TCRAP_Public/131119.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

          Tuesday, November 19, 2013, Vol. 16, No. 229


                            Headlines


A U S T R A L I A

ACP FISHING: Clifton Hall Appointed as Liquidators
ELDERS LTD: Directors Raise Going Concern Doubt
FORTESCUE METALS: Moody's Ups Corporate Family Rating to 'Ba2'
FREEDOM SYSTEMS: Creditors' Meeting Set For November 26
KENSINGTON CLAPTON: Clifton Hall Appointed as Liquidators

KITSET KITCHENS: Placed in Liquidation, Customers Lose Deposits
MIRABELA NICKEL: S&P Lowers Corporate Credit Rating to 'D'


C H I N A

CHINA SOUTH CITY: S&P Revises Outlook to Pos. & Affirms 'B+' CCR
SUNTECH POWER: Factories to Keep Operating as Sale Deal Approved


I N D I A

AHUJA OVERSEAS: CARE Reaffirms 'B+' Rating on INR0.41cr Loans
AJEET & COMPANY: CARE Reaffirms 'BB' Rating on INR11cr LT Loans
AJMERA PHARMASURE: CARE Reaffirms 'BB-' Rating on INR8.2cr Loans
ANNEX GLASS: CRISIL Suspends 'D' Ratings on INR190MM Loans
B S TAR: CRISIL Reaffirms 'B+' Ratings on INR60MM Loans

BALWINDRA TOOLS: CRISIL Cuts Ratings on INR17.5MM Loans to 'B'
CHAMELI FLOUR: CRISIL Suspends 'B+' Ratings on INR227.5MM Loans
COMFORT HOSPITALITY: CRISIL Reaffirms D Ratings on INR77.3M Loans
DYNAMIC (C G): CRISIL Reaffirms 'B+' Ratings on INR540MM Loans
GREEN VALLIEY: CRISIL Suspends 'D' Ratings on INR1.55BB Loans

HERMAN PROPERTIES: CRISIL Suspends 'B+' Ratings on INR300MM Loans
HIM CHEM: CRISIL Reaffirms 'D' Ratings on INR420MM Loans
IMPEX METAL: CARE Lowers Ratings on INR291cr Loans to 'BB+'
INFANT ENGINEERS: CRISIL Cuts Ratings on INR50MM Loans to 'B'
K K P HI TECH: CRISIL Ups Ratings on INR123.4MM Loans to 'BB'

K K P TEXTILES: CRISIL Raises Ratings on INR662.3MM Loans to 'BB'
K K P WEAVING: CRISIL Ups Ratings on INR129.8MM Loans to 'BB'
K.K.P. FINE: CRISIL Upgrades Rating on INR8.2MM Loan to 'BB'
KKP SPINNING: CRISIL Raises Ratings on INR579.10MM Loans to 'BB'
KARNATAKA VEERASHAIVA: CRISIL Reaffirm BB+ Rating on INR200M Loan

KAY KAY: CRISIL Suspends 'BB+' Rating on INR75MM Cash Credit
KEDIA CARBON: CRISIL Suspends 'BB+' Rating on INR80MM Cash Credit
LAKSHMI CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR70MM Loan
LINUS PROCESSORS: CRISIL Suspends 'B' Rating on INR80MM Loan
MA BHAGWATI: CRISIL Suspends 'D' Ratings on INR239MM Loans

MAJESTIC EXPORTS: CRISIL Suspends 'D' Ratings on INR168.1MM Loans
MERA BABA: CRISIL Suspends 'D' Rating on INR400MM Term Loan
METRO PANELS: CRISIL Assigns 'B+' Ratings on INR55MM Loans
MRG AUTO: CRISIL Reaffirms 'B' Ratings on INR290MM Loans
NAINITAL TARAI: CARE Reaffirms 'BB' Rating on INR9.79cr Loans

NAROLA GEMS: CARE Ups Ratings on INR40cr LT Bank Loans From BB+
NAV BHARAT: CRISIL Suspends 'D' Ratings on INR75.3MM Loans
NEW MODERN: CRISIL Assigns 'BB-' Ratings to INR280MM Loans
NIRMAL PUMPS: CRISIL Suspends 'BB' Ratings on INR96.5MM Loans
NOEL PHARMA: CRISIL Suspends 'D' Ratings on INR20MM Loans

OTTOMAN INDUSTRIES: CRISIL Suspends 'BB-' Rating on INR150M Loans
PADMANABH HEALTHCARE: CRISIL Reaffirms 'B-' Rating on INR68M Loan
PAN FUELTECH: CRISIL Suspends 'B-' Ratings on INR70MM Loans
PRAGATI AGRI: CARE Rates INR6cr LT Bank Loans at 'BB'
RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR80MM Loan

RAMOJI GRANITE: CARE Cuts Rating on INR24.53cr Loans to 'BB-'
RK AGARWAL: CARE Reaffirms 'BB' Rating on INR14.01cr Loans
ROHIT FERRO: CARE Cuts Ratings on INR1,366.23cr Loans to 'BB-'
SHREE SHYAM: CARE Assigns 'BB-' Rating to INR5.42cr LT Loans
SHRI HARI: CARE Assigns 'B' Rating to INR5.26cr LT Bank Loans

SHRINIWAS MACHINE: CRISIL Ups Ratings on INR145MM Loans to 'BB-'
SINGAN PROJECTS: CARE Revises Rating on INR20cr Loans to 'B+'
SOMA SRINIVAS: CRISIL Rates INR30MM Loan at 'BB-'
SURYAUDAY SPINNING: CRISIL Suspends D Ratings on INR308.4MM Loan
SVVR EDUCATIONAL: CRISIL Reaffirms 'B-' Rating on INR130M Loan

TIRUPATI UDYOG: CRISIL Suspends 'D' Ratings on INR331MM Loans
UNITED MARINE: CRISIL Suspends 'D' Ratings on INR99.9MM Loans
VIDHATA METAL: CRISIL Suspends 'B' Ratings on INR141MM Loans
VOORA PROPERTY: CRISIL Reaffirms 'BB-' Rating on INR365MM Loan


J A P A N

TOKYO ELECTRIC: Pins Profit on Plant Restarts, Rate Rise


N E W  Z E A L A N D

BLACKTOP CONSTRUCTION: Fulton Hogan to Continue Road Works
CHORUS LTD: With Dividend Guidance on Regulatory Uncertainty
REYNOLDS GROUP: Moody's Rates Senior Secured Credit Facilities B1


S I N G A P O R E

GLOBAL A&T: Moody's Puts B2 Ratings on Review for Downgrade


S O U T H  K O R E A

* SOUTH KOREA: Large Shipping Groups Struggle to Stay Afloat


X X X X X X X X

* BOND PRICING: For the Week Nov. 11 to Nov. 15, 2013


                            - - - - -


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


ACP FISHING: Clifton Hall Appointed as Liquidators
--------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
joint and several liquidators of ACP Fishing Charters Pty Ltd on
Nov. 15, 2013.


ELDERS LTD: Directors Raise Going Concern Doubt
-----------------------------------------------
Brian Robins at The Sydney Morning Herald reports that directors
of rural merchandiser Elders Ltd. have warned of "material
uncertainties" over the group's future if it is unable to divest
assets and reduce debt.

SMH says the warning came as it disclosed a loss of
AUD505.2 million, which has all but wiped out its remaining
reserves.

Over the past five years, Elder's has lost a combined
AUD1,594.2 million, which has left the company with shareholders
equity of just AUD46.2 million, little changed from its
sharemarket worth of AUD50.1 million at the end of September, when
it ruled off its books, according to SMH.

At the same time, its gearing ratio stood at 552 per cent, given
its borrowing level of AUD295.1 million, the report discloses.

"While the total loss for abnormal and non-recurring items is the
largest yet, it also marks the near completion of what has been a
five year process of rationalisation and restructuring of assets,
operations, finances and carrying values," the chairman, Mark
Allison said in the annual report, released on November 18, SMH
relays.

Over the past year, this included selling its auto interests and
the near-completion of the forestry divestment program, the report
notes.

"In addition the carrying value of intangibles relating to the
Elders Rural Services businesses have been impaired to modest
levels," the report relays.

The report says now that the group is once again purely a rural
services operator, the focus now is on recapitalising the balance
sheet, shareholders were told.

Borrowing conditions imposed on the group mean it must "realise
certain investments and assets, for which the directors have
instituted an orderly divestment process, or to otherwise obtain
additional or replacement debt or equity funding," shareholders
were told in the latest annual report, SMH relates.

According to SMH, several "material uncertainties" were disclosed
-- whether it will continue to trade within expectations, whether
the asset sale program will be achieved in respect of quantum and
timing of sales; and whether debt reduction milestones will be met
or be supplanted in whole or in part by alternative capital or
funding proposals.

"Resolution of these material uncertainties is fundamental to the
ability of the Group to pay its debts as and when they become due
and payable and to continue as a going concern," Elders, as cited
by SMH, said.

Elders Limited, formerly Futuris Corporation Limited, --
http://www.elders.com.au/-- is Australia's rural and regional
company.  The company's businesses consist of Elders Rural
Services, Elders Financial Services, Forestry and Automotive.


FORTESCUE METALS: Moody's Ups Corporate Family Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has upgraded Fortescue Metals Group
Limited's corporate family rating (CFR) to Ba2 from Ba3. At the
same time Moody's has upgraded FMG Resources (August 2006) Pty
Ltd's senior unsecured notes ratings to Ba3 from B1 and senior
secured term loan rating to Baa3 from Ba1. The outlook on all
ratings remains positive.

The upgrade follows announcement that Fortescue has issued a
USD1.0 billion voluntary redemption notice to the trustee of its
USD2.04 billion Senior Unsecured Notes due 2015. As part of the
announcement, the company also stated that it anticipates retiring
the remaining USD1.04 billion of notes in the coming months
subject to market conditions. Announcement follows last week's re-
pricing and amendment of the USD4.95 billion senior secured term
loan facility, which reduces the interest margins and extends the
maturity of the facility.

Ratings Rationale:

"The one-notch upgrade reflects the strengthening in Fortescue's
credit profile following the announced progress on its debt
reduction strategy and the continued execution on its expansion
plans", says Matthew Moore -- a Moody's Vice President and Senior
Analyst. "The announced notes redemption and the expectation for
further debt repayment over the coming months demonstrates the
company's commitment to its debt reduction strategy, which Moody's
previously highlighted as a factor leading to improvements in the
company's ratings", Moore adds.

The upgrade also reflects Fortescue's ongoing success around its
expansion activities, which Moody's also previously stated could
lead to an upgrade. "Continued improvements in production and cash
flow generation combined with announcement accelerates Moody's
expectation for improvements in Fortescue's financial metrics",
adds Moore.

Under Moody's base case assumptions of iron ore prices of around
USD110 to USD120 (based on 62% Fe), Moody's now expects
Fortescue's debt-to-EBITDA to improve to around 2.0x to 2.5x in
fiscal year ending 30 June 2014.

"The positive outlook reflects Moody's expectation that Fortescue
will continue to execute on its expansion plans and complete the
final phase of expansion activities in the first half of the 2014
calendar year" says Moore. "The positive outlook also reflects the
company's announced intentions to further reduce debt over the
next 12 to 24 months.

The announced notes redemption is the first major step in
Fortescue's announced intention to reduce its debt levels and
improve its gearing levels towards its desired level of 40%. As of
FY13, Fortescue's debt-to-capital was around 68%, and Moody's
expects the ratio to decline to 55% to 60% in FY14.

Fortescue is nearing completion of its massive expansion plans,
which has led to a step change in the company's production profile
and revenue generation ability. Upon completion, production will
increase to around 155mtpa, almost triple the levels achieved in
FY12. This drives substantial improvements in the cash flow
generation ability and unit costs of production for the company.
Moody's expects full year production for FY14 to be around 125 to
130mt, resulting from the completion and ramp up of the Firetail
mine at the Solomon Hub in the June 2013 quarter and the expected
completion of the Kings mine in early calendar 2014.

The notes redemption, combined with the recent term loan re-
pricing and amendment, significantly improves Fortescue's near
term maturity profile and will reduce interest expense going
forward by over USD130 million.

The ratings could be upgraded if Fortescue 1) completes its
expansion and establishes a track record of producing at the full
expanded 155mtpa capacity, 2) continues to execute on its debt
reduction plans such that debt-to-EBITDA is maintained below 2.5x
and FFO-to-Interest to be maintained above 4.0x on a consistent
basis. A key issue for a rating upgrade will be the company's
growth intentions post completion of the current phase of its
expansion program.

The outlook could revert to stable or face negative pressure if
the company experiences any unexpected execution challenges with
the remaining expansion activities, embarks on any material
further expansions, and/or adapts more aggressive shareholder-
friendly initiatives, such that credit metrics do not remain in
line with Moody's expectations. Iron ore prices sustained
materially below Moody's base case assumptions could also lead to
negative pressure on the rating or outlook.

At the Ba2 rating level, Moody's expects Fortescue to consistently
maintain Debt-to-EBITDA below 3.5x and FFO-to-Interest above 3.0x.

Fortescue Metals Group Limited based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China. Fortescue is Australia's third largest
iron ore producer and exporter as well as one of the world's
largest producers and sea-borne traders. Fortescue has around 15.6
billion tonnes of iron ore Resources, including 2.2 billion tonnes
of reserves, and its tenement holdings span an area of over 85,000
square km in the Pilbara region of Western Australia. For the
September 2013 quarter, Fortescue achieved and annual run rate of
around 104mtpa of production with production for the month of
September at an annualized rate of around 116mt. Moody's expects
full year shipments for FY2014 to be around 130mt.


FREEDOM SYSTEMS: Creditors' Meeting Set For November 26
-------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
joint and several liquidators of Freedom Systems Pty Limited on
Nov. 15, 2013.

A meeting of creditors will be held at 10:30 a.m. on Nov. 26,
2013, in the offices of Clifton Hall, Level 1, 12 Gilles Street,
in Adelaide.


KENSINGTON CLAPTON: Clifton Hall Appointed as Liquidators
---------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
joint and several liquidators of Kensington Clapton Pty. Ltd. on
Nov. 15, 2013.

A meeting of creditors will be held at 11:00 a.m. on Nov. 26,
2013, in the offices of Clifton Hall, Level 1, 12 Gilles Street,
Adelaide.


KITSET KITCHENS: Placed in Liquidation, Customers Lose Deposits
---------------------------------------------------------------
Madeline Saporito at The Courier reports that Ballarat customers
have been left high and dry after Hamilton-based Kitset Kitchens
went into liquidation and closed its Ballarat shop.

The Courier says Kitset Kitchens employees and customers have
joined in voicing their concerns about potential financial losses,
after the business went into liquidation earlier this month.

The company has closed its Ballarat shopfront and stores in
Blackburn, Thornbury, Moorabbin and Hamilton, the report notes.

According to the report, one Ballarat resident, who did not wish
to be named, was informed of the closure by a family member days
after the company's announcement.

After spending more than AUD10,000 with Kitset Kitchens on several
occasions, the Ballarat customer said she had come to trust the
quality and reputation of the business.

The Courier relates that the customer has received a phone call
from Melbourne-based liquidation firm, Bent and Cougle, which was
appointed to the Kitset Kitchens case.

"He said there was no way to sweeten it, but we've lost our
deposit and we're not getting our kitchen," the customer, as cited
by The Courier, said.

Some customers will be able to claim their completed kitchens that
are now stored in the company's warehouse, the report adds.

Bent and Cougle's Hamish MacKinnon -- HMackinnon@bentcougle.com
-- said those who had paid deposits would be creditors in the
liquidation process, a task that he described as difficult and
time-consuming, The Courier reports.

Kitset Kitchens is a family-run business founded in 1946.


