TCRAP_Public/131114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, November 14, 2013, Vol. 16, No. 226


                            Headlines


A U S T R A L I A

NSW SUGAR: Swiss Firm Takes Over Two Sugar Mills
ORIONSTONE PTY: S&P Withdraws 'B' Corp. Credit Rating
* ASIC To Remove Tom Fernandez as Liquidator From Industry


C H I N A

CHINACAST EDUCATION: Judge Extends Asset Freeze Order
CHINA ORIENTAL: Moody's Says Ba3 Ratings Unaffected by Summons
CHINA OVERSEAS: S&P Ratings Reflect bb- StandAlone Credit Profile


I N D I A

AEON RKB: ICRA Assigns 'B+' Ratings to INR27.5cr Loans
AJAB SINGH: ICRA Upgrades Ratings on INR10.5cr Loans to 'B'
AKSHAT PLASTICS: CRISIL Suspends 'B+' Ratings on INR22MM Loans
AMIT BROTHERS: ICRA Ups Rating on INR35cr Loans to 'BB'
APEX ROLLER: CRISIL Reaffirms 'BB' Rating on INR75MM Loans

BHIKHABHAI GORDHANDAS: CRISIL Suspends B+ Rating on INR12MM Loan
COIMBATORE HITECH: CRISIL Reaffirms B+ Rating on INR83MM Loan
DELTA INFRALOGISTICS: CARE Assigns 'BB' Rating to INR14cr Loans
DELVAL FLOW: CRISIL Cuts Ratings on INR185MM Loans to 'BB+'
DHARANIDARA SPINNING: CRISIL Suspends 'D' INR227.3MM Loan Ratings

DIVY ROLLFORM: CARE Assigns 'BB' Rating to INR6.64cr LT Loans
GSR VENTURES: CRISIL Reaffirms 'B' Rating on INR70MM Loan
HINDUPUR STEEL: CARE Rates INR21cr LT Bank Loans at 'B+'
HOTEL GRAND: CRISIL Suspends 'D' Ratings on INR80MM Loans
JAGRAON CYCLE: CRISIL Suspends 'B+' Ratings on INR81.5MM Loans

JAI MAA: CARE Assigns B+ Rating to INR8.99cr LT Bank Loans
KAVISHA MOTORS: CRISIL Suspends 'B+' Ratings on INR125MM Loans
KLENZAIDS CONTAMINATION: ICRA Suspends 'BB-' INR8.5cr Loan Rating
LEENA POWER-TECH: CRISIL Suspends 'BB+' Rating on INR100MM Loan
M-TECH INDUSTRIES: CRISIL Suspends BB- Ratings on INR61.3MM Loans

MALABAR WATCHES: CRISIL Assigns 'BB-' Ratings to INR80MM Loans
MANJUSHRI CONSTRUCTION: CRISIL Puts BB+ Ratings on INR71MM Loans
MILLENIUM EXIM: ICRA Puts 'B' Ratings on INR6.25cr Loans
NANDI VARDHANA: CARE Assigns 'BB' Rating to INR22.43cr Loans
NARAYANI SILKS: CRISIL Suspends 'B' Rating on INR28MM Loan

NARMADA AGRO: CRISIL Suspends 'B+' Ratings on INR65MM Loans
NIMRA EDUCATIONAL: CRISIL Suspends 'D' Ratings on INR80MM Loans
NM LOK: ICRA Suspends 'BB-' Rating on INR12.5cr Term Loans
NUTAN ISPAT: CARE Assigns 'BB+' Rating to INR21cr LT Bank Loans
PALATHUMPATTU SKY: CRISIL Assigns 'BB' Rating to INR60MM Loan

PIMS MEDICAL: CRISIL Suspends 'D' Ratings on INR2.2BB Loans
PIYUSH INFRATECH: CRISIL Ups Ratings on INR200MM Loan to 'BB-'
PRAKASH STAINLESS: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
PRESTIGE EXPRESSMART: CRISIL Suspends B+ Rating on INR50MM Loan
R F MOTORS: CRISIL Reaffirms 'B+' Ratings on INR231.8MM Loans

RAJASTHAN IRON: ICRA Reaffirms 'B+' Rating on INR10.25cr Loans
RASESHWARI METALLICS: CARE Assigns 'B+' Rating to INR6cr Loans
RAVI PLANT: ICRA Assigns 'B' Ratings to INR18.5cr Loans
RENEWABLE ENERGY: ICRA Cuts Rating on INR20cr Loans to 'B-'
SHIVADARSHAN AGRO: CRISIL Assigns 'B+' Ratings to INR90MM Loans

SHREE BALAJI: CRISIL Reaffirms 'BB-' Rating on INR90MM Loan
SHREE SAMLESWARI: CARE Assigns 'BB-' Rating to INR7.49cr Loans
SHRI MAHAVIR: CARE Assigns 'B-' Ratings to INR534.5cr LT Loans
SRINATH SPINNERS: CRISIL Suspends BB- Ratings on INR198.1MM Loans
SRIVALLI SHIPPING: CRISIL Suspends D Ratings on INR150MM Loans

TRIDENT TOOLS: CRISIL Suspends 'B+' Ratings on INR137MM Loans
VSP ENTERPRISES: ICRA Upgrades Rating on INR8cr Loans to 'BB'
WORLDSTEL STAINLESS: CRISIL Suspends D INR498.5MM Loan Ratings


I N D O N E S I A

MERPATI NUSANTARA: To Convert Debt to State Firms Into Shares


J A P A N

ORIX-NRL TRUST 15: S&P Cuts Ratings on Trust Certs. to 'D(sf)'
TOKYO ELECTRIC: Mulls Issuing Bonds Before 2020


N E W  Z E A L A N D

BLACKTOP CONSTRUCTION: Owes NZ34MM to Creditors, Receiver Reveals
PIKE RIVER: Government Should Force Firm to Pay Compensation
REYNOLDS GROUP: Moody's Affirms 'B3' Corporate Family Rating
REYNOLDS GROUP: S&P Rates $650MM Sr. Unsecured Notes 'CCC+'


P H I L I P P I N E S

BAYAN TELECOM: PLDT Blocks Globe Telecom's Takeover of Bayantel
LEHMAN BROTHERS: Shareholders' Final Meeting Set for Nov. 25


                            - - - - -


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


NSW SUGAR: Swiss Firm Takes Over Two Sugar Mills
------------------------------------------------
Kim Honan at ABC Rural reports that Swiss-based company Capital
Dynamic has taken over two of Australia's major renewable energy
assets for an undisclosed sum.

ABC Rural relates that the cogeneration plants at the Broadwater
and Condong Sugar Mills, in northern New South Wales, recommenced
operations on November 8 processing sugar cane trash from the
current harvest.

They cost the NSW Sugar Milling Co-operative AUD220 million to
build but have been shut down while receivers looked for a buyer,
the report relays.

According to the report, David Scaysbrook, managing director of
Clean Energy Infrastructure at Capital said they have had their
eye on the plants for a year.

"We have a history of taking over broken assets . . . we've done
similar things in the UK in gas, coal and methane assets. We are
operational experts and we think we can add something to the
resuscitation of the business," ABC Rural quotes Mr. Scaysbrook as
saying.

He is looking at increasing the operating season for the plants
beyond the sugar crush with other sources of biomass to generate
power.


"We've got our fingers crossed for better weather, we don't want a
repeat of the floods and we're doing what we can to support cane
growers to produce a bigger crop. We also want to expand the
supply of fuel into other biomass over time, such as macadamia,
sawmill or woodchip residues," Mr. Scaysbrook, as cited by ABC
Rural, said.

In 2011 the venture was placed into receivership, with the co-op
citing depressed green energy prices as one of the major reasons
for its financial failure, the report recalls.

The plants were a joint venture between the co-op's Sunshine
Renewable Energy and the State Government owned Delta Electricity.

The cooperative's chief executive officer, Chris Connors, said
they're pleased with the outcome and the direction the project is
heading, the report adds.


ORIONSTONE PTY: S&P Withdraws 'B' Corp. Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' corporate
credit rating on Australia-based heavy equipment rental company
Orionstone Pty Ltd. (OPL). S&P's 'B' issue rating and '3' recovery
rating on the proposed US$200 million senior secured notes to be
issued by OPL were also withdrawn. The ratings were withdrawn at
the issuer's request.


* ASIC To Remove Tom Fernandez as Liquidator From Industry
----------------------------------------------------------
Australian Securities and Investment Commission will cancel the
registration of liquidator Avitus Thomas (Tom) Fernandez following
a successful application to the disciplinary body, the Companies
Auditors and Liquidators Disciplinary Board (CALDB).

The CALDB's order to cancel Mr. Fernandez's registration follows
his appointment as the administrator of Willmott Forests Ltd and
its subsidiaries in September 2010.

ASIC alleged a AUD200,000 payment to Mr. Fernandez by Willmott to
cover his costs was not disclosed or given to the receivers and
managers who were entitled to it, and not disclosed to creditors
or the administrators who replaced him in October 2010.

The CALDB found that Mr. Fernandez's conduct demonstrated a
serious lack of judgment, insight, expertise and ability, and,
therefore, that he was not a fit and proper person to remain
registered as a liquidator.

"Mr. Fernandez's conduct was unacceptable and inconsistent with
the standards required of liquidators," ASIC Commissioner John
Price said.

"This decision reiterates the importance of transparency and
proper disclosure by liquidators when doing their job."

Mr. Fernandez, who the CALDB suspended in 2005, has the right to
appeal to the Administrative Appeals Tribunal for a review of the
CALDB's decision.

At the time of his conduct, Mr. Fernandez was the sole director
and secretary of Fernandez Partners at Glen Waverley, Victoria.

The CALDB is an independent statutory body under the Corporations
Act and has the power to cancel or suspend the registration of a
liquidator or auditor.



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


CHINACAST EDUCATION: Judge Extends Asset Freeze Order
-----------------------------------------------------
The South China Morning Post reports that a Hong Kong judge has
extended an order freezing the assets of Jim Ma Jim Lok, a former
chief accounting officer of ChinaCast Education.

In September, the US Securities and Exchange Commission charged
ChinaCast's former chief executive, Chan Tze Ngon, with stealing
tens of millions of dollars from investors in its Nasdaq initial
public offering and charged Jiang Xiangyuan, ChinaCast's former
China president, with illegally dumping ChinaCast stock after he
helped steal company assets, the SEC said on its website, SCMP
relates.

ChinaCast delisted from Nasdaq in June last year, the report
notes.

On June 19 this year, Mr. Justice Louis Tong Po-sun granted an
injunction freezing the Hong Kong assets of Ma, Chan, Jiang and
Antonio Sena, a former chief financial officer of ChinaCast, SCMP
recalls.

Mr. Ma maintains he is not involved in any fraud in ChinaCast.

SCMP relates that in a Court of First Instance ruling on November
11 that continued the injunction, Mr Justice Anthony Chan Kin-
keung said: "I am not convinced about Mr. Ma's explanations. Just
looking at the unauthorised borrowings and the pledges, there is a
strong inference that there were too many irregularities to have
escaped an honest chief accounting officer. It is very difficult
for such unlawful acts to have escaped Ma."

Mr. Ma was the ChinaCast executive responsible for dealing with
its auditor, Deloitte Touche Tohmatsu. In February, a group of US
funds sued the accounting firm in a US court for investors' losses
from ChinaCast.  Deloitte said it would vigorously defend itself,
SCMP reports citing The Wall Street Journal.

According to the report, the ruling said in 2011, there was an
internal conflict within ChinaCast culminating in the sacking of
Chan and Jiang in March last year, while Sena resigned. Ma was
fired a month later, the report relays.

The new management found financial records and other documents in
the Shanghai offices of ChinaCast's subsidiaries had been removed
or destroyed, the ruling, as cited by SCMP, said. In March last
year, Mr. Chan tried to prevent the new management from entering
the Shanghai premises by changing locks, it added. Company chops
and other documentation required to run ChinaCast had been removed
on Chan's instructions, the ruling said.

As of the end of June 2011, ChinaCast had CNY858 million (HK$1.09
billion) in cash. ChinaCast's new management found that from
July 2011 to April last year, more than CNY762 million had been
removed, part of which was used to repay unauthorised loans, the
ruling said, SCMP reports.


CHINA ORIENTAL: Moody's Says Ba3 Ratings Unaffected by Summons
--------------------------------------------------------------
Moody's Investors Service says that China Oriental Group Company
Limited's Ba3 ratings and negative outlook will not be immediately
impacted by the issuance of a writ of summons by Mr Han Jingyuan,
its major shareholder, to ArcelorMittal (Ba1 negative), which is
another major shareholder.

Mr Han Jingyuan is seeking an order that ArcelorMittal procures
ArcelorMittal Holdings AG (previously Mittal Steel Holdings AG) to
sell a sufficient number of shares of China Oriental such that
China Oriental meets the 25% minimum public float requirement
pursuant to Rule 8.08 of the Listing Rules.

Mr Han has used the writ of summons to preserve his rights under
the shareholders' agreement of 9 November 2007, which has a
provision for maintenance of a minimum public float.

At the same time, Mr Han has indicated that he wishes to discuss
the matter further with ArcelorMittal, with the aim of finding an
amicable and harmonious solution.

