluctuations in foreign exchange (forex) rates and to volatility
in scrap prices. Susceptibility of margins is partially offset by
active hedging practices followed by the management.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JRD and MJR Steels Pvt Ltd (MJR). This
is because both these entities, together referred to as the MJR
group, have a common management and fungible cash flows.
Furthermore, MJR and JRD have provided corporate guarantees for
each other's bank facilities.

Outlook: Stable

CRISIL believes that the MJR group will continue to benefit over
the medium term from its diversified operations and its promoters'
experience in the steel trading and ship-breaking industries. The
outlook may be revised to 'Positive' if the group achieves larger-
than-expected revenues and profit margins, resulting in
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if the MJR group's
profitability deteriorates, most likely because of fluctuations in
forex rates, or if its liquidity deteriorates, most likely because
of large capital expenditure or decline in its cash accruals.

The MJR group, based in Kolkata (West Bengal), trades in steel
intermediaries and scrap, and dismantles ships at Alang (Gujarat)
and Kolkata. MJR has been trading in steel products since 2003-04
(refers to financial year, April 1 to March 31). Till 2001, the
entity operated in the ship-breaking business. Because of a
downturn in the ship-breaking industry in 2002, MJR began trading
in steel products. JRD has been in the ship-breaking business
since 1991. Between 2002 and 2008, it had no operations because of
the downturn in the ship-breaking industry during that period. The
group's day-to-day operations are managed by its promoter, Mr.
Sanjiv Agarwal.

JRD's profit after tax (PAT) is estimated at INR6.5 million on net
sales of INR795.4 million for 2012-13, against a PAT of INR4.6
million on net sales of INR398.3 million for 2011-12.

MJR group's profit after tax (PAT) is estimated at INR10.4 million
on net sales of INR1648.0 million for 2012-13, against a PAT of
INR9.0 million on net sales of INR1663.8 million for 2011-12.


KSV COTTON: CRISIL Reaffirms 'D' Ratings on INR238.6MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities on KSV Cotton Mills Pvt
Ltd continue to reflect the company's delays in servicing its debt
obligations; the delays have been caused by KSV's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL D (Reaffirmed)
   Letter of Credit          20      CRISIL D (Reaffirmed)
   Long-Term Loan           118.6    CRISIL D (Reaffirmed)

The ratings also reflect KSV's below-average financial risk
profile, marked by weak capital structure and debt protection
metrics, and large working capital requirements; moreover, the
company is exposed to risks related to volatility in the prices of
raw material and small scale of operations. KSV, however, benefits
from its promoter's experience in the textiles industry.

KSV, set up in 1994, manufactures cotton yarn at its facility in
Coimbatore (Tamil Nadu). The company's promoter-director Mr. S
Kadirvel has 17 years of experience in similar lines of business.

KSV reported net losses of INR1.1 million on operating revenues of
INR247.9 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on operating
revenues of INR240.9 million for 2010-11.


LANTECH PHARMA: CRISIL Reaffirms 'D' Ratings on INR217.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lantech Pharmaceuticals
Ltd (LPL) reflect consistent delays by LPL in servicing its debt;
the delays have been caused by the company's weak liquidity. LPL
has weak liquidity on account of working-capital-intensive
operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.5     CRISIL D (Reaffirmed)
   Cash Credit              40.0     CRISIL D (Reaffirmed)
   Long-Term Loan          150.0     CRISIL D (Reaffirmed)
   Letter of Credit         25.0     CRISIL D (Reaffirmed)

LPL also has a modest scale of operations and weak financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of LPL's promoters in the
pharmaceutical industry.

Update

LPL recorded total revenues of INR191.9 million during 2012-13
(refers to financial year, April 1 to March 31) as against
INR175.3 million in 2011-12. Income from conversion charges
contributed majorly towards the company's total sales during 2012-
13, which also resulted in its operating margin increasing to 20.9
per cent in 2012-13 from 7.5 per cent in 2011-12. The company's
operations are working capital intensive, as reflected in its high
gross current asset (GCA) days of 269 days as on March 31, 2013 on
account of high inventory requirements and stretched receivables,
which, in turn led to full utilisation of the bank lines over the
12 months through September 2013. LPL's liquidity is expected to
remain weak over the medium term, with cash accruals estimated to
be insufficient to repay the maturing term debt obligations.

LPL was incorporated in April 2008 and is managed by Mr. B
Ramchandra Reddy, Mr. V Prakash Reddy, Mr. D Venkat Reddy, and Mr.
P Lakshmi Prasanna. The company started its operations in 2009-10.
It manufactures bulk drugs, such as telmisartan, glycerotril
clopdogrel, and various chemical intermediates.

LPL reported a net loss of INR4.0 million on total revenues of
INR191.9 million for 2012-13, as against a net loss of INR23.2
million on total revenues of INR175.3 million for 2011-12.


MSP PAPER: CRISIL Suspends 'D' Ratings on INR135.9MM Loans
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
MSP Paper Mill Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              47.5     CRISIL D Suspended

   Long-Term Loan           88.4     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by MSP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSP is yet to
provide adequate information to enable CRISIL to assess MSP'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 2008, MSP was promoted by Mr. M S Palanivel to
manufacture kraft paper. Its facility in Tiruchengode (Tamil Nadu)
has an installed capacity of 18,000 tonnes per annum (tpa). MSP
commenced commercial production in February 2009; the company has
the ability to manufacture multi-layer kraft paper ranging from 16
to 32 burst factor and 140 to 180 grammage per square metre.


NAVYA INDUSTRIES: CRISIL Reaffirms 'D' Ratings on INR300MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navya Industries Pvt
Ltd reflect consistent delays by NIPL in servicing the interest on
its funded interest term loan over the six months through
September 2013; the delays have been caused by the company's weak
liquidity due to losses incurred in the two years through 2012-13
(refers to financial year, April 1 to March 31).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL D (Reaffirmed)

   Cash Credit              71.8     CRISIL D (Reaffirmed)

   Long-Term Loan           50.0     CRISIL D (Reaffirmed)

   Proposed Long-Term      135.0     CRISIL D (Reaffirmed)   
   Bank Loan Facility      

   Working Capital          28.2     CRISIL D (Reaffirmed)
   Term Loan

   Funded Interest          10.0     CRISIL D (Reaffirmed)
   Term Loan                

NIPL's ratings continue to reflect its weak financial risk
profile, marked by negative net worth, high gearing and weak debt
protection metrics. The ratings also reflect NIPL's large working
capital requirements, and small scale of operations. These
weaknesses are partially offset by the extensive industry
experience of NIPL's promoters in the soya industry prior to
setting up NIPL.

