TCRAP_Public/131230.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, December 30, 2013, Vol. 16, No. 256


                            Headlines


A U S T R A L I A

BABCOCK & BROWN: Execs Misled Investors, Singapore Fund Alleges


C H I N A

SHANGHAI ZENDAI: Fitch Lowers LT Issuer Default Rating to 'B-'


I N D I A

AMAR FAST: CRISIL Assigns 'B+' Ratings to INR110MM Loans
ANANGOOR TEXTILE: CRISIL Reaffirms 'D' Ratings on INR353.3M Loans
ANUBHA FABRICS: ICRA Assigns 'B' Ratings to INR19.3cr Loans
B D AGRO: CARE Assigns 'B-' Rating to INR5.23cr LT Bank Loans
B.R. AGRO: CRISIL Reaffirms 'B+' Ratings on INR117.4MM Loans

BHAGWATI RICE: ICRA Assigns 'B+' Rating to INR17.75cr Loans
CHALAPATHI EDUCATIONAL: CRISIL Suspends D Rating on INR105M Loans
DECCAN CHRONICLE: BIFR Rejects Plea for Bailout as Sick Firm
DURAIRAJ MILLS: ICRA Assigns 'D' Ratings to INR57.77cr Loans
EASY FIT: CRISIL Cuts Ratings on INR300MM Loans to 'C'

ENCORP POWERTRANS: CRISIL Cuts Ratings on INR90MM Loans to 'D'
EUROSHINE JEWELLERY: CRISIL Puts 'B+' Rating on INR100MM Loan
KAILASH MOTORS: CRISIL Suspends 'D' Ratings on INR60MM Loans
KIRPA RICE: CRISIL Reaffirms B+ Ratings on INR250MM Loans
LAKSHMI GANESHA: CRISIL Suspends 'C' Ratings on INR137.5MM Loans

M2 INDIA: ICRA Assigns 'B+' Ratings to INR9.5cr Loans
MAHAVIR FOUNDATION: ICRA Cuts Ratings on INR27cr Loans to 'B-'
MOHAN RAO: ICRA Upgrades Rating on INR7cr LT Loans to 'B'
NATIONAL AUTO: ICRA Lowers Ratings on INR20MM Loans to 'D'
OASIS AGRO: ICRA Reaffirms 'B+' Rating on INR18.8cr Loans

OCEAN CONSTRUCTIONS: ICRA Assigns 'B' Ratings to INR12cr Loans
ORCHID MEDICAL: CRISIL Raises Rating on INR75MM Loans to 'B+'
PADMABHUSHAN KRANTIVEER: ICRA Rates INR150cr Loan at 'B'
PARKER BUILDERS: ICRA Upgrades Rating on INR36.36cr Loan to 'B'
PATNI ENTERPRISES: CARE Assigns 'B+' Rating to INR4cr LT Loans

PATSAR TRANSFORMERS: CARE Assigns 'B+' Rating to INR2.75cr Loans
PLATINUM RESORTS: CARE Assigns 'B' Rating to INR18cr LT Loans
PODDAR BROTHERS: CARE Assigns 'B' Rating to INR1.39cr LT Loans
PRATIBHA SYNTEX: CARE Reaffirms 'B' Rating on INR442.71cr Loans
PUROHIT AND CO: ICRA Rates INR13.50cr LT Loan at 'B+'

QUENCH SOFT: ICRA Cuts Ratings on INR30cr Loans to 'D'
SATLUJ SPINTEX: ICRA Reaffirms B+ Ratings on INR218cr Loans
SHIVAM COTTEX: ICRA Ups Ratings on INR7.5cr Loans to 'B+'
SHRISTI COTSPIN: CRISIL Suspends 'D' Ratings on INR334.6MM Loans
SOMNATH COLD: ICRA Reaffirms 'B' Ratings on INR9.85cr Loans

SVM CERA: ICRA Reaffirms 'B' Rating on INR5.5cr Loans
TAPASYA SHIKSHA: CRISIL Reaffirms 'D' Ratings on INR100MM Loans
TATA MOTORS: Fitch Affirms 'BB' Issuer Default Rating
TRINETHRA INFRA: CRISIL Suspends 'D' Rating on INR80MM Loan
U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR55MM Loan

UTKARSH INDUSTRIES: CRISIL Cuts Ratings on INR280MM Loans to 'D'
VEEBEE YARNNTEX: ICRA Upgrades Ratings on INR76.67cr Loans to C+
VIRAJ STEEL: ICRA Rates INR81.5cr Term Loans at 'D'
ZENOVA BIO: CRISIL Lowers Ratings on INR96MM Loans to 'D'


I N D O N E S I A

* INDONESIA: Banks to Face Liquidity and NPL Problem in 2014


N E W  Z E A L A N D

BRIDGECORP LTD: Court Ruling May Profit Investors, Lawyers Say
* NEW ZEALAND: Court Allows Perpetual to Retire as Trustee


S R I  L A N K A

MULTI-FINANCE PLC: Fitch Cuts National Longterm Rating to 'B-'


                            - - - - -


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


BABCOCK & BROWN: Execs Misled Investors, Singapore Fund Alleges
---------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that senior
executives at collapsed investment bank Babcock & Brown have been
accused of misleading investors who put money into a failed scheme
to buy US$386 million (AUD432 million) of railway cars in the US.

SMH relates that in a writ lodged with the Victorian Supreme Court
just before Christmas, Singapore-listed mutual fund Global
Investments claims to have lost all the US$15 million it invested
in Babcock & Brown Rail North America (BBRNA).

The report says allegations against the executives include that
they used "unrealistic" modelling and misled investors over a
bridging loan obtained from another Babcock & Brown entity.

According to the report, Babcock & Brown executives named in the
writ are Victoria McManus, who was head of the group's rail group
until 2008, head of syndications George Stone, rail group head of
finance and operations Ross Sullivan, rail president Larry
Littlefield and US head of special products Richard Umbrecht.

SMH notes that the lawsuit is the second mounted in Victoria
against Babcock & Brown in the past two months as lawyers scramble
to file their paperwork before the six-year statute of limitations
expires.  In November, investors filed a lawsuit against Babcock &
Brown and senior management, including former chief executive Phil
Green, over a highly leveraged deal to buy US coin-laundry group
Coinmach in 2007, SMH recalls.

The report says the new lawsuit, filed on December 19, relates to
a complex deal to buy 5,482 rail cars that was settled on
Dec. 21, 2007. Global Investments told the Singapore Exchange it
had also filed the same claim with the New York County Supreme
Court. Both lawsuits had been lodged on a no-win, no-fee basis,
Global Investments said, the report relays.

BBRNA promised investors a return of up to 15.75 per cent a year
on their investment, but the venture collapsed after it was unable
to meet debt repayment deadlines in 2009, relays SMH.

Global Investments alleges BBRNA paid a premium of US$4.9 million
to buy about 1,400 of the railway cars from related party Babcock
& Brown Rail Funding for US$130 million. The rest of the rail cars
were bought from bank Lloyds for US$255 million, the report adds.

                         About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add  scale, infrastructure, air operating
leasing and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary
administrators after investors in the company's subordinated
notes listed in New Zealand voted against a special resolution to
restructure the terms of the notes.  Under the special
resolution, the company's equity and subordinated note holders
won't receive any return.  Babcock & Brown appointed David Lombe
and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.



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


SHANGHAI ZENDAI: Fitch Lowers LT Issuer Default Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Shanghai Zendai Property Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-'
with Negative Outlook from 'B' with Stable Outlook. Fitch also
downgraded Zendai's senior unsecured rating to 'B-' from 'B'.

The downgrade reflects the company's weak contracted sales in
2013, which has resulted in higher leverage. The Outlook is
Negative because Zendai's liquidity is likely to deteriorate if
sales do not rebound in the next 12 months.

Fitch has simultaneously withdrawn Zendai's Long-Term Foreign-
Currency IDR and senior unsecured rating as the company has no
public debt outstanding.



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


AMAR FAST: CRISIL Assigns 'B+' Ratings to INR110MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Amar Fast Food & Restaurant Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility       42.8     CRISIL B+/Stable

   Term Loan                67.2     CRISIL B+/Stable

The rating reflects limited track record of AFRPL's recently
opened outlet, its aggressive expansion plans in near term and its
subdued financial risk profile, marked by low networth and high
gearing. These rating weaknesses are partially offset by the
extensive experience of its promoters in food & beverage (F&B)
industry.

Outlook: Stable

CRISIL believes that AFRPL will continue to benefit from extensive
experience of its promoters in F&B industry. The outlook may be
revised to 'Positive' in case the company significantly scales up
its operations, thereby leading to better than expected cash
accruals and debt servicing metrics. Conversely, the outlook may
be revised to 'Negative', if the company's financial risk profile
deteriorates due to debt-funded capital expenditure beyond
CRISIL's expectation or significantly lower than expected cash
accruals.