"In the event that ING Bank NV (A2 negative) and Deutsche Bank AG
(A2 stable) put their shareholdings to ArcelorMittal and there is
a subsequent sell down of such incremental interest, we will not
expect any material change in ArcelorMittal's support to the
company," says Jiming Zou, a Moody's Assistant Vice President.

Moody's rating assessment on China Oriental is based on
ArcelorMittal's ownership of 29.6% in China Oriental, and its
offer of advanced management practices, guidance on improving
corporate governance and technical assistance.

In addition, China Oriental is one of the two investments that
ArcelorMittal has made in China.

This investment was based on China Oriental's strength as one of
the largest and one of the most profitable H-section steel
manufacturer in China, owing to efficient production and good cost
control.

"China Oriental's operation will not be materially affected after
the put options are exercised by ING and Deutsche Bank," adds Zou.

The company's operation has improved since 2008 when ArcelorMittal
first acquired the company. It can now be run more independently
with a low level of technical support from ArcelorMittal. In
addition, ArcelorMittal's board representation in China Oriental
has dropped to one since July 2013.

"In the scenario that either Mr Han Jingyuan or ArcelorMittal, or
both of them, have to comply with the minimum public float
requirement by selling down their shareholding interest of about
17.2%, the change of control clause under the current bond
indenture will not be breached," says Zou.

The current bond indenture requires both Mr Han Jingyuan and
ArcelorMittal to maintain at least 20% of voting power in China
Oriental.

With the current holdings of 44.94% by Mr Han and the potential
holdings of 46.99% by ArcelorMittal after the exercise of put
options by ING and Deutsche Bank, even if any party sells 17.2% of
its interest, their individual voting power will still be above
the minimum requirement of 20%.

Moody's expects the shareholding sell down will take some time to
resolve, as the current share price of HKD1.32 per share --
reflective of the current steel market in China -- is much lower
than the HKD6.12 that ArcelorMittal offered to purchase China
Oriental during its general offer in 2008.


CHINA OVERSEAS: S&P Ratings Reflect bb- StandAlone Credit Profile
-----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'BBB-' long-term
corporate credit rating to Chinese property developer China
Overseas Grand Oceans Group Ltd. The outlook is stable. At the
same time, S&P assigned its 'cnA-' long-term Greater China
regional scale rating to the company.

The rating on COGO reflects the company's stand-alone credit
profile (SACP) of 'bb-' and a three-notch uplift from the strong
ongoing operational and financial support from China Overseas Land
& Investment Ltd. (COLI). The rating also factors in COGO's early
expansion into tier-3 cities, which allows the company to
establish a leading market position with lower land cost in
some cities. These strengths are partially offset by the COGO's
aggressive growth appetite and largely untested profitability in
lower-tier cities, given its short operating history. S&P assesses
the company's business risk profile as "weak" and its financial
risk profile as "significant."

"We assess COGO to be a "strategically important" subsidiary of
COLI. We believe COLI will continue to rely on COGO as an
expansion platform into tier-3 cities. Given the ongoing
urbanization trend in China, these cities have good growth
potential, which COLI is striving to capitalize on. COLI has
no presence in lower-tier cities. COLI owns 38% of COGO, and we
believe COLI intends to increase its stake if the opportunity
arises," S&P said.

"COLI extends strong operational support to COGO," said Standard &
Poor's credit analyst Bei Fu. "They share the nationwide well-
established brand name "China Overseas Property." COLI also shares
market research resources, product design knowledge, and
transferred experienced managers to COGO."

COGO has good financial flexibility. The company shares COLI's
financing channels, which gives COGO average funding cost of 4%-
5%, lower than many companies with similar SACP.

"We see some concentration risk in focusing on lower-tier cities,"
Ms. Fu said. "The depth of the market and affordability of home
buyers in these cities are much weaker than in bigger cities.
Demand is usually from local owner-occupier and is sensitive to
economic cycles."

"We expect COGO's historically high profitability will weaken, but
the company will still achieve satisfactory margins. The company's
strong credit ratios in 2011 and 2012 were mostly attributable to
its low cost land reserves in tier-1
cities, which were bought before COLI acquired COGO in 2010 and
have mostly been depleted," S&P said.

"The stable outlook reflects our expectation that COGO will
achieve satisfactory property sales and margins for the next 24
months in a generally stable market, partly offsetting increasing
borrowings for expansion and land acquisitions. We expect COGO's
leverage will increase, with debt to EBITDA rising to 3x-4x from
less than 3x in the past two years; that would be commensurate
with a "significant" financial risk profile. Despite its short
operating history in tier-3 cities, we believe COGO can expand
rapidly in the next two to three years because of operational
support from its parent," according to S&P.

The potential upside to the rating is limited over the next 12-24
months due to COGO's aggressive growth plan and increasing debt
appetite. "We may review the rating for an upgrade if COGO can
expand its operating scale, improve its diversity, maintain a
satisfactory profitability, prudent financial management, and keep
its balance sheet leverage with debt-to-EBITDA ratio 3x-4x. We may
also raise the rating if we assess a stronger parent support from
COLI," said S&P.

"We may lower the rating if COGO's debt-funded growth appetite is
more aggressive than we expected, such that its debt to EBITDA is
above 4x on a sustainable basis. We may also lower the rating if
COGO's profitability and sales execution in tier-3 cities are
significantly below our expectation, although we view it as a
remotely possible scenario. In addition, the rating will also be
under pressure if our assessment of parental support from COLI
weakens," said S&P.



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


AEON RKB: ICRA Assigns 'B+' Ratings to INR27.5cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA]B+') as the long term rating outstanding
for the INR27.50 crore bank facilities of Aeon RKB Motors Private
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loans              24.00       [ICRA]B+ Assigned
   Cash Credit              3.50       [ICRA]B+ Assigned

The assigned rating takes into account the extensive experience of
promoters in medical equipment supplies industry (through Aeon
Medical Private Limited, rated [ICRA]BB/Stable]), and access to
technological support from RKB GMBH, a German company with long
experience in building ambulances for European markets. ICRA notes
that ARMP has small scale of operations but with the major order
from Ashok Leyland Limited (ALL), the company is expected to see
significant growth in revenues over the medium term. The ratings,
however, are constrained by the expected deterioration in credit
profile of the group (AMPL+ARMP) on account of long term debt
being raised to fund the capex plans for capacity enhancement by
ARMP to service the order from ALL. The rating is also constrained
by the high dependence on RKB GMBH for supplying close to 99% of
the equipments and the vulnerability of company's profits to forex
fluctuations as most of the medical equipments are imported by the
company. Going forward, the successful ramp up for supplies to ALL
and timely completion and commissioning of the plant remain the
key rating sensitivities.

Formed in 2010, Aeon RKB Motors Private Limited (ARMP) is an
assembler of general ambulances with its assembling plant located
in Pithampur, Madhya Pradesh. The company is part of the Aeon
group, promoted by Mr. A.R. Tripathy along with Mr. R.N. Senapati.
The main promoter, Mr. A.R. Tripathy, is an engineering graduate
and has worked as a healthcare professional for nearly two decades
at various levels. The major company in the Aeon group is Aeon
Medical Private Limited (AMPL), rated [ICRA]BB(Stable), which was
found in 2005. AMPL is a healthcare integrator and assembles high-
end ambulances (Life Support Vehicles) by installing advance life
support systems in basic ambulances. RKB GMBH, a German company
with many decades of experience in building ambulances for the
European market, is the technology partner and the main supplier
to ARMP. Ashok Leyland is the biggest client of the company and
has tied up with ARMP for manufacturing ambulances.

Recent Results

In 2012-13, ARMP reported an Operating Income of INR2.4 Crore,
Profit before Depreciation, Interest and Tax (PBDIT) of INR0.1
Crore and net profit of INR0.1 Crore.


AJAB SINGH: ICRA Upgrades Ratings on INR10.5cr Loans to 'B'
-----------------------------------------------------------
ICRA has upgraded the long-term rating for the INR10.50 crore
(enhanced from INR7.35 crore) bank facilities and proposed limits
of Ajab Singh and Company, to '[ICRA]B' from '[ICRA]C+' earlier.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund           4.50        [ICRA]B/Upgraded
   Based Limits

   Long Term Non            4.00        [ICRA]B/Upgraded
   Fund Based Limits

   Unallocated              2.00        [ICRA]B/Upgraded

The rating upgrade takes into account the improved scale of
operations which is expected to continue given the pending order-
book position of around INR51 crore, which is expected to result
in further improvement in scale of operations The upgrade also
factors in the satisfactory track record of debt servicing since
the last rating exercise.

The rating continues to takes into account the experience of the
promoters who have a track record of around a decade in the
construction business. While the financial profile remains
satisfactory as characterized by healthy operating profitability
(12-15% in the past few years), satisfactory capital structure (as
reflected by a gearing of 1.39x as on March 2013) and moderate
debt coverage indicators (as reflected by interest coverage of
2.49x and TD/OPBDITA of 1.85x as on March 2013), however modest
scale of operations in a fragmented and competitive industry
limits the pricing power and benefits of economies of scale.
Further, high geographical and customer concentration (firm
undertakes contracts solely for DDA) limits the financial
flexibility as the firm is dependent on timely receipt of payments
from its single customer. In addition, the profitability remains
vulnerable to fluctuation in prices of raw materials as the
contracts are without raw material price escalation clause. ICRA
has also taken a note of ASC's constitution as a partnership firm
which is exposed to capital withdrawal risks as was witnessed in
FY13, whereby the withdrawals were higher than the profits for the
year leading to net decline in partner's capital.

Going forward, ability of the firm to move execution of larger
projects, maintain its profitability, improve its working capital
cycle; diversify its customer base; and further strengthen the
capital structure by limiting withdrawals from capital will remain
the key rating sensitivities.

Incorporated in 2006, Ajab Singh and Company is a partnership firm
engaged in construction of flats, boundary wall and other such
civil engineering projects in NCR region for DDA. The firm has
around 40 permanent employees and 200-250 laborers which are hired
on a temporary basis.

Recent Results:

Ajab Singh and Company reported a PBT of INR1.34 crore on an
operating income of INR21.24 crore in FY2013 as against a PBT of
INR0.92 crore on an operating income of INR12.52 crore in FY2012.


AKSHAT PLASTICS: CRISIL Suspends 'B+' Ratings on INR22MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Akshat Plastics Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B+/Stable Suspended
   Letter of Credit         100      CRISIL A4 Suspended
   Proposed Long-Term
   Bank Loan Facility         2      CRISIL B+/Stable Suspended

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

APPL was set as a proprietorship firm, RD Polymer, in 1995 by Mr.
Brij Mohan Gupta. It was reconstituted as a private limited
company in 2003. APPL trades PVC resin, PVC paste, and
plasticisers. The firm's office is in Delhi.


AMIT BROTHERS: ICRA Ups Rating on INR35cr Loans to 'BB'
-------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]BB-' to
'ICRA]BB' for INR35 crore (enhanced from INR20 crore) fund based
facilities of Amit Brothers Private Limited. The outlook for the
rating is stable.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits         35        [ICRA]BB (Stable) Upgraded
                                       from [ICRA]BB- (Stable)

The rating action takes into account healthy growth in operating
income of the company and equity infusion by promoters which has
resulted in improvement in gearing. Further, recent capacity
expansion in FY2013 and planned capex for manufacturing of Lead
Oxide in FY2014 is expected to augur well for the revenues and
margins of the company going forward. The rating is also supported
by long experience of promoters of over 25 years in the trading
business, an established dealership network and supplier base of
the company. Further, with the foray into manufacturing of
batteries, the profitability has improved with an increasing
proportion of manufacturing sales now substituting trading sales.
However ratings concerns emanate from low margins inherent in the
trading business which still constitutes a substantial portion of
the company's sales. The rating is also constrained by relatively
high working capital (WC) intensity of operations, competitive
nature of industry and commoditized product profile which
constrain the margins of the company. Moreover, the company will
remain susceptible to adverse movements in finished goods prices
as the number of days of inventory have continued to increase in
the last three years.

Going forward, the company's ability to achieve revenue growth
while maintaining adequate margins and a prudent capital structure
will remain key rating drivers for the company.

Amit Brothers Pvt. Ltd. was set up 25 years ago as a proprietor
entity at Palam, New Delhi and started with business of paint,
hardware and sanitary retailing in the West Delhi area. The
proprietorship firm was converted into a private limited company
with the name of Amit Brothers Pvt. Ltd. Initially, the company
was into retailing of paints and hardware with distribution and
sales of branded companies' products such as Nerolac, Asian
Paints, Hindware, Somani etc. As the business expanded, the
company took dealership of Crompton Greaves and started wholesale
along with retail for distribution of Crompton Greaves' products.
The company itself has built up a network of sub dealers and
dealers running over 280 distribution points for retail sale of
goods dealt by the company. The company is mainly concentrated in
Delhi NCR region. ABPL has forayed into manufacturing of inverter
batteries in FY 2009.

Recent Results

Amit Brothers Private Limited has reported an operating income of
INR171.71 crore in FY 2013 registering a growth of 31% over FY
2012. The profit after tax has also increased from INR1.22 crore
in FY 2012 to INR1.85 crore in FY 2012.


