TCRAP_Public/131126.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 26, 2013, Vol. 16, No. 234


                            Headlines


A U S T R A L I A

AUSTRALIAN STAGING: Faces Liquidation Over Unpaid Debts
FIBMAGEES PTY: Clifton Hall Appointed as Liquidators
INGLEWOOD FARMS: Receivers Complete Sale of Poultry Firm
ITALIAN FORUM: Theatre Needs AUD3 Million to Survive as Art Hub
MEDICA CENTRE: Hurstville Facility Goes Into Receivership

OCTAVIAR LIMITED: Former Execs High Court Case Starts
S CENTRAL: Ex-Financial Controller Gets 12-Mo. Jail Sentence
TOYOTA AUSTRALIA: Two Dealerships Go Into Receivership
* Auto, Mfg, Printing & Retail Cos. Besieged by Debt, Lenders Say


C H I N A

CHINA SHIANYUN: Reports $110,500 Net Loss in Third Quarter
GREAT CHINA INTERNATIONAL: Reports $640K Loss in Q3 of 2013
PARKSON RETAIL: Moody's Puts Ba1 CFR on Review for Downgrade
TIANNENG POWER: Moody's to Withdraw Ba3 Corporate Family Rating
WINSWAY COKING: Moody's Hikes CFR to Caa3; Outlook Negative


I N D I A

ABG TIMBER: ICRA Suspends 'B+' Rating on INR5cr Loans
ALEKHYA CONSTRUCTIONS: ICRA Suspends 'B' Rating on INR10cr Loans
ARTEFACT PROJECTS: CRISIL Cuts Ratings on INR270MM Loans to 'D'
AVANEETHA TEXTILES: CARE Reaffirms BB+ Rating on INR86.14cr Loan
B K THRESHERS: CRISIL Suspends 'B-' Ratings on INR1.95BB Loans

BABY MEMORIAL: CRISIL Cuts Ratings on INR800MM Loans to 'D'
DESIGNMATE (INDIA): CRISIL Assigns 'BB+' Rating to INR30MM Loan
DHANURDHAR PROCESSORS: 'B+' Rating on INR22.23cr Loan Reaffirmed
EASTERN FOODS: CRISIL Puts 'BB' Ratings on INR160MM Loans
EVAN MULTI: ICRA Rates INR20cr Term Loans at 'B'

EVEREST GOLD: ICRA Assigns 'BB' Rating to INR20cr Loans
GALAXY COTTON: CRISIL Suspends 'B' Rating on INR90MM Loan
GIOVANI FASHIONS: CRISIL Suspends 'D' Ratings on INR65MM Loans
GLAZETECH INDUSTRIES: CRISIL Suspends D Ratings on INR80.5M Loans
GOUR ROAD: ICRA Suspends 'BB' Rating on INR8.5cr Loans

GUNATITAY INFRA: CRISIL Reaffirms 'B+' Rating on INR700MM Loan
HINDUSTHAN CALCINED: ICRA Assigns 'B-' Rating to INR8cr LT Loans
HLM INDIA: CRISIL Assigns 'B-' Ratings to INR160MM Loans
INSTRUMENT TECHNOLOGIES: CRISIL Puts 'B+' Ratings on INR55MM Loan
JABALPUR MOTORS: CARE Rates INR20.5cr LT Bank Loans at 'BB-'

JB ALUMINIUM: CRISIL Suspends 'D' Ratings on INR102MM Loans
JOY HOTEL: CARE Downgrades Rating on INR65cr LT Bank Loans to 'D'
KABADI SHANKARSA: ICRA Suspends 'BB' LT Rating on INR40cr Loans
KAMDHENU FOODS: ICRA Assigns 'B+' Rating to INR11cr LT Loans
KHT AGENCIES: ICRA Assigns 'BB-' Rating to INR10cr Loans

KVS INTERNATIONAL: CARE Rates INR8.87cr LT Bank Loans at 'B'
MAA SHAKUMBRI: CARE Rates INR7.25cr LT Bank Facilities at 'B'
MAMTA COTTON: CARE Reaffirms 'BB-' Rating on INR15.54cr Loans
MANIDHARI GUMS: CARE Reaffirms 'BB-' Rating on INR1.32cr Loans
MILLENNIUM AERO: CARE Rates INR6cr LT Bank Loans at 'B'

NIKHIL SUGAR: CARE Rates INR9.07cr LT Bank Loans at 'D'
OUM DEVELOPERS: CRISIL Suspends BB Rating on INR40MM Cash Credit
PATNA BUXAR: CARE Rates INR985cr LT Bank Loans at 'BB+'
PURNA GLOBAL: CRISIL Reaffirms 'B-' Rating on INR144.6MM Loan
RATHI INDUSTRIAL: CARE Assigns 'BB/A4' Rating to INR31cr Loans

RATNAGIRI CERAMICS: ICRA Assigns 'B+' Ratings to INR9cr Loans
RAYAT & BAHRA: ICRA Assigns 'D' Ratings to INR78cr Loans
RAYAT EDUCATIONAL: ICRA Rates INR20cr Loans at 'D'
RK ELECTRICAL: ICRA Rates INR9cr Fund Based Loans at 'B'
ROURKELA STEEL: CARE Assigns 'B' Rating to INR4.5cr LT Loan

SHIVAKS IMPEX: CARE Assigns 'B' Rating to INR1.5cr LT Bank Loans
SHREE SAI: CRISIL Cuts Rating on INR60.9MM Loans to 'D'
SIMPLEX PROJECTS: CARE Cuts Rating on INR2,055cr Loan to 'BB+'
SPB DEVELOPERS: CRISIL Cuts Rating on INR1.91BB Loan to 'BB+'
SWASTIK TUNGSTEN: CARE Assigns 'B+' Rating to INR12.46cr Loans

TDI INFRASTRUCTURE: CARE Ups Ratings on INR512.95cr Loans to 'BB'
TEX BIOSCIENCES: ICRA Assigns 'BB' Ratings to INR10.25cr Loans
TRANSTRON ELECTRICALS: ICRA Puts 'B' Rating on INR3.25cr Loan
TULSA GAS: CRISIL Assigns 'BB-' Ratings to INR30MM Loans
VANGILI FEEDS: CRISIL Rates INR162.1MM Term Loan at 'BB-'

VAYA JAYANTHI: CRISIL Suspends 'B' Ratings on INR44.3MM Loans
VENKETESWAR EDUCATIONAL: CRISIL Keeps B+ Rating on INR64.9M Loan
VIJMOHAN CONSTRUCTIONS: ICRA Keeps BB- Rating on INR4.5cr Loan


J A P A N

SIGNUM VANGUARD: S&P Raises Rating on Class A Loan to B+


N E W  Z E A L A N D

JK KIDS: Clothing Chain to Shut Doors in February
LEARNING MEDIA: Threatens to Walk Away From Lease Contract
MEDIAWORKS NZ: IRD Retaliates in Tax Dispute


X X X X X X X X

* BOND PRICING: For the Week Nov. 18 to Nov. 22, 2013


                            - - - - -


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


AUSTRALIAN STAGING: Faces Liquidation Over Unpaid Debts
-------------------------------------------------------
Cameron England at The Advertiser reports that Australian Staging
and Rigging, the company responsible for building many of the
Clipsal 500 stands, is facing liquidation at a Supreme Court
hearing early next month for not paying its debts, just weeks
before construction is meant to start.

The Advertiser says a recruitment company has lodged a claim
against Australian Staging and Rigging, saying it owes more than
AUD100,000.

Clipsal 500 Adelaide chief executive Mark Warren refused a request
for an interview on the subject, saying via a spokesperson that it
was inappropriate to comment on a potential legal matter, The
Advertiser relates.

"We've heard reports Australian Staging and Rigging may go into
administration but we are yet to receive any details confirming
this," Mr. Warren said in a statement, The Advertiser reports.
"If required, we have ample time to find a replacement contractor
so we are confident this won't affect preparations for the 2014
Clipsal 500 Adelaide.

Australian Staging and Rigging has been involved with the Clipsal
500 since it started in 1999. ASR is involved in construction of
seating and corporate venues.


FIBMAGEES PTY: Clifton Hall Appointed as Liquidators
----------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Fibmagees Pty Ltd on Nov. 22,
2013.

A meeting of creditors will be held at 10:00 a.m. on Dec. 3, 2013,
in the offices of Clifton Hall, Level 1, 12 Gilles Street, in
Adelaide.


INGLEWOOD FARMS: Receivers Complete Sale of Poultry Firm
--------------------------------------------------------
The Receivers and Managers of Inglewood Farms, Stephen Parbery and
Greg Quinn of PPB Advisory, have settled the sale of Inglewood
Farms Pty Ltd and Inglewood Properties Pty Ltd  as a going concern
to a family-owned agribusiness group.

Inglewood Farms employs approximately 100 people and is the
largest organic poultry producer in Australia and the third
largest in the southern hemisphere. The business has an 80 per
cent share of the Australian organic poultry market.

PPB Advisory traded the processing plant and complete business
operations, including compliance with all regulatory frameworks
and animal welfare, for twenty weeks in order to prepare the
business for sale.

PPB Advisory Partner Greg Quinn said: "This is a great result for
Australia's largest organic poultry producer. It is particularly
pleasing that the sale has led to the retention of the majority of
the business' employees, especially given that the total
population of the town is approximately 800 people.

"PPB Advisory worked closely with the experienced team at
Inglewood to put in place day-to-day management support to deal
with difficult supply arrangements. Collectively, we turned the
business around to a point where it is now cash flow positive.

"It is also pleasing to note that we have attracted a well-
regarded Australian family-owned company as the purchaser with
strong local and community links. We secured strong domestic and
international interest in the business which is a vote of
confidence in Australia's agribusiness sector.

"We are also grateful to all employees, suppliers and customers,
whose support throughout this process has been instrumental in
achieving this outcome.

"We are confident that with new owners in place, Inglewood Farms
will thrive as it continues to produce high quality organic
poultry for domestic and international markets."

Mr. Stephen Parbery -- sparbery@ppbadvisory.com -- and
Mr. Greg Quinn -- gquinn@ppbadvisory.com -- of PPB Advisory were
appointed Receivers and Managers on June 28, 2013.

As reported in the Troubled Company Reporter-Asia Pacific on
July 12, 2013, FarmWeekly said Inglewood Farms, one of the
subsidiaries of the failed R.M. Williams Agricultural Holdings
business, has followed the parent company into receivership.
On June 28, The Land broke the news PPB Advisory had been
appointed as receivers and managers of RMWAH, and the firm
announced its partners Stephen Parbery and Greg Quinn had also
taken on the same role for the Inglewood Farms subsidiary,
according to FarmWeekly.


ITALIAN FORUM: Theatre Needs AUD3 Million to Survive as Art Hub
---------------------------------------------------------------
Sarah Adams at Performing Arts Hub reports that the Forum Theatre
precinct in Leichhardt, in Sydney's inner west, is in danger of
becoming a childcare centre if the Actors Centre Australia (ACA)
is unable to raise the AUD3 million it needs to keep facility
running as a performing arts hub.

The report says Italian Forum Limited (IFL), the not for profit
company that owns the buildings and surrounds, has gone into
receivership and is selling off its assets. Currently a childcare
centre is leading the bidding process, which closes at 5:00 p.m.
today, November 26, at which point the administrators will
announce the winning bidder, the report relates.

artsHub notes that the state of the art facility was purpose built
as an entertainment complex and includes an auditorium with
seating for 350 people, an art gallery, a commercial kitchen, an
open air piazza and four function rooms. It also includes dressing
rooms, 47 car spaces, and a soundproofed film studio and
conference/rehearsal rooms.

Creative and Founding Director of the Actors Centre Australia,
Dean Carey, told artsHub that the moment he walked into the
precinct a few months ago he realised what an incredible place it
was.

"So you've got an AUD11 million building with an AUD8 million fit
out and AUD3 million will now secure it for life," the report
quotes Mr. Carey as saying.  "We're wanting to save it from
becoming a childcare facility, which is at the moment the highest
bidder, and allow the Forum to do what it was intended to do,
which was to become the most vibrant hub of performance and
culture in the west."

If they are successful in raising the money they need, the ACA
would move its full-time career program into the precinct,
bringing with it 45 tutors and 350 students, the report notes. The
ACA would also hope to stage a number of cultural events including
a young director's film festival and a Shakespeare festival,
artsHub reports.

Mr. Carey believes that the ACA is the perfect fit for the
precinct. "We would immediately inject that energy into the
commercial district and to the community, and revitalise that
whole area," he said, notes the report.

Raising the money needed in such a short period of time is a
mammoth task. The ACA has enlisted the help of high profile
patrons to help put the word out, but Mr. Carey said he has had to
stop himself from being too optimistic, the report notes.


MEDICA CENTRE: Hurstville Facility Goes Into Receivership
---------------------------------------------------------
Deborah Field at St George and Sutherland Shire Leader reports
that Medica Centre at Hurstville has gone into receivership less
than three years after it was built at a cost of AUD200 million.

While its private hospital, The Surgery Centre, and Medica Imaging
will continue to provide services to patients as normal, there is
talk some surgeons are considering leaving, according to the
report.

Owner-operators Cortez Enterprises Pty Ltd and seven related
entities went into receivership on September 30, the Leader
reports.

The report relates that about 14 private hospital staff were
sacked, including Riverwood couple Sara and Jason Grubb, who are
expecting their second child in May.

The couple worked at the hospital for about two years and were let
go on November 13 without receiving any entitlements, the report
notes.

According to the report, a spokesman for voluntary administrators
Deloitte said the amount that might be owed to secured and
unsecured creditors was not being made public at this stage.

Joint receivers and managers PPB Advisory appointed Evolution
Hurstville Pty Ltd (which trades as Evolution Healthcare Group) to
manage the day-to-day running of the hospital, the report
discloses.

A spokeswoman for PPB said Generation Health was taking care of
leasing and property management, the report says.

Evolution operates Shellharbour, South Coast and Canberra private
hospitals.

"Unfortunately, as a consequence of Medica Centre underperforming,
it was put into voluntary administration by the previous owners,"
the report quotes PPB Advisory spokesman
Chris Hill as saying.  "PPB Advisory has been appointed as
receivers and managers and, together with a new hospital operator
and a property manager, we are working to ensure the centre
continues to operate on a business-as-usual basis and that doctors
and patients experience no interruption to ongoing services."

Medica Centre Hurstville is a medical facility. It offers medical
services including private surgical hospital, radiology and
nuclear medicine.


