TCRAP_Public/131213.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

          Friday, December 13, 2013, Vol. 16, No. 247


                            Headlines


A U S T R A L I A

J SMITH & SONS: Former Workers Urged to Seek Government Help
PERPETUAL CORPRATE 2013-1: Moody's Rates AUD7MM Notes at Ba1
PRIME TRUST: APCL Directors Found Guilty of Breaching Duties
QANTAS AIRWAYS: To Talk With Union Over Planned Job Cuts


C H I N A

SUNTECH POWER: Bondholders Face Off Over Bankruptcy Case


I N D I A

ALPINE DISTILLERIES: CRISIL Reaffirms B Rating on INR85MM Loan
ARUNA MOTORS: CRISIL Assigns 'B' Ratings to INR300MM Loans
ASHOK HANDLOOMS: ICRA Reaffirms 'B' Rating on INR5.6cr Loan
ASIS PLYWOOD: CRISIL Cuts Ratings on INR362MM Loans to 'D'
AUSTIN DISTRIBUTORS: CRISIL Cuts Ratings on INR353.5M Loans to B-

BALAJI IMPORTS: CARE Reaffirms 'B+' Rating on INR18cr Loans
BALKRISHNA GINNING: CRISIL Ups Ratings on INR175MM Loans to 'B+'
BHARAT TUBE: CRISIL Suspends 'B-' Ratings on INR120MM Loans
BHAVANI COTEX: ICRA Reaffirms 'B+' Ratings on INR5.93cr Loans
CRESCENT COMBUSTION: ICRA Puts 'D' Ratings on INR7cr Loans

DAILY FOODS: CRISIL Suspends 'B' Ratings on INR115MM Loans
DARRICK INSECTICIDES: CRISIL Puts B+ Ratings on INR142.5MM Loans
DCOM SYSTEMS: CARE Rates INR16cr LT Bank Loans at 'C'
EXPRESS PUBLICATIONS: ICRA Ups Ratings on INR36.57cr Loans From C
G.R.S. ISPAT: ICRA Assigns 'B' Rating to INR14.75cr Loan

GINA DEVELOPERS: CARE Rates INR23.8cr LT Bank Loans at 'B+'
GREATER KAILASH: CRISIL Suspends 'D' Ratings on INR210MM Loans
GUJRAT SAW: CARE Rates INR1.5cr LT Bank Loans at 'B'
HARMAN EXPORTS: CRISIL Puts 'B+' Ratings on INR200MM Loans
IDEA SALES: CARE Rates INR9cr LT Bank Loans at 'B'

IMMACULE LIFESCIENCES: CRISIL Rates INR330MM Term Loan at 'B'
INCAP LIMITED: CRISIL Reaffirms 'B+' Ratings on INR80MM Loans
JANKI CORP: CARE Lowers Rating on INR414.96cr Loans to 'B+'
KCM APPLIANCES: CRISIL Rates INR100MM Loan at 'B+'
KRISHNA RICE: CRISIL Reaffirms B+ Ratings on INR100MM Loans

MADHAV METCAST: ICRA Assigns 'B' Ratings to INR7.5cr Loans
MAHARASHTRA SHETKARI: ICRA Puts 'C' Ratings on INR264.17cr Loans
MASS METALS: ICRA Suspends 'B+' Rating on INR11.5cr Loan
NAYAAB JEWELS: CRISIL Cuts Rating on INR135MM Loans to 'B-'
NESTER CORN: CRISIL Assigns 'D' Ratings to INR152MM Loans

NEW STEEL: CRISIL Suspends 'B' Rating on INR25MM Loan
PAVAN COTTON: ICRA Assigns 'B+' Ratings to INR10.28cr Loans
PAWA INTERNATIONAL: CRISIL Suspends B Rating on INR150MM Loan
PAWAR PATKAR: CARE Assigns 'B-' Rating to INR16.5cr LT Loans
PAWAR PATKAR & D.S.: CARE Rates INR10cr LT Bank Loans at 'B-'

PCI PAPERS: ICRA Cuts Ratings on INR15.1cr Loans to 'D'
PRAGATI COTTON: ICRA Assigns 'B' Ratings to INR6.55cr Loans
PRAGYA ENERGY: ICRA Suspends 'D' Rating on INR5.5cr Loan
RADHIKA COTTEX: CRISIL Reaffirms B Ratings on INR70.70MM Loans
RAGHU RAMA: ICRA Assigns 'C+' Ratings to INR8cr LT Loan

RAISON INFRACON: CARE Assigns 'D' Rating to INR10cr LT Bank Loans
RAMAKRISHNA ELECTRONICS: CARE Rates INR30cr LT Loans at 'B+'
ROCK REGENCY: CRISIL Suspends 'D' Ratings on INR136MM Loans
SHREE GOVARDHAN: CRISIL Reaffirms 'B+' Rating on INR292MM Loan
SHREE KEDARNATH: CRISIL Suspends 'D' Ratings on INR1.38BB Loans

SRINIVASA STEEL: CARE Rates INR6.49cr LT Bank Loans at 'B+'
SOORAJ AGRO: CRISIL Raises Ratings on INR76.3MM Loans to 'C'
SUR IRON: ICRA Reaffirms 'B+' Ratings on INR11.5cr Loans
SUSHEEL YARNS: CARE Assigns 'B+' Rating to INR8cr LT Loans
SWAMI HITECH: CRISIL Cuts Rating on INR80MM Loan to 'B'

UNIQUE GEM: ICRA Reaffirms 'B+' Ratings on INR118cr Loans
VARMORA FURNITURES: CRISIL Puts B+ Ratings on INR145MM Loans
VARMORA HOMEWARES: CRISIL Puts 'B+' Ratings on INR145MM Loans
VARMORA PLASTECH: CRISIL Assigns 'B+' Ratings to INR210MM Loans
VENKATESH LOGISTICS: CARE Cuts Rating on INR70cr Loans to 'B'

WALLED CITY: CARE Ups Rating on INR10.92cr LT Loan to 'B+'


N E W  Z E A L A N D

CREDIT UNION: S&P Revises Outlook to Dev. & Affirms 'BB-/B' ICR
PIKE RIVER: Insurance Covers NZ$3.41MM Payout to Families


P H I L I P P I N E S

SARANGANI RURAL BANK: Placed Under PDIC Receivership


S I N G A P O R E

FCI ASIA: Moody's Assigns 'B1' to $30MM Revolving Credit Facility
FCI ASIA: S&P Assigns 'BB-' Rating to Proposed US$30MM Facility


S O U T H  K O R E A

* SOUTH KOREA: Orders Public Firms to Map Out Self-Rescue Plans


X X X X X X X X

* Asian Steel & Coal Sector Outlooks Neg. in 2014, Moody's Says
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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J SMITH & SONS: Former Workers Urged to Seek Government Help
------------------------------------------------------------
mysunshinecoast.com.au reports that federal member for Wide Bay,
Warren Truss, has encouraged workers affected by the collapse of
Gympie's J Smith & Sons, to seek support from the Australian
Government for unpaid wages and entitlements.

"Approaching Christmas, the collapse of J Smith & Sons has hit the
community at a very difficult time," Mr. Truss said, notes the
report.

"I want to assure the 67 employees who have been directly affected
by the closure that the Australian Government is able to extend
assistance to them through the Fair Entitlements Guarantee
scheme," Mr. Truss was quoted by the report as saying.

"The Fair Entitlements Guarantee scheme was established by the
former Howard Government and provides assistance to workers who
are owed outstanding employee entitlements following the
insolvency or bankruptcy of employers.

"Depending on individual circumstances, assistance may be
available for up to 13 weeks of unpaid wages, annual leave, long
service leave and a limited amount of redundancy pay.

"Workers from J Smith and Sons who need support or assistance
should contact the Fair Entitlements Guarantee hotline on 1300 135
040 for advice," Mr. Truss added, the report relays.

Based in Gympie, Queensland, Australia, J Smith & Sons
manufactured wide range of specialised trailers for the transport.
The company went into liquidation on Nov. 25, 2013.


PERPETUAL CORPRATE 2013-1: Moody's Rates AUD7MM Notes at Ba1
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited as trustee
of the Crusade ABS Series 2013-1 Trust.

Moody's rating action is as follows:

Issuer: Crusade ABS Series 2013-1 Trust

AUD420.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD20.0 million Class B Notes, Assigned (P)Aa2 (sf)

AUD15.0 million Class C Notes, Assigned (P)A1 (sf)

AUD12.0 million Class D Notes, Assigned (P)Baa1 (sf)

AUD7.0 million Class E Notes, Assigned (P)Ba1 (sf)

Moody's does not rate the AUD26.0 million in seller notes.

This Australian prime ABS transaction is a cash securitisation of
receivables from loans to obligors in Australia. The transaction
has a substitution period of 12 months from the first payment
date, subject to amortisation triggers and portfolio parameters.
The portfolio consists of consumer finance, commercial hire
purchase, goods loans (chattel mortgage) and finance lease
receivables secured by motor vehicles. All receivables were
originated by St. George Finance Limited, a wholly owned
subsidiary of Westpac Banking Corporation. This is St. George's
fifth auto ABS transaction and its second since merging with
Westpac.

The ratings address the expected loss to investors by the legal
final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Ratings Rationale:

The structure of Crusade Series 2013-1 Trust is similar to that of
previous Crusade transactions sponsored by St. George. One notable
feature of this transaction is the 12-month substitution period.

The portfolio contains a high percentage, 68.82%, of loans to
retail consumer obligors. The transaction is backed exclusively by
motor vehicles, predominantly passenger vehicles. Motor vehicle
default patterns are less pro-cyclical and, on average, recovery
rates are higher than other asset classes such as equipment. Thus,
the characteristics of the Crusade ABS Series 2013-1 Trust
portfolio are similar to its peers' portfolios.

To fund the purchase price of the portfolio, the trust will issue
six classes of notes. The notes will pay down sequentially at
first, until subordination increases from the initial 16% to 19%,
and then sequentially again during the tail end of the
transaction. At all other times, the notes will pay down pro rata,
subject to performance criteria such as there being no
unreimbursed charge-offs on any class of note. The principal
paydown structure is comparable to other structures in the
Australian ABS market in recent years.

The substitution period is not common in Australian term ABS
transactions. The substitution (revolving) period of 12 months
after the first payment date allows the trust to use available
principal to purchase additional receivables to replenish the
pool.

The substitution period is subject to performance triggers that
will stop the trustee from purchasing further receivables. These
triggers include the following:

-- charge-offs that exceed 1% of the aggregate initial principal
    balance of all notes; and

-- average 90-day delinquencies during the immediately preceding
    3 months that constitute more than 3% of the portfolio.

During the substitution period, the trustee can purchase
receivables only if they meet the eligibility criteria and if,
after the purchase, the portfolio remains within the portfolio
parameters. Moody's has assessed the impact of the substitution
period on the credit quality of the portfolio and transaction
structure with regard to, among other factors, the effect on the
timing of defaults for receivables sold into the trust during the
substitution period, in light of the original portfolio's
seasoning. Moody's has also considered the risk of an increase in
default probability if, during the substitution period, the trust
purchases lower quality receivables than were in the original
pool.

Finally, if Westpac does not use all of the monthly principal
collections to purchase additional receivables, it can hold
monthly collections up to an amount equal to 25% of the initial
note balance in cash. Given that this cash will not be part of the
interest rate swap, Moody's has factored into its analysis the
potential for negative carry during the substitution period.

Moody's base case assumptions are a default rate of 3% and a
recovery rate of 35%, which imply an expected (net) loss of 1.95%.
Moody's has stressed the default rate to the historical level of
2.48% and the recovery rate to the historical level of 44.69%.

Factors That Would Lead to an Upgrade or Downgrade of the Rating

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the market for used vehicle
are primary drivers of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities: If the default rate rises to 6%
(double Moody's assumption of 3%) and recovery rates are reduced
to 10% (less than half Moody's assumption of 35%) then the model-
indicated rating for the Class A notes and Class B notes drops six
and nine notches to A3 and Ba2 respectively.


PRIME TRUST: APCL Directors Found Guilty of Breaching Duties
------------------------------------------------------------
The Federal Court in Melbourne on Dec. 12, 2013, found five former
directors of Australian Property Custodian Holdings Ltd (APCHL)
liable for breaching their duties as officers of APCHL. Findings
were also made in relation to the conduct of APCHL.

APCHL was the responsible entity of the Prime Retirement and Aged
Care Property Trust, a managed investment scheme which owned
retirement villages in Queensland, NSW and Victoria. APCHL
collapsed in 2010 when administrators were appointed owing
investors approximately AUD550 million.

ASIC Commissioner Greg Tanzer said the judgment was a reminder
that responsible entities have to put the interests of their unit
holders first.

"This is a significant outcome for investors. Directors are
important gatekeepers who must discharge their duties with the
appropriate care and diligence. This has not happened here. The
conduct of the APCHL Board was unacceptable and today's judgment
reflects that."

ASIC sought a declaration that APCHL breached its duties in
exercising its powers and carrying out its duties as the
responsible entity of Prime Trust, and that APCHL and its
directors failed to act in the best interests of the members.

Justice Murphy found that:

   * each of the directors had breached various duties, including
     the responsibility to act in the best interests of scheme
     members

   * APCHL had breached similar duties under the Corporations Act
     2001 (the Corporations Act)

   * amendments to the constitution of Prime Trust were not
     permitted to be made without approval of a special
     resolution of the unitholders, and

   * the directors breached the law in paying a 'listing fee'
     to APCHL as a result of it becoming listed on the ASX.

ASIC is seeking from the court pecuniary penalties as well as
orders banning the following directors from managing companies:

    Dr. Michael Wooldridge
    Mr. Peter Clarke
    Mr. William Lionel Lewski
    Mr. Mark Frederick Butler
    Mr. Kim Jaques

The penalty hearing will begin early next year.

ASIC commenced its proceeding on Aug. 22, 2012.

ASIC challenged the lawfulness of a decision by APCHL's Board in
2006 to amend the constitution of the Prime Trust to introduce and
or amend various fees payable to APCHL. The amendments resulted in
a fee of approximately $33 million being paid to APCHL (an entity
owned by interests associated with Mr. Lewski) subsequent to the
listing of Prime Trust on the ASX in
August 2007.

Prior to the amendments the constitution did not provide for a
listing fee. The Board did not seek approval from unit holders of
the Prime Trust in relation to the constitutional changes, or in
respect of the payment of the listing fee.

The Court can order a maximum pecuniary penalty of AUD200,000 to
be paid by each director in respect of declarations of
contravention.

The receivers and managers of APCHL are running separate civil
proceedings against directors of APCHL and various other parties
in the Supreme Court of Victoria, seeking remedies including
compensation and damages in relation to the listing fee payment.