APEX ROLLER: CRISIL Reaffirms 'BB' Rating on INR75MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Apex Roller
Flour Mills Pvt Ltd continues to reflect the extensive experience
of ARFPL's promoters in the wheat products industry, and its
moderate financial risk profile, marked by low gearing and healthy
debt protection metrics, though its net worth is small. These
rating strengths are partially offset by the company's small scale
of operations in the intensely competitive wheat processing
industry, resulting in limited pricing power.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          75.00     CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ARFPL will, over the medium term, continue to
benefit from its promoters' industry experience, and maintain its
moderate financial risk profile on the back of adequate cash
accruals and no debt-funded capital expenditure (capex) plans. The
outlook may be revised to 'Positive' if the company reports
significant and sustained improvement in its scale of operations
and profitability, while efficiently managing its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if ARFPL reports lower-than-expected revenue growth, or in case of
pressure on its margins, most likely because of an increase in
competition.

Update:

For 2012-13 (refers to financial year, April 1 to March 31), ARFPL
reported an operating income of INR739.5 million, a year-on-year
growth of 39.4 per cent. The growth was driven primarily by an
increase in revenues from trading in wheat to INR237 million,
which is not expected to recur. For the six months ended September
30, 2013, the company reported, on a provisional basis, an
operating income of around INR307.7 million. ARFPL reported an
operating margin of 5.1 per cent for 2012-13, largely in line with
average historical trends.

ARFPL has a healthy capital structure, marked by low gearing of
around 0.5 times as on March 31, 2013. Its debt protection metrics
too were healthy, with net cash accruals to total debt and
interest coverage ratios at 0.60 times and 5.92 times,
respectively, for 2012-13. The company did not have any
significant debt-funded capex in 2012-13, nor does it have any
capex plans over the medium term; consequently, the gearing is
expected to remain healthy over this period. However, ARFPL had a
small net worth of around INR72 million as on March 31, 2013. The
company's liquidity is adequate, marked by moderately utilised
bank limits at an average 58.3 per cent during the 12 months
through September 2013, and expected cash accruals of more than
INR21 million, as against principal repayment obligations of
INR1.1 million, in 2013-14.

For 2012-13, ARFPL reported a profit after tax (PAT) of INR18.4
million on net sales of INR738.4 million, against a PAT of INR13.9
million on net sales of INR529.8 million for 2011-12.

ARFPL was established in 1975 by Mr. Mahaveer Jain in Coimbatore
(Tamil Nadu). Currently, the company's operations are managed by
Mr. Mahaveer Jain's sons, Mr. Nishant Jain, Mr. Prashant Jain, and
Mr. Vivek Jain. ARFPL processes wheat products, including atta,
bran, and sooji. It sells its products under the brand Chave in
the local market.


BHIKHABHAI GORDHANDAS: CRISIL Suspends B+ Rating on INR12MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhikhabhai Gordhandas & Co.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               12      CRISIL B+/Stable Suspended
   Letter of Credit          45      CRISIL A4 Suspended
   Proposed Short-Term       43      CRISIL A4 Suspended
   Bank Loan Facility

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

CRISIL has combined the business and financial risk profiles of
Anay Agency and Bhikhabhai Gordhandas and Company (BGC), together
referred to as the Anay group. The consolidated approach is
because both the firms are in the same line of business and are
under a common management, and have common customers and
suppliers.

The Anay group commenced its operations through its flagship
entity, BGC, a proprietary concern based in Mumbai (Maharashtra)
that was established in 1967 by the father of the current
proprietor, Mr. Suresh Parekh. Since, 1980, Mr. Suresh Parekh has
been managing BGC's operations. Anay Agency was established in
2007 by Mr. Suresh Parekh and Mr. Hardik Parekh. Both the
proprietary concerns are engaged in trading of steel and steel
products, chemicals, and spices


COIMBATORE HITECH: CRISIL Reaffirms B+ Rating on INR83MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Coimbatore
Hitech Infrastructure Pvt Ltd continues to reflect the volatility
in CHIPL's revenues and profitability and the moderation in demand
for office space in its special economic zone (SEZ) land. These
rating weaknesses are partially offset by CHIPL's above-average
financial risk profile, marked by healthy net worth and capital
structure.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term      83.00    CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that CHIPL will continue to benefit from its
significant land holdings and its healthy capital structure, over
the medium term. The outlook may be revised to 'Positive' if
CHIPL's revenue increases and profitability improves substantially
on back of significantly higher than expected leasing of land
space and the resultant surplus cash accruals utilised to improve
the company's liquidity profile. Conversely, the outlook may be
revised to 'Negative' if CHIPL undertakes a large debt-funded
capital expenditure programme, thereby adversely affecting its
capital structure, or it extends any substantial support to its
group entities, resulting in further weakening in its liquidity.

Set up in 2007 by Mr. Ashok Bakthavathsalam, CHIPL develops SEZs
and leases out developed land to information technology (IT) and
IT-enabled services companies.


DELTA INFRALOGISTICS: CARE Assigns 'BB' Rating to INR14cr Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Delta Infralogistics (Worldwide) Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         14        CARE BB Assigned
   Facilities

   Short-term Bank         2        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings are primarily constrained by the company's stressed
liquidity position resulting from delayed payments from major
customers and instances of overdrawal in cash credit facility.
Furthermore, the ratings also factor in the risk inherent in the
logistics industry in terms of intense competition and
susceptibility of its operation to economic slowdown resulting in
a slowdown in global EXIM trade and slowing capex cycle. The above
constraints are partially offset by the experienced promoters,
long-term relationship with customers and clearing agents and
stable profitability along with a comfortable capital structure.
Going forward, the ability of the company to sustain its
profitability margins and efficient management of its working
capital requirements would be the key rating sensitivities.

Incorporated in 1998, Delta Infralogistics (worldwide) Ltd is
promoted by Mr Ahmed Mohiuddin and Mr Shahanaz Mohiuddin under the
name of HML Agencies Pvt Ltd. In 2010, the company was converted
into a public limited company and the name was changed to 'Delta
Infralogistics (worldwide) Ltd'. It is the flagship company of the
Delta group which operates in diversified fields of shipping
services, logistics services, infrastructure and construction and
trading activities.

Delta reported a PAT of INR7.7 crore on a total income of INR110
crore in FY13 (provisional) (refers to the period April 01 to
March 31).


DELVAL FLOW: CRISIL Cuts Ratings on INR185MM Loans to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of DelVal
Flow Controls Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Negative/CRISIL A3'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          85      CRISIL A4+ (Downgraded from
                                   'CRISIL A3')

   Cash Credit            130      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB-/Negative')

   Term Loan               55      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB-/Negative')

The rating downgrade reflects the continued stretch in DelVal's
working capital cycle, which has led to deterioration in its
liquidity. Its gross current assets increased to over 240 days as
on March 31, 2013, from around 220 days as on March 31, 2012. This
was primarily because of increased receivables, and led to nearly
full utilisation of its bank limits. There is also a consistent
stretch in DelVal's creditors, which were at 160 days as on March
31, 2013. CRISIL believes that the company's working-capital-
intensive operations will continue to constrain its liquidity over
the medium term.

The ratings reflect DelVal's moderate financial risk profile,
marked by a moderate net worth, comfortable gearing, and adequate
debt protection metrics, and the extensive experience of the
company's promoters in the valve industry. These rating strengths
are partially offset by DelVal's small scale of operations, and
large and increasing working capital requirements.

Outlook: Stable

CRISIL believes that DelVal will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's working
capital cycle improves and if it generates more-than-expected net
cash accruals, thereby improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if DelVal reports a further
stretch in its working capital cycle, if its net cash accruals
decline, or if it undertakes a substantially debt-funded capital
expenditure programme, thereby weakening its capital structure or
liquidity.

Incorporated in 2005, DelVal commenced commercial operations in
2006. The company was set up by Mr. Arun Shiroor and Deltech LLC
USA, with each having a 50 per cent stake in the company. The
promoters have more than three decades of experience in the valve
industry. DelVal manufactures flow-control products such as
butterfly and ball valves, and actuators-and-valves automation
systems, with the scope of its activities involving assembling and
machining to some extent. The company mainly caters to
requirements of chemical industries, water treatment plants, the
oil and gas sector, and power industries.

DelVal reported a profit after tax (PAT) of INR28.5 million on net
sales of INR631.9 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR29.4 million on net
sales of INR608.0 million for 2011-12.


DHARANIDARA SPINNING: CRISIL Suspends 'D' INR227.3MM Loan Ratings
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dharanidara Spinning Mills Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           16.8     CRISIL D Suspended

   Cash Credit              44.0     CRISIL D Suspended

   Letter of Credit         50.0     CRISIL D Suspended

   Long-Term Loan           60.0     CRISIL D Suspended

   Packing Credit            7.5     CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility       44.0     CRISIL D Suspended

   Proposed Packing          5.0     CRISIL D Suspended
   Credit

The suspension of ratings is on account of non-cooperation by DSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DSPL is yet to
provide adequate information to enable CRISIL to assess DSPL'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 1994, DSPL manufactures yarn and ready-made
garments. The company manufactures various counts of cotton yarn
ranging from 10s to 34s, with capacity of 13,296 spindles.


DIVY ROLLFORM: CARE Assigns 'BB' Rating to INR6.64cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Divy Rollform Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.64       CARE BB Assigned
   Facilities

   Short-term Bank       1.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Divy Rollform
Limited are primarily constrained on account of its modest scale
of operations in a highly fragmented and cyclical steel
industry, declining profitability, moderate leverage and debt
coverage indicators and weak liquidity position. The ratings are
further constrained by the susceptibility of its profitability to
raw material price fluctuations and implementation risk associated
with ongoing capex. The ratings, however, draw strength from the
experience of the promoter and locational advantage owing to
proximity to the industrial cities.

The ability of DRL to successfully complete the ongoing capex and
stabilize operations and improve its profitability in light of the
competitive nature of the industry will be the key rating
sensitivities.

DRL was incorporated in 1998 and commenced commercials operations
in 2001. DRL is engaged in the manufacturing of high quality cold
rolled sections (mild steel as well as stainless steel) and
profiles at its manufacturing facility located at Vavdi, around 35
kms from Ahmedabad. The company is constructing its second factory
at Navagam, approximately 12 kms away from the existing
facilities, which is envisaged to complete by January 2014 and
commercial operations are proposed to commence by March 2014.

During FY12 (refers to the period April 1 to March 31), DRL
reported a total operating income of INR17.55 crore (FY11: INR8.96
crore) and a PAT of INR0.50 crore (FY11: INR0.27 crore). As per
the provisional result for FY13, DRL registered a total income of
INR25.57 crore and PAT of INR0.71 crore.


GSR VENTURES: CRISIL Reaffirms 'B' Rating on INR70MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of GSR Ventures Pvt Ltd
continue to reflect the high degree of geographic and customer
concentration in its revenue profile, and its working capital
intensive operations. These rating weaknesses are partially offset
by its above-average financial risk profile, marked by its modest
net worth, low gearing and above-average debt protection metrics.
Also, GSR benefits from its promoters' extensive experience in the
civil construction industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       70.0     CRISIL B/Stable (Reaffirmed)
   Bank Guarantee          350.0     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that GSR will continue to benefit over the medium
term from its established presence in the civil construction
industry and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a significant and
sustained improvement in its revenues and profitability, or a
substantial increase in its net worth because of equity infusion
by the promoters. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in GSR's profitability or a
significant deterioration in its capital structure because of
large debt-funded capital expenditure.

GSR was established as a partnership firm in 1971-72 (refers to
financial year, April 1 to March 31), and reconstituted as a
closely held company in 2008-09. The company undertakes civil
construction activities, including canal earthwork excavation,
embankment construction, and construction of bridges.


HINDUPUR STEEL: CARE Rates INR21cr LT Bank Loans at 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hindupur
Steel & Alloys Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         21        CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Hindupur Steel &
Alloys Pvt Ltd is primarily constrained by its short track record
of operations, susceptibility of operating margins to raw
material price fluctuation, intense competition due to the
fragmented nature of the industry, customer concentration risk,
weak financial risk profile characterized by its small scale of
operation with net loss, small net-worth base, weak debt service
coverage indicators and sluggish growth in user industries and
cyclicality in the industry.

The rating, however, derives strength from the wide experience of
the promoters in the iron and steel industry and presence of
forward integration for the manufacturing of rolled products from
MS ingots.

The ability of HSAPL to increase its scale of operations with an
improvement in profitability margins and effective management of
working capital would be the key rating sensitivities.

Hindupur Steel & Alloys Private Limited, incorporated in May 2009,
was promoted by brothers Mr Suresh Goyal and Mr Vikas Goyal based
out of Raipur, Chhattisgarh. The company has initially set up a MS
Ingots plant at Anantpur, Andhra Pradesh, with an installed
capacity of 18,000 MTPA and commenced commercial production since
July 2011. Furthermore, with a view of forward integration, HSAPL
has set up a rolling mill for manufacturing bars, angles and beam
at its existing manufacturing facility with an installed capacity
of 30,000 MTPA. The commercial operation from the same has started
in March 2013.

