TCRAP_Public/131113.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

         Wednesday, November 13, 2013, Vol. 16, No. 225


                            Headlines


A U S T R A L I A

CARA AND CO: Closes Doors as it Enters Voluntary Administration
GASOMETER PTY: Melbourne Hotel Goes Into Liquidation
SEVEN GROUP: To Cut 630 Jobs at WesTrac Unit
TEN NETWORK: Shareholders to Vote on AUD200MM Loan
TLT NOMINEES: Receivers Put Assets in Online Auction


C H I N A

SUNTECH POWER: Main Unit's Creditors Back Debt Restructuring Plan
SUNTECH POWER: Seeks Dismissal of Involuntary U.S. Bankruptcy


I N D I A

A G DERCO: CRISIL Lowers Ratings on INR196MM Loans to 'D'
A.DURAISAMY MODERN: CRISIL Reaffirms B+ Rating on INR70.7MM Loan
AGLO PACKAGINGS: CRISIL Cuts Ratings on INR79.6MM Loans to 'D'
AGRIBIOTECH INDUSTRIES: CARE Reaffirms BB+ INR9.53cr Loan Rating
ARISTO REALTY: CARE Assigns 'BB+' Rating to INR50cr LT Bank Loans

ASHOK TRANSFORMERS: CRISIL Suspends BB- Ratings on INR110MM Loans
ATLAS CYCLES: ICRA Cuts Rating on INR57.67cr Loans to 'BB'
BALAJI PAPER: CRISIL Suspends 'D' Ratings on INR667.8MM Loans
BATUKBHAI SONS: CRISIL Rates INR100MM Cash Credit at 'BB'
BRAITHWAITE & CO: CRISIL Ups Rating on INR180MM Loans to 'BB'

BUDS TEA: ICRA Assigns 'BB-' Ratings to INR27.25cr Loans
CITY HEART: ICRA Reaffirms 'B' Rating on INR9.5cr Loans
CLAYRIS CERAMICS: CARE Reaffirms 'B' Rating on INR41.10cr Loans
CONTROL TEXTILE: CRISIL Suspends 'D' Ratings on INR149MM Loans
D.S INTERNATIONAL: ICRA Reaffirms 'B' Ratings on INR23.5cr Loans

DE ANNPURNA: CRISIL Reaffirms 'BB+' Rating on INR10MM Loan
DECCAN CHRONICLE: State Bank of Hyderabad Files Liquidation Bid
DEESAN AGRO-TECH: ICRA Raises Rating on INR87.73cr Loans to 'BB'
DIVINITI HOMES: ICRA Reaffirms 'B+' Rating on INR6cr Loans
DTC SECURITIES: CRISIL Assigns 'BB-' Rating to INR200MM Loan

FANTOOSH INDIA: CRISIL Suspends 'D' Ratings on INR80MM Loans
GULSHAN CHEMICALS: CRISIL Suspends 'BB' Rating on INR60MM Loan
J. D. INDUSTRIES: CRISIL Suspends 'B' Ratings on INR49.7MM Loans
JORDAN CONSTRUCTION: CARE Reaffirms 'BB' Rating on INR7.5cr Loans
KENNIGTON FABRICS: CRISIL Assigns 'BB' Ratings to INR200MM Loans

KRANTHI EDIFICE: ICRA Assigns 'BB' Ratings to INR122cr Loans
LEKH RAJ: CRISIL Assigns 'B-' Ratings to INR150MM Loans
MAA SHAKAMBARI: CRISIL Suspends BB+ Rating on INR205.6MM Loans
MASO AUTOMOTIVES: CRISIL Suspends 'B-' Ratings on INR110MM Loans
MILTON CYCLE: ICRA Cuts Rating on INR10cr Loan to 'BB'

MOHAN MILK: CARE Rates INR6cr LT Bank Loans at 'B+'
NAGARAJ AND CO: CRISIL Suspends 'B-' Ratings on INR65MM Loans
NAND KISHORE: ICRA Assigns 'BB' Rating to INR6cr Loans
NEW HARYANA: ICRA Reaffirms 'B' Rating on INR9.5cr Loans
NIRVANA FASHION: CRISIL Suspends 'B' Ratings on INR80MM Loans

PADMAVATI LOGISTICS: CRISIL Suspends 'C' Rating on INR60MM Loans
PCM CEMENT: CARE Assigns 'C' Rating to INR15cr LT Bank Loans
PLYMEX TIMBER: CRISIL Suspends 'BB-' Rating on INR50MM Loans
PRECIOUS CONSTRUCTION: ICRA Reaffirms 'B' Rating on INR30cr Loans
RAJURI STEELS: ICRA Suspends 'BB-' Rating on INR33.5cr Loans

ROYAL SUITINGS: CRISIL Suspends 'BB-' Ratings on INR76MM Loans
RUDRA AUTOMART: CRISIL Cuts Rating on INR100MM Loan to 'BB+'
S. V. TRADERS: CRISIL Reaffirms BB- Rating on INR100MM Loan
SAKTHI GANESH: CRISIL Raises Ratings on INR165.10MM Loans to BB-
SALEM STAINLESS: CRISIL Reaffirms BB+ Rating on INR214MM Loan

SATGURU METALS: ICRA Assigns 'B+' Ratings to INR8.95cr Loans
SHIV RENEWABLE: CRISIL Suspends 'B' Rating on INR120MM Loan
SHIVPARAS ALLOY: CRISIL Reaffirms 'BB' Rating on INR150MM Loan
SHRINATH COTTON: ICRA Reaffirms 'B' Ratings on INR6.03cr Loans
SHROFF OIL: CARE Reaffirms 'BB' Rating on INR7cr LT Bank Loans

SIMEC INDUS: CARE Assigns 'BB' Rating to INR30cr LT Loans
SOLUTREAN BUILDING: CARE Rates INR50cr LT Bank Loans at 'BB'
SRI LALITH: CRISIL Suspends 'B' Ratings on INR150MM Loans
SRINIVASA RICE: ICRA Reaffirms 'B+' Rating on INR8.19cr Loans
SSGR HOSPITAL: CRISIL Suspends 'B-' Ratings on INR99.5MM Loans

SUNLEX FABRICS: CARE Assigns 'B' Rating to INR23.65cr Loans
T T L MINERALS: CRISIL Suspends 'BB-' Rating on INR60MM Loan
TRIUMPH AUTO: CRISIL Suspends 'B' Ratings on INR127.7MM Loans
TULIPS AMBBIENCE: CRISIL Reaffirms B+ Ratings on INR77MM Loans
UNA TALUKA: Government Starts Liquidation of Sugar Cooperative

VEPARSEVA HEALTHCARE: CARE Assigns 'B' Rating to INR17.83cr Loan


I N D O N E S I A

BAKRIE TELECOM: Fitch Cuts Issuer Default Ratings to 'C'
BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'D'


J A P A N

MITSUBISHI MOTORS: S&P Puts 'B+' CCR on CreditWatch Positive


M O N G O L I A

GOLOMT BANK: S&P Revises Outlook to Negative & Affirms 'B+' ICR


X X X X X X X X

* Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CARA AND CO: Closes Doors as it Enters Voluntary Administration
---------------------------------------------------------------
Scott Bolles at goodfood.com.au reports that Cara & Co, the luxe
Sydney concept store that marries Belgian gastronomy with fashion
and accessories, is set to close after going into voluntary
administration. Its upmarket restaurant has already served its
last meal, the report says.

goodfood.com.au notes that the move is a further blow to the
dining credentials of Westfield Sydney, which has already seen
upmarket restaurants Becasse and Spiedo depart its glitzy CBD
showpiece.

According to the report, a Cara & Co spokesman said they had hoped
to continue to trade after going into voluntary administration
earlier in November.

Cara & Co's restaurant opened in August 2011 with chef David De
Belder from Antwerp restaurant De Godevaart responsible for the
cuisine.  Cara & Co's entrepreneurial owner, Roza Alpert, has kept
a low profile in recent times, her latest mention in the media was
back in August when she listed her Potts Point home for sale.


GASOMETER PTY: Melbourne Hotel Goes Into Liquidation
----------------------------------------------------
Al Newstead at Tone Deaf reports that following reports that the
future of the Gasometer Hotel in Collingwood was uncertain after
news of cancelled shows, liquor licensing issues, and a touted
sale of the live music venue, new information has surfaced that
confirms the sad financial state of the Melbourne venue.

Australian Securities and Investments Commission (ASIC) documents
obtained by Tone Deaf revealed that the Gasometer Hotel is going
into liquidation, with Peter Ivan Macks --
pmacks@macksadvisory.com.au -- of Macks Advisory appointed as the
administrator by a South Australian court ruling on November 6.

Tone Deaf relates that the successful action to wind up the venue,
registered as Gasometer Pty Ltd, was brought forward by one of the
hotel's liquor suppliers, the McLaren Vale Beer Company Pty Ltd,
issued to the South Australian Commonwealth Laws Court back in
August.

According to the report, court records show that a number of
payments had defaulted, including nearly AUD30,000 owed to
Victorian Workcover in June and AUD3,116 to The Wine Company Pty
Ltd in April 2013.

An additional insolvency notice from ASIC revealed that the venue
had been in financial trouble for some time, with an unsuccessful
wind up action brought, Tone Deaf adds.


SEVEN GROUP: To Cut 630 Jobs at WesTrac Unit
--------------------------------------------
Rhiannon Hoyle at The Wall Street Journal reports that Seven Group
Holdings Ltd. said it would cut 630 jobs at its heavy-machinery
unit WesTrac, one of several mining-industry suppliers grappling
with a slowing global-commodities boom.

The Journal says the latest WesTrac job losses bring the total
number of cuts this year to more than 1,000, and will lower head
count in Australia to 3,350 people.  WesTrac is an authorized
dealer for equipment made by Caterpillar Inc.

Like other suppliers to the minerals sector, WesTrac's revenue has
been hurt by a slowdown in mining investment in key resources hubs
such as Australia, the Journal notes.  The price of nickel, coal
and other materials has fallen as the pace of demand from
industrializing China has slowed in the past year. Meanwhile mine
expansions have boosted supply.

In August, Boart Longyear Ltd., the world's biggest mineral-
exploration drilling company, described business conditions as the
worst since the global financial crisis, the Journal discloses.

According to the Journal, Seven Group, controlled by the
billionaire Kerry Stokes, said it would cut jobs by through a
combination of natural attrition, hiring fewer contractors and
eliminating redundancies over the coming month. The reorganization
would cost Seven Group about AUD13 million (US$12.2 million), the
company said in a statement on November 6, the Journal reports.

"WesTrac has implemented a series of efficiency and productivity
initiatives . . . but these measures alone have not been
sufficient in view of continuing challenging market conditions,"
Seven Group, as cited by the Journal, said.

The Seven Group Holdings, Ltd is an Australian television network.


TEN NETWORK: Shareholders to Vote on AUD200MM Loan
---------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that Ten Network
risks breaching its debt covenants if shareholders do not approve
a deal that could hand security over all of the media group's
assets to three of its billionaire shareholders, James Packer,
Lachlan Murdoch and Bruce Gordon, in return for the three
guaranteeing its new AUD200 million loan.

A covenant breach could lead to another highly dilutive capital
raising if the "covenant lite" loan is not approved at its
December 18 shareholders meeting, according to the report.

"Given current operating conditions and recent performance, there
is no guarantee that Ten will be able to meet covenants," the
company said in its notice of meeting, which was released on
November 11, SMH reports.

SMH relates that in the company's annual review, which was also
published on November 11, Ten chairman Lachlan Murdoch said: "The
outlook for the media sector remains challenging". Advertising
bookings remained short and the outlook for advertising was
"uncertain".

According to SMH, the media group's independent expert, Deloitte,
said the transaction -- which could cost the company up to
AUD43.8 million in interest costs to its lender, Commonwealth
Bank, and fees to the guarantors -- was fair and reasonable to
shareholders not involved in the transaction.

Most of the money would go to the billionaire guarantors, who will
receive a minimum 3.5 per cent fee for the life of the four-year
loan, the report relays.

SMH notes that the fee may rise if the company's debt breaches
certain ratios but could cease earlier if earnings improve to the
point that the company can arrange a less onerous loan.

SMH adds that the fee is also convertible into shares in Ten -- at
the option of the guarantors when the loan ends -- with a strike
price based on the average share price in the 10 days leading up
to the company shareholders meeting next month.

Ten Network Holdings Limited is an Australia-based company. The
principal activity of the Company is the investment in The Ten
Group Pty Limited (Ten Group) and controlled entities, whose
principal activities are the operation of multi-channel commercial
television licenses in Sydney, Melbourne, Brisbane, Adelaide and
Perth, and out-of-home advertising. The Company operates in the
television segment. Network Ten operates three free-to-air
television channels in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth.


TLT NOMINEES: Receivers Put Assets in Online Auction
----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that beer, Wine and
Spirits stock of TLT Nominees Pty Ltd, Newcastle Liquor
Wholesalers Pty Ltd, Print National Nominees Pty Ltd and Rugama
Trading Pty Ltd were auctioned online. The event was under
instruction from receivers David Merryweather --
david.merryweather@au.pwc.com -- and Gregory Hall --
greg.hall@au.pwc.com -- of PriceWaterhouse Coopers, the report
says.

dissolve.com.au relates that the sale cleared 30,000 cases of
leading beer, wine and spirits. Brands included Jim Beam, Pure
Blonde, Hahn, Boags, Becks, Grant Burge, Peter Lehmann, Dromana,
Angrove, James Estate, Basedow, Marienberg and others.



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


SUNTECH POWER: Main Unit's Creditors Back Debt Restructuring Plan
-----------------------------------------------------------------
Charlie Zhu at Reuters reports that creditors of the main unit of
Suntech Power Holdings Co Ltd on November 12 approved a plan to
restructure its $1.75 billion debts with proceeds from acquirer
Hong Kong-listed Shunfeng Photovoltaic International Ltd.

Reuters relates that Shunfeng announced this month it had agreed
to take over indebted Wuxi Suntech Power Co Ltd for CNY3 billion
($493 million), pending approvals from various parties including
its own shareholders and Wuxi Suntech's creditors on the debt
restructuring.

According to the report, Shunfeng has said it would use the
proceeds to pay down Wuxi Suntech's debts.

Suntech spokesman Ryan Ulrich said creditors, including
representatives from Chinese banks as well as domestic and foreign
suppliers, backed the debt restructuring plan, Reuters reports.

Reuters notes that Wuxi Guolian Development Co Ltd, the investment
arm of the Wuxi city government, has indicated interest in
injecting $150 million in the form of equity investment and some
unspecified solar and other assets in Suntech Power Holdings. It
also called for a swap of unspecified amounts of Suntech Power
Holdings' debts -- which totaled $2.4 billion -- into equity, the
report notes.