MIRABELA NICKEL: S&P Lowers Corporate Credit Rating to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on Australian nickel mining company
Mirabela Nickel Ltd. to 'D' from 'SD'.  The issue rating on the
company's US$395 million 8.75% notes remains at 'D', and the
recovery rating of '4' remains unchanged.

"Today's lowering to 'D' follows Mirabela's announcement that it
had entered into standstill agreements with its key creditors that
have financing facilities with the company for about US$454
million," Standard & Poor's credit analyst Thomas Jacquot said.
"During the 60-day standstill period, Mirabela will not make any
payment of interest or principal under its existing debt other
than as specified."

This downgrade follows S&P's previous lowering of the rating on
Mirabela to 'SD' on Oct. 23, 2013, after the company had failed to
pay its scheduled interest in that month under its US$395 million
notes.  Following the missed interest payment, the company had a
30-day grace period that ended yesterday under its notes
indenture, to remedy the nonpayment.

Mirabela's main creditors -- comprising representatives of the
noteholders, Banco Bradesco S.A., and Caterpillar Financial
Services Corp. -- have agreed not to enforce any rights they
currently have for a period of up to 60 days.  During the
standstill period, Mirabela intends to restructure its debt,
combined with a recapitalization.

"In our view, it is highly likely that the debt restructuring
would be in the form of a distressed exchange because we believe
the company would likely run out of cash by early 2014," said Mr.
Jacquot.  "During the third quarter of 2013, the company's cash
balance reduced by about US$30 million.  If the company were to
use its cash at a similar rate in the fourth quarter, and given
the amounts outstanding under the notes together with a principal
payment in January 2014, its cash reserves would likely be
depleted by early 2014."



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C H I N A
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CHINA SOUTH CITY: S&P Revises Outlook to Pos. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised the
rating outlook on China-based property developer China South City
Holdings Ltd. to positive from stable.  At the same time, S&P
affirmed its 'B+' long-term corporate credit rating and its 'cnBB'
long-term Greater China regional scale rating on the company.  S&P
also affirmed its 'B' long-term issue rating and its 'cnBB-' long-
term Greater China regional scale rating on CSC's outstanding
senior unsecured notes.

"We revised the outlook to positive because we expect CSC's
property sales to remain strong over the next 12 months at least,
because of better execution, higher geographical diversification,
and a stable property market in China," said Standard & Poor's
credit analyst Bei Fu.  "We also anticipate that the company will
be able to sustain its improved financial strength, given that its
project diversification has increased.  We also expect CSC's cash
flow adequacy to remain stable, with stronger sales offsetting
higher borrowings."

S&P assess CSC's business risk profile as "weak" and its financial
risk profile as "aggressive."

CSC's contract sales are likely to be significantly higher than
the company's full-year budget of Hong Kong dollar
(HK$) 11 billion, and S&P's previous base-case expectation of
about HK$9.4 billion.  This is because the second half of CSC's
fiscal year (ending March) is usually the company's peak sales
season.  CSC's contract sales were HK$5.79 billion in the first
half of fiscal 2014 (ending March), year-on-year growth of 202%.

S&P expects CSC's improved project diversification and execution
in new markets to support its property sales in the next two
years.  New markets were the largest contributors to the company's
sales in the first half of fiscal 2014.

"CSC will maintain its profitability at a higher level than peers'
because of low land costs and the nature of its low-rise
construction," said Ms. Fu.  The average cost of CSC's land is
much lower than peers' at less than 5% of its average selling
price.  CSC is able to buy land at lower prices because of the
local governments' partnership and support for the development of
trade centers.

In S&P's view, CSC's improved financial flexibility will
strengthen its financial risk profile next year.  The company
issued HK$975 million convertible notes in April 2013 and drew
down a two-year new offshore loan of HK$500 million in October
2013.

CSC's appetite for debt-funded expansion remains aggressive, in
S&P's opinion, despite the improvement in the company's overall
financial performance.  Such expansion could require significant
capital outlays for development and have long investment horizons.

The affirmed ratings also reflect CSC's large capital expenditure
per project, liquidity buffer in existing trade center units in
Shenzhen, and small but growing recurring property rental income.

S&P could raise the rating if CSC continues to demonstrate strong
sales execution and increase rental income in new markets while
maintaining its financial strength and profit margin over the next
12 months.

S&P may revise the outlook to stable if CSC's sales performance is
weaker than it expects or the company's expansion is more
aggressive than it anticipates, such that EBITDA interest coverage
is well below 3x.  S&P could also revise the outlook if property
sales in fiscal 2014 are well below HK$13 billion.


SUNTECH POWER: Factories to Keep Operating as Sale Deal Approved
----------------------------------------------------------------
Wayne Ma at The Wall Street Journal reports that Suntech Power
Holdings Co., mired in more than $2.3 billion in debt, would pay
back about 30% of what it owes to Chinese creditors in a deal that
would also keep its solar-equipment factories humming under new
management.

The Journal says the move to keep the former operations of China's
onetime solar-power champion operating runs counter to Beijing's
efforts to rein in industrial overcapacity and is a cautionary
tale for overseas investors eager to gain exposure to China's
booming economy. U.S. creditors are owed more than
$500 million in Suntech convertible bonds but it wasn't clear
whether they would recoup their investment, the report says.

According to the report, Shunfeng Photovoltaic International Ltd.,
a smaller rival of Suntech, said November 17 that a court in
Suntech's hometown of Wuxi approved Shunfeng's purchase of
Suntech's main assets in China.

The Journal notes that Suntech once was the world's largest solar-
panel maker by sales but has struggled as global overcapacity
pushed prices lower. The company defaulted on
$541 million in U.S. convertible bonds this year, which put its
main Chinese subsidiary into bankruptcy proceedings in China, the
report notes.

Under the deal, Shunfeng will take over the subsidiary, Wuxi
Suntech Power Co., in exchange for repaying a portion of Suntech's
Chinese debt, according to the Journal. Although Chinese creditors
are owed more than $1.75 billion, they voted last week in favor of
the deal, which allows them to recover about 30% of their claims,
Shunfeng, as cited by the Journal, said.

The Journal relates that Shunfeng said it would pay three billion
yuan ($492 million) to Suntech, with the proceeds earmarked for
Chinese creditors.  Shunfeng said it would kick in an additional
CNY10 million for losses incurred by Wuxi Suntech before it was
pushed into Chinese bankruptcy. The Wuxi government agreed to be
responsible for any claims or losses exceeding that amount,
Shunfeng said.

The report adds that Shunfeng also pledged to invest an additional
CNY3 billion in Wuxi Suntech within two years, some of which will
go toward upgrading its factories.  Shunfeng said it agreed to pay
all of Wuxi Suntech's back taxes, the Journal relays.

Shunfeng said the deal would ensure that Wuxi Suntech's three
factories, which produce solar cells and solar panels, will keep
operating, the Journal reports.

                          About Suntech

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

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

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



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AHUJA OVERSEAS: CARE Reaffirms 'B+' Rating on INR0.41cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ahuja Overseas.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        0.41       CARE B+ Reaffirmed
   Facilities

   Short-term Bank       7.50       CARE A4 Reaffirmed
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the proprietor 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 proprietor in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings continue to remain constrained on account of the
modest scale of operations of Ahuja Overseas in a highly
fragmented textile industry and its financial risk profile marked
by range bound profitability, highly leveraged capital structure
and stressed liquidity position. The ratings are further
constrained due to its constitution as a proprietorship concern,
susceptibility of its operating margin to the volatile raw
material prices and foreign exchange rates and expected lower
growth in income in the current financial year owing to the
sluggish global environment.

The ratings, however, favorably take into account the vast
experience of the proprietor of more than two decades along with
the established track record of operations of the firm in the
garment manufacturing business.

Increase in the scale of operations with an improvement in
profitability margins and solvency position with effective working
capital management are the key rating sensitivities.

Jaipur-based, Rajasthan, AOS was formed in April 1986 as a
proprietorship concern promoted by Ms Archana Ahuja. AOS is
primarily engaged in the business of manufacturing and exports of
knitted and embroidered garments for women and home furnishing
items like handbags, curtains and pillow covers. It has an
installed capacity of producing 960,000 pieces of garments per
annum as on March 31, 2013 from its plant located at Jaipur. It
has ISO 9001:2000 certified manufacturing processes in place for
its 100% Export Oriented Unit (EOU) and supplies its products
mainly to the Japan, USA, Argentina, Switzerland and European
nations which constitute around 90% of their total exports. It
procures the key raw material, ie, grey fabrics from the domestic
market, mainly from Surat and Bhiwandi.

During FY13 (refers to the period April 1 to March 31), AOS
reported a total income of INR22.98 crore (FY12: INR25.26 crore)
with a PAT of INR0.59 crore (FY12: INR0.56 crore).


AJEET & COMPANY: CARE Reaffirms 'BB' Rating on INR11cr LT Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ajeet & Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         11        CARE BB Reaffirmed
   Facilities

   Short-term Bank         4        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 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 assigned to the bank facilities of Ajeet & Company
continue to be constrained by the thin profitability margin, low
capitalization, leveraged capital structure, weak debt coverage
indicators, susceptibility of the profit margins to volatility in
foreign exchange fluctuation and risks related with adverse
regulatory changes in the timber exporting countries and
constitution of the entity as a partnership firm.

The ratings, however, continue to draw strength from the wide
experience of the partner's in the timber industry and diversified
client base.

The ability of AC to increase its scale of operations &
profitability amidst the intense competition coupled with
improvement in the capital structure would remain the key rating
sensitivities.

Established in 1950 as a proprietary concern & later converted
into a partnership concern, Ajeet & Company is engaged in the
business of timber trading wherein it imports (constituted around
80%) teakwood/hardwood from Burma, Southeast Asian countries,
African countries and Central & South American countries. The firm
earns the entire revenue from the domestic market, wherein it
supplies the timber to traders and sawmills. The timber finds
large scale use in infrastructure, building construction, interior
designing, woodwork, transportation and furniture.

During FY13 (refers to the period April 01 to March 31), AC
reported a total operating income of INR20.86 crore (growth of
around 27% over FY12) and PAT of INR0.09 crore (declined by around
18% over FY12). Furthermore, the firm has achieved total operating
income of INR15 crore till September 30, 2013.


AJMERA PHARMASURE: CARE Reaffirms 'BB-' Rating on INR8.2cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ajmera Pharmasure Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.20       CARE BB- Reaffirmed
   Facilities

   Short-term Bank       1.80       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Ajmera Pharmasure
Private Limited continue to be constrained by the fluctuating &
modest scale of operations, moderate profitability & moderate debt
coverage indicators, risk related with supplier concentration,
vulnerability of profit margins to volatility in raw material
prices and presence in a highly competitive and fragmented
industry.

The ratings, however, continue to draw strength from the
promoter's wide experience in the industry and comfortable capital
structure.

The ability of AAPL to increase its scale of operations along with
an improvement in profitability amidst volatility in the raw
material prices while maintaining the capital structure are the
key rating sensitivities.

Incorporated in 1990, Ajmera Pharmasure Private Limited (APPL) is
engaged in the trading of APIs/bulk drugs, vitamins and steroids
in the domestic market. The company initially operated as a
commission agent for other distributors and later on it started
its independent trading operations.

APPL is an exclusive agent (for the state of Maharashtra) of IOL
Chemicals & Pharmaceuticals Limited (rated CARE BB-/A4), a major
manufacturer of organic chemicals, pharmaceutical intermediates
and APIs.

During FY13 (refers to the period April 1 to March 31), APPL
reported a total operating income of INR33.28 crore (grew by
around 84% vis-…-vis FY12) & PAT of INR1.48 crore (improved by
around 135% vis-a-vis FY12). Furthermore, the company had achieved
a total operating income of INR21.97 crore till September 30,
2013.


ANNEX GLASS: CRISIL Suspends 'D' Ratings on INR190MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Annex
Glass Industries Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL D Suspended
   Long-Term Loan           150      CRISIL D Suspended

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

AGIPL was incorporated in 2007 by its current chairman Mr.
Parvataneni Bapaiah, his sons Mr. P Krishna Kiran and Mr. P
Krishna Kishore, and Mr. Sunkara Anil Kumar. The company
manufactures various types of architectural glass such as
toughened/tempered glass, heat strengthened glass, insulated
glazing glass, laminated glass, designer glass, fire resistant
glass, and bullet-resistant glass. It mainly caters to customers
in the construction business. AGIPL has a total glass processing
capacity of around 1.2 million square meters per annum. The
company commenced commercial production in February 2010


B S TAR: CRISIL Reaffirms 'B+' Ratings on INR60MM Loans
-------------------------------------------------------
CRISIL's ratings on the bank facilities of B S Tar Pvt Ltd
continue to reflect BS Tar's weak financial risk profile, marked
by a small net worth and weak debt protection metrics, and its
small scale of operations. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the coal tar industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            55      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       10      CRISIL A4 (Reaffirmed)
   Standby Line of         5      CRISIL B+/Stable (Reaffirmed)
   Credit

Outlook: Stable

CRISIL believes that BS Tar will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if BS Tar's revenues and
profitability improve significantly. Conversely, the outlook may
be revised to 'Negative' if the company's profitability and
revenues decline sharply, or it undertakes a large debt-funded
capital expenditure programme.

BS Tar was originally set up as a proprietorship firm in 1941; it
was reconstituted as a partnership concern, Bhagwandas Sagarmal,
in 1983. This firm was again reconstituted as a private limited
company with the current name in 1999. Owned by Mr. Santosh Kumar
Kedia and his family members, BS Tar is based in Kolkata (West
Bengal). The company manufactures coal tar pitch, dehydrated coal
tar, and a by-product, creosote oil; it also trades in coal tar.


BALWINDRA TOOLS: CRISIL Cuts Ratings on INR17.5MM Loans to 'B'
--------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Balwindra Tools Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while the rating on short term facility has been
reaffirmed at CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Export Packing Credit     62.5    CRISIL A4 (Reaffirmed)

   Term Loan                  7.5    CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects expected deterioration in BTPL's
financial risk profile because of its stretched liquidity. The
company's liquidity deteriorated due to deterioration in its
working capital management and the capital expenditure (capex)
programme undertaken by the company for an additional line of
spanners. BTPL's operations are working-capital-intensive, majorly
driven by its inventory requirements and credit period provided to
its customers. The same deteriorated further in 2012-13 (refers to
financial year, April 1 to March 31) with the company's gross
current assets increasing to 284 days as on
March 31, 2013, from 229 days as on March 31, 2012. Furthermore,
there is also pressure on BTPL's liquidity on account of the capex
programme undertaken by the company to install machinery for an
additional line of spanners. Total cost of the capex is estimated
at around INR17.5 million and is funded through a term loan of
INR15 million and the rest through internal accruals. With small
scale of operations estimated at around INR168.7 million, the
accruals are expected to remain low in 2013-14; however, they will
be just sufficient to meet term debt obligations. BTPL is expected
to generate cash accruals of around INR6.5 million against term
debt obligations of around INR4.3 million in 2013-14. The
company's stretched liquidity is also reflected in the almost full
utilisation of the company's bank limits over the 10 months
through October 2013. CRISIL believes that the financial risk
profile of the company will remain under pressure over the medium
term.

The ratings reflect BTPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics and small scale of
operations in the highly fragmented and competitive industry. This
rating weakness is partially offset by the extensive experience of
BTPL's promoter and established relationships with customers.

Outlook: Stable

CRISIL believes that BTPL will continue to benefit from the
extensive experience of its promoter and established clientele,
over the medium term. The outlook may be revised to 'Positive' in
case of an improvement in the company's scale of operations and
profitability, resulting in higher-than-expected cash accruals and
improvement in financial flexibility by way of infusion of
significant capital by the promoter. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in BTPL's
liquidity on account of stretched working capital or pressure on
profitability.

