TCRAP_Public/131209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, December 9, 2013, Vol. 16, No. 243


                            Headlines


A U S T R A L I A

QANTAS AIRWAYS: Sees AUD300MM Loss in 6Mos. Ended Dec. 30
QANTAS AIRWAYS: Gets Below Investment Grade Rating
QANTAS AIRWAYS: S&P Lowers CCR to 'BB+'; Outlook Negative
STRUCTURAL CRANES: Placed into Administration


C H I N A

CHINA LUMENA: Moody's Withdraws 'B2' Corporate Family Rating


I N D I A

AISHWARYA AGRI: CRISIL Cuts Ratings on INR66.3MM Loans to 'B+'
ALFA BATTERIES: CRISIL Assigns 'B' Ratings to INR60MM Loans
BADARPUR FARIDABAD: CARE Reaffirms 'B' Rating on INR395.5cr Loan
D. H. KHANDELWAL: CRISIL Reaffirms 'B+' Ratings on INR200MM Loans
DADHEECH INFRASTRUCTURES: CARE Ups Rating on INR12cr Loan to 'B+'

FUTURA DOOR: ICRA Lowers Ratings on INR11.5cr Loans to 'D'
GANJAM NAGAPPA: CRISIL Reaffirms 'B+' Ratings on INR485MM Loans
GOVIND AGRO: CRISIL Raises Ratings on INR140MM Loans to 'B+'
GSS INFOTECH: CRISIL Cuts Ratings on INR567.5MM Loans to 'B+'
GURU-G TEX: CRISIL Lowers Rating on INR199.9MM Loan to 'D'

H.R. RICE: CRISIL Cuts Ratings on INR350MM Loans to 'D'
HAJI ALIMOHAMED: ICRA Reaffirms B+ Rating on INR12r Loan
HEALTHAID FOODS: CRISIL Cuts Ratings on INR295MM Loans to 'D'
HINDVA BUILDERS: ICRA Assigns 'B+' Rating to INR14cr Loan
JAGRUTHI EDUCATIONAL: CRISIL Reaffirms D Ratings on INR80MM Loans

JAIN IRRIGATION: CRISIL Reaffirms 'B+' Ratings on INR8.04BB Loans
KARPASA EXPORT: ICRA Reaffirms 'B' Rating on INR9.5cr Loan
M M POLYMERS: CARE Rates INR4.93cr LT Bank Loans at 'B+'
MAA MAHAMAYA: ICRA Reaffirms 'B+' Ratings on INR7cr Loans
MANJEERA RETAIL: ICRA Assigns 'B' Ratings to INR314cr Loans

MJR BUILDERS: CRISIL Reaffirms 'B+' Rating on INR200MM Loan
MOHAMMED KHAN: CRISIL Ups Rating on INR200MM Loan to 'B+'
N.C. INFRASTRUCTURE: CRISIL Cuts Rating on INR162.5MM Loan to 'D'
OB INFRASTRUCTURE: CRISIL Ups Ratings on INR4.38BB Loans to 'B-'
OM LAMCOAT: ICRA Assigns 'B' Ratings to INR8.75cr Loans

POLYLACE INDIA: CARE Assigns 'B+' Rating to INR1cr LT Bank Loan
PRAMUKH ALLOYS: ICRA Assigns 'B-' Ratings to INR7.30cr Loans
QUINTEGRA SOLUTIONS: ICRA Suspends 'D' Rating on INR113.05cr Loan
RAJ INTERNATIONAL: CRISIL Cuts Ratings on INR749.9MM Loans to 'D'
RC GOYAL: CRISIL Upgrades Rating on INR100MM Loan to 'B+'

S.N.Q.S. INT'L: CRISIL Rates INR9MM Term Loan at 'B+'
SAGAR ENTERPRISES: CRISIL Lowers Rating on INR90MM Loan to 'B+'
SANDEEP TRADING: CRISIL Cuts Ratings on INR205.8MM Loans to 'D'
SARTHAK ISPAT: ICRA Reaffirms 'B' Ratings on INR29.56cr Loans
SRI BALAJI: ICRA Reaffirms 'B+' Ratings on INR58.07cr Loans

SRI LAKSHMI: CRISIL Raises Ratings on INR1.1BB Loans to 'B+'
STANDARD CORPORATION: CRISIL Cuts Ratings on INR406M Loans to 'D'
SURBHI FERRO: ICRA Assigns 'B' Ratings to INR15cr Loans
TARA EXPORTS: ICRA Reaffirms 'B+' Ratings on INR3.23cr Loans
TECHNOFAB ENGINEERS: CRISIL Cuts Ratings on INR80MM Loans to 'D'

UGAM IMPEX: CRISIL Downgrades Ratings on INR730MM Loans to 'D'
VIJAY STEEL: ICRA Cuts Ratings on INR11.77cr Loans to 'B+'
YASH AUTOMOTIVE: CRISIL Cuts Ratings on INR220MM Loans to 'B'


J A P A N

EACCESS LTD: Merger No Impact on Rating & Outlook, Moody's Says
LEOPARD TWO: Fitch Affirms Class D and E Notes' 'BB' Ratings


N E W  Z E A L A N D

MAINZEAL PROPERTY: Parent Placed in Provisional Liquidation
STRATEGIC FINANCE: Receiver Files Action Against Auditor
WINDFLOW TECHNOLOGY: Shareholders Allow Additional Debt


S I N G A P O R E

GLOBAL A&T: Debt Swap Sparks Bondholder Revolt, WSJ Reports


S O U T H  K O R E A

* Financially Weak South Korean Firms' Balance Sheets Worsen


                            - - - - -


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A U S T R A L I A
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QANTAS AIRWAYS: Sees AUD300MM Loss in 6Mos. Ended Dec. 30
---------------------------------------------------------
David Fickling at Bloomberg News reports that Qantas Airways Ltd.
flagged a record first-half loss and 1,000 job cuts, sending its
shares down the most in 18 months.

Rising fuel costs and a drop in domestic ticket prices will drive
losses of between AUD250 million (US$226 million) and
AUD300 million before tax and one-time items in the six months
ending Dec. 30, the Sydney-based company said in a regulatory
statement, Bloomberg relates. The airline is aiming for
AUD2 billion of cost savings over the next three years.

According to Bloomberg, the forecast prompted Moody's Investors
Service to place Qantas's credit rating on review for a possible
downgrade, underscoring the challenges Chief Executive Officer
Alan Joyce faces amid a market share fight with second-ranked
Virgin Australia Holdings Ltd. (VAH) A first-half loss may leave
Qantas shareholders sitting on aggregate net losses over the five
years since Joyce took over, compared with AUD3.31 billion of
profits posted in the previous five years.

"The model's broken and they keep on doggedly doing the same
thing," Neil Hansford, chairman of consultants Strategic Aviation
Solutions, told Bloomberg. "It's about time Joyce stopped
complaining and actually got on with running the business."

Mr. Joyce and Qantas's board will have their pay cut and
executives won't take a bonus for the current financial year, the
company said in the statement cited by Bloomberg News.

                        About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.


QANTAS AIRWAYS: Gets Below Investment Grade Rating
--------------------------------------------------
Ross Kelly, writing for The Wall Street Journal, reports that
Qantas Airways Ltd. received a credit rating below investment
grade for the first time since it was privatized nearly two
decades ago, increasing borrowing costs for the Australian flag
carrier and pressuring it to shore up its balance sheet with asset
sales.

Standard & Poor's Ratings Services on Dec. 6 cut its rating on
Qantas to double-B-plus from investment-grade triple-B-minus, a
day after the airline warned of a pretax loss of as much as 300
million Australian dollars, or roughly US$275 million, for the six
months through December, notes The Journal. Moody's Investors
Service put its investment-grade rating on Qantas on review for a
possible downgrade, the report adds.

According to WSJ, S&P cut its rating on Qantas even as the airline
pledged to slash costs by AUD2 billion over the next three years,
in part by eliminating 1,000 jobs.

"A structural shift in the domestic competitive landscape has
weakened Qantas's business risk profile," the report quoted S&P as
saying. The service said it didn't expect the airline to recover
its investment-grade rating in the near term.

The report adds that the airline's difficulties stem from weak
travel demand, high fuel costs and fierce competition with Virgin
Australia Ltd., which is trying to loosen Qantas's grip on
Australia's business-travel market.  Qantas was privatized in
1995, and has been on a path to become more commercially viable,
says WSJ.

Qantas's balance sheet is on relatively stable footing, says the
report. In recent years, the airline sold a freight business and
canceled or deferred aircraft deliveries to boost its capital
position. As of June 30, the company had AUD2.83 billion in cash
and undrawn loan facilities valued at AUD630 million, WSJ notes.

According to The Journal, the airline isn't alone in having junk-
rated debt. Only a handful of the world's airlines, including Air
New Zealand Ltd., Southwest Airlines Co. and Deutsche Lufthansa
AG, have investment-grade status, the report relays.

Qantas said on Dec. 6 it had "a strong financial position,
including a large cash balance and a significant asset base,"
notes WSJ.  An airline spokesman acknowledged that the downgrade
is "expected to increase the cost of some company debt."

Qantas shares closed 3.7% lower on Dec. 6, extending an 11% drop
on Thursday, notes the WSJ report.

Qantas Chief Executive Alan Joyce on Dec. 5 flagged the
possibility of asset sales to "potentially unlock sources of
capital and value for shareholders" who have suffered from a
consistently weak stock performance since the financial crisis hit
late in 2007, the report relays.

Qantas shares are down more than 80% from where they were in
November 2007, while Australia's benchmark S&P/ASX 200 index is
only about 20% off its precrisis highs, notes The Journal.

"We see three major asset sales as possible, but each is
complicated," WSJ quoted Simon Mitchell, an analyst at UBS, as
saying.  He cited the company's Sydney airport leases, its
frequent-flier business and its equity stakes in ventures in
Japan, Vietnam, Singapore and Hong Kong for the company's low-cost
unit Jetstar.

The Journal notes that in the fiscal year that ended in June,
Qantas logged AUD260 million in profit before interest and tax
from the frequent-flier program -- the only part of the company
that increased earnings from a year earlier. Jetstar booked AUD138
million in earnings before interest and tax, says the report.

              Too Big to Fail, Opposition Says

Prior to Quantas getting the below investment grade rating, Joe
Kelly at The Australian reported that opposition treasury
spokesman Chris Bowen declared Qantas as too big to fail and urged
the government to consider making a direct equity injection in the
national carrier.

The Australian related that Mr. Bowen said he was neither in favor
nor opposed to the government taking out a stake in Qantas, but
stressed the option should be on the table.

"We need to have that discussion," Mr. Bowen told Sky News'
Australian Agenda program, The Australian said. "A small stake
would send a signal to the debt markets around the world and to
financiers that this was a body with which the government had a
keen interest. . . That is one of the options on the table which
we would look at constructively," he added.

According to The Australian, Mr. Bowen said the most appropriate
course of action would be for the government to put out a
discussion paper or a white paper setting out the options
available to assist Qantas.

The Australian said Qantas was expected to seek from the federal
government the same kind of guarantee it gave to banks during the
global financial crisis, to help protect the airline from a
downgrade of its investment-grade credit rating -- only one notch
above junk status.

The report added that if Qantas's debt were to be downgraded to
junk, it is thought that borrowing costs could rise by up to $120
million, damaging the company as it competes with rival Virgin
which is backed by four overseas airlines that provide it with a
cheaper source of funds and which will soon hold up to 80 per cent
of its shares.

However, Mr. Bowen said the issue was not the Qantas Sale Act
which restricts foreign ownership of the national carrier to
49 per cent and which was imposed on the carrier when it was sold
by the government in the early 1990s, The Australian relayed.

"Qantas have said themselves . . . that they don't see that as the
solution," he said. "What we have said about the Qantas Sale Act
and the restrictions is that this has been bipartisan policy since
1992.

"It's not been an issue for which a case for change has been made
. . . if there is to be a discussion about changing it, let's have
the discussion.

"If Qantas was saying to us 'This is a big problem. This is what's
stopping us going forward.' Well, then you could have a good look
at that. But that is not the case," Mr. Bowen, as cited by The
Australian, said.

           China Southern Airline in Plan to Back Stake

Damon Kitney and Steve Creedy at The Weekend Australian reported
that the biggest airline in Asia, state-owned China Southern, held
detailed discussions last year to bankroll a group of wealthy
investors -- including former Qantas chief executive Geoff Dixon,
adman John Singleton and retail king Gerry Harvey -- to buy a
cornerstone shareholding in the national carrier.

The Weekend Australian said the powerhouse Asian carrier was
introduced to the consortium by billionaire trucking magnate
Lindsay Fox and that Mr. Dixon held discussions with China
Southern chairman Si Xianmin, encouraging the Chinese to provide
financial backing for the syndicate, which had acquired a stake of
about 2 per cent in Qantas.

                       About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.


QANTAS AIRWAYS: S&P Lowers CCR to 'BB+'; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Australian airline Qantas Airways Ltd. to 'BB+/B', from
'BBB-/A-3'.  The outlook is negative.  S&P also lowered its senior
unsecured debt ratings on Qantas to 'BB+', from 'BBB-', and placed
the issue ratings on CreditWatch with negative implications.

The downgrades reflect S&P's view that intense competition in the
airline industry has weakened Qantas' business risk profile to
"fair" from "satisfactory", and financial risk profile to
"significant" from "intermediate".  S&P don't expect Qantas to
recover to a credit profile commensurate with a 'BBB-' rating in
the near term.  S&P recognizes that Qantas has strong financial
flexibility and a good track record of responding to earnings
pressures through cost cutting and other measures.  However, S&P
believes in the current circumstances, the benefits would take
time to realize and the positive impact would not be sufficient to
outweigh the pressure on Qantas' stand-alone credit profile.