Reuters says the proposed bailout would prevent the former major
Chinese solar panel maker from going bankrupt, but it would also
almost wipe out the equity stakes held by its existing
shareholders.

A takeover by Guolian would dilute their stakes to single digit,
two people with knowledge of the proposal told Reuters. "It would
be diluted to close to nothing," said the source, who spoke on
condition of anonymity, told Reuters.

                           About Suntech

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

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

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.


SUNTECH POWER: Seeks Dismissal of Involuntary U.S. Bankruptcy
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Suntech Power Holdings Co., once the world's largest
solar-panel maker, filed court papers urging a judge to dismiss
the involuntary Chapter 7 bankruptcy petition filed in mid-October
by four holders of some of the $541 million in convertible notes.

According to the report, based in Wuxi, China, Suntech advances
several reasons why the involuntary bankruptcy is defective. Most
prominently, Suntech says that at least two of the four
involuntary petitioners acquired their claims expressly to file an
involuntary petition, an action prohibited in bankruptcy law.

Suntech points out that none of the petitioning Noteholders filed
a required statement saying they hadn't purchased the debt to file
an involuntary petition. The petitioning Noteholders include
Trondheim Capital Partners LP and Michael Meixler.

The court should dismiss the case "in the interests of creditors
and the debtor" under Section 305 of the Bankruptcy Code to ensure
there is no disruption of ongoing negotiations with holders of a
majority or more of the notes, Suntech said.

Dismissal of the involuntary petition will come to bankruptcy
court for a hearing on Dec. 12.

Suntech says the four creditors own only 0.27 percent of
outstanding debt. Suntech defaulted on the notes in March.

New York was also the wrong place to file, Suntech says, because
the company has no place of business or assets in the U.S.
Instead, the New York court should allow Suntech to proceed with
the bankruptcy it filed voluntarily in the Cayman Islands, the
company said. Eventually, Suntech said, the four creditors will be
allowed to vote on a reorganization to be proposed in the Cayman
Islands, where the company is incorporated.

                            About Suntech

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

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

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.


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


A G DERCO: CRISIL Lowers Ratings on INR196MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
A G Derco Belting (India) Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         28      CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit            40      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Letter of Credit       18      CRISIL D (Downgraded from
                                  'CRISIL A4')

   Term Loan             110      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

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

AGDB also has a weak financial risk profile, marked by weak debt
protection metrics and limited financial flexibility. The company
also has high customer concentration in its revenue profile and a
small scale of operations. However, AGDB continues to benefit from
the extensive experience of its promoters in the engineering
industry.

AGDB, part of the AG Engineers group, was incorporated in 2010 and
promoted by Mr. Aditya Gupta, Mr. P D Gupta, and Mr. P K Gupta. In
2011-12 (refers to financial year, April 1 to
March 31), AGDB set up a manufacturing unit for
polyvinylchloride/polyurethane/silicon-coated conveyer belts used
in various industries in Greater Noida (Uttar Pradesh). The unit
has been set up under technical collaboration with Derco B V,
Nederland.


A.DURAISAMY MODERN: CRISIL Reaffirms B+ Rating on INR70.7MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of A.Duraisamy Modern Rice
Mill continue to reflect ADMRM's below-average financial risk
profile, marked by its small net worth and high gearing, and the
firm's moderate scale of operations in the intensely competitive
rice milling industry. The ratings also factor in the firm's
susceptibility to any adverse impact of government regulations,
and volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of ADMRM's partners
in the rice milling industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          70.7      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ADMRM will benefit over the medium term from
the extensive industry experience of its management. The outlook
may be revised to 'Positive' if the firm's revenues and
profitability increase substantially; or if the promoters infuse
sizeable capital into the firm, resulting in an improved capital
structure. Conversely, the outlook may be revised to 'Negative' if
ADMRM undertakes aggressive debt-funded expansions, or if the
promoters withdraw larger-than-expected capital from the firm, or
if ADMRM extends significant financial support to associate
entities, thereby weakening its financial risk profile.

Update

ADMRM's estimated revenue of INR307 million was in line with
CRISIL's expectations for 2012-13 (refers to financial year,
April 1 to March 31). The firm's operating margin was around 6.4
per cent in 2012-13, broadly in line with past trends. ADMRM's
operations remain working-capital-intensive because of large
inventory and limited payables.

ADMRM's financial risk profile continues to be below-average,
marked by high gearing and small net worth. The firm intends to
undertake a debt-funded capital expenditure (capex) programme of
around INR12.5 million during 2013-14, towards construction of
storage facilities, and purchase of ancillary machinery, which is
likely to be debt-funded to around 80 per cent. Although this is
expected to result in marginally higher gearing in the near term,
with declining debt obligations, gearing is expected to improve
over the medium term. In the absence of any expected infusion of
equity from the promoters, ADMRM's financial risk profile is
expected to remain below-average over the period.

ADMRM's liquidity remains moderate, marked by adequate cash
accruals vis-a-vis debt obligations, partially offset by its high
bank limit utilisation.

Set up in 1950, Salem-based A. Duraisamy Modern Rice Mill (ADMRM)
is a partnership firm engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm has five
partners - four brothers, namely, Mr. D Udayakumar, Mr. D Sukumar,
Mr. D Murugesan, Mr. D Padmanaban; and Mr. S Ragunath, son of Mr.
D Sukumar. The brothers actively oversee the firm's day-to-day
operations.

ADMRM reported a provisional profit after tax (PAT) of INR3.9
million on net sales of INR307 million for 2012-13, and a PAT of
INR3.7 million on net sales of INR260 million for 2011-12.


AGLO PACKAGINGS: CRISIL Cuts Ratings on INR79.6MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Aglo Packagings Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'
and assigned a rating of 'CRISIL D' to the short-term facilities.
The rating downgrade reflects delays by APPL in servicing its
debt; the delays have been caused by APPL's weak liquidity driven
by higher reliance on bank borrowings for incremental working
capital requirements.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           3.5      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Cash Credit             27.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit         5.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long-Term      44.1      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan               50.3      CRISIL D (Reassigned)

   Standby Line of          4.0      CRISIL D (Reassigned)
   Credit

The rating continues to reflect APPL's below-average financial
risk profile, small scale of operations, and susceptibility to
risks related to intense competition in the polyethylene
terephthalate (PET) caps industry. These rating weaknesses are
partially offset by the extensive industry experience of APPL's
promoters and the company's healthy relationships with its
customers.

Incorporated in 2006 and promoted by Mr. Prakash Agarwal, APPL
manufactures PET caps for bottles used for packaging of mineral
water, edible oil, fruit juices, and carbonated drinks. The
company's plant is located in Guwahati (Assam).


AGRIBIOTECH INDUSTRIES: CARE Reaffirms BB+ INR9.53cr Loan Rating
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Agribiotech Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.53       CARE BB+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained by the deterioration in the
financial risk profile of Agribiotech Industries Limited due to
huge payments made to Rajasthan State Excise Department (RSED)
against the excise demand notice issued by it, which forms a
significant portion of its net-worth. The rating further continues
to be constrained by the modest scale of its operations despite a
year-on-year growth, its geographically restricted presence,
vulnerability of its profitability to adverse fluctuations in the
price of food grains (its major raw material), which are dependent
upon the vagaries of the monsoon and the agricultural commodity
price cycles, competition from the cheaper molasses-based alcohol
and the challenges of operating in a highly regulated environment.

The rating, however, continues to take into account its modest
debt coverage indicators, established presence in the Extra
Neutral Alcohol (ENA) and Country Liquor (CL) segment in
Rajasthan, the promoters' experience along with financial support
provided by them in meeting part of the aforementioned excise
demand and the growing alcoholic beverages market in India.
ABIL's ability to increase the scale of its operations along with
improvement in the profitability and efficient management of its
working capital are the key rating sensitivities.

ABIL is a closely-held public limited company promoted by the
Bajoria family of Rajasthan.

Situated in Sikar district of Rajasthan, ABIL is engaged in the
manufacturing of ENA / Rectified Spirit (RS), CL and bottling of
Indian Made Foreign Liquor (IMFL). As on March 31, 2013, it had an
installed capacity of 65,000 liters/day of distillery and 5,600
cases/day of bottling plant. The distillery is grain-based and the
major inputs for the manufacturing of alcohol are bajra and broken
rice.

ABIL reported a PAT of INR2.11 crore on a total operating income
of INR117.50 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR1.96 crore on a total operating
income of INR110.62 crore in FY12. Further, as per provisional
results for H1FY14, ABIL has earned a total operating income of
around INR65 crore.


ARISTO REALTY: CARE Assigns 'BB+' Rating to INR50cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Aristo
Realty Developers Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       50          CARE BB+ Assigned
   Facilities

Rating Rationale

The ratings factor the project risk associated with upcoming
service apartments and residential project, likely dependence on
real estate cash flows for funding of losses/debt servicing in
initial years of service apartment operations, first hospitality
venture of the promoters, competition from existing and upcoming
service apartments and inherent risk associated with real estate
sector and cyclicality in hospitality sector.

The ratings also factor the established track record of the
promoters in real estate sector, management-cum-marketing tie-up
with Oakwood Asia Pacific, strategic location of the hotel,
comfortable capital structure of the company and existing real
estate assets (ready to be sold inventory) which is likely to
extend liquidity support.

Ability of the Company to complete the project as per project
implementation schedule without any time or cost overrun and to
achieve the projected ARR and occupancy for the apartments is a
key rating sensitivity. Further, ability of the company to
complete the sale of pending flats and use the fund towards hotel
project as well as maintain its gearing levels are key rating
sensitivities.

Aristo Realty Developers Limited is engaged in the business of
construction and real estate development since 1994. ARDL has
completed various projects in Mumbai, Pune and Tripur totalling 15
lsf. ARDL is developing a 191 service apartment project called
"Oakwood Premier (5 star)" opposite the Mumbai International
Airport at Sahar. The project will offer a mix of Studio
Apartments, one-bedroom, two-bedroom and three-bedroom apartments.
The project will be an apartment hotel of international standards
catering to the guests for extended stay purposes. The hotel will
be operated by Oakwood Asia Pacific, which is a division of
Oakwood Worldwide, under the brand "Oakwood Premier". Oakwood
worldwide has over 25,000 serviced apartments all over the world.

Total cost of the project is estimated at INR230 crore to be
funded through debt of INR120.00 crore and promoter funds of
INR110.00 crore. The company has envisaged the project to
commence operation from October, 2014. Financial closure for the
project has been achieved. As on September 30, 2013, the company
has completed 52.11% of the proposed project which has been
funded with a D:E of 0.26x.


ASHOK TRANSFORMERS: CRISIL Suspends BB- Ratings on INR110MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ashok
Transformers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           140      CRISIL A4 Suspended
   Cash Credit              100      CRISIL BB-/Stable Suspended
   Letter of Credit          10      CRISIL A4 Suspended
   Standby Line of Credit    10      CRISIL BB-/Stable Suspended

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

Set up as a partnership firm in 1970, ATPL was reconstituted as a
private limited company in 1974. It manufactures electrical
transformers at its plant in Surat (Gujarat).

For 2010-11, ATPL reported (provisional) a profit after tax (PAT)
of INR0.7 million on net revenue of INR142.2 million, as against
PAT of INR5.2 million on net sales of INR192.4 million for 2009-
10.


ATLAS CYCLES: ICRA Cuts Rating on INR57.67cr Loans to 'BB'
----------------------------------------------------------
ICRA has downgraded rating for Rs 57.67 crore long-term fund-based
and non-fund based bank facilities of Atlas Cycles Haryana Limited
from '[ICRA]BBB' to '[ICRA]BB'. Outlook on the long term rating is
stable. ICRA has also downgraded rating for Rs 26.88 crore short-
term fund based bank facilities of the company from '[ICRA]A3+' to
'[ICRA]A4'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        57.42       downgraded to
                                        [ICRA]BB(stable)

   Non-Fund Based           26.88       downgraded to
   Limits                               [ICRA]A4


   Non-Fund Based           0.25        downgraded to
   Limits                               [ICRA]BB(stable)

The rating revision factors in weak liquidity position of Malanpur
unit with losses from the tube mill, as well as sharp decline in
sale of bicycles, also impacting its distribution of fixed costs.
ICRA has also come across some instances of delays in debt
servicing by Malanpur division; based on information provided by
the management, these slippages have been on non ICRA rated debt.
The unit's plans to hive-off the tube mill and generate funds, has
also been put on hold because of clearance awaited from state
agencies. Nevertheless, proceeds from sale of a land parcel should
help ease the liquidity position over the next couple of months.
The ratings also consider ACL's thin profit margins, which have
deteriorated in Q1 2013-14. The financial risk profile is also
moderate with decline in debt protection metrices, though
supported to an extent by presence of cash balance and liquid
investments. ICRA continues to take note of, ACL's long track
record of operations, its established brand -"Atlas", and
increasing proportion of fancy bicycles in the sales mix. In
ICRA's view, although 2012-13 was marked by subdued industry
performance, prospects of the domestic bicycle industry remain
healthy with scope for further penetration in rural markets,
continuing replacement demand, and support from institutional
sales backed by state Government run programmes. The ratings also
factor in the significant competition from well entrenched
players, as well as Chinese imports in the growing fancy segment.
Further, ACL's operations as three independent units may restrict
improvement in profitability wherein the financial profile of each
individual unit varies significantly.

Atlas Cycles (Haryana) Ltd., previously known as Atlas Cycle
Industries Limited was promoted by Sri. Janki Das Kapur in 1950.
The company started with the manufacture of bicycle saddles in
1951, and bicycles in 1952. Currently the company figures amongst
the top three bicycle manufacturers in India by virtue of its
strong brand in India. The company is engaged in manufacturing of
bicycles with units located at Sonepat (Haryana), Sahibabad (Uttar
Pradesh) and Malanpur (Madhya Pradesh) besides a steel tube
manufacturing unit at Bawal (Haryana). The product (bicycle) range
covers from low range necessity bicycle to high-end bicycles
including the e-Bike segment. As part of family settlement, the
three families (belonging to the three sons) of Mr. Janki Das
Kapur signed an MoU under which the company was divided into three
profit centres, each under the management of one of his sons
and/or his (son's) family.

Recent Results
In Q1 2013-14, ACL's net sales at INR130.7 crore reported a de-
growth of 25.0% over the corresponding previous period. The
company's operating profit before depreciation, interest and tax
declined from INR6.0 crores in Q1 2012-13 to a loss of INR0.4
crore in Q1 2013-14. Further, ACL's reported loss of INR4.5 crore
at the net level during 9m 2013-14.