OCTAVIAR LIMITED: Former Execs High Court Case Starts
-----------------------------------------------------
Sarah Danckert at The Australian reports that the Brisbane Supreme
Court case of five former Octaviar Limited executives has begun
after the court dismissed an application by two of the defendants
for a stay of proceedings after they were charged in New Zealand
with criminal offences relating to another corporate collapse.

Octaviar's former chief financial officer David Anderson and
former executive Craig White had made the application, The
Australian says.

According to the report, the Australian Securities & Investments
Commission brought the civil matter against Mr. Anderson,
Mr. White and three other Octaviar executives, including former
chief executive Michael King, over the alleged misappropriation of
AUD147.5 million from the Premium Income Fund.

The Australian relates that the Premium Income Fund was the former
MFS-managed fund that owned AUD770 million in commercial property
mortgages before it ran into difficulty during the global
financial crisis.

It is now managed by an unrelated entity, Wellington Capital,
which took control after the collapse of Gold Coast financier
Octaviar (formerly MFS).  The Australian says Mr. Anderson and Mr.
White sought the stay after being charged by the Financial Markets
Authority in New Zealand over their alleged involvement in the
failure of New Zealand commercial property financier OPI Pacific
Finance.

The Australian relates that lawyers for Mr. King told the court
the former chief executive wanted the trial to continue.

Messrs. King, Anderson, White and the other defendants in the
Brisbane Supreme Court matter are contesting the case brought by
ASIC, the report notes.

In dismissing Mr. Anderson and Mr. White's request, Judge
George Fryberg said it was important to push ahead with the trial
as key evidence in the form of e-mails presented by ASIC was
disputed by the defendants and, as such, witness testimony would
be vital in deciding the matter, according to The Australian.

"There has already been considerable delay. Further delay will
inevitably degrade memories," the report quotes Justice Fryberg as
saying.

                         About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.  The
directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and
Harwood as Voluntary Administrators.  Fortress Credit Corporation
(Australia) II Pty Ltd., one of Octaviar Limited's major
creditors, also appointed Stephen James Parbery and Anthony
Milton Sims of PPB Advisory as receivers and managers for
Octaviar.

In December 2008, Octaviar's creditors voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited, and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in intercompany loans.


S CENTRAL: Ex-Financial Controller Gets 12-Mo. Jail Sentence
------------------------------------------------------------
David Cologna, formerly a financial controller employed by
information technology company S Central Pty Ltd, has been
sentenced in the Melbourne County Court in relation to five
charges brought by the Australian Securities & Investment
Commission.

Mr. Cologna pleaded guilty on Nov. 18, 2013, to five charges of
falsifying the books of companies in the S Central Group. The
companies included S Central Pty Ltd, S Central (NSW) Pty Ltd, S
Central Products Pty Ltd, Expressapps Pty Ltd and Infotronics
Software Pty Ltd.

ASIC's investigation found that between January and August 2009,
Mr. Cologna submitted duplicated and/or falsely inflated invoices
to National Australia Bank Ltd under a debtor factoring agreement.
This led to credit totalling approximately
AUD4.8 million being advanced to companies within the S Central
Group. Debtor factoring involves the assigning of debts that are
owed in exchanged for credit advanced by a finance provider.

The S Central Group companies entered into liquidation at various
times between November 2009 and April 2010, and left total
deficiencies in excess of AUD7 million.

It was not alleged that Mr. Cologna received any direct personal
financial benefit from his conduct.

Mr. Cologna was sentenced to 12 months jail, suspended for two
years.

This matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

The S Central Group provided information technology services to
customers in Victoria, New South Wales and Queensland.


TOYOTA AUSTRALIA: Two Dealerships Go Into Receivership
------------------------------------------------------
ABC News reports that two Toyota car dealerships in Victoria's
north-east have gone into receivership.

Toyota Australia has confirmed the Benalla and Mansfield Toyota
dealerships went into receivership on Nov. 18, according to ABC
News.

The report relates that it is unclear what the decision means for
the long-term future of the businesses or for existing customers,
according to the report.  The owner of the dealerships would not
comment on the decision when contacted by the ABC.

The businesses, located in Sydney Road, Benalla and High Street,
Mansfield, employ about 20 people, the report adds.


* Auto, Mfg, Printing & Retail Cos. Besieged by Debt, Lenders Say
-----------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that the automotive,
manufacturing, printing and retail sectors are being impacted most
severely by tough economic conditions, according to some of
Australia's leading lenders.

SmartCompany relates that a Grant Thornton survey of business
finance lenders from 22 financial institutions Australia-wide
revealed prolonged slow growth in Australia, outside of mining,
was the primary difficulty impacting businesses.

Eighty-four per cent of respondents identified slow growth as
having the most impact on businesses, while 77% also reported the
slowdown in China's growth as a key factor and 69% said businesses
were being hurt by the Australian dollar exchange rate,
SmartCompany relays.

Grant Thornton national head of recovery and reorganisation
Matt Byrnes -- matt.byrnes@au.gt.com -- told SmartCompany
manufacturing and automotive businesses are under pressure from
high cost bases and the challenge of tapping into export markets.

"We always encourage businesses in these sectors to have an export
arm, as well as a local market, but the high Australian dollar has
made exporting difficult," SmartCompany quotes
Mr. Byrnes as saying.  "We're also going to see a continuing of
tough times for printing. I think the volume of printing is
falling in a real sense and the cost to compete in that industry
is also becoming higher."

SmartCompany relates that Mr. Byrnes said in retail it's the top-
end retailers which are doing it tough, as well as the single
stores on high streets.

"We're seeing a lot of stress thanks to high property values," Mr.
Byrnes told SmartCompany.

SmartCompany notes that retailers such as Lisa Ho and Blowes
Menswear have collapsed this year.

Of the respondents, 30% expected default levels to increase in the
next 12 months, and 23% expected corporate failures to increase.
Sixty-three per cent of lenders expected the number of
insolvencies to remain the same, SmartCompany reports.

As a whole, the report revealed banks are more likely to work with
businesses to try and overcome financial difficulties, than
initiate formal insolvency, SmartCompany discloses.



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


CHINA SHIANYUN: Reports $110,500 Net Loss in Third Quarter
----------------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $110,515 on $495,857 of revenues for the
three months ended Sept. 30, 2013, as compared with net income of
$985,992 on $2.37 million of revenues for the same period a year
ago.

For the nine months ended Sept. 30, 2013, the Company incurred a
net loss of $473,127 on $856,808 of revenues as compared with net
income of $1.53 million on $4.76 million of revenues for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2013, showed $6.16
million in total assets, $7.12 million in total liabilities and a
$958,992 total stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/dCtfbP

                        About China Shianyun

China Shianyun Group Corp., Ltd., a Nevada Corporation, was
incorporated on Aug. 17, 2006, under the name of Glance, Inc.  On
Jan. 21, 2009, the Company changed its name to China Green
Creative, Inc.  CGC and its subsidiaries are principally engaged
in the distribution of consumer goods in the People's Republic of
China.

China Green disclosed net income of $635,873 on $6.87 million of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $344,901 on $1.92 million of revenue during the prior
year.

Madsen & Associates CPA's, Inc., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company does not have the necessary
working capital to service its debt and for its planned activity,
which raises substantial doubt about its ability to continue as a
going concern.


GREAT CHINA INTERNATIONAL: Reports $640K Loss in Q3 of 2013
-----------------------------------------------------------
Great China International Holdings, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q, reporting a net loss of $0.64 million on $1.78 million of
revenues for the three months ended Sept. 30, 2013, compared to a
net loss of $0.42 million on $1.9 million of revenues for the same
period last year.

The Company's balance sheet at Sept. 30, 2013, showed $58.97
million in total assets, $34.95 million in total liabilities, and
stockholders' equity of $24.02 million.

A copy of the Form 10-Q is available at:

                       http://is.gd/PD8Wk8

                About Great China International

Shenyang, P.R.C.-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under the
name of Quantus Capital, Inc.  The Company, through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following its report on the Company's
consolidated financial statements for the year ended Dec. 31,
2012.  The independent auditors noted that the Company has a
working capital deficit of $28.1 million and $27.6 million as of
Dec. 31, 2012, and 2011, respectively, and in addition, the
Company has negative cash flow for each of the two years in the
period ended Dec. 31, 2012, of $366,882 and $3.3 million
respectively.


PARKSON RETAIL: Moody's Puts Ba1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed Parkson Retail Group
Limited's Ba1 corporate family and senior unsecured debt ratings
under review for downgrade.

The review follows Parkson's 3Q 2013 results announcement.

Ratings Rationale:

"The review is driven by the company's worse-than-expected results
in 3Q 2013, which in turn prompt concerns from Moody's that the
company appears unable to arrest the deteriorating trend in its
financials, and which commenced in 2010," says Alan Gao, a Moody's
Vice President and Senior Analyst.

Parkson's 3Q 2013 operating profit dropped by 66% year-on-year to
RMB63.4 million. Its overall merchandise gross margin declined to
17.4% from 18.1% in 2012, reflecting the continuation of a
deteriorating trend evident since 2010 when it was 19.0%. The fall
in same-store sales widened to 4.7% in 3Q 2013 from 0.7% in 1H
2013.

The latest fall in profitability was driven by declining
concessionaire rates and increased operating costs, mostly from
new store openings.

"The disappointing results highlight the key challenges of
stabilizing the performance of its mature stores and ramping up
the sales of its new stores. Moody's expects that Parkson's
operating results will remain weak in the near term, given the
intensified level of retail competition and the general economic
slowdown," says Gao.

During the review period, Moody's will focus on Parkson's ability
for (1) recovering profitability by stemming the decline in same-
store sales and containing the rise in operating costs; (2)
maintaining adequate liquidity, and (3) changing its business
strategy to increase its competitiveness in a retail market
challenged by competition from lifestyle malls and internet retail
platforms.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department-store
chains in China. As of 30 June 2013, it had 54 self-owned stores
and one managed store in 35 cities. It targets the middle- and
middle-upper end of the Chinese retail market. It is 51.5% owned
by Parkson Holdings Berhad (PHB), an affiliate of Malaysia's Lion
Group.


TIANNENG POWER: Moody's to Withdraw Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Tianneng Power
International Limited's Ba3 corporate family rating and changed
the outlook for the rating to negative from stable.

Moody's will withdraw its rating for business reasons.

Ratings Rationale:

The negative outlook reflected Moody's concerns on: (1) Tianneng
Power's weakened level of profitability, and which is expected to
continue over the next 12-18 months, driven by intense price
competition; (2) increased refinancing risks, given its heavy
reliance on short-term debt and repeated allegations of pollution
against the company.

Moody's will withdraw the rating for its own business reasons.

Tianneng Power International Limited is principally engaged in the
production and sale of lead acid batteries for electric bicycles.
The company was founded in 1986 and is headquartered in Zhejiang,
China. The company has been listed on the Hong Kong Stock Exchange
since 2007.


WINSWAY COKING: Moody's Hikes CFR to Caa3; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has upgraded to Caa3 from Ca the
corporate family rating of Winsway Coking Coal Holdings Limited.

At the same time, Moody's has affirmed the company's Ca senior
unsecured debt rating.

The outlook for the ratings remains negative.

Ratings Rationale:

"The upgrade reflects Moody's expectation that the recovery
prospects for Winsway's creditors have improved following the
completion of its exchange offer for the senior notes due 2016 and
because of its improved cash position due, in turn, to better
inventory management," says Alan Gao, a Moody's Vice President and
Senior Analyst.

On October 11, 2013, it completed its debt exchange exercise and
purchased US$151.2 million of bonds at the distressed price of
around 47.5% to 62.5%. It used its own cash to settle the payment.

The offer resulted in a reduction in bonds outstanding to US$309.3
million.

The recovery rate for Winsway's creditors has also improved as the
company has recovered from its gross loss position in trading and
has also improved its liquidity. It started showing gross profits
from its coal trading activities in 3Q 2013 compared to a loss in
1H 2013.

This development -- together with its efforts to reduce inventory
-- resulted in an improved cash position as of end-3Q 2013.

According to the company, its combined cash (unpledged and
pledged) and inventory at this time exceeded its combined short-
term debt and bills payable by a higher margin than that in 1H
2013.

"But the probability of default remains high due to Winsway's weak
profitability and the fact that its 60%-owned subsidiary, Grand
Cache Corporation, has not yet concluded its debt repayment
schedule with China Mingsheng Bank," say Gao.

Grand Cache has still not achieved breakeven at the operating
level and its liquidity is very weak.

Discussions continue over how much debt Grand Cache will have to
repay in the next 12 -- 24 months. Its ability to remain a going
concern will depend on whether China Mingsheng Bank is prepared to
provide time for a turnaround.

Moody's also notes that Grand Cache has initiated cost-saving and
recovery measures to improve profitability, but this approach will
take time to generate a positive financial impact.

Moody's also believes that a collapse by Grand Cache would likely
seriously impact Winsway's financials even though it has not
guaranteed the loans at Grand Cache.

More generally, Moody's notes that the operating environment
remains weak. The average selling price of coking coal in 3Q 2013
was lower than that in 1Q 2013 and will likely remain depressed in
the next 12 months, despite showing signs of stability. This
situation means added uncertainty over whether Winsway can achieve
net profits.

The senior notes are rated Ca, reflecting subordination risk, the
high probability of default, and the high level of economic loss
when compared to the original payment promise for the notes.

The negative outlook reflects the company's weak liquidity
position -- in the absence of any material equity injections --
and the consideration that its operating model has weakened
sharply. Accordingly, the risk of default remains high.

Upgrade pressure in the near term is not likely, given the
company's weak profitability and liquidity. However, the injection
of equity from new investors and a stable trend of improvement in
profitability and liquidity would be positive for the ratings.

Downgrade pressure will emerge if the company does not meet its
debt payment obligations.

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
Winsway Coking Coal Holdings Limited's core industry and believes
Winsway Coking Coal Holdings Limited's ratings are comparable to
those of other issuers with similar credit risk.

Winsway Coking Coal Holdings Limited is one of the largest
suppliers of coking coal in China, and obtains its supplies from
Mongolia and other international markets. It also processes coal
and provides logistics services to its customers, mainly Chinese
steel makers and coke plants, through its integrated supply chain
in China. It listed on the Hong Kong Stock Exchange in October
2010, and is 49.7% owned by its founder and CEO Wang Xingchun.