A structural shift in the domestic competitive landscape has
weakened Qantas' business risk profile.  Additions to capacity
have accelerated significantly over the past 12 months in both
corporate and leisure travel--a trend that is unlikely to ease
given S&P's expectation that Qantas will aggressively seek to
maintain its established market share. Virgin Australia has become
a more formidable competitor to Qantas, partly as a result of its
dual-brand strategy and well-capitalized shareholders.  These
competitive pressures have eroded Qantas' yield and threatened its
strong and defendable position in its domestic market.  In
addition, high fuel costs and weak demand have exacerbated the
impact.  In S&P's view, the profitability of Qantas' domestic
operation is key to the group's competitive position and long-term
viability.  In addition, the benefits of Qantas' partnership with
Emirates Airline have yet to prove to be sufficient to offset the
mounting competition in its international operations.

To arrest the downward earnings trend, Qantas is embarking on a
number of initiatives including accelerating a program that
targets A$2 billion in cost reduction over three years, review of
all planned capital expenditures, and potential asset sales.
Notwithstanding Qantas' good track record of executing these cost-
cutting strategies to preserve cash and improve its cost position,
S&P believes the benefits would take time to realize and it's
unlikely to offset the cyclical and structural headwinds facing
Qantas.

"Our assessment of Qantas "significant" financial risk profile
factors in a material spike in its leverage (measured by adjusted
debt to EBITDA) and weakening in operating cash flows in fiscal
2014 due to the significant loss incurred.  However, we expect a
slow recovery of Qantas' key credit metrics from fiscal 2015
onward, due to the benefits of Qantas' cost-cutting initiatives,
capital expenditure deferral, as well as our expectation that a
less intense competitive environment will lead to improvement in
yields," S&P added.

"Our assessment of Qantas "fair" business risk profile reflects
the highly competitive and cyclical nature of the airline
industry, high fuel costs, stiffer competition across Qantas'
route network, and Qantas' dual-brand strategy and strong domestic
market position.  This and the "significant" financial risk
assessment results in a 'bb' initial analytical outcome ("anchor")
under the Standard & Poor's corporate rating criteria that became
effective Nov. 19, 2013.  This outcome is uplifted by one notch,
reflecting Qantas significant financial flexibility, to derive the
'BB+' corporate credit rating," S&P noted.

S&P assumes fuel prices will not increase materially in its
forecast.  In the absence of material asset sales, S&P's base-case
scenario expects Qantas' adjusted funds from operations (FFO) to
debt to drop slightly below 20% in fiscal 2014, but recover to
20%-25% in fiscal 2015.  S&P also expects its adjusted debt to
EBITDA to approach 4x in fiscal 2014, but improve to a low 3x in
fiscal 2015.

S&P considers Qantas' liquidity to be "strong", based on the
following:

   -- S&P expects that sources of liquidity in the next 12 months
      will exceed uses by at least 1.5x. We expect that liquidity
      sources will continue to exceed uses, even if EBITDA were
      to decline by 30%.

   -- The company has a manageable debt-maturity profile in the
      next two years, with about A$800 million debt maturing in
      fiscal 2014, and A$1.1 billion in fiscal 2015 (excluding
      operating leases).

   -- S&P notes that none of Qantas' debt facilities have
      financial covenants.  S&P expects Qantas will continue to
      hold a sizable unrestricted cash balance of about
      A$2 billion.

Principal liquidity sources

   -- Cash of more than A$2 billon;

   -- Standard & Poor's estimate of lease adjusted FFO of about
      1.4 billion; and

   -- About A$600 million of undrawn committee facility.

Principal liquidity uses

   -- Debt maturities of about A$800 million in fiscal 2014; and

   -- Standard & Poor's estimate of capital expenditure of
      A$1.1 billion in fiscal 2014.

The negative outlook reflects the risk of protracted intense
competition for domestic market share reducing Qantas'
profitability and outweighing the benefits of the actions
undertaken by the airline.

The ratings could be lowered if Qantas fails to arrest the
downward trend in its profitability to the extent that credit
metrics worsen considerably, including its adjusted FFO-to-debt
falling to less than 20% for a prolonged period.  A weakening of
Qantas' liquidity position will also put downward pressure on the
rating, particularly if S&P assess Qantas' unrestricted cash and
available liquidity were to decline to less than A$2 billion.

S&P would revise the outlook to stable if there is improvement in
Qantas' financial risk profile due to less intense competitive
behavior by market participants or successful management of these
vulnerabilities.  The 'BB+' issuer credit rating incorporates
S&P's expectation that management will undertake a range of
initiatives to support Qantas' credit quality.

S&P's 'BB+' rating on Qantas doesn't factor in any extraordinary
government support.  Upward pressure could occur if S&P assess
Qantas to be a government-related entity (GRE) in accordance with
its criteria.

S&P expects to resolve the CreditWatch on the senior unsecured
debt when it finalizes its assessment of the recovery rating of
the debt.


STRUCTURAL CRANES: Placed into Administration
---------------------------------------------
Cliff Sanderson at dissolve.com.au reports that around 35 workers
of Structural Cranes Newcastle were left jobless after the company
entered voluntary administration.  Stewart Free --
StewartF@jirschsutherland.com.au -- and Bradd Morelli --
BraddM@jirschsutherland.com.au -- of Jirsch Sutherland were
appointed as the Carrington-based company's administrators, the
report says.

dissolve.com.au notes that as the stocks of the company were taken
by liquidators, approximately, 24 full-time and 11 casual
employees were terminated.

According to the report, Mr. Morelli said it was unfortunate that
Structural Cranes, a business that had been operating for some
time already had to been put into administration.

Structural Cranes was founded in 1971.



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C H I N A
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CHINA LUMENA: Moody's Withdraws 'B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn its B2 corporate family
rating on China Lumena New Materials Corp.

Ratings Rationale:

Moody's has withdrawn the rating for its own business reasons.

China Lumena New Materials Corp has two business segments: (1) the
mining, processing and manufacturing of thenardite, and (2) the
production of polyphenylene sulphide (PPS). The PPS business was
acquired in January 2011 from Sino Polymer, previously owned by
China Lumena's major shareholder.



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I N D I A
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AISHWARYA AGRI: CRISIL Cuts Ratings on INR66.3MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Aishwarya Agri Processors Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Foreign Letter           8       CRISIL A4 (Downgraded from
   of Credit                        'CRISIL A4+')

   Cash Credit             42       CRISIL B+/ Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan               24.3     CRISIL B+/'Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening in AAPL's financial risk
profile because of large debt-funded capital expenditure (capex)
over the 1.5 years through September 2013 leading to weak capital
structure and debt protection metrics. The company's adjusted
gearing weakened significantly to 4.04 times as on March 31, 2013,
from 2.29 times as on March 31, 2012. The company expanded its
manufacturing capacity to 12 tonnes per hour (tph) from 6 tph
through capex of around INR34.4 million in 2012-13 (refers to
financial year, April 1 to March 31). The company funded the capex
largely through debt of INR24.3 million leading to weak capital
structure. Furthermore, AAPL is setting up two silos and related
machinery at a cost of INR12 million in 2013-14, funded through
term loan of INR8 million, leading to deterioration in the
company's capital structure. Despite high year-on-year revenue
growth of 57 per cent for 2012-13, AAPL's net worth remains small
because of modest operating margin and low accretions to reserves.
CRISIL believes that AAPL's financial risk profile will remain
weak over the medium term, marked by high gearing and small net
worth.

The ratings reflect the susceptibility of AAPL's operating margin
to regulatory changes and to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of AAPL's promoters in the rice business.

Outlook: Stable

CRISIL believes that AAPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of sustained improvement in the
company's financial risk profile, most likely because of material
increase in net worth on the back of equity infusion by the
promoters or more-than-expected accretion to reserves, leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of steep decline in the company's
profitability margins or turnover or significant deterioration in
its capital structure on account of larger-than-expected working
capital requirements or because of larger-than-expected debt-
funded capex.

AAPL was set up as a partnership firm named Aishwarya Industries
in 1995 and was engaged in rice milling in Ranga Reddy district
(Andhra Pradesh). The company was reconstituted as a private
limited company with the current name in January 2013. AAPL is
managed by Mr. Om Prakash Goel and Mr. Naresh Kumar Goel, with
other family members. The mill has a rice milling capacity of 12
tph (raw and parboiled included); the company increased capacity
from 6 tph in 2012-13.


ALFA BATTERIES: CRISIL Assigns 'B' Ratings to INR60MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Alfa Batteries Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               2.2       CRISIL B/Stable
   Cash Credit            55.0       CRISIL B/Stable
   Proposed Long-Term
   Bank Loan Facility      2.8       CRISIL B/Stable

The rating reflects ABPL's modest scale of operations in the
intensely competitive battery manufacturing industry coupled with
working-capital-intensive nature of its operation. The rating is
further constrained by below-average financial risk profile,
marked by moderate networth base, high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the promoters in the battery
manufacturing industry.

Outlook: Stable

CRISIL believes that ABPL will continue to benefit over the medium
term from its promoters extensive experience in the industry. The
outlook may be revised to 'Positive' in case there is significant
and sustained improvement in the company's revenue and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
the company's revenues or profitability margins or an elongation
of its working capital cycle, or if it undertakes any debt funded
capex programme, resulting in further weakening of its financial
risk profile.

ABPL incorporated in 2010, manufactures lead-acid based automotive
batteries and inverter batteries. The company is managed by Mr.
Rajendra G. Joshi. ABPL has its manufacturing unit located in
Jaysingpur (Kolhapur, Maharashtra).

ABPL, on a provisional basis, reported a profit after tax (PAT) of
INR2.25 million on net sales of INR223.4 million for 2012-13, as
against a PAT of INR1.1 million on net sales of INR177 million for
2011-12.


BADARPUR FARIDABAD: CARE Reaffirms 'B' Rating on INR395.5cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Badarpur Faridabad Tollway Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        395.50     CARE B Reaffirmed
   Facilities

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities of
Badarpur Faridabad Tollway Ltd. takes into account the
restructuring of term loan facilities, Major Maintenance Reserve
(MMRA) in form of liquid assets and expected benefit arising from
renewal of Operations & Maintenance contract at reduced cost.

The rating also factors in lower than envisaged toll collections
on account of significant traffic leakage due to the existing road
traversing below the project highway, moderate gearing levels of
the project as well as interest rate risk.

Any significant change in toll revenues and/or O&M expenses
impacting the liquidity cushion constitutes the rating
sensitivities.

Badarpur Faridabad Tollway Limited is a Special Purpose Vehicle
(SPV) incorporated by Hindustan Construction Company Limited
through its step-down subsidiary HCC Concessions Limited, to
undertake the construction of an Elevated Six Lane Highway of 4.4
km from 16.10 km to 20.50 km (including its approaches) on the
Delhi-Agra stretch on National Highway (NH-2) on Build Operate
Transfer (BOT) - Design Build Finance and Operate (DBFO)
pattern under National Highway Development Programme (NHDP).
The Concession Agreement (CA) was signed between National Highways
Authority of India (NHAI) and BFTL on September 04, 2008 for a
concession period of 20 years including construction period of two
years. The highway is operational since November 2010.

During FY13 (refers to period from April 1 to March 31), the
company reported toll income of INR33.14 crore as against toll
income of INR 32.62 crore in FY12. Also during H1FY14 the company
reported toll revenue to INR 18.07 crore as compared to INR 16.19
crore in H1FY13.


D. H. KHANDELWAL: CRISIL Reaffirms 'B+' Ratings on INR200MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of D. H. Khandelwal
Commercial Pvt Ltd continue to reflect DH Khandelwal's initial
phase of operations and average financial risk profile, marked by
average net worth and debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in the gold jewellery business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             170      CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term       15      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                15      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loan of
INR81 million extended to DH Khandelwal by its promoters as
neither debt nor equity, as these loans would be retained in the
business and are interest free in nature.

Outlook: Stable

CRISIL believes that DH Khandelwal will continue to benefit from
its promoter's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the liquidity improves
substantially led by equity infusion or efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if capital structure and liquidity deteriorate, most likely
because of a large debt-funded capital expenditure or in case of
lower-than-expected sales and profitability, leading to a weaker
financial risk profile.

Incorporated in 2011, DH Khandelwal is a retailer of gold, silver,
and diamond jewellery in Nagpur. The company started operations in
April 2011 under the name, Khandelwal Jewellers. The showroom is
managed by the promoter, Mr. Rajesh Khandelwal, his father, Mr.
Dhanraj Khandelwal, and wife, Mrs. Radhika Khandelwal.

For 2012-13 (refers to financial year, April 1 to March 31), DH
Khandelwal reported a profit after tax (PAT) of INR4.3 million on
net sales of INR393 million against profit after tax (PAT) of
INR0.05 million on net sales of INR328 million in 2011-12.


DADHEECH INFRASTRUCTURES: CARE Ups Rating on INR12cr Loan to 'B+'
-----------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Dadheech Infrastructures Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        12.0       CARE B+ Revised from
   Facilities                       CARE B


   Short-term Bank       13.0       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the ratings of the bank facilities of Dadheech
Infrastructures Pvt Ltd takes into cognizance the increase in
scale of operation in FY13 (refers to the period April 1 to
March 31) vis--vis FY12 and comfortable order book position.
The ratings continue to remain constrained by its relatively small
scale of operations, risk of volatility in input prices, risk
associated with delay in project execution, working capital
intensive nature of operations and sluggish growth witnessed in
the construction industry. This apart, the ratings continue to
derive strengths from the rich experience of the promoters.

Going forward, DIPL's ability to maintain a healthy order book,
achieve the envisaged revenue and profit margin, ability to
execute orders within the stipulated time period and ability to
manage working capital effectively will be the key rating
sensitivities.

Dadheech Infrastructures Pvt Ltd, incorporated in March 2007 by Mr
KP Sharma, Mr SK Sharma and Mr PK Sharma of Kolkata, West Bengal,
is into the execution of construction activities. DIPL has tie-ups
with RDB Realty & Infrastructure Ltd and MBL Infrastructures Ltd,
for which it works as a sub-contractor. This apart, presently, the
company has received some projects in its own name. The company is
primarily into execution of government projects and has a pan-
India presence.

DIPL is, currently, managed by Mr SK Sharma along with his
brother, Mr PK Sharma. Both of them are associated with this
business since inception. They look after the day-to-day affairs
of the company with the assistance of a team of experienced
professionals.