BTPL was incorporated in 1980 and is promoted by Mr. Balwindra
Singh in Ludhiana (Punjab). The company manufactures hand tools
such as spanners, wrenches, bars, L-handles, hammers, hacksaws,
vices, carpentry tools, lubricant tools, and garden tools. The
company derives a major portion of its revenue from the export
market (75 per cent) mainly from the sale of spanners (70 per
cent) such as wheel spanners, L-spanners, and cross spanners. The
promoters' family has over 50 years of experience in the hand tool
manufacturing industry.

BTPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR168.7 million for 2012-13, as against a PAT of
INR2 million on net sales of INR163.4 million for 2011-12.


CHAMELI FLOUR: CRISIL Suspends 'B+' Ratings on INR227.5MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Chameli
Flour Mills Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           6.5      CRISIL A4 Suspended
   Cash Credit             77.5      CRISIL B+/Stable Suspended
   Term Loan              150.0      CRISIL B+/Stable Suspended

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

Based in Indore (Madhya Pradesh), CFMPL processes wheat into
flour, maida (refined flour), rawa, and suji. The company has a
plant with a 600-tonne-per-day capacity that started commercial
production in March 2010. CFMPL was promoted by Mr. Sanjay Agarwal
in 2007 and is part of the Agarwal group. Mr. Agarwal has been
engaged in the flour mill industry for around 15 years through his
other company, Commander Industries Pvt Ltd (rated 'CRISIL
BB+/Stable/CRISIL A4+').


COMFORT HOSPITALITY: CRISIL Reaffirms D Ratings on INR77.3M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Comfort
Hospitality Pvt Ltd continue to reflect instances of delay by CHPL
in servicing its term debt obligations; the delays have been
caused by the company's weak liquidity arising out of low cash
accruals.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       30.7     CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan                46.6     CRISIL D (Reaffirmed)

CHPL operates a single properity hotel with limited diversity and
is exposed to risks relating to cyclicality and competition in the
hotel industry. These rating weaknesses are partially offset by
the company's average financial risk profile, marked by low
gearing and location advantage

Updates

During 2012-13 (refers to the financial year, April 1 to
March 31), CHPL has booked modest revenues of INR39.6 million and
operating margin of around 27 per cent broadly in line with
CRISIL's expectations. CHPL has added to its capacity, adding 21
rooms from January 2013 onwards. CRISIL expects CHPL's turnover to
increase at a healthy pace of over 35 per cent over the medium
term on the back of capex incurred for expansion of facilities.
The company's operating margins are expected to remain around
current levels over the medium term. CHPL's financial risk profile
remained average, marked by a moderate net worth estimated at
INR79 million and low gearing estimated at 1.02 times as on March
31, 2013. The company's interest coverage ratio is also moderate
at around 2.8 times.

However, the company's debt protection metrics was constrained, as
reflected in its weak net cash accruals to total debt (NCATD)
ratio of 0.07 times during 2012-13 (refers to financial year,
April 1 to March 31) owing to significant debt availed for
undertaking the capex and modest accruals. CRISIL expects CHPL's
financial risk profile to remain average over the medium term. The
company's liquidity remains weak on account of low cash accruals
against large debt obligations. The weak liquidity resulted in
recent instances of delays in debt repayment by the company. CHPL
is expected to generate accruals of INR6 million to INR7 million
in 2013-14, inadequate to service debt repayments of INR 14.2
million.

CHPL owns a star-rated hotel, Comfort Inn Sunset, in Ahmedabad
(Gujarat). The hotel is being run under the franchisee, marketing,
and operational agreement with Quality Inns India Pvt Ltd. The
hotel has 57 rooms, apart from facilities such as parking,
banquets, multi-cuisine restaurant, and a health club.


DYNAMIC (C G): CRISIL Reaffirms 'B+' Ratings on INR540MM Loans
--------------------------------------------------------------
CRISIL's ratings reflect Dynamic (C G) Equipments Pvt Ltd's below-
average financial risk profile marked by its small net-worth, high
total outside liabilities to tangible net worth ratio, below-
average debt protection metrics, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of DEPL's promoter in the commercial vehicle
dealership business.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60.0     CRISIL B+/Stable

   Electronic Dealer       480.0     CRISIL B+/Stable
   Financing Scheme
   (e-DFS)

Outlook: Stable

CRISIL believes that DEPL will continue to benefit over the medium
term from its promoters' extensive experience in the dealership
business. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in DEPL's revenue and
profitability margins from the current levels or if there is
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if there is steep decline in
its profitability margins or if there is substantial deterioration
in its capital structure on account of larger-than-expected
working capital requirements.

DEPL is promoted by Mr. Ashwani Mahendru and is an authorised
dealer in Chhattisgarh for heavy earth-moving equipment and heavy
commercial vehicles, including backhoe loaders, excavators, and
car-mounted machines manufactured by JCB India Ltd.


GREEN VALLIEY: CRISIL Suspends 'D' Ratings on INR1.55BB Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of of
Green Valliey Industries Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               250     CRISIL D Suspended
   Term Loan               1,300     CRISIL D Suspended

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

GVIL is a part of the GNG group based in Kolkata (West Bengal)
that trades minerals such as iron ore fines, chrome, manganese,
and limestone. GVIL manufactures ordinary portland cement (OPC)
and portland pozzolana cement (PPC) grade cement in Nongsning
Village, Meghalaya. The plant started commercial operations from
February 2011 and has total installed capacity of 0.5 million
tonnes per annum, including a 12-megawatt DG power set. The total
project cost was around INR2520 million, funded through term loan
of INR1300 million, promoter's equity of INR580 million, and
unsecured loans of INR640 million.


HERMAN PROPERTIES: CRISIL Suspends 'B+' Ratings on INR300MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Herman
Properties Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        50      CRISIL B+/Stable Suspended
   Term Loan                250      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by HPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HPL is yet to
provide adequate information to enable CRISIL to assess HPL'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 1986, HPL is promoted and managed by Mr. K P S
Kukreja and Mr. J P S Kukreja. The company has constructed
residential, industrial, commercial complexes and schools, with a
total developed area of over 0.3 million square feet. It is
currently developing residential projects in Kurukshetra (Haryana)
and Punjabi Bagh (Delhi).


HIM CHEM: CRISIL Reaffirms 'D' Ratings on INR420MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Him Chem Ltd continues
to reflect instances of delay by HCL in servicing its debt; the
delays have been caused by HCL's weak liquidity arising out of
depressed cash accruals. HCL's accruals have remained depressed on
account of operating losses incurred because of low average
realisations and increase in raw material prices.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           12.5     CRISIL D (Reaffirmed)

   Cash Credit             180.9     CRISIL D (Reaffirmed)

   Letter of Credit         13.0     CRISIL D (Reaffirmed)

   Term Loan               139.1     CRISIL D (Reaffirmed)

   Funded Interest          34.8     CRISIL D (Reaffirmed)
   Term Loan

   Working Capital          39.7     CRISIL D(Reaffirmed)
   Term Loan

Moreover, HCL has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and its business risk
profile is constrained by its modest scale of operations and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by the extensive industry
experience of its promoters of more than 20 years.

Update

HCL's operating income was estimated to have declined to around
INR1.10 billion in 2012-13 (refers to financial year, April 1 to
March 31) from INR1.14 billion in 2011-12. This was on account of
fluctuation in yarn prices and also because its newly set up
fabric unit was not optimally utilised. The company recorded
losses at the operating levels during 2012-13 on account of sharp
increase in raw material prices, which it was not able to pass on
to its customers. The operating margin is expected to improve
marginally during 2013-14 as fabric sales generate comparatively
higher margins. HCL has a weak financial risk profile, marked by
high gearing and small net worth of 11.83 times and INR39.5
million as on March 31, 2013. Net loss during the year has
resulted in depressed debt protection metrics with net cash
accruals to total debt (NCATD) and interest coverage ratios being
negative as on March 31, 2013. The company's liquidity is weak and
expected to remain weak over the medium term, with cash accruals
estimated to be insufficient to repay its maturing debt
obligations.

Incorporated in 1975, HCL has a facility to manufacture polyester
yarn in Solan (Himachal Pradesh). HCL primarily manufactures full-
drawn yarn and partially oriented yarn, both of which accounted
for 50 per cent of its operating income in the past. From 2012-13,
it has also started manufacturing polyester fabric.

HCL reported a net loss of INR107.9 million on operating income of
INR1.10 billion for 2012-13, as against a net loss of INR20.9 on
operating income of INR1.14 billion for 2011-12.


IMPEX METAL: CARE Lowers Ratings on INR291cr Loans to 'BB+'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Impex Metal and Ferro Alloys Ltd.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank          81.00      CARE BB+ Revised from
   Facilities                         CARE BBB-
   (Term Loan)

   Long-term Bank          40.00      CARE BB+ Revised from
   Facilities                         CARE BBB-
   (Fund based)

   Long-term/Short-       125.00      CARE BB+/A4 Revised from
   term Bank                          CARE BBB-/A3
   Facilities
   (Fund Based)

   Long-term/Short-        45.00      CARE BB+/A4 Revised from
   term Bank                          CARE BBB-/A3
   Facilities
   (Fund Based)

   Short-term Bank        165.18      CARE A4 Revised from
   Facilities                         CARE A3
   (Non-Fund Based)

Rating Rationale

The revision in the rating of Impex Metal and Ferro Alloys Limited
(IMFL) takes into consideration its significant deterioration in
financial performance in FY13 (refers to the period April 1 to
March 31), high gearing and weak debt protection metrics.

The ratings are constrained by its engagement in low margin
trading business, foreign exchange fluctuation risk pertaining to
imports, inventory carrying risk due to bulk import and complete
dependence of ferro alloys industry on the cyclical steel sector.
However, the ratings derive strength from IMFL's experienced
promoters, long track record coupled with reputed clientele and
its ability to access quality raw materials from reputed
international and domestic suppliers.

The ability of the company to improve its profitability margin by
leveraging on its manufacturing division while deleveraging its
capital structure remains the key rating sensitivity.

Incorporated in 1991, Impex Metal & Ferro Alloys Limited (IMFL) is
established by Mr Suresh Kumar Patni and belongs to SKP Group of
Kolkata. IMFL is engaged into trading of ferro alloys, minerals
and metals. The company commenced manufacturing of Ferro Silicone
and Silico Manganese at Vizianagaram (Andhra Pradesh) since June,
2012.

During FY13, IMFL reported a net loss of INR21 crore on a total
operating income of INR965.75 crore.


INFANT ENGINEERS: CRISIL Cuts Ratings on INR50MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Infant Engineers Private Limited to 'CRISIL B/Stable' from
'CRISIL BB-/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               17      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Working Capital            6      CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL BB-/Stable')

   Long-Term Loan            27      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in IEPL's credit risk
profile on account of subdued revenue growth. IEPL, reported
revenue of around INR183.6 million for 2012-13 (refers to
financial year, April 1 to March 31), which was lower than
CRISIL's expectations. The downgrade also reflects IEPL's lower-
than-expected accruals for 2012-13 amid pressure on its sales.
During 2013-14, IEPL's cash accruals are expected to remain
stretched to meet its maturing term debt obligations of around
INR13.8 million and the company is expected to remain dependent on
need-based fund support from the promoters to meet its maturing
debt obligations. OEPL's gearing at 2.73 times as on March 31,
2013, was significantly higher than CRISIL's expectation on
account of the company contracting incremental debt for funding
its working capital requirements. The bank limits utilisation was
high at 98 percent over the past twelve months ended September 30,
2013.

The rating reflects IEPL's below-average financial profile marked
by high gearing and below average debt protection metrics, its
modest scale of operations and concentration in its revenue
profile. These rating weakness are partially offset by IEPL's
established track record in the auto ancillary industry aided by
the extensive industry experience of its promoters.


For 2012-13 (refers to financial year, April 1 to March 31), IEPL
reported, a PAT of INR2.49 million on net sales of INR183.64
million, against a PAT of INR6.79 million on net sales of
INR183.28 million for 2011-12.

Outlook: Stable

CRISIL believes that IEPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its healthy relationship with key customers. The outlook may be
revised to 'Positive' if the company diversifies its revenue
profile resulting in a sustained increase in scale of operations
and profitability, there by leading to an improvement in its
financial profile. Conversely, the outlook may be revised to
'Negative' if the company's relationship with its key customers
deteriorates resulting in decline in revenues and profitability or
if it undertakes a 'larger-than-expected' debt funded capex
leading to deterioration in its financial profile.

Established in 1989 as a partnership entity, and based in
Sriperumbudur (Tamil Nadu) Infant Engineers Pvt. Ltd (IEPL) is
involved in the manufacturing of machined parts for brake systems,
fuel transmission and injection sub-assemblies, suspension and
shock absorbers, engine sub-parts and wiper sub- assemblies used
in the automotive industry. IEPL was later converted into a
private limited company during the year 2000. The promoters
Mr.R.Rajagopalan and Mr.S.Rajasekaran have a long standing
experience of around 3 decades in the auto ancillary manufacturing
industry.


K K P HI TECH: CRISIL Ups Ratings on INR123.4MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of K K P Hi
Tech Weaving India Private Limited (KKP Hi Tech; part of the KKP
group) to 'CRISIL BB/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Long-Term Loan            39      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long-Term        34.4    CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the KKP group
will sustain the improvement in its financial risk profile and
liquidity, backed by improved cash accruals and absence of
significant debt funded capex plans.

The group reported operating margins of 13.9 per cent on operating
revenues of Rs 4.13 billion for 2012-13; the performance is
expected to remain healthy over the medium term as well.

The group's interest coverage ratio and NCATD have improved to
1.92 and 0.13 times respectively in 2012-13 from 1.97 and 0.12
times respectively in 2011-12. The group's liquidity profile is
healthy with net cash accruals of INR 300 million to INR400
million per annum against term debt repayment obligations of
INR120 million to INR140 million per annum. However, the bank
limits continue to be extensively used. The group is expected to
sustain the improvement in its liquidity and financial risk
profiles over the medium term as well on the back of the expected
healthy operating performance and the absence of significant capex
plans over the medium term.

The ratings reflect the KKP group's below-average financial risk
profile, marked by high gearing and average debt protection
metrics, and susceptibility to volatility in raw material prices
and intense competition in the textile industry. These weaknesses
are partially offset by the KKP group's established position in
the industry and its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Hi Tech, KKP Fine Linen Pvt Ltd
(KKP Fine Linen), KKP Textiles Ltd (KKP Textiles), KKP Spinning
Mills Ltd (KKP Spinning Mills), and KKP Weaving and Processing
Mills Ltd (KKP Weaving), collectively referred to as the KKP
group. This is because all the companies are in the same line of
business and share the same management. Also, the companies are
interdependent and have inter-company commercial transactions and
a centralised system for procurement of raw materials and
marketing arrangements.

Outlook: Stable

CRISIL believes that the KKP group will continue to maintain its
established track record in the textile industry and benefit from
its long-standing relationships with customers over the medium
term. The outlook may be revised to 'Positive' if healthy
profitability and cash accruals lead to an improvement in the KKP
group's capital structure. Conversely, the outlook may be revised
to 'Negative' if the KKP group's cash accruals decline sharply,
adversely affecting its debt servicing ability, or if it contracts
a large debt to fund capital expenditure.

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn, grey and dyed fabric, and home textiles. The group was set
up by Mr. K Periyasamy, father of Mr. P Nallathambi, who is the
present chairman.


K K P TEXTILES: CRISIL Raises Ratings on INR662.3MM Loans to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of K K P
Textiles Limited (KKP Textiles; part of the KKP group) to 'CRISIL
BB/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               425     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill
   Discounting               100     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit           60     CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Long-Term Loan            137.3   CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the KKP group
will sustain the improvement in its financial risk profile and
liquidity, backed by improved cash accruals and absence of
significant debt funded capex plans.

