TCRAP_Public/131204.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

          Wednesday, December 4, 2013, Vol. 16, No. 240


                            Headlines


A U S T R A L I A

ANCORA: S&P Lowers Rating on Sub. Secured Annuity Bond to 'BB'
BRUNSWICK MANOR: Residents Won't Get AUD2 Mil. Refund
CORPROFIT SYSTEMS: In Administration; Owes Up to AUD1 Million
MISSION NEWENERGY: Unit Wins Counter Claim vs. KNM Process
WINDSOR FARM: Administrators Recover Money For Creditors

* AUSTRALIA: ASIC Says 81% of Insolvencies in 2012/2013 in SMEs


C H I N A

CSC PHOENIX: Wuhan Court Accepts Liquidation Bid


I N D I A

ADVATECH CERA: CRISIL Reaffirms 'B+' Rating on INR280MM Loans
AMBER ELECTROTECH: CRISIL Rates INR80MM Loan at 'BB'
AMRIT ENGINEERING: CRISIL Cuts Rating on INR60MM Loans to 'B-'
ANALCO INDIA: CRISIL Assigns 'B+' Ratings to INR73MM Loans
ANJANI SYNTHETICS: CRISIL Assigns 'BB+' Ratings to INR620MM Loans

ANK FASHIONS: ICRA Suspends 'B+' Rating on INR9.75cr Loans
ATLAS PVC: CRISIL Rates INR40MM Cash Credit at 'B-'
BHARAT CHEMICAL: CRISIL Ups Ratings on INR75MM Loans to 'B+'
BHARAT TOOL: ICRA Reaffirms 'B+' Ratings on INR5.25cr Loans
BISHAN SAROOP: ICRA Reaffirms 'BB' Rating on INR110cr Loans

COTTON ASIA: CRISIL Assigns 'BB-' Ratings to INR60MM Loans
CREATIONS: CRISIL Assigns 'B+' Ratings to INR80MM Loans
DEVELOPMENT PROJECTS: CRISIL Reaffirms B Ratings on INR100M Loans
GLOBE PRECISION: ICRA Reaffirms BB+ Ratings on INR21.9cr Loans
GOLDEN SPINNING: CRISIL Ups Ratings on INR75.8MM Loans to 'B'

GOVIND RUBBER: CRISIL Assigns 'D' Ratings to INR1.5BB Loans
GURUFCURE: ICRA Rates INR9cr Fund Based Loans at 'B+'
H.D. WIRES: ICRA Reaffirms 'BB+' Ratings on INR14.5cr Loans
HANS RAJ: CRISIL Assigns 'B+' Ratings to INR149.8MM Loans
HYDERABAD DUTY: ICRA Reaffirms 'BB+' Ratings on INR30.41cr Loans

INNOVATORS FACADE: CRISIL Cuts Rating on INR7.1MM Loan to 'B+'
ISPAT TRADERS: ICRA Revises Ratings on INR7.04cr Loans to 'BB-'
JYOTI THREADS: CRISIL Raises Ratings on INR240MM Loans to 'BB'
K. RASIKLAL: ICRA Reaffirms 'BB+' Rating on INR3cr Loan
KOYILI HOSPITAL: CRISIL Assigns 'D' Ratings to INR200MM Loans

KHUSHBU SALES: CRISIL Reaffirms 'B+' Ratings on INR250MM Loans
LAKSHMI TRADERS: CRISIL Assigns 'B' Rating to INR50MM Loan
LARS MEDICARE: CRISIL Ups Ratings on INR84.2MM Loans to 'BB-'
LSR FORGE: CRISIL Cuts Ratings on INR200MM Loans to 'BB-'
LUDHIANA STEEL: CRISIL Cuts Rating on INR200MM Loan to 'BB+'

M2K ENTERTAINMENT: CRISIL Cuts Rating on INR149MM Loan to 'BB+'
M. P. INTERNATIONAL: ICRA Suspends B+ Rating on INR9.5cr Loan
MAC-CHEM PRODUCTS: ICRA Assigns 'BB' Ratings to INR24.19cr Loans
MASTER BUSINESS: CRISIL Assigns 'B' Rating to INR130MM Loans
MRG FASHIONS: ICRA Reaffirms 'B' Rating on INR7.5cr LT Loans

NARAYANI HOTELS: CRISIL Cuts Ratings on INR472.5MM Loans to 'D'
OMNITECH INFOSOLUTIONS: ICRA Cuts Ratings on INR161cr Loan to BB-
PATLIPUTRA EQUIPMENTS: CRISIL Rates INR200MM Loan at 'BB+'
PODDAR CAR: CRISIL Upgrades Ratings on INR185MM Loans to 'BB'
PRACHEE FILAMENTS: ICRA Cuts Ratings on INR21.75cr Loans to D

RADHE ALLOY: ICRA Suspends 'B+' Ratings on INR13.7cr Loans
RADHE HURKAT: CRISIL Assigns 'B' Ratings to INR55MM Loans
RAJNANDGAON MOTOR: ICRA Suspends 'B+' Rating on INR5.5cr Loans
RASBIHARI ENTERPRISES: CRISIL Rates INR75MM Loan at 'B'
ROHIT EXTRACTIONS: CRISIL Reaffirms BB- Ratings on INR145MM Loans

S & P FEEDS: ICRA Assigns 'B+' Ratings to INR15.87cr Loans
S.R. TIMBER: CRISIL Cuts Ratings on INR374.5MM Loans to 'D'
S.R. WORTH: CRISIL Cuts Ratings on INR259MM Loans to 'D'
S R LOG: CRISIL Downgrades Rating on INR120MM Loans to 'D'
SAI CONSTRUCTION: CRISIL Reaffirms BB- Rating on INR25MM Loan

SAROJINI FERRO: CRISIL Assigns 'B-' Ratings to INR200MM Loans
SATIA INDUSTRIES: ICRA Revises Ratings on INR90cr Loans to 'BB'
SHETKARI SHIKSHAN: CRISIL Reaffirms 'D' Rating on INR195MM Loan
SHIVNATH AUTOMOBILES: CRISIL Puts 'BB-' Ratings on INR250MM Loans
SHIVNATH TRACTORS: CRISIL Assigns 'B+' Ratings to INR95MM Loans

SHREE GOVIND: CRISIL Reaffirms 'B-' Ratings on INR60MM Loans
SHREE RAM: ICRA Reaffirms 'BB-' Ratings on INR5.65cr Loans
SPAN DIAGNOSTICS: CRISIL Cuts Ratings on INR325.6MM Loans to BB+
SRI VAARU: ICRA Assigns 'BB' Ratings to INR14.16cr Loans
SUNDARAM ALLOYS: ICRA Ups Ratings on INR55.65cr Loans to 'C'

UNIQUE SOCIAL: CRISIL Assigns 'B-' Ratings to INR50MM Loans
UPPAL FERROCAST: ICRA Reaffirms 'B' Rating on INR5.05cr Loan
V.K.GOPAL: ICRA Assigns 'B' Ratings to INR7.5cr Loans
VISHNU VIDYUTH: CRISIL Assigns 'D' Ratings to INR300MM Loans
VRS GRANITES: CRISIL Assigns 'D' Ratings to INR100MM Loans


S O U T H  K O R E A

KOOKMIN BANK: To Close 55 Branches as South Korean Margins Narrow


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ANCORA: S&P Lowers Rating on Sub. Secured Annuity Bond to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
rating on Ancora (RCH) Pty Ltd.'s subordinated, secured, CPI
indexing annuity bond to 'BB', from 'BB+'.  The rating outlook on
the subordinated secured debt is negative.  At the same time, S&P
has affirmed the 'BBB' rating on Ancora's senior-secured debt with
a stable outlook.  Ancora is the finance arm of Children's Health
Partnership Pty Ltd. (ProjectCo), which is the trustee of the CHP
Unit Trust, the concession holder for the Melbourne Royal Children
Hospital project granted by the State of Victoria in 2007.

"The downgrade on Ancora's subordinated secured Consumer Price
Inflation (CPI) bonds reflects the weaker cash flow coverage for
this tranche of debt," said Standard & Poor's credit analyst
Graeme Ferguson.  "These bonds have a greater reliance on
commercial revenue--including revenue from noncore commercial
activities--than the project's senior debt."

The weaker-than-expected leasing environment for the hospital
project's Stage 1 tenancies has prompted a downward revision of
commercial revenue forecasts.  A number of tenancies were
renegotiated shortly after their start date to reflect weaker-
than-expected trading conditions and uneven foot traffic.  While
the key commercial spaces for Stage 2 have been leased, including
a hotel lease for the full term of the project, the revised cash
flow outcome for Stage 1 leases has raised some uncertainty
regarding the stabilized rental returns for these leases.  S&P
believes a similar renegotiation could occur for Stage 2 leases,
resulting in some uncertainty about the project's long-term cash
flows.  Lower-than-expected CPI outcomes have also affected cash
flow coverage.

In addition, the lease revenue from consulting suites forms a
meaningful part of Stage 2 commercial tenancies.  An entity
related to the hospital has agreed to lease the consulting suites
as a single block and will assume responsibility for sub-leasing.
As part of this transaction, ProjectCo will realize forward cash
flows as a one-off lump sum during the March quarter 2015, with
their distribution to equity-holders expected to be accelerated
over a four-year period.  For the purpose of S&P's cash flow
analysis, however, it is assuming the entire lump sum will be
distributed in the March 2015 quarter.

The decision to accelerate this distribution is contrary to S&P's
expectation that these cash flows would have been available
throughout the life of the project to provide cash flow coverage
to debt holders.  The removal of these long-term cash flows has
materially affected debt-service coverage ratios, particularly for
subordinated CPI bonds that have a disproportionate exposure to
commercial leases revenue.  Furthermore, the unilateral decision
to benefit equity-holders indicates a change of behavior that
calls into question ProjectCo's commitment to maintaining expected
cash flow structures.  Consequently, S&P's negative outlook on
subordinated CPI bonds incorporates an elevated risk that future
equity-friendly decisions may further weaken debt-service coverage
ratios.

The affirmation on the 'BBB' ratings on the A$1.08 billion senior-
secured, CPI-indexing annuity bonds issued by Ancora reflects
S&P's view of the stability and predictability of the
availability-based payments derived from the concession contract
with the state.

Mr. Ferguon added: "The negative outlook on the subordinated CPI
bonds reflects their disproportionate exposure to third-party
commercial leases, a weaker-than-expected leasing environment, and
uncertainty regarding stabilized long-term rental returns for
Stage 2 leases.  The lump-sum forward payment for the consulting
suite lease and ProjectCo's decision to expedite its distribution
have removed cash flows that would have been available throughout
the life of the project to provide cash flow coverage to debt
holders.  The decision also introduced an element of uncertainty
regarding the structure of future cash flows. "

The stable outlook on the ratings on Ancora's senior-secured debt
reflects S&P's expectation that Spotless will continue to operate
the project satisfactorily, with performance abatements, if any,
remaining at very low levels.  S&P also expects that Lend Lease
will continue to progress the Stage 2 Works on time and budget.
S&P's outlook assumes a continued cooperative relationship between
all project stakeholders.

S&P believes that there is limited upward pressure on the senior-
secured debt ratings given its view that cash flows have
potentially more downside than upside, and that S&P's current
rating already factors in the continued satisfactory performance
by Spotless.  Upward pressure on the subordinated debt is remote
at this stage, given that the subordinated bonds partly rely on
commercial revenue to maintain adequate debt-service coverage.  To
this end, upward revision of the rating on subordinated bonds may
not be in lock-step with the senior debt ratings.

A revision of the outlook on the junior bonds back to stable would
require, at a minimum, greater comfort around the long-term
certainty of the cash flows from the Stage 2 leases.  Upward
rating action would also be contingent upon receiving certainty
with regard to the structure of future cash flows as well as a
meaningful improvement in stabilized rent returns.

Downside pressure could materialize if construction encounters
material issues, if Spotless performs below expectations, or if
stabilized Stage 2 rental returns are weaker-than-expected.  The
commercial leasing environment will put additional pressure on the
subordinated bonds compared to the senior debt.  Changes to the
structure of cash flows that result in weaker-than-expected
coverage measures may also pressure the ratings.


BRUNSWICK MANOR: Residents Won't Get AUD2 Mil. Refund
-----------------------------------------------------
Nick Toscano at The Age reports that elderly former residents of
Brunswick Manor nursing home will not be refunded more than
AUD2 million in bonds they paid to it before it was stripped of
its accreditation and forced to shut.

The 60-bed Brunswick Manor nursing home closed its doors in
September, after authorities uncovered a string of serious health
and safety breaches.  The facility has since gone into
liquidation.

The Age relates that the aged-care operator had collected
accommodation bonds from 16 families, some as much as AUD449,000.

According to the report, 45 former employees at the West Brunswick
facility, who are owed more than AUD200,000 in unpaid wages and
entitlements, have also been left in limbo.

Families and former workers are furious after being told the
nursing home's operator was unable to return any of the money when
the company went into liquidation last month, the report says.

Their hopes of recouping any money now hang in federal government
insurance schemes, according to The Age.

The Age notes that many are questioning what the operator used the
millions of dollars of residents' bonds to pay for, and how the
business was allowed to operate on such a thin margin.

Liquidator Shane Deane -- shane@dyeco.com.au -- of Dye & Co, is
investigating whether the company had been trading while
insolvent, the report discloses.

The liquidators will probe the cause of the company's financial
ruin and whether there were any corporate or criminal offences
involved, The Age adds.

Brunswick Manor is a Melbourne-based nursing home.


CORPROFIT SYSTEMS: In Administration; Owes Up to AUD1 Million
-------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that CorProfit Systems has
collapsed, with debts expected to be close to AUD1 million, as the
uptake of its software has been slower than expected.

CorProfit Systems was placed in administration on November 29 and
Murray Godfrey and David Iannuzzi were appointed as administrators
from Veritas Advisory.

SmartCompany relates that the company develops risk management
technology for businesses in sectors such as banking and finance,
construction, manufacturing, mining and telecommunications.  As
well as developing the technology, it also provides consulting and
training services.

Mr. Godfrey told SmartCompany the company's product wasn't taken
up by the market as quickly as predicted.

"Lots of money was invested in R&D and in getting the product to
market, but it's had a slower than expected take up in the
marketplace," SmartCompany quotes Mr. Godfrey as saying. "Lots of
money was invested by people to fund the program, so you have a
situation where the business has run out of cash."

According to the report, Mr. Godfrey said at this point he's still
in the process of assessing the business.

At the moment the company has nine employees and as yet there
haven't been any redundancies, SmartCompany relates.

SmartCompany relates that Mr. Godfrey said he estimates the debt
is just under AUD1 million, not including investor money.

The first creditors' meeting is scheduled for Dec. 10, 2013, the
report discloses.

CorProfit Systems is a New South Wales-based risk management
technology business.


MISSION NEWENERGY: Unit Wins Counter Claim vs. KNM Process
----------------------------------------------------------
Mission NewEnergy Limited's wholly owned subsidiary Mission
Biotechnologies Sdn Bhd (MBTSB) has successfully defended itself
against a suit filed by KNM Process Systems Sdn Bhd (KNM) in the
High Court of Kuala Lumpur.

In its suit, KNM as Plaintiff, sought to recover a sum of
approximately A$130,000 (RM380,000) from MBTSB.  However, MBTSB,
in its defense acknowledged that only about A$103,000 (RM302,000)
was due to KNM and simultaneously filed a counter claim amounting
to approximately A$887,000 (RM2.6 million) against KNM.

The High Court of Kuala Lumpur in its judgment granted the counter
claim and ordered KNM to pay MBTSB the sum of approximately
A$785,000 (RM2.3 million), after setting off the RM302,000 due to
KNM, with costs.

Meanwhile, in the matter of arbitration between MBTSB and KNM, the
3 party tribunal has been established and an initial preliminary
meeting between the tribunal and the solicitors has been held.
MBTSB expects to commence filing its claim documents soon.

                          Meeting Results

At Mission NewEnergy's Annual General Meeting which was held on
Nov. 29, 2013, the members adopted the remuneration report and re-
elected Dario Amara and Peter Torre as directors.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy disclosed net profit of A$10.05 million on
A$8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of A$6.19 million on A$38.20 million
of total revenue during the prior fiscal year.

The Company's balance sheet at June 30, 2013, showed A$20.10
million in total assets, A$32.60 million in total liabilities and
a A$12.50 million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


WINDSOR FARM: Administrators Recover Money For Creditors
--------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Grant Thornton's
Trevor Pogroske, administrator of Windsor Farm Food, has recovered
money as payment for creditors before the collapse of the
business.

dissolve.com.au relates that Mr. Pogroske said following months of
investigations, about 20 creditors obtained preferential payments
and many have already settled for an unrevealed amount. He noted
that the recent development depicted a victory for the special
federal government scheme which assists employees left out of
work, dissolve.com.au relays.  According to the report, Mr.
Pogroske added that the Fair Entitlement Guarantee Scheme funded
the liquidators in order to pay out workers up to
AUD2.9 million.

The administrator also stressed that most of the money being
recovered will go back to the scheme to benefit employee
entitlements, dissolve.com.au adds

Windsor Farm Foods Group's principal activities comprise the
canning of food products for the retail and food service industry,
and the preparation and distribution of dry food products to the
food service industry and manufacturing.

Grant Thornton Recovery and Reorganisation Partners, Trevor
Pogroske, Said Jahani and Paul Billingham were appointed Joint and
Several Voluntary Administrators of Windsor Farm Foods Group
Limited, Windsor Farm Foods Pty Limited, Cowra Export Packers
Limited and Cowra Canners Pty Limited on March 12, 2013.

The Administrators will conduct investigations and review the
business in an effort to try to sell the business and realise
assets for the benefit of all creditors.