Update

NIPL reduced its scale of operations during 2011-12 and ultimately
halted its operations during 2012-13 to avert higher losses on
account of limited availability of soya seeds and resultant
increase in price of the same, which the company was not able to
pass on to its customers due to its limited bargaining power.
NIPL's revenues declined to around INR12.3 million during 2012-13
from INR570.4 million during 2010-11. The company's operations are
expected to start again from November- December 2013. Meanwhile,
the company's account was restructured by the bank in February
2013. NIPL also has large working capital requirements, with the
company building up inventory of soya seeds during the winter
season. The significant cash losses in the two years through 2012-
13 and high working capital requirements have resulted in weak
liquidity, and hence, delays in term debt repayments.

Moreover, the company's net worth got completely eroded and stood
negative as on March 31, 2013 thereby further constraining the
financial risk profile. NIPL's future profitability will be
contingent on stability of soya prices; however, because of small
scale of operations and significant term debt and large working
capital requirements, the company's liquidity is expected to
remain weak over the medium term.

NIPL, promoted by Mr. Mithilesh Choudhary, was incorporated in
December 2005. It is engaged in production of soya oil and de-
oiled cakes (DOC) through solvent extraction process.


P. D. SHAH: CRISIL Cuts Ratings on INR90MM Loans to 'B-'
--------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank loan
facilities of P. D. Shah & Sons (part of the Shah group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable' while reaffirming the
ratings on the short term bank loan facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.4     CRISIL A4 (Reaffirmed)

   Cash Credit              50.0     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan                40.0     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects expected deterioration in financial
risk profile with more than expected increase in external debt
levels leading to deterioration in Shah group's credit risk
profile. Over the medium term, expected increase in working
capital requirements of the group, on the back of increase in
scale of operations, is likely to result in increased reliance on
working capital debt leading to leveraged capital structure, thus
continued weak financial risk profile. Further, liquidity is
expected to remain stretched on account of tightly matched cash
accruals against debt repayment obligations.

The ratings continue to reflect the Shah group's below-average
financial risk profile, marked by leveraged capital structure and
below-average debt protection metrics, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the benefits the group derives from promoters' extensive
experience in the milk products trading industry, as reflected in
established relationship with principal.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of P D Shah & Sons - Pune, P D Shah &
Sons - Kolhapur, P D Shah & Sons Cold Storage Unit, Shree
Mahalaxmi Distributors, and Shree Bhagyalaxmi Enterprises as all
the companies are under same proprietor, are in similar line of
business and have intercompany financial fungibility. The group is
collectively referred to as the Shah group.

Outlook: Stable

CRISIL believes that the Shah group's business risk profile will
continue to benefit from its promoters' long-standing industry
experience and established relationship with key principal
supplier. The outlook may be revised to 'Positive' in case of a
significant improvement in the group's financial risk profile,
particularly its liquidity, most likely because of better-than-
expected cash accruals and improvement in working capital cycle
leading to low reliance on external debt. Conversely, the outlook
may be revised to 'Negative' in case the group records lower-than-
expected cash accruals or larger-than-expected debt-funded working
capital requirements, leading to pressure on its liquidity.

P D Shah & Sons - Pune, a proprietorship concern established in
1972, is presently managed by Mr. Ashok P. Shah. The promoter's
family is mainly engaged in trading of milk and milk products also
through other proprietorship concerns namely P. D. Shah & Sons -
Kolhapur and Shree Mahalaxmi Distributors. The group is a C & F
agent and distributor for the companies like Parag Milk Foods Pvt.
Ltd., Warana Dairy and Agro Industries Ltd., Heritage Foods India
Ltd., Gujarat Cooperative Milk Marketing Federation Ltd.,
Hindustan Unilever Ltd. etc.


PARAMOUNT SEAFOODS: CRISIL Rates IN15cr Term Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Paramount Seafoods.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan       15       CRISIL B+/Stable (Assigned)

   Foreign Bill             45       CRISIL A4 (Assigned)
   Discounting
   
   Packing Credit           30       CRISIL A4 (Assigned)

The ratings reflect Paramount's below-average financial risk
profile marked by high gearing and weak debt protection metrics,
and the firm's susceptibility to volatility in raw material prices
and to fluctuations in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
Paramount's promoters in the seafood industry.

Outlook: Stable

CRISIL believes that Paramount will continue to benefit over the
medium term from its promoters' experience in the seafood
industry. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations and reports
higher-than-expected cash accruals, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
Paramount reports decline in its cash accruals or plans large
debt-funded capital expenditure. Weakening in working capital
management or significant capital withdrawal by the promoters,
resulting in deterioration in the firm's financial risk profile,
may also result in the outlook being revised to 'Negative'.

Paramount, set up in 2011, exports frozen marine products. The
firm is promoted by Mr. A M Gafoor and his family members.

For 2012-13 (refers to financial year, April 1 to March 31),
Paramount reported a profit after tax of INR0.5 million on net
sales of INR83.7 million.


PASARI SILK: CRISIL Suspends 'D' Ratings on INR270MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pasari
Silk Industries Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2       CRISIL D Suspended
   Foreign Bill Purchase    22       CRISIL D Suspended
   Packing Credit           33       CRISIL D Suspended
   Term Loan               213       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by PSI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSI is yet to
provide adequate information to enable CRISIL to assess PSI'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 2001, PSI (formerly, Pasari Koplavitch Ltd)
commenced commercial production in 2005-06. PSI undertook backward
integration by obtaining silk weaving capabilities in 2007 and
2009.


