TCRAP_Public/131202.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

           Monday, December 2, 2013, Vol. 16, No. 238


                            Headlines


A U S T R A L I A

ALCOHOL AND OTHER DRUGS: In Administration Following Budget Cut
GREATSOLAR SOLUTIONS: In Administration, Owes Millions
JH SMITH: Placed Into Voluntary Administration


C A M B O D I A

CAMBODIA: S&P Affirms 'B' LT and ST Sovereign Credit Ratings


C H I N A

CHINA PRECISION: Incurs $9.6MM Net Loss in Qtr. Ended Sept. 30
SINO-FOREST CORP: SDNY Court Recognizes & Enforces E&Y Settlement


I N D I A

A.K. BUILDERS: CRISIL Ups Rating on INR130MM Loan to 'C'
AAI KRUPA: ICRA Assigns 'B' Ratings to INR6.7cr Loans
ANANDA ENTERPRISES: ICRA Assigns 'BB-' Ratings to INR90cr Loans
ASSOCIATED HOTELS: ICRA Suspends 'D' Ratings on INR14.76cr Loans
BANSIDHAR AGARWALLA: ICRA Reaffirms B- Ratings on INR5.78cr Loans

BATRA RICE: CRISIL Reaffirms 'B+' Rating on INR200MM Cash Credit
BHANU FARMS: CRISIL Raises Ratings on INR212.3MM Loans to 'B-'
BINANDA KALITA: CRISIL Puts 'BB-' Rating on INR30MM Cash Credit
BRAINER IMPEX: CRISIL Cuts Ratings on INR1.0BB Loans to 'B'
CDR PROJECTS: ICRA Rates INR5cr Cash Credit at 'BB-'

CELESTIAL KNITS: ICRA Assigns 'BB-' Ratings to INR4.5cr Loans
CENTURY ALUMINIUM: CARE Assigns 'BB+' Rating to INR126.61cr Loans
CHEERANS STRUCTURALS: CRISIL Rates INR140MM Loan at 'BB-'
CROSS TRADE: ICRA Reaffirms 'B-' Rating on IN7cr Loans
CUVV AUTOMOTIVES: ICRA Assigns 'D' Ratings to INR11cr Loans

DILLIP CONSTRUCTIONS: CRISIL Assigns BB- Rating to INR100MM Loan
EAST COAST: ICRA Assigns 'B+' Ratings to INR5,595cr Loans
EVEREST SEA: CRISIL Assigns 'B' Ratings to INR73.5MM Loans
EXPAT ENGINEERING: CARE Reaffirms 'B+' Rating on INR14.06cr Loans
GASGEN FERRO: ICRA Assigns 'BB' Rating to INR14.55cr Loans

GAURI SAI: CRISIL Assigns 'B-' Ratings to INR80MM Loans
GOURI SHANKAR: CARE Assigns 'B+' Rating to INR6.81cr Loans
JOTHI MALLEABLES: CARE Reaffirms 'BB-' Rating on INR10.25cr Loans
KAILASH RICE: CRISIL Ups Ratings on INR125MM Loans to 'B+'
KHYATI STEELS: CARE Assigns 'BB' Rating to INR4cr LT Bank Loans

KOTHARI WASPAP: CRISIL Cuts Ratings on INR175MM Loans to 'D'
KPT SPINNING: CRISIL Assigns 'D' Ratings to INR100MM Loans
LAXMI MOULDS: CRISIL Reaffirms 'D' Ratings on INR190MM Loans
MAHARASHTRA SHETKARI: ICRA Ups Ratings on INR150cr Loans to C
MRKR CONST: CRISIL Cuts Ratings on INR590MM Loans to 'BB+'

MSPL LIMITED: CRISIL Raises Ratings on INR6.0BB Loans to 'B+'
NATANI ROLLING: CARE Rates INR5.23cr LT Bank Loans at 'B'
NECCON POWER: CRISIL Cuts Ratings on INR265MM Loans to 'BB+'
PARTH THREAD: CRISIL Reaffirms 'B+' Ratings on INR147.8MM Loans
PODDAR MERCANTILE: CRISIL Ups Rating on INR67.7MM Loans 'B-'

PROTECH FEED: CARE Assigns 'B+' Rating to INR13.5cr LT Bank Loans
RAGHUPREET HYDRO: CRISIL Assigns 'BB-' Ratings to INR160MM Loans
RELIABLE UDYOG: CRISIL Reaffirms 'BB' Rating on INR85MM Loan
ROBO EQUIPMENTS: CRISIL Reaffirms 'D' Ratings on INR138MM Loans
S.B EQUIPMENTS: ICRA Assigns 'B+' Rating to INR6cr Loans

S M RICE: CRISIL Reaffirms 'B+' Ratings on INR298.7MM Loans
SAHARA INDIA: CRISIL Reaffirms D Rating on INR1.4B Loan at 'D'
SARASWATI EDUCATIONAL: CRISIL Puts BB- Ratings on INR160MM Loans
SHAGUN JEWELLERS: CARE Assigns 'BB-' Rating to INR20cr Loans
SHREEJI AGENCIES: CARE Reaffirms 'BB-' Rating on INR5.4cr Loans

SITARAM NANDRAM: CARE Assigns 'B' Rating to INR19cr LT Bank Loans
SN JYOTI: ICRA Assigns 'BB-' Ratings to INR13cr Loans
SOLACE HEALTHCARE: CARE Rates INR15cr LT Bank Loan at 'B'
SUPREME PAPER: ICRA Upgrades Rating on INR5cr Loan to 'BB-'
SWEETY INFRASTRUCTURE: CRISIL Puts 'BB' Rating on INR30MM Loan

TAM GLASS: ICRA Assigns 'BB-' Ratings to INR25cr Loans
V.K.A. POLYMERS: CRISIL Ups Ratings on INR122.2MM Loans to 'BB-'
VAJRAM SPINNING: CRISIL Reaffirms 'D' Ratings on INR69MM Loans
VIRTUAAL RETAIL: CRISIL Reaffirms 'B-' Ratings on INR194MM Loans
VVV CONSTRUCTION: CRISIL Reaffirms 'B' Ratings on INR90MM Loans

WAVETRONIC SOLUTIONS: CRISIL Cuts Rating on INR200MM Loan to 'BB'
YASH PHARMA: CRISIL Cuts Ratings on INR85MM Loans to 'B'
YSR SPINNING: ICRA Suspends 'BB' Rating on INR17.38cr Loans


J A P A N

CAFES 1: Moody's Puts Certificate Ratings on Review for Downgrade
L-JAC 6: Moody's Puts Cert. Ratings on Review for Downgrade


N E W  Z E A L A N D

CHORUS LTD: Should Withdraw From UFB Contract, Broker Says
HANOVER FINANCE: Ex-Director's Mansion Sold For NZ$39MM
JASONS TRAVEL: PPB Advisory Appointed as Receivers


S I N G A P O R E

AMARU INC: Incurs $252,470 Loss From Operations in 3rd Quarter


S O U T H  K O R E A

KOOKMIN BANK: Consumer Advocacy Group to Request FSS Probe


V I E T N A M

VIET NAM FOOD: Ex-Director Gets 30-Year Jail For Embezzlement


                            - - - - -


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


ALCOHOL AND OTHER DRUGS: In Administration Following Budget Cut
---------------------------------------------------------------
Dan Harrison at The Sydney Morning Herald reports that the Alcohol
and Other Drugs Council of Australia has been placed in voluntary
administration after its funding was cut by the government.

The Alcohol and Other Drugs Council of Australia, which has
operated since 1966, learned on November 27 its funding would
cease immediately, the report says.  The council is the peak body
for organisations working to minimise the harm caused by drugs and
alcohol, providing professional development, information sharing
and advocacy services on an annual budget of AUD1.6 million from
the federal Health Department.

According to the report, President of the council's board, former
Liberal MP Mal Washer, said the decision was a "devastating blow"
that would undermine years of work.

"It effectively erases decades of corporate knowledge, and leaves
the sector without representation at a national level," the report
quotes Dr. Washer as saying.

The report says the council's National Drug Sector Information
Service, a repository of nearly 100,000 resources on alcohol and
other drugs, will effectively shut down as a result of the funding
cut. The decision, made by Assistant Minister for Health Fiona
Nash, came despite a written assurance from the department in
April that the council's funding was secure until July 2015, the
report notes.

The Alcohol and other Drugs Council of Australia (ADCA) --
http://www.adca.org.au/-- is the peak, national, non-government
organisation representing the interests of the Australian alcohol
and other drugs sector, providing a national voice for people
working to reduce the harm caused by alcohol and other drugs.


GREATSOLAR SOLUTIONS: In Administration, Owes Millions
------------------------------------------------------
news.com.au reports that leading GreatSolar Solutions has
collapsed, leaving customers, creditors and dozens of former staff
facing months of turmoil.

GreatSolar Solutions entered administration with millions of
dollars of debt despite a rival firm buying parts of the business,
according to news.com.au.

The report notes that the administrators launched an investigation
into the business, which recorded sales of more than AUD55 million
at its peak.  The report relates that the inquiry by Jirsch
Sutherland accountants will also investigate the deal with Clean
Energy Enterprises, which could prompt legal action against
GreatSolar's directors if any wrongdoing is uncovered.

The company is the fourth major solar company in the state to
experience financial difficulty in two years.

Creditors, customers and the state's consumer watchdog were
notified of the decision to enter administration, after the
company received legal advice it could not keep trading, the
report says.  The report discloses that it leaves the futures of
140 former employees across the country, including at least 65 in
Adelaide, in doubt after it was said to have accumulated debts of
up to AUD5 million.

The report says that it is understood two Jirsch Sutherland
partners were in Adelaide, just days after Consumer and Business
Services issued a public warning about GreatSolar's "poor
conduct".

The report notes that it is understood their wealthy overseas
families injected significant amounts of money into the business.
Former colleagues have claimed the directors led comfortable
lifestyles, the report says.

An audit by CBS last month found there were "reasonable grounds"
to suggest the company was in direct violation of the Australian
consumer law, the report discloses.

Daniel Cobb, CEE's Melbourne-based managing director, told The
Advertiser that he was committed to fulfilling up to 200 existing
contracts nationwide by Christmas, the report notes.  CEE recently
bought the company's residential component for an undisclosed sum,
the report relates.

"The administrator has to investigate that agreement and
everything the company has done in the past six to 12 months," the
report quoted Mr. Cobb as saying.  "He will make a decision on
whether that agreement is to his liking or not but this isn't the
first time we've gone into business with a company that's gone
into administration," Mr. Cobb said, the report relates.

The report adds that Consumer Affairs Commissioner Paul White said
officials were working to protect consumers' rights.

Adelaide-based GreatSolar Solutions is a solar company.  It was
founded by entrepreneurs Charles Kwok Wong, 28, and 27-year-old
Han Kun Yang -- known as Peter -- in 2011.


JH SMITH: Placed Into Voluntary Administration
----------------------------------------------
Bruce Atkinson at ABC News reports that JH Smith and Sons has been
placed into voluntary administration with the loss of 67 jobs.

JH Smith and Sons opened in Gympie 113 years ago, building
horsedrawn vehicles, the report discloses.  At its peak, before
the global financial crisis, the company employed more than 100
workers at its factory and another 40 subcontractors in Gympie and
the Wide Bay.

According to ABC News, managing director Kerren Smith said the
business has run out of work, with many manufacturing jobs now
being done overseas.

ABC News relates that Mr. Smith said the firm recently missed out
on a multi-million dollar job in north Queensland that could have
kept it operating.  The contract was awarded to China.

JH Smith and Sons produced transport equipment for the mining,
agriculture and car industries.



===============
C A M B O D I A
===============


CAMBODIA: S&P Affirms 'B' LT and ST Sovereign Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited 'B'
long-term and 'B' short-term sovereign credit ratings on the
Kingdom of Cambodia.  The outlook on the long-term rating remains
stable.  At the same time, S&P affirmed its unsolicited 'axBB-'
long-term and 'axB' short-term ASEAN regional scale ratings on
Cambodia.  S&P's transfer and convertibility (T&C) assessment
remains 'B+'.

                             RATIONALE

The ratings on Cambodia take into account the country's low income
and narrowly based economy, centralized political and non-
transparent policymaking environment, and a highly dollarized
financial system.  These constraints are weighed against healthy
growth prospects, substantial donor engagement, which enables
Cambodia to maintain a low debt and interest burden, and an
adequate external position.

The projected per capita income of US$1,040 for 2013 indicates
that Cambodia has a commensurately low level of policy flexibility
or the fiscal wherewithal needed to avoid default in the event of
shock.  The country's economic growth is vulnerable because of the
still-large weight of agriculture and the narrow profile of the
industry sector.  The agricultural sector comprises 30% of GDP but
employs nearly 60% of the labor force.  The sector has low
productivity and lacks a developed downstream processing industry.
The industry sector is largely centered on low value-added
garments and textiles, which account for about 80% of exports.

The centralized political environment coupled with non-transparent
policymaking is a major rating constraint.  The government has not
shown a tested and functioning mechanism in leadership succession.
Tension between the ruling Cambodian People's Party (CPP) and the
opposition Cambodia National Rescue Party (CNRP) has escalated
after allegations of fraud during the July general elections.
Although demonstrations have not resulted in widespread violence,
in S&P's view, the risk to political stability has heightened.

The absence of an independent monetary policy framework, owing to
extensive use of the U.S. dollar, hampers policy flexibility.
Foreign currency deposits account for more than 80% of broad
money, leaving the central bank with setting bank reserve
requirements as the main policy tool to affect credit conditions.
Cambodia does not have an interbank market, and its monetary
policy's transmission mechanism is weak.

The country's record of stable growth with its generally market-
oriented economic policies supports the ratings.  Medium-term
growth prospects are favorable as the tourism and garment-export
sectors expand, despite sluggish demand in most of the
industrialized world.  S&P projects medium-term real per capita
growth of about 6%, which excludes the potential fillip from the
country's nascent hydrocarbon industry, should it reach production
stage.

The continued engagement of international donors also underpins
the ratings.  This support conditions policy formulation and
provides substantial fiscal and balance-of-payments assistance
through concessional loans and grants.  Together with its modest
debt level of an estimated 25.4% of GDP (net of deposits, 2013),
this has afforded Cambodia a very low interest burden of 2.1% of
general government revenues.  S&P estimates Cambodia's average
gross external financing needs for 2013-2016 at 91.7% of current
account receipts plus useable reserves and its narrow net external
debt at 0.6%.  Although S&P expects its current account to remain
in deficit because of large capital imports, it is fully financed
by large net foreign direct investments and official loans.

                              OUTLOOK

The stable outlook incorporates S&P's expectation of policy
continuity and donor support.  S&P sees less than a one-in-three
probability that the rating will move up or down in the next 12
months.  S&P may raise the rating if it sees indications of
strengthening political institutions, including greater checks and
balances, or if the government pursues policies that raise
Cambodia's healthy medium-term growth prospect even higher.  On
the other hand, if Cambodia's current strengths on the fiscal or
external side erode, S&P may lower the rating.  S&P may also
downgrade Cambodia if, contrary to our expectations, the impasse
between the CCP and CNRP deteriorates to the point where social
stability is threatened.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Cambodia (Kingdom of) (Unsolicited Ratings)
Sovereign Credit Rating                B/Stable/B
ASEAN Regional Scale                   axBB-/--/axB
Transfer & Convertibility Assessment   B+



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C H I N A
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CHINA PRECISION: Incurs $9.6MM Net Loss in Qtr. Ended Sept. 30
--------------------------------------------------------------
China Precision Steel, Inc., reported a net loss of $9.57 million
on $11.76 million of sales revenues for the three months ended
Sept. 30, 2013, as compared with a net loss of $4.22 million on
$5.95 million of sales revenues for the same period during the
prior year.

The Company's balance sheet at Sept. 30, 2013, showed
$115.45 million in total assets, $71.97 million in total
liabilities, all current, and $43.47 million in total
stockholders' equity.

"We are pleased to report first quarter fiscal 2014 sales
increased 97.5% from the first quarter fiscal 2013 as sales volume
increased by 12,696 tons.  We expect to continue to experience a
gradual increase in our sales volume during fiscal 2014 as we
reposition our products and rebuild our relationship with
customers," commented Mr. Hai Sheng Chen, CEO of China Precision
Steel.  "Specifically, we believe the auto components industry,
driven by robust demand from OEMs coupled with growth in the
replacement market, offers us opportunity for future growth.  We
are working to expand our sales for our high carbon precision
steel products in this segment by ramping up our sales and
marketing efforts along with making improvements to further refine
the precision and consistency of our products to meet customers'
stricter requirements."

                        Substantial Doubt

"In June and July 2012, the Company defaulted on the repayment
obligations of its short-term and long-term bank loans totaling
$44,311,165.  The Company is currently in discussions with its
banks regarding the restructuring of these loans for repayment but
has not yet agreed on specific terms.  There can be no assurance
that the Company will be able to successfully work out a repayment
plan or otherwise fulfill its obligations under the loans.  The
uncertainty surrounding the successful restructuring of our bank
loans and our current lack of readily available liquidity provided
by other third party sources raise substantial doubt about our
ability to continue as a going concern," the Company said in its
quarterly report.

A copy of the press release is available for free at:

                        http://is.gd/cOIeO0

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

                       http://is.gd/5qAg2h


                       About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines.  China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.

China Precision reported a net loss of $68.93 million on $36.52
million of sales revenues for the year ended June 30, 2013, as
compared with a net loss of $16.94 million on $142.97 million of
sales revenues during the prior fiscal year.

Moore Stephens, Certified Public Accountants, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has suffered a very significant
loss in the year ended June 30, 2013, and defaulted on interest
and principal repayments of bank borrowings that raise substantial
doubt about its ability to continue as a going concern.


SINO-FOREST CORP: SDNY Court Recognizes & Enforces E&Y Settlement
-----------------------------------------------------------------
Bankruptcy Judge Martin Glenn granted Ernst & Young LLP's "Motion
to Recognize and Enforce Order of Ontario Court Approving E&Y
Settlement".

Two joinders in the Motion were also filed: (1) Joinder of Foreign
Representative in (I) Motion to Recognize and Enforce Order of
Ontario Court Approving Ernst & Young Settlement and (II)
Memorandum of Law in Support of Motion to Recognize and Enforce
Order of Ontario Court Approving Ernst & Young Settlement; and (2)
U.S. Class Action Plaintiffs' and Canadian Class Action
Plaintiffs' Joinder to the Motion to Recognize and Enforce Order
of Ontario Court Approving Ernst & Young Settlement.