* AUSTRALIA: ASIC Says 81% of Insolvencies in 2012/2013 in SMEs
---------------------------------------------------------------
Pool+Spa reports that figures released from the Australian
Securities and Investments Commission (ASIC) reveal 81% of
businesses which became insolvent in 2012/2013 were small
businesses with fewer than 20 employees.

Pool+Spa relates that the construction sector was the worst
affected, with 24% of the insolvent companies in that sector,
matched by the "other" category which is mainly composed of
business and personal services firms.

According to Pool+Spa, Rodgers Reidy Director Brent Morgan told
SmartCompany when larger firms collapse, many small businesses end
up being impacted. "We're finding firms which deal with small to
medium enterprises (SMEs) are getting busier, while the big
insolvency businesses have quietened down," Mr. Morgan told
SmartCompany.

Pool+Spa relates that Mr. Morgan said it's not a surprise many
businesses in the construction sector are feeling the pressure.
"In construction we're seeing that trend and those statistics are
no surprise. Anything relating to the sector is struggling.
Building, excavation and even transport businesses," the report
quotes Mr. Morgan as saying. "They're toppling over and there are
tighter margins in all industries involved in the sector."

According to ASIC, the primary cause for company failure was poor
strategic management of the business, as 42% of businesses
reported this as a cause. Forty-one per cent also said inadequate
cash flow or high cash use was a driving factor and 32% were
trading at a loss.  Mr. Morgan said the Australian Taxation Office
has also been more vigilant in chasing debts recently, Pool+Spa
reports.



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


CSC PHOENIX: Wuhan Court Accepts Liquidation Bid
------------------------------------------------
SinoShip News reports that CSC Phoenix said it has received a
notice from Wuhan Intermediate People's Court that the court has
accepted petitions from two creditors, Zhuhai Yamen Energy-Saving
Products Co and Nantong Tianyi Ship Supply Co, to liquidate CSC
Phoenix.

SinoShip News relates that CSC Phoenix will suspend the trading of
its stock on December 27 until the court makes the final ruling on
the case.  A creditor's meeting will also be held on December 30,
the report discloses.

CSC Phoenix said it will delist from Shenzhen Stock Exchange if
the court orders it to liquidate the company, SinoShip News
reports.

China-based CSC Phoenix Co., Ltd., provides dry bulk transport.



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


ADVATECH CERA: CRISIL Reaffirms 'B+' Rating on INR280MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Advatech Cera Tiles Ltd
continue to reflect its large working capital requirements, and
the modest scale of its operations in the highly fragmented
ceramics market. These rating weaknesses are partially offset by
ACTL's established distribution network and track record of
promoters in the ceramics industry. The ratings also factor in the
company's moderate profitability from value-added products.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash credit         165.0     CRISIL B+/Stable (Reaffirmed)
   Bank Guarantee       20.0     CRISIL A4 (Reaffirmed)
   Term Loan            66.0     CRISIL B+/Stable (Reaffirmed)
   Proposed Long-Term
   Bank Loan Facility   49.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACTL will maintain its business risk profile,
over the medium term, backed by its established distribution
network and client base. The outlook may be revised to 'Positive'
if the company efficiently manages its working capital or improves
its capital structure supported by an equity infusion from the
promoters, thus improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if ACTL generates lower-
than-expected sales driven by the continued slowdown in the
ceramic industry, which may adversely affect its cash accruals; or
reports larger-than-expected incremental working capital
requirements, thereby constraining its financial risk profile.

Update

ACTL recorded net sales below CRISIL's expectations, at INR243.2
million for 2012-13 (refers to financial year, April 1 to
March 31), due to a delay in stabilising the company's second
manufacturing line for glaze vitrified tiles (GVT). However, with
sales of INR204 million as of September 2013, and assured job work
sales, ACTL is likely to report total sales between INR400 million
and INR430 million for 2013-14. With a focus on own brand sales in
the high value-added GVT tiles segment and savings on raw material
costs, ACTL's has been able to operate at margins of 21.3 per cent
for 2012-13. Going forward the margins are expected to moderate
around 15-18 per cent due to own brand and job work sales. ACTL's
gearing was high at 2.7 times as on March 31, 2013, driven by its
working-capital-intensive operations, and debt-funded capital
expenditure (capex) programme. The company has stretched liquidity
because of its large working capital requirements, marked by high
bank limit utilisation. However, its cash accruals are likely to
be sufficient to service its term debt for 2013-14.

ACTL reported a net profit of INR4.2 million on net sales of
INR243.2 million for 2012-13, vis--vis a net profit of INR5.0
million on net sales of INR482.0 million for 2011-12.

ACTL was incorporated in Mehsana (Gujarat) in 2004. The company is
promoted by Mr. B T Patel, Mr. Jagdish Rawal, and Mr. Baldeo
Rawal. ACTL manufactures porcelain-glazed floor tiles and GVT.


AMBER ELECTROTECH: CRISIL Rates INR80MM Loan at 'BB'
----------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Amber Electrotech Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               80       CRISIL BB/Stable
   Letter Of Guarantee      220       CRISIL A4+

The ratings reflect the benefits that AEL derives from its
moderate financial risk profile, moderate order book reflecting
near term revenue visibility, and its promoter's extensive
experience in the electrical contracting industry. These rating
strengths are partially offset by AEL's sizeable working capital
requirements and average profitability.

Outlook: Stable

CRISIL expects AEL to maintain a stable credit risk profile on the
back of its moderate financial risk profile marked by low gearing
and its promoters' extensive experience in the electrical
contracting industry. The outlook may be revised to 'Positive' if
AEL reports higher-than-expected accruals due to improvement in
profitability or scale of operations along with improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' if delay in completion of ongoing projects, decline in
order book, or stretch in receivables cycle lead to deterioration
in its working capital management.

AEL, started in 1958 as Amber Electronics and incorporated in
2005, is engaged primarily in electrical contracting and providing
indoor & outdoor electrification solutions using low tension/high
tension (LT/HT) panels, diesel generator (DG) sets, transformers
and substations. The company was founded by Mr. Surinder Singh and
is currently managed by his son Mr. Amarjeet Singh Abbot. The
company is based in New Delhi.


AMRIT ENGINEERING: CRISIL Cuts Rating on INR60MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Amrit Engineering & Foundry Works to 'CRISIL B-/Stable' from
'CRISIL B+/Stable' while the rating on short term facility has
been reaffirmed at CRISIL A4'.

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

   Letter of Credit        5       CRISIL A4 (Reaffirmed)

   Term Loan               5       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in Amrit Group's
business and financial risk profile. The group's business risk
profile has deteriorated reflected in net losses due to lower
offtake from customers against expansion undertaken in the past.
This along with capital withdrawals of INR 13.9 million has
resulted in a stretch in group's liquidity, also reflected in
delays in servicing debt obligations in ADPL. CRISIL believes that
the liquidity profile of the group will remain under pressure due
to lower than expected offtake from expanded capacity.

The ratings continue to reflect the Amrit group's weak financial
risk profile, marked by high gearing and weak debt protection
metrics, working-capital-intensive operations, customer and end-
user industry concentration, and small scale of operations. These
rating weaknesses are partially offset by the extensive experience
of the group's promoters in the automotive components industry,
and its established relationships with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AEFW and Amrit Duraparts Pvt Ltd. This
is because the two entities, together referred to as the Amrit
group, have operational and financial linkages with each other,
and are under a common management.

Outlook: Stable

CRISIL believes that the Amrit group will maintain its business
risk profile over the medium term, supported by its promoters'
industry experience. The group's financial risk profile, however,
is expected to remain constrained because of stretched liquidity.
The outlook may be revised to 'Positive' if the group
significantly increases its scale of operations and reports
better-than-expected profit thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the Amrit group takes longer than expected to increase sales from
its enhanced capacities, or if the group's operating margin
declines, or its working capital cycle weakens further, leading to
further deterioration in its financial risk profile, particularly
its liquidity.

ADPL was incorporated in 2004, promoted by Mr. Amandeep Singh in
Goraya (Punjab). It is engaged in casting of pig iron and
machining of components for supply to the automotive and tractor
industry. Its manufacturing facilities are at Goraya and Phagwara
(Punjab).

AEFW is a 65:35 partnership between Mr. Amandeep Singh and his son
Mr. Pritender Singh. The firm is engaged in the casting of pig
iron to manufacture components for supply to the automotive and
tractor industry. The firm's facility is in Goraya. It outsources
part of its machining requirement to ADPL.


ANALCO INDIA: CRISIL Assigns 'B+' Ratings to INR73MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Analco India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        50      CRISIL B+/Stable

   Proposed Letter of
   Credit & Bank Guarantee   50      CRISIL A4

   Cash Credit               23      CRISIL B+/Stable

   Letter of credit &
   Bank Guarantee            27      CRISIL A4

The ratings reflect AIPL's small scale of, and working capital
intensive, operations. The ratings also factors in AIPL's weak
financial risk profile, marked by high total outside liabilities
to tangible net worth (TOLTNW) ratio and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of AIPL's promoters in the trading industry,
financial support provided by its promoters, and a diversified
product portfolio.

Outlook: Stable

CRISIL believes that AIPL will maintain a stable business risk
profile over the medium term supported by the extensive experience
of its promoters in the trading business. The outlook may be
revised to 'Positive' if its financial risk profile improves on
the back of a significant and sustained increase in scale of
operations and operating margin. Conversely, the outlook may be
revised to 'Negative' if AIPL's financial risk profile and
liquidity deteriorate because of large borrowings for working
capital requirements or a decline in operating profitability.

Incorporated in 1969, AIPL commenced operations from 1995 and has
been involved in trading in a wide range of products, including
timber, plywood, aluminium sheets, and adhesives. The company is
promoted by the Singhal family, with Mr. Satish Kumar and Mr.
Vishwas Singhal being the majority shareholders and directors.

AIPL reported a profit after tax (PAT) of INR0.7 million on an
operating income of INR205.1 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR0.5
million on an operating income of INR174.5 million for 2011-12.


ANJANI SYNTHETICS: CRISIL Assigns 'BB+' Ratings to INR620MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Anjani Synthetics Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan                3       CRISIL BB+/Stable

   Proposed Long-Term
   Bank Loan Facility      17       CRISIL BB+/Stable

   Packing Credit         200       CRISIL BB+/Stable

   Cash Credit            400       CRISIL BB+/Stable

   Letter of Credit        20       CRISIL A4+

The ratings reflect ASL's established market position, marked by
strong relationship with customers and an extensive experience of
the promoters in the industry. These rating strengths are
partially offset by the company's high working capital
requirements and an average financial risk profile, marked by high
gearing and average debt protection metrics.

Outlook: Stable

CRISIL believes that ASL will maintain its business risk profile
over the medium term on the back of its promoters' industry
experience and strong relationship with customers. The outlook may
be revised to 'Positive' in case of improvement in working capital
management along with improvement in its capital structure and
thereby its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the company achieves lower than expected
accruals or in case of significant increase in working capital
requirements, leading to stretch in liquidity profile or the
company undertakes a larger-than-expected debt-funded capital
expenditure programme, deteriorating its financial risk profile
further.

Incorporated in 1984, ASL is an Ahmedabad (Gujarat) - based
company, promoted by Kailash Agarwal and family. The company
manufactures finished fabrics, mainly for bedsheets, dress
material, shirting, scraves and curtains on its own as well as on
job work basis.

ASL reported a net profit of INR26.1 million on net sales of
INR3.2 billion for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR 29.9 million on net sales
of INR2.9 billion for 2011-12.


ANK FASHIONS: ICRA Suspends 'B+' Rating on INR9.75cr Loans
----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' and short
term rating of '[ICRA]A4' assigned to the INR9.75 crore bank lines
of ANK Fashions Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


ATLAS PVC: CRISIL Rates INR40MM Cash Credit at 'B-'
---------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Atlas PVC Pipes Pvt Ltd.

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

The rating reflects APPPL's exposure to intense competition in the
polyvinyl chloride (PVC) pipes industry, and weak financial risk
profile marked by small net worth, high gearing, and weak debt
protection metrics. The rating also reflects the vulnerability of
the company's operating margin to volatility in PVC resin prices.
These rating weaknesses are partially offset by the extensive
entrepreneurship experience of APPPL's promoters.

Outlook: Stable

CRISIL believes that APPPL will benefit over the medium term from
its promoters' extensive entrepreneurship experience. The outlook
may be revised to 'Positive' if the company reports larger than
expected revenues and profitability, leading to larger-than-
expected cash accruals and improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case
APPPL's liquidity deteriorates, because of less-than-expected
revenues or lower margins, or lengthening of its working capital
cycle, or in case the company undertakes any larger-than-expected
debt-funded capital expenditure programme.

APPPL, incorporated in February 2011, manufactures unplasticized
polyvinyl chloride (UPVC) pressure pipes, Soil, Waste and Rain
(S.W.R) piping systems, casing pipes, plumbing systems, and
chlorinated polyvinyl chloride (CPVC) pipes and fittings. The
company, based in Cuttack (Orissa), is promoted by Mr. Santosh
Kumar Mohanty and his family.


BHARAT CHEMICAL: CRISIL Ups Ratings on INR75MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bharat
Chemical to 'CRISIL B+/Stable' from 'CRISIL B/Stable', while
reaffirming its rating on the short term bank facilities at
'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting           60     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Credit                15     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit           20     CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in the firm's business
risk profile and liquidity on the back of healthy growth in scale
of operations and efficient working capital management.

BC recorded a healthy year-on-year growth of 60 per cent in sales
in 2012-13 (refers to financial year, April 1 to March 31) to
INR680.3 million from INR445.1 million in 2011-12, driven by
increase in demand from the company's key customer Shreyas
Shipping & Logistics Ltd (rated 'CRISIL BBB+/Stable/CRISIL A2')
which contributed to over 50 per cent of the firm's total sales
during 2012-13. Backed by steady demand from key customers, the
firm is expected to grow at a moderate pace over the medium term.
The firm had booked revenues of INR360 million, for the six months
ended September 30, 2013. BC's healthy growth in topline, coupled
with stable operating margin of 1.5 per cent in 2012-13 has
resulted in an improvement in the firm's cash accruals to
INR5.7million in 2012-13 from INR3.1 million in 2011-12.
Furthermore, the firm manages its working capital requirements
efficiently reflected in its low gross current asset (GCA) of
around 40 days as on March 31, 2013. The low GCA is driven by
improvement in the firm's debtor collection cycle to 25 to 30 days
from 40 to 50 days of debtors in the past and low inventory of 1
to 2 days. The improved cash accruals and low working capital
requirements had resulted in the firm's low reliance on bank debt
to meet its working capital requirements, which is reflected in
the low average bank limit utilisation at 41 per cent for the 12
months ended August 2013. However, BC's financial risk profile
remains constrained by high total outside liabilities to tangible
net worth (TOLTNW) ratio of 5 times as on March 31, 2013, mainly
driven by its modest net worth of INR14.6 million.

The ratings continue to reflect BC's average financial risk
profile marked by a modest net worth, high TOLTNW ratio and
customer concentration risk. These rating weaknesses are partially
offset by the benefit that BC derives, from the long standing
industry experience of its promoter and efficient working capital
management.

Outlook: Stable

CRISIL believes that BC will continue to benefit over the medium
term from its moderate revenue growth and efficient working
capital management. The outlook may be revised to 'Positive' if
there is substantial improvement in the firm's profitability or
capital infusion by the promoter, leading to significant
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if large incremental working capital
requirement or significant decline in profitability due to
volatility in raw material price and foreign exchange rates,
materially impacts BC's debt protection metrics.

BC is a proprietorship firm located in Gandhidham (Gujarat) and
owned by Mr. Dilip Bhanushali. The firm supplies bunker fuel and
marine gas oil to ships and vessels calling at the ports of
Gujarat. The bunkering process involves filling the ships on
course with fuel and lubricant oil.


BHARAT TOOL: ICRA Reaffirms 'B+' Ratings on INR5.25cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR5.25 crore long term, fund based facilities of Bharat Tool
Steel Syndicate. ICRA has also reaffirmed the short-term rating of
'[ICRA]A4' assigned to the INR1.00 crore short term non fund based
facilities of BTSS.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          5.00        Reaffirmed at [ICRA]B+
   Term Loan            0.25        Reaffirmed at [ICRA]B+
   Inland Letter
   of Credit            1.00        Reaffirmed at [ICRA]A4

The reaffirmation of ratings takes into account the small scale of
operations of BTSS; low profitability margins due to trading
nature of the business, which remains vulnerable to any adverse
commodity price movements and high competitive intensity due to
presence of large number of players. The ratings also take into
account the weak financial profile of the entity as reflected by
high gearing levels, high working capital intensity of the
business and weak coverage indicators. ICRA also notes that BTSS
is a partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels.

ICRA, however, has favourably factored in the long track record of
the promoters and the established market position of the firm in
Rajkot and nearby areas. Further, the ratings factor in the
diversified product portfolio, which enables the firm to cater to
a wide range of end-user industries.

Established in 1965 as a partnership firm, Bharat Tool Steel
Syndicate (BTSS) is engaged in the business of trading different
grades of steel alloys and non alloy bars. BTSS operates from
seven of its warehouses located within Rajkot city; having a total
operational space of about 32,000 square feet. The firm was set up
by Mr. Hasmukh Shah, and is currently operated by his son Mr.
Darshan Shah. The promoter has about two decades of experience in
the iron and steel alloys trading business.

Recent Results

For the year ended 31st March 2012, the firm reported an operating
income of INR21.89 crore and profit after tax of INR0.28 crore.
Further, the firm reported an operating income of INR21.11 crore
and profit after tax of INR0.42 crore for the year ended 31st
March 2013.