The group reported operating margins of 13.9 per cent on operating
revenues of Rs 4.13 billion for 2012-13; the performance is
expected to remain healthy over the medium term as well.

The group's interest coverage ratio and NCATD have improved to
1.92 and 0.13 times respectively in 2012-13 from 1.97 and 0.12
times respectively in 2011-12. The group's liquidity profile is
healthy with net cash accruals of INR 300 million to INR400
million per annum against term debt repayment obligations of
INR120 million to INR140 million per annum. However, the bank
limits continue to be extensively used. The group is expected to
sustain the improvement in its liquidity and financial risk
profiles over the medium term as well on the back of the expected
healthy operating performance and the absence of significant capex
plans over the medium term.

The ratings reflect the KKP group's below-average financial risk
profile, marked by high gearing and average debt protection
metrics, and susceptibility to volatility in raw material prices
and intense competition in the textile industry. These weaknesses
are partially offset by the KKP group's established position in
the industry and its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Textiles, KKP Fine Linen Pvt Ltd
(KKP Fine Linen), KKP Hi Tech Weaving India Private Limited (KKP
Hi Tech), KKP Spinning Mills Ltd (KKP Spinning Mills), and KKP
Weaving and Processing Mills Ltd (KKP Weaving), collectively
referred to as the KKP group. This is because all the companies
are in the same line of business and share the same management.
Also, the companies are interdependent and have inter-company
commercial transactions and a centralised system for procurement
of raw materials and marketing arrangements.

Outlook: Stable

CRISIL believes that the KKP group will continue to maintain its
established track record in the textile industry and benefit from
its long-standing relationships with customers over the medium
term. The outlook may be revised to 'Positive' if healthy
profitability and cash accruals lead to an improvement in the KKP
group's capital structure. Conversely, the outlook may be revised
to 'Negative' if the KKP group's cash accruals decline sharply,
adversely affecting its debt servicing ability, or if it contracts
a large debt to fund capital expenditure.

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn, grey and dyed fabric, and home textiles. The group was set
up by Mr. K Periyasamy, father of Mr. P Nallathambi, who is the
present chairman.

K K P WEAVING: CRISIL Ups Ratings on INR129.8MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of K K P
Weaving and Processing Mills Limited (part of the KKP group) to
'CRISIL BB/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             109       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Foreign Letter           20.6     CRISIL BB/Stable (Upgraded
   of Credit                         from 'CRISIL B+/Stable')


   Proposed Long-Term        0.2     CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the KKP group
will sustain the improvement in its financial risk profile and
liquidity, backed by improved cash accruals and absence of
significant debt funded capex plans.

The group reported operating margins of 13.9 per cent on operating
revenues of Rs 4.13 billion for 2012-13; the performance is
expected to remain healthy over the medium term as well.

The group's interest coverage ratio and NCATD have improved to
1.92 and 0.13 times respectively in 2012-13 from 1.97 and 0.12
times respectively in 2011-12. The group's liquidity profile is
healthy with net cash accruals of INR 300 million to INR400
million per annum against term debt repayment obligations of
INR120 million to INR140 million per annum. However, the bank
limits continue to be extensively used. The group is expected to
sustain the improvement in its liquidity and financial risk
profiles over the medium term as well on the back of the expected
healthy operating performance and the absence of significant capex
plans over the medium term.

The ratings reflect the KKP group's below-average financial risk
profile, marked by high gearing and average debt protection
metrics, and susceptibility to volatility in raw material prices
and intense competition in the textile industry. These weaknesses
are partially offset by the KKP group's established position in
the industry and its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Weaving, KKP Fine Linen Pvt Ltd
(KKP Fine Linen), KKP Textiles Ltd (KKP Textiles), KKP Spinning
Mills Ltd (KKP Spinning Mills), and KKP Hi Tech Weaving India
Private Limited (KKP Hi Tech), collectively referred to as the KKP
group. This is because all the companies are in the same line of
business and share the same management. Also, the companies are
interdependent and have inter-company commercial transactions and
a centralised system for procurement of raw materials and
marketing arrangements.

Outlook: Stable

CRISIL believes that the KKP group will continue to maintain its
established track record in the textile industry and benefit from
its long-standing relationships with customers over the medium
term. The outlook may be revised to 'Positive' if healthy
profitability and cash accruals lead to an improvement in the KKP
group's capital structure. Conversely, the outlook may be revised
to 'Negative' if the KKP group's cash accruals decline sharply,
adversely affecting its debt servicing ability, or if it contracts
a large debt to fund capital expenditure.

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn, grey and dyed fabric, and home textiles. The group was set
up by Mr. K Periyasamy, father of Mr. P Nallathambi, who is the
present chairman.


K.K.P. FINE: CRISIL Upgrades Rating on INR8.2MM Loan to 'BB'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of K.K.P.
Fine Linen Private Limited (part of the KKP group) to 'CRISIL
BB/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          30      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Long-Term Loan             8.2    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL A4')

   Packing Credit in        125.0    CRISIL A4+ (Upgraded from
   Foreign Currency                  'CRISIL A4')

The rating upgrade reflects CRISIL's belief that the KKP group
will sustain the improvement in its financial risk profile and
liquidity, backed by improved cash accruals and absence of
significant debt funded capex plans.

The group reported operating margins of 13.9 per cent on operating
revenues of Rs 4.13 billion for 2012-13; the performance is
expected to remain healthy over the medium term as well.

The group's interest coverage ratio and NCATD have improved to
1.92 and 0.13 times respectively in 2012-13 from 1.97 and 0.12
times respectively in 2011-12. The group's liquidity profile is
healthy with net cash accruals of INR 300 million to INR400
million per annum against term debt repayment obligations of
INR120 million to INR140 million per annum. However, the bank
limits continue to be extensively used. The group is expected to
sustain the improvement in its liquidity and financial risk
profiles over the medium term as well on the back of the expected
healthy operating performance and the absence of significant capex
plans over the medium term.

The ratings reflect the KKP group's below-average financial risk
profile, marked by high gearing and average debt protection
metrics, and susceptibility to volatility in raw material prices
and intense competition in the textile industry. These weaknesses
are partially offset by the KKP group's established position in
the industry and its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Fine Linen, KKP Hi Tech Weaving
India Private Limited (KKP Hi Tech), KKP Textiles Ltd (KKP
Textiles), KKP Spinning Mills Ltd (KKP Spinning Mills), and KKP
Weaving and Processing Mills Ltd (KKP Weaving), collectively
referred to as the KKP group. This is because all the companies
are in the same line of business and share the same management.
Also, the companies are interdependent and have inter-company
commercial transactions and a centralised system for procurement
of raw materials and marketing arrangements.

Outlook: Stable

CRISIL believes that the KKP group will continue to maintain its
established track record in the textile industry and benefit from
its long-standing relationships with customers over the medium
term. The outlook may be revised to 'Positive' if healthy
profitability and cash accruals lead to an improvement in the KKP
group's capital structure. Conversely, the outlook may be revised
to 'Negative' if the KKP group's cash accruals decline sharply,
adversely affecting its debt servicing ability, or if it contracts
a large debt to fund capital expenditure.

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn, grey and dyed fabric, and home textiles. The group was set
up by Mr. K Periyasamy, father of Mr. P Nallathambi, who is the
present chairman.


KKP SPINNING: CRISIL Raises Ratings on INR579.10MM Loans to 'BB'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of KKP
Spinning Mills Ltd. (KKP Spinning; part of the KKP group) to
'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              270      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         120      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Long-Term Loan           110.2    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long-Term       113.9    CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Standby Line of           85.0    CRISIL BB/Stable (Upgraded
   Credit                            from 'CRISIL B+/Stable')

   Supplier Bill             60.0    CRISIL A4+ (Upgraded from
   Discounting                       'CRISIL A4')

The rating upgrade reflects CRISIL's belief that the KKP group
will sustain the improvement in its financial risk profile and
liquidity, backed by improved cash accruals and absence of
significant debt funded capex plans.

The group reported operating margins of 13.9 per cent on operating
revenues of Rs 4.13 billion for 2012-13; the performance is
expected to remain healthy over the medium term as well.

The group's interest coverage ratio and NCATD have improved to
1.92 and 0.13 times respectively in 2012-13 from 1.97 and 0.12
times respectively in 2011-12. The group's liquidity profile is
healthy with net cash accruals of INR 300 million to INR400
million per annum against term debt repayment obligations of
INR120 million to INR140 million per annum. However, the bank
limits continue to be extensively used. The group is expected to
sustain the improvement in its liquidity and financial risk
profiles over the medium term as well on the back of the expected
healthy operating performance and the absence of significant capex
plans over the medium term.

The ratings reflect the KKP group's below-average financial risk
profile, marked by high gearing and average debt protection
metrics, and susceptibility to volatility in raw material prices
and intense competition in the textile industry. These weaknesses
are partially offset by the KKP group's established position in
the industry and its integrated operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KKP Spinning, KKP Fine Linen Pvt Ltd
(KKP Fine Linen), KKP Textiles Ltd (KKP Textiles), KKP Hi Tech
Weaving India Private Limited (KKP Hi Tech), and KKP Weaving and
Processing Mills Ltd (KKP Weaving), collectively referred to as
the KKP group. This is because all the companies are in the same
line of business and share the same management. Also, the
companies are interdependent and have inter-company commercial
transactions and a centralised system for procurement of raw
materials and marketing arrangements.

Outlook: Stable

CRISIL believes that the KKP group will continue to maintain its
established track record in the textile industry and benefit from
its long-standing relationships with customers over the medium
term. The outlook may be revised to 'Positive' if healthy
profitability and cash accruals lead to an improvement in the KKP
group's capital structure. Conversely, the outlook may be revised
to 'Negative' if the KKP group's cash accruals decline sharply,
adversely affecting its debt servicing ability, or if it contracts
a large debt to fund capital expenditure.

Based in Namakkal (Tamil Nadu), the KKP group manufactures cotton
yarn, grey and dyed fabric, and home textiles. The group was set
up by Mr. K Periyasamy, father of Mr. P Nallathambi, who is the
present chairman.


KARNATAKA VEERASHAIVA: CRISIL Reaffirm BB+ Rating on INR200M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Karnataka
Veerashaiva Vidyabhivrudhi Samsthe continue to reflect the
society's stable cash flows from lease rentals and the
advantageous location of its commercial properties.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           200      CRISIL BB+/Stable Reaffirmed

These rating strengths are partially offset by customer
concentration in KVVS's revenue profile, and its small scale of
operations. The ratings also factor in the society's average
financial risk profile, marked by healthy capital structure and
comfortable debt protection metrics albeit constrained by its
stretched liquidity.

Outlook: Stable

CRISIL believes that, over the medium term, KVVS will continue to
benefit from its stable rental income primarily from its
creditworthy tenant, Tata Consultancy Services Ltd (TCS). The
outlook may be revised to 'Positive' if KVVS significantly
increases its rental receipts, through timely commercialisation of
new properties, without any significant cost overruns. Conversely,
the outlook may be revised to 'Negative' in case KVVS undertakes a
greater-than-expected, capital expenditure (capex) programme,
leading to deterioration in its financial risk profile, or in case
of termination of its lease agreement with TCS affecting its cash
accruals and timely debt-servicing ability.

Update

KVVS's revenue increased to INR87.6 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR79.2 million in the
previous year, driven by the expected increase in lease rental
rates. Additionally, the society has maintained its operating
margin of around 60 per cent in 2012-13 and could continue to
sustain it over the medium term. KVVS is likely to commission new
properties of around 36,000 square feet (sqf), over the medium
term, which will significantly enhance its revenues and cash
accruals. Timely commissioning of such projects, without cost
overruns, will be a key rating sensitivity factor.

KVVS's financial risk profile remains average, marked by its
moderate net worth and low gearing of INR277 million and 0.56
times, respectively, as on March 31, 2013 and adequate debt
protection metrics with interest coverage and net cash accruals to
total debt (NCATD) ratios of 2.9 and 0.25 times, respectively, for
2012-13. However, the society's liquidity is stretched, marked by
closely matched cash accruals vis-…-vis debt obligations, and
capex programmes, and its low unencumbered cash and bank balance
as on March 31, 2013. Following a capex programme of INR73 million
for construction of new properties in 2012-13, KVVS will further
expense over INR150 million for the same, over the medium term,
mainly funded by external debt. CRISIL believes that KVVS will
maintain its comfortable capital structure and adequate debt
protection metrics albeit a stretched liquidity profile, due to
continuous capex plans, over the medium term.

KVVS, on a provisional basis, reported a net surplus of INR17.5
million on an operating income of INR87.6 million for 2012-13, and
a net surplus of INR22.8 million on an operating income of INR79.2
million for 2011-12.

KVVS is a charitable institution set up in 1905, focusing on
development of education in Karnataka. The society currently
derives most of its revenues from leasing a commercial property to
TCS; the commercial property was developed in circa 2000 at a
central location in Bengaluru (Karnataka). Other revenue sources
include donations and interest income.


KAY KAY: CRISIL Suspends 'BB+' Rating on INR75MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kay Kay
Overseas Corporation (KK).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            60      CRISIL A4+ Suspended
   Cash Credit               75      CRISIL BB+/Stable Suspended

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

KK was set up as a partnership firm in 1995 by Mr. Sharad
Khandelwal. The firm trades computers, laptops, computer-related
hardware and peripherals. The firm is the exclusive distributor
for Dell in Mumbai, and is also an authorised distributor for
Hewlett-Packard India.


KEDIA CARBON: CRISIL Suspends 'BB+' Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kedia
Carbon Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4+ Suspended
   Cash Credit               80      CRISIL BB+/Stable Suspended

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

KCPL was incorporated in 2003 and promoted by Mr. Mahesh Kumar
Kedia and family. The company manufactures coal tar pitch, and
trades in this material's by-products, such as creosote oil and
naphthalene. The company's manufacturing units are located in
Rourkela (Orissa), with a combined coal tar distillation capacity
of 96,000 tonnes per annum.


LAKSHMI CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR70MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lakshmi
Constructions.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4 Suspended
   Overdraft Facility       70       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by LC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LC is yet to
provide adequate information to enable CRISIL to assess LC'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 as a proprietorship firm in 1999, LC is promoted by
Mr. Prem Israni, who has around 35 years of experience in the
civil works business. The firm undertakes civil works in the
National Capital Region, which mainly includes construction of
buildings, such as housing complexes and colleges. LC also
undertakes contracts for government organisations, such as Delhi
Development Authority. Till 2009-10 (refers to financial year,
April 1 to March 31), the firm only undertook government projects.
However, it started undertaking projects for private players from
2010-11. LC is registered as a class I contractor and mostly
undertakes projects by bidding directly through tenders.


LINUS PROCESSORS: CRISIL Suspends 'B' Rating on INR80MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Linus
Processors Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B/Stable Suspended
   Letter of Credit          60      CRISIL A4 Suspended


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

LPPL was acquired by Mr. Anjan Ray and Mr. Amit Ray (current
management) from the Singhal brothers of Kolkata (West Bengal) in
2011. The company was engaged in dyeing of jute fabric earlier.
After it was acquired by its present promoters, it entered the
business of dyeing hosiery fabrics. LPPL has set up a unit for
dyeing in Kalyani (West Bengal), with installed capacity of 10
tonnes per day.