Through the Motion, E&Y seeks entry of an order giving full force
and effect in the United States to the March 20, 2013 order of the
Ontario Superior Court of Justice (Commercial List) in the
proceeding of Sino-Forest Corporation under Canada's Companies
Creditors Arrangement Act.  The Order approves the settlement of
class action claims against E&Y and implements a global release in
favor of E&Y under Sino-Forest's plan of compromise and
reorganization dated December 3, 2012.

Pursuant to the Settlement, E&Y will pay C$117 million to resolve
claims asserted against it in class action litigations filed by
plaintiffs in Canada and the United States on behalf of all
persons and entities, wherever they may reside, who acquired any
securities of Sino-Forest, including securities acquired in the
primary, secondary, and over-the-counter markets.  Those
proceedings were commenced against Sino-Forest and certain of its
former officers, directors, underwriters, and auditors, including
E&Y, on the basis of alleged misrepresentations in SFC's financial
statements issued before 2011.

E&Y, SFC's external auditor from 2007 to 2012, is a named
defendant in the Class Actions.

Judge Glenn noted this is the first time the SDNY Court has been
asked to grant comity in a chapter 15 case to a foreign court
order approving a third-party non-debtor release since the Fifth
Circuit's decision in In re Vitro S.A.B. de C.V., 701 F.3d 1031
(5th Cir. 2012), affirming a bankruptcy court decision declining
to grant comity in a chapter 15 case to a Mexican court order that
included third-party releases.  In a decision preceding the Vitro
decision, the SDNY Court granted comity to a Canadian court order
that included third-party releases in In re Metcalfe & Mansfield
Alternative Investments, 421 B.R. 685 (Bankr. S.D.N.Y. 2010).
According to Judge Glenn, Metcalfe is almost on all fours with the
Sino-Forest case, and nothing in Vitro would require a different
result here.

A copy of Judge Glenn's Nov. 25 Memorandum Opinion is available at
http://is.gd/0PTprifrom Leagle.com.

Milbank, Tweed, Hadley & McCloy LLP's Dennis F. Dunne, Esq.,
Thomas J. Matz, Esq., and Jeremy C. Hollembeak, Esq., represent
FTI Consulting Canada Inc., the Foreign Representative of the
Canadian Proceeding of Sino-Forest Corporation.

Allen & Overy LLP's Ken Coleman, Esq., and Jonathan Cho, Esq.,
represent Ernst & Young LLP.

Lowenstein Sandler LLP's Michael S. Etkin, Esq., and Tatiana
Ingman, Esq., serve as Chapter 15 Counsel for Class Action
Plaintiffs.

                     About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

FTI Consulting commenced a Chapter 15 case for Sino-Forest in New
York (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effect
of Sino-Forest's plan of compromise and reorganization that has
been sanctioned by creditors and an Ontario court.  The Chapter 15
petition claimed assets and debt both exceed $1 billion.  Jeremy
C. Hollembeak, Esq., at Milbank, Tweed, Hadley & McCloy, LLP,
serves as counsel in the U.S. case.



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I N D I A
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A.K. BUILDERS: CRISIL Ups Rating on INR130MM Loan to 'C'
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of A.K.
Builders to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         50       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           130       CRISIL C (Upgraded from
                                   'CRISIL D')

The rating upgrade reflects regularisation of AKB's working
capital limit over the past four months; the firm's limits were
previously overdrawn. The ratings also reflect instances of delay
by AKB in servicing its machinery and equipment loans (Debt not
rated by CRISIL); the delays have been caused by the firm's weak
liquidity.

AKB also has a below-average financial risk profile, marked by a
small net worth, high gearing and average debt protection metrics.
Moreover, the firm has high geographic and revenue concentration
in its revenue profile, and working-capital-intensive operations,
leading to limited financial flexibility. However, AKB benefits
from the extensive experience of its promoters in the civil-
construction industry.

AKB was set up by Mr. Ashok Sharma, as a proprietorship firm in
2000. The firm undertakes road construction projects in Punjab and
Sikkim.

AKB reported, on provisional basis, a book profit of INR9.8
million on net sales of INR266.1 million for 2012-13 (refers to
financial year, April 1 to March 31), vis--vis a book profit of
INR9.8 million on net sales of INR160.9 million for 2011-12.


AAI KRUPA: ICRA Assigns 'B' Ratings to INR6.7cr Loans
-----------------------------------------------------
ICRA has assigned the rating of '[ICRA]B' to INR6.70 crore long
term fund based facilities of Aai Krupa Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B assigned
   Term Loan             1.70       [ICRA]B assigned

The assigned rating is constrained by the residual project
implementation & plant stabilisation risks associated as the
project is expected to commission in November 2013. The rating is
further constrained by highly competitive business environment
given the fragmented industry structure owing to low entry
barriers and the vulnerability of the firm's profitability to raw
material (cotton) prices, which are subject to seasonality, crop
harvest and regulatory risks. ICRA also notes that AKCI is a
partnership firm and any substantial withdrawals from capital
account would adversely affect the capital structure.
The rating, however, favourably considers the favourable location
of the plant giving the firm easy access to raw cotton and the
stable demand outlook for cotton and cotton seeds in the domestic
market.

Incorporated in 2013 as a partnership firm, Aai Krupa Cotton
Industries is setting up a plant for manufacturing cotton bales
and cotton seeds at its proposed plant located at Tankara, Rajkot,
in Gujarat. The project entails installation of twenty ginning
machines and one pressing machine with a total installed capacity
to process 10,000 metric tonnes (MT) of raw cotton annually. The
commercial operations are expected to commence from November 2013.


ANANDA ENTERPRISES: ICRA Assigns 'BB-' Ratings to INR90cr Loans
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR90.00 crore fund based facilities of Ananda Enterprises India
Private Limited. The outlook on the long term rating is Stable.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Cash Credit          43.50      [ICRA]BB- (Stable) assigned
   Term Loan            16.24      [ICRA]BB- (Stable) assigned
   Unallocated          30.26      [ICRA]BB- (Stable) assigned

The [ICRA]BB- rating takes into account the experience of the
promoter group of over 5 decades in aqua culture business and the
favorable location of the company's feed manufacturing facilities
in proximity to the major aquaculture belt of West Godavari and
Krishna districts in Andhra Pradesh. The rating also favorably
takes into account the diversified product portfolio of the
company with its presence in fish culture ponds, fish feed
manufacturing unit and fish processing unit and its recent venture
into shrimp feed and fish meal manufacturing. However, AEIPL
derives about 70% of its revenues from the sale of fish feed. The
rating draws comfort from the healthy growth in the operating
income of the company with a CAGR of 47% over the last 4 years.
The rating is further supported by the regular equity infusion by
the promoters.

The rating is however constrained by the scale of operation,
highly fragmented nature of aqua feed industry with low entry
barriers and intense competition from organized and unorganized
players together with AEIPL's concentration in Andhra Pradesh. The
ratings also factor in the inherent risks in the sea food industry
including the susceptibility to diseases and climate change risks.
AEIPL's margins are exposed to wide fluctuations in the prices of
key raw material (soya, maize & fishmeal). The rating further
factors in the high gearing of AEIPL resulting into moderate
interest and debt coverage indicators.

Ananda Enterprises India Private Limited was incorporated in the
year 2007 in Bhimavaram (West Godavari District, Andhra Pradesh)
by Mr. U. Kasi Viswanadha Raju. The company has fish hatcheries,
fish culture ponds, 400 tons per day (TPD) fish feed plant and
fish filleting and canning unit. The promoter group has been in
the aqua culture business for more than 5 decades.

Recent Results

AEIPL recorded INR108.22 crore of operating income and a profit
after tax of INR2.84 crore in FY13 on a provisional basis as
against INR76.69 crore of operating income and a profit after tax
of INR1.93 crore in FY12.


ASSOCIATED HOTELS: ICRA Suspends 'D' Ratings on INR14.76cr Loans
----------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR13.76 crore term loans & INR1.00 crore long-term fund based
working capital facilities of Associated Hotels Private Limited.
ICRA has also suspended the short-term rating of '[ICRA]D'
assigned to the INR1.00 crore, short-term non-fund based bank
guarantee facilities of AHPL. 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.


BANSIDHAR AGARWALLA: ICRA Reaffirms B- Ratings on INR5.78cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' to the
INR5.61 crore fund based and INR0.17 crore non- fund based bank
facilities of Bansidhar Agarwalla & Company Pvt. Ltd. unit:
Chinsurah Cold Storage.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Seasonal Cash           3.25       [ICRA]B- reaffirmed
   Credit

   Working Capital         0.86       [ICRA]B- reaffirmed
   Loan

   Working Capital         1.50       [ICRA]B- reaffirmed
   Term Loan

   Bank Guarantee          0.17       [ICRA]B- reaffirmed

The rating reaffirmation takes into account CCS's small scale of
operations, recent decline in operating income in FY13 on account
of lower capacity utilization of the storage facility; its adverse
capital structure, depressed coverage indicators, high working
capital intensity of operations, and the regulated nature of the
industry, making it difficult to pass on increase in operating
costs in a timely manner, leading, in turn, to downward pressures
on profitability. ICRA however, notes that the recent increase in
rental by the State Government shall provide some cushion to the
profitability of the company. The rating also takes into account
CCS's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single agro commodity,
i.e. potato. Further, the loans extended to farmers by CCS may
lead to delinquency, if potato prices fall to a low level, however
established relationship with farmers mitigates the risk to an
extent. The rating derives support from the long track record of
the promoters in the management of cold storages, and the
locational advantage of CCS by way of presence of its cold storage
units in West Bengal, a state with large potato production.

CCS, a cold storage unit of BASPL was set up in 1963 in Chinsurah,
in the Hooghly district of West Bengal. CCS is primarily engaged
in the business of storage and preservation of potatoes and
occasionally carries out trading of potatoes as well. Currently,
CCS has an annual storage capacity of 20,000 tonne.

Recent Results

In FY13, CCS reported a net profit of INR0.01 crore on the back of
an operating income (OI) of INR2.74 crore, as compared to a net
profit of INR0.01 crore on the back of an OI of INR3.14 crore in
FY12.


BATRA RICE: CRISIL Reaffirms 'B+' Rating on INR200MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Batra Rice Mills
continues to reflect BRM's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, its high
dependence on the monsoon, and its exposure to changes in
government policies. These rating weaknesses are partially offset
by BRM's long track record in, and benefits expected from the
healthy growth prospects for, the basmati rice industry.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          200      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BRM will continue to benefit over the medium
term from the extensive experience of its partners in the rice
industry. The outlook may be revised to 'Positive' if there is a
significant improvement in the firm's scale of operations and
profitability, leading to larger-than-expected accruals, along
with capital infusion, resulting in an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in BRM's financial risk profile, most likely
due to significant increase in inventory, leading to large
incremental bank borrowings, or debt-funded capital expenditure.

Update

BRM's revenues registered a 35.6 per cent year-on-year growth to
around INR797 million in 2012-13 (refers to financial year, April
1 to March 31); the revenue growth was largely supported by rice
trading and job work undertaken for other rice millers. These low
value-added activities led to a decline in the firm's operating
margin to 3.1 per cent in 2012-13, from 5.2 per cent in 2011-12.
BRM's low profitability has resulted in a low interest coverage
ratio of 1.2 times in 2012-13, in keeping with past trends.

BRM's operations were less working-capital-intensive in 2012-13
than in previous years, reflected in its gross current assets
(GCAs) of 68 days as on March 31, 2013, as against 231 days as on
March 31, 2012. The lower GCA days were because of lower-than-
expected inventory of 17 days as on March 31, 2013, as against 171
days as on March 31, 2012, due to the firm's venture into trading
and job work activities. As a result, BRM's average bank limit
utilisation was low at around 50 per cent for the 12 months
through September 2013. This led to a moderate gearing of 2.1
times as on March 31, 2013, as against 5.9 times as on March 31,
2012. However, BRM's net worth is estimated to have remained small
at around INR58.4 million, as on March 31, 2013, thereby limiting
its financial flexibility to meet any exigency.

BRM was established in 1969 as a partnership firm by Mr. Jagannath
Batra and Mr. Mohinder Mohan Batra. The firm is engaged in rice
milling and shelling at its plant in Karnal (Haryana).


BHANU FARMS: CRISIL Raises Ratings on INR212.3MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bhanu
Farms Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           41.2     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              60.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term        2.3     CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan               150.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects BFL's timely servicing of term debt
obligations over the past five months, supported by infusion of
unsecured loans by promoters. The company's liquidity however
continues to remain weak due to high bank limit utilisation, and
expected losses due to its startup nature of operations.

CRISIL's ratings on the bank facilities of BFL also reflect its
modest scale of operations in a competitive industry, below-
average financial risk profile and working-capital-intensive
operations. The above-mentioned weaknesses are partially offset by
the extensive industry experience and funding support from BFL's
promoters.

Outlook: Stable

CRISIL believes that BFL's overall liquidity profile will remain
weak because of its startup nature of operations. The outlook may
be revised to 'Positive' if the company generates higher-than-
expected cash accruals or improves its working capital cycle
thereby improving its liquidity. Conversely, the outlook may be
revised to 'Negative' if BFL generates lower-than-expected cash
accruals from operations; or faces a stretch in its working
capital cycle constraining its debt servicing ability.

BFL was incorporated in May 2010, as a closely held public limited
company by Mr. Anant Bangur, Dr. R. Shyam Rungta and Mr. Gokul
Chand Biyani. The company has an integrated cold chain facility at
Ghunsor Village in Jabalpur (Madhya Pradesh), comprising two
Individual Quick Freezing (IQF) processing plants and one pulping
plant for fruit and vegetables with a combined installed capacity
of 5.0 tonnes per hour (tph). BFL commenced operations in February
2013. Mr. Anant Bangur manages the company's day-to-day
operations.


BINANDA KALITA: CRISIL Puts 'BB-' Rating on INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Binanda Kalita and has assigned its 'CRISIL BB-
/Stable/CRISIL A4+' ratings to these facilities. The ratings had
been suspended by CRISIL as per its rating rationale dated
July 27, 2011, as BK had not provided necessary information
required for reviewing the ratings. BK has now shared the
requisite information, thereby enabling CRISIL to assign ratings
to the bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            180     CRISIL A4+ (Assigned;
                                     Suspension Revoked)

   Cash Credit                30     CRISIL BB-/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect BK's promoters' extensive experience in civil
construction and its above-average financial risk profile. These
rating strengths are partially offset by the risks associated with
geographical and customer concentration in revenue profile and
fragmented industry with intense competition.

Outlook: Stable

CRISIL believes that BK will benefit over the medium term from its
promoters' extensive experience in civil construction. The outlook
may be revised to 'Positive' if BK achieves higher-than-expected
revenue and profitability, while maintaining its capital structure
and improving its working capital management. Conversely, the
outlook may be revised to 'Negative' if there are delays in the
completion of the firm's ongoing projects or in receipt of
payments from its customers, leading to pressure on its liquidity,
or if the firm contracts a larger-than-expected quantum of debt to
fund its future projects.

BK was setup in 1988, and specialises in executing engineering,
procurement, and construction (EPC) and non-EPC projects for
government entities in Northeast India. The firm's operations are
managed by proprietor Mr. Binanda Kalita.


BRAINER IMPEX: CRISIL Cuts Ratings on INR1.0BB Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Brainer Impex Limited to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       367.5    CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Cash Credit              547.5    CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Line of Credit            85.0    CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade is driven by volatility in company's
operational performance and continued working capital intensive
nature of operations. BIL's sales at INR2.5 bn in 2012-13 was
substantially lower than CRISIL's expectations. Moreover, majority
of these revenues were generated in the first half of 2012-13 and
second half revenues witnessed a steep decline owing to a sluggish
market environment. Despite the steep reduction in revenues in the
second half of the year, working capital requirements continued to
remain high marked by GCA of over 400 days as on March 31, 2013
owing to delay in receipt of payments and large advances to
suppliers. Consequently, fund-based bank limits of INR632.5
million remained fully utilised. Though BIL's sales are expected
to touch INR5 billion in 2013-14, CRISIL expects volatility in
operations to continue in medium term. Additionally, operating
profitability going forward is expected to remain at 2012-13
levels of about 2%, much weaker than CRISIL's earlier estimates.
CRISIL believes volatility in operations, weak profitability, and
working capital intensive operations will continue to constrain
BIL's credit risk profile.

The rating reflects BIL's limited track record of operations,
large working capital requirements and below-average financial
risk profile marked by an aggressive total outside liabilities to
tangible net worth (TOL/TNW) ratio. These weaknesses are partially
offset by the promoters' extensive experience and contacts in the
trading business.

Outlook: Stable

CRISIL believes that BIL will continue to benefit from its
promoters' industry experience and contacts; however, its
financial risk profile is expected to be constrained because of
large working capital requirements and weak net cash accruals. The
outlook may be revised to 'Positive' if the company reports
sustainable growth in sales and operating margins supported by
improved working capital cycle which could partially alleviate
liquidity pressure. Conversely, the outlook may be revised to
'Negative' if BIL records high fluctuations in sales and operating
margins, or records further deterioration in working capital cycle
or undertakes any debt funded capex which could further
deteriorate its financial risk profile.

BIL was originally incorporated as Brainer Financial Technologies
Ltd on March 23, 2010, in Mumbai, by Mr. Malay Biswas and Mr.
Pankaj Yadav; it was renamed as BIL in March 2012. The company
trades in various products ranging from agro-commodities and milk
products to metal scrap.

BIL reported a profit after tax (PAT) of INR12 million on an
operating income of INR2.5 billion for 2012-13 against PAT of INR2
million on an operating income of INR1.1 bn.


CDR PROJECTS: ICRA Rates INR5cr Cash Credit at 'BB-'
----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR5.00
crore fund-based bank facilities of CDR Projects Private Limited.
The outlook on the long-term rating is Stable.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          5.00        Assigned [ICRA]BB-

The [ICRA]BB- rating favourably factors in the promoter's track
record of more than a decade in the construction sector in the
Medak region of Andhra Pradesh,. The rating also takes comfort
from the moderate order book of the company (2.7 times the
revenues in FY 13) which provides revenue visibility over the
medium term and relatively low debt levels resulting in healthy
debt coverage indicators. However, the rating is constrained by
the company's low scale of operations which are focused on
projects from state government entities within a small geographic
area, risks pertaining to client concentration as the top 3
clients constitute 82% of the order and low operating profit
margins on account of low complexity of works executed and high
competitive intensity in the industry. The rating also factors in
the high working capital intensity of the company which would lead
to significant fund requirement to support anticipated growth in
near term. ICRA however notes that on account of the recent equity
infusions by the promoter, borrowings towards working capital
requirements are low.