BISHAN SAROOP: ICRA Reaffirms 'BB' Rating on INR110cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB' for the
INR110.00 crore (enhanced from INR74.00 crore) fund based
facilities. ICRA has also re-affirmed '[ICRA]A4' rating for
INR28.00 crore (enhanced from INR24.50 crore) non-fund based
facilities of Bishan Saroop Ram Kishan Agro (P) Limited.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based             110        [ICRA]BB (stable) reaffirmed
   Facilities

   Non-fund Based
   Facilities               28       [ICRA]A4 (reaffirmed)

The reaffirmation of ratings factors in long standing experience
of promoters in the agro trading business that has helped the
company leverage trusted relationship and strong position amongst
customers. The significant growth in the turnover during FY13 post
lifting of ban on exports of non basmati rice by GoI, the
resultant improvement in financial risk profile of the company (on
a YoY basis) as evident by surge in the profitability and return
indicators; and equity infusion by promoters leading to an
improved capital structure in FY13. The ratings also draw strength
from low counterparty credit risk arising from a reputed client
base and strong pending order book of INR~1200 crore which
provides revenue visibility going forward. The ratings continue to
factor in proximity of the processing and packing unit to Kandla
Port resulting in low transportation costs and stable demand
prospects of basmati and non basmati rice. The ratings are however
constrained by high competitive pressures and low profitability
inherent to trading business. The ratings also take into account
regulatory risks arising out of government policy restrictions on
export of non-basmati rice, which can affect the turnover and
profitability of the company.

Going forward, BSRK's ability to achieve adequate growth in the
turnover and improve its profitability indicators while
maintaining a prudent capital structure will be the key rating
sensitivities.

Bishan Saroop Ram Kishan Agro (P) Ltd. was established in 1968 and
is primarily engaged in the trading of agro commodities like Rice
(Majorly Non basmati Rice), soyabean, gram, wheat, pulses and
Maize. The Company has a rice mill with an installed capacity of
27 MT per hour which has been leased out since 2007. BSRKAL
exports rice to many countries like U.S, U.K, Saudi Arabia,
Canada, Iran, Nepal, Singapore etc. The company has processing and
packing units in Delhi with three color sorters with capacity of
48 MT/hour and another at Gandhidham with 25 color sorter with a
capacity of 200 MT/hour. The Company has also got the status of
"Star Trading House" from Ministry of Commerce, GOI.

Recent Results

During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR3.41 crore on an operating income of
INR838.63 crore as against PAT of INR0.65 crore on an operating
income of INR219.62 crore in 2011-12.


COTTON ASIA: CRISIL Assigns 'BB-' Ratings to INR60MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Cotton Asia Textile Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              42.5     CRISIL BB-/Stable

   Proposed Cash
   Credit Limit             17.5     CRISIL BB-/Stable

The ratings reflect the extensive experience of the partners in
the readymade garment industry and the firm's above-average
financial risk profile, marked by a weak capital structure albeit
constrained by small net worth. These rating strengths are
partially offset by CATI's modest scale of operations in the
intensely competitive readymade garments industry and working-
capital-intensive operations.

Outlook: Stable

CRISIL believes that CATI will continue to benefit from the
industry experience of its partners in the readymade garment
segment and its established relationship with its customers. The
outlook may be revised to 'Positive' if the firm records
considerable increase in revenue while maintaining its operating
profitability, resulting in higher-than-expected accruals.
Conversely, the outlook may be revised to 'Negative' if
deterioration in the working capital management impacts liquidity
or in case of larger-than-expected capital expenditure plans,
thereby deteriorating its financial risk profile.

CATI, taken over in 1998 and based in Ernakulam (Kerala),
manufactures readymade garments, primarily women's and kids'
innerwear. The day-to-day operations are managed by its partners,
Mr. Abey George and Mr. Shaji Thomas.

CATI reported profit after tax (PAT) of INR13 million on net sales
of INR146 million during 2012-13 (refers to financial year April 1
to March 31) as against PAT of INR6 million on net sales of INR105
million during 2011-12.


CREATIONS: CRISIL Assigns 'B+' Ratings to INR80MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Creations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        30      CRISIL B+/Stable

   Bank Guarantee            40      CRISIL A4

   Cash Credit               50      CRISIL B+/Stable

The ratings reflect Creations' below-average financial risk
profile marked by small net worth, its modest scale of operations,
and its exposure to intense competition in the interior designing
industry. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the interior
designing and execution business, and its established
relationships with customers.

Outlook: Stable

CRISIL believes that Creations will continue to benefit over the
medium term from the extensive experience of its promoters in the
interior designing industry. The outlook may be revised to
'Positive' in case of significant improvement in the firm's scale
of operations and profitability, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in Creations' revenues and profitability,
or deterioration in its working capital management, or larger-
than-expected debt-funded capital expenditure, leading to
deterioration in its financial risk profile.

Creations was set up in 1989 as proprietorship concern by Mr. T E
Giridhara Raj; it was reconstituted as a partnership firm in 2010.
The firm undertakes turnkey interior designing projects (designing
and execution) for corporate clients.

Creations reported a profit after tax (PAT) of INR3.3 million on
net sales of INR110.8 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR12.4 million on
net sales of INR321.9 million for 2011-12.


DEVELOPMENT PROJECTS: CRISIL Reaffirms B Ratings on INR100M Loans
-----------------------------------------------------------------
The rating continues to reflect Development Projects Private
Limited's modest scale of operations, susceptibility to adverse
regulatory changes and to intense competition in the cold storage
segment in West Bengal, and its weak financial risk profile marked
by high total outside liabilities upon total net worth (TOL/TNW).
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' established presence and
industry experience.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              57.4     CRISIL B/Stable (Reaffirmed)

   Long-Term Loan            6.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       36.1     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from its promoters' extensive experience in the cold storage
and jaggery trading business. The outlook may be revised to
'Positive' in case the company reports significant growth in its
revenues and profitability along with improvement in capital
structure and efficient management of farmer credit financing.
Conversely, the outlook may be revised to 'Negative' in case DDPL
reports pressure on its liquidity because of delays in repayments
by farmers, lower-than-expected cash accruals, or any large, debt-
funded capital expenditure over and above expected.

Update:

In 2012-13, company witnessed a revenue decline to about INR380-
400 million vis-a-vis INR416 million in 2011-12 owing to limited
availability of jaggery. However, this was compensated by improved
operation margins of about 3-4 percent in 2012-13 against 1.3
percent in preceding year backed by inventory gains. With sales of
about INR150-200 million reported from April to August 2013,
CRISIL expects company to report sales of over INR250 million for
2013-14.

DPPL's liquidity continues to remain stretched marked by tightly
matched cash accruals vis-a-vis term debt repayment and heavy
reliance on short term debt to fund incremental working capital
funding requirements. Company's expected cash accruals are
expected to be tightly matched with term debt repayment of around
INR2.5 million in 2013-14 and 2014-15. Though company's GCA days
are expected to be moderate at 58 days as on March 31 2013, no
credit from suppliers leads to heavy reliance on debt, marked by
high bank limit utilisation of around 94 percent for 12 months
ending July 2013.

Financial risk profile continues to remain weak marked by modest
networth of INR14-15 million and high TOL/TNW of over 4.5 times
estimated as on March 31, 2013. Owing to the aggressive debt
levels, its interest coverage ratio was also weak at about 1.7
times for 2012-13. Financial risk profile of the company is
expected to remains constrained by its heavy reliance on debt
owing to low net worth and large working capital requirements.

Development Projects Pvt Ltd (DPPL) incorporated in 2010 trades in
jaggery and also provides cold storage facility to the jaggery
manufacturers and potato farmers and traders in West Bengal.
DPPL's cold storage is located at Burdwan district of state of
West Bengal. The company promoted by Mr. Gopal Suhasaria has taken
over an existing cold storage under DPPL. The day to day
operations of the company are primarily looked after by Mr.
Suhasaria who has an experience of over two decades in potato and
jaggery trading.


GLOBE PRECISION: ICRA Reaffirms BB+ Ratings on INR21.9cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' for the
INR21.9 crore enhanced bank facilities of Globe Precision
Industries Private Limited. The outlook on the long-term rating is
'Stable'. The rated amount is enhanced from INR15.9 crore to
INR21.9 crore.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Working capital           17.0      [ICRA]BB+ (Stable)
   limits                              reaffirmed

   Term loans                 4.9      [ICRA]BB+ (Stable)
                                       reaffirmed

The reaffirmation of ratings takes into account the strong
business synergy between GPIPL and Him Teknoforge Limited (HTL) on
account of similarity in business operations, besides the common
management, with a presence in the forging and machining business,
healthy sales growth in recent years as well as diversification,
with the recent addition of ALL to its customer profile. The
company has an established relationship with OEM customers in the
tractor space, besides benefitting from the experience of its
promoters and group companies, engaged in similar business. Also,
the group's recent investment in GAGL is expected to help improve
revenues and diversify the group's geographical concentration
given that 98% of GAGL's revenues are derived from exports to the
aftermarkets in USA, Europe etc. This is expected to complement
the current geography being serviced by the group, which consists
almost entirely of the domestic market. Additionally, the product
offerings are expected to be enhanced by the addition of higher
margin entailing products being manufactured by GAGL, creating
scope for additional business with existing customers in the
medium term.

The ratings are, however, constrained by the moderate scale of
operations, high customer/industry concentration, weak demand
outlook for the concerned industry segments like commercial
vehicles (CV) in the near term partly offset by the improved
outlook for tractors along with the significant dependence of
GPIPL on business from HTL which is low value additive in nature.
Due to the additional debt taken to fund its share of investment
in GAGL, GPIPL's financial risk profile has deteriorated with
financial leverage of 1.7 times as of March 31, 2013 along with
weakened debt protection metrices. The ability of the company to
increase its scale of operations and diversify its customer base
given the significant dependence on the CV and tractor OEMs, while
maintaining its capital structure in the wake of debt funded
investment in GAGL will remain key rating sensitivities.

Globe Precision Industries Private Limited (GPIPL) is engaged in
the manufacture of axles, gears and shafts for tractors and other
automotive applications. The company was incorporated in 1986 and
was originally promoted by Mr. Prem Lal and Mrs. Sharda Rani. It
was later on acquired by Mr. Vinod Aggarwal and Mrs. Urmil
Aggarwal, who are the present directors of the company. The
company has two manufacturing units in Baddi and Pant Nagar
Rudrapur (Himachal Pradesh), where the company uses forging
products as raw material and manufactures automotive components
using processes like turning, hobbing, rounding and chamfering and
cylindrical and bore grinding.


GOLDEN SPINNING: CRISIL Ups Ratings on INR75.8MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Golden Spinning Mills Private Limited to 'CRISIL B/Stable' from
'CRISIL B-/Stable', and has reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            40      CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Letter of Credit       18.1    CRISIL A4 (Reaffirmed)

   Long-Term Loan         35.8    CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that GSMPL will
sustain its improved financial risk profile in the absence of any
major debt-funded capital expenditure (capex) plan over the medium
term. GSMPL's net worth is expected to improve to around INR23.6
million as on March 31, 2014 from INR17.6 million as on March 31,
2013 on the back of steady accretion to reserves. Consequently,
the gearing of the company is also expected to further improve to
around 3.35 times as on March 31, 2014 from 4.46 times as on March
31, 2013. GSMPL's net cash accrual to total debt (NCATD) ratio is
expected to improve to around 16 per cent for 2013-14 from 11 per
cent for 2012-13.

The upgrade also reflects improvement in GSMPL's liquidity marked
by adequate cash accruals to meet term debt repayment obligations
over the medium term. GSMPL's net cash accruals of INR12.6 million
and INR14.2 million in 2013-14 (refers to financial year, April 1
to March 31) and 2014-15 respectively are expected to be adequate
to meet its debt obligations of around INR4.3 million for the same
period. However, the company's bank limit utilisation remains high
on account of its working-capital-intensive operations; the bank
limits were utilised at around 95 per cent on an average over the
12 months through September 2013.

The ratings reflect GSMPL's working-capital-intensive operations
and weak financial risk profile, marked by small net worth,
leveraged capital structure, and below average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of GSMPL's promoters in the textile industry.

Outlook: Stable

CRISIL believes that GSMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
textile industry. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, most
likely because of substantial equity infusion or improvement in
profitability. Conversely, the outlook may be revised to
'Negative' if there is considerable decline in accruals,
deterioration in working capital management, or if the company
undertakes a larger-than-expected debt-funded capital expenditure
programme, resulting in further deterioration of its debt
servicing ability.

GSMPL, located in Salem, was incorporated in 1981 and manufactures
cotton yarn in the range of 20s to 80s counts. The company was
promoted in 1981 by Mr. P Sundaram and his family members.

GSMPL reported on a provisional basis, profit after tax (PAT) of
INR1.5 million on net sales of INR215.5 million for 2012-13
(refers to financial year, April 1 to March 31), as against a net
loss of INR15.9 million on net sales of INR167.2 million for 2011-
12.


GOVIND RUBBER: CRISIL Assigns 'D' Ratings to INR1.5BB Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Govind Rubber Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Letter of Credit         286       CRISIL D

   Term Loan                109.2     CRISIL D

   Bills - Inland            12.6     CRISIL D

   Bank Guarantee            35       CRISIL D

   Bill Discounting          42.9     CRISIL D

   Packing Credit            36       CRISIL D

   Proposed Long-Term
   Bank Loan Facility        366.5    CRISIL D

   Cash Credit               401.8    CRISIL D

   Working Capital
   Demand Loan               210      CRISIL D

The rating reflects instances of delay by GRL in servicing its
term debt obligations; the delays have been caused by the
company's weak liquidity. There have also been instances of
overdrawals in the cash credit accounts and devolvements of
letters of credit.

The ratings also factor in GRL's below-average financial risk
profile marked by high gearing and subdued debt protection
metrics, and susceptibility of GRL's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the GRL's established market position coupled with extensive
experience of its promoters in the tyre industry.

Govind Rubber Ltd., incorporated in 1985, is engaged in
manufacturing of tyres and tubes. The company's business
operations are overseen by Mr. Vinod Poddar. GRL has its
manufacturing facilities located at Ludhiana, Punjab. The company
is listed on the Bombay Stock Exchange and the National Stock
Exchange.

GRL reported a profit after tax (PAT) of INR15.6 million on net
sales of INR4.27 billion for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR110 million on net
sales of INR3.54 billion for 2011-12.


GURUFCURE: ICRA Rates INR9cr Fund Based Loans at 'B+'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR9.00
crore fund based facilities of GuruFCure. ICRA has also assigned a
short-term rating of '[ICRA]A4' to the INR1.00 crore non-fund
based facility of GFC.

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

   Non-fund based
   Facility             1.00         [ICRA]A4 assigned

The assigned ratings consider the favorable demand outlook for the
domestic generic formulation industry; GFC's healthy, albeit
fluctuating, return on capital employed; and its comfortable
capital structure and coverage metrics supported by an infusion of
equity in 2012-13. The ratings also consider the high customer
concentration, with approximately 92% of revenues having been
contributed by its top three customers in 2012-13; high dependence
on anti-bacterial segment for revenues; the modest scale of
operations amidst intense competition in the business, which
restricts scope for increase in profitability; and its high
working capital intensity.

Commencing operations in 2009, GFC is primarily engaged in
contract manufacturing of formulations in the domestic market. The
entity has two manufacturing units at Pondicherry, which are
located adjacently to each other. GFC's sole proprietrix is Ms.
Geetha Shyam, while its day-to-day operations are managed by Mr. A
C Shyam Sundar, who is the Chief Executive Officer.

Recent results
GFC reported profit before taxes of INR1.0 crore on an operating
income of INR31.8 crore during 2012-13 (according to unaudited
results), against profit before taxes of INR0.9 crore on an
operating income of INR28.9 crore during 2011-12.


H.D. WIRES: ICRA Reaffirms 'BB+' Ratings on INR14.5cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+') for
INR13.50 crore (revised from INR22.50 crore) fund based limits and
INR1.00 crore unallocated limits of H. D. Wires Private Limited.
ICRA has also reaffirmed the short term rating of '[ICRA]A4+' for
the INR12.75 crore (revised from INR3.75 crore) non-fund based
limits of HDW. The outlook on the long term rating is stable.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits        13.50        [ICRA]BB+ reaffirmed
   Unallocated               1.00        [ICRA]BB+ reaffirmed
   Non Fund Based
   Limits                   12.75        [ICRA]A4+ reaffirmed

The ratings action take into consideration HDW's established
operational track record in the business of manufacturing low
carbon steel wires and galvanized wires; long experience of the
promoters in the business; and the company's established
relationships with reputed customers such as Universal Cables
Limited, Thermo Cables Limited, Havells India Limited, KEI
Industries Limited, Larsen and Toubro Limited etc. which has
enabled it to secure healthy revenue growth over the years
(operating income has increased from INR38.2 crore in FY2010 to
INR100.2 crore in FY2013). The revenue growth momentum has also
been supported by regular forward integration initiatives taken by
the company as it has consistently added new products to its
portfolio. The ratings also derive comfort from the support of the
promoters by way of infusion of equity and interest free unsecured
loans. The ratings factor in expected conversion of unsecured
loans from promoter group of INR8 crore (as on March 31, 2014)
into equity capital.

However, the ratings are constrained by the high working capital
intensity of the company's operations on account of high levels of
inventory and receivable days, which has led to consistently high
utilization of working capital facilities. High reliance on
working capital borrowings coupled with regular debt funded capex
undertaken by the company has resulted in high gearing (2.38 times
as on 31st March 2013 though the same has declined from levels as
on 31st March 2012 on account of equity infusion), and moderate
debt coverage metrics. Further, the ratings also factor in the
sizeable debt repayments of the company in the near term; the
highly competitive and fragmented nature of the industry; and the
vulnerability of HDW's profitability to inventory price risk given
the high inventory levels maintained by the company.