BALAJI PAPER: CRISIL Suspends 'D' Ratings on INR667.8MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Balaji Paper & Newsprint Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            61      CRISIL D Suspended
   Cash Credit              160      CRISIL D Suspended
   Letter of Credit          53      CRISIL D Suspended
   Term Loan                393.8    CRISIL D Suspended

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

BPN was incorporated in 1998 by Mr. Ram Avtar Agarwal, in Kolkata
(West Bengal). Initially, the company traded paper. In 2004, it
purchased the assets of Neptune Paper Mills Ltd, a company
referred to the Board for Industrial and Financial Reconstruction
(BIFR). BPN commenced manufacturing of writing and printing paper
in 2005 with an installed capacity of 10 tonnes per day (tpd).
Over the years, the capacity was gradually increased to the
present 50 tpd. BPN is currently enhancing its installed capacity
to 150 tpd.


BATUKBHAI SONS: CRISIL Rates INR100MM Cash Credit at 'BB'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Batukbhai Sons Jewellers.

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

The rating reflects the extensive experience of BSJ's partners in
the retail jewellery business and above-average financial risk
profile marked by moderate net worth, comfortable gearing and
healthy debt protection indicators. These rating strengths are
partially offset by BSJ's modest scale of operations in the highly
fragmented and competitive retail jewellery business and
susceptibility of its profitability margins to volatility in gold
prices.

Outlook: Stable

CRISIL believes that BSJ will maintain its stable business risk
profile over the medium term, backed by its partners' extensive
industry experience. The outlook may be revised to 'Positive' if
the firm reports a significant and sustainable growth in its
revenues and profitability, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case BSJ faces a significant decline in revenues and margins, or
if the working capital cycle lengthens further, leading to
pressure on BSJ's liquidity and financial risk profile.

BSJ is a partnership firm set up in 1995 by Mr. Rajendra Sheth and
his brothers, Mr. Kishor Sheth and Mr. Bharat Sheth and is engaged
in jewellery retailing through its showroom at Nagpur
(Maharashtra).

BSJ reported a profit after tax (PAT) of INR27.7 million on net
sales of INR496 million for 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR34 million on net
sales of INR519.4 million for 2011-12.


BRAITHWAITE & CO: CRISIL Ups Rating on INR180MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Braithwaite & Co Ltd to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        250      CRISIL A4+ (Upgraded from
                                  'CRISIL A4')

   Cash Credit           180      CRISIL BB/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Letter of Credit       90      CRISIL A4+ (Upgraded from
                                  'CRISIL A4')

   Proposed Short-Term    60      CRISIL A4+ (Upgraded from
   Bank Loan Facility             'CRISIL A4')

The upgrade reflects improvement in Braithwaite's liquidity,
driven by healthy accruals and full repayment of term loans from
financial institutions. The improvement in liquidity is reflected
in the company's moderate utilisation of its bank lines, at an
average of 71 per cent, over the 12 months through September 2013.
The upgrade also reflects improvement in Braithwaite's capital
structure, driven by improvement in its net worth. The company's
total outside liabilities to tangible net worth ratio has also
improved, but remains high, constraining its financial risk
profile.

The ratings reflect Braithwaite's healthy order book and the
benefit that the company derives from its association with
Ministry of Railways (MoR). These ratings strengths are partially
offset by Braithwaite's working-capital-intensive operations and
low operating profitability,

Outlook: Stable

CRISIL believes that Braithwaite will continue to benefit over the
medium term from its association with its promoter, MoR. The
outlook may be revised to 'Positive' if the company reports
improvement in its working capital cycle or better-than-expected
accruals, leading to improvement in its financial risk profile,
especially its liquidity. Conversely, the outlook may be revised
to 'Negative' if Braithwaite reports lower-than-expected accruals,
or if its working capital cycle lengthens, leading to weakening in
its liquidity, or if the company undertakes any significant debt-
funded capital expenditure programme.

Braithwaite, a wholly owned Government of India undertaking,
manufactures various engineering products, such as railway wagons,
steel castings, cranes, and structural fabrications, and provides
refurbishment and maintenance services for cranes and wagons. With
effect from August 6, 2010, the administrative control of the
company was taken over by MoR from Ministry of Heavy Industries
and Public Enterprises. Braithwaite operates three manufacturing
units, in Kolkata and Bhadreshwar (both in West Bengal).

For 2012-13 (refers to financial year, April 1 to March 31),
Braithwaite reported a profit after tax (PAT) of INR72 million on
net sales ofRs.2,799 million, against a PAT of INR69 million on
net sales ofRs.2,524 million for 2011-12.


BUDS TEA: ICRA Assigns 'BB-' Ratings to INR27.25cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR14
crore term loan, INR12.75 crore fund based bank facilities and
INR0.50 crore bank guarantee facility of Buds Tea Industries
Limited. The outlook on the long term rating is stable.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-       14.00        [ICRA]BB-(stable)
   Term Loan                             assigned

   Fund Based Limits-       12.75        [ICRA]BB-(stable)
   Fund Based                            assigned

   Non-Fund Based Limits-    0.50        [ICRA]BB-(stable)
   Bank Guarantee                        assigned

The rating takes into account the experience of the promoters in
the tea industry and the fact that Limtex is a diversified group
having four tea gardens and seven bought leaf factories, besides
trading operations of tea and manufacturing of biscuits. The
rating also takes into account the favourable outlook for the
domestic tea industry at least over the short to medium term. The
rating, however, is constrained by the company's unfavourable
capital structure with a gearing of around 7.55 times as on 31st
March, 2013; however ICRA notes that significant portion of total
debt comprised interest free unsecured loans from
promoters/related parties. The ratings also takes into
consideration BTIL's small scale of current operations and limited
operating history under the current management and its dependence
on purchased leaves primarily from the market, which increases the
risks related to availability, quality and prices of green leaves.
While the company's nature of operations of processing purchased
green leaf to black tea is likely to keep its margins range bound,
it is likely to protect the company, to an extent, in a scenario
of declining tea prices since cost of green leaf is largely linked
to prices of black tea.

Buds Tea Industries Limited was established in the year 2006 as a
partnership firm by Mr. Ram Mohan Saha and family members. In
November 2012, Limtex group took over the firm and converted into
a private company in February 2013. Limtex group is a diversified
group, having 4 tea gardens and 7 bought leaf factories together
with trading operations of tea and other agri commodities. BTIL is
engaged in the manufacturing of CTC variety of tea. The plant is
located near Jalpaiguri, West Bengal. At present, the annual
capacity of the company is 5.5 million lakh kgs of tea.

Recent Results
BTIL reported an operating income (OI) of INR0.53 crores and a net
profit of INR0.02 crore during FY13


CITY HEART: ICRA Reaffirms 'B' Rating on INR9.5cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR9.5
crore, proposed bank facilities of City Heart Hotels Private
Limited at '[ICRA]B'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Proposed bank           9.50         [ICRA]B/ Reaffirmed
   facilities

The rating-reaffirmation continues to factor in CHHPL's modest
financial risk profile characterised by its small scale of
operations, moderate return indicators, leveraged capital
structure and stretched debt coverage indicators. The financial
risk is further exacerbated by the recent intra-group transactions
undertaken by the company including the transfer of an operational
hotel property to a promoter-owned entity and use of incremental
debt for investment in another group company. Further, the company
continues to face geographical concentration risk with all its
properties located in Chandigarh, exposing it to the intensely
competitive scenario in the budget-category hotel segment in the
city. However, this risk is mitigated to an extent by the launch
of Hotel Rajshree (new property) in the mid-scale category which
has diversified the target market. Although the performance of
Hotel Rajshree continues to be relatively lower than its earning
potential, its operating metrics have improved since launch -
which provides comfort. The rating derives strength from the
promoters' experience, company's established track record of
operations in the Chandigarh hospitality market and advantageous
location of CHHPL's properties.

In ICRA's view, the company's ability to report a further
improvement in the operating metrics of its hotel properties; to
reduce intra-group transactions and to strengthen its capital
structure will be key rating sensitivities.

Incorporated in March 2006, CHHPL is a closely held company owned
by the Chandigarh-based Narang family. The company operates three
hotels in Chandigarh, comprising two budget hotels namely Hotel
City Heart Premium and Hotel Park Plaza and one mid-scale
property, namely Hotel Rajshree. The two budget category hotel
properties were earlier owned and operated by four brothers - Mr.
Subhash Narang, Mr. Krishan Lal Narang, Mr. Baldev Narang and Mr.
Deepak Narang, in proprietorships/ partnerships and were
transferred to CHHPL w.e.f. April 1, 2006. Hotel Rajshree became
commercially operational in June 2011.

Recent results

CHHPL reported an operating income of INR6.91 crore and profit
after tax (PAT) of INR0.24 crore in FY13 as compared to an
operating income of INR6.24 crore and PAT of INR0.29 crore in
FY12.


CLAYRIS CERAMICS: CARE Reaffirms 'B' Rating on INR41.10cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Clayris Ceramics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        41.10      CARE B Reaffirmed
   Facilities

   Short-term Bank        5.00      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Clayris Ceramics
Private Limited continue to remain constrained on account of its
presence in a highly fragmented tiles industry, susceptibility
of operating margins to raw material and fuel price fluctuations
and its linkages with the cyclical real estate sector.
Furthermore, the ratings also factors in the deterioration in its
financial profile during FY13 (refers to the period April 1 to
March 31) marked by net loss, deterioration in its leveraged
capital structure as well as stressed debt coverage and liquidity
indicators.

The above mentioned constraints continue to off-set the benefits
derived from the vast experience of the promoters in the ceramic
tiles industry, stabilization of its new facilities and presence
of its manufacturing unit in the Morbi ceramic cluster.

The ability of CCPL to increase its scale of operations along with
an improvement in its profit margins and improvement in the
capital structure along with better working capital management
in light of the competitive nature of the industry would remain
the key rating sensitivities.

Incorporated in the year 2008, Morbi-based (Gujarat), CCPL is
engaged in the manufacturing of ceramic wall times and vitrified
tiles. CCPL was promoted by four promoters namely Mr Divyesh
Vilpara, Mr Shreyas Patel, Mr Bharat Vilpara and Mr Vinesh Patel
who jointly look after the entire operations of the company. CCPL
has an installed capacity of manufacturing 36,000 Metric Tonne per
Annum (MTPA) of wall tiles and 45,000 MTPA of vitrified tiles as
on March 31, 2013 at its sole manufacturing facility located in
the Morbi Ceramic cluster near Rajkot (Gujarat).

It sells its products under the brand names "Clayris" and
"Marbella". CCPL also undertakes jobwork for H&R Johnson (India)
Ltd., a division of Prism Cement Limited.

During FY13, the company has successfully completed the brownfield
project undertaken during FY12 to manufacture vitrified tiles
(double charged with nano technology) and the facilities became
operational from October 2012.

As per the audited results for FY13, CCPL reported a loss of
INR2.41 crore (profit of INR0.41 crore in FY12) on a total
operating income of INR22.29 crore (Rs.21.06 crore in FY12).


CONTROL TEXTILE: CRISIL Suspends 'D' Ratings on INR149MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Control
Textile Company Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.5      CRISIL D Suspended
   Export Packing Credit   20        CRISIL D Suspended
   Foreign Bill Purchase   30        CRISIL D Suspended
   Letter of Credit         5        CRISIL D Suspended
   Term Loan               66        CRISIL D Suspended
   Working Capital         26.5      CRISIL D Suspended
   Term Loan

The suspension of ratings is on account of non-cooperation by CTCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CTCL is yet to
provide adequate information to enable CRISIL to assess CTCL'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, CTCL is an export-oriented unit and manufactures
terry towels. The company's manufacturing unit, located in
Ghaziabad (Uttar Pradesh), has capacities of 100 tonnes per month
(tpm) and 70 tpm for its dyeing and weaving units respectively.
CTCL exports terry towels to the US, Europe, and Dubai. CTCL is
managed by Mr. Raviraj Baijal and his wife, Mrs. Preeti Baijal.


D.S INTERNATIONAL: ICRA Reaffirms 'B' Ratings on INR23.5cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' for INR23.5
crore (enhanced from INR17.0 crore) fund based facilities of D.S
International.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit             15.25         [ICRA]B Reaffirmed
   Term Loan                8.25         [ICRA]B Reaffirmed
   Unallocated               Nil          -

The rating reaffirmation factor in low profitability, high gearing
and modest debt coverage indicators of the firm. The rating also
takes into account high intensity of competition in the industry
and agro climatic risks, which can affect the availability of
paddy in adverse conditions. The rating also takes into account
the working capital intensive nature of rice milling business
arising out of the need to maintain substantial inventories (of
paddy which is procured seasonally and rice for aging purposes) in
line with the industry trends. ICRA however draws comfort from
long experience of promoters in rice industry, proximity of the
mill to major rice growing area which results in easy availability
of paddy and stable demand outlook of rice being an important part
of the staple Indian diet.

Incorporated in the year 1999, D.S International is a partnership
firm engaged milling of rice with an installed capacity of 5
tons/hour. The firm has been promoted by Mr. Surender Kumar Bindal
and Mr. Sumit Bindal.

Recent Results

The firm reported a net profit after tax of INR0.62 crore on an
operating income of INR52.82 crore in FY2013 as against net profit
of INR0.42 crore on an operating income of INR39.13 crore in
FY2012.


DE ANNPURNA: CRISIL Reaffirms 'BB+' Rating on INR10MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of De Annpurna Contracts
India Pvt Ltd continue to reflect DAC's promoters' extensive
experience in the civil construction industry, and its comfortable
financial risk profile marked by almost nil gearing and healthy
debt protection metrics. These rating strengths are partially
offset by DAC's modest scale of operations in the intensely
competitive industry along with working capital intensive nature
of operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        80       CRISIL A4+ (Reaffirmed)

   Cash Credit           10       CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DAC will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' in case DAC
significantly scales up its operations, while maintaining its
working capital cycle, profitability and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if there is
slowdown in revenues or deterioration in its profitability,
capital structure and debt protection metrics.

Update

DAC reported an operating income of INR233.5 million in 2012-13
(refers to financial year, April 1 to March 31), lower than the
previous year levels of around INR267.4 million, on account of
slowdown in the real estate industry. Its operating margin of 6.5
per cent in 2012-13 continues to be in line with previous levels
of around 6.4 per cent. CRISIL believes that the business profile
of the company will remain stable over the medium term on account
of expected recovery in demand from its key customers namely DLF
Ltd, and the SARE group as reflected in its healthy order book of
around INR1 billion.

