TCRAP_Public/131115.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

          Friday, November 15, 2013, Vol. 16, No. 227


                            Headlines


A U S T R A L I A

CRIGHTON PROPERTIES: Riverside Project Put Up For Sale
EXPRESS OFFICE: Emerges From Administration
FORTESCUE METALS: To Repay US$1BB Sr. Unsecured Notes
MEDICA ONCOLOGY: Receivers Seek Expression of Interest


C H I N A

CHINA XD PLASTICS: S&P Assigns 'BB-' Rating on Proposed Sr. Notes
CHINA XD PLASTICS: S&P Assigns 'BB-' CCR; Outlook Stable


I N D I A

A K LUMBERS: CRISIL Reaffirms 'BB-' Ratings on INR61MM Loans
AIROLAM LIMITED: ICRA Upgrades Ratings on INR15cr Loans to 'BB-'
AKMG ALLOYS: CRISIL Suspends 'B+' Ratings on INR100MM Loans
ALLEVARD IAI: CRISIL Suspends 'B-' Ratings on INR160MM Loans
ANADI RICE: CRISIL Suspends 'BB' Ratings on INR117.5MM Loans

ANUPAM INDUSTRIES: CARE Reaffirms 'B+' Rating on INR4.59cr Loans
BALAJI POLYSACKS: CARE Reaffirms 'BB' Rating on INR8.53cr Loans
CORNISH ALUMINIUM: ICRA Assigns 'B+' Rating to INR13.2cr Loans
DEE DEVELOPMENT: CRISIL Cuts Ratings on INR1.32BB Loans to 'BB+'
DEVANSH AUTO: ICRA Assigns 'C' Ratings to INR5.9cr Loans

DURGESHWARI INDUSTRIES: ICRA Ups Ratings on INR17cr Loans to 'B'
DURRUNG ISPAT: CRISIL Suspends 'BB-' Rating on INR150MM Loan
G. K. DAIRY: CRISIL Suspends 'BB+' Rating on INR150MM Loan
GARGO MOTORS: CRISIL Reaffirms B+ Ratings on INR130MM Loans
GILADA FINANCE: ICRA Rates INR6cr Bank Loans at 'B+'

GLOBION INDIA: CRISIL Reaffirms 'BB-' Ratings on INR530.7MM Loans
GODHANI IMPEX: CARE Reaffirms 'BB+' Rating on INR20cr LT Loans
IND SWIFT: ICRA Raises Ratings on INR914.3cr Loans to 'C'
INDRAPRASTHA AUTOMOBILES: ICRA Rates INR30cr Bank Loans at 'B+'
JIA AUTO: ICRA Assigns 'C+' Ratings to INR26.5cr Loans

JSL ARCHITECTURE: CARE Cuts Rating on INR39.10cr Loans to 'BB'
M.P SHAN: ICRA Downgrades Ratings on INR49cr Loans to 'D'
MAHARAJA SATHYAM: ICRA Reaffirms 'BB-' Ratings on INR5.9cr Loans
MEHROTRA ENG'G: CRISIL Suspends 'D' Ratings on INR86.3MM Loans
MIDDLE EAST HOTEL: ICRA Suspends 'BB' Rating on INR37.5cr Loans

NAYEK AGRIPRODUCTS: ICRA Reaffirms 'D' Ratings on INR10cr Loans
NIGAM COLD: CARE Upgrades Rating on INR4.83cr LT Loans to 'C'
OCEAN CERAMICS: CARE Reaffirms 'BB-' Rating on INR6.43cr Loans
OSL AUTOMOTIVES: CRISIL Reaffirms 'BB' Ratings on INR200MM Loans
PARAMASIVAM PALANISAMY: ICRA Reaffirms BB- INR23.8cr Loans Rating

PRITI MOTOR: ICRA Assigns 'B' Rating to INR4cr Cash Credit
RADHEYA MACHINING: CRISIL Cuts Ratings on INR120MM Loans to 'D'
RANA ENGINEERING: CARE Reaffirms 'BB-' Rating on INR6cr Loans
REFORM FERRO: CARE Reaffirms 'D' Ratings on INR89.03cr Loans
RUSSAKA PLY: CARE Cuts Rating on INR3.36cr LT Loans to 'BB-'

S. VISWANATHAN: CRISIL Suspends 'B' Ratings on INR77.5MM Loans
SABAR FLEX: CARE Reaffirms 'BB' Rating on INR7.77cr LT Bank Loans
SAHARA HOUSINGFINA: CARE Reaffirms BB+ Rating on INR33.5cr Loans
SARASWATI EDUCATION: CRISIL Ups Ratings on INR1.12BB Loans to BB-
SHARADA ELECTRICALS: CRISIL Rates INR50MM Cash Credit at 'BB+'

SHIKHAR FOODS: CARE Reaffirms B+ Rating on INR10cr LT Bank Loans
SHIV SHAKTI: CARE Revises Rating on INR17.12cr Loans to 'B+'
SIDDHI VINAYAK: CRISIL Assigns 'D' Ratings to INR340MM Loans
SITSON INDIA: CRISIL Suspends 'BB' Ratings on INR252MM Loans
SRI AISHWARYA: CRISIL Assigns 'BB' Ratings to INR90.2MM Loans

SRI KARPAGA: ICRA Assigns 'BB-' Ratings to INR6.25cr Loans
SRI MAHARAJA: ICRA Reaffirms 'BB-' Rating on INR10cr Loans
SRS FINANCE: ICRA Suspends 'BB-' Rating on INR25cr LT Bank Loans
SUSEE AUTOMOBILES: ICRA Revises Rating on INR10.6cr Loans to BB-
SUVEN NISHTAA: CRISIL Suspends 'D' Ratings on INR252.2MM Loans

SWARUP POWER: CRISIL Assigns 'D' Rating to INR280MM Term Loan
VANDANA GLOBAL: CARE Cuts Rating on INR100.6cr Loans to 'BB+'
WASAN AUTO: CARE Reaffirms 'BB-' Rating on INR8cr LT Bank Loans


I N D O N E S I A

MERPATI NUSANTARA: Government Saves Carrier From Liquidation


N E W  Z E A L A N D

CENTRAL TRACTORS: Asset Sale Yields Low Return to Creditors


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CRIGHTON PROPERTIES: Riverside Project Put Up For Sale
------------------------------------------------------
ABC News reports that a sale campaign is underway for Crighton
Properties' Riverside project located near the Myall River at Tea
Gardens.

The report says the more than 700-residential lot development was
approved in June, eight years after it was first proposed by
Crighton Properties.

An expression of interest campaign is underway for the project,
ABC New notes.

Another part of the project, which includes an approved eco-resort
and wharf, will also hit the market in the next few days, ABC News
relays.

According to the report, Knight Frank Real Estate associate
director Matt Kearney said they have had a strong response.

"The expression of interest also allows the developers the
opportunity to add conditions that they may need to complete the
sale," the report quotes Mr. Kearney as saying.  "We'll put those
in front of the receivers and we'll then await their
instructions."

The expressions of interest will be reviewed by the receivers
later this month.

The Crighton Group is an aged care and property development group.
It has been operating for over 25 years and has around 30 staff.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2013, SmartCompany said Crighton Group had
administrators appointed April 10, 2013, after the company
collapsed as a result of long delays in planning approvals.
Riad Tayeh and David Solomons of de Vries Tayeh were appointed as
administrators of the Crighton Group, which is made up of 15
companies.

The companies now in administration are the Hermitage Lifestyle
Resort, Crighton Properties, Myall River Downs, Crighton Building
Co, Crighton Lifestyle Resorts Real Estate, Myall Quays Shopping
Village, Lifestyle Resorts, Woodstock at Jamberoo, Crighton
Bowral, Myall Down Angus Stud, Red Gum Grove, Laurieton Lifestyle
Resort, Crighton Mudgee, Crighton Byron and Crighton Bathurst.

Crighton Properties has been placed into receivership soon after
it entered liquidation in April.  PricewaterhouseCoopers had been
appointed as receivers of the company, ABC News discloses.


EXPRESS OFFICE: Emerges From Administration
-------------------------------------------
Yolanda Redrup at SmartCompany reports that Express Office Systems
has emerged from administration, as a "meaner and leaner" company
and is looking forward to another 20 plus years in business.

Malcolm Howell and Renee Di Carlo from Jirsch Sutherland were
appointed as administrators to Express Office Systems on
Oct. 2, 2013. The 19-year-old technology retailer, based in
Melbourne, has AUD1.5 million in debt.

But the business has been saved, undergoing a restructuring and
losing some personnel.

Express Office Systems director Robert Ranieri told SmartCompany
the deed of company arrangement was accepted by creditors on
November 7.

"We're back in business and the control of the company was handed
back to us on November 7," SmartCompany quotes Mr. Ranieri as
saying.  "In a 19-year-old business, mistakes are going to be made
along the way, but we understand that there were problems in terms
of our structure and there were cash flow issues."

Express Office Systems primarily provides businesses with imaging,
printing and IT infrastructure products and when it was placed in
administration Di Carlo told SmartCompany it had a multi-million
dollar turnover.

The business' major creditors are NAB and Dicker Data (a hardware
distribution business).


FORTESCUE METALS: To Repay US$1BB Sr. Unsecured Notes
-----------------------------------------------------
The Sydney Morning Herald reports that Fortescue Metals chairman
Andrew Forrest has raised the prospect that the company could wipe
another big chunk off its debt by the end of the year, putting
efforts to deleverage its balance sheet further ahead of schedule.

The iron ore miner said November 13 it would repay US$1 billion of
US$2.04 billion in senior unsecured notes next month, in a move
that will save an estimated $70 million a year in interest.

Speaking after Fortescue's annual meeting in Perth, Mr. Forrest,
who is the company's biggest shareholder, said he would be
encouraging management to continue paying down debt, "so don't be
surprised if in the next several weeks to several months we do
another US$1 billion. In August, Fortescue chief financial officer
Stephen Pearce indicated the company was expecting to make modest
inroads into its US$12 billion debt pile this year before
graduating to bigger repayments, in the order of billions, in
2014.

"We were looking a bit more conservative six months ago," the
report quotes Mr. Forrest as saying. "We were talking about only
hundreds of millions but production is coming up, capital is
coming right down and the iron ore price has held."

"I'm not going to push management's hand on that but we've
announced we have over $3 billion cash at bank so the company's
got plenty of options and paying down debt is a high priority,"
Mr. Forrest, as cited by SMH, said.

The senior secured notes mature in late 2015. Their early
repayment is expected to save Fortescue $70 million a year in
interest, the report adds.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 12, 2013, Standard & Poor's Ratings Services said that it had
raised its long-term corporate credit rating on Australia-based
mining company Fortescue Metals Group Ltd. to 'BB', from 'BB-'.
The outlook is positive.  At the same time, S&P raised the senior
secured debt rating to 'BBB-', from 'BB+', and the senior
unsecured debt rating to 'BB-' from 'B+'.  The recovery rating on
the senior secured debt rating is affirmed at '1' and senior
unsecured debt '5'.

"The upgrade reflects our view that Fortescue business risk
profile has improved to "satisfactory" from "fair", with the
company's continued increase in its production scale, reduction in
its cost position, and diminishing project execution risks," said
Standard & Poor's credit analyst May Zhong.


MEDICA ONCOLOGY: Receivers Seek Expression of Interest
------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that expressions of
interest are sought for the lease or purchase of the premises and
assets of Medica Oncology, composed of Surgery Centres of
Australia Pty Ltd and Cortez Enterprises Pty Ltd.  PPB Advisory's
Stephen Longley -- slongley@ppbadvisory.com -- and
Christopher Hill -- chill@ppbadvisory.com -- were appointed as
receivers of the entities on Sept. 20, 2013.

dissolve.com.au relates that the offer of the entity provides the
successful buyer or leaser a partnership with Evolution
Healthcare, an established hospital operator, and Generation
Healthcare, a property manager.  A confidentiality agreement
should be signed by parties that register an interest to Medica
Oncology, the report says.

Medica Oncology operates from the Medica Centre as a private
hospital located in Hurstville, South Sydney.



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


CHINA XD PLASTICS: S&P Assigns 'BB-' Rating on Proposed Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to the proposed senior unsecured notes that China XD
Plastics Co. Ltd. guarantees.  The company's wholly owned
subsidiary Favor Sea Ltd. will issue the notes.  The ratings on
the notes are subject to S&P's review of the final issuance
documentation.  China XD plans to use the net proceeds from the
proposed issuance to repay existing debt, fund capital
expenditure, and for other general corporate purposes.

The issue rating is the same as the corporate credit rating on
China XD (BB-/Stable/--; cnBB+/--).  S&P expects the company to
using the bond-issue proceeds to lower its onshore debt to about
US$120 million.  S&P also anticipates that China XD will limit its
onshore borrowing over the next two years.  As a result, the
company's ratio of priority debt to total assets is likely to
remain less than our notching threshold of 15% for speculative-
grade debt over the next two years.


CHINA XD PLASTICS: S&P Assigns 'BB-' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to China XD Plastics Co.
Ltd.  The outlook is stable.  S&P also assigned its 'cnBB+' long-
term Greater China regional scale rating to the China-based
manufacturer of modified plastics for automotive applications.

"The rating on China XD reflects our view of the company's high
concentration in product applications and customers, and its
weaker technology resources compared with larger international
peers. In addition, industry risks include intense market
competition and strong buyer power," said Standard & Poor's credit
analyst Johnson Ng.  "China XD's high operating efficiency and
ability to customize products support stable customer
relationships and profitability that is above the industry
average.  The company also has manageable leverage."

S&P views China XD's business risk profile as "weak" and its
financial risk profile as "aggressive," as defined in its
criteria.

S&P anticipates that modified plastics for automotive applications
will continue to account for most of China XD's sales over the
next one to two years.

Customer concentration is likely to remain high as China XD
leverages its customer relationships to expand its market share;
the concentration is declining, however.  The company's reliance
on distributors could interrupt business if any distributor fails.
Nevertheless, China XD can maintain its business relationships
with auto part makers through its direct service offerings.