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


ABG TIMBER: ICRA Suspends 'B+' Rating on INR5cr Loans
-----------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR5 Crores
fund based facilities and [ICRA]A4 rating assigned to INR20.0
Crores non fund based facilities of ABG Timber Products Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


ALEKHYA CONSTRUCTIONS: ICRA Suspends 'B' Rating on INR10cr Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR5.00 crore
cash credit and INR5.00 crore proposed fund based limits of
Alekhya Constructions Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


ARTEFACT PROJECTS: CRISIL Cuts Ratings on INR270MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Artefact Projects Ltd to 'CRISIL D/CRISILD' from 'CRISIL B-
/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Bank Guarantee           100      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit               80      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays by APL in meeting the interest and
principal obligations on its term loan; the delays have been
caused by the company's weak liquidity. APL has weak liquidity on
account of significant delay in receipt of payment from its
primary customer, National Highway Authority of India (NHAI, rated
CRISIL AAA/Stable).

APL also has working-capital-intensive operations, on account of
delay in receivables from its customers, leading to weakening of
its financial risk profile. The company also has a modest scale of
operations and is exposed to risks related to the tender-based
nature of its business. However, APL benefits from its promoters'
extensive experience in the infrastructure consultancy business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of APL and its subsidiary company,
Artefact Infrastructure Ltd.  This is because both these entities
have significant operational and financial linkages with each
other. In addition, APL has extended corporate guarantee to AIL's
bank facilities.

APL, a public limited company, was incorporated in 1987 by Mr.
Manoj Shah and his brothers, Mr. Chetan Shah and Mr. Pankaj Shah.
The company specialises in engineering consultancy services; it
provides engineers, planners, and project management consultants
for infrastructure projects. The company also acts as an
independent consultant and conducts supervision during
construction of roads/highways by the contractor. The registered
office of the company is at Nagpur (Maharashtra).

AIL, a subsidiary of APL, was formed in 2006. The company is
primarily involved in the engineering, procurement, and
construction segment for road development projects, and in mining
activities. It is currently operating a build, operate and
transfer project.

APL (consolidated) reported a profit after tax (PAT) of INR15.6
million on net sales of INR383.7 million for 2012-13, against a
PAT of INR18.3 million on gross sales of INR298.2 million for
2011-12.


AVANEETHA TEXTILES: CARE Reaffirms BB+ Rating on INR86.14cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Avaneetha Textiles Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        86.14      CARE BB+ Reaffirmed
   Facilities

   Short-term Bank        5.76      CARE A4+ Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Avaneetha Textiles
Private Limited continue to be constrained by the susceptibility
of profit margin to the volatile cotton prices, high leverage
levels notwithstanding the improvement in the financial year ended
March 2013 and the high debt obligations in relation to the cash
accruals.

The ratings, however, favorably consider the vast experience of
the promoters and the management team of ATPL and the operational
support the company derives from the promoters' family concern
KPR Mill Ltd, a large player in the domestic textile market. The
ratings also take into account the continued funding support from
the promoters and the improved performance of the company during
FY13 (refers to the period April 1 to March 31) and the six months
period ended September 2013.

Going forward, the ability of ATPL to improve its profitability
while managing the volatility in raw material price and improve
its capital structure are the key rating sensitivities.

ATPL is a Coimbatore-based company engaged in the manufacture of
cotton yarn with a capacity of 36,000 spindles and a captive
windmill capacity of 4.2 MW. ATPL was incorporated in the year
2004 by Mrs Uma Sekar and Mrs Kalpana Anand, daughters of Mr K P
Ramasamy, the Chairman of KPR Mill Limited.

ATPL earned a PAT of INR4 crore on a total operating income of
INR162 crore in FY13 as against a net loss of INR8 crore on a
total operating income of INR115 crore in FY12. As per the
provisional results for H1FY14, the company earned a PBT of INR7
crore on a total operating income of INR115 crore.


B K THRESHERS: CRISIL Suspends 'B-' Ratings on INR1.95BB Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of B K
Threshers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             1,000     CRISIL B-/Stable Suspended
   Long-Term Loan            950     CRISIL B-/Stable Suspended

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

CRISIL has combined the business and financial risk profiles of
Indian Tobacco Traders (ITT), Balium Exports and BKTPL,
collectively referred to as the ITT group. This is because all the
three entities are in the same line of business, under a common
management, and derive considerable operational and business
synergies from each other.

The ITT group reported, on provisional basis, a profit after tax
(PAT) of INR52 million on net sales of INR1.9 billion for 2010-11
(refers to financial year, April 1 to March 31); the group
reported a PAT of INR47 million on net sales of INR2.7 billion for
2009-10.


BABY MEMORIAL: CRISIL Cuts Ratings on INR800MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Baby Memorial Hospital Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'.

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

   Term Loan               417.80    CRISIL D (Downgrade from
                                     'CRISIL B-/Stable')

   Proposed Long-Term
   Bank Loan Facility      362.20    CRISIL D (Downgrade from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by BMHL in
servicing its term loan. The delays have been caused by the
company's weak liquidity, marked by insufficient cash accruals to
meet annual debt repayment obligations. BMHL has been servicing
its debt through fund infusion by promoters.

BMHL has a weak financial risk profile, marked by high gearing and
weak debt protection metrics, while its operations are limited to
a single location. However, BMHL benefits from its established
position in Kozhikode (Kerala) and from the steps it has taken to
mitigate risks related to employee attrition.

BMHL, set up in 1987 by Dr.K G Alexander, runs an 800-bed hospital
in Kozhikode. The company also offers postgraduate courses for
doctors, and degree and diploma courses in nursing.

For 2012-13 (refers to financial year, April 1 to March 31), BMHL
reported a net loss of INR8.2 million on net sales of INR1.10
billion, against a net loss of INR75 million on net sales of
INR833.7 million for the previous year.


DESIGNMATE (INDIA): CRISIL Assigns 'BB+' Rating to INR30MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Designmate (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        80      CRISIL A4+
   Term Loan                 30      CRISIL BB+/Stable

The ratings reflect DIPL's established market position, niche
segment, and healthy financial risk profile, marked by low gearing
and above-average debt protection metrics. These rating strengths
are partially offset by the company's modest scale of operations,
high customer concentration, and moderate working capital
requirements, marked by high receivable days.

Outlook: Stable

CRISIL believes that DIPL will maintain its business risk profile
over the medium term backed by established market position in the
niche product segment over the medium term. The outlook may be
revised to 'Positive' if the company registers substantial
improvement in scale of operations, while maintaining its
profitability and diversifying its customer profile. Conversely,
the outlook may be revised to 'Negative' if DIPL's revenues or
profitability declines or if there is a further stretch in working
capital requirements, leading to pressure on its liquidity, the
outlook may also be revised to 'Negative' if the company
undertakes a large debt-funded capex, leading to deterioration of
its financial risk profile.

DIPL, incorporated in 2002, is a 3D production house, developing
creative eLearning content for the K12 segment. Founded in 1988
and promoted by Capt. Kamaljeet Singh Brar and his wife Mrs.
Ragini Brar, DIPL started as a production facility specialising in
3D animation for films, television and video games. However, the
company now exclusively develops digital learning (eLearning)
content, mainly for the K12 segment.

For 2012-13 (refers to financial year, April 1 to March 31), DIPL
reported a net profit of INR9.9 million on net sales of INR250.6
million against a net profit of INR29.1 million on net sales of
INR221.2 million for 2011-12.


DHANURDHAR PROCESSORS: 'B+' Rating on INR22.23cr Loan Reaffirmed
----------------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank
facilities and assigns 'CARE A4' rating to short-term bank
facilities of Dhanurdhar Processors Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        22.23      CARE B+ Reaffirmed
   Facilities

   Short-term Bank        0.18      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Dhanurdhar
Processors Private Limited (DPPL) factor in the increase in total
operating income and improvement in solvency position during FY13
(refers to the period April 1 to March 31). The ratings, however,
continue to be constrained on account of its modest scale of
operations coupled with financial risk profile marked by thin
profit margins, leveraged capital structure and stretched
liquidity position. The rating is further constrained on
account of its presence in an intensely competitive and fragmented
nature of the industry and vulnerability of business operations to
cyclicality inherent in the textile industry.

The ratings continue to draw strength from the vast experience of
the promoters' in the textile processing industry and proximity to
the raw material due to its presence in the textile
manufacturing hub (Surat, Gujarat) in India.

DPPL's ability to increase its scale of operations in addition to
improving its profitability while managing the volatility
associated with raw material prices and improvement in solvency
and liquidity position are the key rating sensitivities.

DPPL was incorporated in 2006 by Mr Govindlal Agarwal. However,
its commercial operations
started in May 2008. DPPL is primarily engaged in the business of
fabric processing (bleaching, printing and dyeing) based on the
orders received from the clients or on job work basis. The fabrics
processed by DPPL are primarily used for making saris and to some
extent dress material for ladies garments. DPPL has a capacity of
450 LMPA for the processing of grey fabric at its sole processing
unit located in Surat (Gujarat). Under fabric processing
operations, DPPL purchases grey cloth on behalf of customers;
performs the necessary dyeing and printing processes and
subsequently sells it to its customers. While under job work
activity; customers supply the grey cloth, DPPL mainly performs
job-work activities like dyeing, printing and processing on the
same. DPPL derived 90% of its revenue from job work income while
the rest 10% was generated through fabric processing activity
during FY13.

During FY13, DPPL reported a TOI of INR30.20 crore and PAT of
INR0.06 crore as against a TOI of INR22.67 crore and PAT of
INR0.04 crore during FY12.


EASTERN FOODS: CRISIL Puts 'BB' Ratings on INR160MM Loans
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Eastern Foods (P) Ltd and has assigned its 'CRISIL
BB/Stable/CRISIL A4+' ratings to these facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7.5     CRISIL A4+ (Assigned;
                                     Suspension Revoked)

   Cash Credit             120.0     CRISIL BB/Stable (Assigned;
                                      Suspension Revoked)

   Long-Term Loan           40.0     CRISIL BB/Stable (Assigned;
                                     Suspension Revoked)

The ratings had been suspended by CRISIL as per its rating
rationale dated May 23, 2013, as EFPL had not provided necessary
information required for reviewing the ratings. EFPL has now
shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

The ratings reflect the extensive experience of EFPL's promoters,
its established brand, and its above-average financial risk
profile, marked by conservative gearing. These rating strengths
are partially offset by EFPL's presence in a highly fragmented
industry, small scale of operations, and exposure to adverse
changes in government policies.

Outlook: Stable

CRISIL believes that EFPL will benefit over the medium term from
its promoters' extensive experience. The outlook may be revised to
'Positive' in case of significant scale-up in its operations while
diversifying its customer base and improving its profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens due to larger-than-
expected debt-funded capital expenditure or any increase in
investment in group companies.

EFPL was originally set up as a partnership firm in 1999; it was
reconstituted as a private limited company in 2006. The company
undertakes production of refined wheat flour (maida), whole wheat
flour (atta), semolina (suji), and bran in its wheat division; and
raw and parboiled rice in the rice division.


EVAN MULTI: ICRA Rates INR20cr Term Loans at 'B'
------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR20
crore, fund-based bank facilities of Evan Multi Speciality
Hospital and Research Centre Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund-based facilities-       20.00      [ICRA]B assigned
   Term loans

The assigned rating derives strength from ERHPL's healthy
operational prospects supported by presence of experienced
promoters from diverse medical fields; advantageous project
location; and favourable demand-supply scenario, as there are no
major multi-speciality hospitals in proximity. Further, ICRA draws
comfort from the favourable maturity profile of the debt with one
year moratorium post scheduled commercial operation date, followed
by ballooning repayments spread over seven years, which is
expected to moderate the pressure on its cash flows. The company,
however, continues to face funding risk as the promoters are yet
to infuse more than two-thirds of their committed contribution.
Ability of the promoters to infuse balance funds in a timely
manner will be critical to ensure project completion within
scheduled timelines. Further, the rating is constrained by the
high project execution risk considering that the project is in a
nascent stage at present; concentration risk inherent to single-
asset companies; and typically long gestation periods in new
hospital projects, in light of which there may be cash losses in
the initial year(s) which may require additional funding.
In ICRA's view, the company's ability to get the balance
promoters' contribution as planned; implement the project within
scheduled cost and time estimates; and ensure healthy operating
metrics post-launch of operations, would be the key rating
sensitivity.

Incorporated in December 2012, EHRPL is a closely-held company
that is setting up a 130-bedded multi-speciality hospital in
Muzaffarnagar (Uttar Pradesh). Amongst eight promoters of the
company, six are qualified doctors having relevant experience
across different medical fields. Two of these doctors - namely Dr.
R.B. Singh and Dr. Rakesh Khurana - currently hold 50% stake each
in the company. Shares are yet to be allotted to rest of the six
promoters of the company.


EVEREST GOLD: ICRA Assigns 'BB' Rating to INR20cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR20.0
crore fund based facilities of Everest Gold Mart Private Limited.
The outlook on the rating is stable.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities     20.0       [ICRA]BB(Stable)/assigned

The rating reflects the long standing presence of the company in
the jewellery retail market of Ramanathapuram for over four
decades, which coupled with its new large format showroom and
focussed marketing initiatives has aided healthy volume growth in
the recent past. While the periodical infusion of capital from
promoters through equity or unsecured loans/debentures to part
fund its working capital requirements have supported the capital
structure in the past, the debt funded expenditure incurred in the
current fiscal is likely to deteriorate capital structure and
coverage metrics. The debt levels of EGML are expected to increase
sharply in the current fiscal for funding its geographical
diversification (with opening of new showrooms planned in adjacent
markets) and the recently entered franchise agreement with Emerald
Retail. While these diversification initiatives are expected to
support earnings over the medium term upon stabilization of
operations, considerable debt incurred is likely to impact
earnings/capital structure in the short term. The rating also
factors in the strained liquidity position of the company owing to
the working capital intensive nature of operations, susceptibility
of earnings to fluctuating gold prices and seasonality in the
business and the intense competition in the market place with
entry of large corporate retail chains which could impact volume
growth going forward.

Everest Gold Mart Private Limited is a jewellery retailer in
Ramanathapuram, Tamil Nadu. EGML was initially formed as a
partnership firm in 1971 and was incorporated as a private limited
company in October 2012. It currently operates one jewellery
retail showroom in Ramanathapuram (with area of about 3000 square
foot) with sales of INR56.3 crore in 2012-13. The Company has
recently entered into franchise agreement with Emerald Retail
Private Limited (ERPL) for operating ERPL's trademark 'Jewel One'
showroom in Ramanathapuram and the company also has plans to
expand its footprint to towns adjacent to Ramanathapuram.