POWERTREK INDUSTRIES: CRISIL Suspends B+ Ratings on INR25MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
PowerTrek Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         40       CRISIL A4 Suspended
   Cash Credit              20       CRISIL B+/Stable Suspended
   Letter of Credit         20       CRISIL A4 Suspended
   Long Term Loan            2       CRISIL B+/Stable Suspended
   Proposed Long-Term        3       CRISIL B+/Stable Suspended  
   Bank Loan Facility        

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

PTI, formed as proprietorship concern in 1995, was reconstituted
as a partnership firm during 2004. PTI manufactures metals and
metallic oxides, mainly lead oxides and lead alloys, which are
used in the manufacturing of batteries. PTI has its manufacturing
facilities in Vijayawada (Andhra Pradesh). PTI has installed
capacities of 9 tonnes per day (tpd) of smelting, 10 tpd of
refining and 14 tpd of oxidation processing. The firm's managing
partner Mr. D Purnachandra Rao has more than 36 years of
experience in similar lines of business. The firm is in the
process of expanding its refining capacities to 20 tpd at a cost
of INR5 million during 2011-12 (refers to financial year, April 1
to March 31). This would be debt funded to the extent of INR3.50
million. The commercial operations of the proposed project would
commence during October 2011.


PRASAD MULTI: CRISIL Reaffirms 'B-' Ratings on INR270MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prasad Multi Services
Pvt Ltd continue to reflect PMS's large working capital
requirements and small scale of operations in the intensely
competitive construction equipment industry. These rating
weaknesses are partially offset by the benefits that PMS derives
from its promoters' extensive industry experience.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)

   Cash Credit            60       CRISIL B-/Stable (Reaffirmed)

   Proposed Long-Term     81.8     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility
      
   Term Loan             128.2     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PMS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations while maintaining the
profitability level, leading to higher-than-expected cash accruals
and improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if PMS's financial risk
profile deteriorates on account of further decline in its revenues
and profitability or in case of a larger-than-expected, debt-
funded capital expenditure, or if PMS's liquidity weakens
significantly on account of increase in its working capital
requirements.

Update

PMS's net sales for 2012-13 (refers to financial year, April 1 to
March 31) are estimated at INR188.6 million, which has reduced
from INR221 million in 2011-12. This was primarily because of
delay in work orders from its customers. PMS's small scale of
operations in a highly fragmented and competitive industry will
continue to constrain its business risk profile over the medium
term.

PMS has estimated operating margin of 40.3 per cent in 2012-13
which has improved from 34 per cent in 2011-12 on account of
better raw material price management and improved selection of
profitable projects. CRISIL, however, believes that despite this,
PMS's operating profitability will remain under pressure on
account of intense competition from unorganised players.

PMS's gearing has marginally improved to 1.58 times estimated as
on March 31, 2013 from 1.76 times as on March 31, 2012 driven by
the absence of any major debt-funded capital expenditure during
2012-13. The company has a moderate net worth, estimated at
INR140.9 million as on March 31, 2013. Meanwhile, the interest
coverage and net cash accruals to total debt ratios (NCATD) are
estimated at 2.3 times and 0.18 times, respectively, for 2012-13,
marginally below our expectations. CRISIL believes that PMS's debt
protection measures will continue to remain moderate over the
medium term backed by healthy operating profitability.

PMS's working capital cycle has stretched in 2012-13 reflected in
estimated gross current assets (GCAs) of 324 days as on March 31,
2013, which has increased from 281 days as on March 31, 2012. This
was majorly on account of increase in debtors and inventory levels
in 2012-13 which was due to delay in work orders from its
customers. The company's reliance on bank borrowings has remained
high, reflected in its average bank limit utilisation at 94 per
cent for the 12 months ended August 2013. CRISIL believes that PMS
will continue to highly utilise its bank limits over the medium
term.

PMS, incorporated in 1999, is promoted by the Ahmedabad (Gujarat)-
based Kavar family. The company provides construction equipment on
rental basis.

PMS reported a net profit of INR5.97 million on net sales of
INR221 million for 2011-12, against a net profit of INR12.41
million on net sales of INR179 million for 2010-11.


PUJA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR59.1MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Puja Industries.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          47.5     CRISIL B/Stable (Assigned)
   Term Loan            11.6     CRISIL B/Stable (Assigned)

The rating reflects PI's below-average financial risk profile,
marked by small net worth, moderate gearing and weak debt
protection metrics. The rating also reflects its small scale of
operations, exposure to intense competition because of industry
fragmentation, working capital intensive operations, and
vulnerability of operating margin to volatility in raw material
prices. These rating weaknesses are partially offset by the
benefits that PI derives from its promoters' extensive industry
experience and established relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes that PI will continue to benefit from the long-
standing industry experience of its promoters and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if its scale of operations increases
significantly while maintaining profitability, leading to higher
cash accruals and if the firm's capital structure improves through
infusion of funds by the promoters. Conversely, the outlook may be
revised to 'Negative' in case of pressure on PI's liquidity on
account of larger-than-expected working capital requirements,
lower-than-expected cash accruals, or further debt-funded capital
expenditure.

PI was set up in 1998 by the Ruparel family of Gondia,
Maharashtra. The firm manufactures tamarind kernel powder (TKP
which are used in textile industries - rolling printing on
synthetic fabric.


PULSE POWER: CRISIL Cuts Ratings on INR45.2MM Loans to 'B'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Pulse
Power Technologies Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           32.5     CRISIL B/Stable (Downgraded
                                  from CRISIL BB-/Stable)

   Letter of credit      30.0     CRISIL A4 (Downgraded from
   & Bank Guarantee               CRISIL A4+)   
                                

   Proposed Long-Term    12.7     CRISIL B/Stable (Downgraded
   Bank Loan Facility             from CRISIL BB-/Stable)

   Standby Line           4.8     CRISIL A4 (Downgraded
   of Credit                      from CRISIL A4+)
                                
The downgrade reflects deterioration in Pulse Power's liquidity
owing to decline in net cash accruals and increased working
capital requirements. Decline in revenue to INR62 million in 2012-
13 (refers to financial year, April 1 to March 31) from INR122
million in 2011-12, owing to slow implementation of solar power
projects by its end users. This led to increase in inventory to
167 days from 17 to 20 days earlier. Though inventory has
moderated somewhat in September 2013, it remains high at over 100
days. Consequently, Pulse Power's creditors are stretched, and its
bank limits are fully utilised. Also, profitability and cash
accruals are under pressure in 2013-14 because of limited ability
to pass on increases in input costs. Furthermore, the financial
risk profile has weakened on account of increase in short-term
debt. Gearing has, therefore, increased to over 1 time as on March
31, 2013 from 0.4 times as on
March 31, 2012. CRISIL believes that low demand for Pulse Power's
products will continue to constrain its liquidity in the near to
medium term.