Strong buyer power together with market competition is likely to
cause persistent margin pressure for China XD.  The company's
limited technology resources constrain its ability to compete for
sales in high-end products against its international peers.

S&P believes China XD's efficient new product developments and
product customization will continue to support the company's good
cost competitiveness and product reliability.  This will enable
China XD to maintain stable customer relationships and higher
profitability than the industry average, in S&P's view.
Nonetheless, margins could be strained if the company fails to
increase its sales from higher-end products as expected or
requires more aggressive pricing to gain market share.

S&P expects China XD's debt leverage to remain manageable, partly
because the company's profitability is above the industry average.
This is despite high capital expenditure and working capital needs
during 2013-2105.  S&P anticipates that the leverage will provide
some buffer against potential cash flow volatility.

"The stable outlook reflects our view that China XD will face
pricing pressure and maintain its commitment to high capital
expenditure to gain market share over the next 12 months," said
Mr. Ng.  "The company's stable customer relationships through
annual supply contracts should enable it to generate profitability
that is above the industry average and keep its ratio of debt to
EBITDA at 2.7x-3.2x in 2013."

The likelihood of an upgrade over the next 12 months is limited,
given China XD's customer and product concentration, as well as
its rising leverage for capacity expansion.  However, S&P may
raise the rating if the company: (1) executes its expansion plan
in Sichuan province and substantially improves its competitive
position by increasing its market share and reducing customer and
product concentration; and (2) maintains its ratio of debt to
EBITDA below 3x on a sustainable basis.

Conversely, S&P could lower the ratings if: (1) China XD's
profitability weakens substantially because of competition, new
product substitution, or operational risks, such as product
quality defects; or (2) the company expands more aggressively than
S&P expects, increasing its ratio of debt to EBITDA to more than
4x.



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A K LUMBERS: CRISIL Reaffirms 'BB-' Ratings on INR61MM Loans
------------------------------------------------------------
CRISIL ratings on bank facilities of A K Lumbers Ltd (AK Lumbers;
part of the AKL group) continue to reflect the extensive
experience of the AKL group's promoters in the timber trading
business.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         2        CRISIL A4+ (Reaffirmed)
   Cash Credit           45        CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit      82        CRISIL A4+ (Reaffirmed)
   Letter of Credit      15        CRISIL BB-/Stable (Reaffirmed)
   Term Loan              1        CRISIL BB-/Stable (Reaffirmed)

This rating strength is partially offset by the group's modest
scale of operations and its exposure to intense competition in the
fragmented timber industry. The ratings also factor in the AKL
group's weak financial risk profile, marked by high total outside
liabilities to total net worth (TOL/TNW) ratio and weak debt
protection metrics, and stretched liquidity, because of working-
capital-intensive operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AK Lumbers, Punjab Metal Works Pvt Ltd
(Punjab Metal), and Jindal Wood Products Pvt Ltd (Jindal Wood).
This is because the three companies, collectively referred to as
the AKL group, are in the same line of business and are managed
and promoted by the same family. Moreover, AK Lumbers has given
corporate guarantees for the other group companies.

Outlook: Stable

CRISIL believes that the AKL group will continue to benefit over
the medium term from its promoters' extensive experience in the
timber trading business. The outlook may be revised to 'Positive'
if the group scales up its operations and improves its
profitability significantly, leading to higher-than-expected cash
accruals, or if there is fresh equity infusion by the promoters,
resulting in an improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' if the AKL group's working
capital cycle stretches, or if there is a steep decline in its
profitability, or the group undertakes a large debt-funded capital
expenditure programme, leading to further weakening of its capital
structure and liquidity.

AK Lumbers (formerly, AK Traders), was originally set up in 1987
as a proprietary firm; the firm was reconstituted as a public
limited company in 2000. The company is engaged in trading in and
processing of timber logs, mainly from teak wood and hard wood.
Its plant in New Delhi has a processing capacity of 30 cubic
metres per day (cmpd) and its new plant in Kandla (Gujarat) has a
capacity of 60 cmpd.

Incorporated in 1990, Jindal Wood's plant in Kandla caters mainly
to the export market. Punjab Metal was taken over as a sick unit
by the group in 2005 and now manufactures plywood.

The AKL group reported a profit after tax (PAT) of INR6.75 million
on net sales of INR918 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR6.78 million on
net sales of INR1077 million for 2011-12.


AIROLAM LIMITED: ICRA Upgrades Ratings on INR15cr Loans to 'BB-'
----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR12.00
crore sanctioned fund based limits, INR2.20 crore term loan and
INR0.80 crore unallocated limits of Airolam Limited from '[ICRA]B+
(pronounced ICRA B plus) to [ICRA]BB-' and has assigned stable
outlook to the long term rating. ICRA has also reaffirmed the
short-term rating at '[ICRA]A4' for INR5.00 crore non-fund based
limits of Airolam.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Working Capital         12.00       [ICRA]BB- (Stable)
   Limits                              upgraded from [ICRA]B+

   Term Loans               2.20       [ICRA]BB- (Stable)
                                       upgraded from [ICRA]B+

   Unallocated              0.80       [ICRA]BB- (Stable)
                                       upgraded from [ICRA]B+

   Non Fund Based Limits    5.00       Reaffirmed at [ICRA]A4

The rating action takes into consideration healthy growth in the
operating income of Airolam driven by increased volumes of
laminates sold in the market, and improvement in its working
capital intensity because of reduction in inventory holding period
in FY2013. This, despite increase in scale of operations, has
resulted in reduction in working capital borrowings and hence its
gearing and debt coverage indicators have witnessed improvement in
FY2013. Further, the ratings continue to drive comfort from
company's established distribution network and regular
introduction of new variants of laminates to cater to the various
segments of the market. However, the ratings are constrained by
the moderate scale of operations of the company, its presence in a
highly competitive industry and the working capital intensive
nature of business given the high level of imported design paper
inventory to be maintained by the company, although, the inventory
levels have declined over the years. ICRA has also taken into
consideration vulnerability of company's profitability to adverse
movement in raw material prices and the foreign exchange
fluctuation as the company does not have a firm hedging mechanism
in place.

Airolam Limited was incorporated in 2007 and started its
commercial production in second half of FY 2009. The promoters of
City Tiles Limited (tiles manufacturing) and Crompton Industries
(corrugated boxes manufacturing) joined hands and set up Airolam
limited in 2007 for manufacturing decorative laminates which are
sold under the brand name of "Airolam". The company operates from
its manufacturing facility located near ceramic zone in
Sabarkantha district, Gujarat. The company has a well diversified
distribution network covering several states of India along with
its own depots in major cities. A strong distribution network
provides a competitive advantage to the company in establishing
its brands and in penetrating deeper in the market.

Recent Results

For the year ended FY2013, the company posted a profit after tax
(PAT) of INR1.51 crore on an operating income of INR58.02 crore as
against PAT of INR0.78 crore on an operating income of INR45.91
crore in FY2012.


AKMG ALLOYS: CRISIL Suspends 'B+' Ratings on INR100MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
AKMG Alloys Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable Suspended
   Letter of Credit          20      CRISIL A4 Suspended
   Proposed Long-Term
   Bank Loan Facility         1.9    CRISIL B+/Stable Suspended
   Term Loan                 48.1    CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by AKMG
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AKMG is yet to
provide adequate information to enable CRISIL to assess AKMG'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 2010, AKMG would purchase and operate an ingot-
manufacturing unit in Tirupur district (Tamil Nadu), which is
being set up by Shanti Steels India Pvt Ltd (SSIPL). SSIPL is not
a group entity and is being operated by third-party promoters. The
purchase is limited to the manufacturing unit and does not include
takeover of SSIPL. This manufacturing facility will have the
capacity to manufacture 100 tonnes per day of steel ingots
(induction-furnace based). Implementation of this manufacturing
unit commenced in June-July 2010 and is expected to be completed
by November 2011. Commercial production is expected to commence
from December 2011.


ALLEVARD IAI: CRISIL Suspends 'B-' Ratings on INR160MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Allevard IAI Suspensions Private Limited (AISPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              18       CRISIL B-/Stable Suspended
   Letter of credit &
   Bank Guarantee           10       CRISIL A4 Suspended

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

   Term Loan               140       CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
AISPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AISPL is yet to
provide adequate information to enable CRISIL to assess AISPL'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 April 2010, AISPL is engaged in manufacturing
stabiliser bars for four-wheelers. AISPL is a joint venture
between Allevard Rejna Autosuspensions S A (Allevard Rejna) of
France and promoters of Imperial Auto Industries Ltd (IAI) of
India, with Allevard Rejna holding 51 per cent of the equity share
capital. IAI of India started manufacturing stabiliser bars in
January 2009 under IAI Suspensions Pvt Ltd. IAI Suspensions Pvt
Ltd set up a plant with capacity of manufacturing 0.15 million
stabiliser bars per annum. AISPL was formed, and took over the
operations of IAI Suspensions Pvt Ltd, in April 2010. AISPL's
ongoing capex of about INR250 million, funded by term debt of
INR140 million, is towards expansion if its capacity to 0.6
million stabiliser bars per annum.


ANADI RICE: CRISIL Suspends 'BB' Ratings on INR117.5MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Anadi
Rice Mill Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             82.5      CRISIL BB/Stable Suspended
   Term Loan               35        CRISIL BB/Stable Suspended

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

ARMPL, set up in 2005 as a partnership firm, is engaged in milling
and processing non-basmati parboiled rice. In 2009-10, the firm
was reconstituted as a private limited company. Its manufacturing
facility in Kharagpur (West Bengal) has rice processing capacity
of 240 tpd, which was recently enhanced from 72 tpd. ARMPL
procures paddy mainly from farmers and traders in West Bengal,
Bihar, Jharkhand, and Orissa. Sales are generally to government
bodies and traders in West Bengal. The company is managed by its
promoter-director Mr. Anadi Dudhwewala and his father, Mr. Shankar
Dudhwewala.


ANUPAM INDUSTRIES: CARE Reaffirms 'B+' Rating on INR4.59cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Anupam Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        4.59       CARE B+ Reaffirmed
   Facilities

   Short-term Bank       1.40       CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings continue to be constrained by the nascent stage of
operations, low net profitability margins, working capital
intensive nature of operations, cyclical nature of the steel
industry, susceptibility of operating margins to fluctuation in
raw material prices and constitution of the entity as a
partnership firm.

The ratings continue to factor in the reasonable experience of the
partners in the manufacturing of MS (mild steel) ingots, business
support from group concerns and operational benefits of being
located in Daman.

The ability of AI to scale up the operations along with
improvement in the profitability margins and efficient management
of working capital cycle are the key rating sensitivities.

Established in April 2010, Anupam Industries was formed by Mr Anil
Kumar Arora, Mr Ravindra Singh Arora and Mr Amit Wadhwa. The firm
has set up a manufacturing plant in Daman to manufacture mild
steel (MS) ingots which commenced operations in November 2012 with
an installed capacity of 21,600 tons per annum with an average
capacity utilization of around 60% in the 5 months of operations
(commencing from the period November 01 to March 31).

AI is a newly established firm under the Spiderman group of
companies. The group is engaged in the manufacturing of MS Ingots
with its plant in Daman. The firm procures its raw materials, ie,
iron, steel scrap and sponge iron along with ferro & silico
manganese from the domestic market.

The final product (MS Ingots) is supplied to the steel
manufacturers and rolling mills in the domestic markets through
distributors.

During the five months of operations in FY13 (refers to the period
April 01 to March 31), AI posted a total operating income of
INR15.94 crore and PAT of INR0.14 crore. Furthermore, the firm has
posted sales of INR18.32 crore (achieved 54% of the projected
income for FY14) during H1FY14.


BALAJI POLYSACKS: CARE Reaffirms 'BB' Rating on INR8.53cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Balaji Polysacks Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.53       CARE BB Reaffirmed
   Facilities

   Short-term Bank
   Facilities            4.00      CARE A4+ Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Balaji Polysacks
Private Limited continue to remain constrained due to its small
scale of operations, susceptibility to volatile raw material
prices coupled with high bargaining power of suppliers, customer
concentration risk, working capital intensive nature of business
and its presence in a highly fragmented & competitive industry.
The ratings, however, derive strength from the long track record &
rich experience of the promoters in the woven sack industry,
comfortable gearing and its longstanding associations with the
established & reputed clientele from the fertilizer industry.
BPPL's ability to increase the scale of operations along with
improvement in profitability margins and diversifying its client
base would be the key rating sensitivities.

Balaji Polysacks Private Limited was incorporated in 1995 by the
Agarwal family belonging to Kolkata. The company commenced
commercial production of polypropylene (PP) / high density
polyethylene (HDPE) based woven sacks in the year 2000 with an
initial installed capacity of 1,854 metric tonnes per annum
(MTPA). BPPL's products mainly find application in the packaging
of agro products, fertilizers and cement. The manufacturing
facility of the company is located at Howrah (West Bengal), having
current installed capacity of 5,940 MTPA as on March 31, 2013.
Majority of BPPL's clients includes government owned fertilizer
manufacturing companies.

During FY13 (refers to the period April 1 to March 31), BPPL had
reported a total operating income of INR39.7 crore (INR32.3 crore
in FY12) and PAT of INR0.4 crore (INR0.3 crore in FY12).


CORNISH ALUMINIUM: ICRA Assigns 'B+' Rating to INR13.2cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR13.2
crore bank facilities of Cornish Aluminium India Private Limited.

                          Amount
   Facilities           (INR crore)        Ratings
   ----------           -----------        -------
   Long Term Loans          13.20          [ICRA]B+

The rating assigned takes into consideration the long experience
of the management in scaffolding trading business and established
relations with various customers which has helped the company
record healthy growth in operating income. The rating also factors
in favourably the equity infusion by promoters supporting CAIPL's
financial risk profile. The rating is, however, constrained by the
company's small scale of operations in a highly competitive and
fragmented industry. The low bargaining power of CAIPL with
customers coupled with high receivables is also an area of
concern. Going forward, the company's ability to increase its
scale of operations, while maintaining its financial risk profile,
would remain key rating consideration.