During FY13 provisional (refers to the period April 1 to
March 31), HSAPL reported a total operating income of INR31.47
crore against INR21.48 crore in FY12 and a net loss of INR0.07
crore against net loss of INR0.54 crore in FY12.


HOTEL GRAND: CRISIL Suspends 'D' Ratings on INR80MM Loans
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hotel
Grand International.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        20      CRISIL D Suspended
   Bank Loan Facility

   Term Loan                 60      CRISIL D Suspended

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

A proprietorship firm established by Dr. Sopan N Jatal in Latur,
HGI is setting up a hotel in Latur; the hotel is expected to start
operations in November - December 2011. It is a three-star hotel
with 45 rooms (excluding two suites), a banquet hall, a bar-cum-
restaurant (for about 300 people), a multi-cuisine restaurant
(about 100 people), a coffee shop, two conference halls, one board
meeting room, and a rooftop banquet hall. Besides these amenities,
the hotel will also have a club house with a swimming pool,
gymnasium, steam sauna, and a pool-side restaurant.


JAGRAON CYCLE: CRISIL Suspends 'B+' Ratings on INR81.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jagraon
Cycle Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               59      CRISIL B+/Stable Suspended
   Letter of Credit          20      CRISIL A4 Suspended
   Long-Term Loan            22.5    CRISIL B+/Stable Suspended

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

JCI, a partnership firm, is set up by Mr. Suresh Jain and his
family members in 1975. Till 2004, the firm manufactured and
exported various bicycle parts, including fly wheels, axels, brake
parts, fork fittings, handle bars, saddles, rims, spokes, and
other bicycle accessories. Later, it focussed on the production of
a single product, fly wheels, and started supplying it to domestic
traders who, in turn, supply it in the overseas market. A bicycle
fly wheel is a mechanical device over which the chain of the cycle
rotates. JCI's unit in Ludhiana (Punjab) has an installed capacity
to manufacture around 15000 fly wheels per day.


JAI MAA: CARE Assigns B+ Rating to INR8.99cr LT Bank Loans
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jai Maa Sharda Agro And Rice Mills Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.99       CARE B+ Assigned
   Facilities

   Short-term Bank       0.50       CARE A4  Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Jai Maa Sharda Agro
and Rice Mills Private Limited are primarily constrained by its
nascent stage of operations coupled with lack of business
experience of the promoters in agro based commodities, uncertainty
associated with the highly regulated nature of the industry, the
working capital intensive nature of operations coupled with an
exposure to the vagaries of nature and its presence in a highly
fragmented and competitive nature of the industry. The ratings,
however, derive strengths from the  proximity of its plant to raw
material sources and favorable industry scenario.

The ability of the company to increase its scale of operations
along with an improvement in the profitability and effective
management of working capital would be the key rating
sensitivities.

Jai Maa Sharda Agro & Rice Mills Private Limited, incorporated in
February, 2010 was promoted by Mr Ajay Kumar Kejriwal and his
three brothers, to set up a rice processing & milling unit of non-
basmati rice and sale of its by-products like husk, bran etc in
the domestic market. The plant, having an installed capacity of
48,000 metric tonnes per annum (MTPA), is situated in Burdwan
district of West Bengal, a major paddy growing area and in close
proximity to the local grain market enabling easy paddy
procurement. Furthermore, JMS has a sorting capacity of 5
tons/hour. JMS has set up the unit at an aggregate project cost of
INR12.2 crore, being financed at a debt-equity ratio of 0.69:1.
The plant became operational in June, 2012 with a delay of eight
months, on account of the delay due to electricity related issues.
However, there was no cost overrun. On account of the deferment of
commercial production, repayment terms of its term debt was
rescheduled and the repayments commenced from December 2012,
against the earlier scheduled date from June 2012.

Depending upon the quality of paddy, the company manufactures
around different varieties of rice ranging from INR20/kg to
INR30/kg. These varieties are sold under the brand name of "Muski"
and "Manikarn".


KAVISHA MOTORS: CRISIL Suspends 'B+' Ratings on INR125MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kavisha
Motors Private Limited.

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

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

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

KMPL is managed by Mr. Keshav Aggarwal and his family. Mr. Keshav
Aggarwal acquired the company in December 2010 from its previous
owner, Mrs. Sharda Bhargava. Incorporated in 1986, KMPL commenced
operations by bagging the dealership of Maruti Suzuki India Ltd
(rated 'CRISIL AAA/Stable/CRISIL A1+' by CRISIL). Currently, KMPL
has one showroom in Bareilly (Uttar Pradesh) on 3S format (sales,
service, and spares).


KLENZAIDS CONTAMINATION: ICRA Suspends 'BB-' INR8.5cr Loan Rating
-----------------------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating and the '[ICRA]A4'
rating assigned to the INR20.50 crore long-term fund based and
short-term non-fund based bank facilities of Klenzaids
Contamination Controls Private Limited*. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long-term fund          8.50      [ICRA]BB- (Stable) Suspended
   based facility

   Short-term non-         11.00     [ICRA]A4 Suspended
   fund based
   facilities

   Proposed facilities      1.00     [ICRA]BB- (Stable) and/or
                                     [ICRA]A4 Suspended

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.

Klenzaids Contamination Controls Private Limited was established
in 1978 and is engaged in manufacture of clean-room equipments and
process equipments for hospitals, pharmaceutical companies,
defence, electronics, food & healthcare sector. The company is
also involved in executing regulatory compliant projects for the
government. KCCPL has its registered office at MIDC, Andheri and
manufacturing facility at Umbergaon, Gujarat. Apart from this, it
has support centres located in Delhi, Kolkata, Chennai, Hyderabad
and Pune. In FY 11, the company has established a 100% subsidiary
in the US by the name Klenzaids Inc. to tap business potential
there.


LEENA POWER-TECH: CRISIL Suspends 'BB+' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Leena Power-Tech Engineers Private Limited.

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

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

Leena (initially a partnership firm) was incorporated in 1999 by
Mr. Amit Teckchandani (chairman and managing director). The
company undertakes civil construction work for substations,
electrification, and power supply, and distribution for various
private and public bodies such as IVRCL Infrastructures and
Projects Ltd, Larsen & Toubro Ltd, State Bank of India, Reserve
Bank of India, City & Industrial Development Corporation of
Maharashtra Ltd, Indian Railways, and Maharashtra State
Electricity Distribution Company Ltd. Leena is registered as a
class 'A' contractor with various government departments.


M-TECH INDUSTRIES: CRISIL Suspends BB- Ratings on INR61.3MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M-Tech Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           5.5      CRISIL A4+ Suspended
   Cash Credit             21        CRISIL BB-/Stable Suspended
   Rupee Term Loan         38.8      CRISIL BB-/Stable Suspended
   Standby Line of Credit   1.5      CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by M-
Tech with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, M-Tech is yet to
provide adequate information to enable CRISIL to assess M-Tech'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 1997 by Mr. Manoj Gandhi, M-Tech manufactures industrial
moulds for the automobile industry, defence sector, and moulded
furniture industry. The firm is setting up a new unit in Silvassa
(Dadra and Nagar Haveli) for manufacturing moulded-plastic
furniture. The new unit is being set up primarily to cater to
Nilkamal Ltd and would become operational by July 2010.


MALABAR WATCHES: CRISIL Assigns 'BB-' Ratings to INR80MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Malabar Watches Pvt Ltd.

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

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

The rating reflects the benefits that MWPL derives from being a
part of the Malabar group, which has an established clientele base
and presence in the jewellery market. This rating strength is
partially offset by the company's modest scale of operations and
subdued financial risk profile, marked by a modest net worth and a
high total outside liabilities to tangible net worth ratio.

Outlook: Stable

CRISIL believes that MWPL will continue to benefit over the medium
term from Malabar group's established presence in the retail
segment of India's jewellery market, since a majority of its sales
are derived from Malabar group's retail outlets. The outlook may
be revised to 'Positive' if the company achieves significant and
sustained improvement in its revenues, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in MWPL's revenues or margins, or if
there is elongation in its working capital cycle, or if it
undertakes a debt-funded capital expenditure programme, resulting
in weakening of its financial risk profile.

Incorporated in 2004, MWPL is engaged in retailing premium watch
brands such as Rado, Tissot, and Omega, among others. The company
is part of the Kerala-based Malabar group, which has business
interests in jewellery, real estate, and hospitality. Its day-to-
day operations are managed by Mr. Zibin Ali Hassan (executive
director) and Mr. V Mohan (director). MWPL has seven branches and
six retail watch outlets spread over southern India. Its
registered office is in Kozhikode (Kerala).

MWPL reported, on a provisional basis, a profit after tax (PAT) of
INR8.4 million on net sales of INR283.3 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR4.0 million on net sales of INR178.8 million for 2011-
12.


MANJUSHRI CONSTRUCTION: CRISIL Puts BB+ Ratings on INR71MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Manjushri Construction Company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        36      CRISIL BB+/Stable (Assigned)
   Bank Loan Facility

   Overdraft Facility        19      CRISIL A4+ (Assigned)

   Bank Guarantee            60      CRISIL A4+ (Assigned)

   Cash Credit               35      CRISIL BB+/Stable (Assigned)

The ratings reflect the benefits that MCC derives from its
partners' extensive experience in the civil construction industry.
The ratings also factor in MCC's above average financial risk
profile marked by healthy capital structure and strong debt
protection metrics. These rating strengths are partially offset by
MCC's modest scale of operations in highly competitive civil
construction industry and working capital intensive nature of
operations.

Outlook: Stable

CRISIL believes that MCC will benefit over the medium term from
the extensive experience of its partners in the civil construction
industry. The outlook may be revised to 'Positive' in case of
significant scale-up of its operations while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in
revenues or profitability margins, or elongation in its working
capital cycle resulting in a weakening in its financial risk
profile.

MCC, a partnership firm formed in 1989 by Shimoga (Karnataka)
based Mr. Dayananda Shetty and his wife Mrs. Vathsala Shetty is
engaged in construction and repair of roads in Shimoga. The firm
also undertakes repair of buildings in Shimoga.

For 2012-13 (refers to financial year, April 1 to March 31), MCC
reported on a provisional basis a profit after tax (PAT) of
INR26.3 million on net sales of INR 459.6 million, against a PAT
of INR22.2 million on operating income of INR 392.5 million for
2011-12.


MILLENIUM EXIM: ICRA Puts 'B' Ratings on INR6.25cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR3.00 crore term
loan, INR3.00 crore cash credit and INR0.25 crore untied fund
based bank facilities of Millenium Exim Private Limited. ICRA has
also assigned an '[ICRA]A4' rating to the INR0.25 crore non-fund
based bank facility of MEPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-        3.00      [ICRA]B assigned
   Cash Credit

   Fund Based Limits-        3.00      [ICRA]B assigned
   Term Loan

   Fund Based Limits-        0.25      [ICRA]B assigned
   Untied Limit

   Non Fund Based            0.25      [ICRA]A4 assigned
   Limits-Bank
   Guarantee

The assigned ratings take into account promoters' lack of
experience in the manufacturing and marketing of instant noodles,
which may expose the company to high competitive pressure from the
players with established brands and distribution networks, and
vulnerability of the company's profitability to raw material price
fluctuations given the limited room for increasing the Maximum
Retail Price (MRP) of the products. ICRA also notes that the
future cash flow of the company would be highly sensitive to the
product acceptance and effective management of the distribution
network. The ratings, however, favourably consider the locational
advantage the unit will enjoy, post-commissioning, in regard to
the sourcing of raw materials and dispatch of finished goods;
achievement of debt tie-up, which along with infusion of entire
portion of promoters' contribution mitigates funding risk
significantly and the favourable demand prospects for instant
noodles driven by the change in the socio-demographics of the
country. Going forward, the company's ability to complete the
project within budgeted cost and time and penetrate the market
successfully would be the key rating sensitivities.

Incorporated in 2007, MEPL is in the process of setting up a plant
for manufacturing of instant noodles at Jhowguri, Matighara, West
Bengal. The installed capacity of the plant will be 4,800 MTPA.
The project is scheduled to be commissioned in Q3FY14. The noodles
are to be sold under the brand name of 'My Noodles'.


NANDI VARDHANA: CARE Assigns 'BB' Rating to INR22.43cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB/A4' ratings to the bank facilities of Nandi
Vardhana Textile Mills Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        22.43      CARE BB Assigned
   Facilities

   Short-term Bank        3.00      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Nandi Vardhana
Textile Mills Limited are constrained by its moderate scale of
operations and highly fragmented nature of the industry, highly
leveraged capital structure with working capital intense nature of
operations and profitability margins susceptible to volatility in
raw material prices and adverse movement in the exchange rates.
The ratings, however, derives strength from the experience of the
promoters in the industry, raw material availability and backward
integration of the group and significant growth in the total
operating income.

The ability of the company to increase its scale of operations
with an improvement in the financial risk profile is the key
rating sensitivities.