CRISIL's ratings on the bank facilities of Pulse Power also
reflects its weak financial risk profile, particularly liquidity,
small scale of operations, and working-capital-intensive
operations. These rating weaknesses are partially offset by Pulse
Power's promoters' extensive experience in manufacturing energy-
related products.

Outlook: Stable

CRISIL believes that Pulse Power will continue to benefit from its
promoters' extensive experience in the energy industry. However,
the company's business risk profile is expected to remain
constrained by its small scale of operations and subdued demand.
The outlook may be revised to 'Positive' if Pulse Power generates
higher than expected net cash accruals and improves its working
capital cycle, leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if there is
further weakening in Pulse Power's financial risk profile,
especially liquidity, caused most likely by low cash accruals, or
large working capital requirements or debt-funded capital
expenditure (capex).

Established in 1995 inKolkata by Mr. T Banerjee, Pulse Power
initially manufactured and assembled uninterrupted power supply
(UPS) units, charge controllers, and control panels, and carried
out in-house design and testing of solar inverters. In 1997-98,
Pulse Power was acquired by Mr. Swarna Kumar Ray Chaudhuri, and it
ventured into the solar power conditioning segment. In 2001, the
company entered into a technical collaboration with Optimal Power
Solutions Pty Ltd, Australia, to undertake manufacturing and
assembly of solar power conditioning equipment, mainly solar power
conditioning units.

In 2012-13, the company reported a net profit of INR2.3 million on
net sales of INR61.7 million, as against net profit of INR9.3
million on net sales of INR121.9 million in 2011-12.


RIMJHIM ISPAT: CRISIL Raises Ratings on INR2.35BB Loans to 'BB'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of RimJhim
Ispat Ltd to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             1,500     CRISIL BB/Stable (Upgraded
                                     from CRISIL B+/Stable)

   Letter of Credit        1,150     CRISIL A4+ (Upgraded from
                                     CRISIL A4)

   Term Loan                 338.5   CRISIL BB/Stable (Upgraded
                                     from CRISIL B+/Stable)

   Proposed Long-Term        511.5   CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from CRISIL B+/Stable)

The rating upgrade reflects CRISIL's belief that RimJhim's credit
risk profile will improve over the medium term because of
increasing scale of operations and healthy cash accruals post-
restructuring of its management. Over the past two years, RimJhim
has improved its capacity utilisation to around 54 per cent in
2012-13 from 37 per cent in 2010-11.

The ratings continue to reflect RimJhim's established market
position, its promoters' extensive experience in the stainless
steel industry, and adequate financial risk profile. These rating
strengths are partially offset by the working capital intensive
nature of its operations and the susceptibility of its operating
performance to cyclicality in the steel industry.

Outlook: Stable

CRISIL believes that RimJhim will continue to ramp up its scale of
operations while maintaining healthy profitability given the
management's focus post-restructuring. The outlook may be revised
to 'Positive' if RimJhim demonstrates higher-than-expected growth
in its scale of operations and profitability, while maintaining
its working capital cycle, leading to an improvement in its cash
accruals and liquidity. Conversely, the outlook may be revised to
'Negative' in case the company's financial risk profile
deteriorates due to lower-than-expected cash accruals or an
increase in working capital requirements or on account of large
debt-funded capital expenditure.

RimJhim, a closely held company, was incorporated in 1994; it
commenced commercial operations in 1996. Mr. Yogesh Kumar Agarwal,
and his business acquaintances, Mr. Rajeev Kumar Goel and Mr.
Chetan Prakash Agarwal, oversee the operations of the company.
RimJhim manufactures stainless steel (SS) products such as SS
billets, SS flats, SS rounds, and bright bars. The company has its
manufacturing facility at Hamirpur (Uttar Pradesh), with total
capacity of 250,000 metric tonnes per annum.

RimJhim reported a profit after tax (PAT) of INR101.4 million on
net sales of INR9.79 billion for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR 205.6 million on
net sales of INR7.86 billion for 2011-12.


ROHIT EXTRACTIONS: CRISIL Reaffirms BB- Ratings on INR100MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rohit
Extractions Pvt Ltd continues to reflect REPL's moderate financial
risk profile, marked by moderate gearing and debt protection
metrics and a small net worth. The ratings also factor in the
extensive experience of the company's promoters, and its
established position, in the rice bran oil industry. These rating
strengths are partially offset by REPL's stretched liquidity
consequent to its recent capital expenditure (capex), its modest
scale of operations in the fragmented rice bran oil processing
industry, and its low operating margin.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           80      CRISIL BB-/Stable (Reaffirmed)

   Standby Fund-          5      CRISIL BB-/Stable (Reaffirmed)
   Based Limits           

   Working Capital       15      CRISIL BB-/Stable (Reaffirmed)
   Demand Loan           

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its established position, and its promoters' extensive
industry experience, in the rice bran oil industry. The outlook
may be revised to 'Positive' in case of substantial and sustained
improvement in the company's revenues and profitability margins,
or if there is a substantial increase in its net worth on the back
of equity infusion by the promoters. Conversely, the outlook may
be revised to 'Negative' if there is a sharp decline in REPL's
revenues or operating margin, or if its financial risk profile
deteriorates, most likely due to lower-than-anticipated cash
accruals or larger-than-expected working capital requirements.

Update

For 2012-13 (refers to financial year, April 1 to March 31), REPL
reported (on a provisional basis) revenues of INR1178 million, a
year-on-year growth of 13 per cent, in line with CRISIL's
projections. The revenue growth was mainly driven by higher
capacity utilisation on the back of increased availability of rice
bran. The company increased its processing capacity to 0.13
million tonnes per annum (tpa) from 0.10 million tpa in February
2013, which is expected to result in a revenue growth of 20 to 30
percent during 2013-14. REPL's operating margin improved
marginally to 3.6 per cent in 2012-13 as against 3.3 per cent in
the previous year on the back of healthy demand for rice bran oil
and higher capacity utilisation.