GALAXY COTTON: CRISIL Suspends 'B' Rating on INR90MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Galaxy
Cotton and Textiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B/Stable Suspended

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

Galaxy, based in Rajkot (Gujarat), is managed by the Lakkad family
and is engaged in ginning and pressing of raw cotton (kappas). The
company also trades in cotton seeds and cotton lint. The cotton
lint and bales are sold to the spinning mills whereas the cotton
seeds are sold to the oil extraction units. Part of cotton sales
of the company are to its group concern, Bhadresh Trading
Corporation Limited, which further exports it.


GIOVANI FASHIONS: CRISIL Suspends 'D' Ratings on INR65MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Giovani
Fashions Ltd (GFL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              36.3     CRISIL D Suspended
   Rupee Term Loan          28.7     CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
Dhir Global Industrial Pvt Ltd (DGIPL) and GFL, together referred
to as the Giovani group. The consolidated approach is because of
operational and commercial linkages between the two companies,
with DGIPL's products being sold by GFL under the brand, Giovani.
Furthermore, both companies are owned by the same promoters.

In 1978, the group's managing director, Mr. M K Dhir, incorporated
KBSH Export House for manufacturing and exporting ready-made
garments. In 1981, Mr. Dhir floated another company, Dhir
International Pvt Ltd, to manufacture and export ready-made
garments.


GLAZETECH INDUSTRIES: CRISIL Suspends D Ratings on INR80.5M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Glazetech Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            3       CRISIL D Suspended
   Cash Credit              37.5     CRISIL D Suspended
   Rupee Term Loan          40.0     CRISIL D Suspended

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

GIPL, incorporated in 2005, manufactures ACPs and aluminium
coloured coils. Its plant, located in Jaipur (Rajasthan), has an
installed capacity to manufacture 0.6 square meters of ACPs per
month; the current utilisation level of the plant is about 25 per
cent. GIPL also has a facility to manufacture 250 tonnes of
aluminium coloured coils per month. The company manufactures ACPs
which are used in claddings on building facades, signage, and body
panels of vehicles. It sells ACPs in two brands, namely Gembond
and Oropanel.


GOUR ROAD: ICRA Suspends 'BB' Rating on INR8.5cr Loans
------------------------------------------------------
ICRA has suspended '[ICRA]BB (Stable)' rating assigned to the
INR1.50 crore, fund based facilities and the INR7.00 crore, non-
fund based facilities of Gour Road Tar Coat Pvt. Ltd . The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


GUNATITAY INFRA: CRISIL Reaffirms 'B+' Rating on INR700MM Loan
--------------------------------------------------------------
CRISIL's rating on the term loan facility of Gunatitay
Infrastructure Pvt Ltd continues to reflect GIPL's exposure to
project implementation and offtake risks and susceptibility to
risks and cyclicality inherent in the real estate sector. These
rating weaknesses are partially offset by GIPL's established
presence in Gujarat's real estate sector.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan           700.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GIPL will continue to benefit from its
established regional presence and its promoters' experience in the
real estate business. The outlook may be revised to 'Positive' if
the company achieves better-than-expected offtake, resulting in
improvement in its liquidity and financial flexibility.
Conversely, the outlook may be revised to 'Negative' if bookings
for GIPL's project are significantly lower than expected, or if
the company faces any further cost overrun in its ongoing project,
or if it launches new debt-funded projects, leading to pressure on
its liquidity and debt servicing metrics.

Update

The implementation of GIPL's project is as per schedule and the
repayment of the company's term loans has been on time. The
repayment of term loans commenced in September 2013 and the
company's cash flows are expected to be adequate to meet its debt
obligations in 2013-14 (refers to financial year, April 1 to March
31). The project cost has increased; the additional funding
requirement has been met through promoters' funding without any
reliance on external debt. CRISIL believes that GIPL's promoters
will bring in additional funds if required. Moreover, the track
record of timely repayment of debt contracted for funding projects
under the promoter group supports GIPL's financial risk profile.
For instance, term loan of INR800 billion contracted under Manav
Infrastructure Pvt Ltd (MIPL; rated 'CRISIL BB/Stable') was repaid
in full. Though bookings for GIPL's project are lower than
expected comfort is drawn from increase in realisation for the
overall project support the company's financial flexibility.
However, with most of the company's debt obligations coming up in
the second half of 2013-14 and 2014-15, and most of its bookings
expected during 2014-15, timely offtake and receipt of advances
from customers will remain key sensitivity factors.

Incorporated in 2010, GIPL is engaged in construction of
residential projects in Ahmedabad (Gujarat). The company is part
of the Ahmedabad-based Shree Balaji group, which has interests in
construction of residential and commercial projects, and owns and
operates four petrol pumps in Ahmedabad.


HINDUSTHAN CALCINED: ICRA Assigns 'B-' Rating to INR8cr LT Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to the INR8
crore fund-based limits and short term rating of '[ICRA]A4' to the
INR4 crore non-fund-based limits of Hindusthan Calcined Metals
Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long Term Fund               8.0        [ICRA]B-; assigned
   Based Limits

   Short Term Non-              4.0        [ICRA]A4; assigned
   Fund Based Limits

The assigned ratings are constrained by intensely competitive and
cyclical nature of steel industry, high client concentration risk,
small scale of HCMPL's operations, low and highly variable
profitability indicators, high client concentration and
vulnerability to volatility in raw material prices. This is
reflected by significant decline in HCMPL's profitability in FY12
due to increase in raw material costs resulting in net loss in
FY12 and significant deterioration in debt coverage indicators of
the company. While assigning the rating, ICRA also takes note of
the regulatory risk associated with the ban on iron ore mining in
Bellary District which has resulted in difficulty in procurement
of raw material by the company. The ratings however favourably
factor in HCMPL's experienced management and its strong client
base. Going forward, the regulatory developments with respect to
the ban on iron ore mining will be a key rating sensitivity
factor.

Hindusthan Calcined Metals Private Limited (HCMPL) is one of the
companies of the "Modi Group of Companies" headed by Mr. Santosh
Kumar Modi. HCMPL was started in the year 2003 by Mr. S.K.Modi and
is engaged in the manufacturing of sponge iron. HCMPL is located
in the rich iron ore district of Bellary and has its sponge iron
manufacturing unit in Belagal with a capacity of 200 MT per day.

Recent Results

HCMPL registered an operating income of Rs.38.34 crore and Net
loss of INR2.64 crore for the FY 12 as compared to an operating
income of INR40.94 crore and Net profit of Rs.0.62 crore for the
FY 11.


HLM INDIA: CRISIL Assigns 'B-' Ratings to INR160MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank loan
facilities of HLM India Pvt Ltd (part of the Transport Solutions
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                26.5     CRISIL B-/Stable

   Cash Credit              25.0     CRISIL B-/Stable

   Proposed Long-Term
   Bank Loan Facility      108.5     CRISIL B-/Stable

The rating reflects HIPL's average financial risk profile,
constrained by leveraged capital structure, working capital
intensive operations and susceptibility to downturns in end-user
industry. These rating weaknesses are partially offset by the
promoters' experience in the manufacturing industry and
international collaboration coupled with established customer
relationships.

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

Outlook: Stable

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

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


INSTRUMENT TECHNOLOGIES: CRISIL Puts 'B+' Ratings on INR55MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Instrument Technologies.

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

   Long-Term Loan            35      CRISIL B+/Stable

The rating reflects INST's working capital intensive nature of
operations, its below-average financial risk profile marked by
high gearing and the modest scale of its operations. These rating
weaknesses are partially offset by extensive industry experience
of the promoters and its established relationship with its
customers and suppliers.

Outlook: Stable

CRISIL believes that, INST will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to "Positive" in case company's scale of operations
improve while sustaining its profitability leading to higher than
expected cash accruals or infusion of fresh funds by promoters
resulting in improvement of its financial risk profile. Conversely
the outlook may be revised to "Negative" in case company's
financial risk profile and liquidity deteriorates because of
larger-than-expected working capital requirements, or
deterioration in profitability or the company undertakes any large
additional debt funded capex.

Promoted by N.S.S.N Raju as a partnership firm, INST is engaged in
developing software products, providing installation and
maintenance support for electrical and electronic equipment's for
government agencies and private organizations. The firm was formed
in the year 2001 and is based out of Visakhapatnam, Andhra
Pradesh.


JABALPUR MOTORS: CARE Rates INR20.5cr LT Bank Loans at 'BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Jabalpur
Motors Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        20.50      CARE BB- Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Jabalpur Motors Ltd
is constrained by the inherently low profitability and high
working capital intensity associated with the automobile
dealership business which has direct linkages with the cyclical
automobile industry. The rating is also constrained by JML's high
leverage and stiff competition from other established players in
the region.

The rating, however, takes into account the promoter's vast
experience in the automobile dealership business.

JML's ability to increase the scale of operations through greater
geographical expansion along with improvement in its profitability
and capital structure would be the key rating sensitivities.

JML was originally incorporated as Jabalpur Motors Pvt Ltd in 1997
by Mr Rajiv Gautam at Indore, Madhya Pradesh, to undertake the
automobile dealership business and converted into a limited
company in 2003. Presently, JML is an authorized dealer of Tata
Motors Ltd (TML; rated CARE AA) for Indore, Madhya Pradesh.

JML initially started business as an authorised dealer of Maruti
Suzuki India Ltd (MSIL), however, during 2009 it surrendered the
dealership of MSIL and instead ventured into the dealership of
TML. The authorized dealership includes sales and service of the
entire range of passenger vehicles offered by TML in India. JML
presently markets passenger cars across various segments
(pricepoints) from its showroom located in Indore, MP. JML also
owns 32,000 sq ft banquet hall and 20,000 sq ft open space at
Jabalpur, wherein it manages various events. JML generates more
than 95% of its total income from its automobile dealership
business.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), JML reported a total operating income of
INR107.24 crore with a PAT of INR0.38 crore as compared with a PAT
of INR0.36 crore on a total operating income of INR123.64 crore in
FY12 (A).


JB ALUMINIUM: CRISIL Suspends 'D' Ratings on INR102MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JB Aluminium Extrusion.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL D Suspended
   Letter of Credit          15      CRISIL D Suspended
   Long-Term Loan            42      CRISIL D Suspended


The suspension of ratings is on account of non-cooperation by JBAE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JBAE is yet to
provide adequate information to enable CRISIL to assess JBAE'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 2009 as a proprietorship firm, JBAE commenced commercial
operations in February 2010. The firm manufactures aluminum sheets
and profiles. The product portfolio comprises aluminum doors,
windows frames, panels, channels, and verticals which find their
application in construction of residential property, and other
sectors such as, transport, power, and consumer goods. The firm
has capacity of 2400 tonnes per annum.


JOY HOTEL: CARE Downgrades Rating on INR65cr LT Bank Loans to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Joy Hotel &
Resorts Pvt Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        65         CARE D Revised
   Facilities                       from CARE BB-

Rating Rationale

The revision in the rating factors in instances of delays in debt
servicing by Joy Hotel & Resorts Pvt Ltd.

Incorporated in 1972 as Air Agro Pvt Ltd, the company was acquired
on Sep 12, 2007 by Blue Coast Group, promoted by Parwanoo-based
(Himachal Pradesh) Suri Family, headed by Mr P L Suri. At
the time of acquisition, the name of the company was changed to
JHRPL and further the company changed its line of business from
manufacturing and assembling of automotive components to
development and operation of a 5-star hotel at Chandigarh. JHRPL
is developing a 5-star hotel with 178 rooms at a site measuring
2.21 acres in Chandigarh.

The delays in debt servicing are primarily on account of time
overrun in the project construction.


KABADI SHANKARSA: ICRA Suspends 'BB' LT Rating on INR40cr Loans
---------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]BB' and short
term rating of '[ICRA]A4' assigned to the Rs.40.00 Cr bank lines
of M/s Kabadi Shankarsa & Co. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


KAMDHENU FOODS: ICRA Assigns 'B+' Rating to INR11cr LT Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR11.0
crore* fund based limits of Kamdhenu Foods Limited.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long Term Fund              11.00      [ICRA]B+ assigned
   Based Limits

The rating takes into account KFL's relatively modest scale of
operations; exposure to the volatility in the availability of
milk, low bargaining power viz-a-viz large suppliers and
institutional customers, further accentuated by a highly
competitive nature of the industry characterised by a large number
of organised and unorganised players resulting in modest
profitability. Further, the availability and pricing of milk and
consequently the milk derivatives, is contingent on the agro
climatic conditions, health status of producer animals and to
regulatory developments pertaining to procurement pricing and
export restrictions ultimately influencing the business and
financial profile of the company. The rating also factors in
moderately high working capital intensity, given the sizeable
inventory build up during the flush season (December- March) which
also exposes its profitability to adverse movement in price of the
commodities. High gearing of 4.83x with low profitability has
resulted in weak debt protection metrics as reflected by Total
Debt/ OPBDITA of 7.36x and OPBDITA/Interest of 1.24x as on March
2013. Nevertheless, the rating draws comfort from favourable
growth prospects of the industry following the removal of ban on
export of dairy products, KFL's long track record of operations in
the industry with an established presence of more than two
decades; and its long association with the client base which
comprises reputed players of the food industry.

KFL's ability to scale up the turnover in a profitable manner,
manage its working capital intensity and maintain a healthy
financial risk profile in the context of the modest scale of
operations would remain the key rating drivers.

Kamdhenu Foods Limited (KFL) was established in 1994 to process
milk into milk products with its manufacturing facility located in
Gurgaon, Haryana. However, later in 2005, company discontinued its
operations and focused on trading of dairy products like skimmed
milk powder, whey powder, ghee, lactose, full cream milk powder
etc from its two offices located in Pitampura and Khari Bawli
(Delhi). Customer portfolio of the company includes Britannia
Industries Limited, Haldiram Manufacturing Co. (P) Limited, Param
Dairy Limited and many unorganized players across India.

Recent Results
KFL has reported a profit after tax (PAT) of INR0.09 crore on an
operating income of INR60.59 crore in FY 2013 as compared to PAT
of INR0.13 crore on an operating income of INR42.26 crore in FY
2012.


KHT AGENCIES: ICRA Assigns 'BB-' Rating to INR10cr Loans
--------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB-' to the 10.0
crore fund based facilities of KHT Agencies Private Limited, if
the facilities were to be construed as long-term in nature. The
outlook on the long-term rating is stable. ICRA has also assigned
a short-term rating of '[ICRA]A4' rating to the short-term fund
based facilities of KHTAPL.