Going forward, the company's ability to sustain the financial
performance of H1FY14 and manage its working capital requirements
against the anticipated revenue growth would be the key rating
sensitivities.

H. D. Wires Private Limited is a private limited company which was
incorporated in 1988 by Mr. Dilip Dev and the manufacturing
facility is situated in Sanwer Road Industrial Area, Indore. The
plant commenced operations from 1994. The company is engaged in
the manufacturing of low carbon steel wires, galvanized wires, M.
S. and G. I. welded mesh, barbed wire, rivets, roofing nails etc.
Currently the operations of the company are being looked after by
Mr. Dilip Dev and his sons Mr. Dheeraj Dev and Mr. Himanshu Dev.


HANS RAJ: CRISIL Assigns 'B+' Ratings to INR149.8MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hans Raj Agros Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 5.3     CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility       16.0     CRISIL B+/Stable

   Bank Guarantee            0.2     CRISIL A4

   Cash Credit             128.5     CRISIL B+/Stable

The rating reflects HRAPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, small scale of
operations in the intensely competitive rice processing industry,
and susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the benefits that HRAPL
derives from its promoters' extensive experience and healthy
growth prospects for the rice processing industry.

Outlook: Stable

CRISIL believes that HRAPL will continue to benefit from
promoters' extensive experience in the industry. The outlook may
be revised to 'Positive' if HRAPL improves its financial risk
profile, driven most likely by more-than-expected net cash
accruals, along with moderation in working capital requirements.
Conversely, the outlook may be revised to 'Negative' if HRAPL
reports significant deterioration in its liquidity or capital
structure or in case of any pressure on its profitability.

HRAPL was established in 1996 as a private limited company by Mr.
Hans Raj in Fazilka (Punjab). HRAPL is mainly engaged in the
milling and marketing of higher grade variety of rice such as
basmati as well as non-basmati varieties such as parmal. The
company is managed by Mr. Ranjam Kamra.

HRAPL reported a net profit of Rs 1.1 million on net sales of
INR248.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against net profit of Rs 1.1 million on net sales of
INR219.4 million for 2011-12.


HYDERABAD DUTY: ICRA Reaffirms 'BB+' Ratings on INR30.41cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR21.00 crore fund based and INR9.41 crore non-fund based limits
of Hyderabad Duty Free Retail Limited. ICRA has also reaffirmed
the '[ICRA]A4+' rating assigned to INR1.59 crore short term non-
fund based limits of HDFRL. The outlook on the long-term rating is
Stable.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       21.00      [ICRA]BB+ (Stable)
                                      reaffirmed

   Long term non-
   fund based limits        9.41      [ICRA]BB+ (Stable)
                                      reaffirmed

   Short term non-
   fund based limits        1.59      [ICRA]A4+ reaffirmed

The rating reaffirmation continues to factor in HDFRL's limited
track record of duty free operations at the Rajiv Gandhi
International Airport, Hyderabad, its continued low scale of
operations and the high financial risk profile characterized by
net losses, high level of leveraging and stretched coverage
indicators. The company incurred cash loss of INR0.50 crore during
FY 13. HDFRL, has, besides, limited past experience in the
operation of duty free outlets (since July 2010). The rating
however primarily draws comfort from HDFRL's strong parentage,
being a GMR Group company (100% held by GMR Hyderabad
International Airport Limited, rated at [ICRA]BBB/A3+). Though
HDFRL has a limited track record and a weak current financial
profile, the ratings draw comfort from the expected support from
GHIAL towards debt servicing and the synergies arising from
GHIAL's ownership of the Hyderabad Airport. GHIAL has infused INR5
crore during FY 13 and another INR7 crore during H1 FY 14
primarily to support HDFRL's debt servicing.

HDFRL, a 100% subsidiary of GHIAL, operates duty free outlets at
the International Arrivals/Departures of GHIAL since July 2010 -
HDFRL took over operations from the earlier concessionaire, M/s
Nuance. HDFRL operates under a revenue sharing arrangement with
GHIAL for a 15-year period (revenue share ranging from 22% to 30%
depending on the level of revenues).

During FY 13, HDFRL reported revenues of INR32.67 crore and net
losses of INR1.55 crore against INR24.76 crore and INR0.94 crore
respectively in FY 12.


INNOVATORS FACADE: CRISIL Cuts Rating on INR7.1MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Innovators Facade Systems Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           156.8    CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit                7.1    CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects IFSPL's stretched liquidity and cash
flow mismatches, as reflected in instances of devolvement of the
company's letters of credit (LC); however, there was no instance
of LC devolvement for more than 30 days. IFSPL's liquidity
deteriorated mainly on account of stretched working capital
requirements. CRISIL believes that IFSPL's working-capital-
intensive operations, with delayed payments from customers will
continue to result in cash flow mismatches and the company's high
dependence on incremental bank borrowings over the medium term.

The ratings reflect IFSPL's exposure to inherent cyclicality in
demand and to volatility in raw material prices. These rating
weaknesses are partially offset by IFSPL's established position in
the facade engineering segment.

Outlook: Stable

CRISIL believes that IFSPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
strong customer base. The outlook may be revised to 'Positive' if
the company's working capital management improves significantly,
leading to better-than-expected liquidity. Conversely, the outlook
may be revised to 'Negative' if IFSPL's liquidity weakens further,
most likely because of increased working capital requirements or
any large capital expenditure plans.

IFSPL (formerly, Innovators Engineering Contractors Pvt Ltd) was
set up in 1999 by Mr. Radheshyam Sharma and his family members; it
got its current name in 2005-06. IFSPL is in the business of
facade engineering, and is involved in designing, fabrication, and
installing aluminium glazing systems and aluminium composite
panels. Its fabrication facility is at Wada in Thane district
(Maharashtra).

For 2012-13 (refers to financial year from April 1 to March 31),
IFSPL reported a profit after tax (PAT) of INR22.1 million on net
sales of INR779.9 million, against a PAT of INR18.2 million on net
sales of INR685.1 million for 2011-12.


ISPAT TRADERS: ICRA Revises Ratings on INR7.04cr Loans to 'BB-'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR0.04
crore term loan and the INR7.00 crore fund based cash credit
facilities of Ispat Traders (I) Pvt. Ltd. from '[ICRA]BB' to
'[ICRA]BB-'.  The outlook on the long-term rating is 'stable'.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long Tern Fund          7.00      Revised to [ICRA]BB-
   Based-Cash Credit                 (Stable) from [ICRA]BB
                                     (Stable)

   Long Term Fund
   Based-Term Loan         0.04      Revised to [ICRA]BB-
                                     (Stable) from [ICRA]BB
                                     (Stable)

The rating revision takes into account the company's modest scale
of operations, high customer concentration risk and the weak
financial risk profile characterized by high gearing levels, weak
debt protection metrics and weak coverage indicators. Also, ICRA
takes into account the limited value addition and high competitive
intensity in the trading business which results in modest
profitability of operations. Further, ICRA notes that the
company's profitability remains vulnerable to volatility in steel
prices.

The rating however continues to factor in the long track record of
the entity in steel trading business and its established
relationships with customers and suppliers and consistent increase
in traded volumes and realizations leading to healthy growth in
the operating income.

Ispat Traders (I) Pvt. Ltd. was established in the year 1970 as a
partnership firm in the name of M/s Indian Steel Traders. The
constitution was changed to a Pvt Ltd company in 2008. The company
is engaged in trading of iron and steel products and it primarily
operates out of Gujarat at present. The company deals in mild
steel products like TMT bars, steel angles, rounds, flats, plates,
channels, beams and square bars.

Recent Results

For the year ended March 31, 2013 Ispat Traders (I) Pvt. Ltd.
reported an operating income of INR61.79 crore and a profit after
tax of INR0.31 crore as compared to an operating income of
INR58.23 crore and a profit after tax of INR0.45 crore in FY 2012.


JYOTI THREADS: CRISIL Raises Ratings on INR240MM Loans to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Jyoti
Threads (India) Ltd to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable.

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

   Term Loan                190      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade on the bank facilities of JTIL reflects
company's better than expected liquidity marked by higher cash
accruals, average bank limit utilization of 64 percent for eleven
month period ended September, 2013 and better than expected
working capital management. Rating upgrade also underscores higher
than expected operating income generated by the company driven by
earlier than expected ramp up in scale of operations. CRISIL
believes that JTIL will continue to benefit over the medium term
from its promoters' extensive experience in cotton yarn business
and healthy customer relationships through their other companies.

The rating continues to reflect promoters' extensive experience in
cotton yarn business and moderate financial risk profile, marked
by moderate debt protection metrics and low gearing. These rating
strengths are partially offset by JTIL's moderate scale of
operations and short track record, and the susceptibility of the
company's profitability to volatility in cotton prices.

Outlook: Stable

CRISIL believes that JTIL's business risk profile will benefit
from its promoters extensive experience in cotton yarn business
however its scale of operations will remain moderate despite above
average growth. The outlook may be revised to 'Positive' in case
of greater than expected improvement in company's scale of
operations and profitability, leading to improvement in business
risk profile and higher cash accruals thereby leading to
improvement in company's liquidity and financial risk profile.
Conversely the outlook may be revised to 'Negative' if JTIL
undertakes a larger-than-expected, debt-funded capital expenditure
programme, causing deterioration in the company's liquidity and
financial risk profile or if JTIL reports lower than expected
operating income or operating margin thereby leading to lower cash
accruals.

JTIL, established in 2010, was promoted by Mr. Madan Lal Singla,
Mr. Ashok Kumar Singla, and Mr. Manish Singla; the company started
commercial production of cotton yarn in January, 2012.

For 2012-13 (refers to financial year, April 1 to March 31), JTIL
reported a profit after tax (PAT) of INR2 million on net sales of
INR633.4 million, against a PAT of INR0.6 million on net sales of
INR84.4 million for 2011-12.


K. RASIKLAL: ICRA Reaffirms 'BB+' Rating on INR3cr Loan
-------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating for the INR3.00 Crore fund
based facility of K. Rasiklal Exim Private Limited. ICRA has also
reaffirmed '[ICRA]A4+' rating for the INR18.00 Crore non-fund
based facilities of KREPL. The outlook assigned to the long term
rating is 'Stable'. The utilization should not exceed INR18.00
crore at any point of usage.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund based limits-          (3.00)       [ICRA]BB+ (Stable)
   Cash Credit                              reaffirmed

   Non-fund based-
   Letter of Credit            18.00        [ICRA]A4+reaffirmed

   Fund Based-
   Buyer's Credit             (10.00)       [ICRA]A4+reaffirmed

   Fund based-Third
   Party Letter of
   Credit                      (2.00)       [ICRA]A4+reaffirmed

The rating reaffirmation continues to factors in the long standing
experience of K. Rasiklal Exim Private Limited's (KREPL)
management in the chemical trading industry and established
relations with reputed clientele coupled with a diversified
customer base and diversified product portfolio, thereby reducing
the demand risks associated with a single product or industry.
ICRA also derives comfort from the comfortable capital structure
of the company.

The ratings, however, are constrained by the decline in operating
income driven by the challenging operating environment and
consequent increase in the net working capital intensity of the
company following the increase in inventory levels. The ratings
also take into account the moderate scale of operations coupled
with the constrained profitability owing to the trading nature of
the business. The ratings also factor in the margins exposure to
currency fluctuation risk on account of the entire sourcing from
overseas suppliers; however, forward cover entered by the company
provides comfort. This aside, the competitive and fragmented
industry with low entry barriers exerts pressure on margins of the
company.

Set up as a proprietorship firm in 1966, K. Rasiklal and Company
was changed to a private limited company under the name K.
Rasiklal Exim Private Limited in 2000. KREPL is engaged in the
import and marketing of fine chemicals and pharmaceutical
intermediates in the domestic market since inception. KREPL has
its corporate office located at Ghatkopar, Mumbai. The company
also has two leased warehousing facilities at Purna, Bhiwandi.

Recent Results
KREPL recorded a net profit of INR0.59 crore on an operating
income of INR52.51 crore for the year ending March 31, 2013. The
firm recorded a profit before tax of INR0.57 crore on an operating
income of INR20.40 crore in the first six months of 2013-14
(provisional).


KOYILI HOSPITAL: CRISIL Assigns 'D' Ratings to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Koyili Hospital. The rating reflects instances of delay by
Koyili in servicing its debt; the delays have been caused by the
firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               104.5     CRISIL D

   Overdraft Facility        5.0     CRISIL D

   Proposed Long-Term
   Bank Loan Facility       90.5     CRISIL D
Koyili also has a modest scale of operations and moderate
financial risk profile, marked by a low net worth and high
gearing. These rating weaknesses are partially offset by Koyili's
established regional market position in the healthcare industry.

Established in the year 1981, Koyili is a partnership firm which
runs a 350 bed multi-speciality hospital at Kannur, Kerala. The
day-to-day operations of the hospital are currently managed by the
partner Mr. Bhaskaran along with his family members.

Koyili reported a profit after tax (PAT) of INR9.6 million on net
sales of INR300 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.2 million on net
sales of INR196.6 million for 2010-11.


KHUSHBU SALES: CRISIL Reaffirms 'B+' Ratings on INR250MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Khushbu Sales Pvt Ltd
reflect KSPL's small scale of operations, weak financial risk
profile, marked by high gearing and susceptibility to volatility
in raw material prices and in foreign exchange (forex) rates.
These rating weaknesses are partially offset by the extensive
experience of KSPL's promoters in the polyvinyl chloride (PVC)
flex films industry.

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

   Letter of Credit      50      CRISIL A4 (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility     5.5    CRISIL B+/Stable (Reaffirmed)

   Term Loan            194.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoter's extensive experience in the PVC flex
films business. The outlook may be revised to 'Positive' if there
is significant improvement in the company's capital structure or
if its liquidity improves with better-than-expected accruals,
backed by strong profitability. Conversely, the outlook may be
revised to 'Negative' if KSPL's profitability declines sharply, or
if its financial risk profile deteriorates, most likely driven by
larger-than-expected working capital requirements or larger-than-
expected, debt-funded capital expenditure (capex).

Update

KSPL registered net sales of about INR336.3 million in 2012-13
(refers to financial year, April 1 to March 31), as compared to
INR295.5 million in 2011-12, largely in line with CRISIL's
expectations. Till last year, the company was engaged in trading
of flex films. However, from this year onwards, the company is
expected to derive majority of its sales from manufacturing of
flex films. The company has implemented the capex plan of setting
up production unit and production has already been started from
June 2013 onwards.

The company is expected to register sales of more than INR700
million in 2013-14. Its operating margin is expected to improve
over the medium term and CRISIL expects KSPL's operating margin to
remain above 8 per cent over the medium term. The company's
financial risk profile remains weak, marked by high gearing and
moderate debt protection metrics. Its gearing was at 1.5 times as
on March 31, 2013. The company has recently set up the production
unit of PVC flex films. The company is also exposed to higher
incremental working capital requirement.

CRISIL expects KSPL's gross current asset (GCA) days to remain at
110 to 120 days over the medium term. This high working capital
requirement, to an extent, is expected to be supported by equity
infusion of INR30 million and unsecured loans of about INR44
million. KSPL's gearing is expected to remain more than 2.0 times,
over the medium term.

CRISIL expects KSPL's interest coverage ratio to remain below 2.5
times over the medium term. KSPL has weak liquidity. Its average
bank limit utilisation was about 97 per cent for the 12 months
through May 2013. The company is expected to generate adequate
accruals against repayment obligations of about INR5 million for
2013-14. CRISIL believes that KSPL's incremental working capital
requirements will lead to increased reliance on external funding,
over the medium term.

KSPL was set up by Mr. Ghanshyam Patel in 1996; it trades in PVC
flex films which are widely used in various industrial and
commercial applications such as banners, billboards, pneumatic
toys, stationery, furniture films, industrial curtains, floor
coverings, raincoats, handbags, and plastic bags. KSPL has
concluded setting up of new manufacturing unit in Ujeti village at
Panchmahal District (Gujarat) and plans to focus on manufacturing
PVC flex films using calendar and lamination machines imported
from China and Taiwan.

For 2012-13, KSPL reported a profit after tax (PAT) of INR4.7
million on net sales of INR336.3 million, as against a PAT of
INR4.3 million on net sales of INR295.5 million for 2011-12.


LAKSHMI TRADERS: CRISIL Assigns 'B' Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of Lakshmi Traders, while reaffirming its rating on the
firm's long-term facilities at 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          50      CRISIL B/Stable
   Letter of Credit     45      CRISIL A4

The ratings continue to reflect LT's average financial risk
profile, marked by a small net worth and high external
indebtedness. The ratings also factor in the firm's modest scale
of operations in the intensely competitive steel industry, and the
susceptibility of its operating performance to volatility in
prices of steel products. These rating weaknesses are partially
offset by the extensive industry experience of LT's proprietor.

Outlook: Stable

CRISIL believes that LT will continue to benefit over the medium
term from its proprietor's extensive experience in the steel
industry and its established relationships with customers. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in the firm's revenues and profitability, or
substantial infusion of capital by its proprietor, resulting in an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if LT's revenues and profitability
margins decline substantially, or it undertakes a larger-than-
expected debt-funded capital expenditure (capex) programme, or its
proprietor withdraws capital from the firm, leading to weakening
of its financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), LT
reported an operating income of around INR413 million, better than
CRISIL's expectations. The firm's operating margin declined to
around 2.9 per cent in 2012-13 from 4.3 per cent in 2011-12 due to
the volatility in steel scrap prices. It has reported, on a
provisional basis, an operating margin of 5.2 per cent on an
operating income of INR200 million for the six months ended
September 30, 2013.