REPL has a moderate financial risk profile, though this has
marginally deteriorated compared with the previous year. The
company's gearing increased to about 1.4 times as on March 31,
2013, from 1.1 times a year earlier, mainly because of increase in
working capital debt, consequent to the scaling up of its
revenues. During 2012-13, REPL incurred a capex of INR54 million
to increase its processing capacity; the capex was funded through
internal sources and unsecured loans from promoters. REPL's
financial risk profile remains adequate for the rating category
despite the marginal deterioration.

REPL's liquidity has also deteriorated marginally compared with
previous levels as indicated by its fully utilised bank limits
during 2012-13, mainly because of high incremental working capital
requirements and also utilisation of internal funds for capex,
which were previously deployed towards working capital.
Consequently, the company's reliance on bank funding for working
capital requirements has increased from previous levels. However,
the company's liquidity is supported by absence of term debt
obligations and debt funded capex plans over the medium term.
CRISIL believes that the company's liquidity will remain stretched
over the medium term, though its liquidity will remain adequate
for the rating category.

Incorporated in 1990, REPL is engaged in processing of rice bran
to manufacture rice bran oil. The company manufactures unrefined
rice bran oil and de-oiled rice bran cakes, which are used as
animal feed. REPL has a rice bran processing capacity of 0.13
million tpa near Hyderabad (Andhra Pradesh).

For 2012-13, REPL reported (on a provisional basis) a profit after
tax (PAT) of INR20.0 million on net sales of INR1178 million; it
had reported a PAT of INR16.7 million on net sales of INR1041
million for 2011-12.


SEANTO MINERALS: CRISIL Suspends 'B' Ratings on INR110MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Seanto
Minerals And Energy Limited.

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

   Proposed Long-Term        70      CRISIL B/Stable Suspended
   Bank Loan Facility        

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

SMEL, promoted by Mr. Sanjay Sanghai, a first generation
entrepreneur is engaged in trading of cast iron, shredded scrap
and HMS. The products are sourced domestically as well as
imported. The customers comprise local steel traders and
manufacturers. The company operates from its office at Mumbai.


SHIVALIK POLYADD: CRISIL Suspends BB- Ratings on INR63.6MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivalik Polyadd Industries Private Limited.

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

   Export Packing Credit     11.4    CRISIL A4+ Suspended

   Long-Term Loan             8.6    CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Shivalik with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Shivalik
is yet to provide adequate information to enable CRISIL to assess
Shivalik'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 2008 by Mr. Rajiv Ramchand Sabnani, Shivalik took
over the business of proprietorship firm, Shivalik Industries
which was started in 2005. The company manufactures polymer filled
compounds and master batches. The products are widely used across
industries for products such as HDPE woven sacks, films,
laminations, automobile parts, furniture, etc. The company is also
engaged in exports to countries in Middle East and Africa. The
company plans to undertake a capex of around INR 25 lakhs to
increase its capacity on recycling business (conversion of plastic
scrap to usable granules), which is expected to be funded mainly
through internal accruals.


SHRI SATGURU: CRISIL Suspends 'BB-' Ratings on INR127MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shri
Satguru Metalloys Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              72.5     CRISIL BB-/Stable Suspended
   Term Loan                54.5     CRISIL BB-/Stable Suspended

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

SSMPL was promoted by the Goel family in April 2008. The company
has six directors: Mr. Deepak Goel, Mr. Anil Goel, Mr. Ram Avtar
Goel, Mr. Dilip Aggarwal, Mr. Manoj Daga, and Mr. Piyush Mittal.
It has set up a TMT bar manufacturing facility with capacity of
60,000 tonnes per annum in Muzaffarnagar (Uttar Pradesh). SSMPL
procures ingots from the local market in Muzaffarnagar, and
markets its products under the Satguru TMT brand. The company's
clientele largely comprises wholesalers/dealers in Uttar Pradesh,
Haryana, and New Delhi.


SIGACHI CHLORO-CHEMICALS: CRISIL Suspend B+ Rating on INR51M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sigachi
Chloro-Chemicals Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            3       CRISIL A4 Suspended

   Cash Credit              35       CRISIL B+/Stable Suspended

   Letter of Credit         30       CRISIL A4 Suspended

   Long-Term Loan            7.7     CRISIL B+/Stable Suspended

   Packing Credit           16.0     CRISIL A4 Suspended

   Proposed Long-Term        8.3     CRISIL B+/Stable Suspended
   Bank Loan Facility        

The suspension of ratings is on account of non-cooperation by
SCCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCCPL is yet to
provide adequate information to enable CRISIL to assess SCCPL 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
SCCPL and Sigachi Cellulose Pvt Ltd (SCPL), collectively referred
to as the Sigachi group. This is because both the companies are in
the same line of business, share the same brand name (Sigachi),
and have a common management. Furthermore, the bank facilities of
SCPL have been guaranteed by SCCPL and the companies are likely to
have financial linkages.

Incorporated in 1989, SCCPL was promoted by Mr. R P Sinha. The
company's product portfolio comprises MCC (contributes 65 per cent
of revenues), chlorinated paraffin oil (35 per cent) and
hydrochloric acid (5 per cent). The company's manufacturing units
are located in Hyderabad (Andhra Pradesh) and have a combined
installed capacity of 1800 tonnes and 2300 tonnes to manufacture
MCC and chlorinated paraffin oil respectively. The group is
setting up an MCC manufacturing unit in Dahej, with an installed
capacity of 2400 tonnes per annum; this is expected to commence
operations in March 2012. The total cost of the project is
estimated at INR100 million, funded by term debt of INR70 million
and equity infusion. The project is being undertaken in SCPL. The
day-to-day operations of the group companies are managed by Mr. R
P Sinha and his son, Mr. Amit Sinha.


SRI VARALAXMI: CRISIL Suspends 'B+' Rating on INR100M Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Varalaxmi Projects Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4 Suspended
   Cash Credit              100      CRISIL B+/Stable Suspended

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

SVPPL (formerly known as Sri Varalaxmi Steels Pvt Ltd) was set up
in March 2005 by Mr. V Tejesh Kumar and family. The name was
changed to the current one in May, 2007. The company, based in
Hyderabad, commenced operations in 2007-08. It works as a sub-
contractor and is engaged in various infrastructure related
construction activities in roadways projects and electrical works,
including construction of roads and bridges, and erection and
installation of sub-stations/transformers. It currently operates
in Maharashtra and Andhra Pradesh.