DAC's capital structure continues to be conservative with gearing
at 0.06 times as on March 31, 2013, on account of low dependence
on bank borrowings to fund working capital requirements. The low
dependence on bank borrowings is on account of significant
advances from customers to meet any working capital requirements.
CRISIL believes that the company's gearing will remain low over
the medium term. DAC has healthy debt protection metrics with
interest coverage ratio of 9.2 times and net cash accruals to
total debt (NCATD) ratio of 1.1 times for 2012-13. These are
expected to remain at a similar level going forward, backed by
healthy cash accruals and lack of any debt-funded capital
expenditure plans.

DAC, a private limited company incorporated in 2000, is engaged in
civil works like plumbing, pumping, electric fittings, and fire
fighting for real estate developers. The company is promoted by
Mr. Sunil Lagwal and his wife Neeru Lagwal who look after the day-
to-day operations. DACIPL's registered office is in New Delhi.

DAC reported a net profit of INR8.89 million on net sales of
INR233.0 million for 2012-13, against a net profit of INR10.39
million on net sales of INR267.4 million for 2011-12.


DECCAN CHRONICLE: State Bank of Hyderabad Files Liquidation Bid
---------------------------------------------------------------
The Hindu Business Line reports that State Bank of Hyderabad has
filed a petition in the Andhra Pradesh High Court seeking
liquidation of Deccan Chronicle Holdings Ltd (DCHL) to recover the
INR50-crore loan it extended to the company.

SBH had extended a corporate loan to DCHL in 2011 with a repayment
tenure of one year, the report discloses.

As the company defaulted, the bank served a demand notice and also
approached the debt recovery tribunal. However, as these did not
yield any results, SBH filed a petition in the High Court for
recovery of INR53.75 crore, the Business Line relates.

After serving a notice to DCHL to respond, the court posted the
case for next hearing on December 9, 2013, the report notes.

India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals.  The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional daily.
It also owns franchise rights for the Hyderabad team of the Indian
Premier League.

Deccan Chronicle, which published an eponymous newspaper from
Hyderabad and owned a cricket club in the Indian Premier League,
has become the second biggest defaulter in the latest credit
crunch, after Kingfisher AirlinesBSE 3.57 % went down owing
lenders more than INR7,000 crore, The Times of India reported.

The company declared itself sick last month and checked into the
Board for Industrial and Financial Reconstruction, TOI disclosed.


DEESAN AGRO-TECH: ICRA Raises Rating on INR87.73cr Loans to 'BB'
----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR17.73 crore term
loan facilities and INR70.00 crore cash credit facilities of
Deesan Agro-Tech Limited to '[ICRA]BB' from '[ICRA]BB-'. The
outlook on the long-term rating is 'Stable'. ICRA has also
upgraded the rating assigned to the INR52.90 crore short term
facilities of DATL to '[ICRA]A4+' from '[ICRA]A4'. The INR50.00
crore export packing credit facility is a sublimit of the INR70.00
crore cash credit facility.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, fund          17.73      [ICRA]BB (Stable) upgraded
   Based-Term Loans                    from [ICRA]BB- (Stable)

   Long term, fund
   Based-Cash credit        70.00      [ICRA]BB (Stable) upgraded
                                       from [ICRA]BB- (Stable)

   Short Term, fund       (50.00)      [ICRA]A4+ from [ICRA]A4
   based

   Short term Non-          2.40       [ICRA]A4+ from [ICRA]A4
   fund based

   Short Term Unallocated   0.50       [ICRA]A4+ from [ICRA]A4

The revision in ratings take into consideration the robust revenue
growth on the back of healthy export demand of soya de-oiled cakes
(DOC) coupled with steep increase in realizations and the marginal
improvement in the liquidity position with the lowering of
inventory levels. Further, commissioning of new soya extraction
facility is likely to provide growth supported by export orders in
hand for DOC and its value added derivatives. ICRA also takes note
of equity infusion during the FY 13 which fostered the net worth
position of the company in the light of thin margins generated by
the low value addition extraction business, however the support to
the overall capital structure was limited by the higher working
capital debt levels which increased in proportion to the growing
scale of operations and the debt funded capex incurred during the
year. The ratings continue to draw comfort from the long standing
experience of promoters in agro businesses and location advantage
with proximity to major raw material producing area.

The ratings however remain constrained by the stretched capital
structure and tight liquidity position owing to the working
capital intensive operations, low value additive nature of the
extraction business coupled with intense competition in the edible
oils industry and susceptibility of the margins to price
fluctuations which largely remain a function of the demand-supply
scenario and regulatory changes like duties on import of soya oil
and its substitutes. Improving profitability through expanding
portfolio of higher value added soya derivatives whilst
effectively managing the working capital requirements remain
critical rating sensitivities going forward. Near term growth
largely hinges upon access to additional working capital funds.

Deesan Agro-Tech Limited is engaged in manufacturing and marketing
of refined edible oils and de oiled cakes. The company has solvent
extraction plant and refinery in Dhule in Maharashtra with
extraction capacity of 1400 TPD and refinery capacity is 150 TPD.
DATL primarily manufactures products derived from Soybean which
contains soya oil and soya de oiled cakes. Recently the company
has also started manufacturing value added soybean derived
products. The company also manufactures oils and DOC extracted
from rapeseed and cotton seed however the share is very small. The
company sells refined oil in domestic market and most of the DOC
is exported to Thailand, Singapore, Japan and the Middle East.


DIVINITI HOMES: ICRA Reaffirms 'B+' Rating on INR6cr Loans
----------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]B+' for the INR6.0
crore* fund based limits of Diviniti Homes Pvt Ltd.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        6.0         [ICRA]B+; Reaffirmed

The rating reaffirmation factors in healthy construction progress
in the DHPL's project (Diviniti Homes). The rating continues to
take support from the low cost fully paid-up land, low approval
risk, bank funding in place and healthy level of bookings in the
project. The rating is, however, constrained by construction stage
of the project, and slow collections from customers which could
lead to funding risk as a major part of the project funding is
envisaged from advances from customers. The rating is also
constrained by limited track record of promoters in the real
estate business, though the company has roped in experienced
agencies to carry out various responsibilities with respect to
project execution. The rating also factors in the market risk
associated with the project as about one-third of the project is
yet to be booked and construction is yet to start.

Going forward, the company's ability to timely execute the on-
going project, and improve upon the bookings and collections in
the project will be the key rating sensitivity.

Diviniti Homes Pvt Ltd was incorporated in 2005 and is engaged in
real estate development in Kanpur (Uttar Pradesh). DHPL is
promoted by Kanpur based Shri Dinesh Narain Garg, his son Shri
Bharat Garg, and their family. The primary business of the
promoters is export of textiles in which they have more than a
decade of experience. Prior to launching the on-going project, the
promoters were involved in development of a real estate project
under the name of Sunrise Apartments in Kanpur.

DHPL is currently developing a residential real estate project --
Diviniti Homes in Indiarapuram, Kanpur. The total project cost is
estimated to be INR54.9 crore. The company has launched two-third
of the project (2 out of 3 towers) so far and construction on this
is in progress and is scheduled to be completed by December 2014.


DTC SECURITIES: CRISIL Assigns 'BB-' Rating to INR200MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of DTC Securities Ltd (DTCSL; part of the DTC
group).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long-Term Bank        200      CRISIL BB-/Stable Assigned
   Facility

The rating reflects the DTC group's adequate cash flows from its
commercial assets located in Kankurgachi (West Bengal). This
rating strength is partially offset by the susceptibility of the
group's business risk profile to the dynamics of the commercial
real estate segment, concentration of its lease revenues in a
single lessee and single commercial property, and fund outflows to
other group companies engaged in real estate development and
mining.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DTCSL and East Commercial Pvt Ltd. This
is because of the significant operational, financial, and
management linkages between the two companies, together referred
to as the DTC group.

Outlook: Stable

CRISIL believes that the DTC group will maintain its business and
financial risk profiles over the medium term, backed by the steady
revenue stream from its commercial property at Kankurgachi,
Kolkata occupied by Pantaloon Fashion & Retail Ltd (Aditya Birla
group). The outlook may be revised to 'Positive' in case of an
increase in the DTC group's rental incomes, translating into
improvement in its debt-service coverage metrics. Conversely, the
outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate, most likely because of lower-than-
expected lease rentals or unexpected termination of its existing
lease.

The DTC group has been in operation in the real estate segment in
Kolkata. It holds a commercial property and primarily earns lease
rentals from its only lessee, Future Retail Ltd. The company's
lease rental receivables are assigned towards the lender in the
form of a lease rental discounting arrangement for its term loan
from the State Bank of India.

For 2012-13 (refers to financial year, April 1 to March 31), the
DTC group, on a provisional and consolidated basis, reported a
profit after tax (PAT) of INR6.1 million on a total income of
INR90.1 million compared to PAT of INR4.9 million on a total
income of INR128.9 million for 2011-12.


FANTOOSH INDIA: CRISIL Suspends 'D' Ratings on INR80MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Fantoosh
India.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60       CRISIL D Suspended
   Proposed Cash            20       CRISIL D Suspended
   Credit Limit

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

Established in 1996 as a partnership firm, Fantoosh manufactures
and trades ready-made garments for men and children. The firm
manufactures shirts, T-shirts, jeans, and trousers. Based in
Hyderabad (Andhra Pradesh [AP]), Fantoosh sells its garments
through a network of around 75 dealers spread across AP,
Karnataka, and Maharashtra. The firm has a manufacturing capacity
of around 3000 pieces per day of shirts, trousers, and jeans.
Fantoosh currently operates at around 85 per cent of its installed
capacities.


GULSHAN CHEMICALS: CRISIL Suspends 'BB' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gulshan
Chemicals Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            60      CRISIL BB/Stable Suspended

   Letter of credit       15      CRISIL A4+ Suspended
   & Bank Guarantee

The suspension of ratings is on account of non-cooperation by GCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GCL is yet to
provide adequate information to enable CRISIL to assess GCL'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 1985 and promoted by Mr. Pradeep Kumar Jain, GCL
is one of India's leading manufacturers of sodium hydrosulphite, a
bleaching agent used in the paper, textile, leather, and
pharmaceutical industries. GCL has an installed capacity of 12,000
tonnes per annum (tpa) of sodium hydrosulphite and 3600 tpa of
sodium sulphite at its facilities in Bhiwadi (Rajasthan).


J. D. INDUSTRIES: CRISIL Suspends 'B' Ratings on INR49.7MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J. D. Industries.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        20       CRISIL A4 Suspended

   Cash Credit           40       CRISIL B/Stable Suspended

   Proposed Long-Term     2.2     CRISIL B/Stable Suspended
   Bank Loan Facility

   Term Loan              7.5     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by JDI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JDI is yet to
provide adequate information to enable CRISIL to assess JDI'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 2006, JDI trades paddy and mills, processes, and markets
rice and rice brokens. The firm was set up by Mr. Rajesh Kumar
Khubwani, who was associated with Jai Durga Rice Mill (JDRM), a
family concern, prior to setting up JDI. JDI started operations by
leasing JDRM's facility, which had capacity of 4 tonnes per hour
(tph) to process raw rice. The firm subsequently expanded its
capacity by setting up an additional 8-tph milling capacity at its
unit in Neora (Chhattisgarh).


JORDAN CONSTRUCTION: CARE Reaffirms 'BB' Rating on INR7.5cr Loans
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Jordan
Construction.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.50       CARE BB Reaffirmed
   Facilities

   Short-term Bank       4.00       CARE A4 Reaffirmed
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings for the bank facilities of Jordan Construction
continue to remain constrained by its relatively small size of
operation with the constitution as a partnership firm, client and
geographical concentration risk, risk of delay in project
execution, volatile input prices, working capital intensive nature
of operation and sluggish growth amidst the intense competition in
the construction industry. Furthermore, the ratings are also
constrained by its low order book position. The aforesaid
constraints are partially offset by the experience of the
partners, moderate client portfolio and favorable capital
structure.

The steady flow of orders and timely execution of the same, timely
realization of contract receivables and the ability to manage
working capital effectively are the key rating sensitivities.

Jordan Construction was established in April 2002 as a
proprietorship firm by one Mr H Kiyehoto Yepthomi of Dimapur,
Nagaland, for the execution of civil contract work (comprising
construction of roads and buildings) primarily for entities of the
state government of Nagaland.

However, since January 2012, the proprietorship nature of
constitution has been reconstituted to partnership nature with the
induction of Ms H Khekashi Yepthomi (wife of Mr H Kiyehoto
Yepthomi) and correspondingly a partnership deed has been formed.
Mr H Kiyehoto Yepthomi is the main partner holding a stake of 75%
while Ms H Khekashi Yepthomi is the minor partner
holding a 25% stake. The firm is a recognized government
contractor.

During FY13 (refers to the period April 1 to March 31), the firm
reported a total operating income of INR43.1 crore (FY12: INR42.8
crore) and a PAT of INR2.7 crore (FY12: INR4.6 crore).
Furthermore, as informed by the management, JC has achieved total
revenue of INR19.24 crore during 6MFY14.


KENNIGTON FABRICS: CRISIL Assigns 'BB' Ratings to INR200MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' ratings to the bank
facilities of Kennigton Fabrics Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Buyer Credit Limit      180      CRISIL BB/Stable (Assigned)
   Cash Credit              20      CRISIL BB/Stable (Assigned)

The ratings reflect the extensive experience of KFPL's promoters
in the yarn trading industry, and the company's above-average
financial risk profile, marked by comfortable capital structure
and debt protection metrics. These rating strengths are partially
offset by moderate scale and low profitability due to trading
nature of business, and moderately working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that KFPL will maintain its above-average
financial risk profile over the medium term. The outlook may be
revised to 'Positive' if higher-than-expected growth in revenue
and profitability leads to increase in cash accruals and a
stronger financial risk profile for KFPL. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile weakens on account of stretch in working capital
requirements, pressure on growth or profitability margins, or
decline in cash accruals.

KFPL was incorporated as a private limited company, Adukia
Securities Pvt Ltd, in 1992. In 2002, the name was changed to
KFPL. The company, promoted by Rajeev Tulshyan and affiliates,
trades in polyester yarn and gray fabric, and exports cotton yarn.

KFPL reported a profit after tax (PAT) of INR16 million on net
sales of INR2338.8 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR8.3 million on net sales
of INR1184 million for 2011-12.


KRANTHI EDIFICE: ICRA Assigns 'BB' Ratings to INR122cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to INR12.00
crore fund based and INR110.00 crore non-fund based limits of
Kranthi Edifice Private Limited.  The Outlook on the long term
rating is Stable.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit              12.00       [ICRA]BB(Stable) assigned
   Bank Guarantee          110.00       [ICRA]BB(Stable) assigned

Rating Rationale

The assigned rating positively factors in long track record of the
company in civil construction industry particularly executing
irrigation projects; comfortable financial risk profile of company
with gearing of 0.35 times as on 31st March 2013 & moderate
coverage ratios with interest and finance coverage of 1.95 times
in FY2013 and healthy order book of INR1162 crore (~50 times
FY2013 operating income) providing revenue visibility for the
company in medium term. Although the order book is strong, the
company faces high geographic and customer concentration risk with
100% of the projects from AP Irrigation department. Also,
Pranahita Chevella Lift Irrigation project which contributes about
68% of the unexecuted order book as on 31st March 2013 exposes the
company's revenues to high project concentration risk, which is
accentuated by the slow progress in this project.