Incorporated in 2010, Cornish Aluminium India Pvt Ltd is in the
business of renting out of cuplock based iron scaffoldings used in
real estate developments. The key customers include major
infrastructure developers like Punj Lloyd, IL&FS, L&T, and
Unitech. The business involves procuring of scaffoldings from
manufacturers and leasing it out to real estate developers on a
need basis. CAIPL is a family owned business with all the three
directors being members of the Pathak family. The family has been
in the business of renting iron scaffolding in Dubai since 18
years. Along with CAIPL, Pathak family also has stake in Translite
Scaffolding Ltd which is also in the business of manufacturing
scaffolding in addition to scaffolding-renting.

Recent Results

CAIPL has reported an operating income of INR4.2 crore in the
financial year ending March 2013. The OPBIDTA for the same period
was INR2.1 crore.


DEE DEVELOPMENT: CRISIL Cuts Ratings on INR1.32BB Loans to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dee Development Engineers Ltd to 'CRISIL BB+/Stable/CRISIL A4+'
from 'CRISIL BBB-/Stable/CRISIL A3'.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Bank Guarantee           400     CRISIL A4+ (Downgraded from
                                     'CRISIL A3')

   Cash Credit              800     CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable')

   Letter of Credit         100     CRISIL A4+ (Downgraded from
                                     'CRISIL A3')

   Long Term Loan          520      CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

The rating downgrade reflects CRISIL's belief that Dee's financial
risk profile will remain weaker-than--expected on account of its
increasing working capital intensity in operations; Dee's gross
current assets have increased to 262 days as on March 31, 2013
from 216 days as on March 31, 2012.

The increase in business levels, along with continuing high
debtors and inventories, has led to higher reliance on debt, and
consequent strain on Dee's key credit metrics and overall
financial risk profile. Dee's total debt increased sharply to over
INR2.66 billion as on March 31, 2013 from INR1.64 billion as on
March 31, 2012, resulting in an increase in its gearing to over
1.6 times as on March 31, 2013 from 1.3 times as on March 31,
2012. Dee's debt protection metrics have also moderated, with
interest coverage and net cash accruals to total debt ratios
declining to 2.6 times and 0.17 times, respectively, during 2012-
13 (refers to financial year, April 1 to March 31), from 3.2 times
and 0.18 times respectively during 2011-12. CRISIL believes that
Dee's financial risk profile will continue to be constrained by
its increasing working capital intensity of operations and weak
capital structure.

The ratings continue to reflect Dee's established market position
in the design and manufacturing of spools and pipe fittings, and
its promoters' extensive industry experience. These rating
strengths are partially offset by Dee's below-average financial
risk profile, marked by high gearing and moderate debt protection
metrics, average liquidity marked by high bank limit utilisation
and susceptibility of the company's revenues to investment cycles.

Outlook: Stable

CRISIL believes that Dee will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' if Dee improves its working capital
management, while improving its cash accruals and capital
structure resulting in better-than-expected financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of further weakening of the company's capital structure or
debt protection metrics, most likely because of larger-than-
expected capital expenditure, a stretch in its working capital
cycle, or lower-than-expected cash accruals.

Dee was incorporated in 1988, primarily for design of steam and
other process piping. The company diversified into manufacturing
piping systems and pipe fittings. Dee has two plants at Tatarpur
in Palwal (Haryana), which have a combined capacity of around
24,000 tonnes per annum of spools and pipe fittings.

Dee reported a profit after tax (PAT) of INR358 million on an
operating income of INR3.76 billion for 2012-13, as against a PAT
of INR222 million on an operating income of INR3.46 billion for
2011-12.


DEVANSH AUTO: ICRA Assigns 'C' Ratings to INR5.9cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]C') rating to the INR3.90 crore term
loan, INR2.00 crore cash credit limit and INR2.6 crore unallocated
bank limits of Devansh Auto Sales Private Limited. DASPL's
unallocated bank limits are entirely interchangeable between long
term and short term. ICRA has also assigned an '[ICRA]A4' rating
to the INR2.60 crore unallocated bank limits of DASPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-             2.00        [ICRA]C assigned
   Cash Credit
   Limit

   Fund Based-             3.90        [ICRA]C assigned
   Term Loan

   Unallocated             2.60        [ICRA][C/[ICRA]A4 assigned

The assigned ratings take in consideration the weak financial
profile of the company, characterised by cash losses during FY13,
adverse capital structure, notwithstanding the improvement during
FY13 and depressed debt coverage indicators. The ratings also take
into consideration DASPL's closure of its showroom in April, 2013;
which is likely to have an adverse impact on the business risk
profile of the company. The ratings are also constrained by the
exposure of the company to the cyclical nature of the automobile
industry, which is currently passing through a weak phase, with an
adverse impact on the scale of business of most of the dealers
including DASPL. The ratings also takes into consideration the
long standing experience of the promoters in the passenger
vehicles dealership business and the support extended from the
promoters in the form of fresh equity infusion during the
financial year 2012-2013.

Established in August, 2010 by Kolkata based Modi family, DASPL
operates a workshop for repair and maintenance of Cheverolet cars.
The company was also an authorized dealer for Cheverolet cars and
had a showroom in Kolkata for this purpose; however, the same was
closed in April, 2013.

Recent Results

DASPL reported a loss of INR2.36 crore during the financial year
2012-2013 on an operating income of INR33.98 crore, as against a
net profit of INR0.13 crores an operating income of INR33.31 crore
during the financial year 2011-2012.


DURGESHWARI INDUSTRIES: ICRA Ups Ratings on INR17cr Loans to 'B'
----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR17.00 crore long
term facilities of Durgeshwari Industries Limited to '[ICRA]B'
from '[ICRA]B-'.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, fund         12.25       Upgraded from [ICRA]B-
   based limits-Cash                   to [ICRA]B
   Credit

   Long term, fund          4.62       Upgraded from [ICRA]B-
   based limits-Term                   to [ICRA]B
   Loans

   Long term, fund          0.13       Upgraded from [ICRA]B-
   based unallocated                   to [ICRA]B
   limits

The rating revision takes into account the improvement in
operating margins with the diversification into oil extraction
business and slight improvement in working capital profile with
the lowering of inventory levels. Apart from location advantage by
virtue of its presence in the cotton producing belt of
Maharashtra, the rating continues to derive comfort from the long
experience of the promoters in agro trading business and also the
favorable demand for cotton lint over the medium term.

Durgeshwari Industries Ltd was founded by the chairperson of the
company, Mr. Vijayprakash O. Agrawal in the year 1994 as
Durgeshwari Seeds Private Limited as a seed manufacturing company.
The company diversified its business into cotton ginning-pressing
in the year 2007-08 and oil extraction in 2009-10. The company was
converted into the Public Ltd Company in the year 2011. Initially
the company undertook trading of Automobiles, Agricultural
implements, Tractors and spares. But in recent years the company
has decided to focus on cotton related activities of ginning and
oil extraction. The operations of the company are being handled by
its chairperson and his Brothers.

Recent Results

DIL recorded an operating profit of INR3.57 crore on an operating
income of INR55.47 crore in FY 13.



DURRUNG ISPAT: CRISIL Suspends 'BB-' Rating on INR150MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Durrung
Ispat Private Limited.

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

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

Established in 1989, DIPL commenced trading operations in 2007-08
(refers to financial year, April 1 to March 31). The company is
the sole authorised buyer of hot rolled coils used in liquefied
petroleum gas (LPG) cylinders for the cylinder manufacturing
business of its promoter, the Tirupati group.


G. K. DAIRY: CRISIL Suspends 'BB+' Rating on INR150MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of G. K.
Dairy & Milk Products Private Limited.

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

The suspension of ratings is on account of non-cooperation by GK
Dairy with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GK Dairy is yet
to provide adequate information to enable CRISIL to assess GK
Dairy'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 1995, GK Dairy began operations in 1998 with milk
processing plants in Ballabgarh (Haryana) with a milk handling
capacity of 600,000 litres per day, and Jarar (Uttar Pradesh) with
a milk handling capacity of 200,000 litres per day; it processes
milk and manufactures milk products, such as ghee, skimmed and
whole milk powder, and dairy whitener. The company is also
operating a state-of-the art ultra heat treatment (UHT) plant at
Ballabgarh, with a capacity of 100,000 litres per day for packing
milk in tetra packs. GK Dairy is currently working with various
marquee clients such as Hindustan Unilever Ltd, Dabur India Ltd,
Godrej Hershey Foods & Beverages Ltd, and Heinz Food Corporation.
The company is managed by Mr. Gopal Dixit (managing director), his
son Mr. Gaurav Dixit (executive director), and Mr. D K Jha (chief
executive officer).


GARGO MOTORS: CRISIL Reaffirms B+ Ratings on INR130MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Gargo Motors (Gargo)
continues to reflect Gargo's average financial risk profile,
constrained by small net worth and moderate debt protection
metrics. These rating weaknesses are partially offset by Gargo's
strong market position and the benefits that Gargo derives from
its established relationship with its principal, Tata Motors Ltd
(TML).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              50      CRISIL B+/Stable (Reaffirmed)
   Channel Financing        80      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Gargo will continue to benefit over the
medium term from its healthy market position in Eastern India. The
outlook may be revised to 'Positive' if Gargo achieves larger-
than-expected cash accruals or witnesses large equity infusion,
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if there is a pressure on
topline and profitability or the firm undertakes a larger-than-
expected, debt-funded capital expenditure programme, further
constraining its financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), Gargo
registered a topline of around INR2.5 billion, a growth of almost
30 per cent year-on-year on the back of buoyant demand for
commercial vehicles for infrastructure projects in Eastern India.
CRISIL expects Gargo's topline to remain stable in the current
year driven by expected demand for ongoing and upcoming projects;
the operating margin is also expected to be at around 3 per cent
in line with previous year.

Gargo's financial risk profile is marked by small net worth of
around INR98 million as on March 31, 2013 and moderate debt
protection metrics with net cash accruals to total debt and
interest coverage ratios of 0.16 times and 2.2 times,
respectively, for 2012-13. The firm's liquidity is weak marked by
high bank limit utilisation at 90 per cent for the 12 months ended
July 2013 and low unencumbered cash balance of about INR2 million
as on March 31, 2013. The company has repayment obligations of
around INR7.2 million in 2013-14 which would be adequately covered
by its expected accruals of around INR40 million in the year.
CRISIL expects Gargo's financial risk profile and liquidity to
remain at these levels over the medium term.

For 2012-13, on a provisional basis, Gargo reported a net profit
of INR23.3 million on net sales of INR2.5 billion, against a net
profit of INR17.6 million on net sales of INR1.92 billion for
2011-12.

Gargo, established as a proprietorship firm in 1996 by Mr.
Kamakhya Borthakur, is an authorised dealer of TML's commercial
vehicles in the state of Assam. Mr. Kamakhya Borthakur has also
promoted Gargo Motors Ltd (rated 'CRISIL B+/Stable'), which is an
authorised dealer of TML's passenger vehicles.


GILADA FINANCE: ICRA Rates INR6cr Bank Loans at 'B+'
----------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR6.00 crore bank
facilities of Gilada Finance and Investments Limited.

The rating takes into consideration the company's currently modest
and geographically concentrated nature of business exposing it to
competitive pressures and a weak business environment considering
a subdued demand for passenger vehicles. The above is expected to
constrain GFIL's ability to achieve margin and business expansion.
GFIL is in the business of vehicle financing operating in the
state of Karnataka through its five branches. The company is
largely into financing of used passenger vehicles, mainly multi
utility vehicles (MUVs), cars and commercial vehicles. GFIL's
overall portfolio as in March 2013 stood at modest INR8.85 crore.
The rating also factors in the increasing trend witnessed in
GFIL's NPAs and sizeable exposures to two of its group companies
(one of which has a weak credit profile). GFIL's gross NPA
increased to 7.4% in March 2013 from about 5.6% in March 2012 and
5.2% in March 2011.The rating takes note of the company's presence
in the auto financing business for close to two decades, which
provides it with reasonable knowledge of the local market and
GFIL's presently low gearing levels. The company enjoys healthy
yields on account it's lending towards used vehicle financing,
however ability of the company to maintain the same as the scale
of operations increases remains to be seen. Further, the company
presently has term loans from a single entity, its ability to
secure funds from diverse sources would be critical for its
business growth and to maintain an optimal cost of funds going
forward.

Gilada Finance and Investments Ltd is a registered NBFC and is
part of the GILADA Group. The company was incorporated in the year
1994 and it commenced commercial operations in the year 1995. GFIL
is into vehicle financing (largely used vehicles) business with a
small portion of mortgage and other short term loans. The company
is expected to focus on vehicle loans going forward. The company
presently has 5 branches (including its Head Office in Bangalore)
in Karnataka.

In 2012-13, GFIL reported a net profit of INR0.87 crore on a total
asset base of INR9.58 crore. During 2011-12, the company reported
a net profit of INR0.81 crore on a total asset based of INR8.80
crore.


GLOBION INDIA: CRISIL Reaffirms 'BB-' Ratings on INR530.7MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globion India Pvt Ltd
continue to reflect pressure on the company's liquidity.
                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          25      CRISIL A4+ (Reaffirmed)
   Cash Credit             80      CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit        20      CRISIL A4+ (Reaffirmed)
   Long-Term Loan         345      CRISIL BB-/Stable (Reaffirmed)
   Proposed Long-Term     105.7    CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

The ratings also factor in GIPL's below-average financial risk
profile, marked by a high gearing, moderate debt protection
metrics and small scale of operations. These rating weaknesses are
partially offset by the strong marketing support that GIPL
receives from its affiliate, Suguna Poultry Farm Ltd. The ratings
also factor in the technical and operational support that GIPL
receives from Lohmann Animal Health (LAH) [GIPL is a joint venture
(JV) between Suguna Holdings Pvt Ltd (SHPL) and LAH].

Outlook: Stable

CRISIL believes that GIPL will continue to receive funding support
from the promoters over the medium term. The outlook may be
revised to 'Positive' if there is a substantial improvement in
GIPL's revenues and profitability, leading to adequate cash
accruals vis--vis its term debt obligations. Conversely, the
outlook may be revised to 'Negative' if the promoters do not
infuse funds as expected; or if its liquidity deteriorates because
of larger-than-expected working capital requirements.