CDRPL is in the business of building construction and maintenance
of roads for various state government departments, primarily in
the Medak district of Andhra Pradesh. The company was incorporated
in December 2010 and started operations during financial year
2011-12. As on September 2013, the company had a total unexecuted
order book of ~Rs. 120 crore.

CDRPL recorded a net profit of INR1.57 crore on a gross turnover
of INR43.87 crore in FY 13 (first full year of operations).


CELESTIAL KNITS: ICRA Assigns 'BB-' Ratings to INR4.5cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR4.50
Crore fund based facilities of Celestial Knits & Fabs Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR5.50 crore fund based and non fund based facilities of
CKFL. The outlook on long term rating is stable.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Long Term Fund         3.00      [ICRA]BB- (Stable) (Assigned)
   Based Facilities

   Short Term Fund        4.00      [ICRA]A4 (Assigned)
   Based Facilities

   Short Term Non-        1.50      [ICRA]A4 (Assigned)
   Fund Based
   Facilities

   Long Term-             1.50      [ICRA]BB- (Stable) (Assigned)
   Unallocated

The assigned ratings take into account CKFL's established
relationship with customers, which has resulted in repeat orders;
active involvement of the promoters who have two decades of
experience in the textile industry; and steady growth in sales in
the past despite the weak demand in export markets. The steady
growth in sales has however been accompanied by decline in
profitability margins, whereby profits have stagnated. Further,
while the capital structure has improved due to regular equity
infusion by promoters and stable working capital requirements
because of decline in the working capital intensity; the financial
risk profile continues remain weak with interest coverage of 1.4
times on account of modest profitability and high interest expense
due to extended credit availed from suppliers. Moreover, the
modest scale of operations limit the financial flexibility,
benefits arising out of economies of scale and the bargaining
power with customers and suppliers; and is thus expected to keep
margins under pressure. The assigned ratings are also constrained
by risks arising out of seasonality in business on account of
product portfolio concentration towards summer garments, which has
resulted in low capacity utilization of the manufacturing unit.
The Company is also exposed to risks arising from customer
concentration with ~40% of export sales to a single customer based
out of Russia. The ratings are also constrained by vulnerability
of the earnings to fluctuation in exchange rates, raw material
prices and intense competition in export markets from other
domestic and international suppliers.

Going forward, ability of the Company to improve capacity
utilization by diversifying its client base across new
geographies; and expand operating profitability in back drop of
competitive pressures would remain key rating sensitivities
besides the extent of debt funded capex undertaken.

Celestial Knits & Fabs Private Limited was incorporated in 1999,
and is engaged in the manufacturing and export of readymade
garments and fabric knitting. While the garment manufacturing
division primarily caters to export markets, the fabric division
sells excess production (over and above internal requirements) to
other garment exporters. The Company commenced operations in 1999
with a fabric manufacturing facility at Noida, Uttar Pradesh;
however it subsequently established garment manufacturing facility
in 2005, embroidery unit in 2006 and a printing unit in 2007.
Presently, CKFL operates from two manufacturing facilities in
Noida with an installed capacity of about 350 stiching machines
capable of producing 9 lakh garment pieces per annum, and 23
circular knitting machines capable of producing about 1800 MT
fabric per annum.

In FY2013, CKFL reported an Operating Income (OI) of INR37.41
Crore and a Profit After Tax (PAT) of INR0.30 Crore against OI of
INR31.51 Crore and PAT of INR0.35 Crore in FY2012.


CENTURY ALUMINIUM: CARE Assigns 'BB+' Rating to INR126.61cr Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+/CARE A4+' rating to bank facilities of
Century Aluminium Manufacturing Company Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       126.61      CARE BB+ Assigned
   Facilities

   Short-term Bank       53.00      CARE A4+ Assigned
   Facilities

Rating Rationale

The ratings assigned to Century Aluminium Manufacturing Company
Limited are constrained by working capital intensive nature of
operations resulting in high overall gearing ratio, low
profitability, under-utilisation of existing capacities,
volatility in raw material prices, exposure to foreign exchange
fluctuation risk, slowdown in the automobile industry and low
pricing power. The ratings, however, derives strength from the
long track record of CAMCL, experienced promoters, impressive
client portfolio and improvement in profitability in FY13 (refers
to the period April 01 to March 31) & H1FY14. Effective management
of working capital and ability to improve profitability amidst
slowdown in the auto industry, intense competition and rising raw
material costs are the key rating sensitivities.

Century Aluminium Manufacturing Company Limited, incorporated in
1974 as a private limited company and in October, 1985 it was
converted into a public limited company. CAMCL was promoted by Mr.
M. P. Jhunjhunwala, a first generation entrepreneur belonging to
renowned business family of Kolkata. Later in 1986, his son Mr.
Vikram Jhunjhunwala joined the company as an Executive director.

The company is engaged into manufacturing of high quality
aluminium alloy ingots, zinc alloy ingots, aluminium castings,
zinc castings and aluminium alloy de-oxidants with manufacturing
facility located at Khardah in West Bengal and Faridabad and Hodal
in Haryana. The aluminium alloy and zinc alloy ingots are mainly
used in making casting products for automotive Original Equipment
Manufacturers (OEMs). The products are sold under "CAMCO" and
"CNFC" brand names. The present installed capacity is 70,550 MT.
In FY13(refers to the period April 1 to March 31), CAMCLearned
PATof INR1.78 crore (net loss of INR1.27 crore in FY12)on a total
income of INR479.95 crore (Rs.370.15 crore in FY12).As per the
working results for the six months ended Sep.30, 2013, CAMCL
earned PAT of INR2.00 crore on total income of INR250.00 crore.


CHEERANS STRUCTURALS: CRISIL Rates INR140MM Loan at 'BB-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Cheerans Structurals.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               140     CRISIL BB-/Stable

The rating reflects the extensive experience of CS' promoters in
the civil construction industry, and its above-average financial
risk profile, marked by low gearing and healthy debt protection
metrics. These rating strengths are partially offset by CS'
moderate scale of operations in an intensely competitive industry,
and its large working capital requirements.

Outlook: Stable

CRISIL believes that CS will continue to benefit over the medium
term from the extensive industry experience of its promoters in
the civil construction industry, and its moderate order book. The
outlook may be revised to 'Positive' if CS records more-than-
expected revenues and profitability, leading to better-than-
expected accruals, or in case of improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of any delays in completion of projects or receipt of
payments from customers, or if the firm undertakes any large debt-
funded capital expenditure (capex) programme, thereby weakening
its financial risk profile.

Set up in 1987, CS is a partnership firm, undertaking civil and
infrastructure construction contracts. Its daily operations are
managed by its managing partner, Mr. Shirilson Mathew.

CS reported, on a provisional basis, a profit after tax (PAT) of
INR23 million on revenues of INR251 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR6.8
million on net sales of INR178 million for 2011-12.


CROSS TRADE: ICRA Reaffirms 'B-' Rating on IN7cr Loans
------------------------------------------------------
ICRA has reaffirmed '[ICRA]B-' rating assigned to the INR7.0
crores fund based limits of Cross Trade Links.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits        7.00       [ICRA]B-; Reaffirmed

The rating takes into account the highly competitive nature of the
garments export industry in which CTL operates which has led to
moderate profitability for the firm in the past. The rating also
factors in the exposure of CTL's margins to any adverse movements
in prices of raw materials and vulnerability to fluctuations in
foreign currency as the firm does not hedge its receivables. The
rating is also constrained by modest financial profile of the firm
as reflected by modest cash accruals (INR0.31 crores in FY13),
relatively high gearing level (6.72 times as on 31st March 2013)
and moderate debt protection metrics (NCA/TD of 3% and interest
coverage ratio of 1.45 in FY13). Further, CTL is a proprietorship
firm and any significant withdrawals from the capital account
could adversely impact its net worth and thereby the capital
structure. Nevertheless, the rating derives comfort from CTL's
experienced management with long track record in the business and
low repayment obligations of the firm.

Cross Trade Links was incorporated in 2006 and is engaged in
manufacturing and export of garments. The firm exports men's and
ladies garments mainly to Dubai and South Africa. The firm is
promoted by Mr. Anil Sharma who was in the business of
manufacturing roofing screws for export till the year 2005. The
firm procures fabrics from agents of yarn mills, manufactures
garments according to customer requirements and then exports the
same. The firm's revenues are order-driven as the firm starts
manufacturing garments after receiving the garment specifications
from its customers.

Recent results

In FY13, CTL reported net profit of INR0.27 crores on an operating
income of INR29.22 crores as compared to net profit of INR0.35
crores on operating income of INR36.96 crores in FY12.


CUVV AUTOMOTIVES: ICRA Assigns 'D' Ratings to INR11cr Loans
-----------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]D' to INR6.00 crore
term loan facilities and INR5.00 crore fund based facilities of
CUVV Automotives Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loans             6.00        [ICRA]D assigned

   Long term fund         5.00        [ICRA]D assigned
   Based

The ratings are constrained by delays in debt servicing by the
Company. The passenger vehicle market in India is highly
competitive and cyclical in nature and the Company has witnessed
steep decline in sales in last two years and market share erosion
on account of slowdown in demand and increasing competitive
pressure. The Company's small scale of operations limits benefit
from economies of scale and it's profitability has been stable but
thin as margins are mostly controlled by Tata Motors Limited. The
Company's capital structure is highly geared and weak accruals
have resulted in stretched coverage indicators.

ICRA considers the experience of the promoters and draws comfort
from the Company being the sole dealer for Tata Motors passenger
vehicles in the Palakkad district (in Kerala). ICRA also takes
note of the management's plan to infuse additional funds in the
Company by end of current fiscal to reduce debt burden and improve
liquidity of the Company and the developments on this front will
be monitored. Early regularization of debt servicing will be
critical for the Company to improve its credit profile.

CUVV Automotives Private Limited was established in 2008 and
commenced operations from January 2009 as a dealer for Tata Motors
passenger vehicles for Palakkad district of Kerala. The Company
traces its roots to M/s Vijay Motors, a partnership firm promoted
by three of the directors of CUVV. Vijay Motors started in 2000 as
a Tata authorised service point, which subsequently upgraded in
2004 to a Tata authorised service centre and in 2008, it was
awarded the dealership of passenger vehicles for Palakkad
district. The three promoters of the partnership firm - Mr. A P
Vijayan, Mr. A P Unnikrishnan and Mr. A P Vinod along with Mr. T P
Chakrapani, a Dubai based businessman and a relative of directors
formed the current company - CAPL.

The Company is at present the sole dealer of Tata Motors passenger
vehicles in the district and apart from the main outlet also has a
sales point and a F1 class dealership outlet in the district. It
is currently in the process of setting up two F3 class sales and
service outlets in the district.

Recent Results

As per the provisional and unaudited results for 2012-13, CAPL's
operating income (OI) and profit after tax (PAT) stood at INR27.0
crore and INR0.04 crore respectively. The Company had reported OI
and PAT of INR42.30 crore and INR0.10 crore in fiscal 2011-12.


DILLIP CONSTRUCTIONS: CRISIL Assigns BB- Rating to INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facility of Dillip Constructions Pvt Ltd.

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

The rating reflects DCPL's above-average financial risk profile,
marked by its healthy capital structure and debt protection
metrics. The rating also reflects DCPL's healthy order book, along
with experience of its promoters in the civil construction
industry. These rating strengths are partially offset by customer
and geographic concentration in DCPL's revenue profile and the
susceptibility of its operating margin to volatility in input
prices.

Outlook: Stable

CRISIL believes that DCPL will maintain its business risk profile
over the medium term on account of its healthy order book and the
experience of the promoters in the civil construction industry.
The outlook may be revised to 'Positive' in case of
diversification in DCPL's revenue profile or better working
capital management, leading to improvement in its credit risk
profile. The outlook may be revised to 'Negative' in case of
lengthening of company's working capital cycle, any large debt-
funded capex plans or extension of support to group companies,
thereby leading to weakening of its liquidity.

Incorporated in 1997, DCPL operates in the civil engineering
segment and undertakes construction of buildings, mainly for
private-sector companies. The company is based in Bhubaneswar
(Odisha) and its day-to-day operations are managed by Mr. Dillip
Kumar Khatai.


EAST COAST: ICRA Assigns 'B+' Ratings to INR5,595cr Loans
---------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' the INR1902
crores (INR4927 crores enhanced from INR3025 crores) term loans
facilities and INR228 crores (INR668 crores enhanced from
INR440.00 crores) non-fund based facilities of East Coast Energy
Private Limited. ICRA has an outstanding long term rating of
'[ICRA]B+' on INR3025 crores term loan facilities and INR440.00
crores non-fund based facilities of ECEPL.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term loans           4,927.00    [ICRA]B+ assigned/outstanding
   Non-fund based         668.00    [ICRA]B+ assigned/outstanding

ICRA's rating factor in the significant cost overruns at 30% of
the project cost arising out of delay of more than two years in
execution of the project due to suspension of project construction
by MoEF (Ministry of Environmental & Forests), Government of India
from March, 2011 to April, 2012 and due to local disturbances from
October, 2012 to March, 2013. The rating is also constrained by
the implementation risks owing to the early stage of the
execution, package mode of implementation and limited track record
of the project sponsors in development of thermal power projects
of this magnitude. Further, financing risks remain as the project
is yet to tie-up debt for cost overruns and a substantial portion
of the equity (60%) is pending to be infused. The rating also
factors in the fuel supply risks owing to shortfall in domestic
coal production for linkage coal, limited track record of imported
coal supplier, exposure to pricing risks after the first 5 years
for imported coal and regulatory risks with respect to coal from
Indonesia. Further, off-take risks arise from the fact that PTC
has only tied-up 300 MW and is yet to tie-up firm back to back
arrangements for the rest of the capacity contracted from ECEPL.
Overall cost of generation for ECEPL is expected to be relatively
high owing to escalation in project costs (project cost of INR6.46
crores per MW), shortfall in domestic coal supply and use of
imported coal.

However, the rating is supported by the availability of the land
required for the main plant area, receipt of major approvals and
re-commencement of project construction from March, 2013 onwards
after resolution of dispute with MoEF and the locals. The rating
draws comfort from the arrangements for coal supply with LoA in
place for domestic coal from Mahanadi Coal Fields, agreement with
Global Fuels Pte Limited for supply of imported coal and from the
ownership of mining assets in Indonesia by one of the sponsor's
(Asian Genco group). Further, comfort is drawn from the LoI
received from APCPDCL for supply of 300 MW, which is expected to
be converted into formal PPA shortly.

ECEPL is developing a 1320 MW (2 X 660 MW) supercritical thermal
power project at Dandugopalapuram in Srikakulam district of Andhra
Pradesh. The project sponsors are Asian Genco Pte Limited (18%
holding), Cobalt Power Private Limited (33% holding), Athena
Energy Ventures Private Limited (26% holding), Abir Infrastucture
Private Limited (13.5% holding), PTC India Financial Services
Limited (8.10% holding) and AIP Power Private Limited (1.3%
holding). ECEPL has received all required permits for the
construction of the plant, transmission line and water supply.
Land required for the main plant area has been acquired, while
land required for water pipeline and railway corridor is pending
to be acquired. The project cost is proposed to be revised from
INR6570 crores to INR8530 crores owing to the delay in execution.


EVEREST SEA: CRISIL Assigns 'B' Ratings to INR73.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Everest Sea Foods Private Limited (EPL; part of
the Everest group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 53      CRISIL B/Stable
   Bank Guarantee             1.5    CRISIL A4
   Cash Credit               20.5    CRISIL B/Stable

The ratings reflect the Everest group's below-average financial
risk profile, marked by a highly leveraged capital structure, and
modest scale of operations in an intensely competitive seafood
industry. These rating weaknesses are partially offset by the
extensive industry experience of the promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of EPL and Everest Sea Foods Exports Pvt
Ltd. This is because both entities operate in the same line of
business and have significant business linkages.

Outlook: Stable

CRISIL believes that the Everest Group will continue to benefit
over the medium term from the promoters' extensive experience in
the seafood industry. The outlook may be revised to 'Positive' if
the group scales up its operations and improves its profitability,
thereby enhancing its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the group generates lower-
than-expected cash accruals or its working capital management
deteriorates, or it undertakes large debt-funded capital
expenditure (capex) programmes, consequently weakening its
financial risk profile.

The Everest group derives its revenues from the export of seafood.
The group consists of EPL and EEPL, both set up in 2013, and based
in Mangalore (Karnataka). The group's daily operations are managed
by Mr. Sanjay Jaokar.

The group reported a profit after tax (PAT) of INR4.7 million on
net sales of INR101 million for 2012-13 (refers to financial year
April 1 to March 31).


EXPAT ENGINEERING: CARE Reaffirms 'B+' Rating on INR14.06cr Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Expat Engineering India Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        14.06      CARE B+ Reaffirmed
   Facilities

   Short-term Bank        7.00      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Expat Engineering
India Limited continue to be constrained by the implementation
risk associated with its ongoing projects, delay in execution of
Projects and high dependence on projects from its group company.
The ratings also factor in the risks inherent to the real estate
sector and competition from other real estate players. The
ratings, however, continue to derive strength from the long
standing experience of the promoters and increase in operating
income over the last three years.

The ability of the company to execute the projects within the
envisaged time and costs, increase its market presence amidst the
competition and improve its overall financial risk profile will
remain as the key rating sensitivities.

Incorporated in 1999, Expat Properties India Limited, part of the
Expat group, was set up to develop a project belonging to the
Expat group. Later in the year 2007, this division emerged as a
new entity of the Expat group under the name of Expat Engineering
India Limited in Bangalore. This restructuring was done in order
to expand the operations for construction of residential buildings
other than the group projects. EEIL, promoted by
Mr Santosh Balakrishna Shetty and several others, is engaged in
executing contracts for land & infrastructure development and
construction of residential & commercial buildings for projects
belonging to the Expat group as well as others. In 2010, EEIL
entered into a strategic alliance with a US-based firm, TMAD-
Taylor & Gaines, in order to execute the international projects.
However, no international project has been executed till now. EEIL
is currently executing seven projects from the Expat group and
three projects from others, which are expected to be completed by
the end of H1FY16 (refers to the period April 01 to September 30).
The projects belonging to the Expat group are allotted to EEIL on
part basis and once a part of work order is finished, the next
work order is issued.