Amar Fast Food and Restaurant Private Limited, incorporated in
2013 as a private limited company by Mr. Tushar Joshi, his brother
Mr. Dinesh Joshi and his son Mr. Hemang Joshi. AFRPL currently
operates a restaurant at Vashi, Navi Mumbai. It has plans to open
similar outlets in Mumbai over the next 12 months

The company promoters have been engaged in the F&B industry for
the past 17 years by virtue of their association with other group
entities operating in a similar line of business. The promoters
also operate other restaurants in Mumbai such as 'Amar Juice
Centre', 'Aditi Fast Food', and 'Amrut Sagar Fast Food' through
other group entities.


ANANGOOR TEXTILE: CRISIL Reaffirms 'D' Ratings on INR353.3M Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Anangoor Textile Mills Pvt Ltd at 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            8.3     CRISIL D (Reaffirmed)
   Cash Credit             130.0     CRISIL D (Reaffirmed)
   Long-Term Loan          215.0     CRISIL D (Reaffirmed)

The rating reflects frequent delays by Anangoor in servicing its
term debt; the delays have been caused by the company's weak
liquidity.

Anangoor also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and its margins are
susceptible to volatility in raw material prices. However, the
company benefits from its established position in the textiles
industry.

Anangoor was established as a partnership firm in 1995 by Mr. K
Ramasamy and Mr. C Palanisamy. The company manufactures cotton
yarn in its manufacturing units located in Kangeyam and Anangoor
(both in Tamil Nadu).

Anangoor reported a profit after tax (PAT) of INR9.5 million on
operating revenues of INR932 million for 2012-13 (refers to
financial year, April 1 to March 31); it reported a PAT of INR6.3
million on operating revenues of INR748 million for 2011-12.


ANUBHA FABRICS: ICRA Assigns 'B' Ratings to INR19.3cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR4.50 crore
long-term fund based limits and INR14.80 crore term loan
facilities of Anubha Fabrics Private Limited. The rating of
'[ICRA]A4' has also been assigned to the INR2.00 crore short-term
non-fund based limit of AFPL.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Long        4.50        [ICRA]B assigned
   term Limits

   Term Loans            14.80        [ICRA]B assigned

   Non-fund Based,        2.00        [ICRA]A4 assigned
   Short-term
   Facilities

The assigned ratings are constrained by AFPL's relatively modest
scale of operations with limited operational track record and its
weak financial profile as reflected by the losses in the first
year of operations, highly leveraged capital structure and weak
debt protection metrics. The ratings are further constrained by
the the highly competitive and fragmented nature of the weaving
industry. The ratings also take into consideration the
vulnerability of the company's profitability to the cyclicality
inherent in the textile industry and fluctuations in raw material
prices, although the latter is partly mitigated by the procurement
of raw materials against firm orders.

The ratings, however, favorably take into account the long
standing experience of the promoters in the textile industry and
locational advantage available to the company due to its proximity
to raw material sources and customers.

Incorporated in July 2011, Anubha Fabrics Private Limited is
engaged in manufacturing of polyester grey fabric using water-jet
looms. The company commenced commercial production in December
2012 at its manufacturing facility located near Surat in Gujarat.
The facility has 124 water-jet looms with an installed weaving
capacity of 1.8 crore metres annually. The company is promoted by
Mr. Amitesh Bansal, Mr. Vidyakar Bansal, Mr. Vipul Kanodia and
other friends/relatives. The promoters have long experience in the
textile industry through their associate concern, Anubha
Polyweaves Private Limited.

Recent Results

During FY 2013, AFPL reported an operating income of INR2.67 crore
with a net loss of INR1.03 crore. Based on provisional financials
of 6 month period of FY 2014, AFPL has reported operating income
of INR10.92 crore.


B D AGRO: CARE Assigns 'B-' Rating to INR5.23cr LT Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of B D Agro
Products Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of B D Agro Products
Pvt Ltd is constrained by its short track record of operations,
presence in an intensely competitive and highly regulated
industry, high working capital intensity of its business with
exposure to the vagaries of nature and weak financial risk profile
characterized by small scale of operation, moderate overall
gearing ratio and stretched liquidity position. The rating,
however, derives strength from the experience of the
promoter, proximity to raw material sources providing logistical
advantage and favorable industry scenario.

The ability of the company to increase the scale of operations
with improvement in profitability and effective management of
working capital would be the key rating sensitivities.

B D Agro Products Pvt Ltd, incorporated in June 2009 was promoted
by brothers Mr Rajendra Agarwal and Mr Mahendra Agarwal based out
of Kolkata, West Bengal. The company was promoted to set up a
processing & milling unit of par boiled rice and sale of its by-
products like husk, rice bran in the domestic market. Initially
BDAPL was engaged into trading of paddy and wheat. It commenced
commercial production in April 2011 in its plant situated in
Howrah, West Bengal, having an installed rice processing and
sorting capacity of 24,000 metric tonnes per annum. The company
manufactures around different varieties of rice ranging from
INR1,900/quintal to INR2,100/ quintal.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR0.85 crore (INR0.20 crore in FY11)
and a net loss of INR0.22 crore (net profit of INR0.00 crore in
FY11) on a total income of INR21.91 crore (INR2.78 crore in FY11).

Furthermore, the management has maintained that the company has
achieved a total operating income of INR21.53 crore in FY13
(provisional).


B.R. AGRO: CRISIL Reaffirms 'B+' Ratings on INR117.4MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of B.R. Agro Foods Pvt Ltd
continues to reflect the company's below-average financial risk
profile, marked by high gearing and below- average debt protection
metrics. The rating also reflects company's modest scale of
operations in the intensely competitive and regulated rice
industry and working-capital-intensive business. These rating
weaknesses are partially offset by the extensive experience of
BRPL's promoters in the rice industry, the company's established
relationships with its clients, and the funding support it gets
from its promoters.

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

   Proposed Long-Term
   Bank Loan Facility        3.6    CRISIL B+/Stable (Reaffirmed)

   Term Loan                13.8    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BRPL will continue to benefit over the medium
term from its promoters' extensive experience in the rice-milling
industry. The outlook may be revised to 'Positive' if the company
reports better-than-expected sales and operating profitability,
leading to significant cash accruals and thus to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the company reports less-than-expected sales or
operating profitability, or if there is stretch in its working
capital cycle, or if it undertakes a larger-than-expected debt-
funded capex programme leading to further weakening of its
financial risk profile, especially its liquidity.

Update

BRPL reported revenue of around INR610.5 million and operating
profitability of 4.0 per cent for 2012-13 (refers to financial
year, April 1 to March 31), almost in line with CRISIL's
expectations. During the period, the company derived around 50 per
cent of its sales under its brands (Dhoom and 621 for basmati rice
and 9999 for non-basmati rice) as compared with 10 to 15 per cent
from the same in 2011-12. Increasing sales from its in house
brands and expected ramp up in the operations from the enhanced
capacities is expected to support the business risk profile of the
company. This is reflected in the entire sales in the first half
of 2013-14 generated of about INR350 million under its own brand.
However, the operations are expected to remain working capital
intensive driven by large inventory requirements due to seasonal
availability of raw material.

BRPL continues to have below-average financial risk profile,
marked by high gearing of around 2.6 times as on March 31, 2013,
and weak debt protection metrics driven by its recently completed
capital expenditure (capex) and debt-funded working capital
requirements. The company undertook capex of INR10.5 million in
2012-13 funded through debt of INR2.5 million and promoters'
contribution of INR4.8 million in the form of equity and rest
accruals. Furthermore, debt-funded working capital requirements
have resulted in its fully utilised bank lines and, therefore,
constrained liquidity. CRISIL believes that BRPL's financial risk
profile, especially its liquidity, will remain constrained over
the medium term on account of the high reliance on short-term bank
borrowings to fund its large incremental working capital
requirements. However, funding support from the promoters is
expected to continue to support the company's liquidity.

BRPL was promoted by the Yadav and Bhatia families in 2012 to
undertake processing of rice. It has a paddy-processing plant at
Bilaspur (Uttar Pradesh).


BHAGWATI RICE: ICRA Assigns 'B+' Rating to INR17.75cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for the INR3.75
crore (INR17.75 crore (enhanced from INR14.0 crore) bank lines of
Bhagwati Rice Mill (P) Ltd.  Rating of [ICRA]B+ is outstanding for
INR14.0 crore bank lines of BRM.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Working Capital    17.75       [ICRA]B+ (Assigned/outstanding)
   Limits

The rating takes into consideration BRM's moderate scale of
operations, its weak financial profile characterized by moderate
profitability and intensely competitive nature of industry, its
high gearing levels of 4.33 times as on March 31, 2013 and weak
debt protection indicators. However, the rating favorably takes
into account BRM's experienced management and long track record of
operations in the rice industry and easy availability of paddy as
the company's mill is located near the "mandi". Moreover, ICRA
also takes into account the favorable demand prospects of the
industry with India being one of the largest producer and consumer
of rice in the world.

Bhagwati Rice Mill (P) Ltd was established in 1996. The company is
primarily engaged in milling of rice. BRM's milling unit is based
out of Mainpuri, Uttar Pradesh and is in close proximity to the
local grain market. BRM sells rice under its 4 different regional
brands - Shree, Hathi, Gulab and Ujjwal in the domestic market.