Nandi Vardhana Textile Mills Limited (NVTML) was incorporated in
the year 2005 by Mr P Srinivasa Rao, Mr G Anjaiah and Mrs P
Padmavathi. NVTML is engaged in the manufacturing of cotton yarn
with an overall installed capacity of 20,448 spindles at its
manufacturing unit located at Thimmapuram, Guntur District, Andhra
Pradesh. NVTML is manufacturing and supplying cotton yarn for both
domestic as well as international markets. NVTML exports its
products to countries such as Turkey, Brazil and China which
constituted around 44% of the total operating income in
FY13. (refers to the period April 1 to March 31) The raw material,
cotton lints is purchased domestically and cotton being seasonal
in nature is available throughout the year but generally at high
prices during off season. The firm also sells waste cotton, which
contributed to about 7.95% of the total operating income in FY13.

During FY13, NVTML reported a total operating income of INR55.77
crore and a PAT of INR2.91 crore as against a total operating
income and PAT of INR 43.55 crore and INR 0.22 crore respectively
in FY12 (audited).


NARAYANI SILKS: CRISIL Suspends 'B' Rating on INR28MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Narayani
Silks.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Overdraft       28       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Narayani Silks with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Narayani
Silks is yet to provide adequate information to enable CRISIL to
assess Narayani Silks'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 by Ms. Shyama Bai Agrawal as a proprietary concern,
Narayani Silks is into retailing of women's wear, men's wear and
kids' wear through its single showroom of 15,000 square feet at
Bhimavaram (Andhra Pradesh). The firm's operations are being
managed by the founder's son, Mr. Vikesh Agrawal. Narayani Silks
derives around 50 per cent of its revenues from the sale of
sarees, and the rest from sale of other garments for women, and
from sale of men's wear and kids' wear. The firm also deals with
various branded garments such as Raymonds, Pan America, Peter
England, Lee, and Levis.


NARMADA AGRO: CRISIL Suspends 'B+' Ratings on INR65MM Loans
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Narmada
Agro Foods Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL B+/Stable Suspended
   Term Loan                 35      CRISIL B+/Stable Suspended

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

NAFPL was set up in 2009 for milling and processing non-basmati
parboiled rice. The company's manufacturing facility at Ranchi
(Jharkhand) has capacity to process 38,400 tonnes of rice per
annum. NAFPL procures paddy mainly from farmers and traders in
West Bengal, Bihar, Jharkhand, and Orissa. The company's day-to-
day operations are looked after by its promoter-director Mr.
Mahendra Jain, and Mr. Ashok Jain. NAFPL commenced operations in
July 2011.


NIMRA EDUCATIONAL: CRISIL Suspends 'D' Ratings on INR80MM Loans
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Nimra
Educational Society.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        10      CRISIL D Suspended
   Term Loan                 70      CRISIL D Suspended

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

NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under
the Andhra Pradesh Societies Registration Act, 1350 Fasli. The
society operates seven colleges in and around Vijayawada and
Ongole (both in Andhra Pradesh), offering varied courses, such as
bachelor of technology, bachelor of pharmacy, master of
technology, master of computer application, master of pharmacy,
and master of business administration. Currently, NES runs five
engineering colleges, one pharmacy college, and one business
management college, with total student strength of around 2000.
All the colleges are affiliated to the Jawaharlal Nehru Technical
University, Kakinada (Andhra Pradesh). The society plans to open a
medical college affiliated to Dr. Nandamuri Taraka Rama Rao
University of Health Sciences (NTR University) with student
strength of 150 and a 300-bed hospital by 2013-14 (refers to
financial year, April 1 to March 31).


NM LOK: ICRA Suspends 'BB-' Rating on INR12.5cr Term Loans
----------------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating assigned to the INR12.5
crore term loans of NM Lok Kalyan Trust. 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.


NUTAN ISPAT: CARE Assigns 'BB+' Rating to INR21cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB+' & 'CARE A4+' rating to the bank facilities
of Nutan Ispat & Power Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Bank        21.0       'CARE BB+' Assigned
   Facilities
   (Fund based)

   Short-Term Bank        1.5       'CARE A4+' Assigned
   Facilities
   (Fund based)

   Short-Term Bank       11.5       'CARE A4+' Assigned
   Facilities
   (Non Fund based)

Rationale

The above rating is constrained by small scale of operations, low
capacity utilisation, volatility in prices of inputs & finished
goods, low profit level & margins, working capital intensive
nature of operations, intense competition from organized and
unorganized players and cyclicality of the steel industry.
However, the rating derives strength from the experienced
promoters & satisfactory track record of the company, locational
advantage in terms of proximity to raw material sources and end
user market and satisfactory gearing ratios. Effective management
of the working capital requirements, increase in capacity
utilisation & improvement in profitability remains the key rating
sensitivities.

Nutan Ispat & Power Pvt Ltd, promoted by Sri Pradeep Kr. Agarwal
and his nephew Shri Rahul Agarwal was incorporated in 2002. NIPPL
is engaged in the production of sponge iron and structural steel
with manufacturing facility located in Raipur, Chhattisgarh. The
company has two separate divisions, namely Sponge Iron Division
(SID) - installed annual capacity of 60,000 MT and Rolling Mill
Division (RMD) - installed annual capacity of 50,000 MT, which
includes angles, channels and beams. Apart from this, company has
manufacturing facilities for Mild Steel Ingots and Cast Iron with
an installed annual capacity of 25,200 MT which was acquired in
December 2010 from its group company. The company is also engaged
in job work assignments with regard to its RMD and it contributes
around 5-7% of the sales.

RSCL earned PBILDT and PAT of INR7.2 crore & INR0.8 crore
respectively on a total income of INR96.1 crore in FY13 against
PBILDT and PAT of INR7.9 crore and INR0.3 crore respectively on
total income of INR 86.1 crore in FY12.


PALATHUMPATTU SKY: CRISIL Assigns 'BB' Rating to INR60MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Palathumpattu Sky Jewellery (PSJ; part of the PS
group).

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

The ratings reflect the extensive experience of PS Group's
promoters in the gold jewellery segment, and it's above average
financial risk profile marked by healthy debt protection metrics.
These rating strengths are partially offset by PS Group's modest
scale of operations and susceptibility to intense competition in
the fragmented gold retailing industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PSJ and its group entities, Sky
Collection (SC), Sky Silk(SS), Sky Hotel cum Shopping Arcade
(Voyage) (SH) , Baskin Robbins (Club 7) (BR) and Arun Exports(AE).
This is because these entities have significant financial
fungibility among them.

Outlook: Stable

CRISIL believes that PS Group will continue to benefit over the
medium term from its promoters' extensive experience in the gold
jewellery segment. The outlook may be revised to 'Positive' if the
group registers significant improvement in scale of operations
while maintaining its profitability, resulting in improvement in
its business risk profile. Conversely, the outlook may be revised
to 'Negative' if PS Group records lower-than-expected accruals or
if it undertakes a large debt-funded capital expenditure
programme, or in case of greater-than-expected capital withdrawals
by partners , resulting in weakening in its financial risk
profile.

PS group derives majority of its revenues from gold retailing. PSJ
is the flagship firm of the group and is involved in the business
of retailing gold Jewellery. SC retails in readymade garments, SS
retails in silk sarees, SH manages a shopping mall and a hotel, BR
manages an icecream parlour and AE is involved in the business of
export of gold Jewellery. The daily operations of the group is
managed by Mr. Ninan John.

The group reported a profit after tax (PAT) of INR 13 million on
net sales of INR 204 million for 2011-12 as against a PAT of INR
12 million on net sales of INR 184 million for 2010-11.


PIMS MEDICAL: CRISIL Suspends 'D' Ratings on INR2.2BB Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pims Medical & Education Charitable Society.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            350     CRISIL D Suspended
   Term Loan               1,850     CRISIL D Suspended

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

PIMS was set by the Punjab state government to set up a medical
institute at Jalandhar, Punjab. The government undertook a capital
expenditure (capex) of INR1.18 billion on civil works; thereafter,
it decided to carry on the project in a public private partnership
(PPP) mode. In 2009, a group comprising NRI Academy of Sciences,
Vijayawada (Andhra Pradesh) EDS Technologies Pvt Ltd (Bengaluru),
St. Joseph's Healthcare System Inc, (Paterson, New Jersey, USA)
and a group of physicians/businessmen led by Mr. Apparao
Mukkamala, Mr. Rakesh Mahajan and Mr. Shrikant Mehta and Dr Suresh
Anne and Dr. Sai Ramesh Bikkina were awarded the project of
development of PIMS under the PPP mode. The total cost of project
is estimated to be INR3.00 billion funded through term loans of
INR1.85 billion and balance through promoters' contribution. The
project is expected to be completed by end of March 2012.


PIYUSH INFRATECH: CRISIL Ups Ratings on INR200MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Piyush
Infratech Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           100      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              200      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade in ratings follows substantial and sustainable
improvement in the company's business risk profile backed by more
than doubling of revenues, healthy profitability and a large order
book providing medium term revenue visibility. The company's
revenues increased to close to INR1 billion in 2012-13 (refers to
financial year, April 1 to March 31) from close to INR400 million
in the previous year, while maintaining the operating margin at 13
per cent. This has led to a surge in accruals to about INR76
million in 2012-13, up from INR13 million in the previous year.
Moreover, the company is expected to continue on its growth path
backed by its strong order book of about INR5 billion as on
September 30, 2013, which is to be completed over the next two
years and provides medium term revenue visibility. The company's
ability to raise adequate funds to execute its large order book in
a timely manner, however, remains a key rating sensitivity factor.

The ratings reflect the extensive experience of Piyush's promoters
in the construction business. This rating strength is partially
offset by its high working capital intensity of operations,
customer concentration in revenue profile and average financial
risk profile.

Outlook: Stable

CRISIL believes that Piyush will continue to benefit over the
medium term from its promoters' extensive experience and its
strong order book. The outlook may be revised to 'Positive' if
Piyush's liquidity improves significantly, most likely driven by
improved working capital management or by infusion of long-term
funds. Conversely, the outlook may be revised to 'Negative' if
Piyush's financial risk profile deteriorates, most likely because
of large debt-funded capital expenditure, stretch in working
capital cycle or lower-than-expected net cash accruals.

Piyush was reconstituted as a private limited company from a
partnership firm in June 2013. Piyush is based in Aurangabad
(Maharashtra) and is in the business of civil construction. It
specialises in execution of irrigation projects, comprising
barrages, earthen concrete dams, and canals, and undertakes civil
construction work for the Indian Railways. It also has two
windmills, with a combined capacity of 1.25 megawatts.

Piyush, on a provisional basis, reported a profit after tax (PAT)
of INR73.4 million on net sales of INR973 million for 2012-13,
against a PAT of INR24.2 million on net sales of INR390 million
for 2011-12.


PRAKASH STAINLESS: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Prakash Stainless
Private Limited continue to reflect its subdued financial risk
profile marked by modest net worth, a high total outside
liabilities to tangible net worth (TOLTNW) ratio and weak debt
protection metrics, and exposure to risks inherent in the highly
competitive steel trading industry. These weaknesses are partially
offset by the extensive experience of PSPL's promoters in the
steel industry, support from other companies of the Prakash Group
and its established relationships with suppliers and customers.

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

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if PSPL records a significant
and sustained increase in its revenues and profitability while
improving its capital structure and debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in PSPL's revenues and margins or lengthening of its
working capital cycle, leading to a deterioration of its financial
risk profile.

Update

PSPL's revenues remained flattish, declining 4 per cent year-on-
year to INR706.5 million in 2012-13, on account of sluggish demand
from the company's major customers. PSPL's revenues for 2012-13
were muted on account of a slowdown in its key user sectors i.e.
automobiles, construction, and infrastructure. For 2013-14, PSPL's
revenues are expected to grow modestly to around INR700 to 750
million for the year. The company has already recorded sales of
around INR350 million till September 30, 2013. The company's
operating margins was at around 3.7 per cent in 2012-13 which is
expected to be around similar levels over the medium term.

The company's operations are highly working-capital-intensive,
with gross current asset (GCA) days at around 233 days as on March
31, 2013. The high GCA days emanate from the company's high
inventory and stretched receivables of around 127 days and 110
days respectively as on March 31, 2013.

PSPL's financial risk profile continues to remain subdued marked
by a modest net worth of around INR51.7 million, and a TOLTNW of
around 6.5 times, as on March 31, 2013. The company's debt
protection metrics are also subdued, with net cash accruals to
total debt ratio and interest coverage ratio at around 0.01 times
and 1.16 times respectively for 2012-13.

PSPL has moderate liquidity, with average bank limit utilisation
of around 95 per cent over the 12 months through August 2013. In
2012-13, PSPL's cash accruals are around INR2.6 million; the same
are expected to grow moderately over the medium term, against
which the company has no term debt obligations.

PSPL, incorporated in 2007, is engaged in the trading of flat
steel products such as coils, plates, pipes and tubes. The company
trades in M.S. angles and channels as well. Initially the
operations were carried out under a proprietorship concern of Mr.
Prakash Kanugo, 'Prakash Steels' since the mid 1970s. Subsequently
the operations were shifted to PSPL in 2007. The company is a part
of the Mumbai-based Prakash group, having an established presence
in the flat steel manufacturing and trading business. Its business
operations are managed by Mr. Prakash Kanugo and Mr. Suraj Burad.

PSPL reported, on a provisional basis, a profit after tax (PAT) of
INR2.5 million on net sales of INR706.6 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR2.3 million on net sales of INR734.8 million for 2011-
12.