                        About Prime Trust

Prime Retirement and Aged Care Property Trust (ASX:PTN) --
http://www.primetrust.com.au/-- is an Australia-based investment
company.  The principal activity of the Trust is to invest funds
in property, primarily retirement and aged care facilities.  Its
subsidiaries include APCH Aged Care Services Pty Ltd, Hibiscus RV
Properties Pty Ltd, APCH Investments Pty Ltd, Carlyle Villages
Pty Ltd and Lindfield RV Properties Pty Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2010, SmartCompany related that 10 retirement villages
that are owned by Prime Retirement and Aged Care Property Trust
have been placed in the hands of receivers after banks including
National Australia Bank and Suncorp Metway lost patience with the
group.  Suncorp appointed receivers from Ernst & Young to Prime
Trust's retirement villages in Bundaberg, Mackay and Townsville.
This triggered a swag of further appointments, with Craig Shepard
-- cshepard@kordamentha.com -- and Mark Korda --
mkorda@kordamentha.com -- of KordaMentha appointed to seven
further villages, including properties in Buderim, Nambour, Noosa
and Linfield. SmartCompany recalled shares in Prime Trust have
been suspended since early August, as the company tried to
convince its financiers it could restructure its operations and
deal with debts of about AUD275 million.  Receiver Craig Sheppard
said the properties, which are currently managed by Lend Lease
Primelife, would continue to operate as normal.

Stirling Horne -- shorne@lawlerdd.com.au -- and Petr Vrsecky --
pvrsecky@lawlerdd.com.au -- of Lawler Draper Dillon were
appointed joint liquidators of Australian Property Custodian
Holdings Ltd., as Responsible Entity for The Prime Retirement &
Aged Care Property Trust, following the second creditors meeting
on Nov. 23, 2011.  Messrs. Horned and Vrsecky previously were
appointed joint administrators of the Trust on Oct. 18, 2010.


QANTAS AIRWAYS: To Talk With Union Over Planned Job Cuts
--------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Qantas
executives will face off with heavyweights from unions
representing the bulk of the airline's 30,000-strong workforce on
Dec. 18 over the latest round of job cuts.

It comes as private equity firms and other large investors begin
to indirectly put out feelers to key unions to test their appetite
for strategic change at Qantas, SMH relates.

Those talks are said to be in their infancy and insiders say
political and foreign-ownership hurdles remain high for any moves
on Qantas, the report says.

SMH notes that shares in Qantas struck a record low on Dec. 10 in
the wake of its shock profit warning and subsequent downgrade to
junk status last week. Qantas fell as much as 4 per cent to 95.25
cents in late trading -- its lowest level since the airline was
privatised in 1995 -- before closing at 96.5 cents.

According to the report, Qantas chief executive Alan Joyce and
senior executives including the airline's domestic boss, Lyell
Strambi, and industrial relations head Sue Bussell will meet
leaders from unions including the Australian Council of Trade
Unions, the Transport Workers Union, the Australian Services Union
and those representing pilots and engineers. ACTU secretary Dave
Oliver will be the most senior union leader in attendance, the
report notes.

SMH says it will be the first time that unions get an opportunity
to hear about the business units likely to be hit hardest by cuts
announced last week when Qantas issued a profit warning.

SMH relates that the beleaguered airline outlined plans to axe at
least 1,000 jobs from across the company, including Jetstar, and
strip out an extra AUD2 billion in costs over the next three
years.

The unions are eager to learn the extent to which Qantas plans to
axe jobs from operational roles, SMH states.  Administrative
positions at head office are said to be relatively thin.

                      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.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2013, Standard & Poor's Ratings Services lowered its
corporate credit rating on 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.



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SUNTECH POWER: Bondholders Face Off Over Bankruptcy Case
--------------------------------------------------------
Katy Stech, writing for Daily Bankruptcy Review, reported that two
major investors who bought some of the $540 million worth of U.S.
bonds issued by Chinese solar-panel maker Suntech Power Holdings
Co. are fighting a bid by a smaller group of bond investors to
force the company into bankruptcy.

According to the report, investment firms Clearwater Capital
Partners LLC and a Spinnaker Capital Group affiliate told a
bankruptcy judge on Dec. 9 that allowing the Chapter 7 bankruptcy
for Suntech to move forward would result in a smaller recovery
than under the restructuring plan that's in the works for the
company, which was once the world's largest solar panel maker,
according to papers filed in U.S. Bankruptcy Court in Manhattan.

Earlier this year, Suntech executives began negotiating with an
investor backed by a local government in China to invest $150
million in a deal that would allow the company to become a
distributor within the solar-power industry's supply chain, the
report related.  Some of the cash investment -- plus some
ownership of the reorganized company -- could flow to the roughly
$540 million in U.S. convertible bonds the company defaulted on in
March, according to earlier court papers.

Bondholders who want the bankruptcy dismissed said that they
represent more than half of the company's U.S. bond debt, the
report further related.  The Chapter 7 bankruptcy case, filed on
Oct. 14, was initiated by bondholders who are owed about $1.6
million, which Suntech officials calculated to be only 0.27% of
its debt.

In the Dec. 9 court papers, the larger bondholder group said that
the smaller group has threatened to liquidate Suntech using a
Chapter 7 bankruptcy in an attempt "to "shake the tree" in hopes
of being paid off," the report added.

                         About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

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

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



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ALPINE DISTILLERIES: CRISIL Reaffirms B Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities Alpine Distilleries Pvt
Ltd continue to reflect ADPL's limited track record of operations
in Indian Made Foreign Liquor business, coupled with exposure to
significant project risk for setting up country liquor plant and
high degree of regulation in distillery industry. These rating
weaknesses are partially offset by the extensive industry
experience of ADPL's promoters, and moderate financial risk
profile, marked by low gearing, partially constrained by weak
interest coverage ratio.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.5      CRISIL A4 (Reaffirmed)
   Term Loan               85        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ADPL will benefit from its promoters'
extensive experience in the liquor industry, over the medium term.
The outlook may be revised to 'Positive' if the company generates
more-than-expected revenues and profits, after stabilisation of
operations. Conversely, the outlook may be revised to 'Negative'
if the company undertakes more-than-expected debt-funded capital
expenditure programme, or higher than expected working capital
requirements, or lower than expected offtake or delays in
implementation for company's new country liquor plant, leading to
weakening in its financial risk profile.


Promoted by Mr. Debasis Mukherjee and Mr. Balbir Singh Malhotra,
ADPL operates an IMFL bottling facility in Hooghly district (West
Bengal). The company manufactures IMFL on jobwork basis for larger
branded liquor manufacturers. The company is also setting up a
country liquor plant at Hooghly, West Bengal.


ARUNA MOTORS: CRISIL Assigns 'B' Ratings to INR300MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aruna Motors Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 38      CRISIL B/Stable

   Proposed Long-Term
   Bank Loan Facility        62      CRISIL B/Stable

   Cash Credit               20      CRISIL B/Stable

   Inventory Funding
   Facility                 180      CRISIL B/Stable

The rating reflects AMPL's exposure to intense competition in the
automobile dealership business and subdued financial risk profile
marked by high gearing and modest debt protection metrics. These
rating weaknesses are partially offset by extensive industry
experience of AMPL's promoters in automobile dealership market in
Andhra Pradesh.

Outlook: Stable

CRISIL believes that AMPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
automobile dealership market in Andhra Pradesh. The outlook may be
revised to 'Positive' if the company records higher-than-expected
revenues and cash accruals, translating to a better-than-envisaged
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals are significantly below
expectations.

Aruna Motors Private Limited was incorporated in 2009 by Mr.
Sateesh Ravella. It is engaged in the dealership of Renault India
Pvt Ltd's passenger cars and Ashok Leyland Ltd's (ALL) commercial
vehicles in Andhra Pradesh. The company has 5 showrooms in Andhra
Pradesh and its administrative office is located at Vijaywada
(AP).

AMPL reported a profit after tax (PAT) of INR9 million on net
sales of INR1.28 billion for 2012-13 (refers to financial year,
April 1 to March 31), as against a net loss of INR5.6 million on
net sales of INR303 million for 2011-12.


ASHOK HANDLOOMS: ICRA Reaffirms 'B' Rating on INR5.6cr Loan
-----------------------------------------------------------
ICRA has re-affirmed rating for INR5.6 Crore long term bank
facilities of Ashok Handlooms Factory Private Limited at
'[ICRA]B'.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.60        Re-affirmed at [ICRA]B

The rating reaffirmation takes into account almost three decades
of experience of the promoters of Ashok Handlooms Factory Private
Limited (AHFPL) in the same line of business, the established
relationships with customers and the healthy demand outlook over
the medium term for the company`s medium value home linen items
and fabrics. However, the ratings are constrained by the modest
scale of operations, weak pricing flexibility, low operating
margins which are susceptible to volatility in raw material prices
and a weak financial profile. AHFPL's financial profile remains
weak as evident from the low profitability and high gearing levels
(6.2x as on March 31, 2013) although most of the debt pertains to
working capital requirements and unsecured loans from promoters.
The company's ability to increase its scale of operations with
effective working capital management and improve operating
profitability will be key rating sensitivities.

Ashok Handlooms Factory Private Limited (AHFPL) was established in
year 1946 as a proprietorship firm and was converted to a private
limited company in 1989. The company manufactures home linen items
such as bed sheets, bed linen pillow cases, cushion cover sets,
curtains, and drapes etc., which are marketed under the brand name
'Sonalika'. In addition, AHFPL also manufactures power loom
printed cloth and fabrics which are directly marketed to whole
sellers, trading firms etc.

The operations of the company are currently managed by Mr. Ambuj
Kumar, who is the managing director of the company in
collaboration with other directors/family members. The company
derives the majority of its revenues from the selling of power
loom printed and grey cloth. It sells these printed textiles to
wholesalers and trading firms in various parts of the country.

Recent Results

As per 2012-13 audited financials, AFHPL recorded an Operating
Income (OI) of INR24.3 Cr, OPBITDA of INR1.9 Cr and Profit after
Tax (PAT) of INR0.1 Cr.


ASIS PLYWOOD: CRISIL Cuts Ratings on INR362MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Asis Plywood Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              213      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long-Term
   Bank Loan Facility        67      CRISIL D(Downgraded from
                                     'CRISIL B+/Stable')

   Standby Line of Credit    20      CRISIL D(Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                 62      CRISIL D(Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by APPL in
servicing its debt; the delays have been caused by the company's
weak liquidity. The weak liquidity is on account of cash flow
mismatches, driven by APPL's large working capital requirements.
The company failed to run its operations efficiently, resulting in
net losses and delays in payment to its suppliers and employees.
This halted the company's operations.

APPL manufactures plywood. The Roorkee (Uttarakhand)-based
company, which was formerly known as Metro Doors Pvt Ltd, was
acquired by Asis Industries Pvt Ltd (Asis Industries) in September
2010 from Yamunanagar (Haryana)-based Mr. Bimal Chopra and Mr. Ram
Kishore Agarwal. Currently, APPL is a 100 per cent subsidiary of
Asis Industries.

For the 15-month period April 1, 2012, to June 30, 2013, APPL
reported a net loss of INR279 million on net sales of INR1.38
billion, against a profit after tax of INR12.5 million on net
sales of INR1.10 billion for 2011-12 (refers to financial year,
April 1 to March 31).


AUSTIN DISTRIBUTORS: CRISIL Cuts Ratings on INR353.5M Loans to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Austin Distributors Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              80.0     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               273.5     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects deterioration of the company's
liquidity on account of aggressive debt-funded capital expenditure
(capex) undertaken from 2012-13 (refers to Financial year, April 1
to March 31) onwards for setting up a new showroom-cum-commercial
complex along with increase in short-term working capital loans,
which will result in large debt repayment obligations over the
medium term. Austin's accruals are expected to be inadequate to
meet its debt repayment obligations over the medium term on
account of modest profitability due to trading nature of business.
Consequently, CRISIL believes that timely servicing of debt will
continue to be contingent upon timely infusion of funds by
Austin's promoters. The rating downgrade also factors in CRISIL's
belief that Austin's debt protection metrics and liquidity will
remain under pressure over the medium term because of ongoing
large capex as well as working-capital-intensive operations.

The rating also reflects Austin's constrained financial risk
profile, marked by modest net worth, high total outside liability
to tangible net worth ratio, weak debt protection metrics, and its
modest scale of operations in the intensely competitive automobile
dealership industry. These rating weaknesses are partially offset
by the extensive experience of Austin's promoters in the
automobile dealership business and its association with reputed
principals, including Hindustan Motors Ltd (HML) and Hyundai
Motors India Ltd (HMIL).

Outlook: Stable

CRISIL believes that Austin will continue to benefit from its
promoters' extensive industry experience and its established
relationships with HML, HMIL, Mitsubishi Motors (MM), and Eicher
Motors Ltd (EML) for the Kolkata (West Bengal) region. The outlook
may be revised to 'Positive' if the company achieves steady and
sustainable growth in revenue and generates higher-than-expected
net cash accruals, resulting to improvement in the financial risk
profile, especially it liquidity. Conversely, the outlook may be
revised to 'Negative' in case of larger-than-expected pressure on
its liquidity resulting from lower-than-expected cash accruals, or
in the event of larger-than-expected debt-funded capex plans or
working capital requirements.

Austin was set up in 1938 by British citizens in Kolkata (West
Bengal). The company was taken over by Mr. R P Patodia in 1970.
Currently, it is managed by Mr. Sanjay Patodia, who is the
managing director. Austin is a dealer, in the Kolkata region, of
passenger cars for HML (since 1970), HMIL (since March 2011), and
MM (since 2004); and two-wheelers for EML (since 1970). The
promoters' family has over four decades of experience in the
industry and the company is one of the earliest automobile dealers
in India.

For 2012-13, Austin reported net profit of INR2.0 million on net
sales of INR1.29 billion as against net profit of INR2.4 million
on net sales of INR0.72 billion for 2011-12.


BALAJI IMPORTS: CARE Reaffirms 'B+' Rating on INR18cr Loans
-----------------------------------------------------------
CARE reaffirms the rating assigned to the long-term and short-term
bank facilities of Balaji Imports Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           18.00       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            4.18       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Balaji Imports
Private Limited continue to be constrained by its weak financial
risk profile characterized by low profitability margins, leveraged
capital structure and weak coverage indicators, working capital
intensive nature of operations and foreign exchange fluctuation
risk. The ratings also consider the decline in total operating
income of the company in FY13 (refers to the period April 1 to
March 31).

The ratings, however, draw comfort from the experienced promoters
coupled with a long track record of operations and established
distribution network.

Going forward, the company's ability to increase its scale of
operations along with improvement in its profitability margins and
capital structure along with effective management of working
capital shall be the key rating sensitivities.

BIPL was incorporated in 1996 by Mr Vinod Mittal and is engaged in
the trading of vinyl flooring, hardware and sanitary goods. The
company imports poly vinyl chloride (PVC) flooring from South
Korea and hardware & sanitary goods from China and sells them
through its local distributors under the brand name of 'Matrix'.
The company has sales and distribution offices in Mumbai, Kolkata
and Chennai and an overseas office in China to take care of its
procurements. The group has a presence in the real estate,
manufacturing, hospitality and education sectors through its
group companies. BIPL is an ISO 9001:2008 certified for its
quality management systems.

During FY13, the company earned a total operating income (TOI) of
INR72.39 crore with a profit after tax (PAT) of INR0.74 crore. In
H1FY14, the company earned a total operating income (TOI) of
Rs.38.12 crore.