LT's financial risk profile remains average, with a gearing of
2.78 times as on March 31, 2013. The firm did not undertake any
major debt-funded capex programme during 2012-13 and does not have
any major capex plans over the medium term. However, its gearing
is expected to remain average over this period on account of low
accretion to reserves and large working capital debt requirements.
LT's debt protection metrics too were weak, with interest coverage
and net cash accruals to total debt ratios at 1.99 times and 0.06
times, respectively, in 2012-13. Moderate profitability, coupled
with the debt contracted to fund its working-capital-intensive
operations, is expected to continue to constrain the firm's debt
protection metrics over the medium term.

LT has stretched liquidity, with fully utilised bank lines during
the 12 months through September 2013, because of its working-
capital-intensive operations. However, the firm's cash accruals of
around INR5.4 million were sufficient to meet its debt repayment
obligations of INR2 million, in 2012-13. Over the medium term,
too, LT's cash accruals are expected to be sufficient to meet its
maturing term debt obligations.

For 2012-13, LT reported a profit after tax (PAT) of INR5 million
on net sales of INR413 million, against a PAT of INR6 million on
net sales of INR308.8 million for 2011-12.

LT was established as a proprietorship concern by Mr.
Sankarlingam, a Chennai-based entrepreneur, in 1977. The firm
trades in steel scrap and steel long products such as bars,
channels, and angles. It sells the steel scrap to thermo-
mechanically-treated (TMT) bar manufacturers, casting units, and
foundries. LT has its administrative office at Chennai.


LARS MEDICARE: CRISIL Ups Ratings on INR84.2MM Loans to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Lars Medicare Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            1        CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Export Packing Credit    35        CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Export Packing Credit     5        CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit         30        CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Standby Line of Credit    8        CRISIL A4+ (Upgraded from
                                      'CRISIL A4')

   Term Loan                79.2      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

Rating upgrade on the bank facilities of LMPL reflects higher than
expected improvement in company's liquidity and financial risk
profile. Improvement in company's liquidity profile is marked by
lower gross current asset days and higher than expected cash
accruals reported by company driven by higher operating margin.
Improvement in company's cash accruals has also led to lower
dependence on external debt thereby leading to lower than expects
gearing and improved interest coverage ratio and net cash accruals
to total debt ratio. CRISIL believes that the improvement in
LMPL's business risk profile will continue to support the
company's liquidity and financial profile over the medium term.

The rating continues to reflect LMPL's small scale of operations,
its exposure to intense competition in the medical disposables
industry, vulnerability to fluctuations in raw material prices and
foreign exchange rate, and high customer concentration risk. These
rating weaknesses are partially offset by its promoter's extensive
industry experience and above-average financial risk profile.

Outlook: Stable

CRISIL believes that LMPL's business risk profile will remain
constrained because of its moderate scale of operations in the
intensely competitive health care supplies industry. The outlook
may be revised to 'Positive' in case of a higher-than-expected
improvement in LMPL's scale of operations and operating margin or
if LMPL successfully diversifies its customer and product profile.
Conversely the outlook may be revised to 'Negative' in case of
deterioration in the company's liquidity owing to a substantial
decline in its operating margin or scale of operations or a
deterioration in LMPL's capital structure driven by substantial
debt-funded capex.

LMPL, incorporated in November 2005, manufactures and exports
medical and surgical equipment and disposables, and IV cannulae.
The company commenced manufacturing in February 2008. Its
manufacturing plant in Sonepet (Haryana) is a 100 per cent export-
oriented unit

For 2012-13 (refers to financial year, April 1 to March 31), LMPL
reported a profit after tax (PAT) of INR50.5 million on net sales
of INR374.5 million, against a PAT of INR13.8 million on net sales
of INR210.1 million for 2011-12.


LSR FORGE: CRISIL Cuts Ratings on INR200MM Loans to 'BB-'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of LSR
Forge Pvt Ltd (part of the Ludhiana Group) to 'CRISIL BB-/Stable'
from 'CRISIL BB/Stable'

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             75       CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Long-Term      90       CRISIL BB-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB/Stable')

   Term Loan               35       CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's belief that the Ludhiana
group's business risk profile will remain under significant
pressure because of the group's stagnant revenue and declining
operating profitability in 2013-14 (refers to financial year,
April 1 to March 31) on account of slowdown in demand for domestic
steel. The group recorded modest revenue growth of around 5 per
cent in 2012-13 and its revenues in 2013-14 are likely to remain
in the range of INR2.0-2.1 billion. Furthermore, the group's
operating profitability is also expected to remain subdued on
account of intense competition in the steel long products segment
and the group's inability to pass on the increase in raw material
prices to the end customers. The suppressed profitability coupled
with moderate debt levels is likely to lead to weak debt
protection metrics for the group. CRISIL expects the debt
protection metrics to remain modest with interest coverage ratio
of around 1.2 times over the medium term.

The ratings reflect the Ludhiana group's semi-integrated nature of
operations and the extensive industry experience of its promoters
and the financial support that it receives from them. These rating
strengths are partially offset by the Ludhiana group's working-
capital-intensive operations, vulnerability of operating margin to
volatility in raw material prices and product concentration, and
marginal market share in the intensely competitive forging
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LSR, Ludhiana Steel Rolling Mills
(LSRM), Antarctic Industries Ltd (AIL), and Trishala Alloys Pvt
Ltd (Trishala; formerly, BT Steels Ltd). This is because all these
entities, together referred to as the LSR group, have the same
promoters and management team, are in the same line of business,
and have strong intra-group business and financial linkages.

Outlook: Stable

CRISIL believes that the Ludhiana group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case the
group achieves higher-than-expected improvement in its scale of
operations and profitability, leading to improvement in its cash
accruals, or if there is improvement in the working capital
management of the group. Conversely, the outlook may be revised to
'Negative' if the Ludhiana group's liquidity weakens
significantly, most likely because of lengthening of its working
capital cycle, or lower-than-expected cash accruals, or withdrawal
of capital by the promoters, or if the group undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure.

The Ludhiana group, promoted by the Jain family of Ludhiana
(Punjab), manufactures steel ingots, rounds, and bars, and forged
bars and components.

LSRM, set up in 1938, manufactures alloy, non-alloy, and die steel
round and bars. The firm's products cater to the engineering and
automotive (auto) industries.

LSR, incorporated in 1996, is engaged in open (bars) and close
(components) forging. The company's products are used in the
engineering and auto industries.

AIL manufactures steel ingots. The company imports 40 per cent of
its steel scrap and procures the rest from the domestic market. It
channels 90 per cent of its output to LSRM and LSR to meet their
raw material requirements.

Trishala was acquired by the Jain family in August 2010. The
company manufactures steel ingots and around 85% of its output is
sold to LSRM.


LUDHIANA STEEL: CRISIL Cuts Rating on INR200MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ludhiana Steel Rolling Mills (part of the Ludhiana group) to
'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB-/Stable/CRISIL
A3'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           200     CRISIL BB+/Stable (Downgraded
                                 from 'CRISIL BBB-/Stable')

   Letter of Credit      140     CRISIL A4+ (Downgraded from
                                 'CRISIL A3')

The rating downgrade reflects CRISIL's belief that the Ludhiana
group's business risk profile will remain under significant
pressure because of the group's stagnant revenue and declining
operating profitability in 2013-14 (refers to financial year,
April 1 to March 31) on account of slowdown in demand for domestic
steel. The group recorded modest revenue growth of around 5 per
cent in 2012-13 and its revenues in 2013-14 are likely to remain
in the range of INR2.0-2.1 billion. Furthermore, the group's
operating profitability is also expected to remain subdued on
account of intense competition in the steel long products segment
and the group's inability to pass on the increase in raw material
prices to the end customers. The suppressed profitability coupled
with moderate debt levels is likely to lead to weak debt
protection metrics for the group. CRISIL expects the debt
protection metrics to remain modest with interest coverage ratio
of around 1.2 times over the medium term.

The ratings reflect the Ludhiana group's semi-integrated nature of
operations and the extensive industry experience of its promoters
and the financial support that it receives from them. These rating
strengths are partially offset by the Ludhiana group's working-
capital-intensive operations, vulnerability of operating margin to
volatility in raw material prices and product concentration, and
marginal market share in the intensely competitive forging
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LSRM, LSR Forge Pvt Ltd (LSR),
Antarctic Industries Ltd (AIL), and Trishala Alloys Pvt Ltd
(Trishala; formerly, BT Steels Ltd). This is because all these
entities, together referred to as the Ludhiana group, are under a
common management, are in the same line of business, and have
strong intra-group business and financial linkages.

Outlook: Stable

CRISIL believes that the Ludhiana group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' in case the
group achieves higher-than-expected improvement in its scale of
operations and profitability, leading to improvement in its cash
accruals, or if there is improvement in the working capital
management of the group. Conversely, the outlook may be revised to
'Negative' if the Ludhiana group's liquidity weakens
significantly, most likely because of lengthening of its working
capital cycle, or lower-than-expected cash accruals, or withdrawal
of capital by the promoters, or if the group undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure.

The Ludhiana group, promoted by members of the Jain family of
Ludhiana (Punjab), manufactures steel ingots, rounds, bars, and
forged bars and components.

LSRM, set up in 1938, manufactures alloy, non-alloy, and die steel
round and bars. The firm's products cater to the engineering and
automotive (auto) industries.

LSR, incorporated in 1996, is engaged in open (bars) and close
(components) forging. The company's products are used in the
engineering and auto industries.

AIL manufactures steel ingots. The company imports 40 per cent of
its steel scrap and procures the rest from the domestic market. It
channels 90 per cent of its output to LSRM and LSR to meet their
raw material requirements.

Trishala was acquired by the Jain family in August 2010. The
company manufactures steel ingots, and around 85 per cent of its
output is sold to LSRM.


M2K ENTERTAINMENT: CRISIL Cuts Rating on INR149MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
M2K Entertainment Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL BBB-
/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      149      CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

The rating downgrade reflects deterioration in MEPL's financial
flexibility on account of significant loans and advances extended
to group entities as advance against the purchase of property, on
which no progress has been made so far. During 2011-12, the
company extended advances of about INR230 million (65.5 per cent
of the adjusted net worth) to group entities for expansion into
new locations such as Gurgaon and Dharuheda (both in Haryana) by
way of purchase of space; as against the earlier leased model
adopted for expansion. Currently, MEPL has switched back to its
original leased model for expansion but no major progress has been
made on the earlier projects for which advances were made and
advances of INR186.5 million (51.6 per cent of the adjusted net
worth) continue to remain outstanding as on March 31, 2013. CRISIL
believes that financial risk profile of the company will remain
constrained over the medium term due to large loans and advances
extended to group companies.

The rating reflects MEPL's moderate financial risk profile, marked
by moderate gearing and healthy operating efficiencies leading to
a healthy operating margin. These rating weaknesses are partially
offset by constrained financial flexibility due to large advances
extended to group entities, geographical concentration, and
exposure to intense industry competition.

Outlook: Stable

CRISIL believes that MEPL will continue to maintain its business
risk profile over the medium term, backed by the stable operations
at its existing multiplexes. However, MEPL's financial flexibility
to remain constrained on account of large advances extended to
group companies. The outlook may be revised to 'Positive' if MEPL
maintains healthy occupancy levels, resulting in higher
profitability and consequently, large cash accruals, or if its
operations at the proposed multiplexes stabilise sooner-than-
expected. Conversely, the outlook may be revised to 'Negative' if
the financial flexibility of the company further deteriorates on
account of loans and advances extended to the group entities or
its average occupancy declines further, or in case its operating
margin declines, or if it undertakes a larger-than-expected capex
programme.

Incorporated in 1996, MEPL is a part of the M2K group headed by
Mr. Mahesh Bhagchandka. MEPL operates multiplexes that screen
films. It owns and operates two multiplexes in Rohini and
Pitampura with five screens and seating capacity of 1400. MEPL
plans to expand its operations in New Delhi, by adding five more
screens by 2015-16.

MEPL's profit after tax (PAT) and operating income are estimated
at INR13.9 million and INR170.3 million, respectively, for 2012-
13; the company reported a PAT of INR2.9 million on an operating
income of INR137.9 million for 2011-12.


M. P. INTERNATIONAL: ICRA Suspends B+ Rating on INR9.5cr Loan
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating and the '[ICRA]A4' rating
assigned to the INR9.50 crore long-term fund based and short-term
fund based & non-fund based bank facilities of M. P. International
Private Limited* (MPIPL). 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.

Established in 1986, MPIPL is a closely held company engaged in
the trading of ball bearings. The company primarily imports
bearings from Dubai and China and supplies the same domestically.
MPIPL has its registered office at Masjid, Mumbai


MAC-CHEM PRODUCTS: ICRA Assigns 'BB' Ratings to INR24.19cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' and a short-
term rating of '[ICRA]A4' to the INR24.69 crore bank limits of
Mac-Chem Products (India) Private Limited. The long-term rating
carries a stable outlook.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based limits:         9.69       [ICRA]BB (stable)
   Term Loan facility                     assigned

   Fund based limits:
   Cash Credit facility      14.50       [ICRA]BB (stable)
                                         assigned

   Non-fund based limits:
   Bank Guarantee             0.50       [ICRA]A4 assigned

The ratings assigned are constrained by the modest scale of
operations of the company and high gearing levels, modest coverage
indicators and high working capital intensity due to prolonged
inventory holding period. The ratings are further constrained by
the exposure of the company's profitability to the raw materials
price fluctuations, which are predominantly crop-derivatives, and
foreign exchange fluctuations as imports account for a significant
portion of the company's procurement and the company does not
follow a firm hedging policy.

The ratings however, draw comfort from the extensive experience of
the promoters in the field of manufacturing pharmaceutical
formulations and the synergies from association with group
concerns, which are involved in a similar line of business; sales
to group concern (NLSPL) accounted for nearly 50% of its revenues
in FY 2013. The ratings also take into consideration the
diversified varieties of Active Pharmaceutical Intermediates (API)
in its product portfolio.

Mac-Chem Products (India) Private Limited was incorporated in 1991
and was later acquired by the present promoters - Mr. Babulal
Jain, Mr. Mohan Jain and Mr. Manish Jain in FY 2007. The new
promoters ventured into manufacture of Active Pharmaceutical
Intermediates (API) for oncological purposes and steroids through
MCPIPL and set up a manufacturing unit at Boisar (Maharashtra)
with an installed manufacturing capacity of ~20 MTPA (metric
tonnes per annum) of oncological API and ~50 MTPA of general API.
The unit began commercial operation from August 2010. The
company's products are targeted towards the regulated
pharmaceutical markets (USA, Europe etc.), which are governed by
stringent regulations such as the US FDA (Food and Drug
Administration) and UK MHRA (Medicines and Healthcare Products
Regulatory Agency).

The company also has two group concerns, viz. Naprod Life Sciences
Private Limited (NLSPL) and Miracalus Pharma Private Limited
(MPPL); the former is engaged in the manufacture of parenteral
drugs, capsules and tablets for Intas Pharmaceuticals Limited and
Dr. Reddy's Laboratories Limited. MPPL is engaged in the marketing
of formulations manufactured by NLSPL and other domestic
manufacturers.

In FY2013, MCPIPL has reported a profit after tax of INR0.58 crore
on operating income of INR43.09 crore. In FY 2012, MCPIPL reported
profit after tax of INR0.26 crore on operating income of INR30.96
crore.


MASTER BUSINESS: CRISIL Assigns 'B' Rating to INR130MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities to the bank facilities of Master Business
Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               130     CRISIL B/Stable
   Letter of Credit           20     CRISIL A4

The ratings reflect MBE's below average financial risk profile
marked by a high total outside liabilities (TOL) by tangible net
worth (TNW) ratio and its susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of MBE's promoters in the steel trading
business.

Outlook: Stable

CRISIL believes that MBE will continue to benefit from the
extensive industry experience of its promoters in the steel
trading business. The outlook may be revised to 'Positive' if the
firm increases its scale of operations and operating profitability
on a sustained basis, there by leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a decline in the firm's revenues and
operating profitability or if the partners withdraw capital from
the firm leading to weakening of its financial risk profile.

Set up in 1999 as a partnership entity by Mr.Sudhakar and his
brother Mr.Radhakrishnan, MBE is involved in trading of steel at
Visakhapatnam (Andhra Pradesh).

During 2012-13 (refers to financial year April 1 to March 31), MBE
reported a profit after tax (PAT) of INR3.9 million on net sales
of INR974.9 million as against a PAT of INR0.6 million on net
sales of INR405.4 in 2011-12.


MRG FASHIONS: ICRA Reaffirms 'B' Rating on INR7.5cr LT Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to INR7.50 crore
long term fund based bank limits of MRG Fashions (P) Limited.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------          -----------   -------
   Long Term: Fund        7.50       [ICRA]B/ (reaffirmed)
   Based Limits

The rating reaffirmation continues to take into account the
company's weak financial profile which is on account of weak
profitability and high leverage. Despite high gross margins
offered on the goods retailed by MRG, the operating profitability
has remained weak on account of intense competition, high fixed
overheads (such as rental, employees and other store expenses) and
significant proportion of discounted sales undertaken by the
company to liquidate the unsold goods at the end of the season
which along with high interest expense results in low accruals.
While the long term debt has remained low due to asset light model
of operations whereby none of the stores are owned by the company,
the reliance on external debt funding has remained high due to low
accruals and working capital intensive nature of operations which
has resulted in high leverage. The liquidity also continues to
remain modest as reflected in consistent high utilization of the
working capital limits.

The assigned rating remains constrained by susceptibility of sales
and profitability to economic cycles which impacts discretionary
spending and the high competitive intensity in the domestic retail
market which is fragmented and shall maintain the pressure on the
sales and profitability.