                            Amount
   Facilities             (INR crore)  Ratings
   ----------             ----------   -------
   Fund based facilities     10.00     [ICRA]BB-(Stable)/assigned
                                       [ICRA]A4/assigned

The assigned rating takes into account extensive experience of the
company's promoters having been present in the automobile
dealership business for over twenty five years and the company's
diversified product and revenue mix across verticals thereby
lending business stability to an extent. ICRA notes that the
company's revenues remain fairly diversified across vehicle sales
of SML Isuzu (SMLI, commercial vehicles), Tata Motors Limited
(TML) and FIAT Group Automobiles India Private Limited (FGAIPL) in
addition to sale of spares, accessories and servicing income. The
rating also factors the company's wide network of showrooms and
service centres located across Bangalore and its strong market
position among dealers of SMLI, TML and FGAIPL supporting revenue
prospects. The rating however remains constrained owing to thin
margins, weak bargaining power and high working capital
requirements characteristic of the automobile dealership business,
stretched financial profile of KHTAPL with high gearing, strained
cash flows and modest coverage indicators. Given highly
competitive environment in both Indian commercial vehicle and
passenger vehicle segments, the company faces stiff competition
from dealers of other OEMs thereby restricting pricing
flexibility. The company also remains exposed to the inherent
cyclicality of the automobile industry in turn impacting its
revenues to an extent. Going forward, the company's ability to
improve its capital structure, debt protection metrics and
strengthen its cash accruals would remain the key rating
sensitivities.

Incorporated in 1990, KHT Agencies Private Limited (KHTAPL) is
engaged in dealership for commercial vehicles of SML Isuzu Limited
(SMLI) commercial vehicles and passenger cars of Tata Motors
Limited (TML) and FIAT Group Automobiles India Private Limited
(FGAIPL). The company currently operates out of five showrooms
(located at Kundalahalli, Hoskote, Indiranagar, Subbaiah Circle
and Domlur) and three service outlets (located at Kundalahalli,
Peenya and Whitefield) in Bangalore. The company is promoted by
the Morzaria family which is also involved in the real estate
business along with the dealership business. Mr. Kirit Morzaria -
KHTAPL's promoter - is also actively involved in the real estate
business via a recent joint development agreement with Sobha
Developers - Sobha Morzaria project being developed in Bangalore.
The promoters also hold dealership for Chevrolet for the Bangalore
area under an entity called Morzaria Realtech Private Limited.

Recent Results
For 2012-13, the company reported an operating income of INR152.1
crore with a profit after tax (PAT) of INR1.2 crore as against an
operating income of INR150.2 crore with a profit after tax (PAT)
of INR0.6 crore during 2011-12.


KVS INTERNATIONAL: CARE Rates INR8.87cr LT Bank Loans at 'B'
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of KVS International Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.87       CARE B Assigned
   Facilities

   Short-term Bank      10.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of KVS International
Private Limited (KVS) are primarily constrained by its short track
record of operations, weak financial risk profile characterized by
low profitability margins, leveraged capital structure and weak
debt service coverage indicators. The ratings also factor in the
substantial off balance sheet exposure in the form of corporate
guarantees, high competition prevailing in the industry and
obsolescence risk associated with inventory.

The ratings, however, draw strength from the experienced
management and group support coupled with the growing scale of
operations.

Going forward, the ability of the company to increase the scale of
operations while improving the profitability margins and capital
structure would be the key rating sensitivities.

KVS International Private Limited (KVS) was incorporated in June
1998 as a private limited company and 2011-12 was the first full
year of operations. It is currently being managed by Mr
Varun Grover, Mr Shivam Grover and Mr Sunil Kumar Arora. The
company is engaged in the trading of readymade garments and
fabrics. The company procures its products mainly from
Ludhiana, Punjab and Tirupur, Tamil Nadu and caters to customers
located in northern India.  Besides KVS, the group companies, viz,
"Amartex Industries Limited" (AIL) and "Shivaks Impex
Limited" (SIL) (CARE B/ CARE A4) are also engaged in similar
business.

For FY12 (refers to the period April 01 to March 31), KVS achieved
a total operating income of INR26.93 crore with PAT of INR0.04
crore. For FY13 (based on the unaudited results), the company
achieved a total operating income of INR58.34 crore.


MAA SHAKUMBRI: CARE Rates INR7.25cr LT Bank Facilities at 'B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Maa
Shakumbri Devi Charitable Trust.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.25       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Maa Shakumbri Devi
Charitable Trust (MSD) is primarily constrained by the limited
experience of the trustees in the education sector coupled with
short track record of operations, highly leveraged capital
structure, weak debt service coverage indicators and low revenue
visibility marked by low enrollment ratio. The rating is further
constrained by the high regulation and competition in the
education sector.

The rating, however, favourably takes into account the resourceful
trustees withprofessionally qualified faculty and favorable
prospects of higher/professional education.

Going forward, the ability to achieve the envisaged enrolment
level in a competitive scenario and improve the capital structure
would be the key rating sensitivities.

Maa Shakumbri Devi Charitable Trust (MSD) is an educational
society and was formed in August 2007 by Mr Lakhmendra Khurana, Mr
Rajeev Khurana, Mr Vijay Verma and Mr Manoj Jain with
the objective to provide education services. The society started
an engineering college under the name of Stallion College for
Engineering & Technology (SCET) in FY10 (refers to the period
April 1 to March 31). The institute is located in Saharanpur
(Uttar Pradesh) and is providing postgraduation, graduation and
diploma courses for engineering. The first academic session for
SCET started in 2010-11.

MSD reported net surplus of INR0.01 crore on a total income of
INR3.45 crore in FY12. MSD reported a net surplus of INR0.07 crore
on a total income of INR4.58 crore in FY13 (based on unaudited
results).


MAMTA COTTON: CARE Reaffirms 'BB-' Rating on INR15.54cr Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Mamta
Cotton Industries.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        15.54      CARE BB- 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 the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Mamta Cotton Industries characterized by
thin profit margins, moderately leveraged capital structure and
weak debt coverage indicators. The rating further continues to be
constrained by its presence in the lowest segment of textile value
chain with limited value addition in the cotton ginning business
and seasonality associated with the procurement of raw material
resulting into working-capital intensive nature of operations.

The rating continues to draw strength from the wide experience of
the partners in the cotton industry and locational advantage in
terms of proximity to the cotton-growing regions in Gujarat
and also factors in the increase in total operating income during
FY13 (refers to the period April 1 to March 31).

The ability of MCI to increase its ginning operations, improve the
profitability and effectively manage its working capital cycle in
addition to improving its capital structure would remain the
key rating sensitivities.

MCI was formed in 2005 as a partnership firm by the members of the
Patel family. MCI's management consists of nine partners of the
family with an agreement of unequal profit and loss sharing
between them. Mr Pankil Patel and Mr Shirish Patel are the key
partners of the firm. MCI is involved in the cotton ginning &
pressing industry and primarily deals in cotton bales, cotton
seeds, cotton wash oil and de-oiled cake. MCI has an installed
ginning capacity of 55 bpd (bales per day) at its sole
manufacturing facility located at Kadi (Gujarat).

During FY13 (refers to the period April 1 to March 31), MCI
reported a total income of INR111.28 crore with a PAT of INR0.05
crore as against a total income of INR81.32 crore and PAT of
INR0.02 crore during FY12.


MANIDHARI GUMS: CARE Reaffirms 'BB-' Rating on INR1.32cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Manidhari Gums & Chemicals.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         1.32      CARE BB- Reaffirmed
   Facilities

   Short-term Bank       19.00      CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings continue to remain constrained on account of the thin
profitability of Manidhari Gums & Chemicals (MGAC) in a highly
fragmented and competitive guar gum industry along with its
weak solvency and moderate liquidity position. The ratings are
further constrained due to its constitution as a partnership
concern, the limited track record of operations and seasonality
associated with key input being an agro-based commodity.The
ratings, however, favorably take into account MGAC's proximity to
the guar-producing region of Rajasthan and increasing demand
from the international market.

Improvement in the overall financial risk profile with an increase
in the scale of operations, improvement in profitability and
gearing level are the key rating sensitivities.

MGAC is a partnership firm established in 2010 by Mr Manish
Chhajer along with his family members to undertake business of
manufacturing of industrial grade guar gum powder. The commercial
operations of the firm commenced from April 2011. The
manufacturing facility of the firm is located at Jodhpur
(Rajasthan) having an installed capacity of 4,800 Metric Tonnes
Per Annum (MTPA)as on March 31, 2013 for processing guar seeds to
guar gum powder. The product manufactured by the firm finds
application in a diverse range of industries such as mining, oil &
gas, textile, paper, explosive, cosmetics & pharmaceutical. It
sells guar gum powder in the domestic market as well as exports it
to USA and European countries.

The partners are also engaged in the trading of grey fabrics
through associate concerns Mahesh Exports and Manidhari
Enterprises along with manufacturing and trading of handicraft
items through associate concern M/s Heritage.
During FY13 (refers to the period April 1 to March 31), MGAC
reported a total income of INR106.06 crore (FY12: INR62.47 crore)
with a PAT of INR2.52 crore (FY12: INR0.86 crore).


MILLENNIUM AERO: CARE Rates INR6cr LT Bank Loans at 'B'
-------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Millennium
Aero Dynamics Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6          CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Millennium Aero
Dynamics Private Limited (MADPL) is primarily constrained by
relatively small scale of operations, declining profitability
margins, low capitalization and working capital intensive nature
of operations. The rating is further constrained by dependence on
aviation and mining industry coupled with susceptibility of
margins to foreign exchange fluctuation risk.

The aforesaid constraints are partially offset by the strength
derived from the experienced promoters and established relations
with principals and customer.

The company's ability to improve the overall scale of operation
and efficient management of working capital cycle are the key
rating sensitivities.

Established in 2000, Millennium Aero Dynamics Private Limited is
engaged in marketing, installation and providing after-sale
services of equipments primarily utilized in Aviation, Mining,
Shipping and Defence industry. MADPL has representation rights of
more than 30 international principals (including TLD, Combibox
Systems, Oshkosh Corporation, Spillard Safety System Ltd., FCX
Systems and RED Dot). MADPL also provides consultancy for aviation
projects and fabrication work of submarines and ships to Indian
Navy and various other shipyards across India.

Furthermore, during provisional FY13 (refers to the period April 1
to march 31), MADPL has reported total income of INR17.40 crore
(vis--vis INR15.40 crore FY12) on a PAT of INR0.34 crore (vis--
vis INR0.31 crore FY12). Further MADPL has reported total income
of INR4.00 crore for Q1FY14.


NIKHIL SUGAR: CARE Rates INR9.07cr LT Bank Loans at 'D'
-------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Nikhil
Sugar Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.07       CARE D Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Nikhil Sugar Ltd
(NSL) is primarily constrained on account of the frequent
instances of delay in debt servicing.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position would
be the key rating sensitivities.

NSL was formed in 2005 by Mr Vipin Agarwal and his brothers, Mr
Mahesh Agarwal and Mr Hemant Agarwal. The promoters are engaged in
the business of agricultural crops and agro commodities since 1985
through M/s Lalchand Radheshyam Agarwal, a partnership firm
engaged in the trading of grains. NSL is engaged in the business
of manufacturing of sugar at Harda, Madhya Pradesh with an
installed capacity of 1,200 tonnes of canes crushed per day (CCD).
The main raw material, sugarcane is procured from the farmers in
Harda.

Its sister concern, Soubhagya Laxmi Foods Pvt Ltd was formed in
1996 and is engaged in the business of manufacturing of flour,
maida, rawa suji, bran and graded wheat at Harda, Madhya
Pradesh.

During FY13, NSL reported a total operating income of INR25.57
crore (FY12: INR11.04 crore) and PAT of INR0.44 crore (FY12: loss
of INR0.13 crore).


OUM DEVELOPERS: CRISIL Suspends BB Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of OUM
Developers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL BB/Stable Suspended

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

OUM is a partnership firm engaged in real estate development in
Surat (Gujarat). The firm was set up by Mr. Manjibhai Lathiya and
Mr. Udaybhai Chhasiya in 2009 to undertake real estate development
activity in Surat. It has been established specifically to
construct a single residential project in Surat under the name,
Vimalnath Residency. The project cost is estimated to be around
INR105.3 million. The promoters have about 10 to 15 years of
experience in the real estate industry, and have executed several
small-sized projects in Surat, Ankleshwar (Gujarat), and Mumbai
(Maharashtra).


PATNA BUXAR: CARE Rates INR985cr LT Bank Loans at 'BB+'
-------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Patna
Buxar Highways Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         985       CARE BB+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Patna Buxar Highways
Ltd is constrained due to the pending Right of Way (RoW) and delay
in confirmation of the appointed date in addition to the cash flow
risk owing to partial debt disbursement availed by PBHL. The
rating is further constrained on account of an interest rate risk,
implementation risk coupled with revenue risk associated with
toll-based projects and operations and maintenance (O&M) risk. The
rating, however, derives comfort from the experienced promoter
group, fixed-price nature of the Engineering, Procurement and
Construction (EPC) contract with the promoter group, stipulated
creation of Major Maintenance Reserve Account (MMRA) and Debt
Service Reserve Account (DSRA) and closure of the debt tie-up for
the project. Obtaining pending RoW for the project stretch,
successful commissioning of the entire project without time or
cost overrun and fructification of the traffic estimates as
envisaged subsequent to the project commissioning are viewed as
the key rating sensitivities.

Incorporated in 2011, Patna Buxar Highways Ltd is a special
purpose vehicle (SPV) promoted by Gammon Infrastructure Projects
Ltd (rated CARE BBB+/CARE A3+ for its bank facilities) for
rehabilitation and up-gradation of the existing Patna-Buxar
stretch on NH-30 and NH-84 to four-lane divided carriageway in the
state of Bihar under NHDP Phase-III programme on Design, Bild,
Finance, Operate & Transfer (DBFOT) Toll-basis. The project road
runs between Patna (km 181.300 of NH-30) and Buxar (km 75 of NH-
84) covering a length of 125.44 km. The concession agreement (CA)
was entered into between PHPL and the National Highways Authority
of India (NHAI) in February 2012, for a concession period of 20
years (including construction period of 2.5 years) from the
appointed date. The appointed date has not yet been finalized and
there has been a delay in confirmation of the appointed date by
NHAI on account of delay in obtaining RoW for the project stretch.

The total estimated project cost is INR1,507.27 crore financed by
way of equity of INR206.27 crore, NHAI grant of INR316 crore and a
senior debt of INR985 crore at a debt-equity ratio (DER) of
1.89:1.