BALKRISHNA GINNING: CRISIL Ups Ratings on INR175MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Balkrishna Ginning and Pressing Factory to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               145      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long-Term
   Bank Loan Facility         21.6    CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Rupee Term Loan             8.4    CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that BGPF's business
and financial risk profiles will continue to improve over the
medium term, backed by moderate growth in revenues and accruals.
The company's revenues are expected to grow by 10 to 15 per cent
over this period due to moderate demand from its customers. In
2012-13 (refers to financial year, April 1 to March 31) BGPF
registered a year-on-year revenue growth of 27 per cent. This
healthy growth in topline is expected to result in moderate
accruals INR9 million to INR10 million over the medium term, which
would result in improvement in its overall liquidity, thus
supporting its financial flexibility. The enhancement in the
firm's bank lines to INR145 million from INR120 million is
expected to be sufficient for meeting its incremental working
capital requirements.

The rating continues to reflect BGPF's below-average financial
risk profile, marked by a modest net worth and weak debt
protection metrics, and its susceptibility to regulatory changes.
These rating weaknesses are partially offset by the extensive
experience of BGPF's promoters in the cotton ginning industry.

Outlook: Stable

CRISIL believes that BGPF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm strengthens its
capital structure, most likely as a result of increase in its
scale of operations and accruals or infusion of capital by
partners. Conversely, the outlook may be revised to 'Negative' if
BGPF undertakes a large debt-funded capital expenditure programme,
and/or if its working capital management weakens, leading to
deterioration in its debt protection metrics or capital structure.

BGPF was set up as a partnership firm in 1999 by Mr. Arvind
Raichura and his family. The firm undertakes ginning and pressing
of raw cotton to make cotton bales, and also manufacturing of
cotton seed wash oil, cotton seed linter, and de-oiled cakes.

BGPF reported a net profit of INR4.5 million on net sales of
INR840 million for 2012-13, against a net profit of INR1.2 million
on net sales of INR658 million for 2011-12.


BHARAT TUBE: CRISIL Suspends 'B-' Ratings on INR120MM Loans
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bharat
Tube Pvt Ltd.

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

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

BTPL was promoted by Mr. Lakhpat Rai in 2009 to manufacture 90- to
100-millimetre (mm) mild steel (MS) black pipes. The company's
manufacturing facility in New Delhi has a rolling mill with a
capacity of 80 tonnes per day (tpd) and seven pipe plants with a
combined 100-tpd capacity. The facility was commissioned in April
2011, and commenced operations with two pipe plants due to delays
in obtaining a power connection. In September 2011, the approval
was sanctioned, post which the rolling mill and the remaining five
pipe plants became operational. In addition to manufacturing MS
black pipes, BTPL also manufactures scaffolding on a small scale.


BHAVANI COTEX: ICRA Reaffirms 'B+' Ratings on INR5.93cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR0.93 crore
term loan facility and INR5.00 crore cash credit facility of
Bhavani Cotex.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-           0.93       [ICRA]B+ reaffirmed
   Term Loan

   Fund Based-           5.00       [ICRA]B+ reaffirmed
   Cash Credit

The reaffirmation of rating takes note of Bhavani Cotex' modest
scale of operations with degrowth witnessed in sales in FY 2013
and weak financial profile as reflected in high gearing, weak
profitability and low debt protection indicators. ICRA also takes
note of the highly competitive and fragmented industry structure
with the limited value additive nature of operations which leads
to pressure on profitability. The rating further incorporates the
vulnerability to adverse movement in raw material prices, which in
turn is linked to the seasonal nature of the cotton industry and
government regulations on MSP and export. Also, being a
partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.
The rating, however, positively considers the long experience of
the partners in the cotton industry as well as the favorable
location of the firm, giving it easy access to high quality raw
cotton. Other positives include the favorable demand outlook
backed by the scrapping of excise duty on cotton and spun yarn in
the last budget.

Bhavani Cotex is a partnership firm incorporated in 2010 to engage
in cotton ginning and pressing. The firm is owned and managed by
three partners namely Mr. Gordhanbhai M. Patel,
Mr. Rakeshbhai G. Patel and Mr. Naineshbhai G. Patel. The firm's
manufacturing facility is located at Bodeli in Vadodara, Gujarat.
It currently has 32 ginning machines and one pressing machine with
the installed capacity to produce 300 cotton bales per day (24
hours operation).

Recent Results

During FY 2013, BC reported an operating income of INR34.85 crore
and PAT of INR0.39 crore against operating income of INR43.21
crore and net loss of INR0.27 crore during FY 2012.


CRESCENT COMBUSTION: ICRA Puts 'D' Ratings on INR7cr Loans
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR3.75
crore fund based facilities, INR2.50 crore non fund based
facilities and 0.35 crore unallocated facilities and a short term
rating of '[ICRA]D' to the INR0.40 crore non fund based facilities
of Crescent Combustion Systems Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-
   based facilities      3.75        [ICRA]D (Assigned)

   Long-term, non-
   fund-based
   facilities            2.50        [ICRA]D (Assigned)

   Long-term,
   Unallocated           0.35        [ICRA]D (Assigned)

   Short-term,
   non fund based
   facilities            0.40        [ICRA]D (Assigned)

The rating reflects recent delays in debt servicing by the company
owing to delays in collections of receivables from key customers.
The funds of the company have remained locked in the receivables
from the two large projects the company had executed for Bharat
Heavy Electrical Limited (BHEL) over FY 2011 and FY 2012, on
account of a 18 month delay in project execution by BHEL. Further,
in order to recover its funds, the company had to provide a bank
guarantee of INR2.50 crore with margin money of 30%. On account of
this liquidity crunch, the company was unable to generate any
significant revenues in FY 2013 leading to accumulated losses and
a stretched capital structure. ICRA also takes note of the modest
scale of operations of the company and its high customer
concentration.

ICRA takes note of the longstanding experience of the company in
providing turnkey combustion solutions and its established
relationships with major manufacturing companies across sectors.

Crescent Combustions Systems Private Limited was established in
2000. It provides combustion products and solutions to for
industrial heating and thermal processes. Crescent operates its
business in two business divisions namely Products and Systems.
The Products division offers combustion products ranging from
industrial gas, oil, and dual fuel burners, mixers, fuel ratio
regulators, control valves, and gas valve train assemblies. The
company exclusively represents Belgium based ESA-Pyronics, a
global supplier for burners and other combustion control related
products in India. The company operates a manufacturing plant in
Pune. The Systems Division provides turnkey solutions in thermal
and combustion systems. The services offered under the systems
division include conversion, revamping, retrofitting, and
modernization and up gradation of heating & combustion of aged and
conventional furnaces. In addition to this the company also earns
revenue from annual maintenance contracts signed with customers
for a fixed annual fee.

Recent Results

Crescent reported a loss of INR2.09 crore on an operating income
of INR2.95 crore in FY 2013 against loss of INR0.2 crore on an
operating income of INR8.36 crore in FY 2012.


DAILY FOODS: CRISIL Suspends 'B' Ratings on INR115MM Loans
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Daily
Foods.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        90      CRISIL B/Stable Suspended
   Term Loan                 25      CRISIL B/Stable Suspended

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

Daily Foods manufactures various dairy products. The products are
sold to other dairies such as Mother Dairy and in the whole sale
market under the brand name Shree Gopal R Ultimate. The firm has a
manufacturing unit at Hapur (Uttar Pradesh) with processing
capacity of around 300,000 litres of milk per day. Daily Foods was
set up in 1984. Currently, the firm's operations are looked after
by Mr. Rajesh Kumar, the second-generation promoter of the family.


DARRICK INSECTICIDES: CRISIL Puts B+ Ratings on INR142.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Darrick Insecticides Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                30.5     CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility       52       CRISIL B+/Stable

   Cash Credit              60       CRISIL B+/Stable

   Letter of Credit          7.5     CRISIL A4

The ratings reflect DIL's weak financial risk profile driven by
low operating profitability, high working capital intensity and
small scale of operations. These rating weaknesses are partially
offset by the promoters' extensive experience in the industry and
a diversified product base.

Outlook: Stable

CRISIL believes that DIL will maintain its business risk profile
backed by long experience of the promoters in the pesticides
industry. The outlook may be revised to 'Positive' in case of
improvement in the scale of operations and profitability with
commencement of its new unit in Jammu and Kashmir. Conversely, the
outlook may be revised to 'Negative' if DIL reports a higher-than-
expected increase in its working capital requirements; or
significant time or cost overruns in the commencement of the new
unit, leading to a stretch in the company's liquidity.

DIL was incorporated in Delhiin 1995 by the Bansal family. The
company manufactures pesticide formulations under the Darrick
brand. DIL's product portfolio comprises insecticides, weedicides,
herbicides, fungicides and termites. The company has a
manuafcturing plant in Bahadurgarh (Haryana). Mr. A K Bansal, Mr.
Ravi Bansal, Mr. Deepak Bansal and Mr. Harish Bansal (brothers),
oversee DIL's operations.

DIL reported a profit after tax (PAT) of INR4.7 million on net
sales of INR396.3 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR3.8 million on net
sales of INR315.6 million for 2011-12.


DCOM SYSTEMS: CARE Rates INR16cr LT Bank Loans at 'C'
-----------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of Dcom
Systems Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            16.00      CARE C Assigned

Rating Rationale

The rating is constrained on account of the stressed liquidity of
Dcom Systems Ltd due to cash loss in FY13 (refers to the period
April 1 to March 31) and concomitant over drawings in the working
capital limits. The rating is also constrained on account of the
sharp decline in its scale of operations along with its high
leverage and inherently thin profitability.

The rating, however, derives strength from the experience of its
promoters in oil, gas and water pipeline infrastructure.

DSL's ability to improve its scale of operations, profitability
and liquidity would be the key rating sensitivities.

Incorporated in 2000, DSL is a majority stakeholder (44.69% stake)
in Jaihind Projects Ltd (JPL; Rated: CARE B/CARE A4), an entity
engaged in oil, gas and water pipeline infrastructure
construction in India and overseas. DSL works as an EPC contractor
for civil construction work related to pipeline infrastructure for
various clients including JPL and other established players in
oil and gas industry.

DSL reported a net loss of INR3.20 crore on a total operating
income of INR75.25 crore during FY13 (refers to the period
April 1 to March 31) as compared to a PAT of INR1.15 crore on a
total operating income of INR165.77 crore during FY12.


EXPRESS PUBLICATIONS: ICRA Ups Ratings on INR36.57cr Loans From C
-----------------------------------------------------------------
ICRA has revised the '[ICRA]C' rating outstanding on INR7.57 crore
term loans and INR29.00 crore fund based facility (revised from
INR26.50 crore) of Express Publications Madurai Limited  to
'[ICRA]B+'. ICRA has also reaffirmed the '[ICRA]A4' rating
outstanding on INR20.0 crore non fund based facilities and INR0.98
crore proposed facilities of EPML.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loan facilities      7.57       Upgraded from [ICRA]C
                                        to [ICRA]B+

   Fund Based Facilities    29.00       Upgraded from [ICRA]C
                                        to [ICRA]B+

   Fund Based Facilities    20.00       [ICRA]A4 retained

   Proposed                  0.98       [ICRA]A4 retained

The rating revision considers the improvement in Company's
financial profile, reflected by its top-line growth and margin
improvement in 2012-13 and H1 2013-14. The revenue growth was
driven by company's sales and marketing initiatives which included
offering attractive rates, additional services like proof readings
and leveraging its presence across South Indian states in both
English as well as vernacular segment, which resulted in growth in
demand from corporate sector, which had become more price
conscious during the slowdown and had rationalized their
advertisement budget. Additionally, the company also benefited
from having high exposure to Government segment for advertisement
revenue which is relatively stable during down cycle compared to
corporate sector. The company also adopted several measures to
optimize raw material consumption, which resulted in margin
improvement. The ratings, also take comfort from EPML's
established brand name, experienced management and reputed
editorial team and strong market position of flagship newspaper -
"The New Indian Express".

The ratings are however constrained by company's stretched capital
structure, with gearing of 12.7x on March 31, 2013. The gearing
had witnessed deterioration despite improvement in profit margins
due to write down of ~Rs. 32.5 crore of investment in a subsidiary
in 2012-13. The company also has high debt repayment obligations
in the medium term, exposing the company to refinancing risks.
Additionally, the company's operations remain vulnerable to
volatility in raw material prices and the impact on advertisement
spends due to prevailing economic environment. ICRA also takes
note of the recommendations of Wage board chaired by Justice. G.
R. Majithia, which if implemented will result in steep increase in
employee expenses for print media sector, thereby adversely
impacting the margins. Going forward, the company's ability to
improve the cash accruals and net worth position would be critical
in improving the credit profile of the company.

Express Publications (Madurai) Limited traces its origin to the
Indian Express Group founded by the late Ramnath Goenka in 1936.
Following the demise of Mr. Ramnath Goenka in 1991 the Indian
Express group was split into Indian Express (Mumbai) Limited (owns
the North Indian publications) and Express Publications (Madurai)
Limited (owns the South Indian Publications). EPML is managed by
R. Manoj Kumar Sonthalia, he grandson of late Mr. Ramnath Goenka.
EPML publishes newspapers and periodicals in the states of Tamil
Nadu, Andhra Pradesh, Karnataka, Kerala, Orissa and Union
territories of Pondicherry, Andaman and Nicobar Islands, Enam and
Lakshadweep. The Company has entered the North Indian markets in
2010-11 by introducing Dinamani (Tamil Daily) and Sunday Standard
(English Weekly) in Delhi market.


G.R.S. ISPAT: ICRA Assigns 'B' Rating to INR14.75cr Loan
--------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR14.75 crore fund-
based bank facilities of G.R.S. Ispat Company Pvt. Ltd. ICRA has
also assigned an '[ICRA]A4' rating to the INR14.75 crore non-fund
based bank facilities of GICPL. ICRA has also assigned an
[ICRA]B/[ICRA]A4 rating to the INR0.25 crore proposed long/short
term bank facility of GICPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------     -------
   Fund-based Limits         14.75      [ICRA]B Assigned
   Non-fund based Limits    (14.75)     [ICRA]A4 Assigned
   Proposed Limits            0.25      [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into account the company's low
profitability as a result of the limited value addition involved
in the intensely competitive steel trading business; its high
gearing levels on account of the low net worth of INR1.92 crore as
on March 31, 2013; and its depressed coverage indicators. ICRA
also notes the company's exposure to price risks given the
volatile prices of steel and other ferrous metals; and its
exposure to the cyclicality in the metals industry which is
expected to make cash flows volatile. Nevertheless, ICRA also
positively notes the long experience of the promoters in steel
industry; and its established relationships with suppliers which
ensure a steady supply of traded goods.

Incorporated in the year 1995 as Solo Farms Pvt. Ltd. the
company's name was later changed to G.R.S. Ispat Company Pvt. Ltd.
(GICPL). The company is a trader of steel scrap, mild steel (MS)
billets, MS ingots and other related products. It began commercial
operations in March 2013 and the operations are based at Wada in
the Thane district of Maharashtra.