The assigned rating is however constrained by dip in revenues in
the past 2 years owing to slow movement in majority of the orders
though the delays are by Andhra Pradesh Irrigation department in
providing right of way (RoW); volatility in operating margins; and
high working capital intensity with the increase in both inventory
and debtors levels including retention monies (released 2 years
after the completion of the project) which constituted 65% of the
debtors as on 31st March 2013.

Going forward, timely execution of the order book and tying up of
requisite funds for the ongoing projects without having adverse
impact on the capital structure would remain key rating
sensitivities from credit perspective.

Kranthi Edifice Private Limited (KEPL), formerly Kranthi
Constructions a partnership firm formed in 1983 was converted to
private limited company in May 2012. KEPL is promoted by Mr. M
Pratap Reddy and is in the construction business for the past 30
years. KEPL is predominantly into irrigation projects and has
executed contracts for various dams, lift irrigation projects,
canals, aqueducts etc. KEPL is Special Class & Class I contractor
for both Andhra Pradesh and Karnataka Government state irrigation
projects.

Recent Results

In FY2013 (unaudited and provisional), the company reported an
operating income of INR23.24 crore and a profit after tax of
INR1.61 crore as compared to an operating income of INR38.56 crore
and profit after tax of INR1.20 in FY2012


LEKH RAJ: CRISIL Assigns 'B-' Ratings to INR150MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Lekh Raj Autoplaza Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             40       CRISIL B-/Stable (Assigned)
   Cash Credit           60       CRISIL B-/Stable (Assigned)
   Proposed Long-Term    50       CRISIL B-/Stable (Assigned)
   Bank Loan Facility

The rating reflects LRPL's limited track record of operations and
weak financial risk profile, marked by a leveraged capital
structure. These weaknesses are partially offset by the industry
experience of the company's promoters.

Outlook: Stable

CRISIL believes that LRPL will benefit from its association with
Mahindra & Mahindra Ltd (M&M) and the extensive experience of its
promoters in the automobile dealership industry. The outlook may
be revised to 'Positive' if the company generates better-than-
expected cash accruals and improves its capital structure, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if LRPL's working capital
management deteriorates, or if it undertakes a large debt-funded
capital expenditure programme, thereby adversely impacting its
financial risk profile.

LRPL was incorporated in 2012, promoted by Mr. Varun Miglani along
with his family members. The company is based in Jind (Haryana)
and is an authorised dealer for M&M in the Jind district; it began
commercial operations from August 15, 2013.


MAA SHAKAMBARI: CRISIL Suspends BB+ Rating on INR205.6MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Maa
Shakambari Steel Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit         205.6      CRISIL BB+/Stable Suspended

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

MSSL, a closely held public limited company, was incorporated on
March 24, 2004. The company is promoted by Mr. Suresh Kumar Poddar
and his family. The company produces sponge iron and billet. It
has a manufacturing facility in Raigarh (Chhattishgarh).
Currently, the company has two sponge iron kilns of 100 tonnes per
day each, and a 32,000-tonnes-per-annum induction furnace for
billets. The induction furnace commenced operations in December
2008.


MASO AUTOMOTIVES: CRISIL Suspends 'B-' Ratings on INR110MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maso
Automotives Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bill Discounting       90      CRISIL A4 Suspended
   Cash Credit            25      CRISIL B-/Stable Suspended
   Proposed Long-Term
   Bank Loan Facility      8.8    CRISIL B-/Stable Suspended
   Term Loan              76.2    CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by Maso
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Maso is yet to
provide adequate information to enable CRISIL to assess Maso'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 1979 by Mr. R Someshwar, Maso manufactures forged
components including shafts, gears, flanges, and axels for
automobiles such as cars, tractors, and tillers. The company's
manufacturing facility is located at Aurangabad (Maharashtra) and
has capacity of 7000 tonnes per annum. It currently operates at
around 80 to 85 per cent utilisation levels. Maso manufactures
about 70 forged components, with around 60 per cent of its
revenues coming from shafts and flanges.


MILTON CYCLE: ICRA Cuts Rating on INR10cr Loan to 'BB'
------------------------------------------------------
ICRA has revised the rating for INR10.0 crore bank facilities of
Milton Cycle Industries Limited to '[ICRA]BB' from '[ICRA]BBB-'.
Outlook on the rating is Stable.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     10.0        Downgraded to
                                     [ICRA]BB (stable)
   (rated on Long Term Scale)

The revision in rating of MCIL, considers a downgrade in ratings
of Atlas Cycles (Haryana) Limited to similar level. MCIL, an
associate of ACL, assembles bicycles and remains a supplier of
critical components to ACL's sahibabad division. While arriving at
the rating of MCIL, ICRA has considered its strong operational and
financial linkages with ACL, besides common management, being a
part of ACL group (affiliated to Sahibabad Division).

Milton Cycle Industries Limited is a group company of Atlas Cycles
(Haryana) Limited (3rd largest bicycle manufacturer in India).
MCIL was started in 1960 in order to function as a group ancillary
to Atlas Cycles' manufacturing units. The Company started as a
component manufacturer involved in the manufacturing of bicycle
parts like Chains, Freewheels, and BB Axles. After a family
settlement in 2003, MCIL was attached to the Sahibabad division of
Atlas Cycles (Haryana) Limited. In 2006, MCIL developed into a
complete bicycle manufacturing unit besides being an ancillary to
Atlas Cycles' Sahibabad division. MCIL has now a plethora of
models catering to the markets of Uttar Pradesh, Bihar, Jharkhand,
and Andhra Pradesh, Nepal etc through 247 dealer strong dealer
network.


MOHAN MILK: CARE Rates INR6cr LT Bank Loans at 'B+'
---------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mohan Milk
Foods Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6         CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Mohan Milk Foods
Private Limited is primarily constrained by the significant
decline in the total operating income in FY13 (refers to the
period April 01 to March 31), low profitability margins, weak debt
service coverage indicators and the seasonal nature of operations.
The rating also factors in the susceptibility to adverse
regulatory changes, intense competition and raw material related
risks.

The rating, however, draws comfort from the experienced promoters,
moderate capital structure, strategic location of the
manufacturing unit. Going forward, the ability of MMP to increase
the total operating income while improving the profitability
margins shall be the key rating sensitivities.

Mohan Milk Foods Private Limited (MMP), incorporated in May 2008,
commenced its commercial operations in September 2009. The company
had taken over the business operations of Mohan Dairy, a
partnership concern in 2009. MMP is currently being managed by Mr
Brij Mohan, his brothers, Mr Vijendra Kumar, Mr Ajay Kumar, Mr
Sanjeev Kumar and a professional director, Mr Govind Kumar. MMP is
engaged in the manufacturing of various dairy products and also
undertakes cold storage activities.

The company manufacturers dairy products like skimmed milk powder
(SMP), whole milk powder (WMP), ghee and dairy whitener etc at its
manufacturing facility located at Bulandshahr, Uttar Pradesh (UP).
The company also has a cold storage unit by the name of 'Mohan
Cold Store & General Mills' situated at Bulandshahr, Uttar Pradesh
(UP). The company procures raw milk as its raw material from
Bulandshehr and other nearby villages and also through milk
chilling centres.

MMP sells its products under its own brand names, viz, Apar, Shree
Ganesh, Mohan and Milk-Store and supplies all over India with a
main focus on Delhi, Haryana, Punjab and Himachal Pradesh.

For FY12, MMP achieved a total operating income of INR120.10 crore
with PBILDT and PAT of INR0.79 crore and INR0.02 crore,
respectively. In FY13 (based on unaudited results), the company
achieved a total operating income of INR75.02 crore.


NAGARAJ AND CO: CRISIL Suspends 'B-' Ratings on INR65MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nagaraj
and Company Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL B-/Stable Suspended

   Letter of Credit      15       CRISIL A4 Suspended

   Proposed Long-Term    35       CRISIL B-/Stable Suspended
   Bank Loan Facility

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

Incorporated in 1993, NCPL is enagaged in the printing business.
The company is fully equipped to undertake activities across pre-
press, printing, and post-press activities. The promoter-
directors, Mr. S V Gopalan, Mr. V Sattanathan, and Mr. C T
Ramaswamy, have experience of around three decades in the printing
business. NCPL is engaged in offset printing of leaflets,
brochures, pamphlets, annual reports of corporates, calendar, and
diaries. The unit operates in two shifts of eight hours each and
utilises 68 per cent of the installed capacity to print 275
million impressions monthly.


NAND KISHORE: ICRA Assigns 'BB' Rating to INR6cr Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the INR6.0
crores fund based facilities of Nand Kishore & Sons. ICRA has also
assigned the short term rating of '[ICRA]A4' to the INR23.0 Crore
non fund based limits of the firm. The outlook on the long term
rating is stable.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       6.00       [ICRA]BB (Stable); Assigned
   Non-Fund Based Limits  23.00       [ICRA]A4; Assigned

The assigned ratings take into account the highly competitive
nature of the timber trading industry characterized by the
presence of numerous unorganized players which has lead to
moderate revenues and profit margins for the firm. The firm's
margins also remain exposed to foreign exchange fluctuation risk
as most of the timber is imported and risks arising out of
volatility in timber prices on account of stock and sale business
model wherein the timber purchases are not backed by confirmed
orders. The ratings also factor in moderate financial profile of
NKS as reflected by gearing of 1.36 times, Total outside
liabilities/Total Net worth of 4.06 times and moderate debt
coverage indicators with NCA/Debt of 9% and OPBDITA/Interest of
1.91 times. The ratings are also constrained by exposure of timber
industry to any slowdown in the construction industry and risks
associated with partnership nature of the firm.

However, the ratings derive comfort from long experience of the
promoters in the timber trading business, significant increase in
operating income of the firm over the past four years, low long
term repayment obligations and NKS's moderately diversified
presence across India. Going forward, the ability of the firm to
improve its scale of operations while maintaining adequate
profitability margin will form the key rating sensitivities.

Nand Kishore & Sons is a partnership firm incorporated in the year
1987 and is engaged in processing and trading of timber. The firm
is managed by Mr. Praveen Goel and his four brothers Mr. Vijay
Goel, Mr. Naveen Goel, Mr. Kamal Goel and Mr. Ravi Goel. The firm
imports teak wood (round logs) from dealers based in Dubai, and
then sells to various wholesalers, distributors, and retailers in
the domestic market after processing. The teak wood is sourced
from Africa. Apart from teak wood, the firm is also engaged in
trading raw cashew nut which contributed to around 5% of the
firm's revenues in FY13. The firm is a member of Kandla Timber
Association and has offices in Delhi, Gurgaon and Gujarat.


NEW HARYANA: ICRA Reaffirms 'B' Rating on INR9.5cr Loans
--------------------------------------------------------
ICRA has reaffirmed a long-term rating of '[ICRA]B' for the
INR9.50 crore* bank limits of New Haryana Overseas.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits       9.50         [ICRA]B reaffirmed

The rating reaffirmation continues to factor in NHO's modest scale
of operations (Operating income of INR38.1 crore in FY2013) and
its weak profitability in the basmati rice industry. Further the
ratings also factor in working capital intensive nature of the
business leading to high working capital borrowings (debt includes
family members' unsecured loans of INR1.86 crore as on March 31,
2013) and hence high gearing of 4.8 times as on March 31, 2013
(removing "unsecured loans from family members" from total debt,
gearing stood at 3.9 times as on March 31, 2013) and high debt
coupled with low profitability has led to weak debt protection
metrics. The scale of operations and debt profile of the firm has
witnessed improvement in FY2013; however the same is in line with
what was envisaged by ICRA while assigning the rating. The rating
also takes into consideration the high competitive intensity of
the industry, vulnerability of firm's revenue and profitability to
agro climatic risks impacting the availability and pricing of raw
material, exposure to foreign exchange fluctuation risk and the
risks inherent in proprietorship firm like limited ability to
raise equity, risk of dissolution due to the death, insolvency and
retirement etc of the proprietor. On the other hand the rating
draws comfort from the experienced management with established
presence in the rice business for a long period of time, easy
availability of raw material because of firm's presence in paddy
growing area and favorable demand-supply scenario in the basmati
rice industry.

M/s New Haryana Overseas was started as proprietorship firm in the
year 1991 by Mr. Navdeep Khosla. The processing facility of firm
is located in Ambala, Haryana. The firm has milling capacity of 6
metric tonnes per hour.

Recent Result
The firm has reported an operating income of INR38.1 crore and
profit before tax of INR0.4 crore in FY2013 as against profit
before tax of INR0.3 crore on an operating income of INR32.1 crore
in FY2012.


NIRVANA FASHION: CRISIL Suspends 'B' Ratings on INR80MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nirvana Fashion Clothing.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            65       CRISIL B/Stable Suspended

   Letter of Credit       10       CRISIL A4 Suspended
   Proposed Long-Term

   Bank Loan Facility     15       CRISIL B/Stable Suspended

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

Nirvana Fashion Clothing, a partnership firm was established in
1996. NFC gets readymade garments like shirts and trousers for
men, shirt, trousers, blouse, dresses and tops for women and kids
wear manufactured on contract basis and supplies to reputed retail
chains like Future group, Pantaloons, Arvind Retail, Lee Cooper
and Provogue etc. The firm also has its own brand named 'Going 3'
for menswear. Founder & key partner of the firm is Mr. Bajrang
Biyani. NFC's office is at Mumbai.


PADMAVATI LOGISTICS: CRISIL Suspends 'C' Rating on INR60MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Padmavati
Logistics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              60      CRISIL C Suspended

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

PL is a proprietorship concern of Ms. Daxa Hemchand Gada. The
Mumbai base Gada family has been engaged in the warehousing
business for more than two decades. PL is in the process of
constructing a specialised warehouse at Vapi in Valsad district
(Gujarat), with a facility for storage of hazardous chemicals. The
warehouse is a specialised one; a part of the warehouse is to be
let out for storage of hazardous chemicals. The warehouse's
operations are expected to commence by the third quarter of
2011-12.