The estimated scheduled project completion date (SPCD) is 2.5
years from the appointed date.  As on March 31, 2013, the cost
incurred on the project is INR129.56 crore (majorly towards
mobilization advance) financed by equity of INR55.86 crore and
debt of INR73.70 crore.


PURNA GLOBAL: CRISIL Reaffirms 'B-' Rating on INR144.6MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Purna Global Textiles
Park Ltd continues to reflect PGT's exposure to moderate offtake
risk and its susceptibility to cyclicality in the textile
industry. These rating weakness are partially offset by the
funding support PGT receives from unit holders, and the government
grants under the Scheme for Integrated Textile Parks.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             144.6     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PGT will remain dependent on its promoters to
fund its fixed repayment obligation in case of any shortfall
arising out of delay in project offtake. The outlook may be
revised to 'Positive' if PGT achieves higher than expected
revenues driven by lease collection from unit holders and ends its
dependence on promoters to fund the fixed obligations. Conversely,
the outlook may be revised to 'Negative' if there is a further
time or cost overrun in the collection of lease from unit holders,
enhancing its dependence on promoter funding to repay fixed
obligations.

PGT, set up on December 31, 2007, is a special-purpose vehicle for
developing, implementing, operating, and managing an upcoming
textile park in Hingoli (Maharashtra). PGT was set up under SITP,
supported by the Ministry of Textiles, Government of India. PGT is
one of 10 textile parks in Maharashtra to be approved under SITP.


RATHI INDUSTRIAL: CARE Assigns 'BB/A4' Rating to INR31cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Rathi Industrial Corporation Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-      31         CARE BB/CARE A4 Assigned
   term Bank
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Rathi Industrial
Corporation Private Limited (RICPL) are primarily constrained by
the working capital intensive nature of its operations, leveraged
capital structure, low profitability margins, commoditized nature
of product with volatility in prices and the fragmented nature of
the industry resulting from low entry barriers. Nevertheless,
the ratings derive support from the extensive experience of the
promoters and long standing relationship of RICPL with its
customers and suppliers.

Going forward, the ability of RICPL to improve its profitability
margins and effective working capital management will be the key
rating sensitivities.

Rathi Industrial Corporation Private Limited (RICPL) was
incorporated in the year 2006 and is engaged in the trading of TMT
(Thermo Mechanical Treatment) bars. Mr Nawal Kishore Rathi and
Mr Narendra Kumar Rathiare the promoters of the company.During
April 2011, two proprietorship firms belonging to the promoter
group, namely, Myco Steel Agencies (MSA) and Rathi Industrial
Corporation (RIC), engaged in the trading of TMT bars, were merged
with RICPL.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), the company earned a PAT of INR0.5 crore on
a total income of INR182 crore.


RATNAGIRI CERAMICS: ICRA Assigns 'B+' Ratings to INR9cr Loans
-------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to the INR8.14
crore fund based and INR0.86 crore non fund based (including
proposed limits of INR0.29 crore) bank facilities of Ratnagiri
Ceramics Private Limited. ICRA has also assigned short term rating
of '[ICRA]A4' to the INR3.00 crore non fund based bank facilities
of RCPL.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limit-            0.64       [ICRA]B+ assigned
   Term Loan

   Fund Based Limit-            7.50       [ICRA]B+ assigned
   Cash Credit &
   Standby Line of
   Credit

   Non Fund Based               0.50       [ICRA]B+ assigned
   Limit-Bank
   Guarantee

   Non Fund Based               0.07       [ICRA]B+ assigned
   Limit-Credit
   exposure limit
   to notional
   forward contract

   Unallocated-Untied           0.29       [ICRA]B+ assigned
   Limit

   Non Fund Based               3.00       [ICRA]A4 assigned
   Limit-Letter of
   Credit

The rating action takes into account the RCPL's stagnant turnover
with no major growth achieved over the last few years and its weak
financial profile characterized by net losses booked in the last
two years, moderate gearing and weak coverage indicators. ICRA
notes that RCPL's working capital intensity of operation is high
mainly on account of high level of inventory maintained. Also,
slowdown in the European economy, imposition of anti dumping duty
for Chinese products and expansion of business through a Spanish
company which went bankrupt has impacted RCPL's turnover and
profitability in the last few years. However, with focus towards
'Kalindi' brand (for which tiles are procured from Morbi), RCPL's
revenue and profitability are expected to improve going forward.
The ratings also take into consideration the high competition in
the business on account of presence of large number of players in
the organized and unorganized sector which restricts pricing
flexibility and also RCPL's exposure towards foreign exchange
fluctuation risk as no hedging policy is adopted by the company.

The ratings however are supported by considerable experience of
the promoters in the ceramics tiles business, RCPL's diversified
client base and its established relationship with suppliers who
have even outsourced a portion of their production line for the
company. The ratings also take into consideration the consistent
equity infusion by the promoters in the business which has led to
an improvement in the capital structure in the last few years.
With no capital expenditure plans in near term its long term debt
is expected to come down.

Going forward, the ability of the company to improve its scale of
operations and achieve a turnaround in profitability, its ability
to improve its branding and also efficient handling of foreign
exchange exposure will remain key drivers for the company's
ratings.

Incorporated in 1999, RCPL is involved in the manufacturing of
designer tiles having its manufacturing facility located in
Ghaziabad, Uttar Pradesh. The company manufactures designer tiles
which are sold under 4 brands namely - Swarngiri, Ratnagiri,
Vasundhara and Kalindi. The tiles are sold through a network of
dealers and distributors and the sales are primarily concentrated
in South India.


RAYAT & BAHRA: ICRA Assigns 'D' Ratings to INR78cr Loans
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to INR68.00
crore fund based bank facilities and INR10.00 crore non-fund based
bank facilities of Rayat & Bahra Group of Institutes: An
Educational and Charitable Society.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund based limits           68.00        [ICRA]D assigned
   Non-fund based limits       10.00        [ICRA]D assigned

For arriving at the rating, ICRA has taken into account the
consolidated business and financial risk profiles of Rayat and
Bahra Group of Institutes: An Educational and Charitable society
and Rayat Educational and Research Trust, given the common
management and fungible nature of the cash flows between these two
entities.

The assigned rating takes into account the delays in servicing of
debt obligations by the society on account of its stretched
liquidity position owing to regular debt funded capital
expenditure, significant debt repayment obligations as well as
funding support extended to group entities that are currently in
nascent stages of operations. This in conjunction with cash flow
mismatches caused by lumpy nature of fee receipts (which are
collected on an half yearly basis) vis-a-vis monthly interest
obligations have translated into frequent instances of delays in
interest-servicing by the society.

Although ICRA has taken a note of the established presence of
Rayat-Bahra group in the Punjab region, where the group caters to
over 25,000 students through more than 30 higher educational
institutes as well as its varied course offerings, which helps in
addressing a wider student base; the strengths are largely offset
by the concerns mentioned above.

In ICRA's view, scale of capital expenditure and adequacy and
timeliness of debt funding availed to fund the same as well the
quantum of funding support extended to group societies will be the
key determinants of RBGI liquidity profile and will thus remain
the key rating sensitivities going forward.

Operational since 2005, RBGI is a part of Punjab based Rayat-Bahra
Group, which operates 30 colleges spread across 5 campuses and one
Private University. RBGI currently operates 16 colleges through
its 2 campuses located at Mohali and Hoshiarpur. While the Mohali
campus became operational in 2005, the Hoshiarpur campus came into
existence in 2008. The society through these 2 campuses offer
various courses like engineering and technology, pharmacy, law,
nursing, management and senior secondary education courses and
caters to 9,606 students.

Recent results
Society reported a net surplus of INR10.52 crores on an operating
income of INR65.76 crore in FY2013 as against the net surplus of
INR9.32 crore on an operating income of INR60.63 crore in FY2012.


RAYAT EDUCATIONAL: ICRA Rates INR20cr Loans at 'D'
--------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to INR20.00
crore fund based bank facilities of Rayat Educational and Research
Trust.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based limits           20.00       [ICRA]D assigned

For arriving at the rating, ICRA has taken into account the
consolidated business and financial risk profiles of Rayat and
Bahra Group of Institutes: An Educational and Charitable society
and Rayat Educational and Research Trust, given the common
management and fungible nature of the cash flows between these two
entities.

The assigned rating takes into account consistent overdrawals in
the trust's overdraft facility owing to the stretched liquidity
position of the trust caused by regular capital expenditure and
funding support extended to group societies. While the trust has
been funding its capital expenditure requirements related to
infrastructural improvements from its own accruals, it relies on
working capital borrowings to support its day to day operations.
Given the modest scale of operations and regular investments
towards infrastructural improvement, the liquidity profile of the
trust has remained stretched with its cash accruals closely
matching with its capital expenditure requirements. This in
conjunction with cash flow mismatches caused by lumpy nature of
fee receipts (which are collected on an half yearly basis) and
monthly interest obligations have resulted in frequent and
consistent overdrawals of working capital limits by more than 30
days.

Although ICRA has taken a note of the established presence of
Rayat-Bahra group in the Punjab region, where the group caters to
over 25,000 students through more than 30 higher educational
institutes as well as its varied course offerings, which helps in
addressing a wider student base; the strengths are largely offset
by the concerns mentioned above.

In ICRA's view, scale of capital expenditure undertaken by the
society as well the funding support extended to group societies
will be the key determinants of RERT's liquidity profile and will
thus remain the key rating sensitivities going forward.

Operational since 2001, RERT is a part of Punjab based Rayat-Bahra
Group, which operates 30 colleges spread across 5 campuses and one
Private University. RERT currently operates 8 colleges through one
campus located at Ropar and offers various degree and diploma
courses like engineering and technology, management, pharmacy,
senior secondary education and K-12 courses and caters to 8,745
students.

Recent results

Trust reported a net surplus of INR4.56 crores on an operating
income of INR32.97 crore in FY2013 as against the net surplus of
INR5.46 crore on an operating income of INR32.55 crore in FY2012.


RK ELECTRICAL: ICRA Rates INR9cr Fund Based Loans at 'B'
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR9.00 crore
fund based limits of RK Electrical Industries.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based limits            9.00       [ICRA]B assigned

The assigned rating is constrained by significant execution risk
as the project is in the construction stage currently and small
scale of operation in the distribution transformer manufacturing
industry restricting economies of scale. The rating is also
constrained by highly fragmented and competitive industry which
may exerts pressures on its margins; high project gearing of 2.91
times and debt funded project which may put pressure on debt
servicing in initial years due to lower projected cash accruals.
However, the rating favorably factor in moratorium available to
the company in term loan repayment with repayment commencing from
June 2015 whereas expected COD is June 2014 and reservation of
around 15% of orders floated by state electricity distribution
companies for newly started companies which are registered with
commission of industries of Andhra Pradesh Government.

RK Electrical Industries is a partnership firm founded in February
2013 by Mr. Sulam Ramkrishnudu. The firm is proposing to set up a
transformer manufacturing unit with installed capacity of 3600
unit per annum (PA). The proposed unit is located at padakandla
village, Kurnool district Andhra Pradesh. The promoters have prior
business experience in agricultural industry and he has also
worked for transformer manufacturing company as a marketing
executive. The plant expects to start commercial production from
June 2014.


ROURKELA STEEL: CARE Assigns 'B' Rating to INR4.5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Rourkela Steel Corporation.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        4.50       CARE B (Assigned)
   Facility

   Short-term Bank       1.40       CARE A4 (Assigned)
   Facility

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

Rating Rationale

The ratings assigned to the bank facilities of Rourkela Steel
Corporation are constrained by proprietorship nature of
constitution trading nature of business leading to low profit
margins, high working capital intensive nature of business, high
leverage ratio, volatility in trading material prices and highly
fragmented & competitive industry. The above constraints are
partially offset by experienced proprietor with long track record
of the entity and established relationship with customers.

The ability to improve profitability margins and to manage working
capital requirement efficiently shall remain the key rating
sensitivities.

Rourkela Steel Corporation is a proprietorship concern,
established on February 20, 1974, by Kedar Nath Kheria. It is
engaged in the trading of iron and steel related products, sourced
majorly through MOU with Steel Authority of India Ltd and sells to
customers, majorly contractors, spread over Odisha and neighboring
states. Mr Kedar Nath Kheria being the proprietor looks after the
day-to-day affairs of the entity.

As per FY13 (refers to the period April 1, 2012 to March 31,
2013), RSC achieved a PBILDT of INR2.7 crore (INR2.7 crore in
FY12) and a PAT of INR0.5 crore (INR 0.6 crore in FY12) on the
total income of INR132.0 crore (INR 186.4 crore in FY12). Further,
RSC has achieved total turnover of INR50.0 crore during H1FY14.


SHIVAKS IMPEX: CARE Assigns 'B' Rating to INR1.5cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shivaks Impex Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       1.50        CARE B Assigned
   Facilities

   Short-term Bank     10.00        CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Shivaks Impex
Limited are primarily constrained by its short track record of
operations, highly leveraged capital structure and substantial off
balance sheet exposure in the form of corporate guarantees. The
ratings also factor in the high competition prevailing in the
industry and obsolescence risk associated with inventory.

The ratings, however, draw strength from the experienced
management, growing scale of operations, and group support.

Going forward, the ability of the company to increase the scale of
operations while sustaining the profitability margins and
improvement in capital structure would be the key rating
sensitivities.

Shivaks Impex Limited (formerly known as Amartex Infrastructure
Limited) was incorporated in June 2005 and 2011-12 was the first
full year of operations. It is currently being managed by Mr
Arun Grover, Mr Karan Grover and Mr Sunil Kumar Arora. The company
is engaged in the trading of readymade garments and fabrics.

The company procures its products from both the domestic markets
as well as imports from overseas destination and caters to the
traders and retailers located in Northern India. Besides SIL,
group companies, viz Amartex Industries Limited (AIL) and KVS
International Private Limited (KVS), (CARE B/ CARE A4) are also
engaged in similar business.

For FY12 (refers to the period April 01 to March 31), SIL achieved
a total operating income of INR27.44 crore with PAT of INR0.04
crore. For FY13 (based on the unaudited results), the company
achieved a total operating income of INR36.11 crore with PAT of
INR1.45 crore.


SHREE SAI: CRISIL Cuts Rating on INR60.9MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Sai Maruti Ginning and Pressing Factory to 'CRISIL D'
from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               59      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long-Term
   Bank Loan Facility         1.9    CRISIL D(Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects SSMGPF's prolonged over-utilisation
of its working capital limits for over 30 days. This was caused by
weak liquidity because of a delay in receivables realisation,
resulting in diminished drawing power in its working capital
limits.