The assigned rating however continues to favorably take into
account the location of the stores which provides access to a
catchment area with high residential population as also reflected
in steady revenue growth of the stores; though the presence of all
the stores in west Delhi region, results in regional
concentration. The rating also takes into account the established
track record of more than two decades of the promoters in
retailing and their active involvement in the business operations.
Going forward, improvement in the profitability and liquidity,
efficient inventory management to minimize season leftovers and
any large debt funded capital expenditure for opening of new
stores which would further stretch the financial profile would be
the key rating sensitivities.

MRG was incorporated in April 2007 and operates four department
stores, under its brand, Goyal Sons, in Delhi which retail a wide
range of products such as apparels for men's, women's and kids,
household items, footwear and cosmetics. The first department
store was opened in FY 1991 in Nangal Raya (Delhi) and the other
three stores were opened in FY 2011 (Uttam Nagar), FY 2012
(Dwarka) and FY 2014 (Tilak Nagar). The operations were earlier
carried out in a proprietorship firm Goyal Sons since 1981 which
started with a small 50 sq. ft. store retailing footwear and in FY
2008, the operations were transferred to MRG.

Recent Results
During 6M 2013-14, as per the provisional results, MRG reported an
operating income of INR14.63 crore and an operating profit margin
of 3.8%.


NARAYANI HOTELS: CRISIL Cuts Ratings on INR472.5MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Narayani Hotels and Resorts Ltd to 'CRISIL D/CRISILD' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of credit         12.5     CRISIL D (Downgraded from
   & Bank Guarantee                  'CRISIL A4')

   Term Loan               460.0     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by Narayani in
servicing its debt; the delays have been caused by the company's
weak liquidity. The company recently undertook additional capital
expenditure (capex) of INR350 million for making further
enhancements in hotel facilities as part of its association with
the Starwoods group. This, along with delay in the operations of
the hotel due to these additions to be made, has resulted in weak
liquidity. Hence, its liquidity is constrained and cash flows have
been inadequate for meeting its maturing debt obligations. Though
the promoters have been bringing in funds to support repayment
obligations, the mismatch in the timing of the cash flows has
resulted in the repayments being made with delays.

Narayani is also exposed to risks related to recently undertaken
capex and vulnerability to the cyclicality in the hotel industry
owing to small market share. These rating weaknesses are partially
offset by the advantageous location of Narayani's resort and good
response to its club membership.

Narayani, set up in 1993, has a hotel and provides banquet
facilities. It is currently developing a resort-cum-recreation
club. Recently the company tied up with the Starwoods group for
operating its hotel under the Le Meridian brand.

Narayani reported net loss of INR1.6 million on net sales of
INR410 million for 2012-13 (refers to financial year, April 1 to
March 31) against net profit of INR2.6 million on net sales of
INR386 million for 2011-12.


OMNITECH INFOSOLUTIONS: ICRA Cuts Ratings on INR161cr Loan to BB-
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR131.0
crore long-term fund-based facilities, INR30 crore term loans and
INR23.0 crore long-term non-fund based facilities of Omnitech
InfoSolutions Limited to '[ICRA]BB-' from '[ICRA]BBB' earlier.
ICRA has also revised its rating on the INR35.5 crore short-term
fund-based facilities to '[ICRA]A4' from '[ICRA]A3+' earlier. ICRA
has maintained a "negative" outlook on the long term rating. The
INR23.0 crore non-fund based facilities limits are interchangeable
between long-term and short-term exposure such that the total
utilisation does not exceed INR23.0 crore.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, fund-          131.0       [ICRA]BB-(negative)
   based facilities                      revised from
   (Cash Credit)                         [ICRA]BBB(negative)

   Fund-based facilities      23.0       [ICRA]A4 revised
                                         from [ICRA]A3+

   Long-term loans            30.0       [ICRA]BB-(negative)
                                         revised from [ICRA]BBB
                                         (negative)

   Short-term fund            12.5       [ICRA]A4 revised from
   based limits                          [ICRA]A3+


The ratings revision takes into account the large reported loss of
INR50.9 crore during Q2, FY 2014 resulting in sharp deterioration
in credit metrics. The deterioration in the company's financial
position is attributable to increased working capital
requirements, significant capital investments in the past which
were unyielding and continuing support to its loss making overseas
subsidiary and joint venture.

ICRA has maintained a negative outlook on the long-term rating
given the pressure on profitability and its weak liquidity
position.

ICRA takes note of vast experience of the promoters in the IT
business and presence in relatively high-margin managed services
(IMS) and application services segments in the domestic market.

Omnitech Infosolutions was incorporated on January 30, 1990 as
Omnitech Business Machines Private Limited. The name of the
Company was changed to Omnitech Infosolutions Private Limited on
January 9, 2001 and subsequently to Omnitech Infosolutions Limited
on April 12, 2001. Over a period of time, from being a third party
service provider and computer assembling company, the company has
expanded its scope of activities by venturing into IT solutions
and Technology services.

Omnitech has a number of strategic alliances with technology
leaders like IBM, CA, VERITAS, Cisco, Microsoft, Oracle, HP,
Citrix, Intel, etc which helps it in delivering software and
hardware for its client projects. The company has client base
across different industry segments like BFSI (Banking, Financial
Services & Insurance), Manufacturing, Utilities, Services,
Government bodies, etc. In January, 2011, Omnitech acquired
Avensus (renamed Europe Omnitech Technology Services B.V.), a
Netherlands based company having annual turnover of roughly INR55
crore for a total initial consideration of INR40 crore excluding
M&A, financial and legal due diligence costs. Avensus is into
providing security solutions, managed infrastructure services and
virtualisation/optimisation services.


PATLIPUTRA EQUIPMENTS: CRISIL Rates INR200MM Loan at 'BB+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facility of Patliputra Equipments Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Electronic Dealer        200      CRISIL BB+/Stable
   Financing Scheme
   (e-DFS)

The rating reflects the established market position of PEPL in
Bihar as a dealer of JCB India Ltd (JCB), supported by its
promoters' extensive experience in the automotive industry and
above-average financial risk profile. These rating strengths are
partially offset by PEPL's low bargaining power with the
principal, stiff competition in the automotive dealership market
and working capital intensive nature of operations.

Outlook: Stable

CRISIL believes that PEPL will maintain its business risk profile
over the medium term on the back of its promoters' extensive
experience in the dealership business and established market
position in heavy earth moving equipment (HEME) and heavy
commercial vehicles segment (HCV) in Bihar. The outlook may be
revised to 'Positive' if the company reports significant growth in
turnover while improving its operating profitability along with
working capital management. Conversely, the outlook may be revised
to 'Negative' if PEPL's working capital cycle weakens or it
undertakes any debt-funded capital expenditure programme.

PEPL, promoted by Mr. Arunoday Singh, Mr. Kumar Rajkishore and Mr.
Udey Shanker Ojha, is an authorised dealer for HEME and HCV
including backhoe loaders, excavators and car mounted machines for
JCB in Bihar. The promoters started the dealership in 2006.

PEPL reported a net profit of INR24.7 million on net sales of
INR1759 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR13.4 million on net sales
of INR1080 million for 2011-12.


PODDAR CAR: CRISIL Upgrades Ratings on INR185MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Poddar Car World Private Limited to 'CRISIL BB/Stable' from
'CRISIL BB-/Stable', and has reaffirmed its 'CRISIL A4+' rating to
the company's short-term bank facility. The rating upgrade
reflects improvement in PCPL's business risk profile on account of
substantial increase in company's scale of operations and
profitability.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            15      CRISIL A4+ (Reaffirmed)

   Cash Credit               85      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                 35      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long-Term
   Bank Loan Facility        40      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Inventory Funding
   Facility                  25      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Inventory Funding
   Facility                  95      CRISIL A4+ (Reaffirmed)

PCPL's scale of operations has increased substantially from around
INR956.3 million in 2011-12, to INR1.4 billion in 2012-13. The
increase in scale of operations is primarily on account of opening
of a new showroom by PCPL in Guwahati in August 2012. Further,
company's operating margins have also improved to around 2.7 per
cent in 2012-13, from 2.2 per cent in 2011-12, on account of
higher income from work shop and sale of accessories. The increase
in scale of operations and improvement in operating margins has
also resulted in higher cash accruals of around INR16.3 million in
2012-13, compared to INR6.4 million in 2011-12. PCPL's cash
accruals are expected to further improve and are expected to be
adequate to meet modest term debt repayments of INR4 million in
2013-14, and INR6 million in 2014-15.

The ratings continue to reflect company's established association
with Maruti Suzuki India Limited (MSIL; rated 'CRISIL
AAA/Stable/CRISIL A1+') and promoter's extensive experience in the
auto-dealership industry. These rating's strength are partially
offset by weak financial risk profile, marked by high gearing, and
weak debt protection metrics, and exposure to intense competition
automobile dealership industry.

Outlook: Stable

CRISIL believes that Poddar Car World will continue to benefit
over the medium term from its established relationship with its
principal. The outlook may be revised to 'Positive' if the company
is able to improve its capital structure from current levels or in
case of any significant improvement in the operating margins.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenue growth, leading to lower cash
generation, or larger-than-expected debt-funded capital
expenditure negatively impacting Poddar Car World's gearing and
debt protection metrics.

Poddar Car World was incorporated in 2005 by Mr. Anup Poddar in
Guwahati (Assam). The company is engaged in operating a dealership
for Maruti vehicles in Assam.


PRACHEE FILAMENTS: ICRA Cuts Ratings on INR21.75cr Loans to D
-------------------------------------------------------------
The long term rating for the INR14.98 crore fund based facilities
of Prachee Filaments Yarns Private Limited has been revised to
'[ICRA]D' from '[ICRA]B-'. ICRA has also revised the ratings for
the INR6.77 crore unallocated limit of Prachee from
'[ICRA]B-/[ICRA]A4' to [ICRA]D.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long Term Fund Based
   Limit-Cash Credit             5.35       [ICRA]D Revised from
                                            [ICRA]B-

   Long Term Fund Based
   Limit-Term Loan               9.63       [ICRA]D Revised from
                                            [ICRA]B-

    Unallocated Limit            6.77       [ICRA]D Revised from
                                            [ICRA]B-/[ICRA]A4

The ratings revision reflects the firm's strained liquidity
position as reflected by continuing delays in servicing of debt,
leveraged capital structure and weak coverage indicators. The
company's financial profile has weakened on account of net losses
and de-growth in revenues following the ban in the use of plastic
pouches for the packaging of pan masala products by the Supreme
Court of India. The ratings also factor in the regulatory risks
attached to the ban on plastic packaging (as observed in the
gutkha segment) as well as ban on sale and consumption of gutkha
in few states. The rating, however, favourably factors in the
favorable demand prospects for the flexible packaging industry in
the domestic market in the long-term and location of the company's
plant in Surat, with advantages such as proximity to suppliers and
customers.

Prachee Filaments Yarns Private Limited (Prachee) incorporated in
April 2009, is involved in the business of manufacture of
metalized films and paper based packaging materials. The company
has its registered office in Surat city, while its manufacturing
plant is at Karanj village, Surat.

Recent results

During 2012-13 the company has reported a net loss of INR1.41
crore on an operating income of INR13.89 crore. As per audited
2011-12 numbers, Prachee has reported a net loss of INR5.65 crore
on an operating income of INR8.71 crore.


RADHE ALLOY: ICRA Suspends 'B+' Ratings on INR13.7cr Loans
----------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR13.70
crore long term fund based facilities of Radhe Alloy Cast Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-              2.50       [ICRA]B+;suspended
   Cash Credit

   Fund Based-             11.20       [ICRA]B+;suspended
   Term Loan

Incorporated in 2007, Radhe Alloy Cast Private Limited (RACPL) is
engaged in manufacturing of ductile Iron/cast Iron castings with
annual production capacity of 7000 MTPA. RACPL's sole
manufacturing unit is located at Vadodara, Gujarat. Some of the
major products manufactured by the company are Clutch Housing,
Front Axle Support, Head Cylinder, Lift Housing, etc. All the
components made by the company find applications in the farm
equipment sector and the company mainly supplies to the tractor
division of Mahindra and Mahindra Limited.


RADHE HURKAT: CRISIL Assigns 'B' Ratings to INR55MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Radhe Hurkat Ispat Pvt Ltd.

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

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

The rating reflects RHIPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics.
The rating also factors in the company's small scale and working-
capital-intensive operations, and the susceptibility of its
margins to volatility in raw material prices. These weaknesses are
partially offset by the extensive experience of RHIPL's promoters
in the agricultural tools industry and the funding support that it
receives from them.

Outlook: Stable

CRISIL believes that RHIPL's financial risk profile will remain
constrained over the medium term because of low cash accruals. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, resulting in
better-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if RHIPL's financial risk profile,
particularly its liquidity, weakens, most likely due to lower-
than-expected cash accruals or substantial debt-funded working
capital requirements or capital expenditure.

RHIPL was incorporated in 1993, promoted by Mr. Brijesh Hurkat and
Mr. Shailendra Hurkat in Raipur (Chhattisgarh). The company
manufactures mattocks, pickaxes, crowbars, and mild steel flats.
Its manufacturing facility is in Raipur.

For 2012-13 (refers to financial year, April 1 to March 31), RHIPL
reported a profit after tax (PAT) of INR3.3 million on net sales
of INR185.2 million; the company had reported a net loss of INR7.6
million on net sales of INR152.8 million for 2011-12.


RAJNANDGAON MOTOR: ICRA Suspends 'B+' Rating on INR5.5cr Loans
--------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR5.50
crore cash credit facilities of Rajnandgaon Motor Engineering
Works. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


RASBIHARI ENTERPRISES: CRISIL Rates INR75MM Loan at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rasbihari Enterprises Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL B/Stable

The rating reflects REL's small scale of operations in the
intensely competitive and fragmented tendu leaves industry and the
customer concentration in its revenue profile. These rating
weaknesses are partially offset by REL's average financial risk
profile marked by its moderate networth, albeit constrained by low
interest coverage ratio, and its promoter's extensive experience
in the tobacco industry.

Outlook: Stable

CRISIL believes that REL will continue to benefit over the medium
term from its promoter's extensive experience in the tobacco
industry. The outlook may be revised to 'Positive' if REL
diversifies its customer profile and increases its scale of
operations, and profitability. Conversely, the outlook may be
revised to 'Negative' if the company generates lower-than-expected
revenue and profitability leading to weakening in its financial
risk profile.

REL was incorporated as a public limited company in 1982 by Mr.
Kisanlal Bastiram Sarda. The company initially traded in tobacco
and manufactured amla candy; from 2012-13 (refers to financial
year, April 1 to March 31), the company has been only processing
and trading in tendu leaves which are used to make bidis.


ROHIT EXTRACTIONS: CRISIL Reaffirms BB- Ratings on INR145MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rohit
Extractions Pvt Ltd continues to reflect REPL's moderate financial
risk profile, marked by moderate gearing and debt protection
metrics and a small net worth. The ratings also factor in the
extensive experience of the company's promoters, and its
established position, in the rice bran oil industry. These rating
strengths are partially offset by REPL's stretched liquidity
consequent to its recent capital expenditure (capex), its modest
scale of operations in the fragmented rice bran oil processing
industry, and its low operating margin.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           125      CRISIL BB-/Stable (Reaffirmed)

   Standby Fund-
   Based Limits            5      CRISIL BB-/Stable (Reaffirmed)

   Working Capital
   Demand Loan            15      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its established position, and its promoters' extensive
industry experience, in the rice bran oil industry. The outlook
may be revised to 'Positive' in case of substantial and sustained
improvement in the company's revenues and profitability margins,
or if there is a substantial increase in its net worth on the back
of equity infusion by the promoters. Conversely, the outlook may
be revised to 'Negative' if there is a sharp decline in REPL's
revenues or operating margin, or if its financial risk profile
deteriorates, most likely due to lower-than-anticipated cash
accruals or larger-than-expected working capital requirements.

Update

For 2012-13 (refers to financial year, April 1 to March 31), REPL
reported (on a provisional basis) revenues of INR1178 million, a
year-on-year growth of 13 per cent, in line with CRISIL's
projections. The revenue growth was mainly driven by higher
capacity utilisation on the back of increased availability of rice
bran. The company increased its processing capacity to 0.13
million tonnes per annum (tpa) from 0.10 million tpa in February
2013, which is expected to result in a revenue growth of 20 to 30
percent during 2013-14. REPL's operating margin improved
marginally to 3.6 per cent in 2012-13 as against 3.3 per cent in
the previous year on the back of healthy demand for rice bran oil
and higher capacity utilisation.

REPL has a moderate financial risk profile, though this has
marginally deteriorated compared with the previous year. The
company's gearing increased to about 1.4 times as on March 31,
2013, from 1.1 times a year earlier, mainly because of increase in
working capital debt, consequent to the scaling up of its
revenues. During 2012-13, REPL incurred a capex of INR54 million
to increase its processing capacity; the capex was funded through
internal sources and unsecured loans from promoters. REPL's
financial risk profile remains adequate for the rating category
despite the marginal deterioration.

REPL's liquidity has also deteriorated marginally compared with
previous levels as indicated by its fully utilised bank limits
during 2012-13, mainly because of high incremental working capital
requirements and also utilisation of internal funds for capex,
which were previously deployed towards working capital.
Consequently, the company's reliance on bank funding for working
capital requirements has increased from previous levels. However,
the company's liquidity is supported by absence of term debt
obligations and debt funded capex plans over the medium term.
CRISIL believes that the company's liquidity will remain stretched
over the medium term, though its liquidity will remain adequate
for the rating category.