PCM CEMENT: CARE Assigns 'C' Rating to INR15cr LT Bank Loans
------------------------------------------------------------
CARE assigns 'CARE C/CARE A4' ratings to the bank facilities of
PCM Cement Concrete Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term bank        15.0       CARE C Assigned
   Facilities

   Short-term bank        6.0       CARE A4 Assigned
   facilities

Rationale

The ratings are constrained by the stressed liquidity position of
PCM Cement Concrete Private Limited leading to occasional
overdrawals in working capital limit, significant amount of
contingent liability for debt availed to acquire Rail.One GmbH,
small scale of operations and high exposure in group companies.
The ratings, however, also take into account the long track record
of the promoters in the sleeper industry and low gearing.
Improvement in the financial performance of PCCPL and Rail.One
GmbH coupled with improvement in the liquidity position of the
company are the key rating sensitivities.

PCCPL, established in the year 1991, is a part of the PCM Group of
industries, having significant presence in the railway sector. The
company was promoted by Late Mr. P. C. Mittal. The three sons of
Mr. Mittal diversified the PCM group in various sectors. At
present, the group has presence in sleeper, insert and pole
manufacturing for railways along with real estate, tea gardens,
media, steel and hydel power generation projects.

PCCPL has four divisions namely Sleeper Manufacturing Division,
Flash Butt Welding Division, Media Division (operating two radio
channels) and Infrastructure & Real Estate Division. Moreover, the
group has international presence in Abu Dhabi and Saudi Arabia,
where it has facilities for the manufacturing of concrete
sleepers.

PCCPL achieved an operating income of INR64.1 crore and PAT of
INR2.2 crore in FY13 as compared to an operating income of INR67.1
crore and PAT of INR1.9 crore in FY12.


PLYMEX TIMBER: CRISIL Suspends 'BB-' Rating on INR50MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Plymex Timber Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Foreign Letter        200      CRISIL A4+ Suspended
   of Credit

   Foreign Letter         50      CRISIL BB-/Stable Suspended
   of Credit

The suspension of ratings is on account of non-cooperation by
Plymex with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Plymex is yet to
provide adequate information to enable CRISIL to assess Plymex'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 1994 by Mr. Srikant Jain and his family, Kolkata (West
Bengal)-based Plymex trades in timber. Mr. Jain has over two
decades of experience in the timber industry, through other
partnership and proprietorship firms. The family has been in the
timber trading business since 1942. The company deals in
Malaysian, Burmese, and West African timber. About 90 per cent of
its sales are in West Bengal, and the rest are in Bihar and
Jharkhand.


PRECIOUS CONSTRUCTION: ICRA Reaffirms 'B' Rating on INR30cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR30.0
crore term loans of Precious Construction Pvt. Ltd.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans               30.0         [ICRA]B; Reaffirmed

The rating reaffirmation derives support from operational and
financial profile of PCPL's sister concern Manglam Build
Developers Ltd (MBDL, rated at [ICRA]BB-) which has taken over the
'Jaipur Textile Market' project from PCPL. Post takeover of this
project, PCPL has no operational cash flows and debt servicing is
being done from the support received from MBDL. The rating also
takes comfort from PCPL's experienced promoters with established
track record in Jaipur real estate market. The rating is, however,
constrained by PCPL's weak business risk profile post the transfer
of the project to MBDL, its status as a shell company without any
operations, and absence of any definite mechanism for meeting the
debt servicing in a timely manner.

Going forward, receipt of funds from MBDL and consequent servicing
of PCPL's debt obligation in a timely manner will be the key
rating sensitivities.

Incorporated in 1987, Precious Construction Pvt. Ltd. (PCPL) is
promoted by Jaipur based Manglam group engaged in real estate
development in Rajasthan. PCPL was promoted for development of a
commercial real estate project under the name of 'Jaipur Textile
Market' in Model Town area of Jaipur (Rajasthan). The project was
subsequently transferred to Manglam Build Developers Limited
(MBDL) which is the flagship company of the group.


RAJURI STEELS: ICRA Suspends 'BB-' Rating on INR33.5cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]BB-' rating assigned to the INR33.50
crore, long term fund based facilities & [ICRA]A4 rating to the
INR5.50 crore, short term, non fund based facilities of Rajuri
Steels & Alloys Pvt Ltd. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

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

RSAPL is engaged in manufacturing sponge iron with an annual
capacity of 60000 MT. The manufacturing facility of the company is
located at Mul in Chandrapur district (Maharashtra). RSAPL is a
backward integration for Jalna based Rajuri group which is engaged
in manufacturing of MS Billets and TMT bars.


ROYAL SUITINGS: CRISIL Suspends 'BB-' Ratings on INR76MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Royal Suitings Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            75      CRISIL BB-/Stable Suspended
   Term Loan               1      CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by RSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RSPL is yet to
provide adequate information to enable CRISIL to assess RSPL'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 1997, RSPL is engaged in manufacturing and
processing of fabrics from polyester yarn; the fabrics are used as
suiting material. Its activities include weaving, designing,
dyeing, packaging, and distribution of products. RSPL, promoted by
Mr. Rajendra Prasad Jain, is based in Bhilwara (Rajasthan), and
has an installed capacity of 4.2 million meters per annum.


RUDRA AUTOMART: CRISIL Cuts Rating on INR100MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Rudra Automart Pvt Ltd to 'CRISIL BB+/ Stable' from
'CRISIL BBB-/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit         100       CRISIL BB+/Stable (Downgraded
                                 from 'CRISIL BBB-/Stable')

The downgrade in rating reflects deterioration in RAPL's financial
risk profile due to debt funding of its working capital
requirements. Slower sales on account of muted demand in first the
half of 2013-14 (refers to the financial year, April 1 to March
31), coupled with increased inventory levels (due to sales push
from principals) has resulted in a sharp increase in RAPL's
working capital requirements. As the incremental working capital
requirements were largely debt-funded, RAPL's total outside
liabilities to tangible net worth ratio deteriorated to 4.2 times
as on March 31, 2013; this is expected to remain at above 3 times
over the medium term. CRISIL believes that a tighter control on
the working capital cycle and infusion of funds by promoters to
reinforce the capital structure will be key rating sensitivity
factors over the medium term.

The ratings continue to reflect the extensive industry experience
of its promoters and relationship with an established brand
Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL
A1+'). These rating strengths are partially offset by its working
capital intensive operations, low bargaining power with principal,
and susceptibility to intense competition in the automobile
dealership market. The rating also reflects RAPL's moderate
financial risk profile, marked by moderate capital structure,
though supported by adequate debt protection metrics.

Outlook: Stable

CRISIL expects RAPL's capital structure to remain moderate over
the medium term on account of significant debt funding of working
capital requirements. The company will, however, continue to
benefit from its association as a dealer with established
automobile brand. The outlook may be revised to 'Positive' if
RAPL's strengthens its capital structure through equity infusion.
Conversely, the outlook may be revised to 'Negative' if RAPL's
financial risk profile, particularly its liquidity, is adversely
affected by further stretch in its working capital cycle or
larger-than-expected debt-funded capital expenditure programme.

RAPL was incorporated in 2007 by Mr. Dipak Kumar Rudra and his
family. The company is an authorised dealer for M&M passenger cars
and commercial vehicles. It has one showroom and workshop each in
Asansol, Burdwan, Purulia, Suri and Bankura (all in West Bengal).
It has opened a workshop in Durgapur in December 2013. The
promoters manage dealerships for Hero motorcycles, M&M tractors
and Hyundai Cars in separate associate entities.

For 2012-13, RAPL is estimated to have a profit after tax (PAT) of
INR19 million on net sales at INR1809 million as against a PAT of
INR13 million on net sales of INR1356 million in 2011-12.


S. V. TRADERS: CRISIL Reaffirms BB- Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of S. V. Traders continue
to reflect SVT's established market position and its promoter's
extensive experience in the business of trading in non-coking
coal. These rating strengths are partially offset by SVT's
relatively low profitability because of the trading nature of its
operations, leading to weak financial risk profile; the ratings
also factor in the firm's exposure to intense industry
competition, and customer concentration.

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

Outlook: Stable

CRISIL believes that SVT will continue to benefit over the medium
term from its promoter's experience in the coal trading business.
The outlook may be revised to 'Positive' if the firm increases its
scale of operations and diversifies its customer base, while it
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' in case SVT reports lengthening of its
working capital cycle or undertakes a large, debt-funded capital
expenditure programme, or if the firm reports significant decline
in its revenues and profitability, leading to deterioration in its
financial risk profile, particularly its liquidity.

SVT, owned by Mr. Janardhana Rao and set up in 1997, trades in
non-coking coal. The firm located in Hyderabad, Andhra Pradesh,
mainly purchases non-coking coal (mainly D and E grades) used in
power plants through e-auction of Singareni Colleries Company Ltd.


SAKTHI GANESH: CRISIL Raises Ratings on INR165.10MM Loans to BB-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sakthi
Ganesh Textiles Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          80      CRISIL BB-/Stable (Upgraded
                                from 'CRISIL B+/Stable')

   Letter of Credit     45      CRISIL A4+ (Upgraded from
                                'CRISIL A4')

   Long-Term Loan       33.9    CRISIL BB-/Stable (Upgraded from
                                'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility   31.2    CRISIL BB-/Stable (Upgraded from
                                'CRISIL B+/Stable')

   Standby Line of
   Credit               20      CRISIL BB-/Stable (Upgraded from
                                'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that SGTPL will
maintain its improved business performance over the medium term
marked by diversification of its customer base. The company is
expected to report healthy growth in revenues for 2013-14 (refers
to financial year, April 1 to March 31) marked by healthy offtake
from existing customers and addition of new customers. Its
liquidity has also improved post improvement in business
performance. SGTPL is expected to generate adequate cash accruals
of around INR32 million in 2013-14 which will be sufficient to
meet the term loan repayments and a major portion of incremental
working capital requirements.

The ratings reflect the extensive experience of the company's
promoters in the textile industry. This rating strength is
partially offset by SGTPL's below-average financial risk profile,
marked by high gearing and its working capital intensive
operations.

Outlook: Stable

CRISIL believes that SGTPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's capital structure improves
either on account of higher-than-expected cash accruals or on
account of improvement in working capital cycle, leading to lower
funding requirements. Conversely, the outlook may be revised to
'Negative' if SGTPL undertakes aggressive, debt-funded expansions,
or contracts higher-than-expected borrowings to meet its
incremental working capital requirements, leading to deterioration
in its financial risk profile.

Established in 1996 by Mr. K Hari Kumar and his family members,
SGTPL manufactures cotton fabric at its facility in Erode (Tamil
Nadu).


SALEM STAINLESS: CRISIL Reaffirms BB+ Rating on INR214MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Salem Stainless Steel
Suppliers Pvt Ltd continue to reflect SSSSPL's above-average
financial risk profile, marked by moderate net worth and gearing,
and the benefits that the company derives from its established
market position and its promoters' experience in stainless-steel
trading business. These rating strengths are partially offset by
SSSSPL's susceptibility to volatility in prices of stainless
steel, exposure to intense competition in the steel industry, and
modest scale of operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          214.00    CRISIL BB+/Stable (Reaffirmed)
   Letter of Credit     130.00    CRISIL A4+ (Reaffirmed)

The promoters have extended unsecured loans of INR90 million to
SSSSPL, which will be retained in the business until the bank
loans are repaid; therefore, these loans have been treated as
quasi equity.

Outlook: Stable

CRISIL believes that SSSSPL will continue to benefit from its
promoters' experience in the steel-trading business. The outlook
may be revised to 'Positive' if there is a significant improvement
in SSSSPL's business and financial risk profiles, driven most
likely by larger-than-expected revenues and cash accruals, along
with efficient working capital management. Conversely, outlook may
be revised to 'Negative' if there deterioration in the company's
financial risk profile, caused most likely by less-than-expected
cash accruals or faces stretch in receivables leading to larger-
than-expected working capital requirements.

Update

In 2012-13 (refers to financial year, April 1 to March 31), SSSSPL
reported an operating income of INR1.3 billion, representing a
growth of 4.1 per cent over the previous year. In 2013-14, the
company had operating income of around INR370 million during the
first four months ended July 2013. The company is expected to grow
at a moderate rate in 2013-14, supported by its established market
position in stainless steel trading business. SSSSPL reported
operating margin of 4.3 per cent in 2012-13. SSSSPL's operations
remain working capital intensive, marked by moderate inventory and
high receivables. SSSSPL had gross current asset (GCA) days of
more than 180 days over the three years ended March 31, 2013.

The company's financial risk profile is above average, marked by a
marked by moderate net worth and gearing. The company had a net
worth of INR208 million and gearing of 1.5 times as on March 31,
2013. As the company does not have any significant debt-funded
capital expenditure (capex) programme over the medium term, the
gearing is expected to remain at moderate levels. The interest
coverage ratio, however, is below average at 1.3 times for 2012-13
due to its moderate profitability levels. The liquidity is
adequate marked by moderately utilised bank limits at an average
77.9 per cent for the 12 months through July 2013 and expected
cash accruals of more than INR10 million in 2013-14 as against its
principal repayment obligations of INR1 million in 2013-14.

SSSSPL was established in 1984 in Chennai, Tamil Nadu, as a
partnership firm and was reconstituted as a private company in
June 2009. The company deals in stainless steel sheets, coils and
plates.


SATGURU METALS: ICRA Assigns 'B+' Ratings to INR8.95cr Loans
------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR4.00 crore term
loans and the INR4.95 crore long-term fund based bank limits of
Satguru Metals & Power Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loans                 4        [ICRA]B+ assigned
   Fund Based Limits          4.95     [ICRA]B+ assigned
   (Cash Credit)

The rating factors in the small scale of SMPPL's operations, with
an installed capacity of 18,000 MTPA of MS ingots and 9000 MTPA
of pig iron. The pig iron unit has been recently commissioned, and
is yet to stabilize. Moreover, the financial profile of the
company is weak, and is characterized by low profitability,
nominal cash accruals and subdued debt protection metrics,
although ICRA notes that the gearing has remained moderate on
account of regular equity infusions by the promoters. The company
is also exposed to the risks arising from volatility in input
costs, which, together with the company's inability to entirely
pass on cost increases due to the intense competition present in
the steel industry, keeps profit margins under check.
Additionally, SMPPL is exposed to customer concentration risks,
given the large proportion of sales that are made to only 2-3
clients. The cyclical nature of the steel industry has a further
adverse impact on the rating. The rating however, also reflects
the consistent growth in turnover recorded by the company on the
back of increasing sales volumes and realizations. The company's
close proximity to sources of raw material also provides cost
advantage in terms of lower transportation costs, although with
operations being limited mostly to Odisha and Jharkhand, SMPPL
remains exposed to geographical concentration risks.