PRESTIGE EXPRESSMART: CRISIL Suspends B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prestige
Expressmart Steel Private Limited.

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

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

PESPL was incorporated in 2009 and is promoted by Mr. Sanjesh
Gupta and his cousin, Mr. Vishal Gupta, and its office is located
in Raipur (Chhattisgarh).The company trades in hot and cold rolled
products, such as hot rolled (HR) sheets, HR plates, beam plates,
corrugated cold rolled sheets, and electric resistance welded
pipes. The company is the exclusive distributor of galvanised
steel products of Essar in Chhattisgarh. Around 50 per cent of the
sales are contributed from sales of Essar products, while the
remaining is from trading of local-made steel products. The
promoters' family has been trading in steel products for more than
35 years.


R F MOTORS: CRISIL Reaffirms 'B+' Ratings on INR231.8MM Loans
-------------------------------------------------------------
CRISIL ratings on the bank facilities of R F Motors Pvt Ltd (RF
Motors) continue to reflect RF Motors' below-average financial
risk profile, marked by modest net worth, high gearing, and weak
debt protection metrics, and the company's susceptibility to
intense competition in the automobile dealership business and to
slowdown in passenger vehicles industry. These rating weaknesses
are partially offset by the extensive entrepreneurial experience
of RF Motors' management and the company's established
relationship with its principal, Tata Motors Ltd (TML).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          33.8     CRISIL A4 (Reaffirmed)

   Cash Credit            131.8     CRISIL B+/Stable (Reaffirmed)
   Inventory funding

   Inventory funding      100.0     CRISIL B+/Stable (Reaffirmed)
   limit

Outlook: Stable

CRISIL believes that RF Motors will continue to benefit from its
promoters' experience and from its established market position in
Ernakulum (Kerala). The outlook may be revised to 'Positive' if RF
Motors' financial risk profile improves, resulting from better-
than-expected cash accruals along with improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates because of less-
than-expected cash accruals, further drop in sales due to industry
slowdown or larger-than-expected working capital requirements or
debt-funded capital expenditure, or if its relationship with the
principal deteriorates.

RF Motors was set up in 2004 and is a dealer of TML's passenger
cars in Central Kerala. The company is promoted by Mr. M M Farook
and his family members.

For 2012-13 (refers to financial year, April 1 to March 31), RF
Motors reported a profit after tax (PAT) of INR0.69 million on net
sales of INR767 million, against a PAT of INR4.2 million on net
sales of INR980 million for 2011-12.


RAJASTHAN IRON: ICRA Reaffirms 'B+' Rating on INR10.25cr Loans
--------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to the INR10.25
crore fund based bank facilities of Rajasthan Iron Company at
'[ICRA]B+'. ICRA has also re-affirmed the short term rating
assigned at '[ICRA]A4' to the INR0.75 crore non fund based
facilities of RIC.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund          10.25       [ICRA]B+ reaffirmed
   Based Limits

   Short Term Non           0.75       [ICRA]A4 reaffirmed
   Fund Based Limits

The reaffirmation of the ratings factor in the deteriorated
financial risk profile with steep fall in profitability owing to
fall in steel prices and resultant loss on inventory liquidation,
leading to stretched coverage indicators; high counter party
credit risk with majority of the sales made on credit basis and
highly fragmented nature of the steel trading industry
characterized by intense competition. Further, the firm also
remains exposed price risk on the inventory and also to the risk
of partners withdrawing capital from the business. The ratings
however favourably factor in established track record of over four
decades in the steel trading business with established trade links
which ensure smooth supply of iron and steel products and the
diversified client base.

Rajasthan Iron Company is a partnership firm established in
Kakinada, East Godavari District, Andhra Pradesh in 1970 by
Mr.Bheekamchand. The firm trades in all kinds of steel materials
such as channels, angles, rounds, TMT bars, beams etc.


RASESHWARI METALLICS: CARE Assigns 'B+' Rating to INR6cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Raseshwari Metallics Private Limited.

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

   Short-term Bank
   Facilities             0.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Raseshwari
Metallics Private Limited are primarily constrained by its small
scale of operations with low profit margins, leveraged capital
structure, weak debt service coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained by competition from the various organized &
unorganized players and susceptibility of profitability to
fluctuations in the prices of raw materials. The ratings, however,
find support from the experienced promoters and association with
large and reputed manufacturer.

Going forward, the ability of the company to increase its scale of
operation while improving its profitability margins, effective
working capital management and improvement in its capital
structure shall be the key rating sensitivities.

Raseshwari Metallics Private Limited was incorporated as a Sptiz
Investors and Traders Private Limited by Mr Sunder Lal Mittal and
Mr Rajan Mittal in 1996. However, in November 2004, its name was
changed to RMPL. The company is engaged in the manufacturing of
Electric Resistance Welding (ERW) tubes. The manufacturing
facility of the company is located at Mohali in Punjab with an
installed capacity of 13,708 TPA as on March 31, 2013. The company
sells its products mainly in Punjab and New Delhi. The main raw
material for the manufacturing of ERW tubes is Hot Roll Coils (HR
Coils) and Cold Roll Coils (CR Coils) which are mainly procured
from the Steel Authority of India Limited (SAIL- rated CARE AAA).

For FY13 (refers to the period April 1 to March 31), RMPL achieved
a total operating income of INR24.78 crore and PAT of INR0.09
crore as compared with a total operating income of INR25.44 crore
and PAT of INR0.04 crore for FY12. In HIFY14, the company has
achieved total operating income of INR17.73 crore.


RAVI PLANT: ICRA Assigns 'B' Ratings to INR18.5cr Loans
-------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR13.50 crore term
loan and INR5.00 crore cash credit facility of Ravi Plant
Biotechnologies Limited. A rating of '[ICRA]A4' has also been
assigned the INR1.00 crore short term sublimit of cash credit
facility of RPBL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              5.00       [ICRA]B assigned
   Term Loan               13.50       [ICRA]B assigned
   Letter of Credit        (1.00)      [ICRA]A4 assigned

Rating Rationale

The assigned rating is constrained by the small scale of
operations in a business segment involving manufacture of generic
herbicide formulations which is highly fragmented due to the
presence of large number of players; as well as, vulnerability to
the agro climatic risk caused due to the cyclicality inherent in
the agricultural sector and regulatory controls that govern the
industry. The ratings further takes into account expected
weakening of credit metrics in the near to medium term on account
of the significantly large ongoing debt funded capex. While
assigning the ratings, ICRA has also considered the high customer
concentration risk and limited experience of the promoters in the
intensively competitive micro irrigation industry resulting in
high marketing risk. ICRA however favorably factors in the
company's established track record in herbicides manufacturing
business, diversified product portfolio, stable demand prospects
and established relationship with large and reputed agro chemical
companies.

Incorporated in 2004 by Mr. K. V. Rao, Ravi Plant Biotechnologies
Limited is currently engaged in manufacturing of herbicides
formulations. The company operates from its manufacturing facility
located at Halol near Vadodara city with an installed capacity of
~3000 KL per annum. RPBL enters into contract manufacturing as
well as job work with respect to generic pesticide formulation and
can produce almost all the formulation in varying forms like
Emulsifiable Concentrates (EC), Dusting Powders (DP), Granules
(G), Wettable Powders (WP), Soluble Powders (SP), Suspension
Concentrates (SC), Flowables Slurries (FS), Water Disbursable
Granules (WDG), Dry Flowables (DF) and Soluble Granules (SG). RPBL
is currently carrying out capacity expansion post completion of
which, installed capacity of the company will increase to 15,000
KL per annum. Also, the company is entering into micro irrigation
industry with an installed capacity of around 600 lacs meters of
drip irrigation pipes per annum.

Recent Results

During FY 2013, RPBL reported an operating income of INR2.37 crore
(as against INR2.06 crore during FY 2012) and profit after tax of
INR0.14 crore (as against profit after tax of INR0.09 crore during
FY 2012).


RENEWABLE ENERGY: ICRA Cuts Rating on INR20cr Loans to 'B-'
-----------------------------------------------------------
ICRA has revised the long term rating for the INR20.0 crore fund
based facilities of Renewable Energy Generation Private Limited
from '[ICRA]BBB(SO)' to '[ICRA]B-'. ICRA has also revised the long
term/short term ratings for the INR20.0 crore non-fund based
facilities of REGPL from [ICRA]BBB(SO)/[ICRA]A3+(SO) to [ICRA]B-/
[ICRA]A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities    20.0       [ICRA]B- revised
   Non-Fund Based

   Facilities               20.0       [ICRA]B-/[ICRA]A4 revised

The revision in the ratings of REGPL follows the recent downgrade
of the ratings of its parent entity and guarantor - Regen
Powertech Private Limited from [ICRA]BBB (Negative) / [ICRA]A3+ to
[ICRA]D/[ICRA]D with the latter's weakened liquidity profile in
the past three months. Accordingly, RPPL's ability to support
timely servicing of REGPL's bank facilities as per the terms of
the underlying guarantee arrangement is diminished. As the debt
servicing of REGPL continues to be as per schedule, ICRA has
reassigned the ratings on a standalone basis. Nevertheless,
REGPL's standalone credit profile, on account of the company's
close operational & financial linkages with RPPL, will be
influenced by the latter's credit profile.

REGPL is the sole service provider for facilitation of land
acquisition, and erection & commissioning of RPPL's Wind Turbine
Generators (WTG) installation order book. As such, REGPL's
operational & financial performance is closely linked to that of
RPPL and was weak in FY2012-13 and YTD FY2013-14. RPPL's and
REGPL's order execution in this period was constrained on account
of delays in obtaining certain regulatory approvals as well as
uncertainties in government policies such as Generation Based
Incentives, introduction of competitive bidding, etc., in addition
to adverse domestic macroeconomic conditions. The resultant
weaker-than-expected financial performance of REGPL is the key
factor constraining REGPL's ratings to the current levels.

Renewable Energy Generation Private Limited, incorporated in
January 2008, is a wholly owned subsidiary of Regen Powertech
Private Limited, a manufacturer of Wind Turbine Generators (WTGs).
REGPL primarily handles the infrastructure requirements in
commissioning a WTG, including facilitation of land acquisition,
and the civil works w.r.t. erection and commissioning of WTGs
supplied by RPPL. For the FY2012-13, REGPL recorded a loss after
tax of INR7.54 crore on an operating income of INR531.04 crore.

Guarantor's Profile:
Regen Powertech Private Limited was incorporated in December 2006
as a manufacturer of Wind Turbine Generators and end-to-end
service provider including consulting, supply, erection,
commissioning, and Operation & Maintenance of WTGs. The company
has been promoted by Mr. Madhusudan Khemka, Mr. R Sundaresh and
Mandava Holdings Pvt. Ltd. through the holding company NSL Power
Equipment Trading Pvt. Ltd. (NSL PET). The company has also
received private equity investments from various funds -
Indivision India Partners (IIP), IDFC Investment Advisors Ltd.,
MCap India Fund Ltd., TVS Shriram Growth Fund and Summit FVCI.


SHIVADARSHAN AGRO: CRISIL Assigns 'B+' Ratings to INR90MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shivadarshan Agro Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B+/Stable (Assigned)
   Standby Line of Credit    10      CRISIL B+/Stable (Assigned)

The rating reflects SAI's below-average financial risk profile,
marked by small net worth, and its limited size of operations in
an intensely competitive rice milling segment. The rating also
factors in the susceptibility of the firm's operating margin to
adverse government regulations and volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of SAI's partners.

Outlook: Stable

CRISIL believes that SAI 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 in case of significant
infusion of capital by its partners, resulting in improved capital
structure. Conversely, the outlook may be revised to 'Negative' if
SAI undertakes aggressive debt-funded expansions, or if the
partners withdraw capital from the firm, leading to weakening in
its financial risk profile.

Set up in 2001 as a partnership firm, Karnataka-based SAI is
engaged in the milling and processing of paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 70 tonnes per day.

SAI recorded a profit after tax (PAT) of INR9 million on net sales
of INR284 million during 2012-13 (refers to financial year, April
1 to March 31) as against PAT of INR6 million on net sales of
INR241 million during 2011-12.


SHREE BALAJI: CRISIL Reaffirms 'BB-' Rating on INR90MM Loan
-----------------------------------------------------------
CRISIL's rating on the cash credit facility of Shree Balaji Mining
Pvt Ltd continues to reflect SBMPL's moderate financial risk
profile, marked by low gearing and comfortable interest coverage
ratio, and its promoters' extensive experience in the iron ore
trading business. These rating strengths are partially offset by
SBMPL's small scale of operations, large working capital
requirements, and susceptibility to regulatory changes in the iron
ore sector.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            90      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBMPL will maintain its moderate financial
risk profile over the medium term. The outlook may be revised to
'Positive' if SBPL increases its scale of operations
substantially, while maintaining its profitability, leading to
larger-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
lower-than-expected cash accruals or stretch in working capital
cycle.

SBMPL, incorporated in 2000, trades in iron ore. It buys iron ore
from crushers, miners, and traders, mainly in Odisha, and sells to
manufacturers of steel and steel intermediaries, and to traders in
the domestic market, primarily in Odisha, Jharkhand, and
Chhattisgarh. SBMPL also operates three iron ore screening plants.