During FY13, the company reported a total income of INR103.9 crore
(FY12: INR52.8 crore) and a PAT of INR2.1 crore (FY12: INR1.6
crore). Furthermore, as informed by the management, DIPL has
achieved total revenue of INR38.8 crore during 7MFY14.


FUTURA DOOR: ICRA Lowers Ratings on INR11.5cr Loans to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR0.55 crore
term loan, INR6.50 crore cash credit and INR4.45 crore long term
fund based facilities of Futura Door Products Private Limited from
'[ICRA]B' to '[ICRA]D'.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Long Term, Fund based         0.55       Revised to [ICRA]D
   Limits-Term Loan                         from [ICRA]B


   Long Term, Fund based         6.50       Revised to [ICRA]D
   Limits-Cash Credit                       from [ICRA]B


   Short Term, Fund based        4.45       Revised to [ICRA]D
   Unallocated                              from [ICRA]B

The ratings revision takes into account delays in debt servicing
by the company. As per the information available with ICRA, the
company has been classified as a non-performing asset by the bank.

Futura Door Products Private Limited was incorporated in 2007, by
Mr. Hemal Bhayani, and Haren Bhayani. The company is engaged in
the manufacturing of laminated and PVC door. The company's product
range includes single door, double door, door frames, and FRP
(Fiberglass Reinforced Polyester) doors.


GANJAM NAGAPPA: CRISIL Reaffirms 'B+' Ratings on INR485MM Loans
---------------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B+/Stable' rating to the bank
facilities of Ganjam Nagappa and Son Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           425      CRISIL B+/Stable
   Term Loan              60      CRISIL B+/Stable

The rating continues to reflect GNSPL's working capital-intensive
nature of operations, exposure to intense competition in the
retail jewellery segment and subdued financial risk profile. These
rating weaknesses are partially offset by GNSPL's established
presence in the Bangalore market and extensive experience of the
company's promoters in the jewellery business.

Outlook: Stable

CRISIL believes that GNSPL will continue to benefit, over the
medium term, on the back of the established 'Ganjam' brand and
experience of its promoters in the jewellery business. The outlook
may be revised to 'Positive' if GNSPL's financial risk profile
improves significantly driven by higher-than-expected revenues and
profitability, while improving its debt protection metrics and
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the company's revenues and margins decline
significantly or if it undertakes a large, debt-funded, capital
expenditure (capex) programme, thereby weakening its financial
risk profile.

Update

GNSPL's operating performance in 2012-13 (refers to financial
year, April 1 to March 31), was in line with CRISIL's
expectations, with revenues of INR1.12 billion and operating
margins of around 11 per cent. The revenues remained stagnant on a
year-over-year basis, declining 3 per cent from INR1.15 billion in
2011-12. GNSPL's flagship store continues to contribute more than
90 percent to overall revenues. For 2013-14, GNSPL's revenues are
expected to grow modestly to around INR1.17 - 1.20 billion for the
year. The company has already recorded sales of around INR550
million till September 30, 2013.

The company's operations remain highly working capital-intensive
with gross current assets (GCA) of around 263 days as on March 31,
2013 mainly due to the high inventory requirements, considering
the inherent nature of the retail business.

GNSPL's financial risk profile continues to remain subdued marked
by high gearing and modest debt protection metrics. The company's
networth increased to INR218 million as on March 31, 2013 on
account of moderate accretion to reserves. However, its gearing
continues to remain high at around 2.4 times in 2012-13. The
company also plans to relocate its flagship store from Infantry
Road to UB City in Bengaluru. The total project cost of around
INR225 million is expected to be funded by a term loan of around
INR175 million and the remaining from promoters funds. As a
result, the company's gearing is expected to remain high over the
medium term.

Its debt protection metrics are also subdued with net cash
accruals to total debt and interest coverage at 7 per cent and
1.64 times, respectively, in 2012-13. The company's liquidity
remains stretched marked by high utilisation of bank limits due to
working capital intensive operations. GNSPL's available bank
facilities of around INR425 million were utilized at an average of
around 95 percent over the past 12 months ended September 2013.
GNSPL is expected to generate cash accruals of around
INR37 to INR40 million as against term debt obligations of INR36
million in 2013-14. The repayment obligations are modest in 2014-
15 and are expected to rise in 2015-16.

Incorporated in 1980 by the Bangalore-based Ganjam family, Ganjam
Nagappa & Sons Pvt. Ltd. is engaged in manufacturing and retailing
of gold jewellery and diamond-studded ornaments. The group is
engaged in the retail jewellery business since 1889. The company's
flagship store is at Infantry Road, Bangalore; it has three other
stores, one each in Bangalore, Delhi, and Mumbai.

GNSPL reported a profit after tax (PAT) of INR22.4 million on net
sales of INR1.12 billion for 2012-13, as against a PAT of INR35.5
million on net sales of INR1.15 billion for 2011-12.


GOVIND AGRO: CRISIL Raises Ratings on INR140MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Govind
Agro Foods to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          123.5     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan             16.5     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects the ramp-up in GAF's operations in 2012-13
(refers to financial year, April 1 to March 31); the firm reported
increase in revenue to INR562 million in 2012-13 from INR360
million the previous year, while maintaining its operating margin
and managing its working capital requirements efficiently. The
revenues are expected to be around INR600 million in 2013-14. As a
result, the firm's accruals improved and are expected to be
sufficient to meet its debt obligations for 2013-14. The upgrade
also factors in the support to GAF's liquidity provided by
enhancement of its bank line to INR180 million from INR120 million
in September 2013 and unsecured loans of INR32 million extended by
its promoters in 2013-14.

CRISIL's rating reflects GAF's weak financial risk profile marked
by small net worth, high gearing, and weak debt protection
metrics. The rating also reflects GAF's large working capital
requirements, small scale of operations, and susceptibility to
changes in government policies and to erratic rainfall. These
rating weaknesses are partially offset by the benefits that GAF
derives from its promoters' extensive business experience and the
healthy growth prospects for the basmati rice industry.

For arriving at the rating, CRISIL has treated the unsecured loans
of INR62.0 million extended to GAF by its promoters as neither
debt nor equity, as the loans are interest-free and have been
subordinated to bank debt.

Outlook: Stable

CRISIL believes that GAF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's capital
structure improves significantly because of higher accruals or
significant equity infusion. Conversely, the outlook may be
revised to 'Negative' if GAF's liquidity deteriorates with
increase in working capital requirements or larger-than-expected
debt-funded capital expenditure.

GAF was set up in July 2009 as a partnership firm by Mr. Subhash
Chand and his son, Mr. Neeraj Kumar. It processes basmati rice and
sells to domestic companies, most of which export to the Middle
East.


GSS INFOTECH: CRISIL Cuts Ratings on INR567.5MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
GSS Infotech Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           32.5     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long-Term      427.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Working Capital
   Term Loan               140.0     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in GSSIL's operating
performance marked by sharp decline in revenues and profitability
margins. CRISIL expects the revenue growth and margins to remain
under pressure over the near to medium term. The company's
revenues declined to INR2.94 billion (on a consolidated basis) for
2012-13 (refers to financial year, April 1 to March 31) and
INR2.91 billion for 2011-12 (for 9-month period ended March 2012)
from INR4.85 billion for 2010-11 (refers to accounting year from
July 1 to June 30). The company reported revenues of INR1.42
billion in April-September 2013, against INR1.69 billion for April
-September 2012.

The company's operating margins remained flattish at 2.75 per cent
for 2012-13 as compared to 2.71 per cent for 2011-12 and 18.5 per
cent for 2010-11. The sharp decline in margins over the past two
years was primarily on account of high employee costs coupled with
decline in its revenues. The company had ramped up its headcount
in anticipation of a business growth; however, the revenue growth
was much below expectations, thereby impacting the company's
operating margin. GSSIL reported net losses of INR59.4 million in
2012-13 and INR509.8 million in 2011-12 (9-month period ending
March 2012). The profitability was impacted in 2011-12 due to
abnormal amortisation of software of INR482 million. The operating
margin for first half of 2013-14 are around 10% and are expected
to remain at similar level for the entire year.

GSSIL's financial risk profile also deteriorated marked by
weakening of its capital structure and debt protection indicators.
Despite equity infusion INR57.4 million in 2012-13, the company's
adjusted networth1 declined to INR271.5 million as on March 31,
2013 from INR340.9 million as on March 31, 2012, primarily on
account of net losses and increase in intangible assets (of INR210
million) in 2012-13.

With increase in debt levels, the adjusted gearing deteriorated to
around 0.9 times as on March 31st, 2013 from 0.85 times as on
March 31st, 2012. The gearing is expected to remain at similar
levels over the medium term. On account of low profitability, the
debt protection measures also weakened with interest coverage
ratio of 1.77 times for 2012-13 from 3.52 times for 2011-12. The
company restructured in June 2013 its cash credit facility into a
working capital term loan of INR140 million, which is repayable
over the next 5 years. The company's cash accruals are expected to
be sufficient to meet these maturing obligations of INR18 million
in 2013-14 and INR27.5 million in 2014-15. The company's current
ratio also declined to 0.92 times as on March 31, 2013, from 1.23
times as on March 31, 2012.

The ratings continue to reflect the intense competition in the
company's key operating segments leading to a churn in its client
base, thereby negatively impacting the company's revenue profile
and profitability. The rating weakness is partially offset by
service offerings across multiple verticals coupled with extensive
experience of founder-promoters in information technology (IT)
sector and positive long-term fundamentals of IT outsourcing
industry.

For arriving at GSSIL's ratings, CRISIL has considered the
consolidated financials of GSSIL along with its subsidiaries - GSS
Infotech Inc (USA) and GSS IT Solutions Private Ltd (India), and
its step-down subsidiaries in USA - System Dynamix Corporation,
ATEC Group, GCI Systems, Veloce Group, Infovista Technologies,
Technovant Inc and Infovision Technologies Inc.

Outlook: Stable

CRISIL believes that the GSSIL will continue to benefit over the
medium term from its established track record and relationships
with customers. The outlook may be revised to 'Positive' if the
GSSIL is able to demonstrate a significant and sustainable organic
growth in its revenue which substantially improving its
profitability margins and maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company faces continued pressures on revenue and profit margins,
or if it undertakes larger-than-expected debt-funded capital
expenditure or acquisition programmes, thereby weakening its
capital structure.

GSSIL, was established in 1999, is a CMMI Level 5 company and a
provider of information technology and IT enabled solutions and
services to companies worldwide. The company was formerly known as
GSS America Infotech Limited and changed its name to GSS Infotech
Limited in March 2011.

GSSIL has four development centers in New York, Illinois,
Connecticut, and Hyderabad and seven business centers in New York,
Illinois, Connecticut, Dubai, Hyderabad, Singapore and
Minneapolis. The company has software solutions design/development
centres and marketing offices in Chicago U.S.A. and Global
Delivery Centres in Hyderabad, India.

GSSIL reported a net loss of INR59.4 million on net sales of
INR2.94 billion for 2012-13 (refers to financial year, April 1 to
March 31), as against a net loss of INR509.8 million on net sales
of INR2.91 billion for 2011-12.


GURU-G TEX: CRISIL Lowers Rating on INR199.9MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Guru-G Tex Print Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          199.9     CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The rating downgrade reflects Guru-G's continuously overdrawn cash
credit limits, and instances of delays in payment of interest on
its bank facilities. The overdrawn limits and delays have resulted
from the company's weak liquidity.

Guru-G also has working-capital-intensive operations and a low
operating margin leading to weak debt protection metrics. However,
the company benefits from the promoters' extensive experience in
the textile industry.

Guru-G was incorporated in 2009. The company trades yarn and
fabric. Guru-G also undertakes job work by undertaking embroidery
work on sarees and fabric.


H.R. RICE: CRISIL Cuts Ratings on INR350MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank loan
facilities of H.R. Rice Industries Pvt Ltd to 'CRISIL D' from
'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          340      CRISIL D (Downgraded from
                                 'CRISIL B-/Stable')

   Term Loan              6      CRISIL D (Downgraded from
                                 'CRISIL B-/Stable')

   Proposed Long-Term
   Bank Facility          4      CRISIL D (Downgraded from
                                 'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by HRRIPL in
servicing its term debt obligations owing to weak liquidity driven
by low profitability and working capital intensive nature of its
operations. Furthermore, the ratings indicate HRRIPL's weak
financial risk profile marked by small net worth and high gearing,
and the company's small scale of operations in the intensely
competitive rice milling industry. These rating weaknesses are
partially offset by its promoters' extensive experience in the
rice processing industry.

Update

HRRIPL's operations are expected to remain small over the medium
term; its financial risk profile, especially liquidity, is also
expected to be constrained over the medium term. The company is
likely to report an operating income of INR1.78 billion to INR1.82
billion in 2013-14 (refers to financial year, April 1 to March 31)
as against operating income of INR1.77 billion in 2012-13. The
company had operating income of INR825.8 million for the six
months ended September 30, 2013. The scale of operations of HRRIPL
is expected to remain small on account of intense competition in
the rice milling industry. The company had an operating margin of
2.6 per cent in 2012-13, in-line with the past trends. The margins
are expected to stay around similar level over the medium term on
account of limited value added nature of its operations in the
intensely competitive rice milling industry.

The company's financial risk profile continues to remain weak
marked by a small net worth of INR25 million, high gearing of
13.93 times as on March 31, 2013, and weak interest coverage and
net cash accruals to total debt ratios of 1.14 times and 1.47 per
cent, respectively, for 2012-13. CRISIL believes that HRRIPL's
financial risk profile will remain weak over the medium term due
to large working capital requirements on account of seasonal
availability of the paddy crop and low profitability in the paddy
milling business.

HRRIPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR1.77 billion for 2012-13 against a loss of INR2.3
million on net sales of INR1.50 billion for 2011-12.

HRRIPL, initially established as a proprietorship concern in 1987
by Mr. Sudarshan Verma, was reconstituted as a private limited
company in 2011. It is engaged in the milling and trading of non-
basmati rice.