MA BHAGWATI: CRISIL Suspends 'D' Ratings on INR239MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MA Bhagwati Sugar Mill Ltd's.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL D Suspended
   Term Loan                179      CRISIL D Suspended

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

MBSML was incorporated in 2007 by the Patel group for setting up a
sugar plant. Due to financial and management constraints, the
company's management was handed over to the Soni group, led by Mr.
Hemant Soni. The plant commenced commercial operations in the
sugar season (September to October) of 2008-09 (refers to
financial year, April 1 to March 31). The company has
manufacturing capacity of 1600 tones crushing per day. Currently,
the entire management of the company is handled by the Soni group.


MAJESTIC EXPORTS: CRISIL Suspends 'D' Ratings on INR168.1MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Majestic Exports.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           6.5      CRISIL D Suspended

   Export Packing Credit   10.0      CRISIL D Suspended

   Foreign Bill
   Discounting             67.0      CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility      54.6      CRISIL D Suspended

   Term Loan               30.0      CRISIL D Suspended

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

Set up in 1987 as a partnership firm, Majestic manufactures ready-
made garments for men, women, and children. Its plant is located
in Tirupur (Tamil Nadu). It caters to the export market, primarily
to wholesalers based in countries, such as Poland, France, the UK,
and Germany.


MERA BABA: CRISIL Suspends 'D' Rating on INR400MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mera
Baba Reality Associates Pvt Ltd's.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                400      CRISIL D Suspended

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

MBR, promoted by Mr. Adarsh Mohan Garg and Mr. Jag Mohan Garg, is
part of the Mera Baba Realty Associates group and is engaged in
commercial real estate development in and around Delhi. The
company has executed some high-profile projects in the past,
including schools, five-star hotels, and commercial complexes.


METRO PANELS: CRISIL Assigns 'B+' Ratings on INR55MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Metro Panels Industries.

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

   Cash Credit            35       CRISIL B+/Stable (Assigned)

   Foreign Letter          5       CRISIL B+/Stable (Assigned)
   of Credit

The rating reflects MPI's start-up nature and hence, small scale
of operations in the intensely competitive aluminium composite
panels segment, and large working capital requirements. These
rating weaknesses are partially offset by MPI's established
distribution network with pan India presence and the funding
support that it receives from its promoters.

Outlook: Stable

CRISIL believes that MPI will continue to benefit over the medium
term from its established distribution network with pan India
presence. The outlook may be revised to 'Positive' if the firm
efficiently manages its working capital management or registers
significant improvement in its topline and profitability, leading
to higher-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if MPI's liquidity remains weak on
account of large working capital requirements or if its overall
financial risk profile remains weak on account of lower-than-
expected topline and profitability or in case of larger-than-
expected, debt funded capital expenditure.

MPI was set up in June 2013 as a 50:50 partnership firm by Mr. Ram
Kishore Agrawal and his friend, Mr. Amit Kumar Goyal. MPI has set
up a unit for manufacturing aluminium composite panels at Naroda
in Ahmedabad (Gujarat). The unit commenced operations in first
week of November 2013.


MRG AUTO: CRISIL Reaffirms 'B' Ratings on INR290MM Loans
--------------------------------------------------------
CRISIL's rating on the bank facilities of MRG Auto Pvt Ltd
continue to reflect MRG Auto's weak financial risk profile, marked
by high gearing and weak debt protection metrics. The rating also
factors in the company's small scale of operations, and exposure
to risks inherent in the intensely competitive automobile (auto)
dealership market. These rating weaknesses are partially offset by
MRG Auto's established track record in the auto dealership segment
in Ludhiana (Punjab).

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              225      CRISIL B/Stable (Reaffirmed)

   Overdraft Facility        60      CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term         5      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that MRG Auto's business risk profile is likely to
remain average, given its small scale of operations over the
medium term. Moreover, the company's overall credit risk profile
is likely to remain constrained by its weak financial risk
profile. The outlook may be revised to 'Positive' if MRG Auto
reports larger-than-expected business growth, coupled with a
significant improvement in its profitability, thereby enhancing
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the company's liquidity deteriorates, because of
its ongoing, debt-funded capital expenditure (capex) programme, or
an increase in its working capital requirements.

Update

MRG Auto reported a healthy growth of around 13 per cent in
revenues for 2012-13 (refers to financial year, April 1 to
March 31), on the back of a surge in demand for diesel vehicles,
with rising petrol prices. CRISIL believes that MRG Auto's sales
growth will remain moderate in 2013-14, because of the weak
economic environment and intense competition in the auto
dealership market in Ludhiana. The company's operating margin of
5.3 per cent in 2012-13, was in line with CRISIL's expectations,
and is likely to improve marginally to around 5.5 per cent, due to
increasing workshop income.

MRG Auto has moderate working capital requirements, indicated by
its gross current assets (GCAs) of over 120 days as on March 31,
2013; the company has reported similar GCAs in the past, because
of its inventory of around 65 days, and advance payments to
Hyundai Motor India Ltd to book diesel vehicles. MRG Auto mainly
funds its working capital requirements through its working capital
limits, which remain fully utilised; and some loans against
property from non-banking financial companies (NBFCs).

MRG Auto maintained moderate net worth at around INR108 million,
as on March 31, 2013. The company contracted large debt to fund
its working capital requirements, which along with its moderate
net worth, has resulted in a high total outside liabilities to
tangible net worth ratio of around 5 times as on March 31, 2013.
The company's debt protection metrics are also weak due to a low
interest coverage ratio of around 1.15 times as on March 31, 2013.

MRG Auto has debt obligations of around INR24.8 million for 2013-
14. Though the company has generated cash accruals between INR9
million and INR10 million, it will service debt through timely
funding support from the promoter.

MRG Auto was set up by Shri Ishwar Dass Garg in 1997, to run auto
dealerships. The company currently operates two showrooms under
the Pioneer Hyundai brand in Ludhiana. In 2013-14, MRG Auto
launched a showroom for used Hyundai cars under the Hyundai
Advantage brand. The promoter also runs dealerships for Honda
through a separate legal entity.


NAINITAL TARAI: CARE Reaffirms 'BB' Rating on INR9.79cr Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nainital Tarai Seeds Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         9.79      CARE BB Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained by the small scale of
operations of Nainital Tarai Seeds Limited with low net-worth and
low profitability margins due to limited value addition,
working-capital intensive operations and deterioration in its
capital structure. The rating also factors in NTSL's presence in a
highly fragmented industry and susceptibility to fluctuations in
raw material prices & monsoon dependant operations.

The rating continues to favorably factor in the wide experience of
the promoters and proximity to the raw material procurement area.
The rating also derives strength from the diversified business
operations of the company into paddy processing.

NTSL's ability to increase the scale of operations with an
improvement in profitability margins and capital structure will be
the key rating sensitivities.

Nainital Tarai Seeds Limited, based in Kashipur, Uttarakhand was
incorporated in January 2007. The company is promoted by Mr Ajay
Kumar Agarwal, Mr Priyanshu Agarwal and Ms Priti Agarwal. NTSL is
engaged in the processing and trading of wheat and paddy seeds.
NTSL had an installed capacity of 4 Metric Tonnes (MT) per hour
for processing and grading of wheat and paddy seeds as on March
31, 2013. Furthermore, NTSL also started a rice unit in FY13
(refers to the period April 1 to March 31) which includes milling
and processing of paddy. About 40% of the sales of NTSL are made
to Food Corporation of India (FCI) and the remaining to traders in
the local market.

During FY13, NTSL reported a PAT of INR0.06 crore on a total
operating income of INR34.18 crore as against a PAT of INR0.07
crore on a total operating income of INR22.74 crore in FY12. In
H1FY14, NTSL achieved a total operating income of INR8.75 crore.


NAROLA GEMS: CARE Ups Ratings on INR40cr LT Bank Loans From BB+
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Narola Gems.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-      40         CARE BBB-/CARE A3
   term Bank                        Revised from
   Facilities                       CARE BB+/CARE A4+

   Short-term Bank                  Withdrawn
   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 a 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 revision in the ratings of Narola Gems is primarily driven by
significant improvement in its scale of operations and accruals
resulting in healthy debt coverage indicators and moderate
capital structure for the firm. The ratings continue to benefit
from the promoters' extensive experience along with the
established track record of Narola.

The ratings continue to be constrained on account of its moderate
profitability margins and working capital intensive nature of
operations. The ratings further continue to be constrained by
the limited presence in the value chain, intense competition from
large integrated players, cyclical nature of luxury product and
partnership nature of the constitution.

Narola's ability to continue to scale up its operations and
improve its profitability margins and capital structure amidst
intense competition along with efficient management of the working
capital cycle are the key rating sensitivities.

Established as a partnership firm by Mr Dhiru Narola, Mr Kanayalal
Narola and Mr Dalsukh Narola in September 2001, Narola Gems is
engaged in the export of cut and polished diamonds ranging up to 3
carats. The firm has a group entity wherein it outsources the
processing work, viz M/s Shriji Diamond (which is into cutting and
polishing of rough diamonds based in Surat).

The firm is not a Diamond Trading Company (DTC) sight holder and
procures a majority of the rough diamonds from the international
markets, mainly Belgium and Israel. Narola is primarily an
export oriented unit with exports mainly to destinations namely
Hong Kong, USA, UK, China, Bangkok and few others.

During FY13 (refers to the period April 1 to March 31), Narola
reported a total operating income of INR193.99 crore (up by 89%
vis-a-vis FY12) and a PAT of INR4.34 crore (up by 99% vis-…-vis
FY12).


NAV BHARAT: CRISIL Suspends 'D' Ratings on INR75.3MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nav Bharat Duplex Ltd.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              51.1     CRISIL D Suspended
   Letter of Credit         20.0     CRISIL D Suspended
   Term Loan                 4.2     CRISIL D Suspended

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

NBDL was set up in 1987 by the Gupta family of Meerut (Uttar
Pradesh), with the Mittal family becoming co-promoters later. NBDL
manufactures newsprint, and kraft paper. These products are used
in industries such as publishing, stationary, and lamination. The
company's manufacturing unit in Hapur (Uttar Pradesh) has an
installed capacity of over 10,000 tonnes per annum (tpa). NBDL
sells newsprint to publishers and kraft paper through a network of
dealers across India.


NEW MODERN: CRISIL Assigns 'BB-' Ratings to INR280MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of New Modern Technomech Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Letter            40      CRISIL BB-/Stable
   of Credit

   Bank Guarantee           400      CRISIL A4+

   Cash Credit              240      CRISIL BB-/Stable

The ratings reflect the extensive experience of NMTPL's promoters
in power transmission infrastructure industry and the company's
healthy order book, which provides high revenue visibility over
the medium term. These rating strengths are partially offset by
NMTPL's working-capital-intensive operations and its exposure
intense market competition.

Outlook: Stable

CRISIL believes that NMTPL will benefit over the medium term from
the extensive industry experience of the promoters in the power
transmission industry. The outlook may be revised to 'Positive' if
NMTPL's business risk profile improves owing to significant
improvement in its scale of operations while sustaining its
profitability or in case of improvement in financial risk profile,
particularly liquidity, through improved working capital
management. Conversely, lower-than-expected accruals or stretch in
working capital cycle or larger-than-expected debt-funded capital
expenditure leading to deterioration in the company's liquidity
may result in a revision in the outlook to 'Negative'.

Set up in 1982 as a partnership entity, NMTPL was reconstituted as
a private limited company in 1994. The company undertakes
contracts for installation of power transmission towers,
substations, and power distribution systems on a turnkey basis. It
is also engaged in manufacturing fabricated and galvanised steel
structures for electrical transmission line towers, substation
structures, and for overhead railway electrification tower. The
company is promoted and managed by Mr. Shashanka Sekhar Sarangi
and his son Mr. Sumit Kumar Sarangi.


NIRMAL PUMPS: CRISIL Suspends 'BB' Ratings on INR96.5MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nirmal
Pumps Private Limited.

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

   Long-Term Loan            22.5    CRISIL BB/Stable Suspended

   Proposed Long-Term         5.0    CRISIL BB/Stable Suspended
   Bank Loan Facility

   Standby Line of Credit     9.0    CRISIL BB/Stable Suspended

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

Set up in 1987 as a proprietorship concern, NPPL was reconstituted
as a private limited company in 2007. The company is a contract
manufacturer of household pumps for pump manufacturers such as CRI
Pumps Pvt Ltd (CRI pumps; rated 'CRISIL A/Stable/CRISIL A1'). The
company's produces centrifugal jet self priming pumps, which are
used in household applications. NPPL is based in Coimbatore (Tamil
Nadu) and has a manufacturing capacity of 30,000 pumps per month.
The company's promoters are relatives of the directors of CRI
pumps. Mr. D Soundarajan, one of the shareholders and directors of
NPPL is the son-in-law of the late Mr. Gopal, the promoter of CRI
pumps. NPPL's day-to-day are managed by the director, Mr. D
Soundararajan.


NOEL PHARMA: CRISIL Suspends 'D' Ratings on INR20MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Noel
Pharma (India) Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               5       CRISIL D Suspended
   Letter of Credit         15       CRISIL D Suspended

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

Noel, set up in 1997 as a partnership firm, manufactures
pharmaceutical products, including ethical, generic, and over-the-
counter (OTC) drugs. The firm is owned and managed by Mr. S
Venkataiah and his family members. The firm has set up its own
manufacturing facility at Baddi (Himachal Pradesh), commissioned
in April 2010. The firm has about 250 products and it has
operations across various states viz., Bihar, Jarkhand, Andhra
Pradesh, Madhya Pradesh, Gujarat, Maharashtra, and Rajasthan.


OTTOMAN INDUSTRIES: CRISIL Suspends 'BB-' Rating on INR150M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ottoman
Industries Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4+ Suspended
   Cash Credit               90      CRISIL BB-/Stable Suspended
   Letter of Credit          50      CRISIL A4+ Suspended
   Term Loan                 60      CRISIL BB-/Stable Suspended

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

OIPL was set up by Mr. Hardeep Mahajan in 2006 after the family
division in 2005. The company manufactures ERW tubes, cold drawn
welded (CDW) tubes, and stainless steel (SS) tubes for the
automotive industry. The company undertakes jobwork for TSL and
gets fixed conversion charges per metric tonne. All the products
manufactured are as per the international standards and cut to
different sizes as per customers' requirements. The company has an
annual installed capacity to manufacture around 42,000 tonnes of
ERW tubes, 6000 tonnes of CDW, and about 2000 tonnes of SS tubes.
OIPL has a slitting capacity of 50,000 tpa. Currently, the company
is being managed by Mr. Hardeep Mahajan along with his sons, Mr
Vishesh Mahajan and Mr. Vipul Mahajan.


PADMANABH HEALTHCARE: CRISIL Reaffirms 'B-' Rating on INR68M Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Padmanabh Healthcare Pvt
Ltd reflects PHPL's low occupancy level, due to the start-up
nature of its operations, and weak financial risk profile, marked
by a high debt-to-equity ratio for funding its hospital project,
coupled with weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of PHPL's
promoters in the healthcare industry.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            68.0     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PHPL will continue to benefit over the medium
term from its promoters' extensive experience in the medical
sector, coupled with the negligible presence of other multi-
speciality hospitals in the Dehradun (Uttarakhand) region. The
outlook may be revised to 'Positive' if PHPL scales up its
operations, most likely through increase in its occupancy levels,
coupled with improvement in its profitability, leading to higher-
than-expected cash accruals and improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if PHPL's
occupancy levels decline, resulting in lower-than-expected
revenues, if its working capital management deteriorate and/or if
it undertakes any large debt-funded capital expenditure (capex)
programme, thereby further weakening its financial profile.