Recent Results

The company reported a net profit after tax of INR0.04 crore on an
operating income of INR43.94 crore during FY2013 as against a net
profit after tax of INR0.05 crore on an operating income of
INR41.98 crore during FY2012.


CHALAPATHI EDUCATIONAL: CRISIL Suspends D Rating on INR105M Loans
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Chalapathi
Educational Society.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               7       CRISIL D Suspended
   Term Loan                98       CRISIL D Suspended

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

Established in 1996, CES runs Chalapathi High School, Chalapathi
Junior College, Chalapathi Degree College, Chalapathi Institute of
Pharmaceutical Science, Chalapathi Institute of Technology, and
Chalapathi Institute of Engineering and Technology at two campuses
in Guntur (Andhra Pradesh). The society has a total student
strength of around 3700. CES's engineering colleges are approved
by the All India Council for Technical Education, New Delhi, and
are affiliated to Acharya Nagarjuna University (ANU), Guntur, and
Jawaharlal Nehru Technological University, Kakinada. The society's
pharmacy colleges are affiliated to ANU. CES is promoted by Mr. Y
V Anjaneyulu and his family.


DECCAN CHRONICLE: BIFR Rejects Plea for Bailout as Sick Firm
------------------------------------------------------------
The Times of India reports that the Board for Industrial and
Financial Reconstruction (BIFR) has thrown out Deccan Chronicle
Holdings Ltd's application for a bailout as a sick unit under
Section 15(1) of the Sick Industrial Companies (Special
Provisions) Act 1985 (SICA).

In its order, the report relates, the BIFR stated that DCHL's
registration was declined as the company had failed to submit
relevant documents, had concealed crucial facts from the board,
provided misleading and factually incorrect information and also
violated Section 15(1) of SICA. "Your company claims to be an
industrial undertaking, whereas a copy of the relevant certificate
issued by the Secretariat for Industrial Assistance (SIA),
department of industrial policy and promotion (DIPP), government
of India, indicating industrial status of your company, item of
manufacture, number and date of registration under the Industries
(Development and Regulation) Act, 1951, has not been submitted to
substantiate this claim," BIFR, as cited by TOI, said.

It further said that the company was primarily in the business of
newspaper, but it had filed the reference showing its business to
be that of printing which was 'completely misleading and factually
incorrect,' the report relates.  To support this point, BIFR
pointed out that it was "public knowledge that DCHL till recently
operated the Hyderabad team of Indian Premier League (IPL) and
also runs more than 50 Odyssey stores across Tamil Nadu, Andhra
Pradesh, Karnataka, Maharashtra and Delhi NCR dealing with
consumer lifestyle products like books, music, stationery, gifts,
toys, etc," the report adds.

"In its appeal, the company has submitted a copy of certification
of registration issued by the registrar of newspapers for India.
Each unit of the company is registered as a 'Newspaper' under the
Press and Registration Books Act, 1867. However, this is not a
manufacturing activity covered in the First Schedule of the IDR
Act, 1951. In support of its claim of being an industrial
undertaking, the company has failed to submit a copy of the
relevant certificate indicating industrial status of the company,"
BIFR said in its order cited by TOI.

TOI adds that the BIFR also noted that the company has filed the
reference based on the provisional accounts for the financial year
2012-13 ending on June 30, 2013, and has not submitted its audited
balance sheet as on June 30, 2013. But on perusal of records, it
found that the company had ignored the mandatory provisions of law
by not excluding from the relevant balance sheet such amounts,
which pertain to such properties against which creditors have
taken possession of properties under the Sarfaesi Act. "Thus the
balance sheet on the basis of which the purported reference was
made was false and improper," the BIFR order ruled, TOI adds.

India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals.  The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional daily.
It also owns franchise rights for the Hyderabad team of the Indian
Premier League.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 17, 2013, The Times of India said Deccan Chronicle has become
the second biggest defaulter in the latest credit crunch, after
Kingfisher AirlinesBSE 3.57 % went down owing lenders more than
INR7,000 crore.  The company declared itself sick in September
2013 and checked into the Board for Industrial and Financial
Reconstruction, TOI disclosed.


DURAIRAJ MILLS: ICRA Assigns 'D' Ratings to INR57.77cr Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]D' to the
INR37.77 crore term loan facilities, and the INR15.00 crore fund
based facilities of Durairaj Mills Limited. ICRA has assigned the
short-term rating of '[ICRA]D' to the INR5.00 crore short-term
non-fund based facilities of DML. ICRA has also assigned ratings
of [ICRA]D/[ICRA]D for the INR2.23 crore unallocated facilities of
DML.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loans             37.77        [ICRA]D Assigned

   Long term-Fund
   based facilities       15.00        [ICRA]D Assigned

   Short-term Non-
   fund based
   facilities              5.00        [ICRA]D Assigned

   Long-term/Short-
   term unallocated
   facilities              2.23        [ICRA]D/[ICRA]D Assigned

The assigned ratings reflect the tight liquidity position, which
has resulted in delays in debt servicing in 2012-13. DML's
operation was severely impacted by unfavourable government policy
on exports, which led to inventory losses in 2011-12 (owing to
sharp decline in cotton yarn and cotton fibre prices). Inventory
losses had affected the liquidity position of the company, this
coupled with higher debt repayments from the debt-funded capital
expenditure incurred in the past had led to delays in debt
servicing. This apart, paucity of working capital fund had
hindered the capacity utilization and revenue growth in 2012-13
and 2013-14. Going forward, with favorable operating environment ,
stability between cotton yarn and cotton fibre prices, forecasted
for cotton spinning industry, the credit profile of the company is
likely to improve, however, for DML the same will be contingent
upon availability of sufficient liquidity. DML has approached the
lenders for a term loan-restructuring package to tide over the
liquidity issues; this is likely to ease the strain on the
liquidity in the near-term.

Durairaj Mills Limited, incorporated in 1983, engaged in
production of cotton Hosiery and cotton Warp yarn. DML has two
spinning facilities in Pongalur and Annur (located near,
Coimbatore) with a combined installed capacity of 39,042 spindles
with the counts produced ranging from 8s to 60s. The company
caters for the domestic demand of combed, carded and slub yarns
primarily to yarn markets in the states of Tamil Nadu and
Maharashtra. Prior to incorporating the mill the promoters had
interests in cotton trading and ginning, initially started in
1950s by Mr. N. Duraiswamy Naidu. Later his sons (Mr. P.D.
Damodaran, Mr. D. Kangaraj, Mr. D. Jayachandran and Mr. D.
Ramaswamy) decided to enter the spinning business. Apart from this
spinning business, the directors also derive income from
agricultural activities. The company has got ISO-9002
certification and won an award as Government Recognised Export
House.

Recent Results

For the six months ending September 30, 2013, DML had a profit
before tax of INR1.2 crore on an operating income of INR31.0
crore. During 2012-13, the Company had net loss of INR2.2 crore on
an operating income of INR61.3 crore.


EASY FIT: CRISIL Cuts Ratings on INR300MM Loans to 'C'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Easy
Fit Jewellery Pvt Ltd (Easy Fit; a part of the SGJHL group) to
'CRISIL C /CRISIL A4' from 'CRISIL BB/Negative/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bill Discounting         1,000      CRISIL A4 (Downgraded from
                                       'CRISIL A4+')

   Proposed Long-Term
   Bank Loan Facility         300      CRISIL C (Downgraded from
                                       'CRISIL BB/Negative')

   Proposed Short-Term
   Bank Loan Facility         700      CRISIL A4 (Downgraded from
                                       'CRISIL A4+')

The rating downgrade reflects a sharp deterioration in SGJHL
group's financial risk profile and liquidity driven by substantial
losses of INR10.47 billion, incurred by the group's parent company
Shree Ganesh Jewellery House (I) Ltd (SGJHL; part of the SGJHL
group) during the quarter-ended September 30, 2013. These losses
resulted from the loss of INR11.37 billion reported by Shree
Ganesh Jewellery House, FZE (SGJH, FZE), SGJHL's UAE-based wholly-
owned subsidiary, on cancellation of bullion purchase agreement.
Consequently, SGJHL provided for diminution in the value of its
investment in SGJH FZE and also recorded INR6.23 billion due from
SGJH FZE as a bad debt. Furthermore, SGJHL reported INR3.96
billion in losses due to unwinding of a sales transaction
following non-saleability of the product delivered, and SGJHL's
consequent call back of the same.

The above-cited losses are estimated to result in a decline of
around 50 per cent in the SGJHL group's net worth, a sharp
increase in its gearing and debt protection metrics. Moreover,
these losses led to sharp deterioration in the group's liquidity.
The SGJHL group's liquidity was already constrained by delays in
receivable collections. The above-mentioned losses have magnified
the pressure on the group's liquidity manifold. CRISIL believes
that such large losses leading to a sharp decline in the SGJHL
group's liquidity has resulted in a substantial decline in the
group's ability to timely service its debt.