Incorporated in 1990, REPL is engaged in processing of rice bran
to manufacture rice bran oil. The company manufactures unrefined
rice bran oil and de-oiled rice bran cakes, which are used as
animal feed. REPL has a rice bran processing capacity of 0.13
million tpa near Hyderabad (Andhra Pradesh).

For 2012-13, REPL reported (on a provisional basis) a profit after
tax (PAT) of INR20.0 million on net sales of INR1178 million; it
had reported a PAT of INR16.7 million on net sales of INR1041
million for 2011-12.


S & P FEEDS: ICRA Assigns 'B+' Ratings to INR15.87cr Loans
----------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to INR0.74 crore
(INR5.87 crore enhanced from INR5.13 crore) term loan facilities
and INR7.00 crore (INR10.00 crore enhanced from INR3.00 crore)
cash credit facilities of S & P Feeds Private Limited. ICRA also
has '[ICRA]B+' rating outstanding on INR5.13 crore term loan and
INR3.0 crore cash credit facilities of SPFL.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund        5.87      [ICRA]B+ assigned/
   Based Limits-                    outstanding
   Term Loan

   Long Term, Fund       10.00      [ICRA]B+ assigned/
   Based Limits-                    outstanding
   Cash Credit

The rating re-affirmation takes into account the long standing
experience of the promoters in the poultry industry, with group
companies engaged in poultry breeding, hatcheries and contract
broiler farming for more than 15 years. The rating also notes that
the firm's operations commenced with adequate turnover and margins
in FY13; the favorable long-term prospects for the domestic
poultry industry; and the location advantage derived by the feed
unit being located close to raw material sources. ICRA has also
considered the financial health of the group company, Anand
Hatcheries Pvt Ltd (AHPL), with closely linked operations and
financial comfort provided by it. The rating, however, remains
constrained by the leveraged capital structure, and moderate
coverage indicators (given the first year of operation). The
firm's profitability remains vulnerable to volatile raw material
prices, with key ingredients like maize and soy meal forming more
than 85% of production costs.

ICRA also takes note of the inherent risks in the poultry
industry-such as disease out breaks, volatile realizations and the
seasonal nature of business. Maintaining healthy capacity
utilization, while managing volatile raw material prices, will
remain key sensitivity factors going forward.

SPFL is engaged in the business of poultry feed manufacturing
(pellet) and contract broiler farming. It commenced commercial
operation in July 2012, with an installed feed production capacity
of 4,800 tons per month. The manufacturing plant is located at
Bhaur, Nasik, Maharashtra. SPFL is part of the Nasik-based Anand
Agro Group, engaged in the poultry business for more than 15
years. The Group's flagship company, AHPL, was incorporated in
1996; and is involved in breeder farming, hatcheries and contract
broiler farming, along with another small group company.


S.R. TIMBER: CRISIL Cuts Ratings on INR374.5MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
S.R. Timber Products Pvt. Ltd. to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Positive/CRISIL A4+'.

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

   Letter of Credit         280      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Rupee Term Loan            9.5    CRISIL D(Downgraded from
                                     'CRISIL BB+/Positive')

   Standby Line of Credit    15.0    CRISIL D(Downgraded from
                                     'CRISIL BB+/Positive')

The rating downgrade reflects irregularities in SR group's letter
of credit (LC) facility on account of stretching of its liquidity.

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of SR Timber, S.R. Worth Ltd (SR
Worth, rated CRISIL D/CRISIL D), and S.R. Log Products Pvt Ltd (SR
Log, rated CRISIL D/CRISIL D), collectively referred to as the SR
group. This is because all these entities are under a common
management, and are in a similar line of business. Furthermore, SR
Timber and SR Worth have guaranteed each other's debt.

SR Timber, set up in 2001 by Mr. Akhilesh Singh and Mr. Sashi
Bhushan Singh, trades in timber. In 2004, Mr. Akhilesh Singh and
his sister Ms. Chittra Singh set up SR Worth for manufacturing of
value-added wooden products. In 2005, the promoters incorporated
SR Log for trading in timber.

The SR group reported a profit after tax (PAT) of INR54.8 million
on net sales of INR4631.6 million for 2012-13 (refers to financial
year, April 1-March 31) against a PAT of INR38.9 million on net
sales of INR3571.7 million for 2011-12.


S.R. WORTH: CRISIL Cuts Ratings on INR259MM Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of S.R.
Worth Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB+/Positive/CRISIL
A4+'.  The rating downgrade reflects irregularities in SR group's
letter of credit (LC) facility on account of stretching of its
liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL D (Downgraded from
                                     'CRISIL BB+/Positive')

   Letter of Credit         200      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Standby Line of Credit     9      CRISIL D (Downgraded from
                                     'CRISIL BB+/Positive')

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of SR Worth, S.R. Timber Products Pvt.
Ltd. (SR Timber, rated CRISIL D/CRISIL D) and S.R. Log Products
Pvt Ltd (SR Log, rated CRISIL D/CRISIL D), collectively referred
to as the SR group. This is because all these entities are under a
common management, and are in a similar line of business.
Furthermore, SR Timber and SR Worth have guaranteed each other's
debt.

SR Timber, set up in 2001 by Mr. Akhilesh Singh and Mr. Sashi
Bhushan Singh, trades in timber. In 2004, Mr. Akhilesh Singh and
his sister Ms. Chittra Singh set up SR Worth, formerly known as SR
Worth Ayat Niryat Pvt. Ltd., for manufacturing of value-added
wooden products. In 2005, the promoters incorporated SR Log for
trading in timber.

The SR group reported a profit after tax (PAT) of INR54.8 million
on net sales of INR4631.6 million for 2012-13 (refers to financial
year, April 1-March 31) against a PAT of INR38.9 million on net
sales of INR3571.7 million for 2011-12.


S R LOG: CRISIL Downgrades Rating on INR120MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of S R Log
Products Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Positive/CRISIL A4+'. The rating downgrade reflects
irregularities in SR group's letter of credit (LC) facility on
account of stretching of its liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL D (Downgraded from
                                     'CRISIL BB+/Positive')

   Letter of Credit         110      CRISIL D (Downgraded from
                                     'CRISIL A4+')

For arriving at its ratings, CRISIL has combined the business and
the financial risk profiles of SR Log, S.R. Timber Products Pvt.
Ltd. (SR Timber, rated CRISIL D/CRISIL D) and S.R. Worth Ltd (SR
Worth, rated CRISIL D/CRISIL D), collectively referred to as the
SR group. This is because all these entities are under a common
management, and are in a similar line of business. Furthermore, SR
Timber and SR Worth have guaranteed each other's debt.

SR Timber, set up in 2001 by Mr. Akhilesh Singh and Mr. Sashi
Bhushan Singh, trades in timber. In 2004, Mr. Akhilesh Singh and
his sister Ms. Chittra Singh set up SR Worth for manufacturing of
value-added wooden products. In 2005, the promoters incorporated
SR Log for trading in timber.

The SR group reported a profit after tax (PAT) of INR54.8 million
on net sales of INR4631.6 million for 2012-13 (refers to financial
year, April 1-March 31) against a PAT of INR38.9 million on net
sales of INR3571.7 million for 2011-12.


SAI CONSTRUCTION: CRISIL Reaffirms BB- Rating on INR25MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Construction
Corporation continue to reflect the extensive industry experience
of SCC's promoters in the civil construction industry and the
firm's healthy financial risk profile marked by comfortable
gearing. These rating strengths are partially offset by SCC's
modest scale of operations in the highly competitive civil
construction industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        32.5     CRISIL A4+ (Reaffirmed)
   Cash Credit           25.0     CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCC will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the firm scales up operations significantly while maintaining its
profitability and capital structure. On the other hand, the
outlook may be revised to 'Negative' if SCC reports weakening in
its financial risk profile on account of steep decline in its
revenue or profitability or substantial delays in realisation of
receivables from clients.

Update

For 2012-13 (refers to financial year, April 1 to March 31), SCC's
revenue is estimated at INR166 million, lower than CRISIL's
expectation, primarily because of fewer contracts executed by the
firm during the year. However SCC's operating margin of about 12.7
per cent for 2012-13 was higher than CRISIL's expectation. The
firm currently has outstanding orders of about INR400 million to
be executed over the next 24 months. The firm is likely to achieve
net cash accruals of about INR 9.8 million during 2013-14 against
term loan obligations of around INR2.2 million during the year.

SCC's financial risk profile remains healthy, driven by low
gearing and healthy debt protection metrics, albeit constrained by
small net worth. The firm's operations remain moderately working-
capital-intensive. Its working capital limit utilisation remains
high, averaging 85.6 per cent over the 12 months through September
2013.

SCC reported, on a provisional basis, profit after tax (PAT) of
INR1.8 million on net sales of INR166 million for 2012-13 (refers
to financial year, April 1 to March 31), against a PAT of INR1.8
million on an net sales of INR166 million for 2011-12.

Established in 2006 as a partnership firm, SCC is engaged in
construction activities such as constructing road under bridges
(using the box-pushing technique), pipe pushing, well sinking,
pipe-laying, and maintenance works. The firm's operations are
managed by Mr. Venkat Rajam and his son Mr. Sharat Kumar.


SAROJINI FERRO: CRISIL Assigns 'B-' Ratings to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sarojini Ferro Alloys Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           10      CRISIL B-/Stable
   Term Loan

   Cash Credit               40      CRISIL B-/Stable

   Long-Term Loan           150      CRISIL B-/Stable
The rating reflects SFAPL's below-average financial risk profile
and susceptibility of its operating profitability to volatility in
input costs. These rating weaknesses are partially offset by the
extensive experience of SFAPL's promoters in the ferroalloy
industry.

Outlook: Stable

CRISIL believes that SFAPL will benefit over the medium term from
the extensive experience of its promoters in the ferroalloy
industry. The outlook may be revised to 'Positive' if the
company's scale of operations and operating profitability improve
significantly on a sustained basis, thereby leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if sub-optimal capacity utilisation results
in insufficient cash accruals and increased dependence on need-
based funding support from the promoters, or if the company
extends funding support to associate entities, or if it undertakes
a larger-than-expected debt-funded capital expenditure thereby
leading to deterioration in its financial risk profile.

Set up in 2009, SFAPL is involved in the manufacture of
ferroalloys. The company is promoted by Mr. P Rajan Babu, Mr. P
Ashok, and their family.

During 2012-13 (refers to financial year April 1 to March 31),
SFAPL reported net loss of INR71.3 million on net sales of
INR229.9 million.


SATIA INDUSTRIES: ICRA Revises Ratings on INR90cr Loans to 'BB'
---------------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]BB-' to
'[ICRA]BB' and reaffirmed the short term rating at '[ICRA]A4' for
the INR120.0 Crore bank limits of Satia Industries Limited. The
outlook on the long term rating is "Stable."

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Term Loan          36.0        Revised to [ICRA]BB(Stable)
                                  from [ICRA]BB-(Stable)

   Fund Based
   Working Capital
   Limits             54.0        Revised to [ICRA]BB(Stable)
                                  from [ICRA]BB-(Stable)

   Non Fund Based
   Working Capital
   Limits             30.0        Reaffirmed at [ICRA]A4

The rating upgrade reflects the sustained improvement in the
financial risk profile of the company due to improvement in
profitability post commissioning of captive power plant and
modernisation of machinery and the concomitant strengthening of
the capital structure. The ratings, however, continue to be
constrained by moderately high competitive intensity in the paper
industry with the presence of a large number of manufacturers;
vulnerability of profitability to cyclicality inherent in the
industry and tight liquidity position which has resulted in high
working capital limits utilization levels. Nevertheless, while
assigning the ratings, ICRA has favourably factored in the long
track record of the promoters in printing and writing paper
business; consistently healthy plant capacity utilisation levels;
favourable location of the manufacturing facility in the
agricultural belt of Punjab, which allows easy access to raw
materials; operational competitiveness of the company due to
captive power generation and chemical recovery facilities which
aid in reducing the power and chemical cost respectively and
favourable demand outlook from the education sector.

Satia Industries Ltd. (formerly, Satia Paper Mills Ltd) was
incorporated in 1980. SIL manufactures printing and writing paper
and has a capacity of 75,000 MTPA. The company has a fully
integrated paper mill, with a pulping facility based on
agricultural residue and a chemical recovery plant. The company
also has captive power plants with generation capacity of 22.5 MW.

Recent Results

Based on unaudited financials, SIL reported net sales of INR176.58
Crore and a net profit of INR16.65 Crore in H1 2013-14. SIL
reported net sales of INR278.45 Crore and a net profit of INR13.88
Crore during financial year 2012-13. The company had reported net
sales of INR239.25 Crore and a net profit of INR3.99 Crore during
financial year 2011-12.


SHETKARI SHIKSHAN: CRISIL Reaffirms 'D' Rating on INR195MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of The Shetkari
Shikshan Mandal continues to reflect instances of delay by TSSM in
servicing its term debt; the delays have been caused by the
trust's weak liquidity due to cash flow mismatch.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan             195     CRISIL D (Reaffirmed)

TSSM also has an average financial risk profile, marked by
moderate net worth and gearing. The rating also factors in the
vulnerability of the trust to any adverse regulatory changes in
the education business. These rating weaknesses are partially
offset by the benefits that TSSM derives from the healthy demand
prospects for the education industry and funding support from its
promoters.

The management of TSSM was taken over by the management of
Jayawant Shikshan Prasarak Mandal (JSPM) from Mr. Prateek Patil in
2006-07 (refers to financial year, April 1 to March 31, April 1 to
March 31). Currently, the trust has two campuses in operation at
Bavdhan (Pune, Maharashtra) and Narhe (Pune, Maharashtra). The
trust offers courses such as bachelor of engineering (BE, four
different disciplines), master of engineering (ME, three different
disciplines), diploma in engineering and masters of business
administration (MBA). From academic year 2012-13, the trust is
offering courses such as the post graduate diploma in management
(PGDM) and master of computer applications (MCA). Also, apart from
the above-mentioned courses, the trust also runs a school,
Jayawant Public School, at its Narhe campus.


SHIVNATH AUTOMOBILES: CRISIL Puts 'BB-' Ratings on INR250MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long
term bank facilities of Shivnath Automobiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL BB-/Stable

   Proposed Long-Term
   Bank Loan Facility       175      CRISIL BB-/Stable

The rating reflects the benefits that SAPL derives from its
established relationship with its principal, Mahindra & Mahindra
Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+') and its moderate
financial risk profile. These rating strengths are partially
offset by SAPL's exposure to risks relating to low bargaining
power with its principal, and to limited track record of
operations in the competitive automotive dealership industry.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its established relationship with its principal. The
outlook may be revised to 'Positive' if the company reports
significant and sustained growth in revenue and profitability,
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if slowdown in the passenger or
commercial vehicle segment significantly impacts SAPL's revenue
and profitability; or if stretch in working capital cycle, or any
debt-funded capital expenditure weakens its financial risk
profile, especially liquidity.

SAPL, incorporated in July 2011, operates a dealership for
passenger and commercial vehicles manufactured by M&M. The firm
has exclusive sales rights in six districts of Chhattisgarh, and
is promoted by Mr. Shyam Kishore Gupta and his family members.


SHIVNATH TRACTORS: CRISIL Assigns 'B+' Ratings to INR95MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shivnath Tractors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        45      CRISIL B+/Stable

   Bank Guarantee            25      CRISIL A4

   Cash Credit               50      CRISIL B+/Stable

The ratings reflect ST's below-average financial profile and its
exposure to intense competition in the automobile dealership
industry. These rating strengths are partially offset by the
benefits that ST derives from its established association with its
principal Mahindra & Mahindra Ltd (rated 'CRISIL AA+/Stable/CRISIL
A1+').

Outlook: Stable

CRISIL believes that ST will continue to benefit from its
established relations with its principal over the medium term. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, supported by an equity infusion by the
promoters or an improvement in the operating margin, leading to
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm reports a significant slowdown
in revenue; or undertakes a larger-than-expected debt-funded
capital expenditure (capex) programme, resulting in deterioration
in its financial risk profile.

ST was setup in 2008. The firm operates a dealership for farm
vehicles manufactured by M&M. ST has exclusive sales rights in six
districts of Chhattisgarh and is promoted by Mr. Shyam Kishore
Gupta and his family members.


SHREE GOVIND: CRISIL Reaffirms 'B-' Ratings on INR60MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Govind Sheetgrah
Pvt Ltd continues to reflect SGSPL's below-average financial risk
profile, especially liquidity, marked by modest net worth and
large working capital requirements.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             21       CRISIL B-/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility      14       CRISIL B-/Stable (Reaffirmed)

   Term Loan               25       CRISIL B-/Stable (Reaffirmed)

The rating also reflects the company's modest scale of operations,
and susceptibility to market competition and volatility in potato
prices. These rating weaknesses are partially offset by the
benefits that SGSPL derives from the extensive experience of its
promoters in cold storage and potato trading business along with
funding support from them and the company's healthy operating
margin.

Outlook: Stable

CRISIL believes that SGSPL will maintain its moderate business
risk profile, supported by promoters' business experience and its
healthy operating margin. The outlook may be revised to 'Positive'
if the company reports more-than-expected cash accruals or the
promoters infuse capital, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's liquidity deteriorates because of less-than-
expected cash accruals, a stretch in its working capital cycle, or
large debt-funded capital expenditure.

SGSPL, incorporated in 2008, operates a cold-storage unit
(primarily for storing potatoes) in Agra, Uttar Pradesh. The cold
storage unit has capacity for 0.225 million packages (each pack is
of 50 kilograms). It also provides funding to the farmers against
potatoes stored, which, in turn, is refinanced by banks. The
farmers store potatoes from January to April and start withdrawing
the same from around June.