Update

PHPL has further revised the scope of its hospital project, which
led to revision in its project cost to around INR280 to INR300
million from INR208.3 million. The change in scope of the project
included addition of new equipment and machineries for providing
additional facilities such as magnetic resonance imaging (MRI),
pathology, gynaecology, paediatric, pulmonology and oncology.
PHPL's reach and occupancy levels remained low in its first year
of operations, as reflected in its operating revenues of INR95.1
million with operating losses of INR3.5 million for 2012-13
(refers to financial year, April 1 to March 31), which was mainly
on account of the novelty of the brand. CRISIL expects PHPL's
revenues and profitability to remain low over the medium term,
owing to moderate occupancy levels and initial start-up nature of
hospital operations.

The company's financial risk profile remains weak, marked by its
low net worth of around INR49 million due to negative accretion to
reserves, high gearing of 3.37 times as on March 31, 2013. The
company's weak debt protection metrics were weak with negative
interest coverage ratio and net cash accruals to total debt NCATD)
ratio for 2012-13. The company's gearing has deteriorated on
account of increased scope of the project, funded through
additional bank debt and interest bearing unsecured loans and
advances from its promoters.

CRISIL expects PHPL's financial risk profile to remain weak over
the medium term on account of low to moderate occupancy levels due
to start up nature of operations. Going forward CRISIL expects the
gearing to remain high due to high working capital requirements
and low accretion to reserves leading to low profitability in the
medium term.

The company's liquidity is poor, marked by expected low or
negative cash accruals for 2013-14 due to low to moderate
occupancy levels and limited financial flexibility. The company
has fixed repayment obligations of INR3.6 million due for 2013-14.
However the company's liquidity is partially supported by
sanctioning of an ad-hoc limit of INR15 million in August 2013
coupled with support from its promoters through unsecured loans
which stood at INR21.1 million as on March 31, 2013.

PHPL, incorporated in June 2009, was promoted by Dr. Krishan
Avtar, his wife, Dr. Seema Avtar, and Mr. Kamal Kant Garg. It has
recently set up a 120-bed super-specialty (tertiary) hospital at
Ashirwad Enclave, Dehradun (Uttarakhand). The hospital commenced
operations in August 2012.


PAN FUELTECH: CRISIL Suspends 'B-' Ratings on INR70MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pan Fueltech Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60       CRISIL B-/Stable Suspended
   Proposed Long-Term       10       CRISIL B-/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by PFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PFPL is yet to
provide adequate information to enable CRISIL to assess PFPL'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 2002, PFPL trades in auto liquefied petroleum gas
(LPG) cylinders and kits, compresses natural gas (CNG) cylinders
and kits, multi-valves, and LPG mixtures and industrial cylinders.
The company derives around 85 per cent of its revenue from sale of
LPG and CNG cylinders, most of which is purchased from affiliate
companies, viz Sahuwala Cylinders Pvt Ltd and Sahuwala High
Pressure Cylinders Pvt Ltd (rated CRISIL D).


PRAGATI AGRI: CARE Rates INR6cr LT Bank Loans at 'BB'
-----------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Pragati Agri Products Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6.0       CARE BB Assigned
   Facilities

   Short-term Bank        3.5       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Pragati Agri
Products Pvt Ltd are primarily constrained by its relatively small
size of operations coupled with low profitability margins in the
highly competitive edible oil industry. The ratings also factor in
its susceptibility to volatile raw material price, exposure to
vagaries of nature being an agri-based commodity and low level of
awareness amongst the consumer fraternity about rice bran oil
(RBO).

The aforesaid constraints are partially offset by its long track
record of operations, longstanding experience of the promoters in
the edible oil business, reputed clientele, proximity to raw
material source and comfortable capital structure.

The ability of the company to increase its scale of operations
along with an improvement in the profitability margins would be
the key rating sensitivities.

Pragati Agri Products Pvt Ltd was incorporated in June 1995 by two
brothers, Mr Sushil Kumar Agarwal and Mr Purushottam Agarwal of
Kolkata. Initially it commenced operations with trading in rice
bran oil and rice bran. Subsequently in February 2006, PAPL
discontinued the trading operation and forayed into extraction of
crude edible oil. PAPL's manufacturing plant is situated in
Burdwan, West Bengal, having an installed capacity of 66,000
Metric Tonnes Per Annum (MTPA).

During FY13 (refers to the period April 1 to March 31), PAPL
reported a total operating income of INR74.13 crore and PAT of
INR0.33 crore.


RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR80MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radheshyam
Industries continue to reflect its below-average financial risk
profile marked by high gearing and moderate debt protection
metrics and modest scale of operations in a highly fragmented
industry. The rating also factors in the vulnerability of the
firm's business risk profile and profitability to changes in
government policy. These rating weaknesses are partially offset by
the extensive industry experience of RI's partners and its
established customer relationships.

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

Outlook: Stable

CRISIL believes that RI will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations
improves significantly, along with a sustained improvement in its
profitability, or if its capital structure improves either by
equity infusion by the partners or higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile weakens further due to increased
working capital borrowings or in case of change in government
policy having a negative impact on its operations.

Update

RI's sales of INR1174.3 million in 2012-13, grew at a healthy rate
of 26 per cent year-on-year, driven by an increase in average
price of cotton and sales volumes. Although, the operating
profitability remains low at 1-2 per cent, because of low value
addition in the business, the absolute net profits doubled in
2012-13 because of the increase in scale. The firm is expected to
achieve moderate growth in 2013-14, with improvement in operating
profitability margins as well, backed by higher availability of
raw cotton on expectations of a good cotton season.

The financial risk profile is below-average marked by a modest
networth, high gearing and average debt protection metrics. On
account of low profitability, RI's networth was modest at INR31
million as on March 31, 2013, despite equity infusion by promoters
of INR4.5 million in 2012-13. Backed by the equity infusions, the
gearing improved marginally but remains high at around 3.3 times
as on March 31, 2013, because of high reliance of the firm on
outside funds to support its working capital requirements. As a
result, the debt protection metrics remain average with interest
coverage and net cash accruals to total debt ratio of 1.9 times
and 0.06 times in 2012-13.

The liquidity is average marked by low bank limit utilization and
absence of term loans. The bank limits were utilised at around 60
per cent during the peak months of the cotton season, because of
its low working capital cycle, evidenced by gross current assets
of 37 days as on March 31, 2013. The partners have also supported
the firm through equity infusion and unsecured loans; the partners
infused INR4.5 million along with unsecured loans of INR7.4
million from friends and relatives in 2012-13. Moreover, the firm
has prepaid its term debt in the first half of 2013-14, and is
expected to generate cash accruals of around INR7.5 million in
2013-14.

RI reported a net profit of INR2.3 million on net sales of
INR1174.3 million in 2012-13, on a provisional basis, against a
net profit of INR0.9 million on net sales of INR935.3 million in
2011-12.

RI was set up in 2008 as a partnership firm by Mr. Barkatali
Bhimjibhai, Mr. Amarshibhai Aambabhai, Mr. Samsudinbhai
Sadrudinbhai, Mr. Akbarali Bhimjibhai, Mr. Yogeshbhai Dirubhai,
Mr. Nagjibhai Aambabhai, Mr. Firojali Pyarlibhai, and Mr.
Alkeshbhai Sirajbhai. The firm has a cotton ginning and pressing
unit in Amreli (Gujarat).


RAMOJI GRANITE: CARE Cuts Rating on INR24.53cr Loans to 'BB-'
-------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Ramoji Granite Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       24.53       CARE BB- Revised
   Facilities                       from CARE BB


   Short-term Bank       2.50       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Ramoji Granite Limited is primarily due to the decline in turnover
in FY13 (refers to the period April 1 to March 31), lower cash
accruals and deterioration in liquidity position. The ratings
continue to remain constrained by the presence of RGL in an
intensely competitive tile industry, declining profitability,
vulnerability of profit to fluctuation in raw material and fuel
prices and direct linkages to the cyclical real estate sector.
The ratings continue to take comfort from the experience of the
promoters in the tile industry, moderate gearing level and its
presence in the ceramic tile cluster of Morbi in Gujarat.

The ability of RGL to increase its scale of operations with higher
capacity utilization, market presence and profitability while
managing raw material price volatility are the key rating
sensitivities.

RGL, incorporated in 2003, was promoted by Mr Ramji B Kundaria and
family members for the manufacturing of vitrified tiles in order
to cater to the increasing demand from the real estate sector. RGL
is a part of the Ramco group engaged in the manufacturing of
ceramic floor tiles. RGL's manufacturing facility is located in
the ceramic tile cluster of Morbi in Gujarat with a capacity of
103,500 metric tonnes per annum (MTPA) as on March 31, 2013.

The other group concern, Ramco Ceramics Ltd, is engaged in the
manufacturing of floor tiles. Both companies have common
management and marketing and distribution setup and sell their
products under the RAMCO brand name.

During FY13, RGL reported a total operating income of INR66.31
crore (FY12: INR92.86 crore) and a PAT of INR0.02 crore (FY12:
INR0.59 crore).


RK AGARWAL: CARE Reaffirms 'BB' Rating on INR14.01cr Loans
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
RK Agarwal Agro Seeds Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       14.01       CARE BB Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained by the small scale of
operations of R K Agarwal Agro Seeds Limited coupled with low net-
worth base and thin profitability margins on account of low value
addition. The rating is also constrained by the inherent risks
associated with the agro-based industry viz fragmented nature and
seasonality.

The rating, however, continues to derive strength from the vast
experience of the promoters in the agro-business and favourable
location of the manufacturing unit due to proximity to the
farmers.

The ability of RKAASL to increase the scale of operations while
maintaining its profitability margins in a highly competitive
market and maintain its favorable capital structure will be the
key rating sensitivities.

R K Agarwal Agro Seeds Limited, based in Kashipur, Uttarakhand,
was incorporated in September 2009. The company is promoted by Mr
Ajay Kumar Agarwal, Mr Priyanshu Agarwal and Ms Priti Agarwal.
RKAASL is engaged in the processing and trading of wheat and paddy
seeds. RKAASL had an installed capacity of 6.5 Metric Tonnes (MT)
per hour for processing and grading of wheat and paddy seeds as on
March 31, 2013.

During FY13 (refers to the period April 1 to March 31), RKAASL
reported a PAT of INR0.07 crore on a total operating income of
INR20.28 crore as against a PAT of INR0.06 crore on a total
operating income of INR18.63 crore in FY12. In H1FY14 the company
has achieved a total operating income of INR3.70 crore.


ROHIT FERRO: CARE Cuts Ratings on INR1,366.23cr Loans to 'BB-'
--------------------------------------------------------------
CARE revises the long-term rating to 'CARE BB-' from 'CARE BBB'
and revises the short-term rating to 'CARE A4' from 'CARE A3'
assigned to the bank facilities of Rohit Ferro Tech Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        609.73     CARE BB- Revised from
   Facilities                       CARE BBB
   (Term Loan)


   Long-term Bank        200.00     CARE BB- Revised from
   Facilities                       CARE BBB
   (Fund based)

   Long-term Bank         21.50     CARE BB- Revised from
   Facilities                       CARE BBB
   (Non Fund Based)

   Long-term/Short-      500.00     CARE BB-/A4 Revised from
   term Bank                        CARE BBB/A3
   Facilities
   (Fund Based)

   Long-term/Short-       35.00     CARE BB-/A4 Revised from
   term Bank                        CARE BBB/A3
   Facilities
   (Non-Fund Based)

   Short-term Bank        15.00     CARE A4 Revised from
   Facilities                       CARE A3
   (Fund Based)

   Short-term Bank       473.00     CARE A4 Revised from
   Facilities A3                    CARE A3
   (Non-fund based)

Rating Rationale

The revision in the rating of Rohit Ferro Tech Limited takes into
consideration the significant deterioration in the financial
performance characterized by the stretched collection
period and cash flow mismatch during Q2FY14 which led its
management to contemplate for restructuring of its debt through
the corporate debt restructuring (CDR) process.

The ratings are constrained by th highly leveraged capital
structure, susceptibility to volatility in raw material and
finished goods prices, foreign exchange fluctuation risk, complete
dependence of ferro alloys industry on the cyclical steel sector
and project implementation risk associated with its ongoing
projects.

However, the ratings derive strength from RFTL's experienced
promoters, long track record, and its diversified geographic
presence.

The ability of the company to improve its profitability margin and
to deleverage its capital structure on the back of successful
completion of the ongoing projects on time remains the key
rating sensitivity.

Rohit Ferro Tech Ltd is a Kolkata-based manufacturer & trader of
High Carbon Ferro Chrome & other related products used in the
manufacturing of steel (primarily mild, alloy and stainless
steel). This apart, the company is also engaged into manufacturing
of stainless steel.  RFTL's manufacturing units are located at
Bishnupur (West Bengal), Haldia (West Bengal) and Jajpur (Orissa)
with an aggregate installed capacity of 283,755 metric tonnes per
annum (MTPA) for Ferro Alloys and 100,000 MTPA for Stainless Steel
as on March 31, 2013. The company is also setting up a 67.5 MW
coal-based captive power plant and a 33MVA submerged arc furnace
(74,462 MTPA) along with sintering plant and allied facilities in
Jajpur, Orissa.

During FY13 and H1FY14 (provisional), RFTL reported a PAT of
INR28.9 crore and a net loss of INR54.2 crore on a total operating
income of INR2,269.7 crore and INR1,306.2 crore respectively.


SHREE SHYAM: CARE Assigns 'BB-' Rating to INR5.42cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE BB-/CARE A4' ratings assigned to the bank
facilities of Shree Shyam Road Carrier.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.42       CARE BB- Assigned
   Facilities

   Short-term Bank       0.50       CARE A4 Assigned
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Shree Shyam Road
Carrier are constrained by its stressed financial risk profile
marked by the highly leveraged capital structure along with weak
liquidity position and customer concentration risk arising out of
top three customers contributing almost 60% to the total income
from operations. The ratings are further constrained by its
presence in a highly fragmented industry along with challenges
faced by the road transportation industry and proprietorship
constitution.

The above constraints are partially offset by the moderate track
record of the firm and experience of its promoters, reputed and
established clientele and yearly contracts with most of the
customers and contracts with suppliers leading to an improvement
in the profitability margins.

The ability of the firm to increase its scale of operations along
with an improvement in solvency and liquidity position would be
the key rating sensitivity.

Shree Shyam Road Carrier, an ISO 9001:2008 certified firm, was
established in 2003 as a proprietorship concern. The firm is
engaged in providing transportation and logistics services viz
Full Truck Load (FTL), parcel services, train cargo services, air
cargo services, warehouse and distribution services. SSRC has its
head office at Kundaim (Goa) and 25 branches in different cities.
The firm owns 140 vehicles of various sizes which includes 75
trucks of 34x8.5x10.5' size, 30 AC containers of 30 ft multi axle,
10 vehicles of 36 ft 3-Axle and 25 refrigerated vehicles for
carrying frozen foods.

Shree Shyam Road Carrier registered a PAT of INR 1.35 crore on a
total operating income of INR33.14 crore during FY13 (refers to
the period April 1 to March 31) as against a total operating
income of INR28.65 crore and PAT of INR1.30 crore in FY12.


SHRI HARI: CARE Assigns 'B' Rating to INR5.26cr LT Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shri Hari
Education And Charitable Trust.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.26       CARE B Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Shri Hari Education
and Charitable Trust are primarily constrained due to the
financial risk profile marked by losses in the initial phase,
moderately leveraged capital structure and weak coverage
indicators. The ratings are further constrained on account of
project implementation risk, competition from renowned institutes
in and around Gujarat and the highly regulated education industry
with regard to approvals and accreditations.

These constraints outweigh the benefits derived from the moderate
enrolment ratio and increased demand for quality management &
technical education.

The ability of SHECT to complete the project within cost and time
parameters, continued financial support from the promoters in the
initial phase and increasing its scale of operations by sustaining
the strong enrolment ratio remains the key rating sensitivity.