STERLING TAPES: CRISIL Places 'B+' Ratings on INR82.8MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sterling Tapes Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital
   Term Loan                3.7      CRISIL B+/Stable (Assigned)

   Term Loan               29.1      CRISIL B+/Stable (Assigned)

   Letter of Credit        70.0      CRISIL A4 (Assigned)

   Bank Guarantee           3.7      CRISIL A4 (Assigned)

   Cash Credit             50.0      CRISIL B+/Stable (Assigned)

The ratings reflect STL's small scale of, and working-capital-
intensive operations. The ratings also factors in the company's
weak financial risk profile, marked by high gearing and below-
average debt protection metrics. These rating weaknesses are
partially offset by STL's long-standing presence in the adhesive
industry.

Outlook: Stable

CRISIL believes that STL will maintain its business risk profile
over the medium term, on the back of the promoters' extensive
industry presence. The outlook may be revised to 'Positive' if the
firm increases its scale of operations along with an improvement
in its operating margin, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
STL's financial risk profile and liquidity deteriorate because of
large borrowings for capital expenditure programmes, or to meet
working capital requirements; or in case of a decline in its
operating margin.

STL was incorporated in Belgaum (Karnataka) in 1997. The company
manufactures BOPP self-adhesive (packaging) tapes and the BOPP
Jumbo Roll, which are used for packing. STL sells its products
under the Sterling brand. The company has a manufacturing facility
in Belgaum (Karnataka) and Gandhidham (Gujarat). STL also has
sales depots in Bhiwandi (Maharashtra). The company is promoted by
Mr. Bhupendra Shah, Mr. Kirti Shah and Mr. Popatlal Jain.

STL reported Profit After Tax (PAT) of INR8.9 million on net sales
of INR362.7 million for 2012-13 (refers to financial year, April 1
to March 31), vis-a-vis a PAT of INR7.5 million on net sales of
INR314.3 million for 2011-12.


SUNCORP EXIM: CRISIL Raises Ratings on INR190MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Suncorp Exim India Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming the short term rating at
'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              180      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit          60      CRISIL A4 (Reaffirmed)

   Proposed Long-Term        10      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects better-than-expected improvement in SEIPL's
operating performance which is expected to be sustained over the
medium term. SEIPL's improved operating performance is primarily
driven by increased demand for its products leading to higher
trading volumes. The company has achieved turnover of around
INR608.5 million with operating margin at around 8.6 per cent, in
2012-13. For 2013-14, SEIPL's revenues are expected to improve to
around INR850 to 900 million. The company has already recorded
sales of around INR400 million till September 30, 2013. CRISIL
expects the company's operating margins to continue at similar
levels over the medium term.

Improved operating metrics and equity infusion by promoters have
also led to an improvement in SEIPL's financial risk profile. The
company's net worth and total outside liabilities to tangible net
worth ratio remain modest at around INR83 million and 3.1 times
respectively as on March 31, 2013. Its debt protection metrics are
comfortable with NCATD of 0.17 times and interest coverage at 3
times in 2012-13. The financial risk profile is expected to
improve further over the medium term backed by capital infusion of
around INR12 million in 2013-14 as well as increase in SEIPL's
scale of operations.

The ratings continue to reflect SEIPL's modest scale and working
capital intensive nature of operations. These rating weaknesses
are partially offset by the benefits that SEIPL derives from its
promoters' extensive experience in the distributorship and
retailing of branded merchandise.

Outlook: Stable

CRISIL believes that SEIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
distributorship and retailing of branded merchandise business. The
outlook may be revised to 'Positive' in case SEIPL reports higher
growth in its revenues while maintaining its profitability and
improving its working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of a decline in SEIPL's revenues
and margins or further elongation of its working capital cycle,
leading to deterioration of its financial risk profile.

SEIPL, set up in Hyderabad in 2011, is engaged in the business of
wholesale distribution of branded footwear and apparels. The
company is promoted by Mr. S Ramesh and Mr. K Rama Mohana Rao. The
promoters have an extensive experience of around a decade in the
distributorship and retailing of branded merchandise by virtue of
their association with other group entities.

SEIPL reported a profit after tax (PAT) of INR22.7 million on net
sales of INR608.5 million for 2012-13 (refers to financial year,
April 1 to March 31) which was its first year of operations.


SUSHRUTA VISHRANTHI: CRISIL Suspends 'B-' Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sushruta Vishranthi Dhama Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150      CRISIL B-/Negative Suspended

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

Suvidha was incorporated in November 2004 and promoted by the
promoters of Sushruta Medical Aid and Research Hospital Ltd (rated
'CRISIL BBB/Stable/ CRISIL A3+'). Suvidha is building a lifestyle
retirement village on the outskirts of Bengaluru (Karnataka).
Originally incorporated to cater to the post-retirement needs of
promoter-doctors, Suvidha's management later decided to involve
the general public in the project. The interested parties have to
subscribe to the shares of the company. The shareholders do not
own any portion of the land or building directly, but derive a
right to live in the village by virtue of the shareholder's
agreement they enter into at the time of purchasing the shares.
One shareholder can own a maximum of two cottages. The project
originally consisted of 200 cottages; this has been marginally
scaled down and now the total stands at 197 cottages. As the
company does not sell the cottages, minimal revenues would be
booked.