GASGEN FERRO: ICRA Assigns 'BB' Rating to INR14.55cr Loans
----------------------------------------------------------
ICRA has assigned a '[ICRA]BB' rating to INR2 crore cash credit
limit of Gasgen Ferro Alloys LLP. The outlook on the long term
rating is 'Stable'. ICRA has also assigned a '[ICRA]A4' rating of
the INR1.37 crore non-fund based limits of GFA. The entity also
has a long term rating outstanding for its term loan of INR12.55
crore (reduced from INR12.95 crores).

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit           2.00        [ICRA]BB/Stable assigned

   Non-fund based        1.37        [ICRA]A4 assigned
   Limits

   Term Loan            12.55        [ICRA]BB/Stable assigned

The re-affirmation in ratings take into consideration the long and
established experience of the promoters in the iron & steel, power
and ferro-alloys businesses and the various incentives and
subsidies available under the NEIIPP 2007, which are likely to
support the profits and cash accruals of the entity going forward.
The ratings also factor in the competitive cost structure due to
the assured supply of natural gas for power generation, one of the
major input components in the production of ferro-silicon (FeSi).
The gas allocation is in the name of N. E. Thermion Pvt Ltd which
has the right to divert a part of its gas to any associate
corporation. In ICRA's opinion the ability of the entity to
continue procuring gas under this arrangement would remain a
critical determinant of its cost competitiveness. The ratings also
factor in the close proximity to other major raw-materials, which
would lead to low inward freight costs. The ratings also take into
consideration the lack of track record of the entity in operating
across business cycles although the acceptance of the product by
one steel major, indicates acceptable quality of the product. The
moderately high project gearing is likely to keep debt levels high
relative to its scale of operations although the favourable debt
repayment pattern likely to support liquidity over the short term.
The ratings also consider GFA's exposure to the cyclicality
inherent in the steel industry, which is an end user industry for
its product.

Incorporated as a limited liability partnership entity, Gasgen
Ferro Alloys LLP is in the process of setting up a ferro-alloy
unit for the production of ferro-silicon (FeSi) in the state of
Assam. It is a joint venture entity between the Lohia group and
the NET group. Both the groups have an established presence in the
North Eastern parts of India. While the Lohia group has presence
in the iron, steel and cement businesses, the NET group has
presence in the power generation and tea businesses.


GAURI SAI: CRISIL Assigns 'B-' Ratings to INR80MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Gauri Sai Ware House.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       6.8      CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Term Loan               73.2      CRISIL B-/Stable (Assigned)

The rating reflects GSW's exposure to risks associated with the
firm's ongoing project in Khed (Pune). This rating weakness is
partially offset by the extensive experience of GSW's partners in
the logistics business and established relations with customers.

Outlook: Stable

CRISIL believes that GSW will continue to benefit over the medium
term from its partners' extensive experience in the logistics
industry and established relations with customers. The outlook may
be revised to 'Positive' if the firm is able to successfully scale
up its operations through timely implementation of its ongoing
project and demonstrate a significant and sustainable improvement
in margins and accruals. Conversely, the outlook may be revised to
'Negative' in case it suffers substantial time and cost overruns,
or it faces challenges in attaining the optimal level of
utilisation, thereby straining its debt servicing ability.

GSW, established as a partnership firm in September 2012 by Mrs.
Mangala Pathare, Mrs. Rajashree Sutar and Mrs. Ruchita Modak, is
constructing a 63000 square feet (sq. ft.) warehouse in Khed,
Pune. The day to day operations of the firm are managed by Mr.
Bhausaheb Pathare (Husband of Mrs. Mangala Pathare). The Pathare
family operates eight other warehouses in Khed along the Pune-
Nashik highway.


GOURI SHANKAR: CARE Assigns 'B+' Rating to INR6.81cr Loans
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gouri
Shankar Fashion House Pvt Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.81       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Gouri Shankar
Fashion House Pvt Ltd is constrained by its small scale of
operations, dependence on a single unit, stiff competition from
the organised and unorganised sector, dependence on the retail
consumption/spending, low profitability and working capital
intensive nature of the operation leading to a leveraged capital
structure. The aforesaid constraints are partially offset by the
which experience of the promoters and diversified product
portfolio.

The ability to improve profitability margins in an increasingly
competitive industry scenario and efficient management of the
working capital with the growing scale of operations would be the
key rating sensitivities.

Gouri Shankar Fashion House Pvt Ltd, incorporated in August 2007,
was promoted by Mr Bhagwan Prasad along with his family members
based out of West Bengal. It started its operations in 2000 as a
small shop which was engaged in selling of garments for kids, men
and women under the name 'Gouri Shankar Fashion House' as a
proprietorship entity. Currently, GSFH is engaged into lifestyle
retailing through a mall in a retail space of 10,000 sq ft at
Kanchrapara in West Bengal established in 2009 along with
wholesaling of garments. The company's product portfolio includes
readymade garments for men, women and children, shoes, imitation
jewellery and accessories, cosmetics, toys, etc. However, it
derives a major portion of its revenue from the garments section
contributing about 50% of its revenue. The promoters of GSFH have
also promoted a company named Skylark Retails Pvt Ltd' which is
also in retailing of the garments business. GSFH is governed by a
two-member Board of Directors representing the promoter's family.
The day-to-day affairs of the company are looked after by Mr
Bhagwan Prasad, with adequate support from his wife Ms Shakuntala
Devi.

During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR1 crore (Rs.1 crore in FY12) and a
PAT of INR0.1 crore (of INR0.1 crore in FY12) on a total income
from operations of INR23.1 crore (Rs.22 crore in FY12).


JOTHI MALLEABLES: CARE Reaffirms 'BB-' Rating on INR10.25cr Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jothi Malleables Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.25      CARE BB- Reaffirmed
   Facilities

   Short-term Bank        0.10      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Jothi Malleables
Private Limited continue to be constrained by its modest scale of
operations and weak financial risk profile characterized by the
declining profitability, high gearing, stressed debt coverage
metrics as well as stressed liquidity position.The ratings are
further constrained by high customer concentration risk and
intense competition from other players in the industry.

The ratings, however, favorably factor in the long experience of
the promoters, the company's long track record of operations, as
well as its established relationship with reputed customers.
Going forward, the ability of the company to enhance its scale of
operations and improve its financial risk profile will be the key
rating sensitivities.

Jothi Malleables Private Limited was established in Sep 1973 by Mr
R Palaniappan, Mr P Chella Ramaswamy and Mrs PL Thenammai. The
promoters have an experience of more than 30 years in a similar
line of business. JMPL started its commercial production in 1975
for Malleable Cast Iron.  JMPL is engaged in the manufacture of
various components and parts, which are used in tractors and other
automobiles, as well as in other industrial equipment. JPML's
manufacturing unit is located at Thuvakudi Industrial Estate,
Triuchirapalli, Tamil Nadu. The production capacity stands at
9,600 metric tonnes (MT) as at September 30, 2013. JMPL is a ISO
9001:2008 and ISO/TS16949 certified company whose product range
includes the manufacturing of tractor parts like flange halfs,
plain halfs, cage pinions, housings and rings, bearing caps, brake
spiders, power transmission parts and manufacturing of other auto
parts like fuel injection housings, fuel pump housings, steering
boxes, steering box parts, differential housings, engine mounting
brackets, hubs, drivers and hydraulic components.

Revenue contribution from the tractor products was around 40% of
the total revenues whereas other auto parts contributed to about
60% in FY13 (refers to the period April 1 to March 31).

The company registered a PAT of INR0.56 crore on a total operating
income of INR42.93 crore in FY13 as compared to PAT of  INR0.77
crore on a total operating income of INR51.28crore in FY12.


KAILASH RICE: CRISIL Ups Ratings on INR125MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Kailash
Rice and General Mills Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               120     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-              5     CRISIL B+/Stable (Upgraded
   Term Bank Loan                    from 'CRISIL B/Stable')
   Facility

The rating upgrade reflects CRISIL's belief that KRGM's credit
risk profile will improve over the medium term driven by expected
improvement in its scale of operations, which will lead to higher
cash accruals. The higher cash accruals is expected to result in
improvement in KRGM's debt protection metrics, net worth, and
liquidity, with cash accruals being adequate to meet its term debt
repayment obligations.

The rating continues to reflect KRGM's weak financial risk
profile, marked by small net worth and weak debt protection
metrics, its high dependence on the monsoon, and its exposure to
changes in government policies. These rating weaknesses are
partially offset by KRGM's long track record in, and benefits
expected from the healthy growth prospects for, the basmati rice
industry.

Outlook: Stable

CRISIL believes that KRGM will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
industry. The outlook may be revised to 'Positive' if there is
significant improvement in the company's scale of operations and
profitability leading to larger-than-expected accruals, along with
capital infusion, resulting in improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in KRGM's financial risk profile, most
likely due to significant increase in inventory, leading to large
incremental bank borrowings, or debt-funded capital expenditure.

Incorporated in 2001 by Mr. Vipan Gupta, KRGM is engaged in
milling of basmati (more than 60 per cent) and other varieties of
rice. It operates a rice mill in Kapurtala (Punjab) with milling
capacity of about 6 tonnes per hour (tph). The company has a
sorting facility with capacity of about 8 tph.


KHYATI STEELS: CARE Assigns 'BB' Rating to INR4cr LT Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to bank facilities of Khyati Steels.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Bank        4.00       'CARE BB' Assigned
   Facility
   (Fund based)

Rating Rationale

The ratings assigned to the above facilities of Khyati Steels is
constrained by the small scale of operations, volatility in prices
of trading goods, low profitability, working capital intensive
nature of the business, increased competition from unorganised
sector players and cyclicality in the steel industry. The rating
however, draws strength from experience of the promoter, moderate
capital structure. Ability to increase the scale of operations and
profitability along with effective management of working capital
are the key rating sensitivities.

Khyati Steels, a proprietorship firm set up in 1995, part of
Khyati group, is engaged in trading of in zinc and steel products
such as sheets, plates, and structures. The Khyati group, promoted
by the Agrawal family of Raipur (Chhattisgarh), manufactures and
trades in rolled steel products. It also manufactures galvanized
towers by railways, electricity boards and windmill manufacturers.
The Khyati group comprises of three companies with ongoing
operations: Khyati Ispat P. Ltd., Khyati Steels & Shri Ashutosh
Structures P. Ltd.

KS reported a PAT of INR1.10 crore on a total operating income of
INR50.61 crore in FY13 (refers to the period April 1 to
March 31).  In Q1FY14, KS reported a PAT of INR0.29 crore on a
total operating income of INR17.04 crore.


KOTHARI WASPAP: CRISIL Cuts Ratings on INR175MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kothari Waspap Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               155     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit           20     CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade reflects the instances of delay by KWPL in
servicing its debt obligations; the delays have been caused by the
company's weak liquidity. The company has devolved on its letter
of credit which is not regularized till date. Also, the company
has been irregular in paying interest of its working capital
facilities like cash credit. KWPL has liquidity deteriorated
because of its large working capital requirements. The company
requires large working capital mainly because of its rising book
debts levels on account of the strain on the paper industry of
which the company has significant exposure. CRISIL believes that
KWPL's liquidity is expected to remain under pressure on account
of expected stress in the sector and weak economic environment.

KWPL also has a below-average financial risk profile, marked by
weak debt protection metrics and highly working capital intensive
operations. However, the company benefits from its moderate
position in the regional market, supported by its established
sourcing network.

KWPL trades in waste paper and scrap products. It procures waste
paper in the form of old newspapers, annual reports, notebooks,
and textbooks, and plastic, wood, and metal scrap, from retailers
and semi-wholesalers, and sells the same to paper-manufacturing
and recycling mills.

For 2012-13 (refers to financial year, April 1 to March 31), KWPL
is estimated to report a profit after tax (PAT) of INR4.3 million
on an operating income of INR670 million; it had reported a PAT of
INR8.5 million on an operating income of INR598.9 million for
2011-12.


KPT SPINNING: CRISIL Assigns 'D' Ratings to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of KPT Spinning Mills Pvt Ltd. The ratings reflect
instances of delay by KPT in servicing its debt; the delays have
been caused by the company's stretched liquidity. KPT's liquidity
has been under pressure owing to its large working capital
requirements, primarily driven by its high peak season inventory
requirements, and low cash accruals.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            75      CRISIL D
   Bank Guarantee       10      CRISIL D
   Cash Credit          15      CRISIL D

KPT's scale of operations is small and its operating margin is
susceptible to volatility in raw material prices. The company also
has a weak financial risk profile, marked by high gearing, small
net worth, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
KPT's promoters in the textile industry.

KPT was promoted by Mr. K P Thangamuthu and Mr. T Vetrivel in 2010
and began commercial production in 2011-12 (refers to financial
year, April 1 to March 31). The company manufactures cotton yarn
(40 counts) and has a manufacturing facility in Erode (Tamil
Nadu), with installed capacity of 8400 spindles and rotors.


LAXMI MOULDS: CRISIL Reaffirms 'D' Ratings on INR190MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Laxmi Moulds Industries
Pvt Ltd continue to reflect instances of delay by LMI in servicing
its term debt. LMI is yet to repay its term loan instalment due
for October 2013. The delays are caused by the company's weak
liquidity.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        132     CRISIL D (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan            16.9   CRISIL D (Reaffirmed)

   Term Loan                  41.1   CRISIL D (Reaffirmed)

LMI also has a weak financial risk profile, especially capital
structure, and small scale of operations in the intensely
competitive tyre industry, and large working capital requirements.
These rating weaknesses are partially offset by the benefits that
LMI derives from the extensive experience of its promoters in the
tyre mould industry.

Update

LMI's business and financial risk profiles for 2012-13 (refers to
the financial year, April 1 to March 31) were broadly in line with
CRISIL's expectations. With addition of new customers, LMI
registered year-on-year growth of 48 per cent in revenue, albeit
on a low base, to INR117 million for 2012-13. CRISIL expects LMI
to report revenue of about INR130 million for 2013-14, led by
diversification in customer base. LMI had operating margin and
cash accruals of 20.5 per cent and INR17.7 million, respectively
for 2012-13. The accruals are modest and are expected to remain
low over the medium term.

LMI's financial risk profile is weak: the gearing was high at 2.7
times, and net worth modest at INR14.9 million as on March 31,
2013. The gearing is expected to remain high over the medium term
because of debt-funded capital expenditure (capex) of INR55
million being undertaken to increase mould capacity; the capex is
being funded by term loan of INR41.1 million and through internal
accruals. LMI's liquidity is stretched on account of cash flow
mismatches-advances from customers are intermittent, while term
loan repayments are scheduled every month. Furthermore, the
company does not have access to fund-based working capital limits,
and no liquidity cushion. LMI's term loan repayments are INR9.6
million in 2013-14 and will increase to INR10.6 million in 2014-
15. CRISIL believes that LMI's liquidity will remain stretched
over the medium term.

LMI was set up as a proprietorship concern, Laxmi Moulds
Industries, in 1981 by Mr. Nobukumar Manna; the firm's operations
were transferred to LMI on April 1, 2011. LMI manufactures tyre
moulds for tyres used in motorcycles, trucks, tractors, and buses.
The company's manufacturing facility is located in Bhayander
(Maharashtra). LMI is actively managed by Mr. Nobukumar Manna and
his son, Mr. Shankar Manna.

For 2012-13, LMI reported a profit after tax of INR6.6 million on
net sales of INR107.9 million, against a net loss of INR11 million
on net sales of INR79 million.


MAHARASHTRA SHETKARI: ICRA Ups Ratings on INR150cr Loans to C
-------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR139.50 crore term
loan facilities and INR10.50 crore fund based facilities (Cash
Credit) of Maharashtra Shetkari Sugar Limited to '[ICRA]C' from
'[ICRA]D'.

                       Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Term Loans            139.50       Upgraded to [ICRA]C from
                                      [ICRA]D

   Cash Credit            10.50       Upgraded to [ICRA]C from
                                      [ICRA]D

The rating upgrade takes into account approval of restructuring of
loans by the lenders resulting in deferment of debt repayment by
14 months and thereby providing room for stabilization of
operations of the company during SY14. There have been instances
of operational glitches during last year hindering plans of making
the sugar mill operational in SY13. With rectifications in the
equipments and successful completion of trial runs, the company is
expected to start operations in the current sugar year. The rating
also derives comfort from the tie ups with local farmers through
issuance of preference shares thus ensuring uninterrupted supply
of sugarcane; however some pressure on the pricing of sugarcane is
expected in the current year due to higher price demands by
farmers' association. The rating however remains constrained
stretched financial profile of the company due to time and cost
overruns in the project and resultant delays in debt servicing in
the past. The industry also remains susceptible to agro-climatic
risks and cyclical trends in sugar industry. Going forward,
ability of the company to streamline operations in order to take
benefit of the crushing reason and managing sugarcane prices will
remain key rating sensitivities.

Established in 2007, Maharashtra Shetkari Sugar Limited has set up
a sugar plant at Saikheda, Dist.Parbhani (Maharashtra).The 3500
Tons Crushed per Day sugar unit is fully integrated with 30 Kilo
Liters per Day distillery unit and 20 Mega Watt multi fuel
cogeneration unit.

Recent Results

MSSL has recorded an operating income of INR6.34 crore and an net
loss of INR26 crore in FY 13.


MRKR CONST: CRISIL Cuts Ratings on INR590MM Loans to 'BB+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M R K R Constructions and Industries Pvt Ltd to 'CRISIL
BB+/Negative/CRISIL A4+' from 'CRISIL BBB/Negative/CRISIL A3+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee      1,750.0    CRISIL A4+ (Downgraded from
                                  'CRISIL A3+')

   Cash Credit            40.0    CRISIL BB+/Negative (Downgraded
                                  from 'CRISIL BBB/Negative')

   Proposed Long-Term    550.0    CRISIL BB+/Negative (Downgraded
   Bank Loan Facility             from 'CRISIL BBB/Negative')

The rating downgrade reflects deterioration in MRKR's credit risk
profile because of a substantial decline in profitability, and
continued investment in unrelated businesses. CRISIL believes that
MRKR's credit risk profile will remain vulnerable to the extent
and nature of its unrelated diversifications over the medium term.