Satguru Metals & Power Private Limited was established in August,
2008. The company started commercial production with an installed
capacity of 16005 MTPA in MS ingots at its manufacturing unit in
Sundargarh, Odisha. It thereafter expanded its capacity to 18,000
MTPA of MS ingots and 9000 MTPA of pig iron, with the pig iron
facility having been recently commissioned in August, 2012. Around
88% of the company's sales in 2012-13 were generated from the sale
of MS ingots, with the balance being from pig iron and trading
activities.

Recent Results
SIL reported a net profit of INR0.11 crore in 2012-13 on an
operating income of INR45.79 crore, as against a net profit of
INR0.09 crore and operating income of INR29.78 crore in 2011-12.


SHIV RENEWABLE: CRISIL Suspends 'B' Rating on INR120MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shiv
Renewable Energy Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long-Term Loan        120      CRISIL B/Stable Suspended

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

SREPL was incorporated in 2008 as a private limited company by Mr.
Nitin Gori. The company is developing a wind power farm in Beed
district (Maharashtra). SREPL will be erecting 12 wind electrical
generators of 250 KWH each, along with the necessary
infrastructure for power evacuation to the nearest grid. The
company's office is located in Navi Mumbai (Maharashtra) and its
wind farm is in Beed. The company is expected to start power
generation from third quarter of FY 2011-12.


SHIVPARAS ALLOY: CRISIL Reaffirms 'BB' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shivparas Alloy & Steel
Pvt Ltd continue to reflect the extensive experience of SPASPL's
promoter in the steel industry, and the company's moderate
financial risk profile marked by adequate debt protection metrics
and average total outside liabilities to tangible net worth ratio.
These rating strengths are partially offset by SPASPL's
susceptibility to intense industry competition, and its working
capital intensive operations.

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

Outlook: Stable

CRISIL believes that SPASPL will continue to benefit over the
medium term from its promoter's extensive experience in the steel
industry and its established relationships with its customers. The
outlook may be revised to 'Positive' if the company increases its
turnover while maintaining its working capital management and
further improve its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if SPASPL's operating margin
declines or if the company's financial risk profile weakens
because of lengthening of its working capital cycle.

SPASPL was set up as a proprietorship firm in 1998 named Shiv
Paras Steel by Mr. Hitesh K Sanghvi; it was reconstituted as a
private limited company as on January 15, 2012. It trades in
various steel products such as hot rolled coils, cold rolled
coils, mild steel (MS) plates, MS beams, channels, and rounds, and
thermo-mechanically treated bars

SPASPL reported a profit after tax (PAT) of INR11 million on net
sales of INR1.8 billion in 2012-13, against a PAT of INR3.8
million on net sales of INR1.5 billion for 2011-12.


SHRINATH COTTON: ICRA Reaffirms 'B' Ratings on INR6.03cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR6.03
crore long-term fund-based limits of Shrinath Cotton Co.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-             3.50         [ICRA]B re-affirmed
   Cash Credit

   Fund Based-             2.53         [ICRA]B re-affirmed
   Term Loans

The rating re-affirmation takes into account the healthy growth in
operating income (OI) in FY13 (OI increased to INR29.50 crore from
INR22.25 crore in FY12) led by higher trading of cotton and
increase in job work done for other players. The rating continues
to draw comfort from experience of the promoters in the cotton
industry and favourable location of the ginning unit which
provides easy access to key inputs. The rating is, however,
constrained by the modest scale of operations of SCC, its weak
financial profile characterized by high gearing levels and modest
debt coverage indicators (interest cover of 1.56 times and debt
service coverage of 1.15 times in FY13), and vulnerability of
profitability to movement of cotton prices, which are subject to
high volatility being a seasonal crop, dependence of cotton
availability on agro-climatic conditions and changes in
regulations. The rating is also constrained by the intense
competition within the fragmented cotton ginning industry which
limits the pricing power of the firm and risks inherent in the
proprietorship form of organization like limited ability to raise
capital.

Going forward, firm's ability to profitably scale up its
operations and improvements in its capital structure are the key
rating sensitive factors.

Established in 1994 as a proprietorship concern by Ms. Asha
Agarwal, Shrinath Cotton Co. (SCC) is engaged in cotton ginning
and pressing, extraction of oil from cotton seeds as well as
trading in cotton and cotton seeds. Firm set up its cotton ginning
plant at Gangapur, Rajasthan in 2009 where it undertakes ginning
and pressing of cotton and established its oil extraction plant at
Gangapur in Nov' 2011 where it produces refined oil from cotton
seeds.

Recent Results

In FY13, SCC has reported a profit before tax (PBT) of INR0.06
crore on an operating income (OI) of INR29.50 crore compared to
PBT of INR0.09 crore on an OI of INR22.25 crore in FY12.


SHROFF OIL: CARE Reaffirms 'BB' Rating on INR7cr LT Bank Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shroff Oil Manufacturing Company Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7         CARE BB Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shroff Oil
Manufacturing Company Private Limited continues to remain
constrained on account of its moderate scale of operations, low
profitability coupled with susceptibility of margins to the
fluctuations in the price of castor seeds, presence in a
fragmented industry, dependence on agro-climatic condition and
seasonality associated with the availability of castor seeds.

The rating, however, continues to derive strength from the vast
experience of the promoters in the business of castor oil and its
presence in the raw material-producing area. The rating also
factors in the improvement in cash accruals, capital structure and
debt coverage indicators of SOPL during FY13 (refers to the period
April 1 to March 31) and stable liquidity indicators despite its
presence in a working capital intensive business.

The ability of SOPL to increase its scale of operations and
improve its profitability margin along with managing the commodity
price fluctuation risk remains the key rating sensitivities.

Baroda-based (Gujarat) SOPL was incorporated in April 1994 by the
Thakkar family. Girish Thakkar and Rakesh Thakkar are the key
promoters. SOPL is engaged in the manufacturing of castor oil,
castor de-oiled cake and its derivatives with an installed
capacity of 12,000 Metric Tonnes Per Annum (MTPA) for castor oil
and 14,500 MTPA for castor cake as on March 31, 2013. The range
of application for castor oil is primarily in the manufacturing of
soaps, lubricants, hydraulic and brake fluids, paints, dyes,
coatings, inks, cold resistant plastics, waxes and polish, nylon,
pharmaceuticals and perfumes etc. SOPL's manufacturing facility is
located at Luna in the Baroda district of Gujarat which is one of
the world's largest castor seed and rapeseed growing area which
ensures easy availability of raw materials during the season.

As per the audited results for FY13, SOPL achieved a Profit after
Tax (PAT) INR0.78 crore on a Total Operating Income (TOI) of
INR68.90 crore as against the PAT of INR0.67 crore on a TOI of
INR84.99 crore in FY12.


SIMEC INDUS: CARE Assigns 'BB' Rating to INR30cr LT Loans
---------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating to the bank facilities
of Simec Indus Resources Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         30        CARE BB Assigned
   Facilities

   Short-term Bank       130        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to Simec Indus Resources Pvt Ltd are
constrained by thin profitability margin, exposure to adverse
movement in commodity prices and foreign exchange and high
current liabilities to net-worth. As an unlisted entity with no
line of bank credit, SIRPL's financial flexibility is relatively
limited.

The rating, however, takes into account the promoters' significant
experience in the trading business, equity infused by the
promoters in the past two years, growth in operation and
diversified customer profile.

Going forward, achieving growth in operations by efficiently
managing working capital requirements and improving profitability
margins are the key rating sensitivities.

Incorporated in February 2000 as Indus Resources Pvt Ltd, name of
the company changed to Simec Indus Resources Pvt Ltd in
September 2013. SIRPL is engaged in the trading of steel, scrap,
billets, HR coils, Hot Briquetted Iron (HBI), Coal, Nickel etc and
started its major operations from FY12 onwards.

SIRPL is promoted by Mr Parduman Gupta, having significant
experience in the commodity trading business.

SIRPL, reported a profit after tax of INR2.58 crore on the total
income of INR871.26 crore in FY13 (refers to the period April 1 to
March 31) as against a profit after tax of INR0.19 crore on the
total income of INR192.97 crore in FY12. As per the unaudited
results for H1FY14, SIRPL has achieved a total operating income of
INR504.58 crore.


SOLUTREAN BUILDING: CARE Rates INR50cr LT Bank Loans at 'BB'
------------------------------------------------------------
CARE assigns care BB rating to the bank facilities OF Solutrean
Building Technologies Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank        50         'CARE BB' Assigned
   Facilities

Rating Rationale

The rating of Solutrean Building Technologies Limited is
constrained by limited experience of the promoter group in the
real estate development with only one commercial project of 5.35
lsf developed so far, moderate funding risk associated with the
ongoing residential project and low sales offtake in the last six
months on account of sluggish demand in the Dwarka Expressway
area.

The rating also takes into account nascent stage of execution of a
proposed commercial project which is being undertaken by SBTL and
inherent risks associated with the real estate industry. The
rating, however, derives strength from significant project
preparedness with approvals in place for the ongoing project and
satisfactory booking and execution status for the ongoing
residential project.

Going forward, timely execution of the projects and timely
recovery of sales receipts/advances from the customers would be
the key rating sensitivities.

Incorporated in 2009, Solutrean Buildings Technologies Limited has
been primarily engaged in the designing and construction of a
residential/group housing project. The company has been
promoted by Mr. Sandeep Sahni and his family members, all having
vast experience in this line of activity. In the past, the
promoter group has been involved in designing, engineering and
construction of more than 10 projects, mainly located in and
around Delhi/NCR.

SBTL has now also ventured into real estate development and is
currently developing one residential project at Sector 109,
Gurgaon (Dwarka Expressway) having a total saleable area of 3.75
lsf. Further, the company has also proposed to develop a new
commercial project at Sector -95, Gurgaon with a saleable area of
5 lsf. During FY13 (refers to the period April 01 to March 31),
SBTL registered total operational income of INR 7.34 crore with a
net profit of INR 0.41 crore.


SRI LALITH: CRISIL Suspends 'B' Ratings on INR150MM Loans
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Lalith Subha Manufacturing Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            20      CRISIL B/Stable Suspended

   Proposed Long-         60      CRISIL B/Stable Suspended
   Term Bank Loan
   Facility

   Term Loan              70      CRISIL B/Stable Suspended

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

SLS was incorporated in 2010 for setting up a manufacturing unit
for manufacture of mosquito coils, mosquito liquid vaporisers,
homecare surfactants, creams, talcum powder, cleaners, and
fresheners. The company is promoted by Mr. Sunderbabu, who has
extensive experience of over two decades in the industry. In 2011,
SLS installed a capacity to manufacture around 160 million
mosquito coils per annum at Coimbatore (Tamil Nadu), which became
operational from October 2011. The total investment for the
project is INR 100 million funded through term loan of INR 70
million and remaining through promoters' contribution.


SRINIVASA RICE: ICRA Reaffirms 'B+' Rating on INR8.19cr Loans
-------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to the INR8.19
crore fund based bank facilities of Srinivasa Rice Industry at
'[ICRA]B+'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund           8.19        [ICRA]B+ reaffirmed
   Based Limits

The reaffirmation of the rating continues to factor in reduction
in turnover during FY 13 owing to reduction in sales volumes;
modest financial profile characterized by low operating margins &
weak coverage indicators; intensely competitive and fragmented
nature of the rice milling industry which limits the ability of
the firm to pass on hike in input costs to its customers. Further,
the firm also remains susceptible to policy risks affecting the
quantum of the more lucrative open market sales, and agro climatic
risks, which might affect the availability of paddy; risks arising
from partnership nature of the firm. The rating however favourably
factors in long-standing experience of promoters in the industry,
easy availability of raw material the mill being present in rice-
belt of Andhra Pradesh and the good demand prospects for rice.

Srinivasa Rice Industry was established in the year 2005 and
engaged in the milling of paddy and produces raw and boiled rice.
It was promoted by Mr. R.Rambabu and partners. The firm has a
milling unit in Mandapeta (East Godavari district) of Andhra
Pradesh with a milling capacity of 86,400 MTPA.


SSGR HOSPITAL: CRISIL Suspends 'B-' Ratings on INR99.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
SSGR Hospital and Research Centre Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           4.5      CRISIL B-/Stable Suspended
   Term Loan            95.0      CRISIL B-/Stable Suspended

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

SSGR was incorporated in 2006 by Dr. Sanjay Juyal and three of his
friends, Mr. Surender Kumar Bhutiyani, Mr. Girish Kumar Gupta, and
Mr. Ramesh Chandra Sharma. The company is currently setting up a
200-bed multi-speciality hospital in Nainital (Uttarakhand). The
total project cost is around INR250 million, which is proposed to
be funded in a debt-equity mix of 1.5:1.0. The construction of the
project started in April 2010 and till date, SSGR has spent around
INR70 million. The project is expected to commence operations from
April 2012.


SUNLEX FABRICS: CARE Assigns 'B' Rating to INR23.65cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sunlex Fabrics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       23.65       CARE B Assigned
   Facilities

   Short-term Bank       0.18       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sunlex Fabrics
Private Limited are primarily constrained on account of the high
stabilization risk associated with the recently commenced
commercial operations. The ratings are further constrained on
account of the susceptibility of its profit margins to the
fluctuation in foreign exchange rates and raw material price. The
ratings, however, draw strength from the long industrial
experience of the promoters.

The ability of SFPL to quickly stabilize its operations and
achieve envisaged level of sales while mitigating raw material and
forex exchange fluctuation will be the key rating sensitivity.

Morbi-based (Gujarat) SFPL was incorporated in 2011 by the Detroja
family to undertake the manufacturing of flex banner and its
allied products. SFPL recently started its commercial production
from September 2013 onwards with an installed capacity of 12,000
metric tonne per annum (MTPA). The promoter family is also engaged
in the tiles manufacturing business through other entities.


T T L MINERALS: CRISIL Suspends 'BB-' Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of T T L
Minerals Exports Pvt. Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            60      CRISIL BB-/Stable Suspended

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

TTL was set up in 2006 by Mr. Inderpal Singh Sandhu and Mr. Balaji
Shrinivasalu. In 2007, Mr. Balaji Shrinivasalu exited TTL
amicably, and Mr. Vikram Singh Sandhu, nephew of Mr. Inderpal
Singh Sandhu, was inducted in the company as a director. The
company, based in Kolkata, (West Bengal) trades in iron ore fines
and lumps. It procures iron ore fines from mine owners and traders
around the mineral rich belt of Keonjhar and Sundargarh (both in
Orissa) against advance payments. TTL sells iron ore fines mainly
to exporters and lumps mainly to sponge iron units. The promoters
intend to take up direct exports of fines and lumps from second
half of FY 2012.