SYSCON ENGINEERS: CRISIL Suspends BB- Ratings on INR62.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Syscon
Engineers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           12.5     CRISIL A4+ Suspended

   Cash Credit              55.0     CRISIL BB-/Stable Suspended

   Letter of Credit          5.0     CRISIL A4+ Suspended

   Long-Term Loan            4.5     CRISIL BB-/Stable Suspended

   Proposed Long-Term        3.0     CRISIL BB-/Stable Suspended
   Bank Loan Facility        

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

SE is a partnership firm engaged in providing process equipment
machinery and solutions (turnkey projects involving erection and
commissioning) to companies in several industries such as water
treatment, refineries, power, petrochemical, and fertiliser. It
manufactures pressure vessels, heat exchangers, columns, and
cooling towers, among various other process equipments


TRANSPORT SOLUTIONS: CRISIL Ups Ratings on INR250MM Loans to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Transport
Solutions India Pvt Ltd (TSIPL; part of the Transport Solutions
group) to 'CRISIL B-/Stable' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              200      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term        50      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects the improvement in liquidity driven by
the prepayment of term debt obligations and no plans to take term
loan in near future. Also, the rating factors in CRISIL's belief
that the Transport Solutions group will sustain its business risk
profile over the medium term backed by the promoters' experience
in the manufacturing industry and international collaboration
coupled with established customer relationships. However, the
rating remains constrained by the group's average financial risk
profile, constrained by a leveraged capital structure, working
capital intensive operations, and susceptibility to downturns in
end user industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of TSIPL, Lohr India Automotive Pvt Ltd
(LIAPL), and HIPL. This is because the companies, together
referred to as the Transport Solutions group, are in a similar
line of business and there are significant intercompany
transactions; also, TSIPL has extended corporate guarantees
towards the bank loan facilities of LIAPL and HIPL.

Outlook: Stable

CRISIL believes that the Transport Solutions group will continue
to benefit from the extensive experience of its promoters in the
manufacturing industry and established relationships with
customers. The outlook may be revised to 'Positive' if the group's
liquidity improves most likely because of improvement in working
capital management and incremental funding support from the
promoters. A reduction in loans and advances extended to group
companies could also trigger a revision in outlook to 'Positive'.
Conversely the outlook may be revised to 'Negative' if the group's
financial risk profile, especially liquidity, deteriorates,
because of larger-than-expected working capital requirements or
less-than expected cash accruals. The outlook may also be revised
to 'Negative' if it undertakes any large additional debt-funded
capex or further investments in group companies.

The Transport Solutions group was established in 2006 and
manufactures carriers used in logistic services. Presently, the
group manufactures tippers and trailers under TSIPL, car and truck
carriers under LIAPL, and refrigerated carriers under HIPL. The
group's promoters have over four decades of experience in the
manufacturing industry.


UMANANDA RICE: CRISIL Lowers Rating on INR130MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Umananda Rice Mill Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              130      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade in ratings reflects delays by URML in servicing its
term debt and consistent overdrawals from the company's cash
credit limits on account of weak liquidity driven by large working
capital requirements.

URML has weak financial risk profile, marked by high gearing, weak
debt protection metrics, and small net worth, and its exposure to
risks related to volatility in raw material prices and its non-
availability, vagaries of the monsoon and adverse regulatory
changes, and working capital intensive nature of operations. These
rating weaknesses are partially offset by steady revenues on
account of assured off-take by the Food Corporation of India.

URML, based in Burdwan (West Bengal), mills and processes rice.
Incorporated in 2007, the company is managed by its promoter-
director, Mr. Gobinda Halder and his son Mr Abhijit Halder. The
company sells its processed rice under the Taj Gold brand. It has
a capacity to process 270 tonnes of rice per day.


VIJAY TECHNOLOGIES: CRISIL Suspends 'D' Ratings on INR125MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vijay
Technologies India Private Limited.

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

   Cash Credit              40       CRISIL D Suspended

   Letter of Credit         10       CRISIL D Suspended

   Rupee Term Loan          70       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
VTIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VTIPL is yet to
provide adequate information to enable CRISIL to assess VTIPL'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 1989 by Mr. Jitendra Salot and his family, VTIPL
(formerly, Nevada Finvestrade Company Pvt Ltd) manufactures
surgical gloves, industrial gloves, and examination gloves. In
April 2011, VTIPL started operating three lines for the
manufacture of gloves.


VIJAYNATH INTERIORS: CRISIL Cuts Ratings on INR77.5MM Loans to B
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vijaynath Interiors & Exteriors Pvt Ltd to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of credit         300      CRISIL A4 (Downgraded from
   & Bank Guarantee                  'CRISIL A4+')

   Proposed Long-Term        57.5    CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects VIEPL's stretched liquidity and cash
flow mismatches, as reflected in instances of devolvement of the
company's letters of credit and invocation of bank guarantee in
recent months. VIEPL's liquidity has deteriorated mainly on
account of delays in payment from its customers. CRISIL believes
that VIEPL's working-capital-intensive operations, with stretched
payments from customers, will continue to result in cash flow
mismatches and the company's high dependence on incremental bank
borrowings over the medium term.

The ratings reflect VIEPL's small scale of operations, with
limited value addition, in the roofing systems business, and weak
liquidity because of delayed payments by customers. These rating
weaknesses are partially offset by its promoter's extensive
experience in the roofing systems industry and its strong customer
base.

Outlook: Stable

CRISIL believes that VIEPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
strong customer base. The outlook may be revised to 'Positive' if
the company's working capital management improves significantly,
leading to better-than-expected liquidity. Conversely, the outlook
may be revised to 'Negative' if VIEPL's liquidity weakens further,
most likely because of increased working capital requirements or
any large capital expenditure plans.

Mumbai (Maharashtra)-based VIEPL, incorporated in 2003, was set up
by Mr. Vijaynath Shetty. The company is engaged in consultation
with regard to aluminium, steel, copper, and zinc roofing systems,
which it also supplies and installs; steel roofing systems account
for most of VIEPL's revenue.


VIKAS ENTERPRISES: CRISIL Suspends 'BB-' Ratings on INR80MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vikas
Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           25       CRISIL A4+ Suspended

   Cash Credit              78       CRISIL BB-/Stable Suspended

   Letter of Credit         35       CRISIL A4+ Suspended

   Proposed Long-Term        2       CRISIL BB-/Stable Suspended
   Bank Loan Facility        

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

VE is a manufacturer of small sized transformers, mainly catering
to distribution companies in Rajasthan. The proprietorship firm is
managed by Ms Pushpa Gupta. VE has been in this business for over
25 years.