Update

GIPL's operating income was INR288 million in 2012-13 (refers to
financial year, April 1 to March 31), which is in line with
CRISIL's estimates. The company has generated operating income of
around INR200 million in the first six months of 2013-14; and is
expected to book revenue of around INR 400 million in 2013-14.
GIPL's operating margin of 33.7 per cent in 2012-13 was also in
line with CRISIL's expectations. The company is likely to sustain
its operating margin between 34 and 38 per cent in 2013-14.

GIPL's financial risk profile has been below-average, marked by a
moderate net worth of INR204.8 million, and high gearing of 2.0
times, as on March 31, 2013. Furthermore, the company's debt
protection metrics were weak, with an interest coverage ratio of
1.81 times and net cash accruals to total debt (NCATD) ratio of
0.09 times, for 2012-13. GIPL's financial risk profile has been in
line with CRISIL's expectations, and is expected to remain below-
average over the medium term.

GIPL's liquidity continues to be weak, in line with CRISIL's
estimates, as indicated by insufficient cash accruals of INR36.3
million in 2012-13, vis--vis its debt obligations of INR86.1
million during 2012-13. However, the company received an equity
infusion of INR55 million from the promoters in 2012-13, and
hence, could promptly service its term debt. GIPL's large debt
obligation is expected to keep its liquidity under pressure over
the medium term and timely funding support from its promoters
remains a key rating sensitivity factor.

GIPL has maintained moderate bank limit utilisation at 30 per cent
on average during the 12 months ended September 30, 2013. The
company's bank limit utilisation recently increased to around 67
per cent on the back of its incremental working capital
requirements; and could increase due to an improvement in its
scale of operations. GIPL's gross current assets were high at 152
days as on March 31, 2013, driven by large inventory of 152 days
as on March 31, 2013. CRISIL believes that GIPL's liquidity will
remain weak over the medium term.

GIPL is a 74:26 JV between SHPL and LAH. The company manufactures
live and inactivated veterinary vaccines, mainly catering to the
poultry industry in India. Its manufacturing unit is in Biotech
Park in Medak district (Andhra Pradesh).


GODHANI IMPEX: CARE Reaffirms 'BB+' Rating on INR20cr LT Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Godhani Impex.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank        20.00      CARE BB+ Reaffirmed
   Facilities

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of Godhani Impex (GI) at
present. The rating may undergo a change in case of withdrawal
of capital or of the unsecured loans brought in by the partners in
addition to changes in the financial performance and other
relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Godhani Impex
continue to be constrained by an elongated working capital cycle,
low profitability margins, constitution as a partnership firm and
strong competition from large number of players both in the
organised and unorganised sector.

The rating, however, derives strength from the experience of the
partners in the diamond industry, comfortable gearing levels and
reasonably diversified presence across the globe.

The ability of the firm to manage its working capital cycle and
improve its profitability margins in the external environment
characterized by forex volatility and global economic uncertainty
remains the key rating sensitivity.

Godhani Impex was established on March 11, 2005 as a partnership
firm by three brothers from the Odhavjibhai Godhani family. The
partners of GI were earlier partners in M/s Godhani Gems-GG
(subsequently reconstituted to Godhani Gems Pvt Ltd; CARE BB+
[Double B Plus]/A4+ [A Four Plus]) which was managed jointly by
Shri Virjibhai Godhani and Shri Odhavjibhai Godhani. However later
on, Shri Odhavjibhai Godhani left GG and formed GI. All partners
at GI have experience in the Gems and Jewellery business for over
a period of 27 years.

GI was further reconstituted on April 1, 2006 with induction of an
additional partner, Shri Kishorbhai Sakaria, who was earlier
associated with another diamond firm namely M/s D Milan
Exports. Shri Kishorbhai Sakaria exited from GI as partner w.e.f.
April 1, 2013.

GI has an associate concern-M/s Srediam BVBA Belgium which is
managed by Shri Babulal Godhani, a close relative of partners of
GI, and the firm procures most of its rough diamonds
through this associate concern.

GI reported a PAT of INR0.69 crore on a total operating income of
INR95.84 crore in FY13 as compared to PAT of INR1.15 crore on a
total operating income of INR107.63 crore in FY12.


IND SWIFT: ICRA Raises Ratings on INR914.3cr Loans to 'C'
---------------------------------------------------------
ICRA has upgraded the long term rating for INR948.57 crore of bank
facilities of Ind Swift Laboratories Limited to '[ICRA]C' from
'[ICRA]D'. ICRA has also upgraded short term rating for INR299.27
crore of bank facilities of ISLL to '[ICRA]A4' from '[ICRA]D'. The
total rated limits are INR1213.57 crore.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan              610.89        Upgraded to [ICRA]C from
   Facilities                           [ICRA]D

   Cash Credit            303.41        Upgraded to [ICRA]C from
   Facilities                           [ICRA]D

   Bank Guarantee         25.00         Upgraded to [ICRA]A4 from
                                        [ICRA]D

   Letter of Credit      240.00         Upgraded to [ICRA]A4 from
                                        [ICRA]D

   Unallocated            34.27         Upgraded to [ICRA]C/A4
                                        from [ICRA]D

The rating revision takes into account regularization of debt
servicing by ISLL during the last three months. The company has
been timely in interest payments for the Funded Interest Term
Loans (FITL) under the Corporate Debt Restructuring (CDR)
mechanism for the past three months. The company has delayed in
servicing some debt obligations (not rated by ICRA) in recent
periods - this according to the management is due to certain
disputes with the concerned financial institution.
ISLL has a balanced geographic mix with half of the revenues
generated from exports to clients spread across the globe,
especially in the semi-regulated markets. The company enjoys
strong position in manufacturing of Clarithromycin, where it
remains the second largest producer in the world after the
innovator Abbott (U.S). ICRA, also notes, the entry of ISLL into
the high margin generic market of Japan after being chosen as an
API supplier to Japanese generic pharmaceutical company augurs
well for the company.

The company however, would remain constrained by various
restrictions related to the implementation of the CDR mechanism in
2012-13, limiting future growth potential of the company to a
certain extent. ICRA also notes that the capital structure of the
company remains weak with gearing of 2.4x as on March 31, 2013.
Additionally, ICRA also notes that the company's sales remain
concentrated towards the top five products. Further, ICRA also
observed that the margins of the key molecules remain under
pressure with markets moving towards commoditized pricing and
profitability being vulnerable to the volatility in the raw
material prices. Going forward, ISLL's ability to improve profit
margins and continued timely servicing of debt would remain the
key rating sensitivities.

Recent Results

In Q1 2013-14, ISLL reported Operating Income of INR253.2 Crore,
Profit before Depreciation, Interest and Tax (PBDIT) of INR34.0
Crore and net loss of INR7.9 Crore.


INDRAPRASTHA AUTOMOBILES: ICRA Rates INR30cr Bank Loans at 'B+'
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating for the INR30 Crore fund based
bank facilities of Indraprastha Automobiles Private Limited.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Proposed Bank        30.0      [ICRA]B+ assigned
   Facilities

The assigned rating takes into account Indraprastha Automobiles
Private Limited's (IAPL) established market position in Delhi
region as an authorised dealer of Mahindra & Mahindra (M&M)
vehicles and the company's ability to improve its scale of
operations by adding passenger vehicles to its offerings. The
ratings are, however, constrained by IAPL's weak financial risk
profile and stretched liquidity profile in addition to the
cyclicality in the automobile industry and competitive pressures.
The company's ability to improve its financial risk profile and
manage its liquidity will remain key rating sensitivities.

Indraprastha Automobiles Private Limited is an authorised
dealership of vehicles manufactured by Mahindra & Mahindra Limited
(M&M) in the Delhi region. The company deals in all variants of
vehicles manufactured by M&M viz. passenger vehicles, three
wheelers, utility vehicles, light commercial vehicles (LCV) and
heavy commercial vehicles (HCV). The promoters initially started
as a proprietorship entity, in the year 2005, by the name of
Sanjay Automotives. IAPL was incorporated in the year 2006 by the
conversion of Sanjay Automotives. The company currently has 11
facilities out of which 4 are 3S facilities and others are single
S facilities.

Recent Results

IAPL achieved an operating income of INR332.7 crore, reporting a
profit after tax of INR0.6 crore, against a profit after tax of
INR0.7 crore on an operating income of INR205.2 crore for the
financial year 2011-12.


JIA AUTO: ICRA Assigns 'C+' Ratings to INR26.5cr Loans
------------------------------------------------------
ICRA has assigned an '[ICRA]C+' rating to the INR17 crore cash
credit facility and INR9.5 crore term loans of Jia Auto Sales
Private Limited. ICRA has also assigned an '[ICRA]A4' rating to
the INR5.5 crore non fund based bank limits of JASPL.

                 Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based-             17.00        [ICRA]C+ Assigned
   Cash Credit
   Limit

   Fund Based-              9.50        [ICRA]C+ Assigned
   Term Loan

   Non Fund Based           5.50        [ICRA]A4 Assigned

The rating takes into account JASPL's weak financial profile
characterised by cash losses during FY13, high gearing
notwithstanding the improvement during the last two years on
account of equity infusion and depressed debt coverage indicators,
high working capital intensity of operations leading to stretched
liquidity position for JASPL and high utilisation of the bank
limits limiting the company's financial flexibility. ICRA notes
the moderate scale of JASPL's operations, a steep decline in sales
during FY13. The rating is also constrained by the exposure of the
company to the cyclical nature of the automobile industry, which
is currently passing through a weak phase, with an adverse impact
on the scale of business of most of the dealers including JASPL.
The rating takes into consideration the long standing experience
of the promoters in the passenger vehicles dealership business and
support extended by promoters to JASPL in the form of periodic
equity infusion.

JASPL was taken over by the Kolkata based Modi family, during
FY08. The company is an authorized dealer for the sale of
passenger cars as well as for services and sale of spares in for
Skoda cars within the State of West Bengal. JASPL has two
showrooms (both in Kolkata) and three service centres (one each in
Kolkata, Ranigunj and Siliguri, all in West Bengal).

Recent Results
JASPL reported a loss of INR6.0 crore during FY13 on an OI of
INR52.1 crore as against a net profit of INR0.4 crore and an OI of
INR67.9 crore during FY12.


JSL ARCHITECTURE: CARE Cuts Rating on INR39.10cr Loans to 'BB'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
JSL Architecture Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        39.10      CARE BB Revised
   Facilities                       from CARE BB+

Rating Rationale

The revision in the ratings of JSL Architecture Ltd takes into
account the deterioration in the company's credit risk profile as
reflected by a decline in its profitability margins and weakening
of the capital structure as well as its debt coverage indicators.
The ratings also consider the decline in company's scale of
operations and increase in working capital intensity of the
operations during FY13 (refers to the period April 1 to
March 31). The ratings continue to remain constrained by residual
risks related to the project under implementation and exposures to
risks related to derived demand and delays in infrastructure
projects.

However, the ratings continue to derive comfort from the
established track record of the promoters of JAL with demonstrated
operational and financial support and the company's moderate order
book with the orders from the real estate sector as well as the
Original Equipment Manufacturers (OEMs) of Indian Railways.

Going forward, the company's ability to profitably scale-up the
operations while effectively managing its working capital
requirements shall be the key rating sensitivities.

JSL Architecture Ltd (JAL, formerly known as Jindal Architecture
Ltd) was formed in 2005, pursuant to the acquisition of Subir
Consultants & Services Ltd by Jindal Stainless Ltd (JSL, rated
CARE C/CARE A4). JSL holds 53.51% stake in the company while
26.10% stake is held by Jindal Stainless Steelway Ltd (rated CARE
BBB-/CARE A3). The balance stake is held by the promoters
largely through various investment companies. JAL undertakes the
development and usage of stainless steel in infrastructure and new
application areas. The company offers architectural and
design solutions for stainless steel products (fabrication of
stainless steel) which find application in various segments
including real estate, airports, railways etc. The company
operates in two segments, Architecture, Building and Construction
(ABC) and Automotive, Rail and Transport (ART). The major products
manufactured by the company include retention tanks for passenger
rail coaches, grab poles, hand rail, railings, claddings, trough
floors, wire ways etc.

During FY13 (refers to the period April 1 to March 31), on a total
operating income of INR52.60 crore, the company achieved PBILDT
INR1.27 crore and a net loss of INR4.84 crore respectively. In
H1FY14 (provisional), it has reported a PBILDT of INR2.51 crore
and a net loss of INR0.08 crore, respectively, on a total
operating income of INR38.46 crore.


M.P SHAN: ICRA Downgrades Ratings on INR49cr Loans to 'D'
---------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the
INR4.75 crore term loan facilities, the INR25.00 crore fund based
facilities and the INR0.25 non-fund based facilities of M.P Shan
Tex Clothings Private Limited to '[ICRA]D' from '[ICRA]BB-'. ICRA
has also downgraded the short rating outstanding on the INR19.00
crore fund based (sub-limit) facilities of the Company to
'[ICRA]D' from '[ICRA]A4'.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan facilities     4.75        [ICRA]D/downgraded from
                                        [ICRA]BB- (Stable)

   Fund based facilities   25.00        [ICRA]D/downgraded from
                                        [ICRA]BB- (Stable)

   Non-fund based           0.25        [ICRA]D/downgraded from
   Facilities                           [ICRA]BB- (Stable)


   Fund based (sub-limit) (19.00)       [ICRA]D/D/downgraded from
   facilities                           [ICRA]A4

The rating action factors in the current delays in debt servicing
by the Company (on both interest and principal repayment
obligations) on account of tight liquidity conditions stemming
from higher than anticipated borrowings to fund group level
expansions. With the Company's accruals being significantly lower
in comparison to the debt taken on recently, MP Shan Tex has been
delaying on both its fund and non-fund based debt obligations.
While arriving at the ratings, ICRA also continues to factor in
the Company's high gearing and modest coverage indicators, its
present modest (albeit growing) scale of operations which
restricts scale economies and the intense competition from low-
cost countries which continues to impact Company's pricing
flexibility to an extent.