SHREE RAM: ICRA Reaffirms 'BB-' Ratings on INR5.65cr Loans
----------------------------------------------------------
The long term rating of '[ICRA]BB-' has been reaffirmed for
INR5.50 crore cash credit limits and INR0.15 crore unallocated
limits of Shree Ram Steel Re Rolling Mill.  The outlook on the
rating is 'Stable'.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit facility     5.50        [ICRA]BB- (Stable)
                                        reaffirmed

   Unallocated              0.15        [ICRA]BB- (Stable)
                                        Reaffirmed

The rating continues to take into account SSRM's modest scale of
operations; low profit margins due to low value additive nature of
operations coupled with intense competition on account of
fragmented industry structure, exposure to the cyclical nature of
the steel industry and modest coverage indicators. Further, the
rating factors in the risks inherent in partnership form of
business and vulnerability of profitability to adverse
fluctuations in the raw material prices which may not be passed on
to the customers adequately. The rating, however, favorably
considers the long experience of the partners in the secondary
steel industry and the firm's diversified customer base.

Shree Ram Steel Re-Rolling Mill was established in the year 1995
as a partnership firm and it is engaged in manufacturing of MS
flats, MS rounds and MS squares from MS Ingots. The manufacturing
facility (steel rolling mill) of the firm is located at Vijapur,
Mehsana district of Gujarat, with an installed capacity of 21,000
MTPA. The partners have been associated with secondary steel
industry for over two decades through trading as well
manufacturing activities.

In FY 2013, SSRM reported an operating income of INR51.35 crore
and profit after tax of INR0.42 crore as against an operating
income of INR43.72 crore and profit after tax of INR0.54 crore
during FY 2012.


SPAN DIAGNOSTICS: CRISIL Cuts Ratings on INR325.6MM Loans to BB+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Span
Diagnostics Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             200      CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

   Corporate Loan           59.4    CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

   Letter of Credit         90.0    CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

   Proposed Long-Term         6.2   CRISIL BB+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BBB-/Stable')


   Rupee Term Loan           60.0   CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

The downgrade reflects CRISIL's belief that SDL's business risk
profile will remain under pressure over the medium term, with
lower-than-earlier-expected profitability. SDL's operating margin
has declined to about 2.6 percent in the first two quarters
(refers to period from April 1, 2013 to September 30, 2013) of the
current financial year, as compared to 11.9 percent in the
corresponding period of 2012-13 and about 9.6 percent for full
year 2012-13 (refers to financial year, April 1 to March 31). The
decline was mainly due to increasing fixed costs and the company's
exposure to adverse fluctuations in foreign exchange (forex)
rates. As a result of the decline in profitability, SDL's interest
coverage ratio has deteriorated to about 0.5 times in the first
six months of 2013-14 from about 2.3 times in 2012-13. Though,
performance of the company is expected to improve in remaining two
quarters of 2012-13 supported by government orders, CRISIL
believes that any further lower-than-expected sales or
profitability may adversely impact the liquidity and financial
risk profile of the company.

The ratings reflect the extensive experience of SDL's promoters in
the diagnostics industry, its established distribution network,
and its moderate capital structure. These rating strengths are
partially offset by the company's modest scale of operations in a
competitive industry, and the susceptibility of its operating
margin to volatility in raw material prices and forex rates.

Outlook: Stable

CRISIL believes that SDL will maintain its business risk profile
over the medium term, backed by promoter's extensive experience in
diagnostic industry. The outlook may be revised to 'Positive' in
case of significant improvement in SDL's scale of operations,
coupled with maintenance of its profitability, leading to larger-
than-expected accruals. Conversely, the outlook may be revised to
'Negative' if the company's revenues or profitability declines or
if it undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile or further stretch in working capital requirements,
leading to pressure on its liquidity.

Incorporated in 1980, SDL is promoted by Surat (Gujarat)-based Mr.
Veeral Desai and his family members. The company manufactures
chemical reagents and equipment which are used in the diagnostics
industry. Its manufacturing facility is in Surat.


SDL reported a profit after tax (PAT) of INR9.3 million on net
sales of INR782.1 million for 2012-13, against a PAT of INR12.2
million on net sales of INR580.2 million for 2011-12. For the six
months ended September 30, 2013, SDL reported a net loss of
INR37.9 million (net profit of INR17.1 million for the
corresponding period of the previous year) on net sales of
INR348.8 million (Rs.395.8 million).


SRI VAARU: ICRA Assigns 'BB' Ratings to INR14.16cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to INR14.16
crore fund based limits of Sri Vaaru Metallurgical Private
Limited. The outlook on the long term rating is Stable. ICRA has
also assigned a short-term rating of '[ICRA]A4' to INR20.00 crore
non-fund based limits of SVMPL. Further, ICRA has also assigned
ratings of [ICRA]BB/ [ICRA]A4 to INR0.84 crore unallocated bank
limits of SVMPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              13.50      [ICRA]BB (stable) assigned
   Term Loan                 0.66      [ICRA]BB (stable) assigned
   Letter of Credit         18.00      [ICRA]A4 assigned Forward
   Contract Limit            2.00      [ICRA]A4 assigned
   Unallocated               0.84      [ICRA]BB (stable)/[ICRA]A4
                                       Assigned

The assigned ratings factors in the long track record of the
promoter in in the manufacturing of lead alloys from lead
business; strong growth in revenues driven by increase in
production volumes backed by increase in installed capacity;
reputed customers profile including Exide Industries Ltd providing
repeat orders reflects positively on the company's product
quality. The rating is however constrained by high gearing of 2.67
times and moderate coverage indicators with OPBDITA/interest of
2.65 times, debt/OPBDITA of 3.61 and NCA/total Debt of 12% for
FY2013; dip in operating margins from 5.45% in FY12 to 4.22 %in
FY13 owing to fluctuations in the lead prices; as significant
portion of the raw material requirement is met through imports,
the company's profitability is rendered vulnerable to foreign
exchange risk. However this risk is mitigated to an extent by
natural hedging through exports, also SVMPL dependence on cyclical
industries like automotive, power & telecom further intensifies
the concern.

Sri Vaaru Metallurgicals Private Limited was incorporated in the
year 2010. The company manufactures lead and lead alloys which are
used for making automotive and industrial batteries. The existing
factory is situated at Malur Taluk, Kolar district of Karnataka.
The factory is situated in this area due to its proximity to
Bangalore, which is one of the major batteries producing area with
companies like Amco Batteries, Kirloskar Batteries etc. The
installed capacity of the plant is 18000 MTPA.

Recent Results

As per the audited results for FY 2013, the Company reported a net
profit of INR3.16 crore on turnover of INR195.32 crore.


SUNDARAM ALLOYS: ICRA Ups Ratings on INR55.65cr Loans to 'C'
------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR34.30 crore term loan, INR2.00 crore cash credit, INR7.35 crore
export packing credit and INR12.00 crore foreign bill discounting
facilities of Sundaram Alloys Limited from '[ICRA]D' to '[ICRA]C'.
ICRA has also revised upwards the short term rating assigned to
the INR8.00 crore foreign letter of credit and INR1.00 crore bank
guarantee facilities of SAL from '[ICRA]D' to '[ICRA]A4'.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limits           34.30       [ICRA]C upgraded
   (Term Loans)

   Fund Based Limits
   (Cash Credit)                2.00       [ICRA]C upgraded

   Fund Based Limits
   (Export Packing
    Credit)                     7.35       [ICRA]C upgraded

   Fund Based Limits
   (Foreign Bills
   Discounting)                12.00       [ICRA]C upgraded

   Non Fund Based
   Limits (Foreign
   Letter of Credit)            8.00       [ICRA]A4 upgraded

   Non Fund Based
   Limits (Bank
   Guarantee)                   1.00       [ICRA]A4 upgraded

The upward revision in the ratings primarily take into account
SAL's favourable track record of timely servicing of debt
obligations following restructuring of the term loans in June
2013. The ratings also consider the experience of the promoters in
the steel and ferro-alloy industry and the locational advantage
the unit will enjoy, post-commissioning, in regard to sourcing of
raw materials and dispatch of finished goods being located near
Vishakhapatnam port. The ratings also take into consideration the
considerable delay experienced by the company in implementation of
the project, leading to significant cost overrun and the risks
associated with the stabilization of the plant, as per expected
operating parameters, post commencement of operations. The ratings
continue to be impacted by lack of captive source of power, which
is likely to adversely affect the cost structure of the company,
and the inherent cyclicality in the steel industry and variability
in prices of raw materials and finished goods, which are likely to
keep the company's future profitability and cash flows volatile.

Incorporated in September 2007, SAL is in the process of setting
up a ferro alloy plant at APSEZ, Atchutapuram, Vishakhapatnam,
Andhra Pradesh by installing two submerged electric arc furnace
(EAF) of 9MVA each for production of silico manganese, ferro
manganese and ferro silicon. The commercial operation of the unit
is scheduled to commence shortly.


UNIQUE SOCIAL: CRISIL Assigns 'B-' Ratings to INR50MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Unique Social Equality.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               15      CRISIL B-/Stable

   Proposed Cash
   Credit Limit              35      CRISIL B-/Stable

The rating reflects the organisation's moderate capitalisation.
This rating strength is partially offset by USE's weak asset
quality, small scale of operations, and modest earnings.

Outlook: Stable

CRISIL believes that USE will have moderate capitalisation over
the medium term. The outlook may be revised to 'Positive' if the
organisation improves its asset quality and scales up its
operations significantly. Conversely, the outlook may be revised
to 'Negative' if capitalisation weakens or if earnings weaken
further.

USE, established in 1997, is a non-government organisation. It is
engaged in various community-based awareness-building, programmes
related to disaster management, health care, child labour
rehabilitation, socio-economic uplift, and advocacy of women
empowerment through the formation of self-help groups (SHGs) among
the rural poor. USE is also engaged in microfinance on-lending
support to such SHGs and is an authorised business correspondent
(BC) under the State Bank of India. It provides banking services
through alternate channels in rural areas of West Bengal by
setting up several customer service points (CSP) aimed at
achievement of 100 per cent financial inclusion. Currently, there
are 719 CSPs across eight districts of West Bengal.

As on March 31, 2013, USE had loans outstanding of INR16 million,
with disbursements of INR9 million in 2012-13 (refers to financial
year, April 1 to March 31). In 2012-13, USE earned a surplus of
INR1.2 million on a net total income of INR24.5 million as against
a deficit of INR0.7 million on a total income of INR15 million in
the previous year.


UPPAL FERROCAST: ICRA Reaffirms 'B' Rating on INR5.05cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR5.05 crore fund-based bank facilities of Uppal Ferrocast
Private Limited at '[ICRA]B'. ICRA has also reaffirmed the short-
term rating outstanding on the INR1.50 crore non fund-based bank
facilities of the company at '[ICRA]A4'.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based facilities        5.05       [ICRA]B reaffirmed

   Non-fund based
   Facilities                   1.50       [ICRA]A4 reaffirmed

The ratings are constrained by the low scale of operations,
declining profitability and the limited revenue growth prospects
for the foundry due to various production constraints and an
unfavorable demand outlook for the company's products over the
near term. The ratings are also adversely impacted by the high
client concentration as the top 2 clients - BHEL Hyderabad and
Sandvik Group - contribute to over 40% of the total revenues and
the high working capital intensity of the business owing to a long
cash conversion cycle which, coupled with volatility in raw
material prices, places pressure on the company's liquidity and
results in dependence on external borrowings to fund working
capital requirements. The ratings however, favorably factor in the
long track record of the promoters, repeat orders from a reputed
client base and the relatively high degree of customization in
castings supplied by the company which is reflected in the
moderate profitability indicators.

UFPL was incorporated in the year 1997 after its founding
promoters decided to convert the earlier established partnership
concern (1984) into a Private Limited Company. Subsequently,
UFPL's foundry has seen gradual expansions & modernisation, and
today, it has an installed production capacity of 2500 MT per
annum. The foundry, spread over 20,000 sq. ft. in the Industrial
Development Area (IDA) - Uppal, Hyderabad, manufactures ductile &
grey iron castings with a weight range of 300 grams to 2.5 tons.
UFPL recorded a net profit of INR18 lakh on a turnover of INR13.64
crore in FY 13 when compared to INR20 lakh and INR15.78 crore
respectively in FY 12.


V.K.GOPAL: ICRA Assigns 'B' Ratings to INR7.5cr Loans
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR7.50 crore
bank facilities of M/s V.K.Gopal. The assigned rating, however,
takes into account moderate and steady operating margins (12.07%
in FY2013 against 10.03% in FY2012) despite executing orders for
low complexity and low margin road construction work.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long Term-Cash
   Credit                       0.50        [ICRA]B

   Long Term-Bank
   Guarantee                    7.00        [ICRA]B

The rating also supported by low leveraging and moderate coverage
indicators Further the rating takes comfort from the fact that the
proprietor successful record of executing many CPWD projects in
Karnataka district in the past.

The assigned rating is constrained by the small size of the firm
(Rs 17.96 crore of revenue in FY13) which limits its capacity in
bidding for larger projects. In addition, the rating is also
constrained by the high customer concentration arising on account
of the fact that most of the projects are executed for Bangalore
Development Authority (BDA), Karnataka and by the high geographic
concentration with the entire order book being concentrated in
Karnataka. These apart, the rating also factors in the
vulnerability of VKG's operating margins to fluctuation in prices
of key raw materials since the firm is unable to pass on the rise
to the customers as most of the executed contracts are fixed price
contracts by nature. Moreover, being a proprietorship concern
V.K.Gopal is also exposed to capital withdrawal risk.

M/s V.K.Gopal was established by Mr. V.K.Gopal in the year 1995 as
a proprietorship firm. Mr.V.K.Gopal has been in the construction
industry for more than 20 years through this firm. Since the
inception, the firm has been involved in construction of civil
works, formation of roads, and asphalting .The firm has completed
projects mainly in the state of Karnataka and most of them have
been done in and around Bangalore.

Recent Results
V.K.Gopal earned a profit after tax (PAT) of INR1.42 crore on an
operating income of INR17.96 crore in the FY 2012-13. In FY12 firm
earned a PAT of INR1.15 crore on an OI of INR16.56 crore.


VISHNU VIDYUTH: CRISIL Assigns 'D' Ratings to INR300MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vishnu Vidyuth India Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL D
   Term Loan                260      CRISIL D

The rating reflects instances of delay by VVIL in servicing its
term debt obligations. The delays have been caused by the
company's weak liquidity arising out of delays in commencement of
operations.

The ratings also reflects VVIL's modest scale of operations,
exposure to risks related to limited revenue visibility in the
absence of long-term power purchase agreements (PPAs) and
susceptibility of accruals to level of capacity utilization and to
volatility in feedstock prices. These rating weaknesses are
partially offset by the benefits the company derives from the
extensive entrepreneurial experience of its promoters.

VVIL was set up in December 1999 by Mr. B Eshwar Rao. It was
acquired by its current promoters, the Rao family headed by Mr.
Vishnu Rao, in 2010. The company has set up a 7.5-megawatt
biomass-based power plant in Visakhapatnam (Andhra Pradesh). The
project was completed in October 2012, and commenced commercial
operations from January 2013. Mr. Vishnu Rao, Mr. Immani Venkat
Rao (son of Mr. Vishnu Rao) and Mr. G Ch Sanyasi Raju oversee the
day to day operations of the company.


VRS GRANITES: CRISIL Assigns 'D' Ratings to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of VRS Granites Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        11.4    CRISIL D

   Packing Credit            17.5    CRISIL D

   Long-Term Loan            58.6    CRISIL D

   Cash Credit                5.0    CRISIL D

   Letter of Credit           7.5    CRISIL D

The rating reflects instances of delays by VRSG in meeting the
interest obligations on its term loan; the delays have been caused
by VRSG's weak liquidity, which is a result of the company's small
cash accruals and large working capital requirements.

Moreover, VRSG has a weak financial risk profile, marked by small
net worth, high gearing, and weak debt protection metrics.
However, the company benefits from its promoters' extensive
experience in the granite processing industry and established
relationship with customers.

Incorporated in June 2011, VRSG processes granite blocks into
polished slabs. The company is promoted by Mr. Raghunath Shetty
and Mr. Nagaraj Gowda, who have been in the granite processing
industry for over three decades. The company generates around 80
per cent of its revenue from export of polished granite slabs.



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


KOOKMIN BANK: To Close 55 Branches as South Korean Margins Narrow
-----------------------------------------------------------------
Seonjin Cha at Bloomberg News reports that Kookmin Bank said it
will close 55 branches in January as the country's lenders
struggle with the lowest lending margins in four years.

The closures will cut costs and help the Seoul-based bank, a unit
of KB Financial Group Inc., better serve Korean customers who are
using Internet banking more frequently, Kookmin Bank said in an e-
mailed statement obtained by Bloomberg.  Employees at the
shuttered branches will be moved to other outlets, the lender
said, without providing an estimate for cost savings, the report
relates.

Bloomberg says Kookmin Bank, which has 1,205 branches across South
Korea, joins Standard Chartered Plc and Citigroup Inc. in trimming
outlets in the country as profits decline and lending margins
narrow amid central bank interest-rate cuts to stimulate economic
growth.

"Smaller branch networks will be a trend for Korean banks," Yoo
Sang Ho, an analyst at HI Investment & Securities Co., told
Bloomberg.  "To protect earnings, it's inevitable for banks to
tighten their belts to reduce costs when it's hard to boost top-
line revenue."

Combined net income at 18 lenders in the nation dropped to 1.8
trillion won ($1.7 billion) in the third quarter from 2.4 trillion
won a year earlier, Bloomberg discloses citing Financial
Supervisory Service data. The average net interest margin stood at
1.81 percent, the narrowest level since the second quarter of
2009, the data show.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2013, Yonhap News Agency said a consumer advocacy group
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 related that the Financial Consumer Agency said 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.

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



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

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
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            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***