SHREE SAMLESWARI: CARE Assigns 'BB-' Rating to INR7.49cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Shree
Samleswari Cotton Industries.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.49       CARE BB-  Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Shree Samleswari
Cotton Industries is primarily constrained by its short track
record coupled with the small scale of operations in the highly
fragmented cotton industry and weak financial risk profile marked
by low profitability margins, leveraged capital structure and
elongated operating cycle. The rating is further constrained by
susceptibility of operating margins to fluctuation in cotton
price, high level of government regulations and seasonal nature of
the cotton industry with exposure to the vagaries of nature.
The rating, however, derives strength from the long experience of
the promoter in the cotton ginning business and proximity to the
cotton-producing region of Odisha.

The ability of SSCI to increase the scale of operations with
improvement in profitability margins while managing the volatility
associated with the cotton prices and effective working capital
management would be the key rating sensitivities.

SSCI is a proprietary entity set up in July 2010 by Ms Nitu
Agarwal belonging to Bolangir, Odisha.  SSCI is engaged in the
business of cotton ginning and pressing to produce cotton bales
and cotton seeds. The products are mainly used in the
manufacturing of cotton yarn in the textile industry and oil
extraction. The manufacturing unit of the entity is located at
Bolangir, Orissa and has an installed capacity to produce 6,300
Metric Tonne Per Annum (MTPA) for cotton bales and 11,520
MTPA for cotton seeds.

During FY13 (refers to the period April 01 to March 31), SSCI
reported a total operating income of INR47.4 crore and a PAT
(after deferred tax) of INR1 crore.


SHRI MAHAVIR: CARE Assigns 'B-' Ratings to INR534.5cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Shri Mahavir Ferro Alloys Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       490.53      CARE B- Assigned
   Facilities
   (Term Loan)

   Long-term Bank        43.97      CARE B- Assigned
   Facilities
   (Fund-based)

   Short-term Bank       15.50      CARE A4 Assigned
   Facilities
   (Non-fund Based)

Rating Rationale

The ratings are constrained by SMFA's short track record, small
scale of operation, low capacity utilization, susceptibility to
volatility in raw material and finished goods prices, project
implementation risk associated with its ongoing projects, weak
financial performance in FY13 (refers to the period April 01 to
March 31), high gearing as on March 31, 2013 and inherent
cyclicality of the steel industry.

The ratings, however, derive strength from the experienced
promoters, strategic location of its plant with proximity to
market and source of raw material and partially integrated
facility with captive power plant.

The ability of the company to achieve the projected level of
profitability through the envisaged level of operational
efficiency while completing its on-going integration projects on
time remain the key rating sensitivities.

Incorporated in September 2001, Shri Mahavir Ferro Alloys Pvt Ltd
was established by one Jain family of Rourkela (Orissa) with an
objective of setting-up an integrated steel plant. The
company after incorporation remained dormant for almost two years
and in September 2003, it commenced commercial production of
sponge iron in its Kalunga plant. Currently, it is engaged in
the manufacturing of sponge iron, MS ingots and MS Billets. The
company is augmenting its degree of operational integration by
establishing linkage for captive sources of primary raw materials
(iron-ore & coal) and setting up of coal washery, railway siding,
captive power plant (CPP) and pelletization plant.

During FY13 (audited), SMFA reported a net loss of INR16.07 crore
on a total operating income of INR120 crore.


SRINATH SPINNERS: CRISIL Suspends BB- Ratings on INR198.1MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Srinath Spinners Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           5.9      CRISIL A4+ Suspended
   Cash Credit             45        CRISIL BB-/Stable Suspended
   Letter of Credit         6        CRISIL A4+ Suspended
   Term Loan              153.1      CRISIL BB-/Stable Suspended

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

CRISIL has combined the business and financial risk profiles of
SSL and Srinath Spinning Mills Ltd (SSML), together referred to
herein as the SSL group. This is because the two companies are
under a common management, and in the same line of business.
Moreover, SSML, the holding company, has extended corporate
guarantees to the loans of SSL.

SSL, incorporated as a public limited company in April 2001 by Mr.
Ketan C Parekh, Mr. Premal C Parekh, and Mr. Prem Kumar Agarwal,
manufactures coarse yarn. The company commenced commercial
production in August 2007, and has capacity of 1440 rotors. SSML,
set up in 1995, is the flagship company of the SSL group. Its
open-end spinning mills have capacity of 1760 rotors.


SRIVALLI SHIPPING: CRISIL Suspends D Ratings on INR150MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Srivalli Shipping & Transport Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7       CRISIL D Suspended

   Cash Credit              70       CRISIL D Suspended

   Long Term Loan           33.8     CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility       39.2     CRISIL D Suspended

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

Srivalli was established in 1994 as a partnership firm; it was
reconstituted as a private limited company in May 2011. Srivalli
is promoted by Mr. Babu Rao, his wife, Mrs. P Babu Rao Eswari, and
their son, Mr. Kiran Babu Rao. Based in Visakhapatnam (Andhra
Pradesh), Srivalli provides services, such as material handling
(at ports), custom house agent, and transportation and warehouse
provisioning.


TRIDENT TOOLS: CRISIL Suspends 'B+' Ratings on INR137MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Trident Tools Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B+/Stable Suspended
   Letter of Credit          25      CRISIL A4 Suspended
   Proposed Long-Term
   Bank Loan Facility        12      CRISIL B+/Stable Suspended
   Rupee Term Loan           35      CRISIL B+/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's name was changed to the current one from Magicut Tools Ltd
[MTL] on October 6, 2010. MTL was established 1982 by the Gupta
family based in Mumbai. In 2000, the Gupta family established a
partnership firm, Singarg Manufactures, which was reconstituted as
a private limited company, Trident Tools Pvt Ltd (TTPL), in 2004.
In 2007-08 (refers to financial year, April 1 to March 31), TTPL
merged with MTL, with effect from April 1, 2008. TTL manufactures
high-speed steel (HSS) hacksaw blades and HSS tool bits that are
used in diverse industries. It also trades non-ferrous metals,
such as copper scrap, aluminium scrap, lead ingots, and melting
scraps. TTL's registered office is in Palghar (Maharashtra) and
its unit was recently shifted from Mumbai (Maharashtra) to
Palaghar. Mr. Narendra Gupta and his son, Mr. Ravi Gupta, manage
the company's overall operations.


VSP ENTERPRISES: ICRA Upgrades Rating on INR8cr Loans to 'BB'
-------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR8
crores fund-based limits of VSP Enterprises Private Limited to
'[ICRA]BB' from '[ICRA]BB-'. The outlook on the long-term rating
is stable. ICRA has also reaffirmed a short term rating of
'[ICRA]A4' to the INR8 crores non fund-based limits of VSPEPL.
                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits      8.00      Upgraded to [ICRA]BB (Stable)
   Non-Fund Based Limits  8.00      [ICRA]A4 reaffirmed

The log-term rating upgrade factors in the company's shift to
power sector which coupled with its reputed client base has
resulted in healthy growth in the turnover and profitability in
the past few years. ICRA also notes the presence of Price
Variation clause which mitigates raw material price fluctuation
risk to a great extent. The ratings are however constrained by
high competitive industry characterized by low entry barriers and
high competition. Moreover,high working capital (due to high
receivables) have resulted in weak debt protection metrics for the
company. Going forward, the ability of the company to continue
augment its revenues and profitability will remain the key rating
sensitivity.

VSP Enterprises Ltd started its operations as a steel tower
fabrication company for the telecom sector in 2004. VSP setup a
fabrication unit and a galvanizing facility for setting up
transmission lines primarily for the telecom sector. Since
inception, VSP was engaged in supplying fabricated structures for
towers primarily to private clients namely Bharti Infratel
Limited, Indus Towers Ltd, L&T, Viom Networks Ltd. However, due to
the slowdown witnessed in the telecom towers segment, the company
witnessed a decline in its sales in FY10 and FY11 (CAGR of minus
20%) due to lack of orders from these clients. Henceforth, company
shifted its scope of operations to include setting up transmission
line towers for the power sector. The company has subsequently
added new clients namely RVPNL, UPPTCL, PGCIL etc. in the power
space. The shift to power sector with favorable demand outlook has
resulted in recovery in the revenues of the company with growth of
50% in FY12 and 37% in FY13 respectively.


WORLDSTEL STAINLESS: CRISIL Suspends D INR498.5MM Loan Ratings
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Worldstel Stainless Steels Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              230      CRISIL D Suspended

   Letter of Credit          70      CRISIL D Suspended

   Proposed Long-Term        3.5     CRISIL D Suspended
   Bank Loan Facility

   Term Loan               195.0     CRISIL D Suspended

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

WSSL was incorporated in 2007-08 by Mr. Parveen Kumar Khorana, who
set up a stainless steel plant in Bhiwadi (Rajasthan). WSSL is a
closely held company and the shareholding is within the Khorana
family. The commercial operations of the plant commenced from June
2010. Mr. Parveen Kumar Khorana purchased the plant from M/s Norma
Ispat Pvt Ltd in July 2007 for a total consideration of INR100
million. Post the refurbishment and renovation of the plant, it
has an installed capacity of 1,00,000 tonnes per annum. WSSL
operated at 6 per cent of its installed capacity in the first year
of operations, which was 2010-11, thus leading to operational
losses. As result, the plant shut down production in April 2011
and continues to remain shut till date.



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


MERPATI NUSANTARA: To Convert Debt to State Firms Into Shares
-------------------------------------------------------------
Antara News reports that the debt of PT Merpati Nusantara Airlines
to a number of other state companies would be converted into
shares, to save the debt ridden state owned airline, an official
said.

"We agree with the conversion of the debts," Coordinating Minister
for Economy Hatta Rajasa said after a meeting to save the airline,
Antara News relates.

Mr. Hatta said the debt in the form of sub-loan agreement (SLA) to
the government would also be converted into non-cash state capital
participation, the report relays.

According to the report, Mr. Hatta said currently Merpati ran up a
total debt of IDR6.7 trillion to 20 creditors.

Debts to state companies including airport operators Angkasa Pura
I and II, Bank Mandiri, energy company Pertamina and insurance
company Jasindo totaled IDR2 trillion.   The rest includes
IDR2.5 trillion in SLA to the government and around IDR3.2
trillion in tax and to other creditors, Antara News discloses.

Antara News relates that Mr. Hatta said the government decided to
restructure the debts of Merpati as it believes the airline could
still rise from its financial woes.

"Merpati is still needed to serve pioneer flights in a number of
provinces especially in eastern part of the country," the report
quotes Mr. Hatta as saying.

Merpati would be given one month to submit its business plan to
the government and other loan providers, the report adds.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2011, The Jakarta Globe said that State Enterprises
Minister Mustafa Abubakar said the financial restructuring of
Merpati Nusantara Airlines will carry on despite a recent crash
that led to questions about the safety of its fleet.

Jakarta Globe said Merpati was under the care of the state-asset
management company Perusahaan Pengelola Aset, which has injected
hundreds of billions of rupiah to bring it back to profitability.
But after the crash of a Merpati MA-60 that killed 25 people on
May 7, 2011, pressure is building to let the airline go under.


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


ORIX-NRL TRUST 15: S&P Cuts Ratings on Trust Certs. to 'D(sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'D
(sf)' from 'CCC- (sf)' its ratings on the class D to I trust
certificates issued in September 2007 under the ORIX-NRL
Trust 15 transaction.

Of the loans and specified bond that back the transaction, the
servicer completed the sale of the collateral property for the
specified bond. However, the specified bond, which had defaulted,
incurred a principal loss following the property sale. The
specified bond originally represented about 14% of the total
initial issuance amount of the trust certificates. "We lowered to
'D (sf)' our ratings on classes D to I because we confirmed that
interest payments on these classes were impaired on the trust
payment date in November 2013, and no payments of unpaid interest
are set to be made in the future," S&P said.

Currently, only two loans extended to two obligors with unsold
collateral properties remain, and these two loans have defaulted.
A retail building in Tokyo's Meguro Ward currently backs the first
loan, which originally represented about 41% of the total initial
issuance amount of the trust certificates. A retail building in
Tokyo's Shibuya Ward backs the second loan, which originally
represented about 4.5% of the total initial issuance amount of the
trust certificates.

"We intend to maintain our 'D (sf)' ratings on the class D to I
trust certificates for at least 30 days, and then withdraw our
ratings on these classes," according to SP.

ORIX-NRL Trust 15 is a multiborrower commercial mortgage-backed
securities  (CMBS) transaction. Nonrecourse loans and specified
bonds ("tokutei shasai") extended to/issued by nine obligors
initially secured the trust certificates issued under this
transaction. In turn, 33 real estate certificates and real
estate properties originally backed the loans and bonds. ORIX
Corp. arranged the transaction, and ORIX Asset Management & Loan
Services Corp. acts as the servicer.