HAJI ALIMOHAMED: ICRA Reaffirms B+ Rating on INR12r Loan
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR12.00 crore
(enhanced form INR8.00 crore) working capital facility of Haji
Alimohamed Moosa & Co. ICRA has also reaffirmed an '[ICRA]A4'
rating to INR0.50 crore (enhanced from INR0.20 crore) short-term
forward contract limit of HAMC.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Working Capital                12.00       [ICRA]B+ reaffirmed
   (CC/EPC/PSCFC/PCFC/FBD/FBP)

   Forward Contract limit          0.50       [ICRA]A4 reaffirmed

* CC- Cash Credit, EPC- Export Packing Credit, PSCFC-Post-
  shipment Credit in Foreign Currency, FBD- Foreign Bill
  Discounting, FBP-Foreign Bill Purchase

The ratings continue to be constrained by Haji Alimohammed Moosa &
Co's modest scale of operation and weak financial position as is
evident in the low profitability, highly leveraged capital
structure and weak debt protection indicators. ICRA also takes
note of the highly competitive and fragmented cotton ginning
industry with limited value addition and the susceptibility of the
profitability to adverse movements in raw material prices which in
turn is linked to the seasonal nature of the cotton industry and
government regulations on MSP and exports. Also, being a
partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.

The ratings, however, continue to factor in the long standing
experience of the promoters in the cotton industry, established
track record of the firm and favorable location, giving it easy
access to high quality raw cotton. The ratings also consider the
forward integration in crushing facilities for castor seeds and
cottonseeds resulting in limited diversification and additional
revenue as well as a positive demand outlook for edible oil in
India.

Haji Alimohamed Moosa & Co. was initially established as a sole
proprietor concern which later in October 2004, converted into a
partnership firm with three partners, Mr. Adambhai A. Halai and
his two sons Mr. Aslam Halai and Mr. Noormohamed Halai. The firm
is engaged in cotton ginning and pressing and the crushing of
cottonseeds and castor seeds with 25 double roller ginning
machines and 5 expellers located at Kodinar, Gujarat. The firm has
the capacity to produce 8000 MT of cotton bales, 4500 MT of
cottonseeds oil and 6000 MT castor seeds oil.

Recent Results
For the year ended 31st March, 2013, the firm reported an
operating income of INR78.79 crore with profit after tax (PAT) of
INR0.58 crore.


HEALTHAID FOODS: CRISIL Cuts Ratings on INR295MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Healthaid Foods Specialist Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           235      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Rupee Term Loan        60      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade reflects delays by HFSPL in servicing its term debt;
and irregularities in its cash credit facility for more than 30
days. HFSPL's delays in meeting its debt obligations have been
caused by liquidity crunch.

HFSPL has a weak financial risk profile, marked by a small net
worth, weak debt protection metrics, and high gearing. The company
has a low operating margin, because of its presence in a low-
value-added segment; average scale of operations; susceptibility
to regulatory changes; and customer concentration in its revenue
profile. These rating weaknesses are partially offset by the
industry experience of HFSPL's promoters along with established
customer and supplier relations.

HFSPL was incorporated in 1984 and manufactures milk products such
as ghee, skimmed milk powder (SMP), whole milk powder (WMP) and
dairy whitener. HFSPL derives most of its revenue from Punjab and
the remainder from the Northern Capital Region (NCR), Jodhpur and
South India.

HFSPL's profit after tax (PAT) and net sales were INR22 million
and INR1210 million, respectively, for 2011-12 (refers to
financial year, April 1 to March 31). The company reported a PAT
of INR4 million on net sales of around INR751 million for 2010-11.


HINDVA BUILDERS: ICRA Assigns 'B+' Rating to INR14cr Loan
---------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR14.00 crore
fund based working capital of Hindva Builders.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund Based working           14.00       [ICRA]B+ assigned
   capital

The assigned rating is constrained by the residual execution risks
related to the ongoing real estate projects as well as the
significant market & funding risks associated with them, given the
weak booking status and low customer advances received in
comparisons to construction work executed for most of the ongoing
projects. The ratings are further constrained by the intense
competitive pressures in the real estate market of Ahmedabad and
Surat area and the geographical concentration risk arising from
all the firm's projects being located in Ahmedabad and Surat
areas. ICRA further notes that the firm remains exposed to demand
cyclicality in the real estate business as well as input commodity
price risks. The assigned rating also factors in the risk
associated with the partnership nature of the firm, any
substantial withdrawals from capital account would impact the net
worth and thereby the capital structure.

The rating however favorably factors in the longstanding
experience of the promoter group in real estate development
through various projects executed in the group entities and
favourable location of the ongoing projects being in proximity of
schools, parks, temples and malls.

Hindva Builders was incorporated as a partnership firm in December
2009 by the Patel and Kheni families of Surat, Gujarat. It is
engaged in construction and development of Real Estate projects.
The firm is based in Ahmedabad, Gujarat and is currently focussing
on execution of residential and commercial projects in Ahmedabad
and Surat. The firm is further diversifying its operations in the
Mumbai Real Estate market with its redevelopment projects located
at Santacruz and Parel. The firm is currently constructing and
developing four projects in Ahmedabad and one project in Surat.


JAGRUTHI EDUCATIONAL: CRISIL Reaffirms D Ratings on INR80MM Loans
-----------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Jagruthi
Educational & Welfare Society continues to reflect instances of
delay by JEWS in servicing its debt; the delays have been caused
by JEWS's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          75.0     CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility        5.0     CRISIL D (Reaffirmed)


JEWS has an average financial risk profile marked by small net
worth, moderate gearing, and below-average debt protection
metrics. Also, the society faces intense competition from other
educational institutions in Hyderabad (Andhra Pradesh). However,
the society benefits from its management's extensive experience in
the education sector.

JEWS was registered in 1997 under the Societies Registration Act,
1860, and started operations in 2008; it offers graduate and
postgraduate courses in engineering and management. Dr. Srinivas
Reddy is the president and Dr. Venkateshwara Rao is the general
secretary of the society.


JAIN IRRIGATION: CRISIL Reaffirms 'B+' Ratings on INR8.04BB Loans
-----------------------------------------------------------------
CRISIL's has reaffirmed its ratings on the bank facilities of Jain
Irrigation Systems Ltd.  The reaffirmation is based solely on
publicly available information, as Jain Irrigation has not
cooperated with CRISIL in its surveillance process.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit         5,079.7    CRISIL B+/Stable

   Letter of credit
   & Bank Guarantee    3,487.5    CRISIL A4

   Term Loan           2,961.5    CRISIL B+/Stable

CRISIL's ratings continue to reflect Jain Irrigation's below-
average financial risk profile, moderately stretched liquidity,
and working-capital-intensive operations, due to high receivables.
The ratings also factor in the susceptibility of Jain Irrigation's
micro irrigation system (MIS; drip and sprinkler systems) business
to any adverse impact of regulatory changes, and the vulnerability
of the company's operating profitability to volatile raw material
prices and foreign exchange (forex) movements. These rating
weaknesses are partly offset by Jain Irrigation's diversified
revenue profile, strong market position in its key businesses
supported by its large distribution network, and the healthy
medium-term prospects for the MIS segment in India.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Jain Irrigation and its subsidiaries.

Outlook: Stable

CRISIL believes that Jain Irrigation's financial risk profile will
remain moderately stressed in the near term, because of weak
liquidity (at present, the company's working capital limits are
almost entirely utilised), and outstanding receivables from
various state governments towards subsidy payments for its MIS
business. The outlook may be revised to 'Positive' if the
company's capital structure and liquidity improve, driven by
larger-than-expected cash flows and a sustained reduction in the
MIS division's receivables. Conversely, the outlook may be revised
to 'Negative' if Jain Irrigation's liquidity and gearing weaken
due to an increase in its working capital borrowings, large debt-
funded capital expenditure programmes or acquisitions, or a sharp
deterioration in its operating profitability.

Jain Irrigation was established in 1986 by Mr. B H Jain. The
company started operations by trading agricultural inputs and
equipment. In 1980, Jain Irrigation began manufacturing polyvinyl
chloride (PVC) pipes, and commenced MIS operations in 1987.
Currently, Jain Irrigation operates in four diverse, but
integrated, segments of the agriculture supply chain-MIS, PVC
pipes and polyethylene pipes, PVC and polycarbonate sheets, and
food processing.

On July 6, 2012, Jain Irrigation obtained the regulatory approval
from the Reserve Bank to India to launch its non-deposit taking
non-banking financial company (NBFC), Sustainable Agro-commercial
Finance Ltd (SAFL). SAFL has commenced operations in Maharashtra
and has around 22 branches.

For 2012-13 (refers to the financial year, April 1 to March 31),
Jain Irrigation, on consolidated basis, reported a net profit of
INR30.8 million on net sales of INR49.2 billion, compared with a
net profit of INR2.2 billion on net sales of INR48.5 billion in
2011-12. For the six month period from April 1, 2013, to September
30, 2013, Jain Irrigation, on consolidated basis, reported a net
loss of INR1.4 billion on net sales of INR25.9 billion, vis--vis
a net loss of INR40.2 million on net sales of INR22.3 billion
during the corresponding period of the previous year.


KARPASA EXPORT: ICRA Reaffirms 'B' Rating on INR9.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR9.50 crore
(enhanced from INR6.50 crore) working capital facility and INR1.42
crore standby line of credit of Karpasa Export Private Limited.
ICRA has also reaffirmed a short term rating of '[ICRA]A4' to
INR0.80 crore credit exposure limit, INR4.50 crore Letter of
credit facility (sublimit within working capital limits) and
INR2.50 crore Bank Guarantee facility ( sublimit within working
capital limits) of KEPL.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Working Capital               9.50       [ICRA]B reaffirmed
   (EPC/PCFC/CC/FBP/FBD)

   SLC                           1.42       [ICRA]B assigned

   Credit Exposure Limit         0.80       [ICRA]A4 reaffirmed

   Letter of Credit/Buyers
   Credit                       (4.50)      [ICRA]A4 reaffirmed

   Bank Guarantee               (2.50)      [ICRA]A4 reaffirmed

* EPC- Export Packing Credit, PCFC-Post-shipment Credit in
  Foreign Currency, CC- Cash Credit, FBP- Foreign Bill Purchase,
  FBD- Foreign Bill Discounting

The ratings continue to be constrained by Karpasa Export Private
Limited's (KEPL) modest scale of operations, weak financial risk
profile characterized by thin profitability following trading
nature of business, leveraged capital structure and weak coverage
indicators. The ratings also take into account the vulnerability
of operations to regulatory changes on the export of commodities
as well as partial/complete withdrawal of various export
incentives. Further, the ratings also factor in the high
competitive intensity of the trading business resulting from low
entry barriers as well as the dependence of operations on the
seasonality of various agro products as well as the crop harvest.
The ratings however favourably consider the growth in operating
income supported by the addition of other products in the profile,
favorable location of the company in Gujarat which results in easy
availability for most of the agro products traded by the company
and stable demand prospects for various agro products like cotton,
sesame seeds etc.

Karpasa Export Pvt Ltd. was incorporated in t2007 by Mr. Nikhil
Tilaka and Mr. Prashant Tilaka. It is currently engaged in the
trading of agro commodities. KEPL has extended its product profile
by entering into the trading of commodities like water purifiers,
copper rods, etc. KEPL in FY 2012 was appointed the authorized
distributor for CNG Kit, an Italy based manufacturer named
Landirenzo. Besides, the company's business profile also includes
conversion of raw products namely seasame seeds, groundnuts etc.
into final products on a job work basis which are finally sold in
the market. The company is located in Rajkot, Gujarat.

Recent Results

For the year ended March 31, 2013, the company reported an
operating income of INR57.10 crore with profit after tax (PAT) of
INR0.09 crore.


M M POLYMERS: CARE Rates INR4.93cr LT Bank Loans at 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of M M
Polymers Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        4.93       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of M M Polymers Pvt Ltd
are primarily constrained by its short track record coupled with
small scale of operations and low net-worth base, leveraged
capital structure, susceptibility of its profit margins to
volatility in raw material prices, high bargaining power of the
suppliers and its working capital intensive nature of the
business.

The rating, however, favourably takes into account the experience
of the promoters in the plastic industry and satisfactory capacity
utilization of pet preforms.  The ability of the company to grow
its operations and improves its profitability along with
effective management of the working capital will remain the key
rating sensitivities.

M M Polymers Pvt Ltd was incorporated in May, 2009 by Mr Rajesh
Kumar Thourani and Mr Anil Kumar Thourani of Raipur, Chhattisgarh.
The company is engaged in manufacturing pet preforms with an
installed capacity of 1,920 Metric Tonnes per Annum (MTPA) at its
manufacturing facility located at Raipur, Chhattisgarh. The
company commenced commercial production in February, 2010. The
product of the company is used in the packaging industry. The
company manufactures pet preform in different colours, shapes and
sizes. The raw material used in the manufacturing of pet perform
is plastic granules, which is procured domestically.

In FY12 (refers to the period April 1 to March 31), MPL reported a
PBILDT of INR0.85 crore and a PAT of INR0.09 crore on a total
operating income of INR9.38 crore. Furthermore, in FY13
(provisional), MPL reported a total operating income of INR13.25
crore and PAT of INR0.11 crore.


MAA MAHAMAYA: ICRA Reaffirms 'B+' Ratings on INR7cr Loans
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR7.00
crore fund-based bank facilities of Maa Mahamaya Steels Pvt. Ltd.
ICRA has also reaffirmed the '[ICRA]A4' rating assigned to the
INR1.00 crore non-fund based bank facilities of MMSPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               2.05       [ICRA]B+; reaffirmed
   Fund-Based Limits
   (Cash Credit)           4.95       [ICRA]B+; reaffirmed

   Non-Fund Based Limits   1.00       [ICRA]A4; reaffirmed

Rating Rationale

The ratings take into consideration the long track record of the
MMSPL's promoters in steel manufacturing and the growth in the
turnover of the company during 2012-13. However, the ratings are
constrained by the nominal profits and cash accruals earned by the
company, the ongoing weakness and the cyclicality associated with
the steel industry, which is likely to keep MMSPL's profitability
and cash flows volatile in future. The weak profitability also
impacts the company's coverage indicators adversely, which
continue to remain at depressed levels. The ratings also factor in
MMSPL's moderately high gearing, although it continues to witness
an improving trend.
MMSPL was incorporated in 2004 by the Bilaspur, Chattisgarh based
Mr. Anil K. Shivdasani and family. The company is involved in
manufacturing of TMT bars. The manufacturing plant of the company,
which has a steel rolling mill with an annual production capacity
of 16,000 metric tonne (MT), is located at Industrial Area
Sirgitti, Bilaspur, Chattisgarh. The TMT bars produced by the
company are sold under the brand name, 'Mahashakti'.