The ratings also reflect the SGJHL group's exposure to risks
related to high customer and geographic concentration and intense
industry competition in the domestic retail jewellery market, and
to its weak financial risk profile. These rating weaknesses are
partially offset by the benefits that the SGJHL group derives from
the promoters' extensive industry experience and its established
market position in the hand-crafted jewellery industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Easy Fit, Gokul Jewellery House Pvt Ltd
(Gokul), and their parent, SGJHL. This is because these companies,
together referred as the SGJHL group, have a common management
team, operate in similar lines of operations, and share
operational and financial linkages. CRISIL does not have any
outstanding rating on the debt of SGJHL.

SGJHL, incorporated in August 2002, is a part of the Kolkata-based
SGJHL group, promoted by Mr. Nilesh Parekh and Mr. Umesh Parekh.
The company has been trading, manufacturing and exporting
handcrafted, machine-made plain and studded gold jewellery and
diamond jewellery over the past four decades. The company markets
its jewellery under the GAJA brand in the domestic market. SGJHL
exports handcrafted gold jewellery from India, primarily in
countries such as the United Arab Emirates, Hong Kong, and
Singapore.

Easy Fit is a 100 per cent subsidiary of SGJHL. Easy Fit
manufactures and exports handcrafted, machine-made plain and
studded diamond jewellery. Gokul is a 51 per cent subsidiary of
SGJHL. The company manufactures and exports handcrafted/machine-
made, plain, and studded gold jewellery.


ENCORP POWERTRANS: CRISIL Cuts Ratings on INR90MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Encorp Powertrans Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              31.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                59.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Encorp in
servicing its debt; the delays have been caused by the company's
weak liquidity resulting from its large working capital
requirements.

Encorp has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics, and limited
track record of operations. However, the company benefits from its
promoter's established contacts with companies in the power
transmission sector.

Encorp, incorporated in 2010 and promoted by Mr. Rahul Nowal and
his brother Mr. Vinay Nowal, is engaged in the fabrication of
power transmission towers. The company also undertakes
galvanisation work for fabricated steel structures. Its
manufacturing facility is at Tarapur (Maharashtra).


EUROSHINE JEWELLERY: CRISIL Puts 'B+' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Euroshine Jewellery Works Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        100     CRISIL B+/Stable

   Post Shipment Credit       60     CRISIL A4

   Pre Shipment Credit        40     CRISIL A4

The ratings reflect EJWPL's working capital-intensive nature of
operations, and subdued financial risk profile marked by high
external indebtedness and modest debt protection metrics. These
rating strengths are partially offset by extensive industry
experience of EJWPL's promoters in the diamond industry.

Outlook: Stable

CRISIL expects EJWPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive
experience and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the
company's revenues and margins increase significantly, while
improving its capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if EJWPL's
financial risk profile deteriorates, because of sharp decline in
profitability or revenues, a higher-than-expected debt-funded
capital expenditure, or deterioration in its working capital
cycle.

Euroshine Jewellery Works Private Limited, erstwhile Hiraco
Jewellery (India) Pvt Ltd, was established in 2005, and is engaged
in manufacturing of diamond studded jewellery.

The company is jointly owned by the Mumbai-based Mr. Nitin Shah
and the Spain-based Facet Group. The company's administrative
office is located at Andheri (Mumbai) and its business operations
are managed by Mr. Nitin Shah.

EJWPL reported, on a provisional basis, a profit after tax (PAT)
of INR12.8 million on net sales of INR836 million for 2012-13
(refers to financial year, April 1 to March 31), as against a PAT
of INR22 million on net sales of INR1.01 billion for 2011-12.


KAILASH MOTORS: CRISIL Suspends 'D' Ratings on INR60MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kailash
Motors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              34.5     CRISIL D Suspended
   Term Loan                25.5     CRISIL D Suspended

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

KM, incorporated in 1994 as a partnership firm, and based in
Bhilai, Chhatisgarh, is an authorised dealer of two-wheeler
vehicles manufactured by TVS Motor Company Limited(TVS). The firm
currently has two showrooms and one workshop in Bhilai. The firm
is managed by Mr. Sanmukhdas Madhyani.


KIRPA RICE: CRISIL Reaffirms B+ Ratings on INR250MM Loans
---------------------------------------------------------
CRISIL rating on the bank facilities of Kirpa Rice Mills continues
to reflect KRM's weak financial risk profile, small net worth, on
account of its low operating margin, and its susceptibility to raw
material price risks. These rating weaknesses are partially offset
by the extensive experience of the KRM's promoters in the rice
business.

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

   Proposed Long-Term
   Bank Loan Facility       50     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KRM will continue to benefit over the medium
term from its partners' extensive experience in the rice-
processing industry. The outlook may be revised to 'Positive' if
KRM scales up its operations and improves its profitability,
leading to better-than-expected cash accruals, or if its capital
structure improves significantly because of equity infusion by the
partners. Conversely, the outlook may be revised to 'Negative' if
there is significant weakening in the firm's capital structure
because of larger-than-expected debt-funded capital expenditure or
significant pressure on profitability thereby further constraining
its liquidity.

KRM was promoted by Mr. Satpal along with his three sons, Mr.
Surinder Pal, Mr. Krishan Lal, and Mr. Ashok Kumar, in 1998 as a
partnership firm. The firm is engaged in processing and sale of
basmati rice in the domestic market.

For 2012-13 (refers to financial year, April 1 to March 31), KRM's
profit after tax (PAT) stood at INR1.9 million on net sales of
INR588.8 million against PAT of INR1.3 million on net sales of
INR462.2 million for 2011-12.


LAKSHMI GANESHA: CRISIL Suspends 'C' Ratings on INR137.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Lakshmi
Ganesha Textiles Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              82.5     CRISIL C Suspended
   Term Loan                55.0     CRISIL C Suspended

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

LGTL was reconstituted as a private limited company during 2011-
12; it was initially a closely held public company, which was set
up in 1989 by Mr. V Radhakrishnan. It manufactures cotton yarn and
has capacity of around 33,000 spindles at its unit at Alathur
Village near Coimbatore (Tamil Nadu). LGTL is managed by its
founder's son Mr. Vikram Naidu. It has a diverse product profile,
comprising warp yarn, hank yarn, and hosiery yarn in varied
counts. The company procures raw cotton from Gujarat, Andhra
Pradesh, Karnataka, and Madhya Pradesh. LGTL is under process of
winding up its business by 2012-13.


M2 INDIA: ICRA Assigns 'B+' Ratings to INR9.5cr Loans
-----------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR3.50 crore overdraft facilities and the INR6.00 crore channel
finance facilities of M2 India Electric Private Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Overdraft-Fund           3.50         [ICRA]B+/Assigned
   Based (State Bank
   of India)

   Channel Financing-       6.00         [ICRA]B+/Assigned
   Fund Based (State
   Bank of India)

The assigned rating takes into account the limited track record of
the trading operations of the Company, its modest scale of
operations in a highly competitive industry and the Company's weak
financial profile. The rating further takes into account the thin
margins owing to trading nature of the business restricting the
operational and financial flexibility, low pricing power on
account of high competitive intensity from other Companies in the
same product line and regional concentration of business in
Karnataka - primarily Bangalore and nearby areas.

In addition, the MIEPL's financial profile is characterized by
thin accruals, strained cash flows, stretched capitalisation
ratios (Total outside liabilities/Tangible Networth) and modest
debt protection indicators. However, the assigned rating
favourably factors in the association of the Company with leading
wire and cable manufacturer - Polycab Wires Private Limited
(Polycab), the support from the principal in the form of long
creditor days, and the healthy demand prospects of wire and cable
industry over the long term. While the customer concentration of
the Company remains moderate (with top five customers accounting
for ~39% of revenues during 2012-13), the order volatility risk is
accentuated in the absence of any long term agreement with its
existing customers. However, the Company during 2012-13 witnessed
increase in orders from existing clients and addition of new
customers to its portfolio also reflected by improvement in the
scale of operations during 2012-13. Going forward, the Company's
ability to scale up, improve its operational performance and
improve its cash flows would be key rating sensitivities.

Incorporated in 2010 by Mr. Vikram Ambani and Mr. Amit Ambani, M2
India Electric Private Limited is an authorized distributor/dealer
of Polycab Wires Private Limited, Finolex Cables Limited and V-
Guard Industries Limited for wires, cables and MCB's (Miniature
Circuit Breaker) in the state of Karnataka. The Company primarily
caters to the real estate sector and local traders in Karnataka
with them contributing to around 80% and 20% of the business,
respectively. The Company has its warehouse facility in Mysore
Road, Bangalore spread over the area of 25,000 sq ft.

Recent Results

During 2012-13 (according to unaudited results), the Company
reported net profit of INR0.3 crore on an operating income of
INR43.3 crore as against net profit of INR0.1 crore on an
operating income of INR16.0 crore in 2011-12.