M.P Shan Tex Clothings, a partnership firm, was established on 6th
September, 2006 and promoted by Mr. P. Umashankar. MPSTC was
primarily engaged in the manufacturing and export of kids wear,
women's wear and night wear to retailers located in the EU, Middle
East and USA. The entity's manufacturing facility is located at
Tiruppur (Tamil Nadu) having an installed capacity of around 1,000
sewing machines. Recently, with a view to integrate its operation
and scaling up its margins, the Company had also set up embroidery
and printing unit. On February 21, 2012, the entity was converted
into a private limited company registered under the name of "M.P
Shan Tex Clothings Private Limited."


MAHARAJA SATHYAM: ICRA Reaffirms 'BB-' Ratings on INR5.9cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR5.00 crore fund based facilities, INR0.22 crore term loan
facilities and INR0.68 crore proposed fund based facilities of
Maharaja Sathyam Industries Private Limited at '[ICRA]BB-'. The
outlook on the long-term rating is stable.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund based           5.00       [ICRA]BB- (Stable) reaffirmed
   facilities

   Term loan            0.22       [ICRA]BB- (Stable) reaffirmed
   facilities

   Proposed fund        0.68       [ICRA]BB- (Stable) reaffirmed
   based facilities

The reaffirmation of rating factors in the experience of the
promoters' in the textile industry, presence in medium counts,
which supports revenue levels as this product segment is highly
commoditized and revenue is largely driven by relationship with
merchant traders. The rating also derives comfort from the
financial flexibility enjoyed by the Company in the form of
unsecured loans from other group entities, which has supports
liquidity position especially during cotton purchase season, when
the inventory holding requirements are higher. The ratings are
however impacted by weak financial profile characterised by
stretched coverage and capitalization indicators owing to thin
accruals and higher debt levels. Further, small-scale of
operations in a highly fragmented industry restricts scale
economies and limits pricing flexibility. While the Company plans
to increase spindle capacity benefits from scale economies will be
limited as the size will be relatively smaller in the industry
compared to other large spinners.

Maharaja Sathyam Industries Private Limited, Incorporated in 1981,
is a small scale yarn manufacturer with a spindle capacity of
17404 spindles, of which 4924 spindles were added in 2012-13. The
Company largely produces polyester-cotton blended yarn (65:35) and
cotton yarn and polyester-viscose in minor quantities. MSIPL
caters mainly to the weaving markets around Erode, Ichalkaranji,
Surat and Kolkata. The entire yarn produced is sold in the
domestic market to traders. MSIPL largely produces cotton and
blended yarn in the coarse-to-medium count range with average
count being 40s count. The Company plans to increase the spindle
capacity to 22944 spindles in the 2013-14. The Company has also
installed a 250KW windmill to reduce power costs.

Recent Results

For 2012-13 (according to provisional results), MSIPL had a net
profit of INR0.5 crore on an operating income of INR20.2 crore.


MEHROTRA ENG'G: CRISIL Suspends 'D' Ratings on INR86.3MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mehrotra Engineering Works Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            13      CRISIL D Suspended
   Bill Discounting          10      CRISIL D Suspended
   Cash Credit               40      CRISIL D Suspended
   Letter of Credit          20      CRISIL D Suspended
   Term Loan                  0.7    CRISIL D Suspended
   Working Capital            2.6    CRISIL D Suspended
   Demand Loan

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

MEWPL was originally set up in 1972 by Mr. Dwarka Nath Mehrotra as
a partnership firm; the firm was reconstituted as a private
limited company in 1994. In the same year, Mr. Sunil Mehrotra, son
of Mr. Dwarka Nath Mehrotra, joined the company. MEWPL is engaged
in fabrication and galvanising of various components for railway
overhead electrification systems (OHE) and power transmission
towers. The company mainly caters to contractors of state
electricity boards (SEBs) and Central railways, and does not
participate in tenders directly. It has a facility based in
Muzaffarpur (Bihar).


MIDDLE EAST HOTEL: ICRA Suspends 'BB' Rating on INR37.5cr Loans
---------------------------------------------------------------
ICRA has suspended rating of '[ICRA]BB' with a stable outlook
assigned to the INR37.50 crore, long term term-loan facilities of
Middle East Hotel Company Private Limited. 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.

Middle East Hotel Company Private Limited, incorporated on June
24, 1997, was originally promoted by Mr. Varghese Kurian and Mrs.
Lizhyamma Vargheese. In 2006, the company embarked on constructing
a 150-room 5-star hotel in Cochin. However, during 2008, Charing
Cross Holdings (CHC), a Mauritius based company acquired MEHCPL
from its erstwhile promoters. CHC is a 100% subsidiary of Stock
Investment Ltd which in-turn is wholly owned by Standard Trust,
which is a part of Mr. Sant Singh Chatwal group. The group owns /
manages 16 properties worldwide across three continents offering
properties under multiple brands including Hilton, Choice, Best
Western and Marriott in addition to its own home grown brands that
were started by Mr. Sant Chatwal's son Vikram Chatwal in 1999. The
four major brands of the group are Dreams, Night, Times and
Hampshire, where the first three brands are boutique brands. In a
recent deal, the Chatwal group has entered into a agreement with
Wyndham Hotel Group to exclusively market its Dream and Night
brands. Currently Chatwal group has two properties in India (Dream
brand in Cochin and Hampshire brand in Hyderabad). Each
hospitality project is undertaken by a different SPV whose
ultimate ownership lies with Standard Trust.


NAYEK AGRIPRODUCTS: ICRA Reaffirms 'D' Ratings on INR10cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' outstanding
on the INR7.83 crore term loans, INR0.21 crore working capital
facility and INR1.96 crore unallocated bank limits of Nayek
Agriproducts Private Limited. NAPL's unallocated bank limits are
entirely interchangeable between long term and short term, for
which the '[ICRA]D' rating has been reaffirmed.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans             7.83        [ICRA] D Reaffirmed
   Working Capital        0.21        [ICRA] D Reaffirmed
   Unallocated            1.96        [ICRA] D Reaffirmed

The rating reaffirmation continues to reflect the continuing
delays in servicing of debt obligations by NAPL and deterioration
in the financial profile as characterised by cash losses during
FY13, the first full year of operations, adverse capital structure
on the back of completion erosion of net worth and depressed
levels of coverage indicators. ICRA also notes the small scale of
operations with a single cold storage unit, client concentration
risks with PepsiCo India Holdings Pvt. Ltd. being the sole tenant,
and NAPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single agro commodity,
i.e. potato. The rating takes into account the long track record
of the promoters in the cold storage business, and the locational
advantage of NAPL by way of presence of it's cold storage unit in
West Bengal, a state with large potato production.

NAPL was incorporated during FY08 and has been promoted by the
Burdwan, West Bengal based Nayek family. The company operates a
cold storage unit with a capacity of 15,000 metric tonnes at
Memari, Burdwan, West Bengal and is primarily engaged in the
business of storage and preservation of potatoes. The company is
in the process of expanding its storage capacity to 19,000 metric
tonnes.

Recent Results

NAPL reported a loss of INR1.64 crore during FY13 on an OI of
INR1.62 crore, as against a loss of INR0.53 crore and an OI of
INR0.29 crore during FY12.


NIGAM COLD: CARE Upgrades Rating on INR4.83cr LT Loans to 'C'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Nigam Cold Storage Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        4.83       CARE C Revised
   Facilities                       from CARE D

Rating Rationale

The revision in the rating factors in the regular servicing of its
debt obligations. Going forward, Nigam Cold Storage Pvt Ltd's
ability to increase its scale of operations and service its debt
obligations in a timely manner are the key rating sensitivities.

Nigam Cold Storage Private Ltd, incorporated on December 18, 1995
was promoted by the Rana family of West Bengal to set up a cold
storage facility with a storage capacity of 229,980 quintals in
the Midnapur district of West Bengal.

NCSPL is engaged in the business of trading of potato along with
providing cold storage facility primarily for potatoes to farmers
& traders. Besides providing cold storage facility, the company
also works as a mediator between the farmers and marketers of
potato by taking advances from marketers on behalf of the farmers
in order to facilitate the sale of potato stored and it also
provides advances to farmers for farming of potato against potato
stored. This apart it also provides additional services to farmers
such as insurance of potatoes stored & drying of potatoes.

During FY13 (refers to the period April 1 to March 31), the
company reported a total operating income of INR6.66 crore (FY12:
INR2.22 crore) and a PAT of INR0.09 crore (FY12: INR0.04 crore).
Being an unlisted company, NCSPL does not prepare quarterly
results, however the management has maintained that they have
achieved gross revenue of INR0.61 crore during H1FY14.


OCEAN CERAMICS: CARE Reaffirms 'BB-' Rating on INR6.43cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ocean Ceramics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.43       CARE BB- Reaffirmed
   Facilities

   Short-term Bank       1.50       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Ocean Ceramics
Private Limited continue to remain constrained on account of its
weak financial risk profile marked by consistently declining
operating profit margins over the past three years ended FY13
(refers to the period April 1 to March 31), moderately leveraged
capital structure and weak debt coverage and liquidity indicators.
The ratings further continue to remain constrained on account its
presence in the highly fragmented and competitive ceramic tiles
industry, susceptibility of its profitability to volatile raw
material and natural gas prices and exposure to foreign exchange
fluctuation risk.

The above mentioned constraints continue to off-set the benefits
derived from the vast experience of the promoters in the ceramic
tiles industry and presence of its manufacturing unit in the Morbi
ceramic cluster. The rating also factors in the successful
completion and commencement of the commercial production from the
expansion project.

The ability of OCPL to increase its scale of operations along with
the improvement in the profit margins amid the competitive nature
of the industry and to improve its capital structure and debt
coverage indicators with better working capital management would
remain the key rating sensitivities.

Initially established as a closely held public company in 2000 by
Mr Govind Patel, Mr Jayprakash Patel, Mr Krushna Patel and Mr
Dilip Patel, OCPL was converted into a private limited company in
2011. OCPL is engaged in the manufacturing of glazed ceramic floor
tiles primarily 300 X 300 mm and 395 X 395 mm sizes with an
installed capacity of 42,000 Metric Tonnes Per Annum (MTPA) as
on March 31, 2013 at its sole manufacturing facility located in
the Morbi ceramic cluster near Rajkot (Gujarat).

As per the audited results for FY13, OCPL reported a PAT of
INR0.31 crore (INR0.60 crore in FY12) on a total operating income
of INR24.93 crore (INR26.40 crore in FY12).


OSL AUTOMOTIVES: CRISIL Reaffirms 'BB' Ratings on INR200MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of OSL
Automotives Pvt Ltd continues to reflect the adequate experience
of OSL's promoters in the automobile dealership business and its
established relationship with its principal, Tata Motors Ltd (TML;
rated 'CRISIL AA-/Positive/CRISIL A1+'). These rating strengths
are partially offset by OSL's below-average financial risk
profile, marked by a small net worth, high indebtedness, and weak
debt protection metrics.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             50       CRISIL BB/Stable (Reaffirmed)
   Channel Financing      150       CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OSL will continue to benefit over the medium
term from its established relationship with TML. The outlook may
be revised to 'Positive' if the company's revenues and
profitability increase significantly, or if there is substantial
equity infusion, thereby improving its capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
STIPL's profitability declines sharply, if its cash flows are
adversely impacted by its non-operational showroom, or if it
undertakes any large debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

Update

OSL's sales declined to INR1.57 billion in 2012-13 (refers to
financial year, April 1 to March 31) from INR1.75 billion in the
previous year due to the slowdown in demand for commercial
vehicles (CVs). The sales are expected to increase at a moderate
rate of about 10 per cent in 2013-14 on the back of marginal
revival in demand. Despite sluggish demand, the company is
expected to sustain its operating profitability at about 2.5 per
cent in 2013-14 due to additional discounts offered by the
principal to push sales.

OSL's financial profile is weak, marked by a high total outside
liabilities to tangible net worth ratio of over 4 times as on
March 31, 2013, and an interest coverage ratio of less than 1.7
times in 2012-13. However, the expected liquidation of its term
loan using proceeds from selling its unoccupied showroom property
will reduce the company's debt burden and consequently boost the
interest coverage ratio over the medium term.

With debt funding of large working capital requirements, OSL's
liquidity is stretched, with average bank limit utilisation of
around 80 per cent during the 12 months through September 2013;
however, its expected accruals of around INR10 million in 2013-14
will be adequate to repay the maturing debt obligations of INR1.8
million during the year. CRISIL expects OSL's liquidity to improve
in the near term through sale of unutilised fixed assets.

For 2012-13, OSL reported a net profit of INR9.9 million on net
sales of INR1.57 billion, against a net profit of INR11.4 million
on net sales of INR1.75 billion for 2011-12.

OSL, promoted by Mr. Om Prakash Goyal, was established in 2007. It
is an authorised dealer for CVs of TML in three districts of West
Bengal.


PARAMASIVAM PALANISAMY: ICRA Reaffirms BB- INR23.8cr Loans Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR20.00 crore
fund based facilities, INR3.80 crore term loan facilities, and
INR2.22 Crore unallocated facilities of Paramasivam Palanisamy
Charitable Trust at '[ICRA]BB-'. The outlook on the long-term
rating is stable.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Fund based          20.00      [ICRA]BB- (Stable) reaffirmed
   facilities

   Term loan            1.58      [ICRA]BB- (Stable) reaffirmed
   facilities

   Unallocated          2.22      [ICRA]BB- (Stable) reaffirmed
   facilities

The reaffirmation of rating factors in the steady demand for
engineering courses in Tamil Nadu, which supports higher
enrolments in the older engineering institutes run by the trust.
Relatively higher enrolment level in the older engineering
colleges compared to recently established colleges has helped the
trust to fund the deficit between fee receipts and operating
expenses in the newer colleges and courses. Going forward, while
the enrolment levels in the colleges run by the Trust is likely to
be impacted by intense competition from other engineering colleges
in the vicinity (Coimbatore-Erode region houses more than 25% of
engineering colleges in Tamil Nadu). However, Trust credit profile
is expected to improve on the back of steady accruals from older
Engineering colleges and periodic fees hikes. The Trust provides
funding support to other entities in the Maharaja group, which
involve in trading of edible oil and in spinning. While the Trust
benefits from higher interest rates from the loans extended to
group entities, the same affects the liquidity of the Trust as it
necessitates regular utilization of working capital limits and the
same is likely to limit the improvement in capitalization and
coverage indicators.