Junagadh-based (Gujarat), SHECT was formed in August, 2010 as a
Public Trust under the Bombay Public Trust Act, 1950 by ten
trustees with the object of setting up professional education
institutions. SHECT established an engineering college under the
name Atmiya Institute to provide diploma courses in engineering.
Later on in 2011 the name of the college was changed to Amrut
Institute (AMI). AMI is approved by the All Indian Council for
Technical Education (AICTE) and Gujarat Technological University
(GTU) for providing diploma courses in the engineering field.

As per the provisional results for FY13 ( refers to the period
April 1 to March 31), SHECT reported a total operating income of
INR2.37 crore (FY12 (A): INR1.60 crore) and a net loss of INR0.24
crore (FY12 (A): net loss of INR0.01 crore).


SHRINIWAS MACHINE: CRISIL Ups Ratings on INR145MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shriniwas Machine Craft Pvt Ltd (SMCPL; part of the Rewale group)
to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                 85      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects the sustained improvement in the
Rewale group's financial risk profile, driven by healthier
profitability and better working capital management. Over past two
years, the group has maintained its topline at more than INR600
million per year, with a healthy operating margin of above 15 per
cent. Also, its average gross current assets have reduced to less
than five months as on March 31, 2013, from six to seven months
earlier. This has meant controlled reliance on external funding
and healthy accretions to reserves. The Rewale group's gearing has
improved to 0.58 times on a net worth base of INR191 million as on
March 31, 2013. Its debt protection metrics too were healthy, with
interest coverage and net cash accruals to total debt ratios at
7.6 times and 0.56 times, respectively, for 2012-13 (refers to
financial year, April 1 to March 31). In the absence of any
significant capital expenditure (capex) plans, the Rewale group's
financial risk profile is expected to be sustained over the medium
term.

The rating reflects the Rewale group's above-average financial
risk profile, marked by a moderate net worth, healthy gearing, and
comfortable debt protection metrics, and its strong relationships
with customers. These rating strengths are partially offset by
high end-user concentration in the group's revenue profile, its
modest scale of operations, and its large working capital
requirements. The rating also factors in the weak prospects for
the group's end user industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SMCPL, Rewale Engineering Pvt Ltd, and
Venkatesh Engineering Equipment Pvt Ltd. This is because the three
companies, collectively referred to as the Rewale group, are in
the same line of business, under a common management, and have
strong operational and financial linkages with each other. REPL
and VEEPL jointly own the majority of SMCPL's equity shares. REPL
is a contract manufacturer for SMCPL, while VEEPL has guaranteed
SMCPL's bank facilities.


Outlook: Stable

CRISIL believes that the Rewale group will maintain its financial
profile over the medium term, supported by healthy profitability
and an improved working capital management. However, the group's
business risk profile will remain constrained by its high exposure
to sluggish demand from the passive infrastructure segment in the
telecommunication (telecom) industry. The outlook may be revised
to 'Positive' if the Rewale group reports a significant increase
in its scale of operations, while sustaining its profitability,
further improving its working capital management, and reducing its
exposure to the telecom industry. Conversely, the outlook may be
revised to 'Negative' if the group reports a decline in its sales
and profitability, leading to lower-than-expected cash accruals,
or if it undertakes a substantial debt-funded capex programme, or
if there is a stretch in its working capital cycle, affecting its
liquidity.

SMCPL was set up by Mr. Vilas Rewale in 2003; it is part of the
Rewale group, which commenced operations under REPL in 1983. SMPCL
manufactures sheet metal canopies for generator sets for original
equipment manufacturers such as Mahindra and Mahindra Ltd (M&M);
these canopies are ultimately used in the telecom industry.
Currently, SMCPL subcontracts its entire manufacturing operations
to REPL. In 2005, Mr. Rewale set up VEEPL, which assembles
generator sets (on a job-work basis) for M&M.


SINGAN PROJECTS: CARE Revises Rating on INR20cr Loans to 'B+'
-------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Singan Projects Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         20        CARE B+ Revised from
   Facilities                       CARE B-

   Short-term Bank        45        CARE A4 Re-affirmed
   Facilities

Rating Rationale

The revision in the rating takes into account the improvement in
the liquidity profile of the company with an improvement in the
working capital position and addition of direct contracts vis…-
vis sub-contracted work orders. The ratings also factor in the
satisfactory experience of the promoters, moderate order book
position, satisfactory debt coverage indicators and marginal
improvement in the profitability during FY13 (refers to the period
April 01 to March 31). The ratings, however, are constrained by
the concentrated order book, decline in revenue in FY13, stretched
operating cycle with unbridged working capital gap and moderate
industry growth prospects. The ability of the company to diversify
the order book, recover contract proceeds in a timely manner and
efficiently manage the working capital are the key rating
sensitivities.

Incorporated in 2002, Singam Projects Limited is promoted by Mr S
Narayana of Hyderabad, Andhra Pradesh. The company is engaged in
the execution of civil construction contracts with work orders
spanning across water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects, etc, with a majority of work orders awarded by the
state and central government departments.

The order book as on September 30, 2013 comprised of 16 projects
valued INR153.93 crore (against INR152 crore as on July 1, 2012)
spread across water supply projects (98%) and balance work in
water drainage system.

During FY13, SPL posted a PBILDT of INR9.01 crore (FY12 - INR11.32
crore) and PAT (after deferred tax) of INR2.61 crore (FY12 -
INR2.64 crore) on a total operating income of INR71.57 crore (FY12
- INR92.19 crore).

As per the unaudited working results for H1FY14 (half year ended
September 30, 2013), the company achieved gross billing of INR54.2
crore and PBT of INR 2.66 crore.


SOMA SRINIVAS: CRISIL Rates INR30MM Loan at 'BB-'
-------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of M/s Soma Srinivas Reddy.

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

   Overdraft Facility        30      CRISIL BB-/Stable

The rating reflects the extensive industry experience of promoters
in the civil construction industry, and its moderate financial
risk profile marked by moderate capital structure and healthy debt
protection metrics. These rating strengths are partially offset by
SSR's high working capital intensive operations, its limited
revenue diversity and its modest scale of operations.

Outlook: Stable

CRISIL believes that SSR will benefit over the medium term from
the long standing entrepreneurial experience of its promoters .The
outlook may be revised to 'Positive', if SSR increases its scale
of operations and operating profitability significantly over the
medium term there by leading to an improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative', if the company undertakes any significant debt-funded
capital expenditure or if its revenues and operating profitability
decline or if its working capital cycle elongates leading to
deterioration in its financial profile.

Set up in 1996 as a Partnership entity and based in Hyderabad, SSR
is involved in civil construction for infrastructure projects like
roads and bridges.

For 2012-13 (refers to financial year, April 1 to March 31), SSR
reported a PAT of INR9.29 million on net sales of INR189.2
million, against a PAT of INR3.77 million on net sales of INR103.9
million for 2011-12.


SURYAUDAY SPINNING: CRISIL Suspends D Ratings on INR308.4MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suryauday Spinning Mills Pvt Ltd.

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

   Cash Credit               72      CRISIL D Suspended
   Foreign Bill

   Discounting               10      CRISIL D Suspended

   Long-Term Loan           206.4    CRISIL D Suspended

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

Established in August 2005 by Mr. Brij Gopal Asawa, SSMPL
manufactures polyester staple yarn. The company is located in
Lingojiguda (Andhra Pradesh) and has a capacity of 14,300
spindles. SSMPL manufactures yarn of counts ranging from 3.5s to
35s. It procures raw material (polyester fibre) from its
associate, Srinath Trading Agencies, which is a commission agent
for RIL's polyester fibre products in Andhra Pradesh. SSMPL sells
its products through commission agents to textile players and
conveyor-belt manufacturers.


SVVR EDUCATIONAL: CRISIL Reaffirms 'B-' Rating on INR130M Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of S V V R
Educational Society continues to reflect SVVR's stretched
liquidity with its low cash accruals expected to tightly match its
term debt repayment obligations, its weak financial risk profile
marked by its small net worth, high gearing and
below average debt protection metrics, and its exposure to
regulatory risks. These rating weaknesses are partially offset by
the society's diversified revenue across various disciplines, and
the continued financial support it receives from its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             130.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SVVR will continue to benefit over the medium
term from the continued financial support it receives from its
promoters. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in the society's revenues,
while maintaining its profitability margins. Conversely, the
outlook may be revised to 'Negative' if there is a steep decline
in the society's profitability margins from the current levels or
there is a significant deterioration in its capital structure on
account of large debt-funded capex.

SVVR was set up in 2008 by the promoters of the SAGAR group of
industries; Mr. Sammidi Veera Reddy is the society's current
president. SVVR currently operates three educational institutes
-- Sagar Institute of Technology (SIT), Food and Agri Business
School (FABS), and Sagar Business School (SGBS).

The society started its operations with SIT and FABS in September
2009; SGBS started its operations in 2011. However, the society is
planning to discontinue the operations in SGBS. The campuses of
all the three institutes are in Chevella, Ranagareddy District
(Andhra Pradesh).


TIRUPATI UDYOG: CRISIL Suspends 'D' Ratings on INR331MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirupati Udyog Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           30.5     CRISIL D Suspended
   Cash Credit             125.0     CRISIL D Suspended
   Letter of Credit         40.0     CRISIL D Suspended
   Long-Term Loan           35.5     CRISIL D Suspended
   Working Capital         100.0     CRISIL D Suspended
   Term Loan

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

TUL, based in Hyderabad, manufactures thermo-mechanically-treated
(TMT) bars, angles, girders, and channels with an installed
capacity of 200 tonnes per day. TUL sells TMT bars under the
Tirupati TMT brand. It was earlier known as Caps Steel Ltd; the
company was renamed in 2001, when the business was taken over by
Mr. Yogendar Garg, Mr. Dinesh Goyal, Mr. Vipin Jain and Mr. Pulkit
Garg.


UNITED MARINE: CRISIL Suspends 'D' Ratings on INR99.9MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of United
Marine Services.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               2       CRISIL D Suspended
   Term Loan                97.9     CRISIL D Suspended

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

UMS was established as a partnership firm in 2009 by Mr. Sanjay
Naik, Ms. Jayashree Naik and Ms. Piedade D'Souza. The firm is in
transhipping business, which is inland transport business. It
started operations in January 2010 and has two barges in
operations, each with capacity of 2200 dead weight tonnage. UMS
deploys its barges on charter basis to iron-ore exporting firms.


VIDHATA METAL: CRISIL Suspends 'B' Ratings on INR141MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vidhata
Metal Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            4       CRISIL A4 Suspended

   Cash Credit              50       CRISIL B/Stable Suspended
   Proposed Long-Term

   Bank Loan Facility        6       CRISIL B/Stable Suspended

   Rupee Term Loan          85       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by VMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VMPL is yet to
provide adequate information to enable CRISIL to assess VMPL'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 March 2008, VMPL manufactures mild-steel billets
from steel scrap and sponge iron. The company is promoted by Mr.
Ishwar Samota and Mr. Rajesh Garg. Mr. Garg is the new addition to
the board and he has experience in handling another group company
which is in similar line of business as VMPL. VMPL's manufacturing
unit has capacity of about 51,000 tonnes per annum; the unit is in
Wada, which is a manufacturing hub for steel long products, the
end-user segment of billets.


VOORA PROPERTY: CRISIL Reaffirms 'BB-' Rating on INR365MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Voora Property
Developers Pvt Ltd reflects the extensive experience of VPDPL's
promoters in the real estate development business. This rating
strength is partially offset by VPDPL's exposure to risks related
to completion and saleability of its ongoing projects and to
cyclicality in the real estate industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             365      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VPDPL will benefit over the medium term from
the experience of its promoters in the residential real estate
development business. The outlook may be revised to 'Positive' if
the company completes its ongoing projects earlier than expected
and in case of more-than-expected sales realisations from these
projects, leading to larger-than-anticipated cash flow.
Conversely, the outlook may be revised to 'Negative' if there are
delays in the execution of the projects or in the receipt of
advances from customers, or if there is significant decline in
realisations, or if VPDPL undertakes a large debt-funded project,
resulting in deterioration in its liquidity.

VPDPL, incorporated in 1995, undertakes residential and commercial
real estate development in Chennai (Tamil Nadu). The company is a
part of the Voora group, which is owned by V. Lakshmi Narasimha
Rao.



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


TOKYO ELECTRIC: Pins Profit on Plant Restarts, Rate Rise
--------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. would amass
a pretax profit of around JPY100 billion in the business year
through March 2015 if two reactors at its seven-reactor nuclear
plant in Niigata Prefecture can resume operations by next July,
according to a plan presented to the utility's creditor banks.

According to the report, Tepco could post a loss of about
JPY80 billion if reactors at the Kashiwazaki-Kariwa plant remain
offline through the year to March 2015, but it estimated that the
loss would be more than offset if it resorts to a 10 percent
electricity rate hike.

The Japan Times relates that the earnings projections, released on
November 14, indicate Tepco sees the reactivation of idled
reactors, which would help curtail heavy fuel costs for thermal
power generation, as a pillar to put its business on a sound
footing.

The report says the creditor banks will examine the firm's
earnings projections and restructuring measures to decide whether
to accept Tepco's loan requests.

The Japan Times notes that the utility plans to revise its current
business turnaround plan in December as the company is having
difficulty sticking to it.

Under the existing business plan, the report relates, Tepco was
expected to reactivate four of the seven reactors at the
Kashiwazaki-Kariwa plant during the current fiscal year as part of
measures to move into the black.

But Tepco has so far only applied for safety assessments of
reactors 6 and 7, and the process has not shown much progress.
Nuclear regulators have been wary amid the utility's poor handling
of the crisis at the Fukushima No. 1 plant, according to the
report.

The report adds that among several scenarios presented to the
banks, Tepco said it expects to post a pretax profit of about
JPY200 billion in fiscal 2014 if the two Kashiwazaki-Kariwa
reactors are back online by April. But it will post a loss of
about JPY15 billion if the restarts are delayed to January 2015.

Tepco wants to secure JPY300 billion in fresh loans from the major
creditors as early as next month and refinance JPY200 billion in
existing loans, the report relays.

                     About Tokyo Electric

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

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

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

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

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



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


BLACKTOP CONSTRUCTION: Fulton Hogan to Continue Road Works
----------------------------------------------------------
Praneeta Prakash at fijivillage.com reports that maintenance work
on all the roads in the Northern Division will now be carried out
by Fulton Hogan Highway as current contractors Blacktop
Construction Limited, an Auckland-based contractor has gone into
receivership.

According to Fiji Roads Authority Chief Executive Officer Neil
Cook, Blacktop Construction Limited owes more than NZ$5 million to
suppliers and subcontractors, the report notes.

Mr. Cook, the report notes, added that the debt relief package has
certain criteria.  The report relates that Mr. Cook also said that
more than NZ$3 million is expected to be paid out.

Fulton Hogan Highway Stabilizers will take over the Northern
maintenance contract effective from Monday on the existing terms
and conditions, the report relays.

Approximately 80 workers who are under Blacktop Construction
Limited will be employed by the new contractor, the report adds.


CHORUS LTD: With Dividend Guidance on Regulatory Uncertainty
------------------------------------------------------------
Duncan Bridgeman at NBR Online reports that Chorus has withdrawn
its dividend guidance of 25.5 cent per share for the 2014
financial year, blaming regulatory uncertainty and the outcome of
the government's independent review.

"At this time of unprecedented levels of investment by Chorus,
withdrawing dividend guidance is a regrettable but necessary step
in light of the ongoing uncertainty Chorus faces," NBR quotes
Chorus chief executive Mark Ratcliffe as saying.

Chorus' earnings path hangs on the government's response to plans
by the commerce commission to cut its prices, the report notes.