MAHAVIR FOUNDATION: ICRA Cuts Ratings on INR27cr Loans to 'B-'
--------------------------------------------------------------
ICRA has revised the long term rating assigned earlier to the
INR27.00 crore fund based bank facilities of Mahavir Foundation
for Educational Research & Development to '[ICRA]B-' from
'[ICRA]B' earlier.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     27.00        [ICRA]B- downgraded

The rating revision factors in the significant delay faced by the
society in getting requisite regulatory approvals for its proposed
management and engineering college, in light of which the project
has faced further delays. This in turn is likely to shrink the
moratorium period available as per the revised terms of sanction,
increase likelihood of further cost over-runs, and thereby
increase the society's reliance on promoters' funding. Funding
risks are further elevated due to limited undrawn debt in relation
to balance costs of project and additional proposed capital
expenditure on schools, for which society is yet to achieve the
financial closure. Completion of project and loan repayments are
thus highly dependent of timely infusion of promoter's
contribution, which appears to have weakened given the financial
profile of group trusts.

The rating however continues to derive comfort from the society's
experienced promoters who have been engaged in the education
sector for more than 8 years.

While the society is allowed to service its interest obligations
through disbursement of balance term loan till COD (i.e. April
2014), it will be dependent on promoters' funding for the same,
post COD. Timely infusion of promoters' funding would thus remain
critical for debt servicing and completion of the project and
hence would be the key rating sensitivity.

Promoted by Mr. Abhishek Jain and Mr. Subhash Chand Jain who have
been engaged in the education sector for more than 8 years, MFERD
is a Ghaziabad-based society registered under the Societies
Registration Act of 1860. Besides MFERD, the promoters manage
three other educational societies. MFERD proposes to set up an
educational institute, "CPJ College of Engineering & Technology",
in Ghaziabad (Uttar Pradesh) for offering graduate and post
graduate courses in engineering and management courses (like MCA,
B-tech and MBA). While the earlier SCOD of the college was April
2013, however due to pending building plan approval from the State
Government of Uttar Pradesh, the project faced significant delays
with the SCOD getting extended by one year to April 2014.

The total project cost for the proposed college is pegged at
INR59.16 crore (revised from earlier estimate of INR54 crore owing
to delays in project execution and consequent cost over-runs).This
project cost is being funded through a debt of INR27.00 crore and
balance via promoters' contribution/unsecured loans, which has
increased from INR27.00 crore to INR32.16 crore given the cost
overruns. With the deferment of COD, the term loan availed by the
society was also restructured in June 2012. As per the revised
repayment schedule, the repayments are now scheduled to commence
from June -2015 (vis-a-vis June 2014 as per the original terms of
sanction). The society was additionally allowed to service its
interest obligations through disbursement of balance term loan
till COD. Besides college, society also proposes to set up two
schools, primary and secondary, in Ghaziabad. The scheduled
commercial operation date (SCOD) for the primary school is AY
2014-15 and that of the secondary school is AY 2015-16.


MOHAN RAO: ICRA Upgrades Rating on INR7cr LT Loans to 'B'
---------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR7.00
crore fund based limits of Mohan Rao and Company to '[ICRA]B' from
'[ICRA]B-'.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          7.00         Upgraded to [ICRA]B

The upgrade in rating reflects increased scale of operations
backed by 117% growth in sales volume coupled with improvement in
working capital on account of reduced inventory holding and
thereby resulting in lower debt levels. The rating continues to
remain constrained by the susceptibility of raw material
availability to climatic conditions; small scale of operations and
fragmented nature of the industry characterized by presence of
large number of players which limits the firm's ability to pass on
any adverse price movement to its customers and risks inherent in
partnership nature of the firm. ICRA notes that the overall
financial risk profile of the firm continues to remain weak with
low profitability and modest coverage indicators. However, the
rating favorably factors in established track record of the
promoters with more than three decades of experience in ginning
and proximity of the firm to cotton growing areas of Adilabad
district of Andhra Pradesh.

The ability of the firm to increase its scale of operations and
improve its profitability would remain the key rating
sensitivities.

Mohan Rao and Company was established in 1972 by Ms. Laxmi Bai and
Mr. Mohan Rao Patel as cotton trader for cotton lint, seed and
cakes at Bhainsa in Adilabad district of Andhra Pradesh. In
addition to trading of lint, currently the firm has also started
ginning operations on job work basis from its sister concern named
M/s. Bhainsa Ginning & Pressing Factory which has an installed
capacity of 53 gins.


NATIONAL AUTO: ICRA Lowers Ratings on INR20MM Loans to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR10.00 crore
long term fund based working capital facility of National Auto
Wheels Private Limited from '[ICRA]C+' to '[ICRA]D'. ICRA has also
revised the short term rating assigned to INR10.00 crore short
term fund based working capital facility of NAW from '[ICRA]A4' to
'[ICRA]D'. The short term fund based limit is sublimit to the long
term fund based limit.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund       10.00        Revised to [ICRA]D from
   based limits                       [ICRA]C+


   Short Term, Fund      10.00        Revised to [ICRA]D from
   based limits                       [ICRA]A4

The ratings revision takes into account irregularities in debt
servicing by the company in the recent past due to tight liquidity
condition. As per the information available with ICRA, there have
been instances of overdrawals by the company in its fund based
facilities for more than 30 days.

NAW is engaged in passenger car dealership for Tata Motors
Limited. NAW started its operations from March 14, 2011 onwards,
and the company currently operates from a rental showroom (3,146
sq. ft) in Hadapsar region, which is one of the emerging
commercial/residential areas of Pune.

NAW is managed by Mr Ashish Nagpal, having interest in real
estate, finance and auto dealership business. Mr. Nagpal has close
control over company's operations, assisted by professional and
experienced team.


OASIS AGRO: ICRA Reaffirms 'B+' Rating on INR18.8cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]B+' to the
INR18.80 crore fund based facilities of Oasis Agro Infra Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based limits      18.80        [ICRA]B+ (reaffirmed)

The rating reaffirmation takes into account various challenges
faced by the company to acquire the projected land (of 500 acres
every year), small scale of operations with dependence of revenues
on intercropping sales during the interim years with the company
reporting an operating income of INR4.03 crore in FY13. The rating
also factors in agro climatic risks, which can affect the crop
adversely, as the growth of plants is highly dependent on
rainfall.

The rating however, continues to factors in positive demand
outlook of Poplar (used for making matchsticks, plywood, block
boards, charcoal, etc), strategic location of the sites which are
conducive in terms of climate & quality of soil required; and an
integrated business model with intercropping of crops like
cereals, sugarcane, mustard to provide regular cash flows in the
interim years. Further, repayment of the term loan commences from
FY16, allowing moratorium for the rotation period of poplar (4-5
years). This is expected to help the company to augment its poplar
cash flows by the accruals generated from Intercropping during the
rotation years, thus ensuring adequate cash flows to service its
debt obligations. ICRA has also taken note of the tax exemption on
agricultural income.

Going forward, ability to add the projected land every year,
satisfactory growth of plants in the next couple of years and
revenues from intercropping would thus remain key rating drivers
in the medium term.

Incorporated in October 2010, the Company is engaged in growing
Poplar plants along with inter crop farming like growing of crops
such as Cereals (Paddy & Wheat); Sugarcane, Mustard, Vegetable
crops (Potato, Garlic, Onion, Cauliflower, Tomato, etc.), Fruit
crops (Mangoes, Guava, Litchi, Banana, Papaya), Turmeric etc. The
rotation followed is 4-5 years. As on date the area under
cultivation is around 1160 Acres, all under lease agreement of 5
years from different farmers.

Recent Results

During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR1.11 crore on an operating income of INR4.03
crore as against PAT of INR1.56 crore on an operating income of
INR2.24 crore in 2011-12.


OCEAN CONSTRUCTIONS: ICRA Assigns 'B' Ratings to INR12cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR12.00
crore fund based and non-fund based facilities of Ocean
Constructions (India) Private Limited.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based-            5.35        [ICRA]B Assigned
   Cash Credit

   Fund based-            1.61        [ICRA]B Assigned
   Term Loan

   Non-fund based-        5.04        [ICRA]B Assigned
   Bank Guarantee

The assigned ratings are constrained by the low scale of
operations within the civil construction business and the
relatively low value additive nature of contracts leading to
significant competition and consequent pressure on margins. The
company is also exposed to high geographic and sector
concentration with orders executed mainly in the irrigation sector
in Karnataka. The ratings are further constrained by the steep
drop in operating profit margin from 22.0% in FY11 to 8.6% in FY13
due to the aggressive bidding undertaken by the company. The
ratings also factor in the high 'Total Outside
Liabilities/Tangible Net Worth' of 3.85 times as on 31st March
2013 as the working capital requirements of the company are
largely funded by trade creditors. However the assigned ratings
take comfort from the 15 year long experience of the promoters in
the civil construction business, the established relationship with
clients and timely execution of projects resulting in repeat work
orders. The ratings also positively factor in the adequate order
book size of INR42.31 Crore as on 4th December 2013 (1.31 times of
operating income of FY13) that provides revenue visibility for the
short term.