PPCT a registered trust established on April 23, 1990 by
Mr.Paramasivam and his family, started with Maharaja Arts and
Science college, subsequently diversified into setting up
engineering colleges. The Trust at present has four engineering
institutions, two arts and Science College, a teacher-training
institute and Bachelor of Education college. The Colleges are
located in two campuses - one near Perundurai in Erode District
where the trust has established an arts and science college and in
2008, started an engineering college in the same campus. The
trust's other campus is near Avinashi which houses three
engineering colleges (started between 1994 and 2002) and the other
educational institutions. The Arts and Science colleges have a
capacity to accommodate around 2000 students and the engineering
colleges have combined approval to have an intake of ~3000
students (includes undergraduate and postgraduate courses). The
colleges also have hostel facilities for students in the
respective campuses.

PPCT is a part of the Maharaja group, a diversified business group
based in Erode, Tamil Nadu and has presence across various sectors
including edible oil trading / refining, textiles, educational
institutions, and hospitality and entertainment sector.

Recent Results

During 2012-13 (according to unallocated results), PPCT reported a
net profit of INR3.5 crore on an operating income of INR28.0crore.


PRITI MOTOR: ICRA Assigns 'B' Rating to INR4cr Cash Credit
----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR4 crore cash
credit (eDFS) facility of Priti Motor Udyog Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit (eDFS)      4.00         [ICRA]B Assigned

The rating takes into account PMUPL's low profitability, which is
inherent in the automobile dealership business, weak debt coverage
indicators, nominal cash accruals, high working capital intensity
of operations leading to stretched liquidity position for PMUPL
and high utilisation of the bank limits limiting the company's
financial flexibility. The rating is also constrained by the
exposure of the company to the cyclical nature of the automobile
industry, which is currently passing through a weak phase, with an
adverse impact on the scale of business of most of the dealers
including PMUPL. The rating also takes into consideration PMUPL's
small scale of operations and closure of workshop during FY13;
both of which adversely impact the company's business risk
profile. The rating takes into consideration the long standing
experience of the promoters in the passenger vehicles dealership
business and the support extended by promoters to PMUPL in the
form of periodic equity infusion leading to a conservative capital
structure as on
March 31, 2013.

Established in 2009 by Kolkata based Modi family, PMUPL is
authorized dealer for the sale of Chevrolet's passenger cars.
PMUPL has two showrooms - one each in Howrah and Kolkata
(extension counter), West Bengal. The only service centre operated
by PMUPL was closed in FY13.

Recent Results

PMUPL reported a net profit of INR0.05 crore during FY13 on an OI
of INR22.84 crore as against a net profit of INR0.09 crore and an
OI of INR22.69 crore during FY12.


RADHEYA MACHINING: CRISIL Cuts Ratings on INR120MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Radheya
Machining Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Rupee Term Loan           30      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Working Capital           20      CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B+/Stable')

The downgrade in rating follows delays in debt servicing owing to
weak liquidity stemming from large capital expenditure.

CRISIL's rating also reflects Radheya's exposure to risks related
to limited revenue diversity and cyclicality in the end user
industry. These rating weaknesses are partially offset by
Radheya's established position in the automotive (auto)
transmission components segment.

Incorporated in 2001 and promoted by Mr. Sanjay Joshi and his
brothers Mr. Dhananjay Bhargav and Mr. Santosh Joshi, Radheya
manufactures machined automotive transmission components. Radheya
has two manufacturing units at Sanaswadi near Pune (Maharsahtra).

Radheya reported a profit after tax (PAT) of INR29.0 million on
net sales of INR1.04 billion for 2012-13, against a PAT of INR50.6
million on net sales of INR1.03 billion for 2011-12.


RANA ENGINEERING: CARE Reaffirms 'BB-' Rating on INR6cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rana Engineering Co.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.00       CARE BB- Reaffirmed
   Facilities

   Short-term Bank       3.25       CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Rana Engineering Co
continue to be constrained by its small scale of operations,
exposure to volatility in input prices, geographical concentration
risk, dependence on the government and its agencies for contracts
leading to customer concentration risk, risk associated with delay
in project and receipt of payments, working capital intensive
nature of operations, sluggish growth witnessed in the
construction industry amidst high competition and constitution as
a partnership concern. The ratings, however, derive strength from
its satisfactory track record of operations with the longstanding
experience of the promoters and satisfactory project execution
capabilities and satisfactory order book position.

Going forward, REC's ability to secure new orders and execution of
the same, maintain a healthy order book, achieve envisaged revenue
and profit margin effective working-capital management
are the key rating sensitivities.

Rana Engineering Co was established as a partnership firm in 1978,
by the Rana family of Kolkata for carrying out different types of
contract work (mainly civil construction projects) for
government and semi-government bodies. REC undertakes civil
constructions in the segments like construction & development of
roads and bridges in the state of West Bengal primarily for West
Bengal State Rural Development Agency (WBSRDA).


REFORM FERRO: CARE Reaffirms 'D' Ratings on INR89.03cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Reform Ferro Cast Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        77.53      CARE D Reaffirmed
   Facilities

   Short-term Bank        5.00      CARE D Reaffirmed
   Facilities

   Long/Short-term        6.50      CARE D Reaffirmed
   Bank Facilities

Rating Rationale

The ratings of Reform Ferro Cast Pvt. Ltd. (RFCPL), continued to
remain constrained on account of the ongoing delays in debt
servicing due to stressed liquidity position of the company.
Ability of the company to improve its liquidity and regularize its
debt servicing will remain the key rating sensitivity.

Reform Ferro Cast Private Limited, promoted by Mr. Basant Saha and
Mr. Shakti Adhikary (of the Lord Ganesh Group of Kolkata)
commenced operations in July 2008 by setting up a manufacturing
unit in Howrah, Kolkata, for the cast iron products. Later in May
2009, it ventured into the production of ductile iron products at
its existing premises. Over the years, the company increased its
capacity significantly by undertaking various capex programs, and
currently, the company has a state-of-the art manufacturing unit
with the total installed capacity being 50,400 mtpa for High Duty
Cast Iron and 13,685 mtpa for Ductile Iron.

RFCPL is an ISO 9001:2008 company and is also the holder of
Kitemark license. The product portfolio of RFCPL caters to various
sectors like automobiles, civic and engineering.

On a total operating income of INR135.8 crore, RFCPL earned a
PBILDT of INR14.4 crore and PAT of INR0.9 crore in FY13 (refers to
the period April 1 to March 31).


RUSSAKA PLY: CARE Cuts Rating on INR3.36cr LT Loans to 'BB-'
------------------------------------------------------------
CARE revises/reaffirms rating assigned to bank facilities of
Russaka Ply India Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        3.36       CARE BB- Revised from
   Facilities                       CARE BB


   Short-term Bank      12.50       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in rating assigned to the bank facilities of Russaka
Ply India Limited is due to the decline in profitability and
deterioration in the capital structure and debt coverage
indicators during FY13 (refers to the period April 1 to
March 31).

The ratings continue to remain constrained by its financial risk
profile characterized by the modest scale of operations, low
profitability, weak coverage indicators and working capital
intensive nature of business operations. The ratings also remain
constrained by the highly competitive industry structure and
susceptibility of profit margins to raw material price and foreign
exchange fluctuations.

The rating, however, continues to favourably factor in the wide
experience of the promoters in the timber industry and locational
advantage of being located near the Kandla port. RPIL's ability to
increase its scale of operation in a highly competitive industry
while managing the risk related to raw material price
fluctuations, thereby improving profitability; rationalization of
debt levels and better working capital management would be the key
rating sensitivities.

Gandhidham-based Russaka Ply India Limited, incorporated on
May 6, 1998, is promoted by Mr Madhukar Agarwal. It is engaged in
the manufacturing of veneers, plywood and block boards at its
manufacturing unit located in Gandhidham in Gujarat. With a view
to diversify its product range, RPIL commenced manufacturing of
plywood and block board in FY11. The company procures raw material
(timber logs) from Burma, mainly through traders in Singapore and
sells its final products in the local market in the states of
Gujarat, Rajasthan, Punjab, Uttar Pradesh, Haryana, etc.

As per the audited results for FY13, RPIL reported a total
operating income of INR26.79 crore (FY12: INR14.99 crore) and a
PAT of INR0.07 crore (FY12: INR0.17 crore).


S. VISWANATHAN: CRISIL Suspends 'B' Ratings on INR77.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S. Viswanathan (Printers and Publishers) Private Limited (SVPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.5      CRISIL A4 Suspended
   Cash Credit             40        CRISIL B/Stable Suspended
   Long-Term Loan          37.5      CRISIL B/Stable Suspended

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

SVPL set up as proprietary concern in 1949 and reconstituted as a
private limited company in 1980 is managed by Mr. S. Sreekumar, a
third generation entrepreneur. The company has its manufacturing
unit in Chetpet, Chennai and derives around 70 per cent of their
revenues from digital printing for institutional clients like
Bharat Sanchar Nigam Limited (BSNL) and banks like Citi bank and
Housing Development Finance Corporation Limited (HDFC). SVPL also
undertakes print on demand (POD) services for publishers like
Penguin Books India and Oxford university press India besides
executing confidential printing for educational institutions in
Tamil Nadu.


SABAR FLEX: CARE Reaffirms 'BB' Rating on INR7.77cr LT Bank Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sabar Flex Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.77       CARE BB Reaffirmed
   Facilities

   Short-term Bank       0.50       CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Sabar Flex
Industries continue to be constrained due to its modest scale of
operations, moderate profit margins and capital structure. The
ratings further continued to remain constrained on account of its
presence in the highly competitive plastic manufacturing industry
and vulnerability of the profitability to fluctuations in raw
material prices.

The ratings, however, continue to draw strength from the wide
experience of the promoters and stabilization of the project. The
ratings also factor in the increase in the scale of operations in
FY13 (refers to the period April 1 to March 31).

The ability of SFI to increase its scale of operation with an
improvement in profit margins and capital structure are the key
rating sensitivities.

Incorporated in March 2007, Sabar Flex Industries (SFI) is a
partnership firm promoted by Mr Udesinh A Parmar, Mr Chandrakanth
H Patel, Mr Hikmat Bahadur K Kunwar, Mr Ramesh Patel, Mr Vasant
Patel, Mr Vinod Patel and Mr Ramesh Shah. It is engaged in the
manufacturing of packaging material like multi-layer laminated
wrappers, stand up pouches for all type of FMCG products, cosmetic
products, automobile lubricant packaging, etc. SFI's manufacturing
is located at Himatnagar and has an installed capacity of 2300
Metric Tonne Per Annum (MTPA) of L.D. Films and 2425 MTPA of
laminated pouch printed bags as on March 31, 2013. L.D. films are
mainly used for manufacturing of printed bags and pouches which in
turn find application as a packing material for salts, pesticides,
insecticides and other agri products.

As per the audited results for FY13 ( refers to the period
April 1 to March 31), SFI reported a total operating income of
INR34.45 crore (FY12: INR19.82 crore) and a PAT of INR1.03 crore
(FY12: INR0.51 crore).


SAHARA HOUSINGFINA: CARE Reaffirms BB+ Rating on INR33.5cr Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the long term bank
facilities of Sahara Housingfina Corporation Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term bank
   Facilities            33.50      'CARE BB+' Reaffirmed

Rating Rationale

The rating of Sahara Housingfina Corporation Ltd. continues to be
constrained by relatively small size of asset base, geographical
concentration of the loan book, high reliance on funds from the
group and low profit level. The rating also factors in the decline
in return on total assets (ROTA) in FY13 (refers to the period
April 1 to March 31) and strong competition from other housing
finance companies (HFCs) & banks. The rating however, continues to
draw strength from the parentage of the Sahara group &
demonstrated group support, moderate asset quality with low
average ticket size, satisfactory collection efficiency and
comfortable liquidity profile & capital adequacy ratio. Improving
profitability and asset quality with increasing asset size amidst
growing competition and continued financial support from group
along with ability to raise funds from alternate sources at
optimum cost are the key rating sensitivities.

SHCL, incorporated in August 1991 as Livewell Home Finance Ltd.,
was taken over by the Sahara group in April 2002 and it commenced
full-fledged operations under the new management in May 2004. In
January 2005, the name of the company was changed to its present
name. Currently, SHCL is engaged in providing housing finance,
mostly to individuals, with focus primarily on salaried
individuals. The company is registered with National Housing Bank
(NHB) as a non-deposit taking HFC.

SHCL is based in Kolkata with four Regional Offices (Kolkata,
Hyderabad, Lucknow and Mumbai) apart from nine branches operating
in five states i.e. West Bengal (W.B), Andhra Pradesh (A.P),
Uttar Pradesh (U.P), Maharashtra and Jharkhand.  SHCL made
disbursements of INR40.39 crore in FY13 (Rs.18.90 crore in FY12).
During FY13, as per the audited working results, the company
earned PAT of INR2.01 crore (Rs.2.22 crore in FY12) on total
income of INR21.52 crore (Rs.20.18 crore in FY12). Capital
Adequacy Ratio was comfortable at 50.76% as on March 31, 2013.

As per the unaudited working results for the quarter ended
June 30, 2013, SHCL earned PAT of INR0.49 crore on total income of
INR5.46 crore.


SARASWATI EDUCATION: CRISIL Ups Ratings on INR1.12BB Loans to BB-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Saraswati Education Society to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                960      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit              160      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating reflects SES's improved business performance vis--vis
CRISIL's expectations, and expectation that its business profile
will remain stable over the medium term. SES has reported a
healthy revenue growth resulting in improved cash accruals and net
worth in 2012-13 (refers to financial year, April 1-March 31),
which is expected to continue over the medium term. The society's
net worth also increased to INR646.2 million as on March 31, 2013,
from INR516.5 million as on March 31, 2012, thereby improving its
financial risk profile and ability to withstand any temporary
business pressures. SES's liquidity has improved over the years,
and the society is expected to have adequate cash accruals vis--
vis term debt obligations. The management's liquidity management,
including its policy to invest fee income in fixed deposits to
cater to daily expenses and financial obligations, is expected to
support the society's financial risk profile over the medium term.
However, SES's liquidity remains constrained by possible delays in
receipt of course fee and high term debt obligations.