According to NBR, Chorus said in a statement to the NZX that it is
investing roughly three dollars in the Ultra-fast Broadband
initiative for every dollar of financing provided by the Crown to
support the delivery of the upgraded infrastructure.

"We are proud of our role as the cornerstone partner in the Ultra-
fast Broadband initiative, which is being delivered like
clockwork."

"We remain hopeful that as the major partner in New Zealand's
largest public private partnership we can work with the Government
to find a timely solution to the current issues that works for all
parties and provides Chorus and its investors with the certainty
we need to get on with delivering this once in many generations
infrastructure upgrade."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2013, Stuff.co.nz said credit ratings agency Standard &
Poor's expects Chorus will breach its banking covenants within two
years unless it receives help.  Stuff.co.nz said that fresh
evidence has emerged both for and against the contention that
Chorus could absorb a NZ$10 reduction in the price it can charge
for copper broadband without government intervention.  According
to Stuff.co.nz, Standard & Poor's and Moody's are both reviewing
Chorus's credit ratings after the Commerce Commission on
November 5 ordered a 23 per cent cut in wholesale copper broadband
pricing.

Chorus Ltd -- http://chorus.co.nz/-- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.


REYNOLDS GROUP: Moody's Rates Senior Secured Credit Facilities B1
-----------------------------------------------------------------
Moody's Investors Service assigned B1 ratings to the proposed
senior secured credit facilities and proposed senior secured term
loans of Reynolds Group Holdings Inc. Additionally, Moody's
affirmed the company's B3 Corporate Family, B3-PD Probability of
Default, and all other instrument ratings. The ratings outlook is
stable. The proceeds of the new facilities will be used to
refinance the existing facilities.

Moody's took the following actions:

Reynolds Group Holdings Limited

-- Affirmed B3 corporate family rating

-- Affirmed B3-PD probability of default rating

Reynolds Group Holdings Inc.

-- Affirmed $120 million senior secured revolving credit facility
   due 11/05/2014, B1 (LGD2, 25%) (to be withdrawn at the close
   of the transaction)

-- Affirmed 80 million senior secured revolving credit facility
   due 11/05/2014, B1 (LGD2, 25%) (to be withdrawn at the close
   of the transaction)

-- Assigned new $120 million senior secured revolving credit
   facility due December 2018, B1 (LGD2, 25%)

-- Assigned new 80 million senior secured revolving credit
   facility due December 2018, B1 (LGD2, 25%)

-- Affirmed $2,235 million senior secured term loan due
   9/28/2018, B1 (LGD2, 25%) (to be withdrawn at the close of the
   transaction)

-- Affirmed 300 million senior secured term loan due 9/28/2018,
   B1 (LGD2, 25%) (to be withdrawn at the close of the
   transaction)

-- Assigned new $2,235 million senior secured term loan due
   December 2018, B1 (LGD2, 25%)

-- Assigned new 300 million senior secured term loan due
   December 2018, B1 (LGD2, 25%)


Beverage Packaging Holdings (Luxembourg) II S.A.

-- Affirmed 480 million 8.000% senior unsecured notes due
   12/15/2016, Caa2 (LGD 5, 79%) (to be withdrawn at the close
   of the transaction)

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

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

-- Affirmed senior unsecured notes due 12/15/2016, Caa2 (LGD 5,
   79%)

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

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

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

Pactiv Corporation

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

The rating outlook is stable.

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

Ratings Rationale:

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

Strengths in the company's profile include its strong brands and
market positions in certain segments, scale and high percentage of
blue-chip customers. There are high switching costs for customers
in certain segments as well as a history of innovation. Many of
RGHL's businesses had a history of strong execution and innovation
prior to their acquisition and much of the existing management
teams were retained. Scale, as measured by revenue, is significant
for the industry and helps RGHL lower its raw material costs. The
company also has high exposure to food and beverage packaging.
RGHL currently has adequate liquidity with approximately $1.5
billion in cash on hand as of September 30, 2013.

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

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



=================
S I N G A P O R E
=================


GLOBAL A&T: Moody's Puts B2 Ratings on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed Global A&T Electronics Ltd.'s
(GATE's) B2 corporate family and its B2 first lien senior secured
ratings on review for downgrade.

Ratings Rationale:

Moody's action follows the company's confirmation that it had
received a notice of default from a law firm purporting to
represent holders of more than 25% of the $625 million 10% senior
secured notes due 2019 ("First Lien Notes"), issued on 7 February
2013, in relation to the transactions undertaken in the exchange
offer.

On 30 September, GATE announced the completion of an exchange
offer for its entire second lien debt of $543 million due 2015 for
$502.3 million of additional 10% first lien senior secured notes
due 2019 ("Additional Notes").

The notice of default states that in issuing the Additional Notes,
elevating the lien priority of the holders of the second lien
loans as well as amending an intercreditor agreement to allow such
transactions, GATE has violated the covenants prohibiting such
actions.

According to the notice of default, 30 days after the receipt of
the notice, the defaults specified in the notice shall be
considered events of default under the First Lien Indenture. This
30-day period will expire on 7 December 2013.

"Our review for downgrade reflects uncertainties surrounding the
implications of the notice of default for all current bondholders
as well as the next steps in this process. These next steps could
include an unwinding of the exchange offer or litigation, which
may extend over a lengthy period with an uncertain outcome," says
Annalisa Di Chiara, who is also Lead Analyst for GATE.

GATE has publically stated that the issuance of the Additional
Notes was in accordance with its rights and obligations under the
relevant agreements and applicable law, and are thus contesting
the declaration of default.

"This event also increases ratings pressure on GATE's fundamental
credit quality. At a time of weakening financial performance,
Moody's believes this matter will divert management's attention
and resources away from the company's core operating activities
and may delay any potential improvement in its performance," says
Di Chiara.

Moody's believes that a lack of visibility for market demand and
uncertainty regarding GATE's revenue and earnings recovery will
result in EBITDA of $180-$200 million at end-2013, causing
leverage to rise into the 6x range, which is high for its B2
corporate family rating.

Moody's will continue to monitor the current situation and intends
to complete the review before or on 7 December 2013.

Ratings could be downgraded by multiple notches if the
notification of default results in an unwinding of the transaction
and thus creates significant medium term liquidity risk, given
that the initial second-lien bonds matured in 2015. A multi-notch
downgrade may also occur in a scenario of heightened credit risk,
including confirmation of default under the covenants or an
extended period of uncertainty due to litigation.

Moody's would also consider downgrading GATE's ratings if (1) the
company's balance-sheet liquidity falls below $150 million owing
to higher-than-expected cash burn or dividends; (2) its
profitability declines, leading to a further deterioration in the
company's financial profile, such that debt/EBITDA remains at or
above 6.0x or EBITDA margins fall below 25%; (3) there is further
evidence of a weakening competitive position or loss of market
share.

Global A&T Electronics Ltd is a leading provider of semiconductor
assembly and test services operating under the name UTAC with
manufacturing facilities in Singapore, Taiwan, Thailand and China.
UTAC was privatized through a leverage buy-out by a private equity
group led by TPG Capital (47.7%) and Affinity Equity Partners
(47.7%) in October 2007.



====================
S O U T H  K O R E A
====================


* SOUTH KOREA: Large Shipping Groups Struggle to Stay Afloat
------------------------------------------------------------
Song Jung-a in Seoul at FT.com reports that South Korea's big
shipping companies are struggling to stay afloat under mounting
debts as the industry's downturn worsens their cash flow, casting
doubts over their long-term survival.

FT.com relates that the Asian country's three biggest shipping
companies -- Hanjin Shipping, Hyundai Merchant Marine and STX Pan
Ocean -- face more than KRW3 trillion (US$2.8 billion) of maturing
debts over the next two years.

Their financial plights were highlighted by numbers from both
Hanjin and Hyundai that showed their debt outweighing their equity
by about 10 to one as of the end of September, FT.com says.

According to FT.com, such a predicament led to the recent
resignation of Kim Young-min, Hanjin's chief executive, after the
company reported heavy losses for the past three years.  FT.com
relates that Hanjin said Mr. Kim had stepped down to take
responsibility for the losses and a delay in receiving financial
support from creditors.

FT.com notes that following their aggressive debt-fuelled
expansion before the 2008 global financial crisis, South Korean
shipping companies have grappled with higher financial costs than
their overseas rivals. The subsequent industry downturn has
dragged them into the red, as freight rates contract due to low
demand and overcapacity, the report notes.

FT.com says STX Pan Ocean, the country's largest bulk carrier,
filed for court protection in June, unable to overcome the
mounting debt burden. The three shippers all widened losses in the
third quarter compared with a year earlier because of increasing
interest payments, FT.com notes.

The report says Hyundai and Hanjin are likely to continue to post
losses next year as the industry shows few signs of recovery,
while STX is expected to become profitable for the first time in
four years thanks to the court-led restructuring.



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


* BOND PRICING: For the Week Nov. 11 to Nov. 15, 2013
-----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

AUSTRALIAN POSTAL    5.50     11/13/23    AUD     97.20
BOART LONGYEAR MA    7.00     04/01/21    USD     73.00
BOART LONGYEAR MA    7.00     04/01/21    USD     73.00
COMMONWEALTH BANK    1.50     04/19/22    AUD     72.41
EXPORT FINANCE &     0.50     06/15/20    NZD     74.00
GRIFFIN COAL MINI    9.50     12/01/16    USD     74.63
GRIFFIN COAL MINI    9.50     12/01/16    USD     74.63
MIRABELA NICKEL L    8.75     04/15/18    USD     34.88
MIRABELA NICKEL L    8.75     04/15/18    USD     35.00
NEW SOUTH WALES T    0.50     09/14/22    AUD     68.97
NEW SOUTH WALES T    0.50     12/16/22    AUD     68.09
NEW SOUTH WALES T    0.50     03/30/23    AUD     67.12
NEW SOUTH WALES T    0.50     02/02/23    AUD     67.64
NEW SOUTH WALES T    0.50     11/18/22    AUD     68.33
NEW SOUTH WALES T    0.50     10/07/22    AUD     68.74
NEW SOUTH WALES T    0.50     10/28/22    AUD     68.53
PALADIN ENERGY LT    3.63     11/04/15    USD     74.08
PALADIN ENERGY LT    6.00     04/30/17    USD     68.74
TREASURY CORP OF     0.50     03/03/23    AUD     68.34
TREASURY CORP OF     0.50     11/12/30    AUD     44.61
TREASURY CORP OF     0.50     08/25/22    AUD     69.75


CHINA
-----

CHINA GOVERNMENT     1.64     12/15/33    CNY     65.21


INDONESIA
---------

DAVOMAS INTERNATI   11.00     12/08/14    USD     24.38
DAVOMAS INTERNATI   11.00     12/08/14    USD     24.38


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17    USD     25.84
CORE EDUCATION &     7.00     05/07/15    USD     27.75
COROMANDEL INTERN    9.00     07/23/16    INR     15.13
DR REDDY'S LABORA    9.25     03/24/14    INR      4.98
GTL INFRASTRUCTUR    2.53     11/09/17    USD     40.21
HPCL-MITTAL PIPEL    4.00     10/05/22    INR     64.39
INDIA GOVERNMENT     0.24     01/25/35    INR     16.97
INDIA GOVERNMENT     5.87     08/28/22    INR     73.84
JCT LTD              2.50     04/08/11    USD     20.00
MASCON GLOBAL LTD    2.00     12/28/12    USD     10.00
PRAKASH INDUSTRIE    5.25     04/30/15    USD     51.25
PRAKASH INDUSTRIE    5.63     10/17/14    USD     55.75
PYRAMID SAIMIRA T    1.75     07/04/12    USD      1.00
REI AGRO LTD         5.50     11/13/14    USD     69.99
REI AGRO LTD         5.50     11/13/14    USD     69.99
SHIV-VANI OIL & G    5.00     08/17/15    USD     19.88
SUZLON ENERGY LTD    5.00     04/13/16    USD     47.06
SUZLON ENERGY LTD    7.50     10/11/12    USD     65.88


JAPAN
-----

ELPIDA MEMORY INC    0.50     10/26/15    JPY      9.88
ELPIDA MEMORY INC    0.70     08/01/16    JPY      9.75
ELPIDA MEMORY INC    2.10     11/29/12    JPY     11.38
ELPIDA MEMORY INC    2.29     12/07/12    JPY     11.38
ELPIDA MEMORY INC    2.03     03/22/12    JPY     11.38
JAPAN EXPRESSWAY     0.50     03/18/39    JPY     70.62
JAPAN EXPRESSWAY     0.50     09/17/38    JPY     71.14
TOKYO ELECTRIC PO    2.37     05/28/40    JPY     67.13
TOKYO ELECTRIC PO    1.96     07/29/30    JPY     73.63


PHILIPPINES
-----------

BAYAN TELECOMMUNI   13.50     07/15/06    USD     22.75
BAYAN TELECOMMUNI   13.50     07/15/06    USD     22.75


SOUTH KOREA
-----------

EXPORT-IMPORT BAN    0.50     10/23/17    TRY     69.22
EXPORT-IMPORT BAN    0.50     09/28/16    BRL     72.28
EXPORT-IMPORT BAN    0.50     10/27/16    BRL     71.60
EXPORT-IMPORT BAN    0.50     01/25/17    TRY     73.93
EXPORT-IMPORT BAN    0.50     08/10/16    BRL     74.27
EXPORT-IMPORT BAN    0.50     12/22/17    BRL     62.81
EXPORT-IMPORT BAN    0.50     11/21/17    BRL     63.06
EXPORT-IMPORT BAN    0.50     11/28/16    BRL     71.04
EXPORT-IMPORT BAN    0.50     12/22/17    TRY     67.14
EXPORT-IMPORT BAN    0.50     12/22/16    BRL     70.09
KIBO GREEN HI-TEC   10.00     12/21/15    KRW     31.10
SINBO SECURITIZAT    4.60     06/29/15    KRW     30.40
SINBO SECURITIZAT    4.60     06/29/15    KRW     30.40
SINBO SECURITIZAT    5.00     09/13/15    KRW     30.16
SINBO SECURITIZAT    8.00     02/02/16    KRW     30.13
SINBO SECURITIZAT    5.00     09/13/15    KRW     30.16
TONGYANG CEMENT &    7.50     04/20/14    KRW     65.00
TONGYANG CEMENT &    7.30     06/26/15    KRW     70.13
TONGYANG CEMENT &    7.30     04/12/15    KRW     65.00
TONGYANG CEMENT &    7.50     07/20/14    KRW     67.63
TONGYANG CEMENT &    7.50     09/10/14    KRW     67.63

SRI LANKA
---------

SRI LANKA GOVERNM    9.00     06/01/43    LKR     74.55
SRI LANKA GOVERNM    5.35     03/01/26    LKR     58.50
SRI LANKA GOVERNM    7.00     10/01/23    LKR     70.11
SRI LANKA GOVERNM    8.00     01/01/32    LKR     70.94


SINGAPORE
---------

BAKRIE TELECOM PT   11.50     05/07/15    USD     27.50
BAKRIE TELECOM PT   11.50     05/07/15    USD     26.75
BLD INVESTMENTS P    8.63     03/23/15    USD     59.75
BUMI CAPITAL PTE    12.00     11/10/16    USD     61.50
BUMI CAPITAL PTE    12.00     11/10/16    USD     61.38
BUMI INVESTMENT P   10.75     10/06/17    USD     60.75
BUMI INVESTMENT P   10.75     10/06/17    USD     60.91
ENERCOAL RESOURCE    9.25     08/05/14    USD     54.00
INDO INFRASTRUCTU    2.00     07/30/10    USD      1.88


THAILAND
--------

G STEEL PCL          3.00     10/04/15    USD     11.75
MDX PCL              4.75     09/17/03    USD     16.38



                             *********

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

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

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


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

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

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

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

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



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