SSMGPF also has a small scale of operations and susceptibility to
intense industry competition, susceptibility of business and
profitability to changes in government policy and moderate
financial risk profile. The firm, however, benefits from its
promoters' extensive experience in the cotton industry.

SSMGPF, a partnership firm, is promoted by Mr. Jitendrasinh Jhala,
Vijaykumar Babulal Patel, and Kartikbhai Nanjibhai Vikhariya. The
firm has a cotton ginning unit at Babra in Amreli (Gujarat).
SSMGPF also extracts oil from cotton seeds.


SIMPLEX PROJECTS: CARE Cuts Rating on INR2,055cr Loan to 'BB+'
--------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Simplex
Projects Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       2,055       CARE BB+ Revised
   Facilities                       from CARE BBB+


   Short-term Bank        300       CARE A4+ Revised
   Facilities                       from CARE A2

   Long/Short-term        220       CARE BB+/CARE A4+ Revised
   Bank Facilities                  from CARE BBB+/CARE A2


Rating Rationale

The revision in the ratings of Simplex Projects Ltd. takes into
account the deterioration in the financial risk profile of the
company in FY13 (refers to the period from April 1 to March 31)
and Q1FY14 marked by deterioration in overall gearing, further
elongation in the high operating cycle and continued low
profitability leading to stretched liquidity position. The ratings
also factor in the continued uncertainty associated with the big
ticket-size overseas project in Libya, exposure in group and
associate companies and intense competition alongwith sluggish
growth being witnessed by the construction sector. The ratings,
however, continue to draw strength from the experience of the
promoters, proven project execution capability and reasonable
domestic order book position. Effective management of working
capital, resumption and successful execution of the projects in
Libya, steady flow of orders and its timely execution and
improving profitability are the key rating sensitivities.

SPL, incorporated in 1990, belongs to Mr. B.K. Mundhra and
associates. SPL is a medium sized Kolkata based construction
company engaged in providing integrated engineering, procurement
and construction services for civil and structural construction
and infrastructure sector projects.

SPL has major presence in eastern, north-eastern and northern
India with network of 28 domestic site offices and one overseas
site office in Libya. Apart from this, the company has one branch
office in New Delhi.

In FY13, SPL earned PAT (after deferred tax) of INR3.25 crore on a
total income of INR430.84 crore. The company earned PAT of INR0.43
crore on total income of INR102.93 crore in QIFY14.


SPB DEVELOPERS: CRISIL Cuts Rating on INR1.91BB Loan to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of SPB
Developers Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB/Stable/CRISIL A3+'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         175      CRISIL A4+ (Downgraded from
                                   'CRISIL A3+')

   Term Loan            1,910      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB/Stable')

The rating downgrade reflects the expected pressure on SPB's
liquidity on account of delays in its ongoing four-laning project
in Maharashtra, and its inability to start partial tolling as
envisaged. The project is delayed by around a year and is likely
to achieve scheduled commercial operation date only in the first
quarter of 2014-15 (refers to financial year, April 1 to
March 31). As per the concession agreement, SPB is allowed to
undertake phased tolling in part of the road stretches; however,
right-of-way issues in land pockets at the planned toll plazas
have prevented the company from undertaking the same. The first
instalment on the term loan is due on March 31, 2014; hence,
commencement of partial tolling remains a key rating sensitivity
factor.

The ratings reflect the financial and project implementation
support that SPB receives from its promoter, IVRCL Ltd (IVRCL).
The ratings also reflect SPB's limited exposure to funding risk as
the entire funding for its ongoing project has been obtained.
These rating strengths are partially offset by delays in the
project and SPB's susceptibility to risks related to
implementation of the project.

Outlook: Stable

CRISIL believes that SPB will continue to benefit from the project
execution capabilities of IVRCL and the fixed cost contract for
its ongoing project. The outlook may be revised to 'Positive' if
SPB is able to start partial tolling in the near term and
completes the project without any further significant time and
cost overrun. Conversely, the outlook may be revised to 'Negative'
if SPB faces further time and cost overruns in the project leading
to deterioration in its liquidity.
SPB was incorporated in 2009, as a special purpose vehicle (SPV)
for the four-laning of stretches on the two-lane state highways
connecting Shirwal-Phaltan-Baramati (all in Maharashtra), on a
build, operate, and transfer (BOT) basis. IVRCL holds a 100 per
cent stake in SPB. The project achieved financial closure on March
2010 and is likely to achieve scheduled commercial operation date
in the first quarter of 2014-15 (refers to financial year, April 1
to March 31).


SWASTIK TUNGSTEN: CARE Assigns 'B+' Rating to INR12.46cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' rating to the bank facilities
of Swastik Tungsten Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        12.46      CARE B+ Assigned
   Facilities

   Short-term Bank        2.00      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Swastik Tungsten
Private Limited (STPL) are constrained by the small scale of
operation with low capitalisation, working capital intensive
nature of operations resulting in leveraged capital structure and
weak debt coverage indicators. The ratings are further constrained
by presence in a highly fragmented industry leading to intense
competition and susceptibility of profitability margins to
volatile prices of raw materials.

The aforesaid constraints are partially offset by the strength
derived from the experienced promoters.

The ability of STPL to achieve the envisaged turnover and
profitability amidst the intense competition and efficiently
manage its working capital cycle are the key rating sensitivities.

Incorporated in 2010, Swastik Tungsten Private Limited (STPL) is
engaged in the manufacturing of inorganic chemicals namely
tungsten trioxide & tungsten metal powder having its manufacturing
facility at Shrirampur (Ahemednagar). Mr Ajit Arbatti, the
promoter, was engaged in a similar business for the last three
decades, through a partnership firm (M/s Swastik Chemicals)
established in 1977. STPL's products mainly find application in
the manufacturing of Bomb Shells (defense establishments) and
Carbide (carbide industries) under the brand 'SWASTIK'. The
majority (around 95%) revenue of STPL is generated from the
domestic market and the balance through  exports to USA, Iran &
Poland.

During FY13 (refers to the period April 1 to March 31), STPL
reported a total operating income of INR12.70 crore (vis--vis
INR10.70 crore in FY12) and PAT of INR0.09 crore (vis--vis
INR0.15 crore in FY12). During HIFY14, STPL has posted a total
income of INR10 crore.


TDI INFRASTRUCTURE: CARE Ups Ratings on INR512.95cr Loans to 'BB'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
TDI Infrastructure Limited.
                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        264.17      CARE BB Revised
   Facilities                        from CARE C
   (Term Loan)

   Long-term Bank         50.00      CARE BB Revised
   Facilities                        from CARE C
   (Fund based)


   Long-term Bank        194.78      CARE BB Revised
   Facilities                        from CARE C
   (Non-fund based)


   Non-Convertible         4.00      CARE BB Revised
   Debenture (NCD)                   from CARE C

Rating Rationale

The revision in the rating of TDI Infrastructure Limited takes
into account the improvement in debt servicing track record, and
profitable scale-up of operations in FY13 (refers to the period
April 1 to March 31). The rating continues to draw comfort from
the promoters' experience, reasonably high booking status of the
projects and availability of fully-paid large land bank with
requisite approvals in-place for the ongoing projects.

The rating is, however constrained by exposure to execution risk
for the ongoing projects of significant size, high gearing,
geographical concentration risk and inherent risks associated with
the real estate sector.

Going forward, the ability of TDIL to achieve projected sales,
timely execution of the projects within envisaged costs &
timelines and performance of the real estate industry would be the
key rating sensitivities.

TDI Infrastructure Ltd, incorporated in 1997, is an ISO-9000
certified, Flagship Company of Taneja Group of developers (the TDI
group), the established real estate developers in Delhi-NCR. The
group has been engaged in real estate development for more than 25
years having developed and delivered projects in Kundli (Sonepat,
Haryana), Agra, Moradabad (UP) and Delhi-NCR
region. At present, TDIL has a land bank in Kundli and Kamaspur
(both in Sonepat, Haryana) spanning 1375 acres and 32 acres,
respectively, where it is developing integrated townships. The
land for the ongoing projects has been fully acquired and paid
for.

TDI group, through various group companies has presence in
Sonepat, Panipat, Mohali and Faridabad undertaking development of
group housings/townships.

TDIL reported a total operational income of INR583.0 crore (PY
INR446.1 crore) and net profit of INR25.6 crore (PY: INR23 crore)
in FY13.


TEX BIOSCIENCES: ICRA Assigns 'BB' Ratings to INR10.25cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR10.25
crore term loans and fund based working capital facilities of Tex
Biosciences (P) Limited; the outlook on the rating is Stable. ICRA
has also assigned a short term rating of '[ICRA]A4' to the INR0.25
crore non-fund based bank limits of Tex.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term,             5.88        [ICRA]BB (Stable); assigned
   Term Loans

   Long term,             3.80        [ICRA]BB (Stable); assigned
   Fund based
   facilities

   Long term,             0.57        [ICRA]BB (Stable); assigned
   Proposed
   facilities

   Short term,            0.25        [ICRA]A4; assigned
   Non fund based
   facilities

The ratings reflect the market position of the company as among
the established domestic leather enzyme manufacturers and the
increasing demand potential for the products owing to tightening
environmental regulations for tanneries in India. The ratings also
factor the successful diversification by the company into animal
feed supplements, with increasing revenue contributions from
contract manufacturing for leading players and an extensive sales
network. The ratings further consider the moderate financial
profile characterised by healthy operating margins, low gearing
and adequate debt coverage indicators. The ratings are, however,
constrained by the significant debt funded capital expenditure
being incurred by the company, for setting up a new fermentation
facility, which is likely to impact the capital structure and
coverage indicators adversely in the medium term. The ratings are
further constrained by the vulnerability of operating margins to
power costs, as operations are power intensive, and the inherently
high working capital intensity which has moderated the cash flows.

Tex Biosciences (P) Ltd, formerly Textan Chemicals (P) Limited,
was established in 1979 as a proprietorship entity and was
converted into a limited company in 1982; the entire shareholding
vests with the promoter and his family. The company has its
manufacturing facility in Tiruvallur, Tamil Nadu with a capacity
to produce ~3,500 tonnes of enzymes/chemicals per annum. The
company, which was primarily involved in the manufacturing and
marketing of bating enzymes, synthetic tanning agents, fatliquors
and other oils used in the leather tanning process, has now
diversified into animal feed supplements, paper & textile
chemicals/enzymes.


TRANSTRON ELECTRICALS: ICRA Puts 'B' Rating on INR3.25cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' & Short term
rating of '[ICRA]A4' to the INR7.00 crores* bank facilities of
Transtron Electricals Pvt. Ltd.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Limits-        3.25        [ICRA]B assigned
   Long Term

   Non-Fund Based            3.75        [ICRA]A4 assigned
   Limits-Short Term

The assigned rating is constrained by relatively small scale of
operations, highly competitive and fragmented industry with strong
competition from medium and large players in manufacturing of
transformers which in turn has led to low profitability margins in
the past. Further the rating is also constrained by the relatively
high gearing levels of 1.56 times as on FY13 and high working
capital intensity of the business. The rating however, favorably
takes into account long standing experience of promoters with
strong relationships with several customers and suppliers which is
expected to result in increase in revenue base going forward.

Business was established in the year 1998 as private limited
company. TEPL is engaged in the manufacturing various Distribution
and Power Transformers. Manufacturing plant of the company is
located at Meerut and has been awarded the ISO 9001: 2008
certificate from Transpacific Certifications Limited on quality,
infrastructure and the entire manufacturing process.

Recent Results:

TEPL reported a net profit of INR0.25 crores on an operating
income of INR13.84 crores for the year ended March 31, 2013 and a
net profit of INR0.18 crores on an operating income of INR10.85
crores for the year ended March 31, 2012.


TULSA GAS: CRISIL Assigns 'BB-' Ratings to INR30MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Tulsa Gas Technologies India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        10      CRISIL BB-/Stable

   Inland/Import Letter
   of Credit                 10      CRISIL A4+

   Bank Guarantee            30      CRISIL A4+

   Cash Credit               20      CRISIL BB-/Stable
The ratings reflect the benefits that TGT derives from its
moderate financial risk profile marked by low gearing and above-
average debt protection measures, and its promoters' extensive
experience in the CNG (compressed natural gas) dispenser industry.
These rating strengths are partially offset by TGT's small scale
of operations and large working capital requirements.

Outlook: Stable

CRISIL believes that TGT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if TGT's financial risk
profile improves, driven by higher-than-expected net cash accruals
along with moderation in working capital requirements. Conversely,
the outlook may be revised to 'Negative' in case of significant
weakening in the company's liquidity or capital structure, or
pressure on its profitability.

Incorporated in 2005, TGT primarily manufactures CNG dispensers,
hydraulic booster compressors, CNG provers, synflex hose
assemblies, and retail automation software. The company is
promoted by Mr. Ashok Anand. Its factory is in Sonipat (Haryana).

TGT reported a net profit of INR7.3 million on net sales of
INR186.3 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR6.1 million on net sales of
INR123.5 million for 2011-12.


VANGILI FEEDS: CRISIL Rates INR162.1MM Term Loan at 'BB-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Vangili Feeds.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               162.1     CRISIL BB-/Stable
The rating reflects the extensive experience of VF's promoters in
the poultry industry and the firm's long-standing relationship
with its suppliers and customers. These rating strengths are
partially offset by VF's susceptibility to volatility in input
prices, its average financial risk profile marked by modest net
worth, and exposure to project implementation risk.

Outlook: Stable

CRISIL believes that VF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile resulting from
better-than-expected cash accruals and efficient working capital
management, along with timely completion of its ongoing capex
within the budgeted cost. Conversely, the outlook may be revised
to 'Negative' in case of pressure on the firm's financial risk
profile resulting from lower-than-expected cash accruals or
larger-than-expected working capital requirements, or in the event
of time or cost overrun in its ongoing capex.

Established in 1989 as a partnership firm, the Namakkal (Tamil
Nadu)-based VF rears broiler birds (through contract farming),
manufactures poultry feed, and trades in eggs. The firm is managed
by Mr. V Subramaniam and his wife Mrs. Selvi Subramaniam

VF reported, on a provisional basis, a profit after tax (PAT) of
INR9.8 million on an operating income of INR2.3 billion for 2012-
13 (refers to financial year, April 1 to March 31), against a PAT
of INR22.1 million on an operating income of INR1.7 billion for
2011-12.