MRKR's investments in unrelated businesses have increased
substantially to around INR500 million as on September 30, 2013
(50 per cent of its estimated net worth as on March 31, 2014),
from INR185 million as on March 31, 2013. The company's revenues
declined substantially to INR743 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR2.1 billion in 2011-
12, because of a delay in the receipt of clearances for its key
projects. Subsequently, the company's cash accruals declined to
INR70 million in 2012-13, from INR259 million in 2011-12. Though
the company's order book is healthy, its top two projects account
for around 90 per cent of its orders. CRISIL believes that MRKR's
revenue profile will continue to be exposed to risks associated
with high project concentration in its order book.

The ratings reflect MRKR's above-average financial risk profile
marked by its healthy net worth, low gearing, and robust debt
protection metrics. The ratings also factor in the promoters'
extensive experience in the infrastructure sector. These rating
strengths are partially offset by high project concentration in
MRKR's order book, its large working capital requirements, and
continued investment in unrelated businesses.

Outlook: Negative

CRISIL believes that MRKR's credit risk profile will remain
constrained by high degree of project concentration in its order
book, and continued investment in unrelated businesses over the
medium term. The ratings may be downgraded if there is a decline
in MRKR's revenues or profitability from the current levels, or
the company invests further in unrelated businesses. Conversely,
the outlook may be revised to 'Stable' if there is a substantial
and sustained increase in MRKR's scale of operations and
profitability margins, or an improvement in its working capital
management.

MRKR was originally set up as a partnership firm in Hyderabad
(Andhra Pradesh) by Mr. Ramakrishna Reddy and his family in 1980.
The firm was reconstituted as a private limited company in 2006.
MRKR undertakes all civil engineering projects including canals,
reservoirs, bridges, tunnels, and highways for the governments of
Andhra Pradesh and Karnataka. The company has, recently, ventured
into the real estate sector with the launch of its first project
in Bengaluru (Karnataka).


MSPL LIMITED: CRISIL Raises Ratings on INR6.0BB Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
MSPL Ltd (MSPL; part of the MSPL group) to 'CRISIL B+/Stable' from
'CRISIL D'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           2,750    CRISIL B+/Stable (Upgraded
                                  from 'CRISIL D')

   Rupee Term Loan       3,250    CRISIL B+/Stable (Upgraded
                                  from 'CRISIL D')

The rating upgrade reflects the MSPL group's timely servicing of
its debt obligations, supported by an improvement in its
liquidity, with the payout of the last tranche of its derivative
losses in April 2013, and steady cash flows from its wind mill
business. Moreover, collection of around INR2.2 billion of pending
receivables from the iron ore mining business in 2012-13 (refers
to financial year, April 1 to March 31), supported the MSPL
group's liquidity. Additionally, with the revocation of the ban on
iron ore mining in Karnataka in April 2013, the group presently
mines around 900,000 tonnes per annum from its annual capacity of
2.5 million tonnes, thereby adding to its cash flows.
Consequently, the MSPL group's fund based bank limit utilisation
has improved, to less than 90 percent, thereby supporting its
liquidity. Nevertheless, the MSPL group has large annual debt
obligations in upwards of INR2 billion annually. Timely fund
support from the promoters, stable cash flows from operations and
timely liquidation of the group's investment portfolio in the
event of any shortfall in operating cash flows will be a critical
determinant of the rating direction over the medium term.

The ratings reflect the MSPL group's below-average financial risk
profile, marked by the group's aggressive capital structure, weak
debt protection metrics and stretched liquidity. The rating also
factors in the susceptibility of the MSPL group's business to
regulatory changes; and constrained cash flows from its shipping
business, which is yet to breakeven. These rating weaknesses are
partially offset by the benefits that the MSPL group derives from
a well-diversified business model, healthy and stable cash flows
from its wind power business, along with the promoter's and
management's strong background and track record.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MSPL and its wholly-owned subsidiary,
MSPL Maritime Pte Ltd (MSPL Maritime). Both companies are together
referred to as the MSPL group.

Outlook: Stable

CRISIL believes that the MSPL group's financial risk profile
especially its liquidity will remain constrained by its large debt
obligations over the medium term. The outlook may be revised to
'Positive' if the MSPL group's liquidity improves, driven by
higher-than-expected cash flows from operations. Conversely, the
outlook may be revised to 'Negative' if the shipping business
takes longer-than-expected to break even, or if any adverse
government ruling impacts the business continuity or a stretch in
working capital restricts its liquidity.

MSPL, the flagship company of the Karnataka-based Baldota group,
was founded by the late Mr. A H Baldota in 1962. The company is
currently managed by Mr. Narendrakumar Baldota and his two sons.
The Baldota group began operations with iron ore mining and
subsequently ventured into generation of wind energy and
industrial gases. In 2005-06, MSPL divested its industrial gas
business to MSPL Gases Ltd, and acquired an export oriented unit,
named MSPL Exports Ltd. MSPL also has a wind power generation
capacity of 127.8 megawatt and a pellet manufacturing plant with a
capacity of 1.2 million tonnes per annum (MTPA).

MSPL has also ventured into the shipping sector through its
wholly-owned subsidiary, MSPL Diamond Pte Ltd (controlled through
an investment company, MSPL Maritime based in Singapore. The
company operates four panamax dry bulk ships of 92,500 deadweight
tonnage (DWT ) each.

MSPL reported a loss of INR3.1 billion on revenues of INR5.4
billion for 2012-13, vis--vis a loss of INR1.7 billion on
revenues of INR6.3 billion for 2011-12.


NATANI ROLLING: CARE Rates INR5.23cr LT Bank Loans at 'B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Natani
Rolling Mills Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank         5.23       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Natani Rolling Mills
Private Limited is primarily constrained on account of its
financial risk profile marked by thin profitability, weak
solvency and the stressed liquidity position. The rating is
further constrained on account of the vulnerability of margins to
fluctuation in the prices of raw material and its presence in a
highly fragmented and competitive industry. The rating, however,
derives strength from the experienced management.

The ability of the company to increase its scale of operations
with improvement in profitability as well as better management of
the working capital will be the key rating sensitivity.

NRPL was promoted by Mr BL Natani along with his son Mr Rajesh
Natani in 1995. NRPL is engaged in the manufacturing of structural
items like Mild Steels (MS) Angles and bars by processing of M.S.
ingots at its plant located at Jaipur, Rajasthan. The plant of the
company has an installed capacity of 12,000 Metric Tonne Per Annum
(MTPA) as on March 31, 2013. NRPL procures its raw material from
the nearby units located in the local market and supplies its
product to the local market of Rajasthan.

As per the provisional result of FY13, NRPL has achieved a Total
Operating Income (TOI) of INR32.81 crore on a 55% utilization of
the installed capacity.

During FY12, NRPL reported a total income of INR37.87 crore with a
PAT of INR0.15 crore. As per the provisional result of FY13, the
company has achieved a total operating income of INR33.71 crore
with a PAT of INR0.15 crore.


NECCON POWER: CRISIL Cuts Ratings on INR265MM Loans to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Neccon
Power and Infra Ltd (Neccon; part of the Neccon group) to 'CRISIL
BB+/Stable/CRISIL A4+' from 'CRISIL BBB-/Negative/CRISIL A3'.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Bank Guarantee          1,950    CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

   Cash Credit               265    CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Negative')

   Letter of Credit          210    CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

The rating downgrade reflects the expected pressure on Neccon
group's liquidity because of delays in completion of its ongoing
hydel power project. In 2009, the Neccon group undertook a 4.7
mega watt (MW) hydro power plant project. The project was expected
to be commissioned by June 2013. However, the project has
temporarily been stalled. Till such time the project is
commissioned and its cash flows are adequate to meet operating and
financial expenses, CRISIL believes that Neccon group's liquidity
profile will remain constrained. The ratings continue to reflect
the Neccon group's established market position in the aluminium
conductor segment; and moderate financial risk profile, marked by
a moderate net worth and low gearing. These rating strengths are
partially offset by the group's susceptibility to volatility in
input prices, large working capital requirements, and exposure to
project-related risks arising from the ongoing hydro-power
project.

To arrive at its ratings, CRISIL continues to consolidate the
financial risk profile of Neccon and Brahmaputra Infra Power Pvt
Ltd (BIPPL). This is because BIPPL is a wholly-owned subsidiary of
Neccon; BIPPL's total debt is backed by a corporate guarantee from
Neccon, with high fungibility of funds between the companies,
collectively referred to as the Neccon group.

Outlook: Stable

CRISIL believes that the Neccon group will benefit from its
established position in the aluminium conductor segment. The
outlook may be revised to 'Positive' if the company receives
generates strong sustainable cash accruals from commissioning of
the hydro project, thus supporting its liquidity. Conversely, the
outlook may be revised to 'Negative' if the Neccon group incurs
any additional time or cost overrun at its hydro project; or if
its working capital cycle stretches, thus adversely impacting the
group's financial risk profile.

Neccon (formerly North Eastern Cables & Conductors Pvt Ltd) was
incorporated in 1986. The company manufactures conductors,
including all aluminium conductors, aluminium, steel reinforced
conductors, and all aluminium alloy conductors. The products are
used for overhead transmission and distribution of electricity.
The company supplies conductors to state power utilities (SPUs) of
various states, such as Assam, Gujarat, Uttar Pradesh, Haryana,
Maharashtra, Tamil Nadu, Kerala, Jharkhand, Punjab, Rajasthan,
Meghalaya, and Tripura. Neccon also started undertaking power
infrastructure projects in 2007 to execute turnkey projects
(supply, installation, erection of power house/sub-stations) for
the SPUs.

BIPPL is a wholly-owned subsidiary of Neccon. BIPPL is executing a
4.7 MW hydro power plant along the Brahmaputra river, at an outlay
of INR510 million.


PARTH THREAD: CRISIL Reaffirms 'B+' Ratings on INR147.8MM Loans
---------------------------------------------------------------
CRISIL rating on the bank facilities of Parth Thread Pvt Ltd
continue to reflect PTPL's weak financial risk profile (marked by
high gearing), small scale of operations, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the textile industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           55       CRISIL B+/Stable (Reaffirmed)
   Term Loan             92.8     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PTPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. CRISIL, however, believes that the company's financial
risk profile will remain constrained by its working-capital-
intensive operations and proposed debt-funded capital expenditure
programme. The outlook may be revised to 'Positive' if significant
scale up in operations leads to a considerably stronger financial
risk profile for PTPL. Conversely, the outlook may be revised to
'Negative' if decline in operating profitability, or large debt-
funded capital expenditure lead to deterioration in its financial
risk profile.

Update

PTPL reported a 33 per cent year-on-year growth in revenue to
around INR490 million in 2012-13 (refers to financial year, April
1 to March 31). However, the operating margin declined to 7.8 per
cent in 2012-13, from 10.6 per cent in 2011-12 resulting in a
profit after tax (PAT) of INR0.6 million. PTPL's low profitability
has resulted in an average interest coverage ratio of 2.8 times in
2012-13, in line with past trends.

PTPL's operations were less working-capital-intensive in 2012-13
than in previous years, with gross current assets (GCAs) reducing
to 74 days as on March 31, 2013, from 100 days a year ago.
Inventory reduced to 18 days on March 31, 2013 from 53 days as on
March 31, 2012, because PTPL maintained low inventory due to
expected decline in raw material prices. As a result, PTPL's
average bank limit utilisation was low at around 64 per cent for
the 9 months through August, 2013. Gearing moderated to 2.1 times
on March 31, 2013 from 2.6 times as on March 31, 2012.

PTPL has added 5760 spindles in 2013-14 to its existing capacity
of 13,440 spindles, at a capex of INR67.5 million, funded by term
loan of INR50 million and unsecured loan of INR17.5 million. This
is expected to result in deterioration in gearing and debt
protection metrics over the medium term.

PTPL was set up by Mr. Ambika Prasad Pandey and his family members
in 2005; it commenced operations in September 2009. The company
manufactures cotton yarn and polyester yarn at its facility at
Faizabad (Uttar Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31), PTPL
reported a profit after tax (PAT) of INR0.6 million on net sales
of INR490 million, against a PAT of INR2.4 million on net sales of
INR370 million for 2011-12.


PODDAR MERCANTILE: CRISIL Ups Rating on INR67.7MM Loans 'B-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Poddar
Mercantile Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         54.2     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Packing Credit           51.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                16.7     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects an improvement in PMPL's liquidity
resulting in timely payment of debt obligations. The liquidity has
improved on the back of marginal increase in cash accruals and
enhancement in bank lines by INR17 million. A controlled working
capital cycle will be critical for maintaining the improved
liquidity over the medium term.

CRISIL's ratings on the bank facilities of PMPL also reflect its
small scale of operations in a competitive industry, and working-
capital-intensive operations. The above-mentioned weaknesses are
partially offset by the extensive industry experience of PMPL's
promoters.

Outlook: Stable

CRISIL believes that PMPL's overall liquidity profile will remain
weak on account of its working capital intensive operations. The
outlook may be revised to 'Positive' if the promoter infuses
significant equity, or the company generates higher-than-expected
cash accruals or improves its working capital cycle leading to
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if PMPL faces stretch in receivables, constraining
its debt servicing ability or its inventory piles up due to
sluggish demand.

Incorporated in 1998, PMPL exports polypropylene, low-density
polyethylene, and high-density polyethylene garbage and T-shirt
bags to customers based in Germany, the US, West Indies, Italy,
and other countries. The company's day-to-day operations are
managed by its promoter director, Mr. Ashok Kumar Poddar

For 2012-13 (refers to the financial year April to March), on a
provisional basis, PMPL reported a net profit of INR0.8 million on
net sales of INR240 million, against a net profit of INR0.3
million on net sales of INR168 million for 2011-12.


PROTECH FEED: CARE Assigns 'B+' Rating to INR13.5cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Protech
Feed Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13.5       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Protech Feed Private
Limited is primarily constrained by its short track record, small
scale of operations with low profitability, volatile input prices
and raw material availability risks due to exposure to vagaries of
nature, its presence in a highly competitive and fragmented
industry with highly price-sensitive consumer segment, working
capital intensive nature of operations and high overall gearing
level. The ratings, however, derive strengths from the experience
of the promoters and satisfactory demand outlook of chicks and
feed products.

The ability of the company to derive benefits as envisaged from
the recently concluded project, increase in its scale of
operations along with an improvement in the profitability and
effective management of working capital would be the key rating
sensitivities.

PFPL was initially incorporated on July 17, 2007 in the name of
Protech Biosciences Pvt Ltd. Subsequently in June 2010, the name
of the company was changed to the current one. The company
was promoted by two brothers Mr Sanjiw Kumar Singh and Mr Rana
Rajesh Kumar to set up an integrated chicks farming and feed
processing unit at industrial area Hajipur, Bihar with processing
capacity of 60,000 MTPA as on March 31, 2013. The unit was set up
with an aggregate project cost of INR17.06 crore being financed at
debt-equity ratio of 1.2:1. PFPL has commenced operation of
chicks farming unit since February 2012 and feed unit since
January 2013.

During FY13, PFPL achieved a PBILDT of INR0.88 crore (Rs.0.04
crore in FY12) and PAT of INR0.04 crore (Rs.0.03 crore in FY12)
respectively on a total income of INR5.17 crore (Rs.0.50 crore in
FY12).


RAGHUPREET HYDRO: CRISIL Assigns 'BB-' Ratings to INR160MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Raghupreet Hydro Projects Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        17.5    CRISIL BB-/Stable
   Bank Loan Facility

   Term Loan                142.5    CRISIL BB-/Stable

The rating reflects the financial support from RHPPL's promoters
and their extensive experience in the industry. These rating
strengths are partially offset by risks associated with the
company's on-going Kartaul Hydroelectric Project and single site
risk and hydrology risk inherent to the functioning of hydro-power
projects.

Outlook: Stable

CRISIL believes that RHPPL will maintain its business risk profile
backed by the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company completes the
project within scheduled timelines, and generates higher-than-
expected cash accruals because of an increase in plant load factor
(PLF) or revenue realisation. Conversely, the outlook may be
revised to 'Negative' if there is any additional delay in plant
commissioning, or significant delays or defaults by power purchase
entities.

RHPPL was founded in 2006 by Mr. A B Giri. The company has four
directors, namely, Mr. A B Giri, Mr. Manjeet Singh Basi, Mr. S
Swaminathan and Mr. K S Soharu. RHPPL is setting up a 2.4 megawatt
(MW) hydro-power generation project in Nevli Village, Kullu
(Himachal Pradesh) on the river Kartaul Nala. The total project
cost is around INR225 million, and the project is likely to be
commissioned by May 2014.


RELIABLE UDYOG: CRISIL Reaffirms 'BB' Rating on INR85MM Loan
------------------------------------------------------------
CRISIL's rating to the long-term bank facility of Reliable Udyog
Pvt Ltd rating continues to reflect the extensive experience of
RUPL's promoters in the steel industry and moderate dependence on
bank funds to meet overall working capital requirements. These
rating strengths are partially offset by RUPL's small scale of
operations, susceptibility to intense industry competition and
volatility in steel prices, and average financial risk profile,
marked by moderate net worth , gearing and average debt protection
metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            85      CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RUPL will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
industry. The outlook may be revised to 'Positive' if RUPL scales
up its operations significantly and improves its financial risk
profile due to increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if RUPL's financial risk profile
deteriorates due to an increase in working capital or lower-than-
expected profitability.

Update

RUPL's operating performance in 2012-13 (refers to financial year,
April 1 to March 31) has remained stagnant, with revenues of about
INR715 million and operating margin of 2 per cent. The flat
revenue in 2012-13 is on account of the weak economic scenario in
2012-13 affecting overall demand. While volume sales declined by
15%, there has been marginal improvement on the realization. The
revenues are, however, expected to remain susceptible to demand
and an industry slowdown; consequently, revenue growth is expected
to be moderate over the medium term. Furthermore, RUPL's
profitability is constrained by increasing competition from other
dealers and is expected to be modest over the medium term.

RUPL's gearing remained moderate at 1 time as on March 31, 2013,
backed by significant funding support from the promoter, including
unsecured loans of about INR15 million (treated as neither debt
nor equity) and net worth of over INR81 million as on March 31,
2013. This also led to RUPL's low reliance on debt for working
capital requirements, reflected in its bank limit utilisation of
about 75 per cent on an average during the 12 months ended July
30, 2013, and its comfortable current ratio of 1.5 times as on
March 31, 2012. CRISIL believes that RUPL's financial risk profile
will be supported by moderate gearing over the medium term, but
will be constrained by low cash accruals.