M/s Ocean Constructions, a proprietorship firm set up in 2006 and
owned by Mr. Sharfuddin Ali Mulki was taken over by Ocean
Constructions India Private Limited (OCIPL, incorporated in 2008)
in April, 2013. OCIPL, promoted by Mr. Sharfuddin Ali and his
brothers Mr. Inayath Ali and Mr. Abid Ali undertakes civil
contracts involving irrigation canals, aqueducts, site grading &
levelling and road works in Karnataka mainly for government
clients including Karnataka Neeravari Nigam Limited, Krishna
Bhagya Jala Nigam Ltd, Public Works Department (Karnataka),
National Mineral Development Corporation and Mangalore City
Corporation. Ocean Constructions previously undertook sub-
contracting works for private companies including Shapoorji
Pallonji and company Ltd and AMR India Ltd.


ORCHID MEDICAL: CRISIL Raises Rating on INR75MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Orchid Medical Centre Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                63.7     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term
   Bank Loan Facility       11.3     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by OMCPL over
the 11 months through November 2013, supported by improved
liquidity. The company has achieved an over 90 per cent growth in
revenues coupled with improved margins in 2012-13 (refers to
financial year, April 1 to March 31) as against 2011-12. Its
liquidity has improved largely due to significant increase in
accruals to INR12.3 million in 2012-13 from INR1.3 million in
2011-12; the accruals are expected to exceed INR20 million in
2013-14. CRISIL believes that OMCPL will, over the medium term,
continue to register moderate growth in revenues and
profitability, supported by increase in occupancy levels as well
as improved realisation per bed and for other services at its
hospital.

OMCPL's debt protection metrics have also improved significantly
as reflected in its interest coverage and net cash accruals to
total debt ratios of 2.4 times and 0.18 times, respectively, in
2012-13; the metrics are expected to improve further over the
medium term. The upgrade also reflects CRISIL's belief that OMCPL
will generate adequate accruals while sustaining its working
capital cycle, which will ensure adequate coverage of its maturing
term loan obligations over the medium term.

The ratings, however, continue to reflect OMCPL's modest scale of
operations with geographic concentration in its revenue profile,
and its small net worth. These rating weaknesses are partially
offset by the company's wide offering of secondary and tertiary
healthcare services.

Outlook: Stable

CRISIL believes that OMCPL will continue to benefit over the
medium term from its promoters' industry experience and its
qualified management team. The outlook may be revised to
'Positive' if the company scales up its operations significantly,
while maintaining its profitability and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in the hospital's revenues and operating profitability, or
if OMCPL undertakes a larger-than-expected debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

Incorporated in 2009, OMCPL is based in Ranchi (Jharkhand) and is
promoted by Dr. S C Jain, his son, Mr. Siddhant Jain, and his
friends, the late Mr. Prakash Arudkiya and Mr. Rajkumar Agarwal.
The company operates a 104-bed super-speciality hospital in Ranchi
which commenced operations in April 2011. The hospital offers
secondary healthcare services in fields such as nephrology,
neurology, urology, oncology, gynaecology, diabetology, and
cardiology.

For 2012-13, OMCPL registered profit after tax (PAT) of INR1
million on net sales of INR102 million, against a net loss of
INR10 million on net sales of INR71 million for 2011-12.


PADMABHUSHAN KRANTIVEER: ICRA Rates INR150cr Loan at 'B'
--------------------------------------------------------
ICRA has assigned the '[ICRA]B' rating to INR150.00 crore cash
credit of Padmabhushan Krantiveer Doctor Nagnathanna Naykawdi
Hutatma Kisan Ahir Sahakari Sakhar Karkhana Limited (Hutatma
Sugar).

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, Fund        150.00      [ICRA]B (assigned)
   based limits-
   Cash Credit

The assigned rating factors in the long operational history of the
company along with location advantage imparted on account of
presence in high yield - high recovery Sangli District of
Maharashtra ensuring adequate cane availability. Presence of
perennially flowing Krishna River in the command area ensures
optimal availability of irrigation facilities. The rating however
is constrained by the stretched financial profile of the company
characterized by high gearing, low coverage indicators and
elevated inventory levels.  Further, the company also remains
vulnerable to regulatory risks like regulated cane prices and
sugar export regulations along with agro climatic risks.

The assigned rating factors in the long operational history of the
company along with location advantage imparted on account of
presence in high yield - high recovery Sangli District of
Maharashtra ensuring adequate cane availability. Presence of
perennially flowing Krishna River in the command area ensures
optimal availability of irrigation facilities. The rating however
is constrained by the stretched financial profile of the company
characterized by high gearing, low coverage indicators and
elevated inventory levels.  Further,the company also remains
vulnerable to regulatory risks like regulated cane prices and
sugar export regulations along with agro climatic risks.


PARKER BUILDERS: ICRA Upgrades Rating on INR36.36cr Loan to 'B'
---------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR36.36 crore
(enhanced from INR19.99 crore) term loans of Parker Builders
Private Limited to '[ICRA]B' from '[ICRA]B-' given earlier. ICRA
has also assigned the [ICRA]B rating to INR1.40 crore non fund
based limits of PBPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             36.36        [ICRA]B (upgraded from
                                      [ICRA]B-)

   Fund based Limits      1.40        [ICRA]B assigned

The rating revision factors in the satisfactory execution progress
on both projects being executed by PBPL currently namely 'Parker
Mall' and 'Parker Suits', healthy incremental bookings for
leasable area (40% of the total built up area) of Parker Mall in
H1,FY14 and improved advance collection for Parker Suits. The
rating continues to draw comfort from extensive experience of
promoters in real estate industry and advanced stage of
construction of both the projects.

ICRA notes that Parker Mall has sold a significant portion of its
saleable and leasable area where as Parker Suits has also
witnessed sufficient bookings as on Nov. 30, 2013. However,
incremental bookings for both the projects in H1, FY14 have
remained minuscule given the subdued market environment and
intense competition both the projects face from similar projects
being developed in the vicinity. With debt repayments already
started, the company's ability to generate sufficient cash flows
through the incremental sale would remain critical to meet the
sizeable repayment obligations. In the absence of sufficient fund
generation PBPL's ability to complete projects and service debt
could remain contingent on funding support from promoters.
Further, the advances in Parker Suits have been collected through
providing assured returns to the investors, which will also add to
overall funding requirement of the company. Going forward, the
ability of the company to complete projects within estimated
timelines, sell incremental area and improve collection efficiency
will remain amongst key rating sensitivities.

Incorporated in 2005, Parker Builders Private Limited is a closely
held company, promoted by Mr. Manish Garg and his family members.
The company is developing a retail mall with a total area of
2,90,000 sq. ft. along National Highway 1 in Kundli, Sonepat. Of
total area PBPL has kept 1,15,000 sq ft as leasable area while the
rest of the area has been kept for sale. The company is also
developing another commercial project adjacent to the mall with a
total area of 2, 06,879 sq. ft having 237 retail shops and 168
service apartments on a G+8 structure.

The company reported a net profit after tax of INR0.42 crore on an
operating income of INR12.10 crore during FY2013 as against a
profit after tax of INR0.60 crore on an operating income of
INR17.98 crore during FY2012.


PATNI ENTERPRISES: CARE Assigns 'B+' Rating to INR4cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Patni Enterprises Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             4         CARE B+ Assigned

   Short-term Bank
   Facilities             5         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Patni Enterprises
Private Limited are primarily constrained on account of its weak
liquidity position, its modest scale of operations with low
profitability margins and moderate solvency position. The ratings
are further constrained on account of the susceptibility of its
margins to the fluctuation in raw material prices and presence in
the highly fragmented and competitive transformer industry.
The ratings, however, favorably take into account the vast
experience of the promoters and established track record of
operations with an established customer base.

Increase in the overall scale of operations along with improvement
in profitability and liquidity position would remain the key
rating sensitivity.

Jaipur-based (Rajasthan) PEPL, promoted by the Patni family, was
incorporated in 1997 with a purpose to take over the existing
business of the erstwhile proprietorship concern, ie, Indian
Transformers and Electricals (ITE). PEPL is engaged in the
manufacturing of transformers of different capacities ranging from
10 Kilovolt Amperes (KVA) to 10 Megavolt Amperes (MVA). The
manufacturing facility of PEPL is situated in Jaipur with an
installed capacity of 4,500 units per annum of transformers. PEPL
offers its transformers to State Electricity Board (SEBs) and also
exports it to South Africa, Sri Lanka, Zimbabwe, however the
export sales comprised about 5% of the Total Operating Income
(TOI) during FY13 (refers to the period April 1 to March 31).

During FY13, PTPL generated a Total Operating Income (TOI) of
INR29.09 crore and PAT of INR0.20 crore as against a TOI of
INR23.86 crore and PAT of INR0.23 crore during FY12.


PATSAR TRANSFORMERS: CARE Assigns 'B+' Rating to INR2.75cr Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Patsar Transformers and Electricals Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            2.75       CARE B+ Assigned

   Short-term Bank
   Facilities            4          CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Patsar Transformers
and Electricals Private Limited are primarily constrained on
account of its weak liquidity profile, its modest scale of
operations with low profitability margins and moderate solvency
position. The ratings are further constrained on account of
susceptibility of its margins to the fluctuation in raw material
prices and presence in the highly fragmented and competitive
industry.