Recent Results

In 2012-13, as per the audited financial statements, MMSPL
reported an operating income of INR52.02 crore and a net profit of
INR0.27 crore as compared to an operating income of INR40.83 crore
and a net profit of INR0.14 crore in 2011-12.


MANJEERA RETAIL: ICRA Assigns 'B' Ratings to INR314cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR290.00 crore term
loans and INR24.00 crore bank guarantee facility of Manjeera
Retail Holdings Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans           290.00      [ICRA]B Assigned
   Bank Guarantee        24.00      [ICRA]B Assigned

The rating is constrained by the high market risk for Manjeera
Trinity Corporate (MTC) with around 94% of the project yet to be
sold; in addition around 35% of Manjeera Majestic Commercial (MMC)
is yet to be sold. A combined space of 1.01 million sft of
commercial and retail space is yet to be sold from both these
projects. One of the rated term loans being an LRD loan, MRHPL is
reliant on timely remittance of rentals from retailers to ensure
adherence to its debt repayment schedule; however advance
collection of rentals at the beginning of the month could partly
mitigate the risk. ICRA notes that given that the current project
location is predominantly residential and MTC and MMC being the
first large commercial projects in Kukatpally area. The ability of
the company to attract corporate bodies remains to be seen. Also,
the pricing is at par with other well developed commercial areas
like Gachibowli which could act as a deterrent for prospective
buyers. Further, the rating is constrained by MRHPL's irregular
debt servicing track record in the past. The initial project loans
were completely repaid albeit with delays by end of June, 2013.

The rating however draws comfort from the low funding risk as the
debt has been tied up for the sole project under construction- MTC
and the promoters have brought in the required equity; the
demonstrated project management capability of the promoters (by
successful completion of MMC and MTM- 0.78 million sft combined).
Further the rating is supported by the attractive location of the
mall property, strong brand mix of the lessees and the limited
revenue volatility in lease rentals given that low proportion
(~2%) of total leasable area is leased on pure revenue sharing
basis.

Going forward, the timely completion of the MTC project as per
revised schedule, improved pace of bookings coupled with timely
cash collections would aid the cash flow situation of the company.
In addition, healthy occupancy rates for MTM coupled with timely
payment of rentals by the lessees will remain key rating
sensitivities.

Manjeera Retail Holdings Private Limited is a special purpose
vehicle created in 2007 for the development of 2.075 million sft
mixed use real estate development at Kukatpally, Hyderabad.
Manjeera Majestic Homes (residential) - 0.35 million sft; Manjeera
Majestic Commercial (retail cum office) - 0.33 million sft;
Manjeera Trinity Mall (cum multiplex) - 0.45 million sft and
Manjeera Trinity Corporate (office) - 0.95 million sft under JDA
with APHB (Andhra Pradesh Housing Board) with a revenue sharing
agreement (5%). The entire development is spread across 8.295
acres.


MJR BUILDERS: CRISIL Reaffirms 'B+' Rating on INR200MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long-
term bank facility of MJR Builders Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                200      CRISIL B+/Stable

The rating continues to reflect MJRBPL's exposure to
implementation-related risks associated with its ongoing real
estate projects and susceptibility of its revenues and earnings to
cyclicality inherent in real estate industry. These rating
strengths are partially offset by the extensive experience of
MJRBPL's promoters in the real estate industry.

Outlook: Stable

CRISIL believes that MJRBPL will maintain its business risk
profile over the medium term, supported by its promoters'
established track record in the real estate sector. The outlook
may be revised to 'Positive' if MJRBPL generates more-than-
expected cash flows from operations, driven most likely by
accelerated execution of its projects and increased customer
advances. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, caused most
likely by substantially less-than-expected cash flows from
operations because of subdued response to the project or less-
than-expected customer advances.

MJRBPL was established in February 2011 by Mr. S Jayram Reddy and
Mr. Madhusudhan Talamarla. Mr. S Jayram Reddy has been in the
business of infrastructure real estate development for close to
three decades through his family-run SJR group. The SJR group has
built around 5 million square feet of saleable commercial,
residential and retail real estate properties. MJRBPL is currently
developing two projects in Bengaluru, a residential-cum-commercial
property, MJR Platina, and a fully residential property, MJR
Pearl.


MOHAMMED KHAN: CRISIL Ups Rating on INR200MM Loan to 'B+'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mohammed Khan Jewellers Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          200.0     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The rating upgrade reflects sustainable improvement in MKJPL's
financial risk profile, particularly its liquidity, due to
extension of unsecured loans of INR15.5 million by its promoters
in 2012-13 (refers to financial year, April 1 to March 31) and
CRISIL's belief that these will be converted to equity in the near
term. The upgrade also reflects CRISIL's belief that the
management will remain averse to any long-term debt, which will
ensure no major deterioration in the company's capital structure
and liquidity over the medium term.

The rating reflects MKJPL's below-average financial risk profile,
marked by high gearing and moderate debt protection metrics, and
its exposure to intense competition in the jewellery industry.
These rating weaknesses are partially offset by the experience of
the company's promoters in the gems and jewellery business, and
its established brand in Hyderabad (Andhra Pradesh).

Outlook: Stable

CRISIL believes that MKJPL's financial risk profile will remain
constrained over the medium term due to its working-capital-
intensive operations. The outlook may be revised to 'Positive' if
the company generates higher-than-expected accruals and tightens
its working capital cycle, or if its promoters infuse significant
equity, leading to improvement in its liquidity and capital
structure. Conversely, the outlook may be revised to 'Negative' if
MKJPL's sales and profitability decline or it undertakes a large
debt-funded capital expenditure programme, leading to weakening of
its financial risk profile.

MKJPL was originally set up in 1991 as a partnership firm,
Mohammed Khan Jewellers, by Mr. Niyamathulla Khan and his family;
the firm was reconstituted as a private limited company in 2005.
MKJPL undertakes manufacturing and retail trading of gold and
diamond jewellery.

For 2012-13 (refers to financial year, April 1 to March 31), MKJPL
reported a profit after tax (PAT) of INR18.1 million on net sales
of INR567.6 million, against a PAT of INR15.8 million on net sales
of INR619.2 million for 2011-12.


N.C. INFRASTRUCTURE: CRISIL Cuts Rating on INR162.5MM Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of N.C.
Infrastructure to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan           162.5     CRISIL D (Downgraded from
                                 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by NCI in
servicing its debt due to stretched liquidity, resulting from a
delay in the execution of its ongoing real-estate projects due to
labour issues.

The rating also reflects NCI's exposure to project risks, and to
risks related to cyclical demand in the Indian real estate sector.
These rating weaknesses are partially offset by the promoters'
extensive experience in the real estate sector, and the firm's
established market position in Mehsana (Gujarat).

NCI was set up as a partnership firm in 2009, by Mr. Nareshkumar
Rammanlal Patel, his family members, and business associates. The
firm is currently constructing a residential complex named Aarush
Icon, and bungalows named Aarush Green Ville 2.


OB INFRASTRUCTURE: CRISIL Ups Ratings on INR4.38BB Loans to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the term loan facilities of
OB Infrastructure Ltd to 'CRISIL B- (SO)/Stable' from 'CRISIL D'.

                         Amount
   Facilities          (INR Mln)  Ratings
   ----------          ---------  -------
   Proposed Long-Term     944.4   CRISIL B-(SO)/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL D')


   Rupee Term Loan      3,441.8   CRISIL B-(SO)/ Stable (Upgraded
                                  from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by OBIL since
June 2013. The company has adequate liquidity to meet its expenses
and service debt for the next few months.

OBIL has weak debt service coverage ratios, and is exposed to
operational and maintenance risks related to its ongoing project.
However, the company benefits from the strong credit quality of
its sole counterparty, National Highways Authority of India (NHAI;
rated 'CRISIL AAA/Stable'), and the annuity nature of its build-
operate-transfer (BOT) project. OBIL has an escrow mechanism,
which ensures that all revenue receipts are deposited in an escrow
account and payments are made as per the defined payment
waterfall.

Outlook: Stable

CRISIL believes that OBIL's debt service coverage ratio will
remain weak in the near term, on account of low cash reserves and
unexpected major maintenance expenses. The outlook may be revised
to 'Positive' in case of significant improvement in the debt
service coverage ratio through reduction in interest rate or
increase in tenure of debt. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in the debt service
coverage ratio due to higher maintenance cost or delay in receipt
of annuity.

OBIL is a special-purpose vehicle (SPV) promoted by NCC Ltd (NCC;
rated 'CRISIL BBB/Negative/CRISIL A3+') and KMC Constructions,
which hold stakes of 64 per cent and 36 per cent, respectively.
OBIL was incorporated in 2006 to undertake a road project on the
Orai-Bhognipur stretch of National Highway (NH)-25, and the
Bhognipur-Barah stretch of NH-2 in UP. The project involves
strengthening and widening of 62.8 km of the existing two-lane
carriageway into a four-lane dual-carriageway, at a total cost of
INR5.85 billion. This stretch forms a part of NHAI's east-west
corridor project, and is located between Kanpur and Jhansi. OBIL
received its provisional certificate of completion from its
independent consultant Wilbur Smith Associates Pvt Ltd as on July
11, 2011, effective from June 30, 2009.

OBIL signed a concession agreement with NHAI in April 2006 for a
period of 17.5 years, undertaking the construction, operation, and
maintenance of the above-mentioned project on an annuity basis.
NHAI has agreed to pay an annuity of INR448.2 million on a semi-
annual basis for 15 years. As per the escrow structure, the
annuity from NHAI and all other revenue receipts pertaining to the
project will be deposited in the escrow account. The receipts will
be used towards (in order of priority) payment of taxes;
engineering, procurement, and construction (EPC) and operational
and maintenance expenses; monthly proportionate provision for debt
service payments and payment of debt service charges when due;
reimbursement of expenditure incurred by NHAI; and remuneration
cost and expenses of independent consultants.


OM LAMCOAT: ICRA Assigns 'B' Ratings to INR8.75cr Loans
-------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR4.75
crore term loans and INR4.00 crore cash credit facility of Om
Lamcoat Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Cash Credit facility         4.00       [ICRA]B assigned
   Term Loan                    4.75       [ICRA]B assigned

The rating assigned is constrained by lack of track record of
operations as the company is still in the project phase; and the
sensitivity of project metrics and future cash flows to the
establishment of the company's products, their acceptability and
commercial success. Further, the high reliance on debt for project
funding exposes the company to possible stress on debt servicing
capability in case of slower than expected ramp up of cash flows.
The rating is also constrained by the high competitive intensity
in the laminates business which limits pricing flexibility and
profitability; the company's relatively modest envisaged scale of
operations; and vulnerability of profitability to adverse
fluctuations in the prices of the key raw material.

The rating, however, favourably considers the experience of OLPL's
promoters and their long association with related business; and
the favourable long term demand outlook for decorative laminates
due to the large proposed scale of real estate development and
rising urbanization in the country.

Incorporated in March 2013, Om Lamcoat Private Limited is setting
up a plant to manufacture decorative laminates sheets of 0.8 mm
and 1.0 mm thickness, which are primarily used in the furniture
for surface decoration. The proposed unit is located at Morbi,
(Dist Rajkot) in Gujarat. The proposed project entails the
installation of fully automated plant and machinery with a
production capacity of 1,200,000 sheets (0.8 mm) per annum. The
project is promoted by Mr. Bhavesh Parsania, Mr. Suresh Vadhadiya,
Mr. Prakash Kavar and other share holders who have more than a
decade of experience in the industry by virtue of their
association with other group entity Om Laminates & Plywood,
engaged in trading of laminates and other plywood items since
2003.


POLYLACE INDIA: CARE Assigns 'B+' Rating to INR1cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Polylace India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         1         CARE B+ Assigned
   Facilities

   Long-term/Short-      32         CARE B+/A4 Assigned
   term Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Polylace India
Private Limited are primarily constrained by the stabilization
risk associated with its debt-funded project, weak financial risk
profile marked by small scale of operations, declining PBILDT
margins with low PAT margins and high debt-equity ratio.

The ratings, however, favorably take into account the experienced
and resourceful promoters and moderate operating cycle. Going
forward, streamlining of the production process of the newly set
up manufacturing activities, ability to scale up its operations
with improvement in profitability margins and capital structure
shall be the key rating sensitivities.

PIP was initially incorporated as a proprietorship firm by Mr
Rajinder Sharma and Mr Rajeev Kalra. The firm was later converted
into a private limited company in January 1993. The company
is engaged in the manufacturing of zip fasteners, commonly known
as zippers. PIP manufactures a wide range of zippers which find
its usage in different industries like garments, automobiles seat
covers, shoes, etc. PIP has a manufacturing facility located in
Wazirpur (New Delhi) having six different units with an installed
capacity of 1,800,000 kg per annum as on March 31, 2013. The
company sells its products all over India through an established
network of 50 wholesale distributors under the brand name 'TONI'
all over India. The main raw materials used for manufacturing
zippers are monofilament yarn, polyester yarn, aluminum wire and
brass wire, which are mainly procured domestically (around 95% of
the total raw material purchased) from Gujarat. The company also
uses imported raw material from Taiwan and China (around 5% of the
total raw material purchased is imported during the last two
years).

PIP reported a PAT of INR0.12 crore on a total income of INR23.61
crore in FY13 (refers to the period April 01 to March 31) as
against a PAT of INR0.20 crore on a total income of INR23.19 crore
in FY12.  PIP has achieved a total operating income of INR15 crore
till Sept. 30, 2013.