Recent Results

In 2012-13, GICPL reported a profit after tax (PAT) of INR0.09
crore on the back of an operating income of INR8.70 crore.


GINA DEVELOPERS: CARE Rates INR23.8cr LT Bank Loans at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gina
Developers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            23.80      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Gina Developers
Private Limited is constrained by its small scale of operations
with high competition from other players located at Bangalore and
implementation risk associated with its ongoing projects with low
booking status. The rating, however, derives strength from the
experienced promoters in the real estate industry, satisfactory
debt coverage indicators and advantageous location of the project.
The timely completion of the ongoing project without any cost
overrun and the ability to sell the project space at the envisaged
prices are the key rating sensitivities.

Gina Developers Private Limited was incorporated in the year 2004
as a private limited company and promoted by the directors, Mr T J
Thomas, Mr Tomy Thomas and Mr S P Sugesh Kumar. GDPL is a part of
the Gina group and since its inception; the company is engaged in
the developing and marketing of residential flats and commercial
complexes in and around the Bangalore city. The construction works
of all the projects are outsourced to its group concern Gina
Engineering Co Private Limited. GDPL has completed two residential
projects, namely, Gina Ronvilla, Gina Living Waters and currently,
the company is engaged in the construction of a new residential
apartment project "Gina Shalom" located at KR Puram, Bangalore,
which is expected to be completed in May 2015.

During FY13 (refers to the period April 01 to March 31), GDPL
reported a net profit of INR0.21 crore on a total operating income
of INR2.32 crore as against a net profit of INR0.17 crore on a
total operating income of INR7.08 crore in FY12.


GREATER KAILASH: CRISIL Suspends 'D' Ratings on INR210MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Greater
Kailash Hospitals Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        10      CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility        17.4    CRISIL D Suspended

   Term Loan                182.6    CRISIL D Suspended

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

GKHPL was originally set up in 1977 as a proprietorship firm by
late Dr. Jagdish Chander Singh; the firm was converted into a
partnership firm in 2008, and later reconstituted as a private
limited company with the current name in 2009.


GUJRAT SAW: CARE Rates INR1.5cr LT Bank Loans at 'B'
----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Gujrat Saw Mill.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            1.50       CARE B Assigned

   Short-term Bank
   Facilities            6.00       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Gujrat Saw Mill are
constrained on account of its weak financial risk profile marked
with poor solvency position and high working capital intensity,
small scale of operations along with the partnership nature of its
constitution, low profitability margin being a trading business
coupled with vulnerability to fluctuation in the price of timber
and currency rates along with intense competition from other
players operating in the industry.

The ratings, however, derive strength from the experience of the
partners in the timber industry, geographically diversified
revenue stream along with diversified customer base and location
advantage.  The ability of the firm to improve its profitability
margins by managing the volatility in raw material prices and
exchange rates along with an improvement in solvency position
remain the key rating sensitivities.

Established on December 16, 1976, Gujrat Saw Mill is engaged in
the business of import, processing and trading of timber logs and
has four partners sharing profit equally. The firm is based in
Nagpur, Maharashtra and has branch offices at Gandhidham, Gujarat
and Manglore, Karnataka. The firm has a saw mill in Lakadganj,
Nagpur, spread over an area of 20,000 sq ft. The saw mill
comprises four machines with a total installed capacity of 1,200
cubic metric tonnes (CMT) per annum. GSM imports majority of its
timber requirement from Myanmar, Singapore and Dubai.

The imported timber is then cut into different sizes in the saw
mills and supplied to wholesalers of timber in the states of
Haryana, Gujarat, Delhi, Maharashtra and Uttar Pradesh. The main
varieties of wood which the firm imports are Burma Teak Wood and
Malaysian Saal. Termed as commercial wood, these varieties of
woods are primarily used for interior decoration and furniture.

In FY13 (refers to the period April 01 to March 31), GSM
registered a PAT of INR0.05 crore on a total operating income of
INR16.55 crore as against a PAT of INR0.03 crore on a total
operating income of INR16.68 crore in FY12.


HARMAN EXPORTS: CRISIL Puts 'B+' Ratings on INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Harman Exports Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              47.5     CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility      152.5     CRISIL B+/Stable

The rating reflects HEPL's weak financial risk profile, marked by
high gearing, low net worth, and weak debt protection measures.
The rating also reflects HEPL's exposure to business risks
relating to fluctuations in raw material prices, vagaries in
monsoon, and unfavorable changes in government policies. These
weaknesses are partially offset by the benefits that the company
derives from the promoter's extensive experience in the rice
industry.

Outlook: Stable

CRISIL believes that HEPL will maintain a stable business risk
profile over the medium term supported by the extensive experience
of its promoters in the rice milling business. The outlook may be
revised to 'Positive' in case of significant and sustained
increase in scale of operations of the firm leading to better
accruals together with substantial improvement in capital
structure. Conversely, the outlook may be revised to 'Negative 'in
case of any decline in the operating margins or any large debt
funded capex program leading to deterioration in financial risk
profile.

Harman Exports Pvt Ltd is promoted by Mr. Bhupinder Singh,
Mr. Dilip Singh and Mrs. Manpreet Kaur. The group operates in the
rice industry and is involved in milling and sorting of basmati
and non-basmati rice. As on September 2013, HEP operated at a
capacity of 12 MTPH and is based out of Bathinda, Punjab.

HEPL reported a profit after tax (PAT) of INR0.98 million on net
sales of INR272.2 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.84 million on net
sales of INR101.8 million for 2011-12.


IDEA SALES: CARE Rates INR9cr LT Bank Loans at 'B'
--------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Idea Sales Agencies Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              9        CARE B Assigned

   Short-term Bank
   Facilities              1.35     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Idea Sales Agencies
Private Limited are primarily constrained by its short track
record, small scale of operations, the leveraged capital structure
and working capital intensive nature of operations. The ratings
are further constrained by the the volatility associated with the
coal prices and highly fragmented and competitive nature of the
industry.

The ratings, however, find support from the experienced promoters.
The ability of ISAPL to increase its scale of operations while
improving its profitability margins in a competitive industry and
effectively managing its working capital requirements shall be the
key rating sensitivities.

Incorporated in 2008, Idea Sales Agencies Pvt Ltd was promoted by
Mr Subhash Chand Tulsyan and Mr Yogesh Kumar. ISAPL is engaged in
the trading of coal. It commenced its commercial operations in
August 2012. It procures coal domestically from the traders as
well as through direct auctions and sells mainly to the domestic
power producers and brick manufacturing companies.

During FY13 (refers to the period August 1 to March 31), ISAPL
reported a net profit of INR0.58 crore on a total operating income
of INR25.27 crore. Moreover, the company has achieved a turnover
of INR18.60 crore for 6MFY14.


IMMACULE LIFESCIENCES: CRISIL Rates INR330MM Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Immacule Lifesciences Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Currency         330      CRISIL B/Stable
   Term Loan

The rating reflects ILPL's weak financial profile due to start-up
nature of the operations and project implementation risk
associated with commercial operations. These rating weaknesses are
partially offset by the promoter's extensive experience in the
pharmaceutical formulation industry.

Outlook: Stable

CRISIL believes that ILPL business risk profile will be supported
by its experienced management however its financial risk profile
will be constrained by the project implementation risk. The
outlook may be revised to 'Positive' in case of stabilization of
operations and better than expected off take, leading to revenue
growth and improvement in cash accruals and in turn ILPL's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if ILPL faces delays in starting commercial operations
or due to lower than expected utilization leading to deterioration
in financial risk profile.

ILPL is Nalagarh (HP) based pharmaceutical formulator, currently
in construction stage. ILPL plans to start commercial operation by
December 2013, to undertake manufacturing of pharmaceutical
formulations, primarily injectibles which will be marketed in the
overseas market namely, Indonesia, Vietnam, Philippines, Venezuela
and Chile etc. ILPL is promoted by Mr. Viral Shah, Mr. Rishi
Aggarwal, Mr. Suchet Rastogi and Mr. Nirav Maniar.


INCAP LIMITED: CRISIL Reaffirms 'B+' Ratings on INR80MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Incap Ltd continue to
reflect Incap's modest scale and working-capital-intensive nature
of operations.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           50      CRISIL A4 (Reaffirmed)
   Cash Credit              65      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit         40      CRISIL A4 (Reaffirmed)
   Proposed Long-Term
   Bank Loan Facility       15      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's average financial risk
profile marked by small net-worth and average debt protection
metrics. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
experience in the electrical components industry.

Outlook: Stable

CRISIL believes that Incap will continue to benefit over the
medium term from its promoters' experience in the electrical
components industry and established relationships with customers.
The outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in the company's revenues and
profitability margins from the current levels or there is an
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if there is a steep decline
in Incap's profitability margins or revenues from the current
levels or there is a significant deterioration in its capital
structure, most likely because of larger-than-expected working
capital requirements.

Incap, set up in 1993 by Mr. C Bhagvantha Rao, manufactures
aluminium electrolyte capacitors and silicon rubber insulators.
Incap purchased Uma Maheshwari Electrical Components Pvt Ltd in
2010 through its 100 per cent subsidiary, Incap Insulators Pvt
Ltd, so as to enter into the business of manufacturing silicon
rubber insulators. The subsidiary was amalgamated with Incap in
2011.

For 2012-13 (refers to financial year, April 1 to March 31), Incap
reported a profit after tax (PAT) of about INR6.4 million on net
sales of INR351.8 million, against a net loss of INR2.1 million on
net sales of INR176.0 million for 2011-12.


JANKI CORP: CARE Lowers Rating on INR414.96cr Loans to 'B+'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Janki
Corp Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            414.96     'CARE B+' Revised from
                                    'CARE BB+'

   Short-term Bank
   Facilities             86.00     'CARE A4' Revised from
                                    'CARE A4+'

Rating Rationale

The revision in the ratings of the bank facilities of Janki Corp
Limited is on account of the losses incurred during H1FY14 (refers
to the period from April 1 to September 30) resulting into
weakening of its liquidity and debt protection indicators.
The ratings continue to be constrained by the high working capital
intensity of its operations, high leverage and its presence in an
inherently cyclical steel and textile industry along with on-going
regulatory hurdles faced by the Indian iron ore industry. The
ratings, however, continue to derive comfort from JCL's
experienced promoters and its established operations.

JCL's ability to improve its profitability by managing the
volatile raw material prices, efficiently manage its working
capital requirements, complete its on-going projects within the
envisaged time and cost parameters and generate the envisaged
returns thereof along with an improvement in its capital structure
are the key rating sensitivities. Need-based support from the
promoters towards uninterrupted operations of the company is also
equally crucial.

Promoted by Mr Raghu Nath Mittal, JCL is a closely-held public
limited company. It commenced its operations with a fabric
processing facility at Bhilwara in 1993. JCL entered into the
steel business during 2005 by setting up a sponge iron
manufacturing unit in Bellary (Karnataka) with a capacity of
180,000 Metric Tonnes Per Annum (MTPA). The company has also setup
a Waste Heat Recovery Boiler (WHRB) based power plant of 15 MW
(commissioned in March 2010) and pellet plant of 600,000 MTPA
(commissioned in September 2011). Contribution of sponge iron,
pellet, textile and sale of power constituted 51%, 34%, 12% and
3%, respectively in the total operating income of INR658.53 crore
during FY13 (refers to the period April 1 to March 31).

Based on the audited results for FY13, JCL reported a total
operating income and Profit after Tax (PAT) of INR658.53 crore
(PY: INR515.24 crore) and INR33.33 crore (PY: INR24.98 crore)
respectively.  However, as per the provisional results for H1FY14,
JCL reported a total operating income of INR248.82 crore with a
net loss of INR18.44 crore.


KCM APPLIANCES: CRISIL Rates INR100MM Loan at 'B+'
--------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of KCM Appliances Private Limited (KCM).

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

The rating reflects KCM's modest scale of operations and its
exposure to intense competition in the consumer durables business.
The rating also factors in the company's below-average financial
risk profile, marked by a high total outside liabilities to
tangible net worth ratio. These rating weaknesses are partially
offset by the extensive experience of KCM's promoters in the
consumer durables segment.

Outlook: Stable

CRISIL believes that KCM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
rising brand visibility in the Kerala market. The outlook may be
revised to 'Positive' in case of substantial increase in the
company's scale of operations and profitability, resulting in
higher-than-expected cash accruals and hence improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a slowdown in the consumer durables retail industry, or if
KCM undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

KCM, established in 2010, sells consumer electronics and home
appliances in southern India under the brands Onix and Impex. The
company's day-to-day operations are managed by its managing
director, Mr. Nuvais C.

KCM reported a profit after tax (PAT) of INR5.2 million on net
sales of INR542 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR12.0 million on net
sales of INR472.5 million for 2011-12.


KRISHNA RICE: CRISIL Reaffirms B+ Ratings on INR100MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Krishna Rice
Mills Pvt. Ltd. continues to reflect KRMPL's below-average
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)
   Term Loan              20       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations and susceptibility to intense competition in rice
processing and edible oil industry. These rating weaknesses are
partially offset by the extensive industry experience KRMPL's
promoters, its diversified revenue profile, and benefits derived
from its advantageous location and the healthy growth prospects
for the rice industry.

Outlook: Stable

CRISIL believes that KRMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
rice processing and rice bran oil extraction industry. The outlook
may be revised to 'Positive' if KRMPL's scale of operations and
profitability improve substantially, driven most likely by its new
capacities, leading to better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in the company's capital structure and
liquidity because of larger-than-expected working capital
requirements, or if it undertakes a large, debt-funded capital
expenditure programme.

Promoted by Mr. Ashok Kumar Aggarwal, KRMPL is mainly engaged in
rice milling and rice bran oil extraction. The company also trades
in agro commodities, such as makki, rice, and wheat, depending on
the price trends.


MADHAV METCAST: ICRA Assigns 'B' Ratings to INR7.5cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR5.50 crore term
loan and INR2.00 crore cash credit facilities of Madhav Metcast
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.00       [ICRA]B assigned
   Term Loan              5.50       [ICRA]B assigned

The assigned ratings take into account the risks associated with
nascent stages of Madhav Metcast Private Limited's operation,
entailing a currently weak financial profile as evident by the
thin profit margin, adverse capital structure on account of
aggressively debt funded capex and weak coverage indicators
impinged by high finance costs in the initial years. Further, the
assigned ratings are constrained by the highly competitive and
fragmented nature of the steel industry with competition from
both, unorganized and established players and the vulnerability of
MMPL's operating profitability to fluctuations in the cost of key
raw materials i.e. steel prices given the company's limited
ability to pass on the same to its customers.

The ratings however favorably consider MMPL's affiliation with the
Madhav group, with a presence in ship breaking since the last
three decades which provides backward integration to MMPL and its
experienced promoters with their extensive track record in the
steel industry.