The rating continues to reflect SES's moderate business profile
marked by diversified educational course offerings and moderate
debt protection metrics marked by moderate interest coverage and
low gearing levels. These rating strengths are partially offset by
SES's limited track record and susceptibility to adverse
regulatory changes.

Outlook: Stable

CRISIL believes that SES will continue to benefit over the medium
term from its market position marked by diversified educational
course offerings. The outlook may be revised to 'Positive' if the
society's financial risk profile improves because of higher-than-
expected cash accruals leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if the
society generates lower-than-expected profitability or undertakes
greater-than-expected capital expenditure without adequate
infusion of funds, leading to deterioration in financial risk
profile.

SES was setup in October 2003 by Dr. Nandkumar Yadavrao Tasgaonkar
to establish and manage technical and other educational
institutions in Maharashtra. SES is registered under the Societies
Registration Act and the Indian Trusts Act.

SES reported excess of income over expenditure of INR129.7 million
on net income of INR893.2 million for 2012-13 (refers to financial
year, April 1 to March 31), as against an income over expenditure
of INR119.0 million on net income of INR557.3 million for 2011-12.


SHARADA ELECTRICALS: CRISIL Rates INR50MM Cash Credit at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Sharada Electricals (SE).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         80       CRISIL A4+ (Assigned)
   Cash Credit              50       CRISIL BB+/Stable (Assigned)
The ratings reflect SE's promoters' extensive experience in the
lighting products industry and strong support from Evergreen
Engineering Company Pvt Ltd (EECPL), a group entity. These rating
strengths are partially offset by SE's large working capital
requirements, customer concentration in its revenue profile, and
modest financial risk profile marked by small networth base, high
gearing and subdued debt protection metrics.

Outlook: Stable

CRISIL believes that SE will continue to benefit from its
promoters' extensive experience in the lighting products industry.
The outlook may be revised to 'Positive' if SE reports
significantly higher than expected accruals while improving its
capital structure and debt protection indicators. Conversely, the
outlook may be revised to 'Negative' if the firm's revenues or
profitability decline significantly, or if its financial risk
profile deteriorates materially because of a large debt-funded
capital expenditure, or elongation of working capital cycle

Set up in 1991, SE is a partnership firm with Mr. G.A. Rao, Mrs.
J. D. Rao, Mr. D.A. Rao and Mrs. S. A. Rao as partners. SE
manufactures and sells lighting equipment and components to
Crompton Greaves Ltd. The firm is based out of Mumbai
(Maharashtra) and has manufacturing facilities in Vasai (Thane,
Maharashtra).

The promoters also have presence in switchgear components through
EECPL. EECPL has extended its corporate guarantee to the bank
facilities of SE.

SE reported a profit after tax (PAT) of INR9.13 million on net
sales of INR326.5 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR5.77 million on net
sales of INR256.9 million for 2011-12.


SHIKHAR FOODS: CARE Reaffirms B+ Rating on INR10cr LT Bank Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shikhar Foods Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.00      CARE B+ Reaffirmed
   Facilities

   Short-term Bank        0.22      CARE A4 Reaffirmed
   Facilities

   Long-term/Short-       0.05      CARE B+/CARE A4 Reaffirmed
   Term Bank Facilities

Rating Rationale

The ratings continue to remain constrained by the moderate scale
of operations of Shikhar Foods Private Limited (SFPL), low
profitability margins and leveraged capital structure & weak debt
service coverage indicators. The ratings are further constrained
on account of its susceptibility to the fluctuations in the raw
material prices, and its presence in a fragmented industry.

The ratings continue to draw comfort from the experienced
promoters and the long track record of operations, diversified
revenue streams and the advantageous location of its manufacturing
facilities.  Going forward, the ability of the company to increase
its scale of operation while improving its profitability margins,
improvement in the capital structure would be the key
sensitivities.

Incorporated in 2003, Shikhar Foods Private Limited (SFPL) is a
private limited company promoted by Mr Lalchand Jaiswal, Mr
Ramshankar Jaiswal, Mr Murli Manohar Jaiswal and Mr Sudhakar
Jaiswal. The company is engaged in milling, processing and trading
of non-Basmati rice. The company sells its products through
brokers, wholesalers and retailers. Apart from rice processing,
the company is also engaged in the trading of wheat, steel bars
and cement. The processing facility of the company is located at
Adda Bazaar, District Maharajganj, Uttar Pradesh with an installed
capacity of 38,400 tonnes per annum (TPA) for processing of paddy
as on September 30, 2013.

For FY13 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR69.24 crore and PAT of
INR1.17 crore as compared to INR39.34 crore and INR0.01 crore for
FY12. In H1FY14, the company has achieved a total operating income
of INR42 crore.


SHIV SHAKTI: CARE Revises Rating on INR17.12cr Loans to 'B+'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shiv Shakti Ginning And Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        17.12      CARE B+ Revised
   Facilities                       from CARE B

Rating Rationale

The revision in rating is on account of growth in the scale of
operations and improvement in the capital structure of Shiv Shakti
Ginning and Pressing Private Limited.  The rating, however,
continues to remain constrained by its thin profitability, weak
debt coverage indicators and high leverage. The rating is further
constrained by the susceptibility of its operating margins to the
volatile cotton prices and its presence in a highly fragmented and
working capital intensive cotton ginning industry.

The rating, however, continues to derive strength from the vast
experience of the promoters in the cotton ginning business and
SSGPL's favorable location in the cotton-growing belt of Gujarat.
The ability of SSGPL to significantly increase its scale of
operations and improve its profitability by moving up the cotton
value chain along with an improvement in its capital structure
would be the key rating sensitivities.

SSGPL was incorporated in 2007 and the commercial production
started in December 2008. It has a composite cotton ginning and
pressing unit at Anjar in the Kutch district of Gujarat. SSGPL had
an installed production capacity of 97,440 cotton bales per annum
as on March 31, 2013. SSGPL also trades agricultural commodities
such as cotton, cotton seeds, ground nut oil, sugar and palmoline
oil.

During FY13 (refers to the period April 1 to March 31), SSGPL
reported a total operating income of INR262.08 crore with a PAT of
INR0.26 crore as against a total operating income of INR124.65
crore with a PAT of INR0.10 crore in FY12.


SIDDHI VINAYAK: CRISIL Assigns 'D' Ratings to INR340MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Siddhi Vinayak Power Generation & Distributors
Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               180.5     CRISIL D (Assigned)
   Cash Credit              44.5     CRISIL D (Assigned)
   Letter of Credit        115.0     CRISIL D (Assigned)

The ratings reflect instances of delay by Siddhi in meeting its
debt obligations; the delays have been caused by the company's
weak liquidity due to cash flow mismatches owing to delay in
commissioning of project and absence of long-term power purchase
agreement (PPA).

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Siddhi Vinayak Power Generation &
Distributors Private Limited and Swarup Power Generation Private
Limited, here in referred to as Siddhi Group. This is primarily
because both the entities are controlled by the same management
and are engaged in generation, distribution and transmission of
electricity. Since both the companies are owned by the same
promoters, they entered into a Memorandum of understanding (MOU)
to jointly develop their plants. Later on, Swarup leased out its
capacity to Siddhi.

Siddhi is into generation, distribution and transmission of
electricity. It is operating a 17.46 MW gas based power project in
Surat, Gujarat, which uses natural gas as the primary fuel. Siddhi
started commercial operations on March 1, 2013 and is currently
operating at a PLF (Plant Load Factor) of 95-97 per cent.


SITSON INDIA: CRISIL Suspends 'BB' Ratings on INR252MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sitson
India Private Limited (SIPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Bank Guarantee    180     CRISIL A4+ Suspended
   Proposed Cash Credit         7     CRISIL BB/Stable Suspended
   Limit
   Proposed Term Loan         245     CRISIL BB/Stable Suspended


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

SIPL was set up as a partnership firm in 1978 by two technocrats
Mr. Dilip Bhamare and Mr. Ramarao Nandris. It was reconstituted as
a private limited company in 1999. SIPL manufactures boilers and
its auxiliary products, such as soot blowers. The company has also
diversified into undertaking turnkey projects for power
generation, co-generation and setting up sugar plants.

The company's manufacturing unit is at Dombivali near Mumbai
(Maharashtra). Mr. Dilip Bhamare is the managing director of the
company.


SRI AISHWARYA: CRISIL Assigns 'BB' Ratings to INR90.2MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Sri Aishwarya Refinery Pvt. Ltd. (SARPL; part
of the Maniyar refinery group)

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               49      CRISIL BB/Stable (Assigned)
   Long-Term Loan            41.2    CRISIL BB/Stable (Assigned)

The rating reflects the Maniyar refinery group's established
regional presence in the edible oil industry, aided by the
extensive industry experience of its promoters and its moderate
financial risk profile. These rating strengths are partially
offset by the moderate scale of operations in the intensely
competitive edible oil refining segment and the susceptibility of
its operating profitability to volatility in raw material prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SARPL with its associate entity,
Maniyar Refinery Pvt. Ltd., collectively referred to as the
Maniyar refinery group, herein. This is because both the entities
are in a similar line of business and share significant business
synergies.

Outlook: Stable

CRISIL believes that the Maniyar refinery group will continue to
maintain its established regional presence in the edible oil
industry, aided by its promoters' extensive industry experience
over the medium term. The outlook may be revised to 'Positive' if
there is substantial and sustained improvement in the group's
profitability, while registering healthy revenue growth, or a
substantial increase in its net worth on the back of equity
infusion from promoters. Conversely, the outlook may be revised to
'Negative' if there is steep decline in the Maniyar refinery
group's profitability or significant deterioration in its capital
structure because of larger-than-expected working capital
requirements.

SARPL and MRPL were set up by Mr. Kailash Chand Maniyar and his
family in 2011 and 2007, respectively. Both the companies are
involved in the refining and sale of edible oil.

During 2012-13 (refers to financial year April 1 to March 31), the
Maniyar refinery group, on a consolidated basis, reported a profit
after tax (PAT) of INR8.4 million on net sales of INR1.7 billion.


SRI KARPAGA: ICRA Assigns 'BB-' Ratings to INR6.25cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR4.08
crore term loans, INR1.50 crore fund based facilities and INR0.67
crore proposed long term facilities of Sri Karpaga Vinayagar
Textiles. The outlook on the long-term rating is stable.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   LT Scale-Term        4.08      [ICRA]BB- (Stable)/assigned
   Loans

   LT Scale-Fund        1.50      [ICRA]BB- (Stable)/assigned
   Based (CC)

   LT Scale-Proposed    0.67      [ICRA]BB- (Stable)/assigned
   limits

The assigned rating factors in the experience of the promoters in
the textiles industry for over two decades, favorable yarn demand
and better power scenario in the current fiscal. The firm is into
manufacture of blended yarn (75% polyester and 25% cotton), which
commands a steady demand; the firm's major presence in the finer
counts (50s-70s count range) with improving scale on the back of
addition of capacities has led to better absorption of fixed costs
and margin stability in 2012-13. Favorable yarn demand coupled
with better power scenario in Tamil Nadu has supported the sales
growth and expansion of margins for the firm in the current
fiscal, 2013-14. The rating is however constrained by relatively
limited scale of operations with ~26,168 spindles which restricts
pricing flexibility and competitiveness, given the highly
fragmented structure of the Indian spinning industry. The rating
also considers the moderate financial profile of the firm
characterized by moderate capital structure and coverage
indicators on the back of large losses incurred in 2011-12
resulting in significant erosion of tangible networth. With
improving yarn demand and favorable power scenario, the capacity
utilization levels have improved in the last few months; this is
likely to result in better margins, accruals and improvement in
debt protection metrics of the firm.

Sri Karpaga Vinayagar Textiles was started in 1990 as a
partnership firm by Mr. Muthumaran, Mr. Sathya Kumar, and Ms.
Velumani. Mr. Muthumaran retired in 2006 and Ms. Suganya (wife of
Mr. Sathya Kumar) joined the firm as partner. Located in Pollachi,
Tamil Nadu, the firm has a capacity of 26,168 spindles and is into
blended yarn manufacturing (75% polyester and 25% cotton) in the
count range of 50s-70s. The firm procures cotton and polyester
locally (mostly from Tamil Nadu) and sells to Bhiwandi,
Ichalkaranji, and other markets of Maharashtra through agents.

Recent Results

According to audited results, the firm reported profit after tax
of INR2.17 crore on an operating income of INR28.64 crore during
the year 2012-13, as against net loss of INR3.60 crore on an
operating income of INR14.05 crore during the previous financial
year 2011-12.


SRI MAHARAJA: ICRA Reaffirms 'BB-' Rating on INR10cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR10.00 crore fund based facilities of Sri Maharaja Industries
at '[ICRA]BB-'. The outlook on the long-term rating is stable.
ICRA has also reaffirmed the short-term rating outstanding on the
INR39.38 crore non-fund based facilities of SMR at '[ICRA]A4'.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based           10.00      [ICRA]BB- (Stable) reaffirmed
   facilities

   Non-fund based       39.38      [ICRA]A4 reaffirmed
   facilities

For arriving at the ratings, ICRA has taken a consolidated view of
the business and financial profile of the two entities engaged in
the edible oil business in the Maharaja group (viz. Sri Maharaja
Industries and Sri Maharaja Refineries), due to the strong
operational and financial linkages between the entities.
The ratings reaffirmation factor in the rich experience of the
promoters in the edible oil business, with over five decades, this
coupled with steadily increasing consumption of palm oil in India
aids volume growth. The group imports and trades Refined Bleached
and Deodorized palm oil (RBD palm Oil) the consumption of which
has been increasing since September 2011, as the changes in duty
structure by Indonesia made import of RBD palm oil relatively
cheaper than sales of domestically refined palm oil (refine from
crude palm oil imported from Indonesia). The rating reaffirmation
also draws comfort from the steady accruals from the leasing
operations of Maharaja Theatre and Theme Park, and the financial
support enjoyed from group companies in the form of unsecured
loans, which has supported the liquidity position in 2012-13 and
2013-14. Despite losses on the trading business, owing to high
volatility in commodity prices and exchange rate movements, steady
accruals from leasing operations limited the said impact on the
group's credit profile.