PRAMUKH ALLOYS: ICRA Assigns 'B-' Ratings to INR7.30cr Loans
------------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR7.30 crore
long term fund based facilities of Pramukh Alloys Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit               3.50        [ICRA]B- assigned
   Term Loan                 3.80        [ICRA]B- assigned

The assigned rating is constrained by limited track record of the
company's operations in the steel re-rolling mill business and
small envisaged scale of operations in steel re-rolling business
activity which is highly fragmented resulting from low entry
barriers due to low complexity of work involved. The rating also
takes into account vulnerability of company's profitability to raw
material price fluctuations with limited flexibility to fully pass
on the same to its customers. Given the low margins in the
business & stiff competitive pressures, the company's ability to
scale up the volumes also remains crucial from credit perspective.

The rating, however, favourably takes into account the long
experience of the promoters in real estate and construction
industry which is the key target segment for the company's
products. ICRA also takes into account the timely project
execution with no cost and time overruns.

Incorporated in March 2012, Pramukh Alloys Private Limited (PAPL)
is engaged in manufacturing of MS angles and MS channels from
metal scrap. The manufacturing facility is located at Vijapur
district of Gujarat, with an annual installed capacity of 10,000
MTPA (Metric Tonnes Per Annum). The company commissioned
commercial operations at the newly set up plant from 15th April
2013 onwards. The promoters of the company Mr Mukesh Chaudhary and
Mr. Kanu Chaudhary have been associated with the commercial and
residential housing construction for over a decade, and at present
the promoters are executing three residential and commercial
projects at Gandhinagar, Gujarat through other group concerns.


QUINTEGRA SOLUTIONS: ICRA Suspends 'D' Rating on INR113.05cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the suspended rating of '[ICRA]D' assigned to
the INR113.05 crore bank lines of Quintegra Solutions Limited. As
per ICRA's policy on withdrawals, ICRA can withdraw the rating in
case the rating remains suspended for more than three years.


RAJ INTERNATIONAL: CRISIL Cuts Ratings on INR749.9MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Raj
International Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Negative/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          180      CRISIL D (Downgraded from
                                 'CRISIL B+/Negative')

   Foreign Bill
   Discounting          520      CRISIL D (Downgraded from
                                 'CRISIL A4')

   Term Loan             49.9    CRISIL D (Downgraded from
                                 'CRISIL B+/Negative')

The rating downgrade reflects Raj International's continuously
overdrawn cash credit limits, and instances of delay by the
company in meeting its debt obligations on its bank facilities.
The overdrawn limits and delays have resulted from the company's
weak liquidity.

Raj International also has working-capital-intensive operations;
and geographic and customer concentration in its revenue profile.
However, the company benefits from the promoters' extensive
experience in the trading business.

Raj International was established as a partnership firm named Raj
Synthetics in 1992. The firm was reconstituted as a private
limited company in 1996. Raj International has various business
divisions including textile trading, diamond trading, gold
jewellery manufacturing, and wind power generation. In 2007, the
company was reconstituted as a closely held public limited company
and was subsequently renamed.


RC GOYAL: CRISIL Upgrades Rating on INR100MM Loan to 'B+'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
RC Goyal Dall Udyog Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          100      CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

The rating upgrade reflects GDU's improving business risk profile,
marked by an increasing scale of operations with sustained
profitability. The upgrade also factors in the company's improved
financial risk profile, marked by lower gearing on account of
equity infusion by promoters, and moderate debt protection
metrics.

The rating continues to reflect GDU's average scale of operations,
low profitability, constrained financial flexibility because of
large working capital requirements, and its exposure to intense
competition in the pulses industry. These rating weaknesses are
partially offset by the company's established clientele, its
promoters' extensive industry experience, and the financial
support that it receives from them.

Outlook: Stable

CRISIL believes that GDU will continue to benefit over the medium
term from its long track record of operations in the pulses
industry, its established customer base, and its enhanced
capacity. CRISIL, however, also believes that the firm's financial
risk profile will remain constrained over this period by a low
operating margin and high debt levels. The outlook may be revised
to 'Positive' if GDU's financial risk profile improves, most
likely because of increase in capital or improvement in its
operating margin. Conversely, the outlook may be revised to
'Negative' if the company's revenues and profitability decline, or
it contracts large incremental bank borrowings, for capital
expenditure or for meeting any significant increase in its working
capital requirements, resulting in deterioration in its financial
risk profile.

GDU was originally set up in 1986 as a partnership firm, Goyal
Dall Udyog; this firm was recently, in April 2013, reconstituted
as a private limited company with the current name. GDU is engaged
in processing of pulses, mainly chana dal, with a processing
capacity 75 tonnes per day. In addition, the firm processes moong
dal and toor dal through group firm, Goyal Pulses, on a job work
basis.


S.N.Q.S. INT'L: CRISIL Rates INR9MM Term Loan at 'B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S.N.Q.S. Internationals.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               9       CRISIL B+/Stable

   Packing Credit        100       CRISIL A4
   in Foreign Currency

   Packing Credit         15       CRISIL A4

   Foreign Demand
   Bill Purchase          35       CRISIL A4

   Inland/Import
   Letter of Credit       10       CRISIL A4

The rating reflects the SNQS's modest scale of operations in a
highly fragmented readymade garment industry, geographical
concentration in revenue profile and working capital intensive
operations. These rating weaknesses are partially offset by the
promoter's extensive experience in the textile industry.

Outlook: Stable

CRISIL believes that SNQS will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if the concern generates
significantly higher-than-expected revenues and profitability
margins while maintaining its capital structure. Conversely, the
outlook may be revised to 'Negative' if SNQS' revenue and
profitability margins decline significantly, or if its working
capital cycle lengthens, or if it undertakes any large debt funded
capital expenditure, leading to significant deterioration in its
financial risk profile.

SNQS was set up in 1991 as a sole proprietorship concern of Mr. V.
Elangovan. It is engaged in manufacturing of knitted and woven
readymade garments, and providing product sourcing services to
select customers based in Europe. The concern's manufacturing unit
is located in New Tirupur (Tamil Nadu).

SNQS recorded a profit of INR50.1 million on net sales of INR466.9
million for 2012-13 (refers to financial year, April 1 to March
31), against a PAT of INR59.7 million on net sales of INR649.6
million for 2011-12.


SAGAR ENTERPRISES: CRISIL Lowers Rating on INR90MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sagar Enterprises to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          90      CRISIL B+/Stable (downgraded from
                                CRISIL BB-/Stable)

The rating downgrade reflects the deterioration in SE's business
risk profile, driven by a significant decline in its scale of
operations. The rating downgrade also reflects the firm's
stretched liquidity, marked by low cash accruals vis--vis debt
repayment obligations, and its below-average debt protection
metrics.

During 2012-13 (refers to financial year, April 1 to March 31),
SE's topline declined by 20 per cent year-on-year to INR231
million, driven by lower demand from its sole customer, Canteen
Stores Department (CSD) of the Ministry of Defence, Government of
India. The firm's topline is expected to remain modest, and
susceptible to demand from CSD, over the medium term. SE has
booked revenues of around INR100 million for the six months ended
September 30, 2013. The firm's modest scale of operations has
resulted in modest accruals of INR5.6 million during 2012-13. Its
accruals are expected to remain modest at INR5 million to INR7
million in 2013-14, and tightly matched against its debt repayment
obligations of around INR5 million during the year. SE's low cash
accruals have resulted in weak debt protection metrics, with net
cash accruals to total debt and interest coverage ratios of 0.03
times and 1.30 times, respectively, for 2012-13. CRISIL believes
that SE's debt protection metrics will remain below average over
the medium term due to its low cash accruals.

The rating reflects SE's below-average financial risk profile,
marked by a modest net worth and below-average debt protection
metrics, and its susceptibility to offtake-related risks
associated with its sole customer, CSD. These rating weaknesses
are partially offset by the extensive experience of SE's
proprietor in the ready-made garments industry.

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its established relationship with CSD. The outlook may
be revised to 'Positive' if there is sustainable improvement in
the firm's scale of operations and profitability, supported by
diversification in its customer profile, leading to improvement in
its cash accruals and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if SE's working capital cycle
stretches, leading to further deterioration in its liquidity, or
in case of any further decline in its accruals, resulting in
weakening of its debt protection metrics.

SE, a proprietorship concern of Mr. Sunil Khanna, sells ready-made
garments and home furnishings. It has more than 90 products,
including shirts, T-shirts, hosiery, track suits, blankets, bed
sheets, and towels, which are sold to CSD. The manufacturing of
the various product lines is entirely outsourced to local
manufacturers.


SANDEEP TRADING: CRISIL Cuts Ratings on INR205.8MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sandeep Trading Co to 'CRISIL D' from 'CRISIL B-/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            200      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')


   Proposed Long-Term       5.8    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating downgrade reflects regular instances of delay by STC in
servicing its term loans over the past three months, due to weak
liquidity. STC's interest obligations of INR0.28 million on
October 31, 2013, was outstanding as on November 24, 2013. The
firm's stretched liquidity is also evident from its regularly
overdrawn bank limits, with average utilisation of around 101 per
cent, for the 11 months through August 2013. In the absence of
sufficient cash accruals, STC relies heavily on its bank limits to
fund its working capital requirements. The firm generated cash
accruals of INR4.1 million in 2012-13 (refers to financial year,
April 1 to March 31), vis--vis its incremental working capital
requirement of INR59 million, resulting in high dependence on
external borrowings over eth same period.

The ratings continue to reflect STC's weak financial risk profile,
marked by high gearing because of large working capital
requirements, and the susceptibility of its operating margin to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the the extensive experience of the promoters
in, and the healthy growth prospects for, the rice industry.

For arriving at its ratings, CRISIL has treated STC's unsecured
loans of INR59 million (as on March 31, 2013) from the promoters'
friends, family and related companies as neither debt nor equity.
This is because the loans have been subordinated to STC's bank
debt during currency of the sanctioned limit.

About the Firm

STC was established in Kharar, Punjab in 1991. The firm mills and
trades non-basmati rice, and has one milling unit in Kharar
(Punjab). STC is promoted by Mr. Rajiv Verma.

STC reported a profit after tax (PAT) of INR1.30 million on net
sales of INR1026.2 million for 2012-13, vis--vis a PAT of INR1.18
million on net sales of INR781.4 million for 2011-12.



SARTHAK ISPAT: ICRA Reaffirms 'B' Ratings on INR29.56cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR29.50
crore term loan and fund-based bank facilities of Sarthak Ispat
Pvt. Ltd.. ICRA has also reaffirmed the '[ICRA]A4' rating assigned
to the INR0.50 crore non-fund based bank facilities of SIPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan             12.50        [ICRA]B; reaffirmed

   Fund-Based Limits
   (Cash Credit)         17.06        [ICRA]B; reaffirmed

   Non-Fund Based
   Limits                 0.50        [ICRA]A4; reaffirmed


Rating Rationale

The ratings take into consideration the significant increase in
the turnover of the company during 2012-13, which was its first
full year of operation, and strengthening of its networth on
account of an infusion of equity by the promoters during 2012-13.
The ratings, however, continue to be constrained by the low
margins in the business, the ongoing industry weakness and the
cyclicality associated with the steel industry, which is likely to
keep SIPL's profitability and cash flows volatile in future. The
weak profitability also impacts the company's coverage indicators
adversely, which remained at depressed levels during 2012-13. The
ratings also factor in SIPL's high gearing, although it improved
from FY2012 levels subsequent to the infusion of equity from the
promoters during 2012-13.

SIPL was incorporated in 2007 by Mr. Vijay Kumar Garg based in
Raipur. The company's plant is located at the Urla Industrial Area
of Raipur (Chattisgarh) and has a rolling mill, with an annual
production capacity of 75,000 MT. The company manufactures medium
and heavy steel structural products such as angles, beams,
channels, joists and H-beams.

Recent Results

In 2012-13, as per the audited financial statements, SIPL reported
an operating income of INR151.02 crore and a net profit of INR0.70
crore as compared to an operating income of INR28.86 crore and a
net profit of INR0.21 crore in 2011-12.



SRI BALAJI: ICRA Reaffirms 'B+' Ratings on INR58.07cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the enhanced
long term fund based facilities of INR45.0 crore and non fund
based bank limits of INR13.07 crore of Sri Balaji Educational
Charitable and Public Trust at '[ICRA]B+'.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term-fund based         45.00      [ICRA]B+ reaffirmed
   Long term-non fund
   Based                        13.07      [ICRA]B+ reaffirmed

The reaffirmation in the rating takes into the account the
regularization of interest payments on the trust's term loans that
had been impacted previously due to mismatches in cash flows. The
rating also takes into account the stable revenues arising out of
the brand equity of established colleges under the trust resulting
in full enrolment and pre-fixed fee structure for the tenure of
the courses; and the healthy profitability levels.

The rating, however, is constrained by the aggressive capex
undertaken by the trust in the recent past, thereby resulting in
elevated debt levels; and the lumpy cash flows associated with
staggered receipts of academic fees. The rating also factors in
the possible reduction in enrolment going forward for the
engineering colleges under SBECPT on the back of lacklustre demand
for engineering courses.

Sri Balaji Educational and Charitable Public Trust was formed in
1996, under the leadership of Mr. M K Rajagopalan, the Chairman of
the Trust. The trust owns and operates seven colleges in the Union
Territory of Pondicherry and the neighbouring Tamil Nadu with a
total student base of more than 6,000. The most notable of
SBECPT's colleges is the Mahatma Gandhi Medical College & Research
Centre (MGMC), which has a 1180-bed hospital attached to the
college premises and contributes to more than 80% of the trust's
profits. The other colleges include Bharathiyar College of
Engineering and Technology (BCET), Rajiv Gandhi College of
Engineering and Technology (RGCET), Kasturba Gandhi Nursing
College, Sri Venkateswara College of Education, Indira Gandhi
Institute of Dental Sciences and Sri Satya Sai Medical College and
Research Institute (SSMC).

Recent Results
For the year ended 31st March 2013, the trust reported an
Operating income and Surplus of INR185.6 crore and INR40.5 crore
respectively.