RUPL reported a profit after tax (PAT) of INR3.7 million on net
sales of INR761.4 million for 2011-12, as against a PAT of INR2.9
million on net sales of INR666.4 million for 2010-11. The company
is estimated to report net sales of about INR715 million for 2012-
13.

RUPL is based in Rourkela (Orissa) and trades steel products,
mainly hot-rolled coils, cold-rolled coils, and thermo-
mechanically treated bars. The company was promoted by Mr. Vijay
Kumar Dua and his family. RUPL is an authorised dealer for Steel
Authority of India Ltd's products.


ROBO EQUIPMENTS: CRISIL Reaffirms 'D' Ratings on INR138MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Robo Equipments and
Forgings Pvt Ltd continues to reflect instances of delay by Robo
in servicing its term debt; the delays have been caused by the
company's weak liquidity. Robo has weak liquidity because of its
working-capital-intensive and start-up nature of operations,
resulting in insufficient cash accruals.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL D (Reaffirmed)

   Cash Credit              100      CRISIL D (Reaffirmed)

   Long Term Loan            25.8    CRISIL D (Reaffirmed)

   Proposed Long-Term         2.2    CRISIL D (Reaffirmed)
   Bank Loan Facility

Robo is also exposed to risks related to the nascent stage of its
operations and customer concentration in its revenue profile.
Moreover, the company has working-capital-intensive operations.
However, Robo benefits from the extensive experience of its
promoters in manufacturing support structure units for power
plants.

Update

REFPL was to begin commercial operations in October 2011. However,
the Telangana agitations in Andhra Pradesh led to delays in
project execution. Thereafter, the company rescheduled full
commencement of operations to March 2012. However, Robo was fully
operational only by March 2013. The company did not record any
revenue during 2012-13 (refers to financial year, April 1 to March
31). During the current financial year, 2013-14, Robo has recorded
revenues of around INR150 million until October 30, 2013. The
company has weak liquidity, marked by its fully utilised working
capital limits and inadequate cash accruals vis--vis fixed debt
obligations.

Robo was incorporated in 2010 by Mr. B V S Raju and Mr. M
Ramakrishna. The company began undertaking job work for Larsen And
Toubro Limited (L&T) (rated CRISIL AAA/FAAA/Stable/CRISIL A1+) in
October 2011. The company, however, commenced full operations in
March 2013 and currently provides steel support structures to
Utkal Alumina International Ltd. Robo is expected to also provide
steel support structures to Bharat Heavy Electrical Ltd (BHEL;
rated 'CRISIL AAA/Stable/CRISIL A1+').


S.B EQUIPMENTS: ICRA Assigns 'B+' Rating to INR6cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR6 crore
fund based facilities of S.B Equipments. ICRA has also assigned a
short term rating of '[ICRA]A4' to INR2.5 crore non fund based
limits of SBE.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       6.00        [ICRA]B+
   Non Fund Based Limits   2.50        [ICRA]A4

The assigned ratings factors in small-scale of operations of the
firm which coupled with highly fragmented and competitive nature
of industry has resulted in modest profitability and coverage
indicators. Further the firm has concentrated customer profile
with Indian Army and Ministry of Defence constituting ~90% of the
revenues in FY 2013, thus future revenue growth will be dependent
upon ability of the firm to secure new orders. However, the
ratings favourably factors in long experience of the promoters in
the industry and healthy order book position of the firm which
provides revenue visibility for the near term.

Going forward, the ability of the firm to scale up its revenues
while maintaining adequate margins and a prudent capital structure
will remain the key rating sensitivities.

Incorporated in the year 2000, S.B Equipments is a partnership
firm engaged in the business of manufacturing of various products
such as Mosquito Repellents, First Aid Kits, Casualty Bags, Haver
Sack etc. mainly for Army and other departments of Government of
India. The firm has two manufacturing facilities located in
Bahadurgarh, Haryana.

Recent Results
The firm reported a net profit after tax of INR0.18 crore on an
operating income of INR9.01 crore in FY2013 as against net profit
of INR0.22 crore on an operating income of INR10.37 crore in
FY2012.


S M RICE: CRISIL Reaffirms 'B+' Ratings on INR298.7MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S M Rice Land
Pvt Ltd continues to reflect SMRL's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, its
high dependence on monsoon, and its exposure to changes in
government policies. These rating weaknesses are partially offset
by SMRL's long track record in, and benefits expected from the
healthy growth prospects for, the basmati rice industry.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit         290.0    CRISIL B+/Stable (Reaffirmed)
   Term Loan             8.7    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMRL will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
industry. The outlook may be revised to 'Positive' if there is a
significant improvement in the firm's scale of operations and
profitability, leading to larger-than-expected accruals, along
with capital infusion, resulting in an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in SMRL's financial risk profile, most
likely due to significant increase in inventory, leading to large
incremental bank borrowings, or debt-funded capital expenditure.

Update

SMRL's revenue registered a marginal year-on-year decline of
around 7 per cent to around INR530 million in 2012-13 (refers to
financial year, April 1 to March 31). Over the past two years, the
company has been largely relying on purchasing unsorted rice from
other rice mills and exporting it after processing/sorting due to
which its revenue has not witnessed any major growth, which is
expected to remain at similar level over the medium term. On
account of its low-value-added nature of operations, SMRL's
operating profitability has remained low, in the range of 3.5 to
3.8 per cent. The operating profitability is expected to remain
stable over the medium term.

SMRL's operations are moderately working-capital-intensive as
reflected in its gross current assets (GCAs) estimated at 123 days
as on March 31, 2013; the GCAs have been at similar levels in the
past. These GCAs consist of inventory of around 90 days. As a
result, the company's average bank limit utilisation was around 98
per cent during the 12 months through October 2013.

SMRL's net worth remained small at around INR26.5 million as on
March 31, 2013, thereby limiting its financial flexibility to meet
any exigency. The company has substantial debt contracted for
funding its working capital requirements; this, along with its
small net worth, is estimated to have resulted in high gearing of
around 5.27 times as on March 31, 2013, and weak debt protection
metrics.

Set up in 1982 as a partnership firm by Mr. Sunil Mittal and his
family and friends, SMRL was reconstituted as a private limited
company in 2010. SMRL processes and sells basmati rice, mainly
parboiled rice. The company also procures unsorted rice from other
mills, and sorts the same for sale in the export markets.


SAHARA INDIA: CRISIL Reaffirms D Rating on INR1.4B Loan at 'D'
--------------------------------------------------------------
CRISIL's rating on the bank facility of Sahara India Medical
Institute Ltd continues to reflect instances of delay by SIMIL in
servicing its debt; the delays have been caused by the company's
weak liquidity. SIMIL's liquidity is weak because of its
continuing cash losses. The losses are occurring because of
limited increase in the company's scale of operations since it
began operations in February 2009, and its large overhead and
interest costs.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                1,400    CRISIL D (Reaffirmed)

SIMIL also has a weak financial risk profile, marked by weak debt
protection metrics; large working capital requirements; and
limited track record in the tertiary healthcare segment. However,
the company benefits from its established brand, Sahara, and from
its experienced management at its hospital.

Established in 1997, SIMIL is a wholly owned subsidiary of Sahara
Prime City Ltd, the real estate arm of the Sahara group. SIMIL
operates a multi-speciality tertiary hospital, Sahara Hospital, in
Lucknow (Uttar Pradesh). The hospital began operations in February
2009 with 195 operational beds. Currently, SIMIL has more than 374
operational beds. The hospital provides specialised medical
services in areas such as neurology, orthopaedics, gynaecology,
oncology, and cardiology. SIMIL has also set up a nursing training
college in Lucknow with capacity to train 40 nurses per annum.

For 2012-13 (refers to financial year, April 1 to March 31), SIMIL
reported a net loss of INR96.8 million on net revenue of INR1165.2
million, against a net loss of INR152.2 million on net revenue of
INR933.5 million for 2011-12.


SARASWATI EDUCATIONAL: CRISIL Puts BB- Ratings on INR160MM Loans
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Saraswati Educational Charitable Trust and has
assigned its 'CRISIL BB-/Stable' rating to these facilities. The
rating had been suspended by CRISIL as per its rating rationale
dated July 25, 2013, as SECT had not provided the necessary
information required for a rating review. SECT has now shared the
requisite information, enabling CRISIL to assign a rating to the
trust's bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               124.00    CRISIL BB-/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long-Term       36.00    CRISIL BB-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects SECT's established position in the Uttar
Pradesh education sector, its diverse course offerings, and its
moderate debt protection metrics. The trust also benefits from the
healthy long-term demand prospects for technical and management
education. These rating strengths are partially offset by SECT's
exposure to risks related to the intense competition in the
education sector, its low net corpus and high gearing, and its
vulnerability to regulatory risks associated with educational
institutions. The rating also factors in SECT's exposure to
implementation and funding risks related to its INR1-billion
medical college and hospital project.

Outlook: Stable

CRISIL believes that SECT will continue to benefit over the medium
term from its established position in the technical and management
education sector in Uttar Pradesh. The outlook may be revised to
'Positive' if the trust increases its scale of operations and
improves its surplus levels in a sustained manner, and further
diversifies its course offerings and revenue sources. Conversely,
the outlook may be revised to 'Negative' if SECT faces significant
cost and time overruns in its planned medical college and hospital
project, or if its revenues and surplus levels decline steeply.

Set up in 2006 by Dr. T S Mathur and his sons Dr. Rajat Mathur and
Mr. Charit Mathur in Lucknow (Uttar Pradesh), SECT runs three
educational institutes. The first, Saraswati Institute of
Technology and Management (SITM), set up in 2007, is affiliated to
the Uttar Pradesh Technical University, Lucknow, and is approved
by the All India Council for Technical Education (AICTE). SITM
offers graduation and post-graduation courses in engineering,
management, computer application, electronics, electrical
training, and information technology. The second institute,
Saraswati Institute of Business Management and Research (SIBMR),
was set up in 2008 and has been approved by AICTE. SIBMR offers
post-graduation courses in business management. The third
institute, Saraswati Aviation Academy, which offers commercial
pilot training, was set up in 2009 in Sultanpur (Uttar Pradesh),
and has been approved by the Director General of Civil Aviation.


SHAGUN JEWELLERS: CARE Assigns 'BB-' Rating to INR20cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB-/CARE A4' ratings to the bank facilities of
Shagun Jewellers Pvt Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         20        CARE BB- Assigned
   Facilities

   Long/Short-term
   Bank Facilities         6.60     CARE BB-/CARE A4 Assigned

Rating Rationale

The ratings assigned to Shagun Jewellers Pvt Ltd are constrained
by the relatively small scale of operation, limited geographical
presence, weak financial profile, working capital intensive nature
of operations and vulnerability of margins to volatility in gold
prices. The ratings are also constrained due to the competition
from players in the organized and unorganized sectors.  The above
constraints are partially offset by the promoters' experience and
the long track record in the same line of operations of the
company, consistent sales growth in the past and diversified
client base.

Going forward, SJPL's ability to scale up its operations and
improve profitability, the overall gearing and manage raw material
price volatility risk would remain the key rating sensitivities.

Shagun Jewellers Private Limited was incorporated by Mr Subhash
Aggarwal and Ms Bimla Aggarwal in March 2001 as a private limited
company. SJPL is engaged in retail trading (comprising nearly 73%
of the total sales in FY13 - refers to the period April 1 to
March 31) and wholesale trading (comprising nearly 27% of the
total sales in FY13) of gold, silver, diamond and kundan
jewellery. It has three showrooms in Delhi which are located in
Nazafgarh Road, Paschim Vihar and Uttam Nagar.

In FY13, the company has achieved a total operating income of
INR129.57 crore and PAT of INR0.97 crore against a total operating
income of INR126.52 crore and PAT of INR0.95 crore in FY12.


SHREEJI AGENCIES: CARE Reaffirms 'BB-' Rating on INR5.4cr Loans
---------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Shreeji Agencies.
                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         5.40      CARE BB- Reaffirmed
   Facilities

Rating Rationale

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

The rating assigned to the bank facilities of M/s Shreeji Agencies
(SA)'s continues to be constrained by its average financial risk
profile marked by volatile and thin profitability margins owing to
inherent nature of the trading business, relatively small scale of
operations, closely-held partnership nature of the firm, moderate
entry barriers and supplier concentration risk due to its
dependence on Hindustan Unilever Ltd's (HUL) products.

However, the rating is strengthened by the long track record and
rich experience of the partners in the trading in FMCG business
coupled with steady growth in revenues in FY13 (refers to the
period April 1 to March 31). Moreover, the rating is supported by
its well-established market position as a distributor of the HUL's
products, backed by a vast distribution network catering to a wide
distribution area and a diversified product portfolio.

The ability of the firm to increase its scale of operations,
improve its profitability margins and sustain comfortable capital
structure and liquidity position are the key rating sensitivities.

M/s Shreeji Agencies is a closely held partnership firm promoted
by Mr Gautam Gohil, along with his brother Mr Gaurav Gohil, and
his mother Ms Shaila Gohil. The firm is presently involved
in the distribution of FMCG under the Modern Trade (Supermarkets/
Organized Retail) category with HUL in FMCG category since 2002.
The territories in which SA operates is Western suburbs of
Mumbai beginning from Jogeshwari till the Municipal limits of
Mumbai, Surat and Goa. The territories are designated by HUL
(principal) to the distributors to ensure there is no overlapping
of the same by another distributor. The firm's product profile
comprises of most of the major brands in the FMCG category
produced by HUL. The firm has warehouses in Kandivali (Mumbai),
Surat and Goa as well as its own fleet of 11 vehicles to cater to
the distribution requirements.

During FY13, the total operating income of SA stood at INR149.72
crore, while it reported Profit After Tax (PAT) of INR0.27 crore,
against a PAT of INR0.05 crore on the total operating income of
INR116.73 crore for FY12.


SITARAM NANDRAM: CARE Assigns 'B' Rating to INR19cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE B' & 'CARE A4' to the bank facilities of
Sitaram Nandram Agro Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank         19.00      CARE B Assigned
   Facilities

   Short-term Bank         2.50      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sitaram Nandram
Agro Private Limited are constrained by the relatively modest
scale of operations, low profitability margins and capitalization,
working capital intensive nature of operations resulting in a
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained by susceptibility of profitability
margins to the volatile prices of traded material and operations
in the highly fragmented and competitive agro industry.

The aforesaid constraints are partially offset by the strength
derived from the experienced promoters, established clientele and
proximity to cultivation area.

The ability of SNAPL to improve the scale of operations and
improve the profitability margins amidst the intense competition
coupled with efficient management of working capital cycle are the
key rating sensitivities.

Incorporated in 2010 by the Agarwal family, Sitaram Nandram Agro
Private Limited is engaged in the trading of castor seeds, guar
seeds, Mug and rajgira. Prior to incorporating SNAPL, the members
of the Agarwal family were involved in the similar line of
business for more than five decades through different entities;
these businesses were transferred to SNAPL upon its incorporation.
SNAPL procures seeds directly from the local farmers and sells to
oil mills in Gujarat.

During FY13 (refers to the period April 1 to March 31), SNAPL
reported a total operating income of INR87.47 crore (down by 23%
vis-a-vis FY12) and PAT of INR0.09 crore (up by 73% vis--vis
FY12).


SN JYOTI: ICRA Assigns 'BB-' Ratings to INR13cr Loans
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR5
crore term loans and INR8 crore cash credit facility of SN Jyoti
Associates Private Limited. The outlook on the long term rating is
stable. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR8.00 crore bank guarantee facility of SNJAPL.

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Fund Based-Term Loan        5.00       [ICRA]BB- assigned

   Fund Based-Cash Credit      8.00       [ICRA]BB- assigned
   Non Fund based-

   Bank Guarantee              8.00       [ICRA]A4 assigned

The ratings take into consideration the experience of the
promoters in the construction industry, SNJAPL's established
relationship with its key private sector clients, which ensures
receipt of repeat orders on a regular basis and a healthy order
book position which provides revenue visibility for the company in
the near to medium term. The ratings also take into account the
favourable financial position of the company as reflected by
healthy profitability and comfortable coverage indicators. The
ratings are, however, constrained by the significant geographical
concentration of SNJAPL's operations in the state of Orissa and
the high sectoral concentration risk faced by the company on
account of specializing in earthwork related construction
contracts. ICRA also takes into account the adverse capital
structure of the company as reflected by a gearing of 2.06 time as
on March 31, 2013, although there has been improvement in the last
two years due to healthy accretion to reserves and regular debt
repayments, significant blockage of funds because of retention
money and the highly competitive business environment
characterized by presence of a large number of players in the
industry.

Incorporated in 2003 as a partnership concern, SNJAPL is engaged
in the business of civil construction specializing in earth work
related activities like area grading, excavation and site
development, among others. Subsequently, it was converted into a
private limited company in April, 2012. SNJAPL undertakes projects
primarily for private sector clients in the state of Orissa.
Recent Results
The company reported an operating income (OI) of INR58.89 crore
and a PAT of INR1.79 crore during FY13 as compared to an OI of
INR48.77 crore and a PAT of INR1.71 crore during FY12.


SOLACE HEALTHCARE: CARE Rates INR15cr LT Bank Loan at 'B'
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Solace Healthcare Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank         15.00      CARE B Assigned
   Facilities

   Short-term Bank         0.30      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Solace Healthcare
Private Limited are primarily constrained on account of its
presence in a capital intensive and highly regulated
healthcare industry, risk of unavailability or inability to
attract quality doctors and medical professionals and high project
risk in light of delay in execution of the project, yet to achieve
financial closure and establishing its brand name.  The ratings
constraints far outweigh the benefits derived from the experienced
and resourceful promoters.

The ability of SHPL to complete the project within time and cost
parameters, attract medical professionals, establishing its brand
name and achieving envisaged sales are the key rating
sensitivities.

SHPL is promoted by Dr Yatish Shah with a team of four other NRI
promoters. Dr Yatish Shah, 47 years, has studied MBBS from MS
University of Baroda. He has worked as medical officer in
Narhari hospital for seven years and is practicing in his own
clinic since the last 11 years. He is also a director in one multi
specialty hospital named "Spandan" in Vadodara with a bed capacity
of 50 which was established in the year 2007. For the proposed
hospital project he is looking after the whole management of the
project. The four NRI promoters are non-executive directors and
are associated primarily for providing financial support for the
project.