Incorporated in 2012 as a private limited company, Madhav Metcast
Private Limited was promoted by Mr. Odhavji Patel, Mr. Arvind
Patel, Mr. Nilesh Patel and Mr. Talshi Patel and is engaged in the
manufacturing of Mild Steel Ingots through the induction furnace
route. The company has an installed capacity of 18000 TPA of ingot
manufacturing at its unit in Bhavnagar. Mr. Odhav Patel and Mr.
Talshi Patel have promoted the "Madhav Group" which includes other
entities like Madhav Industrial Corporation, Madhav Ispat Rolling
Mill and Madhav Steels.

Recent Results

MMPL has achieved an operating income of INR19.28 crore and loss
before depreciation and taxes of INR0.67 crore in H1FY 2014, as
per CA certified provisional.


MAHARASHTRA SHETKARI: ICRA Puts 'C' Ratings on INR264.17cr Loans
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]C' to the
INR209.17 crore (enhanced from INR139.50 crore) term loan and
INR55.00 crore (enhanced from 10.50 crore) cash credit facilities
of Maharashtra Shetkari Sugar Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            209.17       [ICRA]C assigned
   Cash Credit           55.00       [ICRA]C assigned

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

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

Recent Results

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


MASS METALS: ICRA Suspends 'B+' Rating on INR11.5cr Loan
--------------------------------------------------------
ICRA has suspended '[ICRA]B+' and '[ICRA]A4' rating assigned to
the INR11.50 crores bank facilities of Mass Metals Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


NAYAAB JEWELS: CRISIL Cuts Rating on INR135MM Loans to 'B-'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nayaab Jewels to 'CRISIL B-/Stable' from 'CRISIL B+/Stable',
and reaffirmed its rating on the firm's short-term bank facilities
at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              35.0     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Gold Loan                90.0     CRISIL A4 (Reaffirmed)

   Proposed Short-Term
   Bank Loan Facility       10.0     CRISIL A4 (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility      100.0     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects substantial deterioration in Nayaab's
capital structure on account of large capital withdrawals, and
stretch in its working capital cycle resulting in higher total
indebtedness. CRISIL believes that Nayaab's capital structure will
remain weak over the medium term with the group's low cash
accruals resulting in higher reliance on debt to fund its working
capital requirements.

The firm's net profits remain low, at INR1 million in 2012-13
(refers to financial year, April 1 to March 2013); furthermore,
its promoter withdrew INR24.9 million from the firm during the
year. This resulted in decline in Nayaab's net worth to INR71.4
million as on March 31, 2013, from INR95.8 million as on March 31,
2012.

There has been a stretch in Nayaab's working capital cycle as
reflected in a sequential increase in its receivable days to 91
days as on March 31, 2013 from 23 days as on March 31, 2011. The
stretch in the working capital cycle resulted in higher total
indebtedness, which, along with decline in net worth, resulted in
increase in its total outside liabilities to tangible net worth
(TOL/TNW) ratio to 4.7 times as on March 31, 2013 from 2.6 times
as on March 31, 2012.

The ratings continue to reflect Nayaab's working-capital-intensive
operations and below-average financial risk profile marked by
small net worth, high TOL/TNW ratio, and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of Nayaab's promoter in the gold and
diamond-studded jewellery industry.

Outlook: Stable

CRISIL believes that Nayaab will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationship with customers. The outlook may be
revised to 'Positive' in case of a sustained improvement in the
firm's working capital cycle or in its capital structure on the
back of substantial capital additions by its promoter. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in Nayaab's profitability margins or deterioration in its
capital structure on account of larger-than-expected working
capital requirements.

Set up in 2003 by Rajasthan-based Mr. Upendra Bothra, Nayaab
manufactures exclusive gold and diamond-studded jewellery,
specialising in the 'jadau' design form. The firm has two
showrooms, one each in Jaipur (Rajasthan) and Mumbai
(Maharashtra).


NESTER CORN: CRISIL Assigns 'D' Ratings to INR152MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Nester Corn Products Private Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term
   Bank Loan Facility        5       CRISIL D

   Long-Term Loan           72       CRISIL D

   Cash Credit              55       CRISIL D

   Letter of Credit         20       CRISIL D


The ratings reflect instances of delay by NCPPL in servicing its
term debt obligations; the delays have been caused by the
company's weak liquidity on account of nascent stages of
operations.

The ratings also reflect NCPPL's below-average financial risk
profile, marked by weak debt protection metrics. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters.

Set up in 2010, NCPPL manufactures corn products. The daily
operations of the company are managed by Mr. Mohanlal Vedant.


NEW STEEL: CRISIL Suspends 'B' Rating on INR25MM Loan
-----------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
New Steel Trading Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL B/Stable Suspended
   Letter of Credit          75      CRISIL A4 Suspended

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

Mr. Dinesh Mehta set up New Steel Corporation (NSC), a
proprietorship firm, in 1994 to undertake steel trading activities
and act as a sub-agent of JSW Steel Ltd (formerly, Jindal Iron and
Steel Co Ltd). In 1999, he set up NSTPL and merged NSC's
operations with it.


PAVAN COTTON: ICRA Assigns 'B+' Ratings to INR10.28cr Loans
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR10.28 crore1 bank limits
of Pavan Cotton Products Private Limited. ICRA has also assigned
'[ICRA]A4' rating to INR0.25 crore non fund based facilities of
PCPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     9.58       [ICRA]B+ assigned
   Unallocated           0.70       [ICRA]B+ assigned
   Non-fund based
   Limits                0.25       [ICRA]A4 assigned

The ratings are constrained by PCPPL's small scale of operations
combined with the fragmented nature of the industry characterized
by competition from a large number of players which limits the
ability to pass on any rise in input costs. ICRA also notes that
the company is vulnerable to regulatory risks with regards to
minimum support price for kapas and export restrictions on kapas
and yarn. The ratings also take into account the large working
capital requirement of the company on account of large inventory
holdings owing to the seasonal nature of the business. The ratings
are further constrained by PCPPL's moderate financial profile as
reflected by high gearing and weak coverage indicators. The
ratings however, favourably factor in the promoter's experience of
more than two decades in cotton ginning business resulting into
established relationship with the suppliers. The rating also
factor in PCPPL's location advantage on account of proximity to a
major cotton growing area and the incentives offered by the state
government in the form of TUFS (Technology Upgradation Fund
Scheme).

Incorporated in 1992, PCPPL is a cotton spinning mill based in the
Guntur district of Andhra Pradesh. The company was initially
engaged in cotton ginning and trading. The company diversified
into manufacturing of cotton yarn in 2001 by setting up a spinning
mill with an installed capacity of 3,024 spindles. In 2007, the
company undertook a major expansion drive by installing additional
10,224 spindles thereby increasing the total installed spindle
capacity to 13,248. Subsequent to the expansion of its spindle
capacity, the company ceased all its ginning and trading
activities and is focused only on the manufacture of yarn. While
the current installed machinery is capable of producing a count
range of 20s to 120s, the 40s count has dominated PCPPL's product
profile in all the past financial years.

Recent Results
PCPPL recorded INR18.02 crore of operating income and a profit
after tax of INR0.64 crore in FY13 as against an OI of INR16.97
crore and net losses of INR0.73 crore in FY12.


PAWA INTERNATIONAL: CRISIL Suspends B Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Pawa
International Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               150     CRISIL B/Stable Suspended

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

Incorporated in 1994 by Mr. Satish Kumar Pawha, PIPL is an
authorised automobile dealer of TML and Fiat at Wazirpur
Industrial Area (Delhi). PIPL provides car servicing facilities
and also deals in car accessories. Though PIPL was incorporated in
1994, it started its operations in 2004 and operates a showroom
and has a servicing capacity of over 1000 cars per month. PIPL's
current market share is over 10 per cent in the Delhi-National
Capital Region. PIPL also constructs and leases commercial
complex. It currently has one commercial property in Sector 14,
Rohini (New Delhi) having a total developed area of around 250,000
square feet.


PAWAR PATKAR: CARE Assigns 'B-' Rating to INR16.5cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Pawar Patkar Construction Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            16.50      CARE B- Assigned

   Short-term Bank
   Facilities            46.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pawar Patkar
Construction Private Limited are constrained by its high project
and geographical concentration risk and the weak financial risk
profile marked by the working capital intensive operation and
stretched liquidity indicators.  The ratings, however, derive
strength from the long track record and experienced promoters
coupled with satisfactory order book position providing medium-
term revenue visibility. The ability of the company to increase
its scale of operations and manage its liquidity position by
efficiently managing the working capital cycle is the key rating
sensitivity.

Pawar Patkar Construction Private Limited, a Nashik-based company,
was set up as a partnership firm in 1991 as Pawar Patkar
Construction 1991 and thereafter converted to a private limited in
July 2006. The directors of the company Mr Ratnakar D Pawar, Mr
Kailas Pawar and Mr Sanjay Patkar have been into the
infrastructure business for more than two decades. Pawar Patkar
is mainly into road construction, irrigation, infrastructure
development, building government housing for armed forces and
construction of housing under Basic Services to Urban Poor (BSUP)
under Jawaharlal Nehru National Urban Renewal Mission (JNNURM).
The company also has other businesses including stone and metal
crushing, bitumen hot mix plant used in making binders for
road construction, ready mix concrete plants used in making ready
mix cement and cement bricks.  The company is a registered 'Class
IA' contractor with the public works department, of Maharashtra
since 2006.

As on March 31, 2013 had an unexecuted order book is INR259.93
crore (2.62x to FY13 revenue) to be executed in FY14 [refers to
the period April 1 to March 31] & FY15 providing revenue
visibility over the medium to long-term. During FY13, the company
reported a total operating income of INR99.25 crore over a PAT of
INR4.07 crore as against a total operating income of INR97.90
crore over a PAT of INR4.01 crore in FY12.


PAWAR PATKAR & D.S.: CARE Rates INR10cr LT Bank Loans at 'B-'
-------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to bank facilities of
Pawar Patkar & D.S. Contractors Associates Private Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             10        CARE B- Assigned

   Short-term Bank
   Facilities              4        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pawar Patkar & D.S.
Contractors Associates Private Limited are constrained by its
short track record, high client and project concentration risk
coupled with the delays in project execution and weak financial
risk profile marked by elongated operating cycle, stretched
liquidity and increased gearing levels.  The ratings, however,
derive strength from the qualified and experienced promoters and
comfort from price escalation in the order book.  The ability of
the company to execute the projects as per the estimated schedule,
diversify its orderbook across geography and sector and
efficiently manage the working capital cycle and its liquidity
position are the key rating sensitivities.

Pawar Patkar & D.S. Contractors Associates Pvt Ltd, a Nashik-based
company, was incorporated on July 8, 2009. The managing director,
Mr Ratnakar D Pawar, has been in the infrastructure business for
the last 20 years through another promoter owned company, Pawar
Patkar Construction Private Limited (Pawar Patkar).

Pawar Patkar DS has a high client concentration risk with only one
project for construction of housing under Economic Weaker Section
(EWS) scheme under Jawaharlal Nehru National Urban Renewal Mission
(JNNURM) allotted by Pimpri Chinchwad Municipal Corporation (PCMC)
in the Pune region.

As on March 31, 2013, the outstanding order book was INR53.44
crore (2.41x FY13 income) to be executed by the end of FY15
[refers to the period April 01 to March 31], providing
revenue visibility over the medium to long term. During FY13, the
company reported a total operating income of INR22.14 crore over a
PAT of INR0.72 crore as against a total operating income
of INR29.50 crore over a PAT of INR1.74 crore in FY12.


PCI PAPERS: ICRA Cuts Ratings on INR15.1cr Loans to 'D'
-------------------------------------------------------
ICRA has revised the long term rating assigned to INR1.00 crore
term loan facility and INR8.60 crore cash credit facility of PCI
Papers Limited from '[ICRA]B' to '[ICRA]D'. ICRA has also revised
the short term rating assigned to INR2.00 crore short term fund
based facility and INR3.50 crore short term non fund based
facility of PCI from '[ICRA]A4' to '[ICRA]D'.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund       1.00         Revised to [ICRA]D
   based limits-                      from [ICRA]B
   Term Loan

   Long Term, Fund       8.60         Revised to [ICRA]D
   based limits-                      from [ICRA]B
   Cash Credit

   Short Term, Fund      2.00         Revised to [ICRA]D
   based limits                       from [ICRA]A4

   Short Term, Non       3.50         Revised to [ICRA]D
   fund based limits                  from [ICRA]A4


The ratings revision takes into account irregularities in debt
servicing by the company. PCI's financial profile is stretched on
account of losses in first half of FY14 due to increase in raw
material prices and company's inability to pass on the same to its
customers. As per the information available with ICRA, the company
has been classified as a non-performing asset by the bank.

Incorporated in 1984, PCI Papers Limited is listed on Calcutta
Stock Exchange. The company has two manufacturing facilities - one
each at Kolkata and Nasik. The Nasik Facility was set up in 1996
with equity contribution from IDBI. PCI Papers manufactures
polycoated, Silicon Release paper, label stocks (film, foil and
paper etc.) which are used in the Healthcare, Automobiles, Tea,
Rubber, Security Press, Packaging and other industries.


PRAGATI COTTON: ICRA Assigns 'B' Ratings to INR6.55cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR1.55 crore term
loan and INR5.00 crore fund based cash credit facilities of
Pragati Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             1.55       [ICRA]B assigned
   Cash Credit           5.00       [ICRA]B assigned

The assigned rating is constrained by Pragati Cotton Industries'
nascent stage of operations and risks associated with the
stabilization of the plant as per expected operating parameters.
The rating is further constrained on account of the regulatory
risks associated with cotton exports and MSP fixation as well as
the fragmented nature of the cotton ginning industry resulting in
high competitive intensity. Further, ICRA notes that the firm is
exposed to adverse movements in raw material (cotton) prices which
coupled with the low value additive nature of the work, keeps the
profitability metrics and cash accruals at modest levels. The
financial profile is expected to remain weak given the high debt
funded nature of the project and working capital intensive nature
of ginning operations. Also, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The rating however, favourably factors in the firm's proximity to
the raw material sources which ensure easy availability of cotton
and the forward integration in crushing facilities for cottonseeds
resulting in diversification and additional revenue supported by a
positive demand outlook for edible oil in India.

Pragati Cotton Industries was established in the year 2011 as a
partnership firm by Mr. Bhaveshbhai Loh along with other family
members and relatives. The manufacturing plant of the firm is
situated at Hirapar in Rajkot District. The firm has installed 24
ginning machines, one pressing machine and four expellers to
produce 220 cotton bales and 2.5 tonnes cottonseeds oil per day
(24 hours operation). The commercial production of the firm is
expected to commence from the last week of November 2013.


PRAGYA ENERGY: ICRA Suspends 'D' Rating on INR5.5cr Loan
--------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR5.50 crores
bank facilities of Pragya Energy Pvt. Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


RADHIKA COTTEX: CRISIL Reaffirms B Ratings on INR70.70MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Radhika Cottex Pvt Ltd
continues to reflect RCPL's weak financial risk profile, marked by
below average debt protection metrics and weak capital structure;
and small scale of operations in a highly fragmented cotton
industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable(Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility         0.70   CRISIL B/Stable(Reaffirmed)

The rating also factors in the vulnerability of the company's
business risk profile and profitability to changes in government
policy. These rating weaknesses are partially offset by the
extensive industry experience of RCPL's promoters and their
financial support.