SRI LAKSHMI: CRISIL Raises Ratings on INR1.1BB Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Sri Lakshmi Godavari Spinning Mills Pvt Ltd (Sri
Lakshmi) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           300      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long-Term
   Bank Loan Facility     45.6    CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan             754.4    CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects improvement in Sri Lakshmi's financial
risk profile, particularly its liquidity, supported by expected
improvement in cash accruals, resulting in alleviation of earlier
envisaged pressure on its debt servicing ability. The cash
accruals have improved because of better-than-expected operating
performance. CRISIL believes that Sri Lakshmi's financial risk
profile, particularly its liquidity, will improve over the medium
term, marked by moderate cash accruals, and absence of any major
capital expenditure plans.

The rating continues to reflect Sri Lakshmi's below-average
financial risk profile marked by high gearing and weak debt
protection metrics, and working capital intensive nature of
operations. These rating weaknesses are, however, offset by Sri
Lakshmi's moderate operating efficiency, promoters' extensive
industry experience, and established relationship with customers

Outlook: Stable

CRISIL believes that Sri Lakshmi will continue to benefit over the
medium term from its established relationships with its customers
and healthy operating margins. The outlook may be revised to
'Positive' in case the company reports substantial and sustained
improvement in the company's revenues, while maintaining its
profitability margins. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's
profitability margins from the current levels resulting in
deterioration in its liquidity profile.

Sri Lakshmi, incorporated in 2005, manufactures cotton yarn. The
company is promoted by Mr. V Siva Nageswara Rao and his family and
friends. It commenced commercial production in August 2007. Sri
Lakshmi's manufacturing unit in Guntur (Andhra Pradesh).

For 2012-13, Sri Lakshmi reported, a profit after tax (PAT)
INR24.7 million on net sales of INR717.7 million; the company
reported a PAT of INR2.4 million on net sales of INR693.6 million
for 2011-12.


STANDARD CORPORATION: CRISIL Cuts Ratings on INR406M Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Standard Corporation India Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          156.0     CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Rupee Term Loan       90.0     CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Letter of Credit      50.0     CRISIL D (Downgraded from
                                  'CRISIL A4')

   Proposed Long-term
   Bank Loan Facility   110.0     CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

The rating downgrade reflects instances of devolvement of letters
of credit (LCs) and overdrawing of its cash credit limit for more
than 30 days consecutively owing to the company's weak liquidity.
The deterioration in liquidity has been caused by subdued demand
for SCIL's products because of the overall slowdown and
competition in the agricultural (agro)-based machinery industry.

The ratings continue to reflect SCIL's large working capital
requirements, limited pricing flexibility, and its susceptibility
to downturns in the agro-based machinery industry. These rating
weaknesses are partially offset by the extensive experience of
SCIL's promoters in the industry.

Mr. Nachattar Singh and his brother Mr. Joginder Singh set up
partnership firm Standard Combine in 1979. The firm was
reconstituted as a private limited company in 1999 and as a public
limited company (with its name being changed to the current one)
in 2008.

SCIL manufactures harvester combines, tractors, and cranes under
the Standard brand and has capacity to manufacture 2000 harvester
combines, 7500 tractors, and 300 cranes per annum. Its
manufacturing unit is in Barnala (Punjab).

SCIL reported loss of INR21.7 million on net sales of INR988.4
million for 2012-13 (refers to financial year, April 1 to
March 31) against PAT of INR20 million on net sales of INR1648.5
million for 2012-13.



SURBHI FERRO: ICRA Assigns 'B' Ratings to INR15cr Loans
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR15.00
crore bank lines of Surbhi Ferro Impex Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Working Capital Limits       8.00       [ICRA]B assigned
   Unallocated                  7.00       [ICRA]B assigned

The assigned rating factors in SFIPL's relatively modest scale of
operations on account of limited operational track record and the
company's stretched liquidity position owing to the high working
capital intensity of business, which has led to consistently high
utilization of working capital facilities from bank. This, coupled
with modest net worth has led to high gearing levels (3.58 times
as on 31st March 2013) for the company. The rating is also
constrained by the highly competitive and fragmented nature of the
industry, which along with the trading nature of operations has
resulted in low profitability indicators. Further, the company's
profitability remains vulnerable to adverse movements in metal
prices given the inventory levels required to be maintained by it,
and exchange rate fluctuation in the absence of a hedging
mechanism. However, ICRA draws comfort from the long experience of
the promoters in the ferrous and non ferrous metal scrap trading
business, which has enabled it to register healthy revenue growth
since commencement of operations in the year 2010. The rating also
drives comfort from the continued support of the promoters for the
company in its initial stages through infusion of equity and
unsecured loans.

Surbhi Ferro Impex Private Limited (SFIPL) was incorporated in the
year 2010 by Mr. Rajesh Kumar Gadiya. SFIPL is engaged in the
business of trading ferrous and non ferrous metal scrap such as
steel, brass, copper, zinc, aluminum etc.

Recent Results
For FY2013, the company has achieved an operating income of
INR44.70 crore and a Profit after Tax (PAT) of INR0.13 crore.


TARA EXPORTS: ICRA Reaffirms 'B+' Ratings on INR3.23cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating outstanding on the
INR1.50 crore long term fund based facilities (sub limit) of Tara
Exports. ICRA has assigned '[ICRA]B+' rating to the INR1.73 crore
term loan facilities of the firm. ICRA has also reaffirmed the
'[ICRA]A4' rating outstanding on the INR23.00 crore short term
fund based facilities (reduced from INR25.00 crore) and the
INR2.00 crore short term fund based facilities (sub limit) of the
firm. ICRA has also assigned '[ICRA]A4' rating to the INR0.27
crore proposed short term facilities of the firm.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term fund based        (1.50)      [ICRA]B+ reaffirmed
   facilities (sub limit)

   Term loan facilities         1.73       [ICRA]B+ assigned

   Short term fund based       23.00       [ICRA]A4 reaffirmed
   Facilities

   Short term fund based       (2.00)      [ICRA]A4 reaffirmed
   facilities (sub limit)

   Short term proposed          0.27       [ICRA]A4 assigned
   Facilities

The reaffirmation of ratings takes into account the experience of
the promoters in the cashew processing industry spanning several
decades and the firm's strong parentage, by virtue of it being
part of the Kerala based KPP group - a renowned name in the global
cashew processing industry. TE has an established customer profile
and benefits from business linkages with group entities, including
usage of a group entity's manufacturing facilities for production.
The ratings are, however, constrained by TE's relatively weak
financial profile. The firm witnessed a de-growth of over 35% in
revenues in 2012-13 following lower sales, owing to paucity of
funds during two months of the peak procurement season for the
firm; TE was able to use its working capital limits only partially
during the two month period, and as a result could not procure
requisite quantities of raw materials. TE's capitalization and
coverage metrics are stretched as on March 31, 2013, following
high working capital intensity and consequently high working
capital debt levels, amidst relatively low net worth and profits /
accruals; the net worth has remained low compared to debt levels,
despite an equity infusion of INR4.0 crore in 2012-13. TE's cash
flow position also remains stretched and the debt funded capex
plans could strain the liquidity position further, over the medium
term.

Further, TE's revenues and margins continue to remain exposed to
foreign exchange fluctuations and volatility in cashew price
movements, beyond the natural hedge prevalent. Also, TE has high
customer and geographic concentration, and the intense competition
in the highly fragmented industry, limited product differentiation
and restricted pricing flexibility have resulted in high client
churn rates for the firm. While TE's production is constrained by
the prevailing labour shortage in the region and worsening of the
situation could impact production further going forward, the
proposed shift in focus to RCNs trading/mechanization/
diversification of operations to areas with adequate labour
availability are expected to mitigate this risk to an extent. The
firm is also exposed to agro-climatic risks.

Commenced in 2010, Tara Exports is engaged in sale of cashew
kernels and raw cashew nuts (RCNs). In the former segment, the
firm either imports RCNs from African countries and processes
through job work in dedicated factories owned by a group entity,
or trades cashew kernels procured from local players. The cashew
kernels are exported to countries like Korea, United States of
America, United Kingdom and Canada to name a few, or sold locally.
The RCNs are traded in domestic markets.


TECHNOFAB ENGINEERS: CRISIL Cuts Ratings on INR80MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Technofab Engineers to 'CRISIL D' from 'CRISIL BB-/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            40       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long-Term     25.3     CRISIL D (Downgraded from
   Bank Loan Facility              'C8RISIL BB-/Stable')

   Term Loan              14.7     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in concern's
liquidity position, leading to in persistent irregularities in its
cash credit account and delays in repayment of debt obligations.

The rating reflects TE's modest scale of operations coupled with
working capital intensive nature of activity and susceptibility to
intense competition in transmission and telecom tower fabrication
business. These rating weaknesses are partially offset by
extensive experience of TE's proprietor in fabrication of
transmission, telecom towers and sub-station structures.

Established in 1991 by Mr. Chetan Lavania, as his proprietorship
concern, Technofab Engineers is engaged in manufacturing,
fabrication of transmission, telecom towers and sub-station
structures, etc. The concern's office is located at Nagpur,
Maharashtra.


UGAM IMPEX: CRISIL Downgrades Ratings on INR730MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ugam Impex Ltd to 'CRISIL D' from 'CRISIL B+/Negative'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          300      CRISIL D (Downgraded from
                                 'CRISIL B+/Negative')

   Mortgage Loan         14      CRISIL D (Downgraded from
   Facility                      'CRISIL B+/Negative')

   Proposed Long-Term   373      CRISIL D (Downgraded from
   Bank Loan Facility            'CRISIL B+/Negative')

   Term Loan             43      CRISIL D (Downgraded from
                                 'CRISIL B+/Negative')

The rating downgrade reflects UIL's continuously overdrawn cash
credit limits, and instances of delay by the company in payment of
interest and principal on its bank facilities. The overdrawn
limits and delays have resulted from the company's weak liquidity.

UIL also has working-capital-intensive operations and a low
operating margin leading to weak debt protection metrics. However,
the company benefits from the promoters' extensive experience in
trading segment.

UIL was incorporated in 1996 as a private limited company. In
2009, UIL was reconstituted as a public limited company. UIL has
several business divisions comprising yarn and fabrics trade,
diamond trade and export, and wind power generation.


VIJAY STEEL: ICRA Cuts Ratings on INR11.77cr Loans to 'B+'
----------------------------------------------------------
ICRA has revised the long-term rating of the INR2.77 crore
(reduced from INR3.23 crore) term loan and the INR9.0 crore fund-
based bank facilities of Vijay Steel Corporation Private Limited
(Erstwhile Vicksons Steels Private Limited, to '[ICRA]B+' from
'[ICRA]BB-'.  ICRA has reaffirmed the short-term rating of the
INR6.0 crore fund-based and the INR15.0 crore non-fund based bank
facilities of VSCPL at '[ICRA]A4'. Interchangeability between the
fund-based and non-fund based limits is allowed such that the
total rated working capital limits do not exceed INR18.0 crore.
The utilisation of total fund-based limits is capped at INR9.0
crore.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan               2.77        Revised to [ICRA]B+ from
                                       [ICRA]BB- (Stable)

   Long-term fund-
   based limits            9.00        Revised to [ICRA]B+ from
                                       [ICRA]BB- (Stable)

   Short-term fund-
   based limits            6.00        [ICRA]A4 reaffirmed

   Non-fund based
   limits                 15.00        [ICRA]A4 reaffirmed

The revision of the long term rating assigned to VSCPL takes into
account a sharp decline in revenues in 2013 to INR110.4 crore from
INR220.9 crore in 2011-12 leading to a net loss of INR2.69 crore
during the year, which in turn resulted in weak coverage
indicators. The ratings are also constrained by a leveraged
capital structure of VSCPL and the fact that large corporate
guarantees are extended to its associate company namely Vijay
Transmission Private Limited, both of which adversely impact the
financial risk profile of the company. The ratings also take into
account the tight liquidity profile of the company and intensely
competitive nature of the steel trading industry, which exerts
pricing pressures. Nevertheless, the ratings take into account
long experience of the promoters in the steel trading business;
established relationships with reputed customers, which indicates
good product quality and ensures repeat orders and low inventory
levels maintained by the company, which reduce its exposure to
volatility in steel prices.

VSCPL was incorporated in 1966 by Mr. K. C. Paliwal as a
partnership firm for trading of steel products. Subsequently, the
firm was converted into a private limited company in 1995. The
promoters have nearly four decades of experience in steel trading
and have established relationships with reputed construction
companies. The company predominantly trades in long products of
numerous varieties and grades, which it procures from secondary
steel manufacturers, rolling mills and other traders. The
company's name was changed to VSCPL from Vicksons Steels Private
Limited in 2012.

Recent Results

As per the provisional results for 2012-13, VSCPL reported a net
loss of INR2.69 crore on the back of net sales of INR110.4 crore.
In 2011-12, VSCPL reported a profit after tax (PAT) of INR0.26
crore on the back of net sales of INR220.9 crore.


YASH AUTOMOTIVE: CRISIL Cuts Ratings on INR220MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Yash Automotive Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         160       CRISIL B/Stable (Downgraded from
                                 'CRISIL B+/Stable')

   Proposed Long        25       CRISIL B/Stable (Downgraded from
   Term Bank Loan                 'CRISIL B+/Stable')
   Facility

   Term Loan            35       CRISIL B/Stable (Downgraded from
                                 'CRISIL B+/Stable')

The downgrade in rating reflects deterioration in YAPL's financial
risk profile marked by an increase in its total outside
liabilities to tangible net worth (TOLTNW) ratio, weak interest
coverage ratio and low current ratio. The company's TOLTNW ratio
increased to 15 times as on March 31, 2013 from 10.7 times as on
March 31, 2012 on account of increase in working capital borrowing
and debt-funded capital expenditure (capex) without commensurate
infusion of capital by promoters. Its interest coverage ratio is
low at 1 time for 2012-13 (refers to financial year, April 1 to
March 31). The liquidity is also weak, marked by high bank limit
utilisation and low current ratio of 0.9 times as on March 31,
2013. Furthermore, YAPL's cash accruals for 2013-14, are expected
to be tightly matched with repayment obligations of INR4 million
for the year. The company has already completed construction of
two new workshops and has no plans to undertake any further
capital expenditure over the medium term. CRISIL believes that
YAPL's financial risk profile will remain weak over the medium
term.