TRIUMPH AUTO: CRISIL Suspends 'B' Ratings on INR127.7MM Loans
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Triumph
Auto Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          87.5      CRISIL B/Stable Suspended
   Term Loan            40.2      CRISIL B/Stable Suspended

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

TAPL was incorporated in 2007 by Mr. Naresh Gupta and is an
authorised dealer of TML's automobiles. The company began
operations in March 2009 by setting up a showroom-cum-service
centre in Faridabad (Haryana). The company's promoter has been in
the auto dealership business for around 20 years through TAPL's
associate companies - Triumph Auto Engineering Pvt Ltd (service
centre in Gurgaon [Haryana] for TML); Triumph Auto Parts
Distributors Pvt Ltd (distributor of spare parts for TML); and
Triumph Auto Sales Pvt Ltd (auto dealership of Honda Motorcycle
and Scooters India Ltd).


TULIPS AMBBIENCE: CRISIL Reaffirms B+ Ratings on INR77MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Tulips Ambbience Pvt Ltd
continues to reflect TAPL's below-average financial risk profile,
marked by a small net worth, moderate gearing and debt protection
metrics, and its modest scale of operations in the fragmented
soft-furnishing industry. These rating weaknesses are partially
offset by the benefits that TAPL derives from its promoters'
extensive experience in the soft-furnishing business and the
funding support that it receives from them.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           27.5     CRISIL B+/Stable Reaffirmed

   Letter of Credit       3.0     CRISIL A4 Reaffirmed

   Proposed Long-Term    14.5     CRISIL B+/Stable Reaffirmed
   Bank Loan Facility

   Term Loan             35.0     CRISIL B+/Stable Reaffirmed

For arriving at the rating, CRISIL has treated TAPL's unsecured
loans of INR47.0 million (outstanding amount as on March 31,
2013), extended to the company by its promoters, as neither debt
nor equity. This is because these loans are interest-free, and the
promoters have undertaken to keep these loans in the business over
the medium term.

Outlook: Stable

CRISIL believes that TAPL will continue to benefit over the medium
term from its promoters' extensive experience in the soft-
furnishing industry and the funding support that it receives from
them. The outlook may be revised to 'Positive' if the company
improves its financial risk profile, backed by higher-than-
expected increase in its scale of operations and improvement in
its operating margin, or further equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' in case
TAPL's financial risk profile, especially its liquidity
deteriorates because of lower-than-expected cash accruals, more-
than-expected increase in its working capital requirements, or
higher than expected debt-funded capital expenditure.

Update

For 2012-13 (refers to financial year, April 1 to March 31), TAPL
reported a net revenue of INR 118 million (a YoY growth of 13
percent), which was in line with CRISIL's projections. The company
is expected to generate approximately INR 140-150 million in
revenue in 2013-14 driven by additional revenue from its new
Bangalore showroom, which commenced operations in June 2013.
During 2012-13, TAPL reported an operating margin of 15.4 percent,
in line with CRISIL's expectations. Going forward too, CRISIL
expects the company's operating margin to remain in the range of
14-15 percent over the medium term.

The company's operations continue to remain working capital
intensive as indicated by its gross current assets (GCA) of 312
days during 2012-13. The company reported a higher than expected
receivables of about 102 days; mainly driven by higher invoicing
done in March. However, the higher receivables were partially
offset by lower than expected inventory, resulting in working
capital requirements being in line with expectations. The lower
inventory was driven by the company's shift in policy from
maintaining entire fabric rolls to keeping sample fabric books.

The company's financial risk continues to remain below-average
marked by a small networth, and moderate gearing and debt
protection metrics. During 2012-13, the company reported a
networth of INR 31 million, gearing of 2.0 times and an interest
coverage ratio of 3.2 times. The company's liquidity remains
stretched, constrained by its moderately small cash accruals and
working-capital-intensive operations; the same is reflected in its
high bank limit utilisation of over 90 per cent during the
trailing 12 months. However, the company's cash accruals are
adequate to service its term debt repayments. Going forward too,
CRISIL expects the company's liquidity profile to remain stretched
over the medium term, driven by its working capital intensive
nature of operations.

Incorporated in 2001, TAPL is engaged in the design and execution
of customized soft furnishings for retail and corporate clientele.
The company has its workshop facilities in Pune (Maharashtra) and
showrooms in Pune and Bangalore (Karnataka). The company is
promoted by Mrs. Raajkumarri Mutha, who has been in this line of
business for over two decades.


UNA TALUKA: Government Starts Liquidation of Sugar Cooperative
--------------------------------------------------------------
The Indian Express reports that the state government of Gujarat
started the process of liquidating the defunct sugar cooperative
of Una taluka in Gir Somnath district by inviting tenders for
taking part in auction of its assets.

The chairman of sale committee and liquidator of The Una Taluka
Khedut Sahkari Khand Udyog Mandali Limited or The Una Taluka
Farmers Cooperative Sugar Factory Limited floated tenders for
auctioning its assets worth INR6.55 crore.  According to the
report, liquidator Krushnakant Patel said plant and machinery
worth INR5 crore and 14 structures, including three godowns
cumulatively worth INR1.55 crore would be auctioned.

The government had decided to liquidate the defunct cooperative
last year after a directive from the High Court, the report notes.


VEPARSEVA HEALTHCARE: CARE Assigns 'B' Rating to INR17.83cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Veparseva Healthcare Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        17.83      CARE B Assigned
   Facilities

   Short-term Bank        0.24      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Veparseva
Healthcare Pvt Ltd are primarily constrained on account of its
short track record of operations in the highly competitive
healthcare segment, reschedulement of loan repayment terms, modest
scale of operations, low profitability, high gearing and weak debt
coverage indicators. The ratings, however, draw strength from the
vast experience of the promoters.

The ability of VHPL to increase its scale of operations and
improve its profitability and debt coverage indicators are the key
rating sensitivities.

VHPL was incorporated in June 2007 and has set up a hospital by
the name of 'Saviour Hospital' at Navrangpura in Ahmedabad. VHPL
is promoted by three promoters including one practicing
doctor (Dr Haresh Bhalodiya) and other two promoters (Mr Ashvin
Shah and Mr Pradeep Kothari) being involved in the trading and
distribution of medical equipments. VHPL commenced providing
medical services from January 2011 onwards. However, the hospital
has become fully operational from May 2012 and currently has 90
beds. The hospital is multi-specialty in nature offering tertiary
care services.

During FY13 (refers to the period April 1 to March 31), VHPL
earned a PAT of INR0.47 crore on a total operating income of
INR19.02 crore as against a PAT of INR0.12 crore on a total
operating income of INR10.17 crore in FY12. During 6MFY14
(provisional), VHPL has reported sales of INR15.72 crore.



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


BAKRIE TELECOM: Fitch Cuts Issuer Default Ratings to 'C'
--------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Bakrie Telecom's
(BTEL) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'C' from 'CC'. Also, the agency has downgraded
the May 2015 USD380m bond fully guaranteed by BTEL to 'C' from
'CC'. The Recovery Rating of the bond is 'RR4'.

Key Rating Drivers:

Failure to Pay Coupon: The ratings were downgraded after BTEL did
not pay a USD21.8m coupon on its USD380m senior unsecured bond
that was due on 7 November 2013. Under the terms of the notes, the
company has a grace period of 30 days to pay the coupon before an
event of default is triggered.

Creditor Restructuring Likely: We believe that BTEL is unlikely to
be able to source the liquidity needed to pay the coupon within
the grace period and that the company will to have to restructure
some, or all, of its debt obligations.

Distressed Debt Exchange Possible: Fitch would treat the
restructuring of BTEL's bond as a distressed debt exchange (DDE)
if it imposed a material reduction in terms compared with the
original terms. Examples would include a reduction in principal or
interest, extension of maturity, debt-for-equity swap or a change
from cash interest basis to payment-in-kind or other non-cash
interest basis. A DDE would lead to the IDRs being downgraded to
Restricted Default ('RD') from 'C'.

DDE Tender Offers: We would treat a cash tender for the bond at
less than par as a DDE if acceptance is conditioned on a minimum
aggregate amount being tendered or if combined with a consent
solicitation to amend restrictive covenants. If either of these
conditions is not evident, then cash tender offers for less than
par would not be a DDE, unless other circumstances clearly
indicate that failure of a large percentage of creditors to
participate in the tender would likely contribute to BTEL
ultimately failing.

A DDE is likely if the company were to make an exchange offer or
cash tender that would be accepted only if the tendering
bondholders were also to consent to indenture amendments that
materially impair the position of holders that do not tender.

Rating Sensitivities:

Positive: BTEL has limited upside to its ratings given the
likelihood that the company will require debt restructuring.
However, future developments that may, individually or
collectively, lead to a positive rating action include:
-- an equity injection, or
-- an M&A transaction with a larger operator or stronger investor,
although both are very unlikely in the short term.

Negative: Future developments that may, individually or
collectively, lead to a downgrade to 'RD' include:
-- a formal announcement of a distressed debt exchange by BTEL, or
-- non-payment of the coupon within the 30-day grace period.


BAKRIE TELECOM: S&P Lowers Corporate Credit Rating to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on PT Bakrie Telecom Tbk. (BTEL)
to 'D' from 'CC' and its long-term ASEAN regional scale rating to
'D' from 'axCC'.  At the same time, S&P lowered its issue rating
on the U.S. dollar-denominated senior unsecured notes due 2015
that BTEL guarantees to 'D' from 'CC'.  The notes were issued by
BTEL's subsidiary Bakrie Telecom Pte. Ltd.  BTEL is an Indonesia-
based limited mobility wireless operator.

"We downgraded BTEL because we do not expect the company to make
the interest payment on its guaranteed notes within the 30-day
period allowed under the bond indenture," said Standard & Poor's
credit analyst Mehul Sukkawala. BTEL missed the payment on the due
date of Nov. 7, 2013.

BTEL informed bondholders on Oct. 16, 2013, that it is not in a
position to make the interest payment until it completes a debt-
restructuring exercise.  The company said it is in discussion with
key bondholders about potential debt restructuring.

"We will reassess the ratings on completion of any restructuring,"
said Mr. Sukkawala.  "The rating would then take into account the
group's business prospects and new capital structure."



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


MITSUBISHI MOTORS: S&P Puts 'B+' CCR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B+' long-term corporate credit rating
on Mitsubishi Motors Corp.  The CreditWatch placement reflects
S&P's opinion that the company's plan to restructure its capital
could significantly improve its financial risk profile.

The capital restructuring plan announced Nov. 6, 2013, includes
retiring Mitsubishi Motors' outstanding preferred shares, which
have been a major impediment to a resumption of paying cash
dividends on common shares.  Mitsubishi Motors plans to retire all
of its outstanding preferred shares, which came to about
JPY380 billion as of Nov. 6, 2013, and replace them with the
issuance of a maximum JPY210 billion in new common shares,
repurchase of some preferred shares from shareholders at a
discount, and conversion of remaining preferred shares to common
shares with the agreement of shareholders.  If realized, this
capital restructuring plan could improve the company's financial
risk profile more than S&P has factored into its base-case
scenario for the current rating.

S&P believes that the company's financial policy may affect its
financial risk profile materially because its equity includes a
large proportion of outstanding preferred shares.  S&P continues
to view the manner in which the company addresses this issue and
refines its financial policy as critical factors in any assessment
of prospects for an upgrade.  In addition to these critical
factors, increased likelihood of funds from operations (FFO) to
debt rising to 20% on a sustainable basis may lead S&P to raise
its ratings on Mitsubishi Motors.

"We aim to resolve the CreditWatch status after examining
prospects for improvement in Mitsubishi Motors' profitability,
cash flow, and financial risk profile over the next two years,
taking into account its capital restructuring plan and newly
announced medium-term business plan, and after confirming progress
in its plan to restructure its capital.  We will focus our
analysis on the company's financial policy, including its
priorities for uses of cash flow.  We may raise our rating on
Mitsubishi Motors up to two notches if we conclude that FFO to
debt for the company following the capital restructuring and
adjusted for postretirement obligations, operating leases, and
captive finance operations is likely to exceed 30% on a
sustainable basis," S&P said.



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


GOLOMT BANK: S&P Revises Outlook to Negative & Affirms 'B+' ICR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on Golomt Bank of Mongolia to negative from stable.

Standard & Poor's also affirmed its 'B+' long-term and 'B' short-
term issuer credit ratings on the bank.  S&P then suspended all
the ratings on the bank because of lack of sufficient information
to maintain surveillance.

"We revised the outlook to reflect our view that an internal
disagreement over Golomt Bank's corporate governance issues could
distract management," said Standard & Poor's credit analyst Joseph
Leung.  S&P also believes that the one-notch benefit for the
ratings due to extraordinary support from the Mongolian government
may not accrue in case of a downgrade of the sovereign.

S&P lowered Golomt Bank's stand-alone credit profile to 'b' from
'b+'.  S&P also revised its assessment of the bank's business
position to "adequate" from "strong" in the context of the
Mongolian banking sector.  S&P's assessment reflects the negative
impact of a disagreement on corporate governance issues among the
bank's major beneficiary shareholders and the bank management, and
a long delay in issuance of Golomt Bank's 2012 audit report.  S&P
assess that the bank has high systemic importance in Mongolia.

"We suspended the ratings on Golomt Bank due to lack of sufficient
information to maintain appropriate surveillance," said Mr. Leung.

S&P's rating actions before suspension were based on currently
available information.  S&P expects to resume surveillance of the
bank when it receives published audited accounts for 2012 and
other information, and believes that adequate and timely
information will be supplied on an ongoing basis.  S&P is likely
to withdraw the ratings if it determines that it is unlikely to
receive the information within the next six months.



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


* Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10
--------------------------------------------------------------
Five restructuring professionals, including the Honorable Kevin J.
Carey, United States Bankruptcy Court, District of Delaware, will
define and discuss the complexity of cross-border insolvency and
Chapter 15 bankruptcy.  Joining Judge Carey will be:

   -- Thomas J. Salerno, Esq., Partner, Squire Sanders (US) LLP,
   -- Nava Hazan, Esq., Partner, Squire Sanders (US) LLP,
   -- Margot MacInnis, Managing Director, KRyS Global (Cayman
      Islands), and
   -- Michael Morrison, Partner, KPMG (Bermuda).

Ms. Hazan will lead a discussion on how Chapter 15 of the U.S.
Bankruptcy Code provides a mechanism for a company in a foreign
insolvency to seek injunctive relief against litigation in U.S.
courts or U.S. bankruptcy court assistance in the
administration and protection of its U.S. assets.

The panel will also address the topic of how Chapter 15 can be
used as a tool to bind creditors, including creditors in the
U.S., to the terms of a plan of reorganization approved by a
foreign court.

The event faculty will convene on Tuesday, December 10, 2013,
at 11:00 a.m., Eastern Time, to share their observations and
practice tips during a live 90-minute webinar.

Visit http://bankrupt.com/webinars/for more information and to
register for the webinar.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

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

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

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

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



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