Outlook: Stable

CRISIL believes that RCPL will maintain its business risk profile
over the medium term, backed by the experience of its promoters in
the cotton industry. The outlook may be revised to 'Positive' if
the company's financial risk profile improves significantly,
backed by a higher-than-expected operating margin, or an equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' if the company requires sizeable working capital, or
if it generates lower-than-expected cash accruals, thereby
adversely impacting its liquidity.

RCPL was incorporated in Amreli, Rajkot (Gujarat) in 2007. The
company is promoted by Mr. Nilesh Palsana, his brother, Mr. Mukesh
Palsana, and friends. RCPL is engaged in the business of cotton
ginning and pressing cotton.

RCPL reported a profit after tax (PAT) of INR0.5 million on net
sales of INR386.9 million for 2012-13 (refers to financial year,
April 1 to March 31), vis--vis a PAT of INR0.3 million on net
sales of INR338.0 million for 2011-12.


RAGHU RAMA: ICRA Assigns 'C+' Ratings to INR8cr LT Loan
-------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]C+' to INR8.0 crore
Fund based limits of Raghu Rama Renewable Energy Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund         8.0         [ICRA]C+
   Based

The rating reflects weak operational profile of the company
characterized by low PLF (20% in FY2013) and higher demand/price
risk due to merchant sale model. Company has not been able to find
buyers for merchant sale on regular basis and this has resulted in
lower plant utilization. Liquidity is stretched due to high level
of inventory and receivable of INR2.7 crore from PTC India. This
has resulted in instances of over-utilization in cash credit
account in past. ICRA notes that company has high reliance on loan
from group companies (Rs 35 crore as on Mar 31, 2013).
Going forward, company's rating will be contingent upon higher
utilization levels and ability to source biomass at remunerative
rates.

RRREL is an IPP promoted by the Ind Bharath group of companies.
The company operates a 18 MW biomass based power plant in the
Ramanathapuram District, Tamil Nadu. The plant, which entailed a
capital cost of INR60 crore, commenced commercial operations in
Oct 2004 and had a PPA with TNEB to supply its power. Subsequently
it started selling power to TNEB on short term sale basis and now
it's selling to third party customers on merchant rate basis. The
company sources its fuel (biomass)- mainly wood and waste- from
farmers and factories in the vicinity. The availability of biomass
in the company's region of operations has been generally
satisfactory although operating performance deteriorated
significantly to 20% PLF level in FY13. This is due to inability
to find customer on timely basis. With the company's revenues
being linked to actual units sold, this has resulted in losses for
the company.

During 2012-13, Company reported a loss of INR2.84 crore at net
level on net sales of INR19.72 crore, as against loss of INR4.95
crore on net sales of INR16.69 crore for 2011-12.


RAISON INFRACON: CARE Assigns 'D' Rating to INR10cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Raison
Infracon Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             10        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Raison Infracon
Private Limited (RIPL) is primarily constrained on account of the
frequent instances of delays in debt servicing. The timely
servicing of debt obligations alongwith successful completion of
its on-going real estate projects and timely receipt of booking
advance would be the key rating sensitivities.

RIPL was incorporated as a private limited company in 2008. RIPL
is a part of the Ahmedabadbased Raison group. It was set up to
undertake residential and commercial real estate project in
Gujarat. RIPL is executing four commercial and residential
projects, namely, 'Naiya-1', 'Jalaram Plaza', 'Naiya Apartment'
and 'Naiya Paradise'.  Naiya-1 comprises of five towers consisting
of 107 flats of 1 & 2 BHK units and seven shops of 648 square feet
(sq ft) and 765 sq ft, respectively. Jalaram Plaza is a commercial
project and consisting of 224 shops of 945 sq ft to 1,125 sq ft.
Naiya Apartment comprises of 16 towers consisting of 430 flats
of 1, 2 & 3 BHK and 44 shops flats of 675 sq ft, 1,035 sq ft and
1,305 sq ft. Naiya Paradise comprises of seven towers of 2 BHK
consisting of 170 flats and two towers of commercials consisting
of 80 shops of 945 sq ft to 1,125 sq ft.

RIPL is promoted by Mr Sanjay Patel, Mr Kaushik Patel, Mr Raichand
Patel and Mr Meet Patel. The promoters have also promoted another
entity Raison Marketing which is engaged in the dealership of PVC
pipes and pumps.


RAMAKRISHNA ELECTRONICS: CARE Rates INR30cr LT Loans at 'B+'
------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Ramakrishna Electronics.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             30        CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Ramakrishna
Electronics (RE) is constrained by its constitution as a
partnership firm with stiff competition from both the organized
and unorganized retail players in the industry, financial profile
marked by decline in turnover with thin profitability margins,
weak capital structure and debt coverage indicators and working
capital intensive nature of operations. The rating, however,
derives strength from the experience of the promoters in the
industry.

The ability of the firm to scale up its operations in light of the
stiff competition and improvement in its overall financial risk
profile are the key rating sensitivities.

Ramakrisha Electronics is a partnership firm established in April
2000 by Mr V Anantha Krishna, Mr V Raghavenrdra, Mr V Ravi Kumar
and Ms V Rajeshwari along with five others. The firm is engaged in
the distribution and trading (retail and wholesale) of consumer
electronic products and home appliances. The firm has its
registered office and show room located at Kurnool, Andhra
Pradesh, with other branches located at Hyderabad, Anathapur,
Nadhyala, Madhanapally, Thandapathi, Kadiri and Guntakal in Andhra
Pradesh. During FY13 (refers to the period April 01 to March 31),
the firm generated around 30% of revenue from Hyderabad outlet
and the remaining from other locations. The firm distributes
consumer durables of some major brands including Sony and LG
electronics in and around five districts (Kurnool, Anathapur,
Rangareddy, Warangal and Mahabub Nagar) of Andhra Pradesh.

During FY13, RE reported a net profit of INR0.08 crore on a total
operating income of INR67.16 crore as against a net profit of
INR0.21 crore on a total operating income of INR118.77 crore in
FY12.  Furthermore, the firm has achieved turnover of INR58 crore
during the period April 1, 2013 to November 10, 2013.


ROCK REGENCY: CRISIL Suspends 'D' Ratings on INR136MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of Rock
Regency Hotels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           136      CRISIL D Suspended

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

RRH was established in 2008 by Mr. Pola Radha Krishna, Mr. Y
Satish, Mr. Y Harish, and Mr. K V R Prasad. The company operates a
three-star hotel, Rock Regency, in Bellary. The hotel features 117
rooms, 2 restaurants, 2 conference halls, a pub, a health centre
and a beauty parlour. The hotel is aimed at customers from the
industrial segment in and around Bellary and Hospet (Karnataka).
The hotel commenced its operations in January 2010.


SHREE GOVARDHAN: CRISIL Reaffirms 'B+' Rating on INR292MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Govardhan Cot - Gin Pvt. Ltd. continues to reflect SGCPL's below-
average financial risk profile, marked by high gearing, small net
worth, weak debt protection metrics, small scale of operations in
the intensely competitive cotton industry, and vulnerability to
unfavorable changes in government policy. These rating weaknesses
are partially offset by its promoter's extensive industry
experience and financial support.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           292      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGCPL will continue to benefit over the
medium term from the proximity of its operations to the cotton-
growing belt. CRISIL, however, also believes that SGCPL's
financial risk profile will remain below average during the same
period because of low accruals and a highly leveraged capital
structure. The outlook may be revised to 'Positive' if SGCPL
significantly improves its capital structure either by equity
infusion or higher cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile
deteriorates further because of increased working capital-related
debt or in case of change in government policy, thus negatively
impacting its operations.

Incorporated in 2006, SGCPL commenced manufacturing from April
2008. The company manufactures cotton bales, crude cottonseed oil,
and oil cakes at its facilities in Rajkot (Gujarat). It also
undertakes trading in cotton.

SGCPL's profit after tax (PAT) and sales are estimated at INR49
million and INR2.0 billion, respectively, for 2012-13; the company
reported PAT of INR42 million on sales of INR1.4 billion for 2011-
12.


SHREE KEDARNATH: CRISIL Suspends 'D' Ratings on INR1.38BB Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Kedarnath Sugar and Agro Products Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               300      CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility        275      CRISIL D Suspended

   Rupee Term Loan           814.6    CRISIL D Suspended

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

SKSAPL was set up in 2001 as Sri Sai Deep Sagar and Agro Products
Pvt Ltd. The company got its current name after it was acquired by
Mr. Vikramsinh Aparadh in February 2006. SKSAPL has a fully
integrated plant for manufacturing sugar (with a cane-crushing
capacity of 3500 tonnes per day), ethanol (60 kilolitres per day),
and a co-generation plant (capacity of 18 megawatts per hour). The
Karnataka state government has granted SKSAPL access to 60,000
acres for procurement of sugarcane, of which, 22,000 acres are
under cultivation at present. SKSAPL commenced operations on
January 31, 2009, after significant delays. Its co-generation
plant has recently commenced operations and its ethanol plant is
yet to commence operations


SRINIVASA STEEL: CARE Rates INR6.49cr LT Bank Loans at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Srinivasa
Steel Products.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           6.49       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Srinivasa Steel
Products is constrained by its constitution as a partnership firm
with a short track record of business operations, small size of
operations, susceptibility of profitability margins to price
fluctuation of steel and iron and nonachievement of financial
closure for the ongoing project. The rating, however, derives
strength from the experienced promoters and improvement in income
during FY11-FY13 (refers to the period April 1to March 31).

The ability of the firm to scale up its operations with an
improvement in the profitability and capital structure and
completion of the ongoing project without any cost or time overrun
will be the key rating sensitivities.

Srinivasa Steel Products was established in the year 2007 by Mr S
Ashok Kumar (Managing Partner), Mr Bharat Kumar and Mr Sravan
Kumar alongwith other partners. It commenced operations in FY10.
SSP is engaged in the manufacturing of hot rolled steel stripes,
ERW pipes and other steel structural products. SSP specializes in
the manufacturing of iron and steel structural products used in
furniture, racks and hoardings etc. SSP sells ERW pipes and
structural products to distributors across India. In FY13, the
firm derived around 70% of its total income from ERW pipes
and the balance from structural products. Raw material comprises
of steel and iron which are procured from the local suppliers. Hot
rolled steel strips are used in the manufacturing of ERW
pipes and structural products. SSP has installed capacity of 7300
metric tons per annum as on March 31, 2013 for manufacturing of
ERW pipes and structural products.

During FY13, SSP reported a total operating income of
INR29.11crore and PAT of INR0.33crore as against a total operating
income of INR21.05 crore and PAT of INR0.17 crore respectively in
FY12. The firm has achieved sales of INR25 crore during 7MFY14
(April 2013 to October 2013).


SOORAJ AGRO: CRISIL Raises Ratings on INR76.3MM Loans to 'C'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Sooraj Agro Mills (India) Pvt Ltd (SAMIPL) to
'CRISIL C' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              37.3     CRISIL C (Upgraded from
                                     'CRISIL D')

   Term Loan                39.0     CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects SAMIPL's timely payment of its debt
obligations over the four months through October 2013. The
company's working capital limits, however, remain fully utilised
throughout the year, which constrain its liquidity. CRISIL
believes that liquidity pressure will remain high with expected
increase in SAMIPL's working capital requirements during the peak
kharif season (December to February), along with maturing debt
repayment obligations.

The rating reflects SAMIPL's weak financial risk profile, marked
by high gearing, average debt protection metrics, and small net
worth, and the susceptibility of the company's operations to
regulatory changes and to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of SAMIPL's promoters in the rice-milling business.

SAMIPL commenced operations in 2009. It mills and processes paddy
into rice, rice bran, broken rice, and husk. The company is
promoted by Mr. A Surendran and his wife, Mrs. M Sumandahasini.

SAMIPL reported profit after tax (PAT) of INR2 million on net
sales of INR166 million for 2012-13 against loss of INR1 million
on net sales of INR137 million for 2011-12.


SUR IRON: ICRA Reaffirms 'B+' Ratings on INR11.5cr Loans
--------------------------------------------------------
ICRA has reaffirmed a long term rating of '[ICRA]B+' to the
INR3.50 crore fund based bank limits and INR4.40 crore non fund
based bank limits of Sur Iron and Steel Company Private Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR1.00 crore non fund based bank limits of SISCO. ICRA has also
reaffirmed the long term rating of [ICRA]B+ and short term rating
of [ICRA]A4 to the INR3.60 crore proposed limits of SISCO.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits-       3.50      [ICRA]B+ reaffirmed
   Cash Credit

   Non Fund Based
   Limits- Bank
   Guarantee                4.40      [ICRA]B+ reaffirmed

   Non Fund Based
   Limits-Letter
   of Credit                1.00      ICRA]A4+ reaffirmed

   Proposed Limits          3.60      [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to factor in SISCO's small
scale of current operations with the profits and net cash accruals
being nominal. Gearing for the company has deteriorated as on
March 31, 2013 on account of significant increase in working
capital loans availed by the company to support the growing scale
of operations. Coverage indicators also remain depressed. The
ratings also remain impacted by the lowest price (L-1) based
contract award system which keeps the margins under check,
although the same has improved slightly during FY13 on account of
an increase in the share of revenue from the higher margin
crushing and screening segment. SISCO continues to have a high,
although declining working capital intensity of operations which
impacts its liquidity position. The company is subject to high
client concentration risk with the business being generated mainly
from the Indian Defence Establishment, even though some orders
from private parties have also been executed. While repeat orders
from such established clients indicates SISCO's technical
competence and satisfactory performance and quality of the
products supplied, the company gets exposed to the procedural
delays related to the settlement of bills. The ratings, however,
favourably factor in SISCO's established presence in the
manufacturing and supply of crushing and screening plants and
welding equipment and the healthy growth in operating income
during FY13. SISCO's ability to scale-up its operations while
managing its working capital requirements without significantly
stretching its liquidity position would remain key rating
sensitivities going forward.

Sur Iron & Steel Company Private Limited (SISCO) was incorporated
in the year 1951 with a foundry for malleable casting and grey
iron casting. In 1955, the company stopped its foundry operations
and started manufacturing of aggregate and mineral crushing and
screening equipment. In 1957, the company also diversified into
manufacturing of welding equipment. The company started off both
of the aforementioned product lines in technical collaboration
with overseas partners. SISCO's clients include parties both the
private sector and the public sector, specially the Indian Defence
Establishment.

Recent Results

The company has reported a net profit after tax (PAT) of INR0.16
crore in FY13 on an operating income (OI) of INR16.02 crore as
against a PAT of INR0.05 crore on an OI of INR6.90 crore in FY12.


SUSHEEL YARNS: CARE Assigns 'B+' Rating to INR8cr LT Loans
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Susheel Yarns Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             8         CARE B+ Assigned

   Short-term Bank
   Facilities             2         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Susheel Yarns
Private Limited (SYPL) are primarily constrained on account of its
modest scale of operations and its financial risk profile marked
by low profitability margins, highly leveraged capital structure
and moderate liquidity profile. The ratings are further
constrained on account of its limited presence in the textile
value chain and vulnerability of margins to fluctuation in raw
material prices, presence in a highly fragmented and competitive
industry and concentrated customer portfolio. The ratings,
however, favourably take into account the vast experience of the
promoters in the textile industry and location advantage by way of
proximity to its raw material as well as customers.