The ratings are however constrained by the weak financial profile
of the consolidated entity characterized by moderately high
gearing, thin operating accruals, and exposure of earnings to
volatile raw material prices and exchange rates. The ratings are
also limited the intense competition in the business, which
restricts pricing flexibility, high product concentration in palm
oil, and the susceptibility of earnings to changes in duty
structure imposed by Government of India and by key palm oil
producing nations.

SMR is engaged in refining and trading of edible oil (primarily
trading of Refined Bleached Deodorised Palm oil). Established in
1977, the Firm operates from Erode, where it has a refining
capacity of 100 tonnes per day. SMR sells the refined palm oil,
either imported from Malaysia and Indonesia or bought from other
traders, across the southern states. SMR also procures crude
groundnut oil, refines it, and sells in Tamil Nadu either directly
or through commission agents; however, the sales of refined
groundnut oil constitute less than 5% of total sales (2012-13).
SMR is a part of the Maharaja group, (established by Mr.
Paramasivam and his family), a diversified business group based in
Erode, Tamil Nadu with presence in edible oil trading / refining,
textiles, educational institutions, and hospitality &
entertainment sector.

Recent Results

For 2012-13 (according to provisional results), SMR had a net
profit of INR0.2 crore on an operating income of INR154.5 crore.


SRS FINANCE: ICRA Suspends 'BB-' Rating on INR25cr LT Bank Loans
----------------------------------------------------------------
ICRA has suspended the '[ICRA]BB-(Stable)' rating assigned earlier
to the INR25 Crore bank facilities of SRS Finance Limited.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term            25        [ICRA]BB-(stable) suspended
   Bank Lines

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SUSEE AUTOMOBILES: ICRA Revises Rating on INR10.6cr Loans to BB-
----------------------------------------------------------------
ICRA has revised the rating outstanding on the INR0.09 crore term
loan facilities (revised from INR0.29 crore), the INR5.00 crore
long term fund based facilities (revised from INR2.00 crore) and
the INR5.51 crore proposed long term facilities (revised from
INR8.31 crore) of Susee Automobiles Private Limited to '[ICRA]BB-'
from '[ICRA]BB'. The outlook on the long term rating is stable.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Term loan            0.09       Revised to [ICRA]BB- (Stable)
   Facilities                      from [ICRA]BB (Stable)


   Long term fund       5.00       Revised to [ICRA]BB- (Stable)
   based facilities                from [ICRA]BB (Stable)


   Proposed long        5.51       Revised to [ICRA]BB- (Stable)
   term facilities                 from [ICRA]BB (Stable)

While arriving at the rating, ICRA has considered the consolidated
risk profile of i) SAPL, and ii) Susee Auto Sales and Service
Private Limited (SASSPL) and its subsidiary, Susee Auto Spares
Private Limited (SASPL), and iii) Susee Premium Automobiles
Private Limited (SPAPL).

The revision in rating reflects the deterioration in SAPL's
financial profile marked by tightening of liquidity position.
Increase in inventory levels following the macro-economic
slowdown, coupled with negligible profits/accruals, have
necessitated increase in working capital requirements, and these
have led to higher working capital utilizations by the company
with frequent overdrawals. The company has also borrowed an
additional term loan during the current fiscal year, to manage
working capital requirements. Majority of the repayment of this
term loan falls in 2013-14, and this has increased SAPL's
financial commitments for the year; the repayment obligations are
estimated to be significantly higher than anticipated accruals in
2013-14. With low profits, substantial repayments and no
significant reduction in working capital intensity and debt levels
planned going forward, ICRA expects the company's cash flow
position to remain stretched in the near term.

The rating is also constrained by the company's stretched
capitalization and coverage indicators, significant intra-group
transactions and loans given to ailing group entities, and
susceptibility of sales to the inherent cyclicality of the
automobile industry. Further, SAPL has shifted the Mahindra Trucks
and Buses (MTB) dealership from this company to another group
entity, SASSPL during the current fiscal year and this is likely
to cap revenue growth in 2013-14. The rating, however, takes into
account the established position of the company as the sole
authorised dealer in Madurai and five other districts in Tamil
Nadu for vehicles of Mahindra and Mahindra Limited (M&M), the
market leader in the domestic utility vehicles segment, and the
long standing experience of the promoters in the auto dealership
business.

Incorporated in 2004, Susee Automobiles Private Limited is the
sole authorised dealer for vehicles of M&M in Madurai and five
other districts of Tamil Nadu. The company also sells pre owned
vehicles through Mahindra First Choice from 2010-11. SAPL was also
earlier engaged in dealership of vehicles of Ford India Private
Limited (FIPL) and MTB; these are currently addressed by group
companies. SAPL, which is wholly-owned by the promoter, Mr. S.
Jeyabalan and his son, Mr. J. Rajiv Subramanian, has fourteen
outlets across Tamil Nadu, three of which are 3S.


SUVEN NISHTAA: CRISIL Suspends 'D' Ratings on INR252.2MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suven
Nishtaa Pharma Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.5      CRISIL D Suspended
   Cash Credit             15.0      CRISIL D Suspended
   Letter of Credit         2.5      CRISIL D Suspended
   Long-Term Loan         205.4      CRISIL D Suspended
   Proposed Long-Term      26.8      CRISIL D Suspended
   Bank Loan Facility

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

SNPL, a 100 per cent export-oriented unit, was set up by Suven
Life Sciences Ltd (SLSL; rated 'CRISIL BB+/Stable/CRISIL A4+') and
Mr. R S Prasad. SNPL commenced commercial operations in 2009-10
(refers to financial year, April 1 to March 31). The company
provides contract research services in the field of product
development (generic and new chemical entity formulations), novel
drug delivery system, scale up and manufacturing, and analytical
and regulatory management. SNPL has over 80 employees engaged in
scientific research and its laboratories comply with good
laboratory practice and current good manufacturing practice
requirements.


SWARUP POWER: CRISIL Assigns 'D' Rating to INR280MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Swarup Power Generation Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                280      CRISIL D

The rating reflects instances of delay by Swarup in meeting its
debt obligations; the delays have been caused by the company's
weak liquidity due to cash flow mismatches owing to delay in
commissioning of project and absence of long-term power purchase
agreement (PPA).

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Siddhi Vinayak Power Generation &
Distributors Private Limited and Swarup Power Generation Private
Limited, here in referred to as Siddhi Group. This is primarily
because both the entities are controlled by the same management
and are engaged in generation, distribution and transmission of
electricity. Since both the companies are owned by the same
promoters, they entered into a Memorandum of understanding (MOU)
to jointly develop their plants. Later on, Swarup leased out its
capacity to Siddhi.

Swarup was incorporated to carry out the generation, distribution
and transmission of electricity. Swarup entered into a Memorandum
of Understanding (MOU) to jointly develop its plants with Siddhi,
owned by same promoters. Later on, Swarup leased out its capacity
to Siddhi.


VANDANA GLOBAL: CARE Cuts Rating on INR100.6cr Loans to 'BB+'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Vandana Global Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       100.60      CARE BB+ Revised from
   Facilities                       CARE BBB-


   Short-term Bank      147.00      CARE A4 Revised from
   Facilities                       CARE A 3


   Long-term/Short-      35.00      CARE BB+/CARE A4 Revised
   Term Bank                        from CARE BBB-/CARE A3
   Facilities

Rating Rationale

The rating revision is on account of the weakened financial risk
profile of the company marked by significant debt funded capacity
expansions, risks associated with the project implementation,
project funding risk and deterioration in liquidity profile. The
ratings continue to be constrained by the significant corporate
guarantee provided by Vandana Global Ltd (VGL) on behalf of
subsidiaries, joint venture and group companies, exposure to
adverse movement in raw material prices and cyclical nature of the
industry which may affect the profitability and cash flows of the
company.

The ratings, however, continue to derive strength from the long
track record of the company, experienced promoters and established
position in the steel industry, linkages for sourcing of raw
material, captive availability of power and diversified customer
base.

Going forward, the timely infusion of fund for project (including
call-back of advances from group companies), achieve envisaged
turnover and profitability while maintaining its liquidity profile
and timely commissioning of projects without any cost escalation
are the key rating sensitivities.

Incorporated in 1996, VGL is part of the Vandana Group of Raipur
(Chhattisgarh) and promoted by Mr Gopal Prasad Agarwal. The
company started commercial operations in 2001 and is engaged in
the production of sponge iron in Siltara industrial area, Raipur.
As on March 31, 2013, VGL had production capacities of sponge iron
of 231,000 MTPA, steel melting shop of 129,640 MTPA, ferro
alloy plants having capacity of 25,000 MTPA, thermal power plant
of 41 MW out of which 18 MW based on waste heat recovery and wind
mill power plant of 2.03 MW in Karnataka.

VGL reported a profit after tax of INR12.76 crore on the total
income of INR563.97 crore in FY13 (refers to the period April 1 to
March 31) as against a profit after tax of INR15.51 crore on the
total income of INR528.79 crore in FY12. As per the unaudited
results for Q1FY14, VGL has achieved a total operating income of
INR144.12 crore and recorded net profit of INR3.08 crore.


WASAN AUTO: CARE Reaffirms 'BB-' Rating on INR8cr LT Bank Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Wasan Auto Sales Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          8        CARE BB- Reaffirmed
   Facilities

Rating Rationale

The rating of the bank facilities of Wasan Auto Sales Private
Limited continues to be constrained by the fluctuating trend in
the operating income, leveraged capital structure and weak debt
coverage indicators. The rating also considered the erosion in the
net-worth due to net loss coupled with the subdued outlook of the
auto industry.  The rating, however, continues to draw strength
from the extensive experience of the promoters in the automobile
dealership business. Furthermore, the rating favorably takes into
the consideration the growing demand of the recently launched
vehicle.  The ability of WASPL to improve its scale of operations
along with improvement in the profitability
margins are the key rating sensitivities.

Wasan Auto Sales Private Limited was promoted by the late Mr
Kundanlal Wasan. The company is an authorized dealer of Ford India
Private Limited and is engaged in the sales and services of
vehicles along with sale of spare parts. The company also acts as
a commission agent for insurance companies and provides vehicles
insurance (commission income contributed around 6% in the total
income during the last two years ended FY13; refers to the period
April 1 to March 31). WASPL has 2 full-fledged showroom (3S,
sales, service and spares) at Chembur & Marine Lines (opened in
August 2011) and workshop at Deonar village, Mumbai.

The company is part of the Wasan Group, which is having varied
business interests in the field of hospitality industry, logistics
and automobile dealerships (passengers/commercial vehicles of Tata
Motors Limited and Toyota India). The group has a total of 45
automobiles showrooms including service stations spread across
western region of Maharashtra.

During FY13, WASPL reported a total operating income of INR41.78
crore (declined by 37% as compared with FY12) and cash loss of
INR0.49 (vis--vis profit of INR0.09 crore in FY12). Furthermore,
the company has achieved the total operating income of around
INR29.92 crore and PBT of around INR0.15 crore till September 30,
2013.



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


MERPATI NUSANTARA: Government Saves Carrier From Liquidation
------------------------------------------------------------
The Jakarta Post reports that the government's decision on
November 12 to save ailing state-owned carrier Merpati Nusantara
Airlines from liquidation has opened the way for the entry of new
investors who had earlier expressed an interest in acquiring the
carrier, a minister said.

According to the report, State-Owned Enterprises Minister Dahlan
Iskan said a number of foreign and domestic investors had
expressed an interest in becoming strategic investors to maintain
the airline's operations.

However, the investors had been awaiting the government's decision
as to whether it would keep the company afloat or close its
operations down, the report relays.

The Jakarta Post notes that Merpati faced the real threat of
closure due to its tremendous debts, totaling IDR6.7 trillion
(US$578.7 million), which is owed to the government and several
state-owned companies including PT Pertamina, airport management
companies, PT Angkasa Pura I and PT Angkasa Pura II and the Asset
Management Company (PPA).

The report says that during a meeting led by Coordinating Economic
Minister Hatta Rajasa, the government decided to keep the airline
flying and help find investors to repay its debts and fund a route
expansion. The PPA had proposed to liquidate Merpati as it doubted
the airline's capacity to grow and to pay its debts.

"The government thinks the company still has potential," the
report quotes Mr. Hatta as saying.

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.



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


CENTRAL TRACTORS: Asset Sale Yields Low Return to Creditors
-----------------------------------------------------------
Jono Galuszka at Manawatu Standard reports that Central Tractors
and Machinery Ltd has been sold, but the sale has raised just
10 per cent of the NZ$1.4 million owed to creditors.

Manawatu Standard relates that the first receivership report for
Central Tractors -- a finalist in the Feilding Excellence in
Business Awards last year -- showed it owed creditors NZ$1.4
million.

Manawatu Standard discloses that C L & D E Mandeson Trust was owed
the lion's share, NZ$455,000, with other creditors including Marac
Finance and Bank of New Zealand.

The report, prepared by Thomas Rodewald -- tomr@rhb.co.nz -- shows
the business was sold for NZ$140,000.

Assets owned by Central Tractors were sold to the tune of
NZ$94,000, while the sales vehicles belonging to the business
netted NZ$34,000.  The receivers have recovered NZ$357,000 so far.

According to Manawatu Standard, Mr. Rodewald said in his report
that Central Tractors traded during receivership until it was sold
on September 13 -- 13 days after the receivers were called in.  He
also said unsecured creditors were unlikely to be paid, Manawatu
Standard relays.

Owned by Gwyn Bliss-Bennett and John Bliss, Central Tractors was
placed into receivership due to the state of the company's
financial records.  It had turnover of NZ$2.26 million this year
and employed six staff, Manawatu Standard discloses.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

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 ***