VAYA JAYANTHI: CRISIL Suspends 'B' Ratings on INR44.3MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vaya
Jayanthi Drugs Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1       CRISIL A4 Suspended

   Cash Credit              22       CRISIL B/Stable Suspended
   Foreign Bill

   Discounting               5       CRISIL A4 Suspended

   Letter of Credit         14       CRISIL A4 Suspended

   Long-Term Loan           19.8     CRISIL B/Stable Suspended

   SME Care Loan             2.5     CRISIL B/Stable Suspended

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

Incorporated in 1995 as a private limited company and based in
Hyderabad (Andhra Pradesh), VDPL manufactures drug intermediates
and bulk drugs. VDPL's promoter and managing director, Mr. K
Ramakrishna Raju, has more than 40 years of experience in the
pharmaceutical industry. VDPL's manufacturing unit, which has an
installed capacity of 48 tonnes per annum, is located in
Bonthapally near Hyderabad. VDPL manufactures drug intermediates
for the mineral supplements, anti-depressant and anti-histamine
therapeutic segments.


VENKETESWAR EDUCATIONAL: CRISIL Keeps B+ Rating on INR64.9M Loan
----------------------------------------------------------------
CRISIL's rating on the bank facility of Venketeswar Educational
Trust continue to reflect VET's modest scale of operations, its
susceptibility to intense competition in the education sector and
risks related to timely completion of the ongoing hostel project.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             64.9      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of VET's promoter in the education sector.

Outlook: Stable

CRISIL believes that VET will continue to benefit over the medium
term from its promoters' extensive experience in the education
sector. The outlook may be revised to 'Positive' if the trust
achieves better-than-expected growth in its revenues and earnings,
most likely by increasing its seats or its fee charges or by
expanding its geographical reach and its course portfolio, while
it maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' if VET's revenues and cash accruals decline
substantially, or if the trust undertakes a significantly larger-
than-expected, debt-funded capital expenditure (capex) programme.

VET was set up in 2009 in Bhubaneswar (Odisha). The trust runs an
engineering college named Gandhi Institute of Excellent
Technocrats. The college offers four-year degree courses in six
engineering streams, namely, computer science and engineering,
mechanical engineering, electronics and electrical engineering,
electronics and communication engineering, electrical engineering,
and civil engineering. VET's trustees are Dr. Satya Prakash Panda
and his family members.


VIJMOHAN CONSTRUCTIONS: ICRA Keeps BB- Rating on INR4.5cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to the INR4.50
crore fund based bank facilities of Vijmohan Constructions Private
Limited at '[ICRA]BB-'. ICRA has also re-affirmed the short term
rating assigned at '[ICRA]A4' to the INR2.00 crore of non fund
based facilities of VCPL. The outlook on the long term rating is
'Stable'.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund             4.50       [ICRA]BB- reaffirmed
   Based Limits

   Short Term Non             2.00       [ICRA]A4 reaffirmed
   Fund Based Limits

The reaffirmation of the ratings continue be constrained by modest
scale of operations and weak financial profile characterized by
high working capital intensity and stretched coverage; significant
sectoral concentration risk owing to the company's focus in the
highly competitive road construction sector exerting pressure on
profitability. Further, the ratings are also constrained by the
sole dependence on crusher and hot mix plant located in Siddipet,
Andhra Pradesh which restricts the company to take up projects
within 60kms of the plant and therefore, future growth prospects
are contingent upon the quantum of works recurring every year
within this region. However, the ratings favourably factor in
established position and track record of the promoters in the
construction industry and near term revenue visibility arising
from order-book of about INR21.47 crore (Order book/OI of 1.77
times) as on 31st August 2013.

Vijmohan Constructions Private Limited is a closely held private
limited company based in Hyderabad, incorporated in 2003. The
company is primarily engaged in the construction of roads. The
company's clientele comprises of government entities like PWD as
well as other group companies.



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


SIGNUM VANGUARD: S&P Raises Rating on Class A Loan to B+
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction, and removed the rating from CreditWatch with
positive implications.

The upgrade reflects the tranche's synthetic rated
overcollateralization (SROC) level as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk because the creditworthiness of the tranche
relies on a swap counterparty and collateral assets.

S&P has raised its rating to the level at which the tranche's SROC
level exceeds 100% and meets its minimum cushion requirement as of
the review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED, REMOVED FROM CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To             From                    Amount
B+ (sf)        B (sf)/Watch Pos        JPY4.0 bil.



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


JK KIDS: Clothing Chain to Shut Doors in February
-------------------------------------------------
Christopher Adams at The New Zealand Herald reports that national
children's clothing chain JK Kids is closing down, blaming its
demise on intense online competition from overseas websites and
the global economic downturn.

According to the Herald, owner and managing director Ben Sproat
said trading conditions for the retailer, which operates 22 stores
in New Zealand plus an online operation, had been difficult for
the past two years.

A clearance sale was underway and all of the stores -- and the
website -- would be closed by February, Mr. Sproat said.

"We've seen a decline in our retail store sales and we don't
believe we're going to see that trend change," the report quotes
Mr. Sproat as saying.

The Herald relates that Mr. Sproat said JK Kids, which employed
around 125 full and part time staff, had decided to "do the
responsible thing" and close down before its financial position
worsened.

JK Kids was established by Mr. Sproat and wife Lisa in 1995 when
they spotted a gap in the market for affordable, quality kids'
clothing.


LEARNING MEDIA: Threatens to Walk Away From Lease Contract
----------------------------------------------------------
Tracy Watkins at Stuff.co.nz reports that the New Zealand
government is being accused of standover tactics after a defunct
state owned business, Learning Media, threatened to walk away from
a NZ$1.2 million contract on a lease in central Wellington.

It is understood to have delivered an ultimatum to the landlord to
accept its offer for only a fraction of what's owed on the lease
in the next 24 hours or it will be pulled, notes the report.

According to the report, Learning Media said if the landlord
refuses to accept the offer it will be treated like any other
creditor and be paid out once the company goes into liquidation
-- even though its only shareholder, the Crown, is not broke.

Investors in the company that handles the property, Anaro, said
they will be left potentially hundreds of thousands of dollars out
of pocket and are outraged that the Crown appears ready to walk
away from its obligations, Stuff.co.nz relays.

Stuff.co.nz notes that the Government announced in September it
was winding up learning Media because it was no longer financially
viable. More than 100 jobs are affected by the wind down, the
report discloses.

The company occupies three floors on a Wellington building, the
report notes.  The company's lawyers have told Anaro that it must
accept its offer within 24 hours, or it will be withdrawn, says
Stuff.co.nz.

Stuff.co.nz relates that Natalie Evans, a spokeswoman for Anaro
Investments, said the Government was hiding behind a limited
liability company to use standover tactics against the buildings
owner.

"Anaros investors are hardworking New Zealand folk who have worked
hard all their lives in farming and business backgrounds
. . . they saved for their retirement, and  invested that money in
New Zealand commercial property, " the report quotes Ms. Evans as
saying."

She said the Government's decision to quit the lease came at a
time when the public service in general was reducing its footprint
in Wellington, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 12, 2013, the Board of Learning Media has agreed with the
Government that the company does not have a viable on-going
business. Accordingly, the company is to be wound down through a
managed process. Projects currently underway will be delivered as
scheduled and transition arrangements put in place for longer-term
work programmes to ensure continuity.

Learning Media was created in Wellington in 1939, when the School
Publications Branch in the Department of Education was formed. It
became a Crown Company in 1993 and a State Owned Enterprise in
2005. The company creates digital and print educational resources
such as The School Journal and Te Wharekura and also provides
professional development for teachers. The company employs 109 FTE
staff, including editors, designers, project managers and software
programmers.


MEDIAWORKS NZ: IRD Retaliates in Tax Dispute
--------------------------------------------
One News reports that the taxman has struck back in its dispute
with embattled MediaWorks over tens of millions of dollars in
allegedly unpaid tax, filing applications to liquidate the shells
of the recently-sold broadcaster.

Inland Revenue advertised formal notification of liquidation
proceeding for TVWorks and RadioWorks, according to One News.

The report notes that the claim relates to a dispute over the use
of optional convertible notes.  The broadcaster had flagged a
potential NZ$22 million liability in its accounts if the taxman
won its case, the report relays.

The move into receivership was widely seen as an attempt by the
company's bankers to relieve it of some liabilities -- including
the disputed debt to IRD and allegedly onerous content deals -- in
the shells of the old companies, TVWorks and RadioWorks, according
to One News.

Joint receiver Brendon Gibson, of KordaMentha, said he would co-
operate with any liquidator appointed by IRD but said there were
no assets left to satisfy the debt, the report discloses.

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

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



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


* BOND PRICING: For the Week Nov. 18 to Nov. 22, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR M       7.00   04/01/21    USD       73.13
BOART LONGYEAR M       7.00   04/01/21    USD       73.13
COMMONWEALTH BAN       1.50   04/19/22    AUD       71.70
EXPORT FINANCE &       0.50   06/15/20    NZD       73.51
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
MIRABELA NICKEL        8.75   04/15/18    USD       33.88
MIRABELA NICKEL        8.75   04/15/18    USD       35.00
NEW SOUTH WALES        0.50   09/14/22    AUD       68.36
NEW SOUTH WALES        0.50   10/28/22    AUD       67.86
NEW SOUTH WALES        0.50   10/07/22    AUD       68.08
NEW SOUTH WALES        0.50   12/16/22    AUD       68.15
NEW SOUTH WALES        0.50   03/30/23    AUD       67.13
NEW SOUTH WALES        0.50   02/02/23    AUD       67.68
NEW SOUTH WALES        0.50   11/18/22    AUD       67.65
NEWCREST FINANCE       5.75   11/15/41    USD       72.80
NEWCREST FINANCE       5.75   11/15/41    USD       76.21
PALADIN ENERGY L       3.63   11/04/15    USD       74.05
PALADIN ENERGY L       6.00   04/30/17    USD       68.16
TREASURY CORP OF       0.50   03/03/23    AUD       68.26
TREASURY CORP OF       0.50   08/25/22    AUD       69.72
TREASURY CORP OF       0.50   11/12/30    AUD       44.35


CHINA
-----

CHINA GOVERNMENT       1.64   12/15/33    CNY       61.72


INDONESIA
---------

DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
INDONESIA TREASU       6.38   04/15/42    IDR       71.21
PERUSAHAAN LISTR       5.25   10/24/42    USD       76.00
PERUSAHAAN PENER       6.10   02/15/37    IDR       71.55


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17    USD       25.25
CORE EDUCATION &       7.00   05/07/15    USD       28.88
COROMANDEL INTER       9.00   07/23/16    INR       15.16
DR REDDY'S LABOR       9.25   03/24/14    INR        4.98
GTL INFRASTRUCTU       2.53   11/09/17    USD       41.16
INDIA GOVERNMENT       0.24   01/25/35    INR       16.45
INDIA GOVERNMENT       5.87   08/28/22    INR       71.05
JCT LTD                2.50   04/08/11    USD       20.00
MASCON GLOBAL LT       2.00   12/28/12    USD       10.00
PRAKASH INDUSTRI       5.25   04/30/15    USD       49.50
PRAKASH INDUSTRI       5.63   10/17/14    USD       55.38
PYRAMID SAIMIRA        1.75   07/04/12    USD        1.00
REI AGRO LTD           5.50   11/13/14    USD       68.81
REI AGRO LTD           5.50   11/13/14    USD       68.81
SHIV-VANI OIL &        5.00   08/17/15    USD       20.00
SUZLON ENERGY LT       5.00   04/13/16    USD       45.28
SUZLON ENERGY LT       7.50   10/11/12    USD       66.25


JAPAN
-----

ELPIDA MEMORY IN       0.50   10/26/15    JPY       13.88
ELPIDA MEMORY IN       0.70   08/01/16    JPY       13.13
ELPIDA MEMORY IN       2.10   11/29/12    JPY       14.38
ELPIDA MEMORY IN       2.29   12/07/12    JPY       14.50
ELPIDA MEMORY IN       2.03   03/22/12    JPY       14.38
JAPAN EXPRESSWAY       0.50   03/18/39    JPY       70.44
JAPAN EXPRESSWAY       0.50   09/17/38    JPY       70.97
TOKYO ELECTRIC P       2.37   05/28/40    JPY       66.38
TOKYO ELECTRIC P       1.96   07/29/30    JPY       73.88


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

EXPORT-IMPORT BA       0.50   10/23/17    TRY       67.18
EXPORT-IMPORT BA       0.50   11/28/16    BRL       70.79
EXPORT-IMPORT BA       0.50   12/22/17    BRL       61.97
EXPORT-IMPORT BA       0.50   01/25/17    TRY       72.87
EXPORT-IMPORT BA       0.50   09/28/16    BRL       72.32
EXPORT-IMPORT BA       0.50   10/27/16    BRL       71.63
EXPORT-IMPORT BA       0.50   12/22/17    TRY       65.87
EXPORT-IMPORT BA       0.50   08/10/16    BRL       73.83
EXPORT-IMPORT BA       0.50   12/22/16    BRL       69.89
EXPORT-IMPORT BA       0.50   11/21/17    BRL       62.67
TONGYANG CEMENT        7.50   04/20/14    KRW       65.00
TONGYANG CEMENT        7.30   04/12/15    KRW       65.00
TONGYANG CEMENT        7.30   06/26/15    KRW       68.63
TONGYANG CEMENT        7.50   07/20/14    KRW       65.00
TONGYANG CEMENT        7.50   09/10/14    KRW       65.00


SRI LANKA
---------

SRI LANKA GOVERN       9.00   06/01/43    LKR       73.36
SRI LANKA GOVERN       5.35   03/01/26    LKR       59.38
SRI LANKA GOVERN       7.00   10/01/23    LKR       71.51
SRI LANKA GOVERN       8.00   01/01/32    LKR       69.86


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

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


SINGAPORE
---------

BAKRIE TELECOM P      11.50   05/07/15    USD       25.00
BAKRIE TELECOM P      11.50   05/07/15    USD       24.00
BLD INVESTMENTS        8.63   03/23/15    USD       59.63
BUMI CAPITAL PTE      12.00   11/10/16    USD       65.00
BUMI CAPITAL PTE      12.00   11/10/16    USD       64.32
BUMI INVESTMENT       10.75   10/06/17    USD       65.50
BUMI INVESTMENT       10.75   10/06/17    USD       64.38
ENERCOAL RESOURC       9.25   08/05/14    USD       55.34
INDO INFRASTRUCT       2.00   07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL            3.00   10/04/15    USD       13.50
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.


                            *********


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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