The rating reflects YAPL's weak financial risk profile, marked by
a small net worth, weak debt protection metrics, and high TOLTNW
ratio; the rating also factors in the company's exposure to
intense competition in the automobile (auto) dealership market,
and supplier concentration in its revenue profile. These rating
weaknesses are partially offset by YAPL's long track record in the
auto dealership business.

Outlook: Stable

CRISIL believes that YAPL will maintain its business risk profile
over the medium term on the back of its longstanding presence in
the auto dealership business. However, the company's financial
risk profile will remain weak over the period, driven by its large
working capital requirements. The outlook may be revised to
'Positive' if the YAPL's financial risk profile improves
significantly, driven by fresh equity infusion or significant
improvement in capital structure due to efficient management of
debt-funded working capital requirements. Conversely, the outlook
may be revised to 'Negative' if YAPL's financial risk profile
deteriorates because of increase in working capital debt or large,
debt-funded capex.

YAPL, incorporated in 2002, was promoted by Mr. Sanjeev Kumar. It
is an authorised dealer for commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML; rated 'CRISIL AA-/Positive/CRISIL A1+')
for Mirzapur, Badohi and Sonbhadra (all in Uttar Pradesh), and has
two showrooms, five extension counters, and four workshops in the
CV segment.



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


EACCESS LTD: Merger No Impact on Rating & Outlook, Moody's Says
---------------------------------------------------------------
eAccess Ltd. (Ba1 stable) announced on Dec. 3, 2013, it reached an
agreement to merge with WILLCOM, Inc. (not rated) tentatively
effective as of April 1, 2014. WILLCOM is a wholly owned wireless
telecom operating subsidiary within SoftBank (Ba1 stable) group.
eAccess will be the surviving entity after the merger transaction.

The combined entities' debt burden will be somewhat higher than
eAccess alone but, Moody's estimates, will not materially change
the rating.

The merger is positive for eAccess as it will create a larger
company measured by sales (JPY390 billion for combined entity
estimated by Moody's based on simple addition vs. JPY 220.7
billion for eAccess alone) and subscriber base. In addition, the
combined company will be able to achieve operating efficiencies
and reduce costs by combining both companies' business resources.
The combined entity will serve more than 10 million subscribers
(the sum of approximately 4.4 million for eAccess and 5.7 million
for WILLCOM) and continue to offer both the mobile and fixed
broadband business provided by eAccess as well as the Personal
Handy System service provided by WILLCOM.

There will be no change to the voting shares of eAccess, or, in
Moody's opinion, the expected support provided by SoftBank, the
company's largest shareholder. eAccess will continue to benefit
from SoftBank's greater size, marketing and branding organization,
and access to capital.

Moody's has incorporated such expected support and equalized
eAccess' rating to that of SoftBank.

Moody's notes that SoftBank has not guaranteed nor is explicitly
supporting eAccess' debt, and has only 33.29% governance control
of the company.

However, there is, in Moody's opinion, the expectation of support,
if needed. SoftBank retains nearly all of the economic ownership
of eAccess. The company provides an important support, through its
LTE spectrum, to SoftBank's mobile product offering and is an
increasingly integrated entity in SoftBank's domestic Japanese
mobile strategy.

WILLCOM is a telecom operator that uses Personal Handy System
(PHS) network. It is the largest PHS operator in Japan and is the
fourth largest wireless operator in Japan with estimated market
share of 3.5% after SoftBank Mobile's 34.06 million subscribers at
September-end 2013.

eAccess Ltd, headquartered in Tokyo, is a multi-service operator
of an asymmetric digital subscriber line (ADSL) business and a
mobile broadband business. As a result of delisting from the Tokyo
Stock Exchange on 26 December, 2012, it is no longer a publicly
traded company.

SoftBank Corp., headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution and networking.


LEOPARD TWO: Fitch Affirms Class D and E Notes' 'BB' Ratings
------------------------------------------------------------
Fitch Ratings has affirmed the ratings on Leopard Two Funding
Limited's notes. The transaction is a securitisation of fully
amortising mortgage loans backed by multi-family apartment
properties throughout Japan. The rating actions are listed below.

JPY3,202m Class A-1 notes affirmed at 'AAAsf'; Outlook Stable

JPY3,202m Class A-2 notes affirmed at 'AAAsf'; Outlook Stable

JPY520m Class B notes affirmed at 'AAsf'; Outlook Stable

JPY520m Class C notes affirmed at 'Asf'; Outlook Stable

JPY540m Class D notes affirmed at 'BBsf'; Outlook Stable

JPY41m Class E notes affirmed at 'BBsf'; Outlook Stable

All balances are as of 4 December 2013.

Key Rating Drivers:

The affirmations of the notes' ratings reflect Fitch's view that
available credit enhancement (CE) levels are sufficient to support
the current ratings. CE levels have continued to grow due to
sequential payment from scheduled amortisation and prepayments.

Only one loan in the underlying loan pool has defaulted since the
transaction closed in August 2004. The master-lease structure has
contributed to stable loan performance of the transaction, and
delinquencies have also been limited to date. Fitch expects this
trend to continue, given future rental performance based on the
master-lease agreements.

Fitch considers the improved CE levels are sufficient to offset
the decline in rent income, which has resulted in the agency
increasing its assumptions of net loss from the underlying loan
pool in stressed scenarios.

Rating Sensitivities:

An unexpected increase in the delinquency or default rate may lead
to higher loss assumptions, which may, in turn, affect the ratings
of the notes. However, given the growth in CE levels to date and
the master-lease structure in place, the risk of downgrade due to
asset performance deterioration is considered low.



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


MAINZEAL PROPERTY: Parent Placed in Provisional Liquidation
-----------------------------------------------------------
Paul McBeth at BusinessDesk reports that Richina Pacific, the
parent of failed construction firm Mainzeal Property &
Construction, is in provisional liquidation since quitting the NZX
five years ago, and has handed over its financial statements to
the Companies Registrar for the financial years leading up to its
demise.

The registrar was looking into the financial reporting obligations
the Mainzeal and Richina group of companies, which were murky due
to various amalgamations and restructures leading up to its
ultimate collapse on earlier this year, BusinessDesk recalls.

BusinessDesk relates that the registrar decided the only entity in
the group obliged to file financial statements was Richina
Pacific, which arose because the company was an issuer. It was
initially registered as a local company, but later relocated to
Bermuda, moving to the overseas company register, a spokesman for
the registrar said in an emailed statement to BusinessDesk.

"RPL was removed from the overseas companies register in 2009, but
has provided the registrar with financial statements for the 2009,
2010 and 2011 financial years," he said. "RPL is now in
provisional liquidation in Bermuda."

Earlier this year, BusinessDesk recalls, Milford Asset Management
executive director Brian Gaynor wrote in the New Zealand Herald
newspaper that he remained a shareholder in Richina after it
delisted from the NZX in December 2008, but has had no
correspondence from the company nor received an annual report
since then.

Last month, receivers for Mainzeal Property & Construction,
David Bridgman and Colin McCloy of PwC, said they expected to have
surplus funds for the liquidator of the Mainzeal group, and have
since said they'll hand over to the liquidator once preferential
claims, such as paying employees, and other statutory obligations
are met, BusinessDesk relates.

The liquidators represent unsecured creditors owed some NZ$106.3
million, whereas the receivers were appointed by Bank of New
Zealand, which was owed NZ $11.3 million, the bulk of which was
over the Mainzeal headquarters building on Auckland's Victoria St.
Preferential creditors, including staff entitlements and
outstanding tax, were owed about NZ$5.3 million, according to the
latest receiver's report obtained by BusinessDesk.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, says NZN.


STRATEGIC FINANCE: Receiver Files Action Against Auditor
--------------------------------------------------------
BusinessDesk reports that the Financial Markets Authority has
effectively completed a confidential settlement with the former
directors of Strategic Finance, while the firm's receiver has
filed proceedings against auditor BDO Spicers.

According to the report, Strategic Finance receivers John Fisk and
Colin McCloy of PwC have filed and served proceedings against BDO
Spicers over its audit of the firm's 2007 financial statements,
keeping the FMA in the loop, and are still waiting on certain
matters to be completed over its settlement with the directors,
according to their latest six-monthly report.

In July, BusinessDesk recalls, the receivers said they had
effectively completed a deal with Strategic's directors over
potential breaches of the Companies Act, and entered into talks
with a then-unnamed third party over a separate claim.

"FMA's confidential settlement discussions with the directors are
also effectively complete, subject to the resolution of certain
outstanding matters," the report, as cited by BusinessDesk, said.

While the receivers expect to provide a further update to
investors by the end of March next year, a spokesman for the FMA
said the regulator isn't necessarily on the same timeline,
BusinessDesk relays.

According to BusinessDesk, the FMA gave the board the opportunity
to respond as it prepared to file civil proceedings against
directors including Kerry Finnigan, Graham Jackson, Marc Lindale,
Timothy Rich, Denis Thom and David Wolfenden. It dropped its
investigation into former director Jock Hobbs, now deceased, in
mid-2011 as the extent of his illness became apparent.

Some 10,000 Strategic investors owed $367.8 million have been
repaid 10 cents in the dollar, or $36.8 million, and PwC's Fisk
still estimates they will get between 12 percent and 20 percent of
their principal back, says the report.

The receiver has clawed back $47.4 million from the lender's loan
book, and is still working five key property loans in Northland,
Fiji, Australia and two properties where Strategic has a second
mortgage, BusinessDesk notes.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


WINDFLOW TECHNOLOGY: Shareholders Allow Additional Debt
-------------------------------------------------------
Marta Steeman at Stuff.co.nz reports that the shareholders of
Windflow Technology have allowed the struggling company to go
NZ$7.95 million deeper into the debt of shareholder David Iles.

They voted at a special meeting in Christchurch on Dec. 6 to allow
the company to increase its debt to the expat Kiwi investor to a
total of NZ$14.7 million (GBP7.38m) by taking on additional loans
provided by Mr. Iles, Stuff.co.nz relates.

They also approved a capital raising seeking to raise
NZ$3.4 million through the issue of preference shares on the basis
of one for every three ordinary shares owned, according to
Stuff.co.nz.

Stuff.co.nz notes that the shareholders approved Mr. Iles
effectively underwriting that by agreeing to Mr. Iles being
permitted to buy up to NZ$2.5 million of the preference shares if
the rights issue was not fully subscribed to. The rights may be
traded.

The shareholder approvals were needed because Mr. Iles is likely
to end up holding more than 20 per cent of the ordinary shares if
his holding of preference shares are converted to ordinary shares
during or at the end of the five-year maturity period of the
preference shares, the report says.

According to the report, Windflow chief executive Geoff Henderson
said the capital would be used to develop four more turbine
projects in the United Kingdom which could take the total
investment to seven turbines. The company has three single turbine
projects on the Orkney Islands. One at Westray has been
commissioned.

An independent adviser report said there was a wide range of
outcomes as to how many preference and ordinary shares Iles would
control after the conversion of the preference shares, Stuff.co.nz
relates.

The adviser, Simmons Corporate Finance, estimated Iles could
control between 29 per cent and 59 per cent after the conversion,
the report adds.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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


GLOBAL A&T: Debt Swap Sparks Bondholder Revolt, WSJ Reports
-----------------------------------------------------------
Fiona Law at The Wall Street Journal reports that a rare and
complex debt swap by Global A&T Electronics Ltd. has sparked anger
among its bondholders, who say the move unfairly hurts their
investments and who are pushing the company to reverse the
transaction.

The Journal relates that the dispute has sparked as much as a 32%
plunge in the price of Global A&T's debt since September. Moody's
cut the company's credit rating last month due to poor earnings
and the clash with bondholders, the Journal says.

According to the Journal, an analyst said while unusual, the
dispute underscores some of the risks of investing in Asia's
rapidly growing bond markets, where yields are frequently high but
investors' interests are usually less protected than in the U.S.
and Europe.

The Journal says the dispute involves United Test & Assembly
Center Ltd., a unit of Global A&T.

UTAC issued senior bonds in September to pay off a loan ranked as
junior and lower down the capital structure. But holders of senior
debt sold in January said the September offering dilutes their
holdings as more junior creditors now have the same claim to
assets they do, should there be a default, the Journal relays.

The Journal notes that the company's bond price has rebounded
somewhat as more bondholders have joined an investor group that
appointed U.S.-based law firm Lowenstein Sandler to push for
action.

The biggest beneficiary of the debt swap is Affinity, which held
35% of the junior bond and owns 48% of Global A&T, the investor
group said.

                         About Global A&T

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 7, 2013, Standard & Poor's Ratings Services assigned its 'B'
long-term issue rating to the additional US$502.257 million senior
secured notes issued by Global A&T Electronics.  S&P do not assign
a recovery rating to the notes because GATE has
been gradually diversifying outside Singapore, into markets and
jurisdictions where Standard & Poor's does not assign recovery
ratings.

In August 2013, Moody's Investors Service changed to negative from
stable the outlook of Global A&T Electronics's B1 corporate family
rating and the B1 rating of its $625 million first lien senior
secured notes due 2019. Moody's has also affirmed both ratings and
the B2 rating for GATE's existing second lien facilities totaling
$543 million due 2015.



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


* Financially Weak South Korean Firms' Balance Sheets Worsen
------------------------------------------------------------
Yonhap News Agency reports that South Korean companies with weak
financial footing saw their balance sheets worsen further this
year amid a protracted economic slowdown, with their debt ratio
sharply rising and their ability to pay back interest declining,
industry data showed on Dec. 8.

The top 300 in terms of debt ratio, out of 1,501 listed non-
financial firms, had the average debt ratio of 279.2 percent as of
end-June this year, rising 35.7 percentage points from a year
earlier, according to the data obtained by Yonhap.

The June figure also compares with 259.3 percent at the end of
June 2009, when the collapse of Lehman Brothers sent a shock to
the global economy, the data showed, Yonhap relates.

According to Yonhap, the data showed that their interest coverage
ratio reached 425.8 on average as of end-June, improving from
292.8 percent at the end of June 2009.

But their interest-paying capability further declined when Samsung
Electronics Co., Hyundai Motor Co. and three other major firms
were excluded from the calculation, with their interest coverage
ratio standing at 245 percent, according to the data cited by
Yonhap.



                             *********

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 ***