The ratings, however, favorably take into account the vast
experience of the promoters and established track record of
operations with an established customer base.

Increase in the overall scale of operations along with improvement
in profitability and efficient managing liquidity position would
remain the key rating sensitivity.

Jaipur-based (Rajasthan) PTEPL, incorporated in March 1999, is
promoted by the Patni family. PTEPL is engaged in the
manufacturing of transformers of different capacities ranging from
10 Kilovolt Amperes (KVA) to 10,000 KVA. The manufacturing
facility of PTEPL is situated in Jaipur with an installed capacity
of 3,500 units Per Annum of transformers. PTEPL sells its
transformers mainly to State Power Utilities (SPUs). The key raw
material ie aluminium and copper conductors, laminated sheets,
transformer oil, etc is procured domestically.

During FY13 (refers to the period April 1 to March 31), PTEPL has
generated a Total Operating Income (TOI) of INR14.45 crore and PAT
of INR0.16 crore as against a TOI of INR13.96 crore and PAT
of INR0.17 crore during FY12.


PLATINUM RESORTS: CARE Assigns 'B' Rating to INR18cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Platinum
Resorts.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             18        CARE B Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Platinum Resorts
are primarily constrained by the stabilization risk associated
with its debt-funded project, limited experience of the promoters
in the hotel industry and constitution of the entity being a
proprietorship firm coupled with market competition.

The ratings, however, favorably take into account the location
advantage of the proposed motel. Going forward, implementation of
the proposed project within the time and cost estimates and
ability to achieve the envisaged ARR and occupancy level shall be
the key rating sensitivities.

PLAT is a proprietorship firm of Mr Ram Kumar Gupta (HUF). PLAT
was established in December 2010 by Mr Ram Kumar Gupta (HUF). HUF
members comprise of Mr Ram Kumar Gupta as karta and his wife, Ms
Shanta Gupta and his two sons, Mr Ajit Gupta and Mr Rohit Gupta
are as coparceners.

M/s Ram Kumar Gupta was established in the year 1977 and has one
more motel in Delhi, namely, M/s Shri Ram Motels & Resorts
(started operations in 2010). PLAT is undertaking a green-field
project and constructing motel under the name 'Platinum Resorts'.
The proposed motel will be built on a land parcel of 20,445.85 sq
feet and will have 26 rooms, a banquet hall (600 person capacity),
party lawn (1,000 person capacity), restaurant, bar and health
club.

PLAT is coming up with a green-field project of construction of a
motel in Delhi. The cost of the project is INR25.69 crore and is
proposed to be funded through a debt-equity mix of 2.34:1. The
hotel is proposed to commence commercial operations by April 2014.


PODDAR BROTHERS: CARE Assigns 'B' Rating to INR1.39cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Poddar Brothers Himghar Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            1.39       CARE B Assigned

   Short-term Bank
   Facilities            1.27       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Poddar Brothers
Himghar Private Limited are constrained by its small scale of
operations, regulated nature of business, seasonality of the
business with susceptibility to the vagaries of nature, risk of
delinquency in loans extended to farmers, competition from other
local players and weak financial risk profile marked by thin
profitability and working capital intensive nature of operation
leading to adverse capital structure with stretched debt service
coverage indicators. The rating constraints are partially offset
by the satisfactory experience of the promoters with a long track
record of operations, revenue diversity through multi-purpose cold
storage facility and locational advantage.

The ability to increase the scale of operations and profitability
with effective management of working capital would be the key
rating sensitivities.

Poddar Brothers Himghar Private Ltd, a multi-purpose cold storage
facility located in Paschim Midnapore of West Bengal was
incorporated in September 28, 2004. The cold storage was
previously owned by the Government of West Bengal; however in
2004, the unit was taken over by PBHPL through a government
auction. Subsequently, the unit was renovated and modernized by
PBHPL. Currently, the cold storage has seven chambers with a
storage capacity of 83,735 quintals.

The company is engaged in the business of providing multi-purpose
cold storage facility for agricultural commodities such as
potatoes, jaggery, tamarind, fruits and vegetables to the local
farmers and traders on rental basis with a major dependence on
potatoes. Besides providing cold storage facility, the unit also
extends interest-bearing advances to farmers against goods stored
in the cold storage. Furthermore, PBHPL is also engaged in the
trading of potatoes accounting for about 66.83% of its total
revenue during FY13 (refers to the period April 01 to March 31).

During FY13, the company reported a PBILDT of INR0.83 crore
(INR0.64 crore in FY12) and a PAT of INR0.01 crore (INR0.01 crore
in FY12) on a total income of INR3.75 crore (INR3.05 crore in
FY12).


PRATIBHA SYNTEX: CARE Reaffirms 'B' Rating on INR442.71cr Loans
---------------------------------------------------------------
CARE reaffirmed the ratings assigned to the bank facilities of
Pratibha Syntex Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           442.71      CARE B Reaffirmed

   Short-term Bank
   Facilities            63         CARE A4 Reaffirmed

Rating Rationale

The reaffirmation of the ratings assigned to the bank facilities
of Pratibha Syntex Limited continue to be constrained by its weak
financial risk profile and liquidity position due to losses
reported in FY12 (refers to the period April 1 to March 31) and
FY13 on account of the unfavorable industry scenario and loss of
business from one of the main buyers resulting in restructuring of
its debt obligations. The ratings also continue to be constrained
by the increasing competition in the knitted garment segment,
slowdown in the key export markets, volatility in cotton prices
and exposure to foreign exchange fluctuation risk.

The ratings derive strength from the extensive experience of the
promoters in the textile business, vertically integrated
operations along with economies of scale and niche operations in
the organic cotton products.

The ability of the company to develop a diversified customer base,
improve its capacity utilization, capital structure and
profitability margins in the midst of volatile raw material prices
and competitive nature of the industry remain the key rating
sensitivities.

Incorporated in 1982, Pratibha Syntex Ltd was promoted by Mr S K
Chaudhary, having over 30 years of experience in the textile
business. The company is a vertically integrated composite
textile unit having its presence from spinning, weaving (cotton
knitted fabrics), dyeing/processing of the fabric to garmenting
(cotton knit wears). PSL is one of the largest manufacturers of
organic cotton products with organic farming acreage of 150,000
acres. PSL is a government-recognized three-star export house and
exports accounted for 48% of the total sales of the company in
FY13.

During FY13, PSL reported a total income of INR758.70 crore and
loss before tax of INR87.60 crore. In H1FY14 (provisional), PSL
reported a total income of INR398.63 crore and loss before tax of
INR14.18 crore.


PUROHIT AND CO: ICRA Rates INR13.50cr LT Loan at 'B+'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR13.50
crore term loans of Purohit and Company.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long Term Fund         13.50       [ICRA]B+ assigned
   Based-Term Loan

The assigned rating is constrained by PC's weak financial risk
profile characterized by stretched capital structure, as well as
high working capital intensity in both the business segments of
spinning and newspaper publishing. ICRA further notes that the
firm's profitability margins remain exposed to adverse
fluctuations in raw cotton and newsprint prices as competition
limits the firm's ability to pass on price increases to customers.
The ratings also factors in the high customer concentration in the
cotton yarn segment, exposure to adverse fluctuations in foreign
currency and limited scale of operations in the newspaper
publishing segment with circulation restricted to four cities. The
ratings are further constrained by the fact that PC is a
partnership firm and the quantum of withdrawals from the capital
account would remain a key sensitivity, going forward.

The rating however, positively factors in the long track record of
firm's promoters in newspaper publishing business, diversification
in revenue stream on account of presence in spinning and
publishing and locational advantages by virtue of proximity to
cotton growing areas.

Purohit & Co. was incorporated in 1952 and is engaged in two lines
of businesses, namely Cotton Spinning and Newspaper publishing. PC
currently has around 22,000 spindles with the manufacturing
facility located at Napgur, Maharashtra. Further, PC is engaged in
the publication and circulation of English daily, "The Hitavada",
which has presence in four major cities. Mr. Rajendra Kumar
Purohit and Mr. Rakesh Purohit are the partners in the firm.

Recent Results

For FY 2013, the firm reported profit before tax of INR2.28 crore
on an operating income of INR79.32 crore. For FY 2012, the firm
reported loss of INR1.38 crore on an operating income of INR72.64
crore


QUENCH SOFT: ICRA Cuts Ratings on INR30cr Loans to 'D'
------------------------------------------------------
ICRA has revised the long term rating of Quench Soft Solutions
Limited to '[ICRA]D' from '[ICRA]BB+' for INR25.00 crore fund
based limits. ICRA has also revised the short term rating of QSSL
to '[ICRA]D' from '[ICRA]A4+' for INR5.00 crore standby line of
credit facility.