RATINGS LOWERED

ORIX-NRL Trust 15
JPY37.8 billion trust certificates due June 2014

Class       To           From            Initial issue amount
D           D (sf)       CCC- (sf)       JPY3.0 bil.
E           D (sf)       CCC- (sf)       JPY1.3 bil.
F           D (sf)       CCC- (sf)       JPY0.4 bil.
G           D (sf)       CCC- (sf)       JPY0.4 bil.
H           D (sf)       CCC- (sf)       JPY0.2 bil.
I           D (sf)       CCC- (sf)       JPY0.2 bil.


TOKYO ELECTRIC: Mulls Issuing Bonds Before 2020
-----------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. is considering
resuming corporate bond issuance in the latter half of the decade,
a source said November 11.

The report says the company has not issued corporate bonds since
the massive earthquake and tsunami in March 2011 led to the
nuclear crisis at its Fukushima No. 1 complex.

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


BLACKTOP CONSTRUCTION: Owes NZ34MM to Creditors, Receiver Reveals
-----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Blacktop
Construction Limited, an Auckland roading group that collapsed
only days after winning an industry award, has debts of NZ$34
million, according to receivers.

Only NZ$4.4 million of assets have been realised to meet these
debts to date, said the receivers who posted their first reports
to the Companies Office this week, the Herald relates.

The Herald notes that most of Blacktop Construction's 70 staff are
no longer employed by the company, while some have been retained
to help with parts of the receivership.

According to the report, one of the receivers, Brian Mayo-Smith
of BDO, said in the report that Blacktop had "experienced
increasing financial difficulties over recent years due to
declining revenue and reduced contract margins".

"Despite restructuring attempts including inter alia expansion
into Pacific Island contracting, significant trading losses
continued to be incurred in the months prior to receivership," the
report quotes Mr. Mayo-Smith as saying. "The losses resulted in a
substantial financial deficit which could not be funded by
shareholders or other means."

Since being appointed, Mr. Mayo-Smith said the receivers had
determined it was not viable for the New Zealand operations to
keep trading, the Herald relates.

The Herald adds that the receivers said the company had assets
with a book value of NZ$11.6 million, based on accounts as at
September 4.

A related company also in receivership, Asphalt Products, has
assets with a book value of NZ$481,000 while another, Delta
Corporation, has assets worth NZ$10.6 million.

To date, only around NZ$4.4 million of assets from the group of
companies had been realized, the report discloses.

Blacktop, Asphalt and Delta Corporation's debt is around
NZ$34 million, Mr. Mayo-Smith confirmed to the Herald.

                    About Blacktop Construction

Blacktop Construction Limited operated as a specialist road
maintenance contractor providing services to New Zealand based
projects and in recent years the Pacific Islands.

Brian Mayo-Smith -- brian.mayo-smith@bdo.co.nz --, Andrew Bethell
-- andrew.bethell@bdo.co.nz -- and James Greenway --
james.greenway@bdo.co.nz -- were appointed joint and several
receivers and managers of Blacktop Construction Limited on
Sept. 4, 2013, and Asphalt Products Limited and Roadsafe Limited
on Sept. 5, 2013.

The receivers said Blacktop had experienced increasing financial
difficulties over recent years due to declining revenue and
reduced contract margins. Despite restructuring attempts including
inter alia expansion into Pacific Island contracting, significant
trading losses continued to be incurred in the months prior to
receivership.  The losses resulted in a substantial financial
deficit which could not be funded by shareholders or other means.
The Company was unable to pay creditors as they fell due resulting
in ongoing supplies including work required from subcontractors
being interrupted.


PIKE RIVER: Government Should Force Firm to Pay Compensation
------------------------------------------------------------
NZN reports that the government should force the company that
owned the Pike River mine to pay compensation to the families of
the 29 men who were killed in the November 2010 underground
explosions, Labour said.

In July a judge ordered the company, which was in receivership, to
pay the families NZ$110,000 each and fined it NZ$760,000, NZN
recalls.

NZN relates that the receivers said it didn't have the money to
pay the fine and gave the families NZ$5,000 each.

Last month its parent company, NZ Oil and Gas, held its annual
meeting and shareholders overwhelmingly voted against paying the
compensation, NZN notes.

According to the report, Labour leader David Cunliffe said
ACC and the NZ Superannuation Fund were major Pike River Coal
shareholders.

"Prime Minister John Key should pressure those government entities
to pay compensation . . . he should also call all the significant
Pike River Coal shareholders and tell them in no uncertain terms
to fulfil their moral obligations," the report quotes Mr. Cunliffe
as saying.

Mr. Cunliffe questioned Mr. Key in parliament on November 12,
saying the mine's owners received an NZ$80 million insurance
payout, NZN relays.

Mr. Key said the Government had honoured all its legal
obligations.

"The Government is also a guardian of taxpayers' money, and it
would need to be very careful about any precedent it might set,"
Mr. Cunliffe, as cited by NZN, said.  "There are plenty of New
Zealand companies that go broke and don't pay redundancy payments
owed to workers."

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

Bloomberg notes that Pike River Coal was found guilty in April
this year of nine breaches of health and safety laws including
those relating to ventilation and methane management.  A
New Zealand court awarded victims compensation of about NZ$110,000
each in July, adding that as the company was in receivership it
may be unable to make that payment, Bloomberg adds.


REYNOLDS GROUP: Moody's Affirms 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a Caa2 rating to Reynold's
proposed senior unsecured notes and affirmed the company's B3
Corporate Family, B3-PD Probability of Default, and all other
instrument ratings. The ratings outlook is stable. The proceeds of
the $650 million senior unsecured notes due December 15, 2016 will
be used to refinance the existing EUR480 million 8.000% senior
unsecured notes due December 15, 2016.

Moody's took the following actions:

Reynolds Group Holdings Limited

-- Affirmed B3 corporate family rating

-- Affirmed B3-PD probability of default rating

Beverage Packaging Holdings (Luxembourg) II S.A.

-- Affirmed EUR480 million 8.000% senior unsecured notes due
    12/15/2016, Caa2 (LGD 5, 79%) (to be withdrawn at the close
    of the transaction)

-- Affirmed senior subordinated notes, Caa2 (LGD6, 96%)

Beverage Packaging Holdings (Luxembourg) II S.A. and Beverage
Packaging Holdings II Issuer Inc. (USA)

-- Assigned $650 million senior unsecured notes due 12/15/2016,
    Caa2 (LGD 5, 79%)

Reynolds Group Holdings Inc.

-- Affirmed senior secured credit facilities, B1 (LGD2, 25%)

Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds
Group Issuer (Luxembourg) S.A.

-- Affirmed senior secured notes, B1 (LGD2, 25%)

-- Affirmed senior unsecured notes, Caa2 (LGD5, 79%)

Pactiv Corporation

-- Affirmed senior unsecured notes, Caa2 (LGD6, 93%)

The rating outlook is stable.

All ratings are subject to the receipt and review of the final
documentation.

Ratings Rationale:

The B3 corporate family rating reflects RGHL's weak credit
metrics, concentration of sales within certain segments and
acquisitiveness/financial aggressiveness. The rating also reflects
the competitive and fragmented market and the company's mixed
contract and cost pass-through position. RGHL has comparatively
limited transparency, a complex capital and organizational
structure and is owned by a single individual.

Strengths in the company's profile include its strong brands and
market positions in certain segments, scale and high percentage of
blue-chip customers. There are high switching costs for customers
in certain segments as well as a history of innovation. Many of
RGHL's businesses had a history of strong execution and innovation
prior to their acquisition and much of the existing management
teams were retained. Scale, as measured by revenue, is significant
for the industry and helps RGHL lower its raw material costs. The
company also has high exposure to food and beverage packaging.
RGHL currently has adequate liquidity with approximately $1.3
billion in cash on hand as of June 30, 2013.

The ratings could be downgraded if there is deterioration in
credit metrics, liquidity or the competitive and operating
environment. The ratings could also be downgraded if the company
undertakes any significant acquisition. Specifically, the ratings
could be downgraded if debt to EBITDA increases to above 7.0
times, EBIT to interest expense declined below 1.0 time, and free
cash flow to debt remained below 1.0%.

The rating could be upgraded if RGHL sustainably improves its
credit metrics within the context of a stable operating and
competitive environment while maintaining adequate liquidity
including ample cushion under financial covenants. Specifically,
RGHL would need to improve debt to EBITDA to below 6.3 times, EBIT
to interest expense to at least 1.4 times and free cash flow to
debt to above 3.5% while maintaining the EBIT margin in the high
single digits.


REYNOLDS GROUP: S&P Rates $650MM Sr. Unsecured Notes 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' issue-level
rating and '6' recovery rating to New Zealand-based packaging
producer Reynolds Group Holdings Ltd.'s proposed
$650 million senior unsecured notes due December 2016. The notes
will be issued by Beverage Packaging Holdings (Luxembourg) II S.A.
and Beverage Packaging Holdings II Issuer Inc. The '6' recovery
rating indicates expectations for negligible (0% to 10%) recovery
in the event of a default.

Reynolds will use proceeds of the notes offering to repay the
existing 8% senior notes due 2016.

"Our 'B' corporate credit rating and other ratings on Reynolds are
unchanged. The outlook is stable. The company is also in the
process of amending and extending its revolving credit facilities
which form a part of its senior secured credit facilities."

"Standard & Poor's Ratings Services' ratings on Reynolds reflect
our assessment of the company's business risk profile as strong
and the financial risk profile as highly leveraged. Reynolds is a
market leading provider of food and beverage packaging owned by
Rank Group, a New Zealand-based investment firm controlled by a
single individual. The company is one of the world's leading and
most-diversified consumer and foodservice packaging providers,
with annual revenues of nearly $14 billion, pro forma for the
September 2011 acquisition of Graham Packaging Holdings Co. for
$4.5 billion.

"We expect credit measures to strengthen to the appropriate 6.5x
we consider consistent with the rating."
"For the latest corporate credit rating rationale, see Standard &
Poor's summary analysis on Reynolds Group Holdings Ltd. published
on May 13, 2013."

RATINGS LIST

Reynolds Group Holdings Ltd.

Corporate Credit Rating                            B/Stable/--

New Rating

Beverage Packaging Holdings (Luxembourg) II S.A.

Beverage Packaging Holdings II Issuer Inc.

$650 Mil. Senior Unsec. Notes Due 2016             CCC+
Recovery Rating                                  6



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


BAYAN TELECOM: PLDT Blocks Globe Telecom's Takeover of Bayantel
---------------------------------------------------------------
Miguel R. Camus at the Philippine Daily Inquirer reports that
Philippine Long Distance Telephone Co. (PLDT) is blocking rival
Globe Telecom Inc.'s takeover of Bayan Telecommunications Inc., as
it formally filed its opposition with the National
Telecommunications Commission, officials from both companies said.

The Inquirer says Globe, which is in the process of converting
Bayantel's debt to equity, which would give it a controlling stake
in the telco established by the Lopez family, still needs the
NTC's approval as the move would result in a change in ownership.

According to the report, Froilan Castelo, head of Globe corporate
and legal services group, said the plan was being challenged by
the PLDT.

"We have only one opposition to the petition, which is that of
PLDT [Last Nov. 4]," Mr. Castelo told reporters in a recent
interview, the Inquirer relates.

The Inquirer reports that PLDT public affairs group head Ramon
Isberto on November 12 confirmed that the company was opposing the
deal, noting that the filing was an extension of an earlier
position it took against Globe and Bayantel's joint use of
frequencies.

The report says PLDT unit Smart Communications at the time said
that frequencies in question should have been recalled by NTC and
auctioned, as these were not being used by Bayantel.

But the NTC allowed the sharing arrangement, saying this would
ease network congestion and translate to better quality of
services, the report notes.

Mr. Castelo said Globe was given until November 15 to respond to
PLDT's opposition, the Inquirer adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2013, the Inquirer recalled that the Pasig regional trial
court has earlier issued a resolution approving the debt-
restructuring plan and the new master restructuring agreement
submitted by Globe, Bayantel and Bayan Telecommunications Holdings
Corp. Under the plan, Globe would acquire a 56.6-percent stake in
Bayantel through the conversion of 69 percent of Bayantel's total
debt.  Bayantel noted that the new restructuring
program would make it immediately "productive" unlike under the
original plan where creditors would have to wait until 2023 to get
paid.

The Globe debt initiative would pare down the outstanding
principal debt of Bayantel by 69 percent to $131.3 million from
$423.3 million.  Bayantel's outstanding debt stood at
$497 million when it was placed under corporate rehabilitation in
2004, the Inquirer disclosed.

                         About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in
July 2003 to restructure its short-and long-term bank loans and
bonds payable.  The Pasig Regional Trial Court Branch 158 approved
the company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19 years.
According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


LEHMAN BROTHERS: Shareholders' Final Meeting Set for Nov. 25
------------------------------------------------------------
The shareholders of Lehman Brothers Philippine Investments I
Limited will hold their final general meeting on Nov. 25, 2013, at
12:00 noon to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Christopher Smith
         Krys Global VL Services Limited
         Governor's Square, Building 6, 2nd Floor
         23 Lime Tree Bay Avenue
         P.O. Box 21237
         Grand Cayman KY1-1205
         Cayman Islands
         Tel: +1 345 947 4700
         Fax: +1 345 946 6728
         E-mail: Christopher.Smith@KRyS-Global.com


                             *********

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.



                 *** End of Transmission ***