Increase in scale of operations and profitability margins
alongwith efficient management of liquidity and solvency position
are the key rating sensitivities.

Bhilwara-based (Rajasthan) SYPL was incorporated in 1997 and is
promoted by the Baldwa family based at Bhilwara. SYPL is mainly
engaged in the business of manufacturing of suiting fabrics from
polyester yarn and gets the processed work done on grey fabrics
from other processors on a job work basis. The company also
carries out trading activity of both finished as well as grey
fabrics. The manufacturing facility of SYPL is located at Bhilwara
having a total of 56 sulzar looms with an installed capacity of 41
Lakh Meters Per Annum (LMPA) as on March 31, 2013 for the
manufacturing of suiting fabrics as against 47 LMPA as on March
31, 2012. The company sells its products in the brand name of
"Stags India".

During FY13 (refers to the period April 1 to March31), SYSL
reported a PAT of INR0.15 crore (approximately INR0.08 crore
during FY12) on a total operating income of INR39.65 crore during
FY13 as against INR39.06 crore during FY12.


SWAMI HITECH: CRISIL Cuts Rating on INR80MM Loan to 'B'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Swami Hitech Projects Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

The rating downgrade reflects the deterioration in SHTPL's
business and financial risk profiles. The deterioration in
business risk profile of SHTPL is marked by decline in turnover by
20 per cent to 1.6 billion in 2012-13 (refers to financial year,
April 1 to March 31) along with deterioration in working capital
management. The working capital cycle has deteriorated due to
increase in receivable days to 56 days as on March 31, 2013, from
41 days a year earlier. The incremental working capital
requirements were funded through incremental debt resulting in its
gearing increasing to 2.82 times as on March 31, 2013, as against
1.65 times as on March 31, 2012. CRISIL believes that SHTPL's
business risk profile will remain constrained over the medium term
by its stretched working capital cycle and lower-than-expected
sales.

The rating reflects SHTPL's weak financial risk profile marked by
high gearing, and customer concentration in its revenue profile.
These rating weaknesses are partially offset by SHTPL's
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that SHTPL will continue to benefit over the
medium term from its established relationships with its customers
and suppliers. The outlook may be revised to 'Positive' if there
is significant improvement in SHTPL's profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's profitability, capital
structure, or debt protection metrics.

SHTPL is a closely held public limited company, engaged in civil
construction and in trading in building materials such as thermo-
mechanically treated (TMT) bars and other steel products, and
cement. Mr. Anil Mittal, the main promoter and one of the
directors of SHTPL, has an experience of about two decades in the
construction business and manages, along with other directors, the
company's day-to-day operations.

SHTPL was originally established as Swami Infratrade Ltd in 1997.
It was engaged in trading in shares till 2007-08. In 2008-09, its
name was changed to the current one. The company discontinued with
securities trading and started civil construction activities. In
2010-11, it started trading in building material. In 2010-11,
trading activity contributed around 80 per cent of the company's
total sales, with the remainder coming from civil construction.

SHTPL reported a profit after tax (PAT) of INR0.8 million on an
operating income of INR1625.6 million for 2012-13, as against a
PAT of INR0.4 million on an operating income of INR2050.5 million
for 2011-12.


UNIQUE GEM: ICRA Reaffirms 'B+' Ratings on INR118cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR50.00 crore fund based bank limits of Unique Gem & Jewellery.
ICRA has also reaffirmed '[ICRA]B+' rating to the unallocated
amount of INR10.00 crore.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based
   Limit-EBD             50.00      [ICRA]B+ reaffirmed

   Sub-limit within
   Fund Based Limit-
   EBR                  (50.00)     [ICRA]B+ reaffirmed

   Sub-limit within
   Fund Based Limit-
   Forward Contract     (08.00)     [ICRA]B+ reaffirmed

   Unallocated Amount    10.00      [ICRA]B+ reaffirmed

The rating reaffirmation continues to factor in its stressed
liquidity position due to delays in realizing receivables
resulting in leveraged capital structure; the profitability
margins have been low on account of low value addition and remain
susceptible to foreign exchange fluctuations. ICRA also notes the
competitive pressures faced by UGJ from organized and unorganized
players in the fragmented gems & jewellery industry and risks
arising from geographically clustered and concentrated clientele.
The rating however continues to factor in UGJ's procurement
process which is backed by orders, thereby limiting exposure to
raw material price fluctuations and operational support received
from group concern engaged in the similar line of business.

Unique Gem and Jewellery is a closely held partnership company
that commenced operations in 2009. UGJ is a partnership firm with
Mr. P.H Walia and Mr. Sanjay Walia as its partners with 50% share
each. UGJ is engaged in manufacturing and exporting hand crafted
diamond studded jewellery. UGJ has its manufacturing facility at
Surat SEZ. The firm has an associate concern, Blackstone Gem &
Jewellery (rated [ICRA]B by ICRA), operational since 2009 engaged
in manufacturing diamond studded gold jewellery.

Recent Results

UGJ recorded a profit after tax (PAT) of INR2.41 crore on
operating income of INR152.86 crore for the year ending March 31,
2013.


VARMORA FURNITURES: CRISIL Puts B+ Ratings on INR145MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Varmora Furnitures Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                81.5     CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility       33.5     CRISIL B+/Stable

   Bank Guarantee            5       CRISIL A4

   Cash Credit              30       CRISIL B+/Stable

The ratings reflect VFPL's expected vulnerability to risks related
to the setting up of the manufacturing unit, and the company's
modest scale of operations in a highly competitive industry. These
rating weaknesses are partially offset by the expected financial
support from VFPL's promoters.

Outlook: Stable

CRISIL believes that VFPL will benefit from the financial support
extended by the promoters over the medium term. The outlook may be
revised to 'Positive' if VFPL stabilises its operations earlier-
than-expected, leading to a better-than-expected financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
VFPL generates a lower-than-expected operating margin, or if its
working capital management worsens, resulting in a weaker-than-
expected financial risk profile.

VFPL was established in Gujarat, India in May 2013. The company is
promoted by the Gujarat-based Vamora family and is a part of the
Varmora group. VFPL will manufacture plastic furniture items
including chairs, tables. The cost of establishing the company's
facility is likely to be around INR129.4 million, funded in a
debt-equity ratio of 1.5:1.0. The project is scheduled to be
operational by April 2014. VFPL has acquired 3700 square meters of
land to set up its manufacturing unit, and will have a total
manufacturing capacity of 1800 tonnes per annum (TPA).


VARMORA HOMEWARES: CRISIL Puts 'B+' Ratings on INR145MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Varmora Homewares Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 95      CRISIL B+/Stable
   Proposed Long-Term
   Bank Loan Facility        20      CRISIL B+/Stable
   Bank Guarantee             5      CRISIL A4
   Cash Credit               30      CRISIL B+/Stable

The ratings reflect VHPL's expected vulnerability to risks related
to the setting up of a manufacturing unit for plastic home
products, and its modest scale of operations in a highly
competitive industry. These rating weaknesses are partially offset
by the expected financial support from VHPL's promoters.

Outlook: Stable

CRISIL believes that VHPL will benefit over the medium term from
the financial support extended by its promoters. The outlook may
be revised to 'Positive' if the company stabilises its operations
earlier than expected, leading to a better-than-expected financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if VHPL generates a lower-than-expected operating margin, or if
its working capital management worsens, resulting in a weaker-
than-expected financial risk profile.

VHPL was established in Gujarat in May 2013. The company is
promoted by the Gujarat-based Vamora family and is a part of the
Varmora group. VHPL will be manufacturing plastic home products
like lunch boxes, dinner sets. VHPL will have a total
manufacturing capacity of 1200 tonnes per annum. The project is
scheduled to become operational by April 2014.


VARMORA PLASTECH: CRISIL Assigns 'B+' Ratings to INR210MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Varmora Plastech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital
   Term Loan                 25      CRISIL B+/Stable

   Term Loan                106.5    CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility         3.5    CRISIL B+/Stable

   Inland/Import Letter
   of Credit                 35      CRISIL A4

   Bank Guarantee             5      CRISIL A4

   Cash Credit               75      CRISIL B+/Stable

The rating reflects VPPL's expected vulnerability to risks related
to the setting up of the manufacturing unit, and the company's
modest scale of operations in a highly competitive industry. These
rating weaknesses are partially offset by the expected financial
support from VPPL's promoters.

Outlook: Stable

CRISIL believes that VPPL will benefit from financial support
extended by its promoters over the medium term. The outlook may be
revised to 'Positive' if VPPL stabilises its operations earlier
than expected, leading to a better-than-expected financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
VPPL generates a lower-than-expected operating margin, or if its
working capital management worsens, resulting in a weaker-than-
expected financial risk profile.

VPPL was established in Gujarat in May 2013. The company is
promoted by the Gujarat-based Vamora family and is a part of the
Varmora group. VPPL will be manufacturing plastic home products
and furniture items like lunch boxes, dinner sets, chairs and
tables etc. VPPL will have a total manufacturing capacity of 2250
tonnes per annum. The project is scheduled to become operational
by April 2014.


VENKATESH LOGISTICS: CARE Cuts Rating on INR70cr Loans to 'B'
-------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Venkatesh
Logistics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             70        CARE B Revised from
                                    CARE BB+

   Long/Short-term
   Bank Facilities        20        CARE B/CARE A4 Revised
                                    from CARE BB+/CARE A4+

Rating Rationale

The revision in ratings of Venkatesh Logistics Private Limited
takes into account the stressed liquidity position of the company
arising out of delay in realisation from debtors and
deterioration in financial risk profile. The ratings continue to
be constrained by revenue concentration among few large clients,
high leverage ratios, low PAT margin and intense competition
prevailing in the industry. The ratings also factor in the
experience of the promoters and large fleet size of vehicles.
Regular receipt of contracts, timely receipt of proceeds, managing
working capital effectively and improvement in the capital
structure are the key rating sensitivities.

VLPL, incorporated in November, 2004, is engaged in the business
of transportation of bulk cargo and project cargo. The company was
promoted by Kolkata-based Mr Suresh Ch. Khemka and his
nephew Mr Aman Khemka. VLPL operates through 23 branches located
in major cities across the country.

Wayzata Indian Ocean Ltd (Wayzata), a US-based private investment
fund, took 51% equity stake in the company in December 2008.

VLPL reported a PAT (after deferred tax) of INR1.91 crore in FY13
on total income of INR276.21 crore as against PAT (after deferred
tax) of INR4.60 crore on total income of INR248.42 crore in FY12.
As per working results for three months ended June 30, 2013, VLPL
earned PAT of INR1.51 crore on total operating income of INR73.67
crore.


WALLED CITY: CARE Ups Rating on INR10.92cr LT Loan to 'B+'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Walled
City Hotels Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.92       CARE B+ Revised from
                                    CARE D

Rating Rationale

The revision in the rating takes into account the clear debt
servicing track record of one year established by Walled City
Hotels Private Limited. The rating continues to be constrained on
account of WCHPL's modest scale of operations, lack of experience
of promoters in hotel business and cyclical & fragmented nature of
the hotel industry.

The rating derives strength from the advantageous location of the
hotel property and improvement in overall financial risk profile.
Increase in the occupancy ratio and average room rate in a highly
competitive hotel industry will be the key rating sensitivities.

WCHPL was incorporated in 2007 by Mr Nikhilendra Singh and Mr
Dhananjay Singh to carry out hospitality business at Jodhpur,
Rajasthan. WCHPL operates a 39 room heritage hotel which
includes 28 luxury rooms, 4 garden rooms and 7 suites. The hotel
comprises three restored 18th century buildings combined with four
new buildings designed by Delhi based architects. The hotel
has two restaurants which can accommodate 60 people. Other
amenities in the hotel include spa facility, swimming pool, bar
and transportation facilities. Mr Nikhilendra Singh is also
involved as a Joint Director in 'Natural Mystic South Asia' which
is a travel management company.

Hotel property became fully operational since October 2010. It
reported Average Room Rate (ARR) of INR13,881 with 38% Occupancy
Ratio (OR) during FY13 (refers to the period April 1 to
March 31).  During FY13, WCHPL reported a total income of INR11.51
crore (FY12: INR8.63 crore), with a PAT of INR1.40 crore (FY12:
INR0.71 crore).



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


CREDIT UNION: S&P Revises Outlook to Dev. & Affirms 'BB-/B' ICR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Credit Union South (CUS) to developing from negative.
At the same time, S&P affirmed its issuer credit ratings on CUS at
'BB-/B'.

"The developing outlook reflects the prospect that the rating
could be raised or lowered under different scenarios within the
next two years," said Standard & Poor's credit analyst Andrew
Mayes.

"The rating could be raised if we believe CUS is on track to build
upon the recent short-term increase in lending growth within the
next 12 months, with a resultant improvement in business volume
and revenue growth and likelihood of recurrence at a level similar
to that of immediate peers.  If, during this period, our
assessment of New Zealand's economic risk remains unchanged, we
would expect to raise the rating to 'BB'. However, we would expect
to then revise the outlook back to negative to reflect our current
credit concerns relating to New Zealand's economic
vulnerabilities," S&P added.

The rating could be lowered if S&P considered that economic risks
in New Zealand have worsened, as highlighted in its outlook
revision on May 16, 2013.  In that scenario, S&P expects to lower
the rating and revise the rating outlook to positive, reflecting
the recent short-term improvement in lending growth.

Lastly, the potential also exists for the removal of the
additional rating factor adjustment and the economic risk score
assessment of New Zealand being revised, simultaneously.  If this
were to occur the rating on CUS would most likely be affirmed.

The affirmation reflects the anchor stand-alone credit profile for
financial institutions operating only in New Zealand, plus CUS's
"weak" business position, "very strong" capital and earnings,
"weak" risk position, "below average" funding, and "adequate"
liquidity.


PIKE RIVER: Insurance Covers NZ$3.41MM Payout to Families
---------------------------------------------------------
Duncan Bridgeman at NBR Online reports that an unnamed insurance
company will provide a NZ$3.41 million payout to the families of
29 Pike River Coal miners who died and two survivors.

This is the outcome after all charges against former chief
executive Peter Whittall were dropped, the report says.

The payment, described as voluntary, consists of NZ$110,000 to
each family and survivor and is to be made on behalf of the
company's directors at the time of the explosion in
November 2010, NBR Online discloses.

In the Christchurch District Court on Dec. 12, the Crown said that
after an extensive review it was "not appropriate to continue with
the prosecution against Mr. Whittall."

NBR relates that in a memorandum of counsel for the defendant,
lawyer Stuart Grieve, QC, said the Crown's case contained
"fundamental evidentiary deficiencies and flaws" that were
identified by the defence counsel.

Some 32 of 91 briefs of evidence could not be submitted in
evidence, the report relays.