VISHNU CARS: CRISIL Suspends 'D' Ratings on INR178.7MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vishnu
Cars Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL D Suspended

   Cash Credit               80      CRISIL D Suspended

   Long-Term Loan            68.7    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by VCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VCPL is yet to
provide adequate information to enable CRISIL to assess VCPL'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 2005, VCPL is based in Chennai (Tamil Nadu). Till
2009, VCPL was a dealer of Hindustan Motors Ltd's (HML's)
vehicles; however, because of decline in sales volumes of HML's
cars, VCPL switched to dealership of Maruti Suzuki India Ltd's
(rated 'CRISIL AAA/Stable/CRISIL A1+') vehicles in May 2010. Mr.
Venkat Immanni is VCPL's managing director. The company has set up
one new showroom at Chrompet in Chennai; its two service stations
at Mylapore and Pallavaram in Chennai are operational. The new
showroom is yet to commence operations, as it is awaiting
clearance from municipal authorities.



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


CYNOTECH HOLDINGS: Finance Units Issued 'Stop Now' Letter
----------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that the Commerce
Commission has sent a "Stop Now" letter to two finance companies
allegedly trying to repossess debtors' goods with no legal right
to do so.  The companies involved, Evolution Finance and Budget
Loans, are subsidiaries of Cynotech Holdings, controlled by former
1980s high-flier Allan Hawkins.

Cynotech is currently in liquidation, and was removed from the New
Zealand stock exchange's alternative NZAX market in September,
Stuff.co.nz recalls.

The report says Evolution Finance has been chasing up the loans of
two other failed finance companies which it bought from receivers
several years ago.

According to the report, Mr. Hawkins' decision to pursue
delinquent debtors through the courts was seen by some industry
figures as setting an example that others had followed.

At the height of Evolution's activities, the company was being
granted twice as many summary judgments as the entire Inland
Revenue Department, the report says.

But the commission said it had evidence showing both Evolution
Finance and Budget Loans were likely to have breached the Fair
Trading Act by claiming they had a right to repossess consumer
goods which were not agreed on as security in the original
contracts, according to Stuff.co.nz.

The maximum penalty for breaching the Act is a fine of NZ$200,000
for each offence, the report discloses.

Stuff.co.nz relates that the commission said it sent the warning
letter to try and prevent further harm to consumers until its
investigation into the companies wrapped up.

A spokesman said the investigation was ongoing, and could not give
a timeframe for completion, the report relays.

Mr. Hawkins is best known his role at Equiticorp, which collapsed
after the 1987 sharemarket crash, leading to his imprisonment on
fraud charges in 1992, the report notes.

Cynotech Holdings Limited was engaged in holding company; consumer
and commercial loans; specialist lending and fee income; finance
group funding, and debt collection.

The company was placed in liquidation by order of the High Court
in Auckland on August 7.

Liquidators' reports show Cynotech has assets with a book value of
NZ$14 million, versus total debts of almost NZ$20 million.  That
means unsecured creditors, who are owed approximately
NZ$6.5 million, may not end up receiving a cent, Stuff.co.nz.


MEDIAWORKS NZ: To Exit Receivership
-----------------------------------
3 News reports that MediaWorks, owner of TV3, TV4 and a number of
radio stations and websites, said it will be officially out of
receivership.

The business will now operate under the company name Mediaworks
Holdings Limited.

"It is extremely pleasing that we have emerged in such good
heart," the report quoted MediaWorks Group managing director
Sussan Turner, as saying.

"As was promised at the outset, all our staff have been retained
and it has been, on the whole, business as usual.  We are grateful
for the tremendous support the business has received from our
team, customers, suppliers and the public," Mr. Turner said, the
report notes.

"A key focus of the transition to new ownership has been to right
size the capital structure of the business.  This has now been
achieved and the business is no longer burdened by crippling
debt," Mr. Turner said, the report relates.

Receivers Brendon Gibson and Michael Stiassny of KordaMentha said
they are pleased with MediaWorks' performance during the
transition, the report discloses.

The new company board is partially formed, and Mr. McGeoch and
fellow directors Martin Dalgleish and Julie Christie have been
working with Ms. Turner and the executive team on MediaWorks'
future, the report adds.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.

MediaWorks funders on June 17, 2013, appointed Brendon Gibson and
Michael Stiassny of financial advisory firm KordaMentha to oversee
the receivership of MediaWorks NZ Limited and its subsidiaries,
including RadioWorks Ltd and TVWorks Ltd.


* NZ Contractors Federation Welcomes Supreme Court Decision
-----------------------------------------------------------
The New Zealand Contractors Federation (NZCF) welcomes Supreme
Court decision on liquidation "injustice".

The Supreme Court has granted leave for an appeal to be heard,
which could have critical outcomes for businesses throughout
New Zealand.

Stabilisation technology specialist Hiway Stabilisers had been
paid $13,000 for work it had completed for a company which went
into liquidation two years later. The liquidators then demanded
that the money should be repaid.

Hiway Stabilisers successfully challenged these demands in court.
However, this was overturned in July when the Court of Appeal
agreed that a liquidator can legally claw back payments made by an
insolvent company to a contractor up to two years before its
collapse even if legitimate services had been delivered in good
faith in the normal course of business.

Hiway Stabilisers is a member of the NZCF which decided to support
a challenge of the Court of Appeal decision, financially
supporting the company's appeal to the Supreme Court -- which has
now granted leave for appeal.

Seventy NZCF members have already donated nearly NZ$18,000 to the
costs of running the case, which could reach up to NZ$50,000.

NZCF Chief Executive Jeremy Sole said that the federation, and
Hiway Stabilisers, were delighted that the case would now be heard
in the Supreme Court.

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

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

"This is an absurd situation and significantly bigger than just
the case we are assisting Hiway Stabilisers to fight. It could
impact across the entire business sector especially where the
effects of liquidations of large entities have the potential to
cascade into supply chains."

Mr. Sole said the issue has arisen due to changes to the Companies
Act 1993, aimed at bringing New Zealand's law on 'voidable
preferences' into alignment with Australian commercial law.

Leading commercial and public law expert Stephen Franks, of Franks
& Ogilvie, has described the Court of Appeal decision as a
"purist" interpretation of the changes

He said that the interpretation given by the Court of Appeal
means, with some exceptions, most payments for goods and services
supplied on credit can be clawed back if an insolvent customer
goes into liquidation within two years.

The Supreme Court case will examine whether the Court of Appeal
was correct to conclude that the payment made to businesses,
including Hiway Stabilisers, should be set aside and that
judgement should be entered against them.



                             *********

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