SUPREME PAPER: ICRA Upgrades Rating on INR5cr Loan to 'BB-'
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR5.00
crore fund based bank facilities of Supreme Paper Mills Limited
from '[ICRA]B+' to '[ICRA]BB-'. The outlook on the long term
rating has been assigned as Stable. ICRA has reaffirmed the short
term rating of '[ICRA]A4' to the INR4.00 crore non fund based bank
facilities of SPML. ICRA has also upgraded / reaffirmed the
[ICRA]BB-/[ICRA]A4 ratings to the INR4.00 crore proposed bank
facilities of SPML.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits-     5.00      [ICRA]BB- (upgraded from
   Cash Credit                      [ICRA]B+)

   Non Fund Based
   Limits-LC              2.50      [ICRA]A4 (reaffirmed)

   Non-Fund Based         1.50      [ICRA]A4 (reaffirmed)
   Limits-BG

   Proposed Limits        4.00      [ICRA]BB-(upgraded from
                                    [ICRA]B+)/[ICRA]A4
                                    (reaffirmed)

The ratings upgrade take into account the established track record
of SPML in the Printing and Writing Paper (PWP) manufacturing
business with an experience of more than three decades and an
established customer base with presence across the institutional,
dealer and converted paper segments. The ratings also take into
account the significant improvement in profitability and coverage
indicators in 2011-12 and 2012-13, the moderate working capital
requirement of the business coupled with the modest capital
structure of the company at present due to the absence of any
significant debt funded capital expenditure by the company in the
last few years have had a positive impact on the ratings. The
ratings are, however, constrained by the modest size of operations
of the company at present with a low turnover, the fragmented
nature of the paper industry due to which the margins remain under
pressure, coupled with SPML's exposure to geographical
concentration risk since almost the entire sales of the company
are made in the state of West Bengal. ICRA notes that SPML has
large expansion plans in the medium term which could lead to a
significant increase in the debt burden, the sensitivity of the
profitability of the company to any adverse movement in the prices
of raw material and power and fuel costs also have an impact on
the ratings.

Incorporated in 1974, SPML is engaged primarily in the Printing
and Writing Paper (PWP) manufacturing business. SPML primarily
manufactures three types of PWP which are creamwove, maplitho and
azurelaid paper, the company also manufactures converted paper,
converted paper constitutes of around 30% of the company's overall
sales in 2012-13. The manufacturing facility of SPML is located at
Chakdah, West Bengal and the company has an installed capacity of
around 15,000 MT of paper per annum

Recent Results

SPML reported a net profit of INR1.14 crore in 2012-13 on the back
of an operating income of INR45.61 crore as against a net profit
of INR0.80 crore on an operating income of INR36.94 crore during
2011-12.


SWEETY INFRASTRUCTURE: CRISIL Puts 'BB' Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sweety Infrastructure Pvt Ltd. The ratings
reflect SIPL's promoters' extensive experience in civil
construction, above-average financial risk profile and moderate
order book position. These rating strengths are partially offset
by the risks associated with geographical and customer
concentration in revenue profile and fragmented industry with
intense competition.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            200     CRISIL A4+

   Cash Credit/
   Overdraft facility         30     CRISIL BB/Stable

Outlook: Stable

CRISIL believes that SIPL will benefit over the medium term from
its promoters' extensive experience in civil construction. The
outlook may be revised to 'Positive' if SIPL achieves higher-than-
expected revenue and profitability, while maintaining its capital
structure and improving its working capital management.
Conversely, the outlook may be revised to 'Negative' if there are
delays in the completion of the company's ongoing projects or in
receipt of payments from its customers, leading to pressure on its
liquidity, or if the company contracts a larger-than-expected
quantum of debt to fund its future projects.

SIPL was incorporated in April 1998, and specialises in executing
engineering, procurement, and construction (EPC) and non-EPC
projects for government entities in Northeast India. The company
is promoted by Mr. Bhagya Kalita and his family members


TAM GLASS: ICRA Assigns 'BB-' Ratings to INR25cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR6.00 crores cash
credit limits; INR1.25 crore term loans and INR17.75 crores
unallocated limits of Tam Glass Tech and Glaziers Limited.  The
outlook on long term rating is stable.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]BB-(stable) assigned

   Term Loans            1.25        [ICRA]BB-(stable) assigned

   Unallocated fund     17.75        [ICRA]BB-(stable) assigned
   based limits

ICRA's rating is constrained by the intensely competitive and low
value additive nature of the glass processing industry with
numerous players both in the organised and unorganised sector.
This coupled with TGTL's modest scale of operations has resulted
in modest profitability indicators and given the industry dynamics
ICRA does not expect any significant improvement in margins in the
near term. Further, the company's liquidity is stretched as
reflected by low unutilized bank limits in the past. ICRA has
however derived comfort from TGTL's experienced management, and
its established relations with key customers which has enabled it
to secure repeat orders from them in the past resulting in a
steady growth in topline over the years. The company's ability to
improve its scale of operations and profitability while
maintaining its working capital intensity would be the key rating
sensitivities going forward.

Tam Glass Tech and Glaziers Limited was established in the year
1996 and is engaged in manufacturing of glass products. The
company is currently managed by Mr Arun Kumar Garg who has long
experience in the industry. TGTL processes glass by lamination,
bending, fusion, toughening, designing, and insulation.

The company reported a net profit of INR0.85 crores on an
operating income of INR41.54 crores in FY13 as against net profit
of INR0.30 crores on an operating income of INR29.37 crores in
FY12.


V.K.A. POLYMERS: CRISIL Ups Ratings on INR122.2MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of V.K.A.
Polymers Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          40.2      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Bill Discounting       100.0      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        51.6      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Long Term Loan          22.2      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Packing Credit         186.0      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

The rating upgrade reflects CRISIL's belief that VKA will sustain
its improved business risk profile over the medium term, driven by
a strong order book position supported by its moderate operating
margins. In 2012-13 (refers financial year, April 1 to March 31),
the company reported revenue of INR483 million as against revenue
of INR20 million in 2012-13 and revenue in the range of INR200
million to INR250 million historically. The improved business risk
profile was on account of VKA being awarded with a World Health
Organization (WHO) approval in 2011-12 for the manufacturing of
the long-lasting insecticidal mosquito netting (LLIN), leading to
increased offtake and a healthy order book. With a current order
book of around INR700 million to be executed over the medium term,
CRISIL believes that VKA will sustain the momentum in its revenue
growth over the medium term.

The rating upgrade also factors in CRISIL's belief that SSCIPL
will maintain its moderate financial risk profile, driven by a
comfortable capital structure and healthy debt protection metrics.
The company's gearing was moderate at 1.63 times with its working
capital facilities constituting majority of its debt. VKA's debt
protection metrics were healthy with net cash accruals to total
debt (NCATD) and interest coverage ratios at 0.44 times and 6.02
times, respectively, in 2012-13. On the back of a healthy order
book and consequent healthy accretion to reserves, the metrics are
further expected to improve over the medium term.

The ratings reflect the extensive experience of VKA's promoters in
manufacturing high-density polyethylene (HDPE) monofilament
mosquito bed nets and the benefits that the company derives from
the WHO certification of its product in addition to a moderate
financial risk profile, albeit constrained by small net worth.
These rating strengths are partially offset by the tender based
nature of VKA's business and the susceptibility of the company's
margins to volatility in foreign exchange rates.

Outlook: Stable

CRISIL believes that VKA will benefit over the medium term from
the WHO certification of its key product offering and the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if the company records greater-than-expected
revenue leading to healthier accretion to reserves while
maintaining its profitability and capital structure.

Conversely, the outlook may be revised to 'Negative' if the
company generates lower-than-expected accruals or if its
receivables collection deteriorates or if VKA undertakes
significant debt-funded capital expenditure programme, resulting
in weakening in its financial risk profile and liquidity.

Based in Karur (Tamil Nadu), VKA manufactures LLIN and sells the
same under its trademark, MAGNet. The product is incorporated with
the WHO-approved insecticide to provide long-lasting protection
against malaria and other diseases spread by insect vectors. VKA
is the only WHO certified LLIN manufacturer in India in addition
to having acquired ISO 9001:2008 and OHSAS 18001:2007
certifications.

For 2012-13, VKA reported profit after tax (PAT) of INR34.9
million on net sales of INR483 million, as against PAT of INR6.7
million on net sales of INR20.8 million for 2011-12.


VAJRAM SPINNING: CRISIL Reaffirms 'D' Ratings on INR69MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vajram Spinning Mills
Pvt Ltd continue to reflect instances of delay by VSMPL in
servicing its debt for October 2013, due to weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           25.0     CRISIL D (Reaffirmed)
   Cash Credit              25.0     CRISIL D (Reaffirmed)
   Letter of Credit          5.0     CRISIL D (Reaffirmed)
   Proposed Long-Term       14.0     CRISIL D (Reaffirmed)
   Bank Loan Facility

VSMPL also has modest scale of operations, and a weak financial
risk profile, marked by high gearing, small net worth, and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of VSMPL's promoters
in the cotton industry.

Update

VSMPL reported net sales of INR153 million in 2012-13 (refers to
financial year, April 1 to March 31), a growth of around 47 per
cent over the previous year (Rs.104 million in 2011-12). The
company's arrangement for power through alternate sources has
enabled an increase in capacity utilisation thereby supporting
significant revenue growth. For the seven months ended October 31,
2013, VSMPL reported sales of around INR98 million. VSMPL's
operating margin declined marginally to 11.9 per cent in 2012-13
(13.2 per cent in 2011-12) due to fluctuations in the cost of raw
materials. VSMPL's financial risk profile remains constrained by
high gearing of 12.32 times, small net worth of INR7 million and
below-average debt protection metrics with net cash accruals to
total debt and interest coverage ratios of 0.08 times and 1.78
times, respectively, for 2012-13. The company's operations remain
working-capital-intensive, marked by gross current assets (GCAs)
at 158 days in 2012-13. Consequently, the company's bank limit
utilisation was 100 per cent of its working capital limits,
thereby, constraining the liquidity.

VSMPL reported a profit after tax (PAT) of INR2 million on an
operating income of INR153 million for 2012-13, vis--vis a
reported loss of INR1 million on operating income of INR104
million for 2011-12.

VSMPL was set up in 2008. The company manufactures cotton yarn. It
has spinning mills in Rajapalayam (Tamil Nadu). VSMPL has an
installed capacity of 9160 spindles and is owned by Mr. N Selvaraj
and his family members.


VIRTUAAL RETAIL: CRISIL Reaffirms 'B-' Ratings on INR194MM Loans
----------------------------------------------------------------
CRISIL's ratings to the bank facilities of Virtuaal Retail Pvt Ltd
continues to reflect VRPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak liquidity and debt
protection metrics, and large working capital requirements. The
ratings also reflect the vulnerability of the company's operating
margin to volatility in product prices, and small scale of
operations, with geographical concentration in its revenue
profile. These rating weaknesses are partially offset by VRPL's
healthy revenue growth, diversified product portfolio, and
promoter's extensive experience in the retail business.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         16      CRISIL A4 (Reaffirmed)
   Cash Credit           150      CRISIL B-/Stable (Reaffirmed)
   Proposed Cash          12      CRISIL B-/Stable (Reaffirmed)
   Credit Limit
   Term Loan              32      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VRPL will continue to benefit over the medium
term from its promoter's extensive experience in the retail
industry. The outlook may be revised to 'Positive' if the cash
accruals are higher-than-expected or in case of large equity
infusion, leading to improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' if the company faces further pressure on financial
risk profile, particularly its liquidity, on account of larger-
than-expected working capital requirements or a large, debt-funded
capital expenditure.

Update

VRPL's operating income have increased by 10 per cent to INR950
million in 2012-13 (refers to financial year, April 1 to March 31)
from INR861 million in the previous year. The increase was mainly
due to improvement in sales volumes of brands like Tanishq,
Benetton and Puma through 2012-13. The company's operating
profitability has also improved to about 9.3 per cent as compared
to 6.8 per cent in the previous year owing to moderation of
operating costs. Over the medium term, the profitability is
expected to remain under similar levels.

VRPL's working capital requirements have remained high driven by
its large inventory cycle. The company's inventory requirements
have been about 120 days of sales as on Mar 31, 2013 and this has
led to gross current asset of over 135 days as on Mar 31, 2013.
The company's financial risk profile has remained weak, with high
gearing, a small net worth and weak debt-protection metrics. It
had a gearing of 5.6 times as on March 31, 2013, driven by its
large working capital requirements as against its small net worth
base. Its net worth stood at INR64 million as on March 31, 2013;
though the net worth has improved as compare to previous year on
account of equity infusion from the promoters, the net worth
continues to remained small because of low accretions to reserves.
The small net worth restricts the financial flexibility available
to the company in case of any adverse conditions or downturn in
the business. VRPL's debt-protection metrics remained average
because of its low accretions to reserves. Its interest coverage
and net cash accruals to total debt ratios were 2.1 times and 0.11
times, respectively, for 2012-13.

VRPL, on a provisional basis, reported a profit after tax (PAT) of
INR19 million on operating income of INR950 million for 2012-13;
the company had reported a PAT of INR2 million on net sales of
INR861 million for 2011-12.

Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to take
over the existing business of Virtuaal Jewels and Virtuaal
Apparels. Virtuaal Jewels operated retail showrooms of Tanishq
jewellery, Titan watches, and Titan Eye Plus, while Virtuaal
Apparels was a retailer of brands, such as Reebok, Adidas, Puma,
Lee, Benetton, GAS, Wrangler, and cellphones from Nokia. From
February 2011, both proprietorships were merged to have the entire
business under one umbrella. VRPL presently has 26 showroom across
Northern India as against 45 showrooms earlier in 2011-12; with,
geographically, Dehradun (Uttarakhand) contributing about 70 per
cent to its total revenues.


VVV CONSTRUCTION: CRISIL Reaffirms 'B' Ratings on INR90MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of VVV Construction
Private Limited continue to reflect VVVCPL's small scale of
operations, geographical concentration in its revenue profile, and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of VVVCPL's
promoters in execution of civil construction projects, and its
moderate financial risk profile, marked by comfortable capital
structure and debt protection metrics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            60      CRISIL A4 (Reaffirmed)

   Overdraft Facility        60      CRISIL B/Stable (Reaffirmed)
   Proposed Overdraft

   Facility                  30      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VVVCPL will continue to benefit over the
medium term from the industry experience of its promoters and its
moderate order book. The outlook may be revised to 'Positive' if
VVVCPL scales up its operations significantly while maintaining
its profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's revenues and
profitability, or deterioration in its working capital management,
resulting in stretched liquidity, or if it undertakes a large
debt-funded capital expenditure programme, leading to weakening of
its financial risk profile.

Update

VVVCPL reported a low growth in its revenues for 2012-13 (refers
to financial year, April 1 to March 31), broadly in line with
CRISIL's expectation. This was because of its presence in the
highly competitive construction segment coupled with slowdown in
execution of orders from the Government of Tamil Nadu. CRISIL
expects the company's revenue growth to remain subdued over the
medium term.

VVVCPL's operating profitability in 2012-13 was 8.9 per cent,
broadly in line with CRISIL's expectation. The operating
profitability is backed by a price escalation clause in its
contracts to pass on any sharp increase in raw material prices to
its principal contractors, though it is constrained by the tender-
based nature of its business. CRISIL believes that VVVCPL's
operating margin will remain at a similar level over the medium
term.

VVVCPL's financial risk profile remains moderate, marked by
comfortable capital structure and debt protection metrics.
However, the company's liquidity is weak, marked by fully utilised
bank lines on account of its working-capital-intensive operations,
and low cash accruals due to its small scale of operations;
however, its liquidity is supported by need-based fund support
from the promoters.

For 2012-13, VVVCPL reported a profit after tax (PAT) of INR8.8
million on net sales of INR239 million, against a PAT of INR9.0
million on net sales of INR237 million for 2011-12.

VVVCPL was set up in 1987 as a partnership; the firm was
reconstituted as a private limited company in 2005. VVVCPL is
engaged in execution of civil contracts for Tamil Nadu water
supply and drainage board and metro water. Its day-to-day
operations are managed by Mr. Venkata Vijayan.


WAVETRONIC SOLUTIONS: CRISIL Cuts Rating on INR200MM Loan to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the proposed bank facility of
Wavetronic Solutions Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BBB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Working         200      CRISIL BB/Stable (Downgraded
   Capital Facility                  from 'CRISIL BBB-/Stable')

The rating downgrade reflects pressure on WSPL's business risk
profile, resulting from weak ramp up in revenue, which has, in
turn, been on account of slowdown in offtake by customers, and
intensifying competition. Further, delay in revenue inflow from
the hardware and tablets business will also adversely impact
WSPL's operational performance, and consequently, its cash
accruals over the medium term.

The ratings continue to reflect WSPL's moderate financial risk
profile, marked by the absence of outstanding external debt. These
rating strengths are partially offset by WSPL's small scale of,
and working capital intensity in, its operations in the intensely
competitive software industry.

Outlook: Stable

CRISIL believes that WSPL will continue to benefit over the medium
term from its moderate financial risk profile. The outlook may be
revised to 'Positive' if increase in revenue and profitability
results in higher-than-expected cash accruals for WSPL, while it
maintains a healthy capital structure. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected cash accruals or
weakening in capital structure adversely impact WSPL's financial
risk profile.

Set up in 2004, WSPL develops, implements, maintains, and supports
software products and services in sectors such as education,
healthcare, telecommunications, and media.


YASH PHARMA: CRISIL Cuts Ratings on INR85MM Loans to 'B'
--------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank loan
facilities of Yash Pharma Laboratories Pvt Ltd to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', while reaffirming its rating on
the company's short-term facilities at 'CRISIL A4'.

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

   Letter of Credit           5      CRISIL A4 (Reaffirmed)

   Proposed Long-Term        13      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')


   Term Loan                 17      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the expected deterioration in
YPTPL's financial risk profile, especially liquidity, due to the
recent debt-funded capex undertaken by the company. YPLPL has
incurred a capex of INR 99 million during 2012-13 for the purchase
of new office premises at Thane (Maharashtra). The capex was
funded by a term loan of INR 68.5 million, INR 20 million from
deposits from the company's carrying and forwarding agents and
promoters contribution of INR 11 million. On account of the debt
funded capex, the company's gearing has deteriorated (2.26 times
as on March 31, 2013 from 1.16 times as on March 31, 2012) and is
expected to remain high over the medium term. The liquidity of the
company is stretched marked by the low cushion available in its
existing bank lines and tightly matched cash accruals vis-a-vis
term debt commitments. YPTPL is expected to generate cash accruals
of around INR 16 million and INR 19 million in 2013-14 and 2014-15
respectively against term debt obligations of around INR19 million
during the same period. CRISIL believes that the company's debt
servicing ability will depend on timely funding support from the
promoters over the medium term.