NBR recalls that Mr. Whittall, who fronted the media after the
explosion, had earlier pled not guilty to the 12 charges brought
by the Ministry of Business, Innovation and Employment.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

Bloomberg notes that Pike River Coal was found guilty in April
this year of nine breaches of health and safety laws including
those relating to ventilation and methane management.  A
New Zealand court awarded victims compensation of about NZ$110,000
each in July, adding that as the company was in receivership it
may be unable to make that payment, Bloomberg adds.



=====================
P H I L I P P I N E S
=====================


SARANGANI RURAL BANK: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board (MB) placed the Sarangani Rural Bank, Inc.
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 2022 dated
Dec. 5, 2013. As Receiver, PDIC took over the bank on Dec. 6,
2013.

Sarangani Rural Bank is a single-unit bank located along P.
Acharon Blvd., General Santos City, South Cotabato. Latest
available records show that as of September 30, 2013, Sarangani
Rural Bank had 2,408 accounts with total deposit liabilities of
PHP45.57 million. A total of 2,407 deposit accounts or 99.96% of
the accounts have balances of PHP500,000 or less are fully covered
by deposit insurance. Total insured deposits amounted to P44.80
million or 98.31% of total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on December 11, 2013 to be held at the Audio-
Visual Room, MSU Graduate School, CETD Campus, Laurel St., General
Santos City at 2:00 in the afternoon. Depositors will be informed
of the requirements and procedures for filing deposit insurance
claims. Claim forms will be distributed during the Forum, free of
charge. The claim forms and the requirements and procedures for
filing are likewise available for downloading from the PDIC
website, www.pdic.gov.ph.

Depositors whose addresses are different from the bank records
should update their addresses with the PDIC representatives at the
bank premises or during the Forum using the Mailing Address Update
Forms to be furnished by PDIC representatives. Duly accomplished
Mailing Address Update Forms should be submitted to PDIC
representatives accompanied by a photo-bearing ID with signature
of the depositor. Depositors may update their addresses until Dec.
12, 2013.

Depositors with valid deposit accounts with balances of
PHP50,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with the Sarangani
Rural Bank including co-makers of the obligations, and have
incomplete and/or have not updated their addresses with the bank,
regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by Dec. 16, 2013.

For depositors who are required to file deposit insurance claims,
the PDIC will conduct the claims settlement operations for these
accounts from Dec. 17 to 18, 2013.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2013 filed by the Sarangani Rural Bank with the PDIC, the
bank is owned by Francisco L. Laiz, Jr. (21.87%), Rosa Ma. L.
Gayos (20.08%), Josefa L. San Pedro (20.08%) and Amanda L. Robosa
(20.04%). Its President and Chairman is Francisco L. Laiz, Jr.



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


FCI ASIA: Moody's Assigns 'B1' to $30MM Revolving Credit Facility
-----------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 corporate family rating
(CFR) to Fidji Luxembourg (BC4) S.a r.l. (FCI) and a (P)B1 rating
to its proposed US$300 million term loan due in 2020. In addition,
Moody's assigned a (P)B1 rating to the US$30 million revolving
credit facility due 2018, to be issued by FCI Asia Pte Ltd., a
wholly owned subsidiary of FCI. The outlook on the ratings is
stable.

Provisional ratings may differ from final ratings. The (P)B1
ratings were assigned under the assumption that FCI would issue
$300 million of term loans. However, if the company were to upsize
its term loan, the ratings could change reflecting our view that
incremental debt would limit FCI's ability to comfortably navigate
a cyclical downturn given its limited history as a standalone
business, recent completion of a large organizational
restructuring and recent revenue declines.

Proceeds from the term loan, plus cash on hand, are expected to be
used to fund a $330 million shareholder distribution and
shareholder loan repayment (together shareholder distribution).
Bain Capital will receive substantially all of the proceeds, as
its majority owner. FCI made a large shareholder distribution in
2012 following the sale of its automotive business to Delphi.

Ratings Rationale:

The (P)B1 CFR reflects FCI's small scale relative to competitors
in the highly cyclical, global electronic connector industry,
moderately high pro forma leverage, of around 3.3x (Moody's
adjusted), aggressive financial policies with regards to
shareholder returns and an adequate liquidity profile.

"The ratings reflect our view that FCI's completion of its planned
asset sales in 2012, portfolio pruning and organizational
restructuring in 2013 will enable it to be a more flexible and
focused organization that is better positioned to deal with the
ongoing volatility in customer demand inherent in the connector
industry" commented Moody's Vice President Brian Grieser. "With a
new management team in place and a manufacturing footprint largely
in low cost jurisdictions, Moody's views FCI's improved margins as
more resilient to cyclical pressures since its fixed cost base is
significantly lower than during the last downturn in 2009".

FCI's rating benefits from a meaningful market share within the
high speed and power (primarily Telecom and Datacom) niche of the
global electronic connector market. Despite the high-innovation
within this sector, Moody's views it as a mature, rational market
despite its competitiveness, and generally supportive of solid
margins and through-the-cycle cash generation for FCI.

In 2013, EBITDA margins have increased by roughly 200 basis points
when compared to 2012 to more than 18% as FCI's restructuring is
fully realized. While these restructuring costs weighed on free
cash flows (FCF) in 2013, Moody's expects FCI to generate FCF-to-
debt metrics (excluding dividends) in the 8%-10% range in 2014.
Credit protections metrics are further enhanced by the expectation
that interest coverage, EBITA-to-Interest, will be strong for the
(P)B1 rating category, at over 4.0x, given the current low
interest rate environment.

The (P)B1 rating on the $300 million first lien term loan due 2020
and $30 million revolver due 2018 reflects their relative size in
the capital structure, accounting for all balance sheet debt. The
facilities are expected to be pari-passu and will benefit from a
downstream guarantee from the parent entity and upstream
guarantees from the majority of operating subsidiaries. The
revolver and term loan are guaranteed and secured by a group
entities representing roughly two thirds of FCI's total EBITDA and
assets. Key manufacturing facilities in China, India and Taiwan,
representing around a third of the total EBITDA and assets, will
be excluded from the security package, although the security
package will include a share pledge over the term loan borrower
which would allow enforcement over the whole group.

The term loan facility will be covenant-lite and does not contain
any financial maintenance covenants. The revolver will have a
springing leverage covenant if usage exceeds 30% of the committed
amount, although Moody's expects the facility to remain largely
undrawn over the next twelve months. The facilities are expected
to provide for the ability to incur incremental facilities with a
basket of approximately one turn of EBITDA plus a leverage based
incurrence test.

The stable outlook reflects our expectation for mid-single digit
growth in FCI's key Telecom and Datacom end markets in 2014 and
that FCI will participate in the growth at a similar to slightly
lower level given its niche position. Accordingly, the outlook
incorporates Moody's expectation for a moderate improvement in key
leverage, interest coverage and cash flow metrics during the next
12-18 months. Further, the outlook reflects our view that FCI's
(P)B1 rating could withstand a 10-15% decline in earnings,
resulting from a cyclical industry decline at the current rating
level, at expected debt levels.

The ratings could be downgraded if FCI raised debt levels to fund
shareholder distributions or transformative acquisitions such that
leverage approached 4.0x. If leverage were to increase due to end
market cyclicality lowering EBITDA, Moody's would likely maintain
ratings until leverage reached 4.5x so long as FCI continued to
generate positive free cash flow and maintained cash reserves and
full revolver availability. Further, the loss of one or more of
its top ten customers would likely increase the likelihood.

The ratings are unlikely to be upgraded in the next 12-18 months
given its small scale, niche product focus and private equity
ownership. However, upward rating pressure could emerge should FCI
commit to debt reduction such that leverage remains below 3.5x and
EBITDA margins remain above 16% during a cyclical downturn. In
addition, FCI would need to operate with a stronger liquidity
profile, likely including large cash balances and full revolver
availability.

FCI, based in Singapore, is a specialized manufacturer of
electronic connectors for the telecom, data, commercial, and
consumer markets. FCI has a broad customer base in different end
markets, operating in over 30 countries. The operating assets of
FCI are controlled by a Singapore-based company, FCI Asia Pte Ltd,
a fully owned subsidiary of FCI. In October 2005, Bain Capital
acquired the assets that formed the current FCI for a total
consideration of EUR1.07 billion. FCI reported around US$555
million of revenues for the year ended December 2012.


FCI ASIA: S&P Assigns 'BB-' Rating to Proposed US$30MM Facility
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating and 'axBB+' ASEAN regional
scale rating to FCI Asia Pte. Ltd.  S&P also assigned its 'BB-'
long-term issue rating to FCI's proposed US$30 million senior
secured revolving credit facility and a US$300 million senior
secured term loan that Fidji Luxembourg (BC4) S.a r.l., an
indirect holding company of FCI, will issue.  FCI, together with
its two Luxemburg holding companies and some operating
subsidiaries will guarantee the term loan.

FCI is a Singapore-based connector manufacturer.  S&P expects the
company to use most of the proceeds to repay its financial
sponsor.  The rating on the term loan is subject to S&P's review
of the final issuance documentation.

"The rating on FCI reflects the company's small scale, and limited
business diversity in the global connector industry, which has
high competition and significant risks from technological
development," said Standard & Poor's credit analyst Katsuyuki
Nakai.  "The rating also factors in Bain Capital's ownership of
FCI as a financial sponsor in our financial risk assessment."

FCI's positive rating factors include its good niche position in
the high-speed and power connector segments.  The company has a
steady technology and client base, in S&P's view.  In addition,
FCI is likely to consistently generate free cash flows.

"We assess FCI's business risk profile to be "fair," as our
criteria define the term.  The company supplies mainly to the
telecom and data industry (about 60% of its revenues), and the
consumer and commercial industries. Bain Capital, a private equity
fund, became FCI's major shareholder in 2005 and has initiated
several asset disposals and reorganizations since then," S&P said.

S&P believes FCI's small size and limited business diversity
constrain its competitive position.  FCI competes against larger
connector manufacturing peers such as TE Connectivity Ltd.,
Amphenol Corp., and Molex Electronic Technologies LLC. Also, FCI's
revenues come solely from connectors.  The company generates more
than 70% of its sales from Asia and the majority of its
manufacturing facilities are concentrated in the region.  Its
EBITDA margin and return on capital have also been weaker than
major connector industry peers'.

S&P assess FCI's financial risk profile as "aggressive," as S&P's
criteria define the term.  This reflects S&P's assessment of the
influence of FCI's financial sponsor ownership as "FS-5."  S&P
believes the proposed financial covenants and restrictions on
dividend distributions would keep FCI's ratio of debt to EBITDA
below 5x in the next one to two years.

S&P assess FCI's liquidity as "adequate," based on its expectation
that liquidity sources will exceed uses by more than 1.2x over the
next 12 months.

The stable outlook on FCI reflects the company's good niche
position and S&P's expectation of steady free cash flows.  S&P's
base-case scenario estimates FCI's debt-to-EBITDA ratio will be
about 4.6x in 2013 and it expects that to improve steadily.  S&P
do not expect additional leverage, given the company's financial
covenant on the ratio of net debt to EBITDA.  S&P also assumes no
further shareholder dividend distribution in the next 12-18
months.

S&P may lower the rating if weak cash flows, large acquisitions,
or aggressive shareholder dividend distribution lead to FCI's
ratio of debt to EBTIDA exceeding 5x.  S&P may also lower the
rating if FCI's liquidity becomes "less than adequate."  This can
happen if FCI's liquidity sources will be less than 1.2x uses over
the next 12 months or its covenant headroom becomes tight.
Downward pressure on the rating will also increase if the covenant
language of the proposed facilities is relaxed or removed.

An upgrade is not likely in the next 12 months, given FCI's
current ownership structure and our assessment on the financial
sponsor ownership score at "FS-5".



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


* SOUTH KOREA: Orders Public Firms to Map Out Self-Rescue Plans
---------------------------------------------------------------
Yonhap News Agency reports that the government on Dec. 11 ordered
12 debt-ridden major public organizations to map out self-rescue
plans as part of efforts to tackle their soaring debt and enhance
efficiency in the public sector.

The finance ministry said the companies were also urged to sell
unnecessary assets, refrain from issuing additional bonds, and
conduct more vigorous feasibility reviews before and after
launching new businesses, Yonhap relates.

The report says the companies subject to the order include LH
Corp., Korea Electric Power Corp., Korea Gas Corp., Korea National
Oil Corp. and Korea Resources Corp.

According to the report, the steps are part of measures the
government unveiled on Dec. 11 to tackle what critics have called
lax management and soaring debt confronting many public
organizations, including state-run enterprises.

"This is a comprehensive set of measures intended to return to
normal public organizations whose spiking debt has been a drag on
our economy and whose excessive benefits for their workers have
drawn public anger," Finance Minister Hyun Oh-seok told a press
conference in Seoul, Yonhap reports.  "We placed our focus on
establishing a pan-government network to reduce their debt
significantly, tackle the problem of their sloppy management and
push for other reform efforts effectively," he added.

Yonhap relates that to "normalize" the operation of the public
sector, the government urged 41 public organizations including
those 12 companies to reduce their debt ratio to 200 percent by
2017 from 220 percent at the end of 2012.

They are also required to map out their own self-rescue plans,
including debt reduction, in cooperation with ministries in charge
and submit the plans to the finance ministry by January, the news
agency relays.



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


* Asian Steel & Coal Sector Outlooks Neg. in 2014, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that its outlooks for the Asian
steel and coal sectors are negative in 2014.

The negative steel industry outlook reflects the expectation that
steelmakers' profits will remain historically low in 2014 as
output remains high and demand growth slows.

The negative coal industry outlook reflects the weak liquidity and
elevated default risk for Ca- and Caa-rated companies, as
increasing coal production dampens prospects for a meaningful
rebound in coal prices.

Moody's conclusions were contained in a just-released report
titled, "2014 Outlook -- Asian Steel and Coal, Oversupply and Weak
Prices Drive Negative Outlooks". The report was authored by Jiming
Zou, a Moody's Assistant Vice President - Analyst, and Brian
Grieser, a Moody's Vice President - Senior Analyst.

According to the report, demand for steel will increase a modest
2%-3% in 2014 as China's government tolerates slower GDP growth
and shifts economic growth drivers to domestic consumption from
infrastructure spending.

The Chinese government's push to cut inefficient steel capacity
will be credit positive for most large steel producers in the
region. However, uncertainties remain as to the timing and the
scale of the capacity cuts.

Moody's expects thermal coal prices will remain flat at $80-$85
per tonne and that coking coal will remain around $150 per tonne
next year.

But uncertain regulatory environments in China and India, the
largest importers of coal, and in Indonesia, the largest exporter
of seaborne coal, cloud the coal industry's supply-demand
dynamics.

Moody's could revise the steel outlook to stable if China's
Purchasing Managers' Index stays above 50, and Moody's comes to
expect EBITDA per tonne for the region's largest steelmakers will
start improving.

The coal outlook could also turn stable if Moody's comes to expect
EBITDA per tonne for the region's largest coal producers will
begin improving and if producers' liquidity strengthens, either
through increased cash flow or refinancing.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

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

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

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


                            *********


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

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

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

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

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



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