The rating continues to reflect YPLPL's modest scale of
operations, exposure to intense competition in the pharmaceutical
industry and working capital intensive nature of activity. These
rating weaknesses are partially offset by the extensive experience
of YPLPL's promoters in the pharmaceutical industry.

Outlook: Stable

CRISIL believes that YPLPL will continue to benefit over the
medium term from its promoter's extensive experience in the
pharmaceutical industry. The outlook may be revised to 'Positive'
in case of substantial and sustained improvement in its scale of
operations and margins, while improving its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a decline in the company's revenues or
operating margins or an elongation of its working capital cycle or
if it undertakes any debt funded capex plans, resulting in
weakening in its financial risk profile.

YPLPL established in 1972 by the Mumbai (Maharashtra) based Shah
family is engaged in the manufacture of pharmaceutical
formulations in the form of tablets, capsules, ointments, and
drops catering to various segments like Dermatology, Gynaecology,
Paediatric, and Ophthalmology. YPLPL sells formulations under its
brand such as Sunkroma, Iross, and Lemolinctus among others. The
company's manufacturing facilities are located in Roorkee
(Uttarakhand). YPLPL caters to the domestic market and its
products are sold through 18 distributors located all over India.

Mr. Yashodhan Shah is the Chairman and Managing Director and Mrs.
Nayna Shah (wife of Mr. Yashodhan Shah), their son Mr. Atri Shah
and Mrs. Falguni Shah (wife of Mr. Atri Shah) are the directors of
the company and oversee the day to day operations of the company.

YPLPL reported on provisional basis, a profit after tax (PAT) of
INR 7.4 million on net sales of INR409.1 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR0.04 million on net sales of INR383.8 million for 2011-12.


YSR SPINNING: ICRA Suspends 'BB' Rating on INR17.38cr Loans
-----------------------------------------------------------
ICRA has suspended '[ICRA]BB' rating assigned to the INR17.38
crore long term bank facilities and '[ICRA]A4' to the INR2.15
crore of YSR Spinning and Weaving Mills (P) 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.



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



CAFES 1: Moody's Puts Certificate Ratings on Review for Downgrade
-----------------------------------------------------------------
Moody's Japan K.K has placed the ratings for the Class A-1 through
D-2 Trust Certificates issued by Cafes 1 Trust on review for
downgrade.

The affected ratings are as follows:

Class A-1, Aa2 (sf) placed under review for downgrade; previously
on February 15, 2013, downgraded to Aa2 (sf)

Class A-2, Aa2 (sf) placed under review for downgrade; previously
on February 15, 2013, downgraded to Aa2 (sf)

Class B, A1 (sf) placed under review for downgrade; previously on
February 15, 2013, downgraded to A1 (sf)

Class C-1, Baa1 (sf) placed under review for downgrade; previously
on February 15, 2013, downgraded to Baa1 (sf)

Class C-2, Baa1 (sf) placed under review for downgrade; previously
on February 15, 2013, downgraded to Baa1 (sf)

Class D-1, Ba1 (sf) placed under review for downgrade; previously
on February 15, 2013, downgraded to Ba1 (sf)

Class D-2, Ba1 (sf) placed under review for downgrade; previously
on February 15, 2013, downgraded to Ba1 (sf)

Deal Name: Cafes 1 Trust

Class: Class A-1 through D-2 Trust Certificates

Issue Amount (Initial): JPY53.2 billion

Dividend: Fix/Floating

Issue Date (Initial): July 21, 2006

Legal Final Maturity: May 31, 2018

Underlying Asset (Initial): A non-recourse loan backed by an
office property in Tokyo

Originator: Calyon, Tokyo Branch (as of the issue date)

Arranger: Calyon Capital Markets Asia B.V., Tokyo Branch (as of
the issue date)

Ratings Rationale:

Moody's review of the ratings for downgrade is prompted by the
consideration of potential volatility in the property's value at
refinancing on or before the loan maturity date.

The loan is backed by an office building located in Tokyo. The
loan-to-value ratio of senior loan is close to 80%.

Currently, the building is occupied by a single tenant. The lease
agreement with this tenant will expire before the legal maturity
date.

In determining the property's value, Moody's expects volatility in
cash flow as the rent paid by the tenant is higher than the upper
range of the market rent.

During the review period, Moody's will assess its assumptions on
stabilized cash flows and the property's value in light of the
rental conditions in the sub-markets around the property.

Primary sources of assumption uncertainty are the conditions of
the current macroeconomic environment for the commercial real
estate market, especially occupancy rates, rents and the lending
policies of banks.

Moody's analysis assumes that the loan will miss its scheduled
maturity date in May 2016, and Moody's stresses the cash flow to
derive the property's value. Consequently, Moody's analysis
encompasses the assessment of stress scenarios.


L-JAC 6: Moody's Puts Cert. Ratings on Review for Downgrade
------------------------------------------------------------
Moody's Japan K.K. has placed the ratings of Class A through G-1
of L-JAC 6 trust certificates on review for downgrade.

The affected ratings are as follows:

Class A, A3 (sf) placed under review for downgrade; previously on
February 1, 2013, downgraded to A3 (sf)

Class B-1, Ba1 (sf) placed under review for downgrade; previously
on February 1, 2013, downgraded to Ba1 (sf)

Class C-1, B2 (sf) placed under review for downgrade; previously
on February 1, 2013, downgraded to B2 (sf)

Class D-1, Caa2 (sf) placed under review for downgrade; previously
on February 1, 2013, downgraded to Caa2 (sf)

Class E-1, Caa2 (sf) placed under review for downgrade; previously
on February 1, 2013, downgraded to Caa2 (sf)

Class F-1, Caa2 (sf) placed under review for downgrade; previously
on February 1, 2013, downgraded to Caa2 (sf)

Class G-1, Caa2 (sf) placed under review for downgrade; previously
on February 1, 2013, downgraded to Caa2 (sf)

Deal Name: L-JAC 6 Trust

Class: Class A through G-1 trust certificates

Issue Amount (Initial): JPY97.5 billion

Dividend: Floating

Issue Date (Initial): November 12, 2007

Final Maturity: October 25, 2016

Underlying Asset (Initial): Two non-recourse loans backed by real
estate

Originator: New Century Finance Co. Ltd. (as of the issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JAC 6 Trust is currently backed by one loan after the full
redemption of the other loan.

Ratings Rationale:

Moody's review of the ratings for downgrade is prompted by the
consideration of potential volatility in the price for the
property in view of the plan for its disposal on or before the
loan maturity date.

The remaining loan is backed by an office building located in
central Tokyo. The loan-to-value (LTV) ratio is over 100%, and the
loan's scheduled maturity is in September 2014. Only part of the
loan is therefore likely to be collected through selling the
office building.

Currently, the building is occupied by a limited number of
tenants. The lease agreement with the main tenant, who occupies a
majority of the rentable space, will expire in December 2014.

Moody's expects volatility in the building's cash flow as the
current rent paid by the main tenant is higher than the market
level.

During the review period, Moody's will assess its assumptions on
stabilized cash flows and property values in light of the rental
conditions in the sub-markets around the property.

Primary sources of assumption uncertainty are the conditions of
the current macroeconomic environment for the commercial real
estate market, especially occupancy rates, rents and the lending
policies of banks.

Moody's analysis assumes that the loan will miss its scheduled
maturity date in September 2014, and Moody's stresses the cash
flow to derive the property value. Consequently, Moody's analysis
encompasses the assessment of stress scenarios.



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


CHORUS LTD: Should Withdraw From UFB Contract, Broker Says
----------------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that Forsyth Barr said
Chorus Ltd should consider reneging on its contract to roll out
ultrafast broadband (UFB), even though it calculated the company
could face NZ$360 million in penalties.

According to the report, analyst Blair Galpin said cancelling the
UFB contract would also give the Crown the right, over the
following six months, to step in and take control of the company.
However, he said successfully backing out of the contract could
save Chorus NZ$1 billion in capital expenditure and allow it to
pay some dividends, which it might not otherwise be able to do,
the report says.

Stuff.co.nz relates that Forsyth Barr on November 29 slashed its
valuation of Chorus shares by more than 20 per cent in the wake of
news the Government would not have the support of minor parties to
set the price of copper broadband.

Although the Government began downplaying the likelihood of
legislating the price of copper broadband several weeks ago, Mr.
Galpin said confirmation there would be no law change could be
"the final straw" for investors, the report relays.

It means a NZ$10.54 monthly cut to the wholesale price of a copper
phone line and broadband connection, ordered by the Commerce
Commission, is likely to take effect from December next year,
Stuff.co.nz notes.

According to Stuff.co.nz, Forsyth Barr cut its "target price" for
Chorus shares from NZ$2.55 to NZ$2.10 and changed its
recommendation from "buy" to "hold".

The report relates Mr. Galpin said the next 24 months for Chorus
would be "dominated by uncertainty" while the commission carried
out a "full price principle" review of copper broadband pricing
demanded by Chorus.

The fact legislation was now off the table dramatically reduced
the options available for the Government to provide "any
meaningful support to Chorus", Mr. Galpin said, adding:
"Withdrawing from UFB contract should be considered," the report
adds.

                  Chorus Committed to UFB Rollout

Meanwhile, Stuff.co.nz reports that Chorus chief executive Mark
Ratcliffe said the company is "100 per cent committed" to the
ultrafast broadband network and walking away is the absolute "last
thing" it would look at.

It has been speculated that Chorus might be better off pulling out
of the contract to build the new communications network, even
though it might cost it hundreds of millions in damages.

"We are 100 per cent committed," the report quotes Mr. Ratcliffe
as saying.  "We haven't missed a beat on delivering to network
milestones. We are connecting every customer that wants to be
connected as quickly as we possibly can. "We don't think pulling
out is an option."

Mr. Ratcliffe adds that Chorus might sit down with the Government
to renegotiate the terms of the contract, the report adds.

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

                         About Chorus Ltd

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


HANOVER FINANCE: Ex-Director's Mansion Sold For NZ$39MM
-------------------------------------------------------
Michael Foreman at Stuff.co.nz reports that the seven-bedroom
clifftop mansion in Auckland's upmarket Paritai Drive developed by
former Hanover Finance director Mark Hotchin has been sold to
China-born businessman Deyi Shi for NZ$39 million.

Stuff.co.nz relates that the sale, which was flagged in July by
Fairfax Media, was confirmed by agent Graham Wall, of Graham Wall
Real Estate.

The sale price was nearly double the most recent council valuation
of NZ$22 million on the property, according to the report.

Mr. Wall, who marketed the property internationally, said he sold
a lot of expensive property. Such homes were not subject to
ordinary market conditions.

"Unique assets create their own market. It's the best house ever
built in New Zealand, I think, and so it was not a hard sell."

According to the report, Mr. Wall said he was unable to comment on
whether a caveat placed on the property's title by the Financial
Markets Authority (FMA) had been a hurdle in the sale process.

It is uncertain how much of any sale proceeds from the Paritai
Drive property would flow back to the Hotchin family or their
related trusts, the report adds.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


JASONS TRAVEL: PPB Advisory Appointed as Receivers
--------------------------------------------------
Laura Walters at Stuff.co.nz reports that NZAX-listed tourism
marketing company Jasons Travel Media has suspended trading after
being placed in receivership and breaching stock exchange listing
rules.

According to the report, the company, which distributes travel
information in print and online, said it had stopped trading on
the stock exchange after being placed in receivership on November
28.

Stuff.co.nz relates that Jasons Travel Media said given the
company's rapidly deteriorating financial position, the unlikely
prospects of a recovery in the short term, and the consequential
need to protect creditors and preserve the assets of the company,
the board had asked ANZ to appoint a receiver.

Stuff.co.nz, citing Companies Office, says Craig Crosbie --
ccrosbie@ppbadvisory.com -- of business advisory and insolvency
company PPB Advisory, had been appointed as receiver.

The report adds that PPB Advisory New Zealand managing partner
David Webb said in a written statement the receivers were
conducting an urgent review of the business. The business would
continue to operate as normal, and all staff would be paid their
wages throughout the review process, Mr. Webb, as cited by
Stuff.co.nz, said.

Mr. Webb said receivers were also in discussions with several
unnamed parties who had expressed an interest in purchasing
Jasons, the report relays.

Auckland, New Zealand-based Jasons Travel Media Ltd --
http://www.jasons.co.nz/-- is engaged in multi-media business.
The Company is a multi-media creator and distributor of travel,
tourism and leisure information for New Zealand, Australia and the
South Pacific Islands through its Website www.jasons.co.nz,
printed travel guides, maps and directories. The Company also
hosts tourism and travel-related Websites and manages contract
print and digital publishing, distributes print brochures and
visitor information for independent third parties. The Company
operates in the tourism markets of New Zealand, Australia and the
South Pacific. The Company's subsidiaries include Jasons Travel
Media Pty Limited, Visitorpoint Ltd, Southern Brochure
Distribution Ltd, Today & Tonight Ltd and Carlton Tourism
Promotions Ltd.



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


AMARU INC: Incurs $252,470 Loss From Operations in 3rd Quarter
--------------------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a loss
from operations of $252,470 on $6,800 of revenues for the three
months ended Sept. 30, 2013, as compared with a loss from
operations of $259,515 on $3,530 of revenues for the same period a
year ago.

For the nine months ended Sept. 30, 2013, the Company incurred a
loss from operations of $799,262 on $20,750 of revenues as
compared with a loss from operations of $708,484 on $6,643 of
revenues for the same period a year ago.

As of Sept. 30,2013, the Company had $1.81 million in total
assets, $3.32 million in total liabilities and a $1.51 million
total stockholders' deficit.

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

                        http://is.gd/0kgW6S

                     Amends Q3 2012 Form 10-Q

Amaru Inc. has amended its quarterly report for the period ended
Sept. 30, 2012.  As restated, the Company reported a loss from
operations of $259,515 on $3,530 of revenues for the three months
ended Sept. 30, 2012, as compared with net income including
noncontrolling interest of $683,062 on $3,530 of total revenue
as originally reported.  The Company's restated balance sheet at
Sept. 30, 2013, showed $3.07 million in total assets, $3.57
million in total liabilities and a $496,938 total stockholders'
deficit.  The Company previously reported $3.28 million in total
assets, $3.08 million in total liabilities and $195,261 in total
stockholders' equity as of Sept. 30, 2012.  A copy of the Form 10-
Q, as amended, is available for free at http://is.gd/zckAEo

                           About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

Wei, Wei & Co., LLP, in Flushing, New York, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has sustained accumulated losses from operations
totaling $41,220,399 and $41,322,752 at Dec. 31, 2012, and 2011,
respectively, the Company's continued losses from operations and
the difficulty it has had in raising adequate additional
financing.  These conditions and the Company's lack of significant
revenue, raise substantial doubt about the Company's ability to
continue as going concern.



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


KOOKMIN BANK: Consumer Advocacy Group to Request FSS Probe
----------------------------------------------------------
Yonhap News Agency reports that a consumer advocacy group said it
plans to request the financial watchdog to probe top lender
Kookmin Bank on concerns over losses inflicted on bank customers.

According to the report, KB Financial Group and its banking unit
Kookmin Bank have been under fire as the Tokyo office of Kookmin
Bank is suspected of raking in KRW2 billion (US$1.89 million) from
illegal lending and sending the hefty commissions back home.

Yonhap relates that the Financial Consumer Agency said that it
plans to accept complaints from loss-hit customers due to Kookmin
Bank's alleged wrongdoings and will request the Financial
Supervisory Service (FSS) to probe them within this year.

"We plan to request the audit on the grounds that hundreds of bank
customers feel uneasy and there is a possibility that they have
incurred losses," Yonhap quotes Cho Nam-hee, head of the consumer
advocacy group, as saying.

The agency also said it plans to file a complaint with Euh Yoon-
dae, the former chairman of KB Financial Group, and Min Byong-
deok, the former head of Kookmin Bank, citing their mismanagement,
Yonhap relays.  It noted that it will also seek to request current
heads of the group and the bank to step down.

Adding to the Tokyo office incident, the report relates, Kookmin
Bank has been under criticism over other wrongdoings including its
heavy investment loss related to Almaty-based Bank CenterCredit
(BCC).

Lee Kun-ho, president of Kookmin Bank, made public apology on
November 27, saying that he will take responsibility for a series
of mishaps, Yonhap reports.

South Korea-based Kookmin Bank Co. Ltd. provides various banking
and other financial services to individuals, small- and medium-
sized enterprises, and large corporations.



=============
V I E T N A M
=============


VIET NAM FOOD: Ex-Director Gets 30-Year Jail For Embezzlement
-------------------------------------------------------------
Biz Hub reports that a HCM City court on November 27 handed down
sentences of seven to 30 years to five defendants involved in
embezzlement of funds at the Viet Nam Food Industries Joint-Stock
Company (Vifon) from 2002 to 2006.

The report says the court sentenced Nguyen Thanh Huyen, former
deputy general director of Vifon, to 30 years for embezzling funds
and abusing confidence by misappropriating assets.

Nguyen Bi, former chairman of the management board and general
director of Vifon, was sentenced to 22 years for abusing
confidence by misappropriating assets, the report relates.

Dam Tu Lien, ex-chief account of Vifon, was sentenced to eight
years in jail, while Duong Thi Man, ex-accountant; and Ka Thi Thu
Hong, ex-cashier of Vifon, were sentenced to seven years in
prison, Biz Hub discloses.

According to the report, Nguyen Thanh Huyen was ordered to pay the
Ministry of Industry and Trade VND9.8 billion and VND1.3 billion
to Vifon.

Nguyen Bi was told to pay VND2.283 billion to Vifon.

According the report, the case involving Vifon caused losses of
VND16.4 billion to State coffers and another loss of VND3.6
billion to shareholders of Vifon.

Between 2002 and 2006, when the company was being privatised, the
five men allegedly faked documents, misappropriating more than
VND20 billion, the report notes.

Viet Nam Food Industries Joint-Stock Company (Vifon) manufactures
instant food in Vietnam. It produces many types of instant
noodles, instant food made from rice (Pho soup, soft noodles,
vermicelli, porridge), retort pouch and seasoning.



                             *********

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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