The ratings revision reflects the stretched liquidity profile of
the company as exhibited by delays in the debt servicing. Going
forward, QSSL's ability to service the debt obligation in time and
improve its liquidity position will be amongst the key rating
sensitivity factors.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           25.00        Revised to [ICRA]D

   Standby Line
   of Credit              5.00        Revised to [ICRA]D

Quench Soft Solutions Limited, incorporated in 1999, provides
animation, gaming and e-learning solutions for companies majorly
in USA. QSSL has developed capabilities to design and produce
videos in 2-Dimensional, 3-Dimensional and digital animation, and
also visual effects for feature films and television. QSSL's
gaming division based at Hyderabad produces video creations for
next generation console, personal computer, mobile and online
games. The registered office of QSSL is situated at Hyderabad,
with regional offices spread across United States of America,
Singapore, New Zealand and Malaysia. The promoter directors, Mr.
Ravi Krishna Boga and Mr. Murali Krishna Boga have more than
decade of experience in the animation and gaming industry.


SATLUJ SPINTEX: ICRA Reaffirms B+ Ratings on INR218cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR218.00 crore (enhanced from INR70.00 crore) fund-based
limits and has assigned a short term rating of '[ICRA]A4' to the
INR1.25 crore non-fund based limits of Satluj Spintex Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           70.00      [ICRA]B+ re-affirmed

   Term Loans           148.00      [ICRA]B+ re-affirmed

   Non Fund Based:
   Foreign Letter
   of Credit              1.25      [ICRA]A4 assigned

The ratings take into account the stabilization of operations at
company's first spinning unit (25,200 spindles) with improvement
in capacity utilization levels in FY13. The ratings also consider
the healthy growth in FY13 operating income on account of higher
volumes sold and increase in average yarn realizations.

Nonetheless, increase in power and employee costs led to decline
in operating profit margins to 11.7% in FY13 from 14.9% in FY12.
The ratings continue to draw comfort from the extensive experience
of the promoters in the textile industry, favourable location of
the production facility which provides easy accessibility to raw
materials as well as the expansion of the spinning capacity and
foray into production of open end spinning yarn which shall aid
future revenue growth and result in economies of scale.
The ratings are, however, constrained by the high debt funded
capital expenditure incurred by the company in FY14.

Notwithstanding the benefits of scale expected from the expansion,
the increased debt levels is likely to result in higher gearing
and significant debt servicing obligations. While presence of a
moratorium period (1 year) and long tenure of the loan (to be
repaid over 7 years) provide support in the near term, company's
ability to meet the increased debt servicing obligations would be
highly dependent on the utilization of the enhanced capacity and
future profitability levels. The ratings are also constrained by
the vulnerability of profitability to movement of cotton prices,
dependence of cotton availability on agro-climatic conditions and
changes in regulations as well as the intense competition within
the fragmented spinning industry which limits the pricing power of
the company. Seasonal availability of cotton increases the
inventory requirements of the industry participants resulting in
higher working capital requirements and risk of inventory losses
in an event of adverse changes in cotton prices.

In ICRA's view, company's ability to stabilize the capital
expenditure while generating healthy profits and accruals
commensurate with the future repayment obligations are the key
rating sensitivities.

Established in March 2010, Satluj Spintex Ltd. is engaged in
cotton ginning and yarn manufacturing business. The ginning unit
and spinning mill is located at Mansa which is situated in the
cotton belt of Punjab. Company started commercial operations in
September 2011 with 25,200 spindles with annual yarn manufacturing
capacity of 6,213 MT (on triple shift basis).

In FY14, the company added another 24,480 ring spindles with 5,912
MT yarn capacity and an open end unit with 5,618 MT capacity with
the total expenditure of INR126.0 crore funded by a term loan of
INR94.0 crore. While the spinning unit has become operational in
Q3FY14, the open end spinning unit is expected to commence
operations from January 2014. Promoters have strong presence in
the textile business through various other associate concerns
engaged in cotton trading and cotton seed crushing business.


SHIVAM COTTEX: ICRA Ups Ratings on INR7.5cr Loans to 'B+'
---------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR1.50
crore (reduced from INR1.68 crore) term loan facility and INR6.00
crore cash credit facility of Shivam Cottex from '[ICRA]B' to
'[ICRA]B+'.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-           1.50       Revised from [ICRA]B
   Term Loan                        to [ICRA]B+

   Fund Based-           6.00       Revised from [ICRA]B
   Cash Credit                      to [ICRA]B+

The rating upgrade takes into account the stabilization of
operations achieved in Shvam Cottex's first full year of
operations. The rating also positively considers the experience of
the partners in cotton industry as well as the favorable location
of the firm giving it easy access to high quality raw cotton. The
rating also factors in the favorable demand outlook backed by the
scrapping of excise duty on cotton and spun yarn in the last
budget.

The rating however continues to remain constrained by SC's modest
scale of operation and weak financial profile as reflected in the
high gearing and weak debt protection indicators although gearing
levels have witnessed a modest dip. 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 minimum support price (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.

Shivam Cottex is a partnership firm incorporated in February 2011
to engage in cotton ginning and pressing operations. The firm is
owned and managed by Mr. Kanubhai Vaghasiya, Mr. Rameshbhai
Vaghasiya, Mr. Ashokbhia Vaghasiya and Mr. Hareshbhai Vaghasiya.
The manufacturing facility is located at Jasdan in Rajkot District
of Gujarat. It currently has 24 ginning machines and one automatic
pressing machine with an installed capacity to produce 200 cotton
bales per day (24 hours operation).

Recent Results

During FY13, SC reported an operating income of INR26.97 crore and
PAT of INR0.03 crore against operating income of INR0.23 crore and
net loss of INR0.22 crore during FY12.


SHRISTI COTSPIN: CRISIL Suspends 'D' Ratings on INR334.6MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shristi
Cotspin Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           18.5     CRISIL D Suspended
   Cash Credit             140.0     CRISIL D Suspended
   Term Loan               176.1     CRISIL D Suspended

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

Incorporated in 1995, Shristi manufactures cotton yarn of counts
in the range of 40s to 80s. The company's mill has 16,800
spindles. Its main customers include innerwear manufacturers in
India.


SOMNATH COLD: ICRA Reaffirms 'B' Ratings on INR9.85cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] B' to the
INR9.60 crore fund-based and INR0.25 crore non-fund based bank
facilities of Somnath Cold Storage Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Seasonal Cash         6.40       [ICRA]B re-affirmed
   Credit

   Working Capital       1.80       [ICRA]B re-affirmed
   Demand Loan

   Working Capital       1.40       [ICRA]B re-affirmed
   Loan

   Bank Guarantee        0.25       [ICRA]B re-affirmed

The rating reaffirmation takes into account Somnath Cold Storage
Pvt Ltd's decline in storage income during FY13 on account of
discounts on rentals provided by the company; adverse financial
risk as reflected by high gearing, depressed coverage indicators
and high working capital intensity of operations, and the
regulated nature of the industry, making it difficult to pass on
increase in operating costs in a timely manner, leading, in turn,
to downward pressures on profitability. The ratings also take into
account SCPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single agro commodity,
i.e. potato. Further, ICRA notes that the loans extended to
farmers by SCPL may lead to delinquency, if potato prices fall to
a low level. The rating, however, derives support from the long
track record of the promoters in the management of cold storages
and the locational advantage of SCPL by way of presence of its
cold storage units in West Bengal, a state with large potato
production.

Incorporated in 1984, SCPL is a cold storage set up in Burdwan
district of West Bengal. SCPL is primarily engaged in the business
of storage and preservation of potatoes. Currently, SCPL has an
annual storage capacity of 40,000 tonnes.

Recent Results

In FY13, SCPL reported a net profit of INR0.02 crore on an
operating income (OI) of INR3.71 crore as compared to a net profit
of INR0.02 crore on an OI of INR3.34 crore in FY12.


SVM CERA: ICRA Reaffirms 'B' Rating on INR5.5cr Loans
-----------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' rating to
the INR5.50 crore cash credit facility of SVM Cera Tea Limited.
ICRA has also reaffirmed the short term rating of '[ICRA]A4' to
the INR2.80 crore letter of credit facility and INR0.50 crore bank
guarantee (sublimit of letter of credit facility) of SCTL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-            5.50       [ICRA]B reaffirmed
   Cash Credit

   Non Fund Based-        2.80       [ICRA]A4 reaffirmed
   Letter of Credit

   Non Fund based-       (0.50)      [ICRA]A4 reaffirmed
   Bank Guarantee

The reaffirmation of rating reflects SVM Cera Tea Limited's modest
scale of operation, decline in revenues on account of reduced
scale of production, intense competition from other players and
reliance on job work for production of ceramic glaze frits.
Further, the operations remain vulnerable to the adverse demand
scenario given the operational turbulence being faced by the Morbi
based ceramic industry. The ratings further incorporate the low
profitability given the limited value addition and increasing
dependence on outsourcing and high working capital intensity of
operations on account of stretched receivables, resulting in a
tight liquidity position for the company. The rating further
incorporates the intensely price competitive business environment
on account of the fragmented industry structure for the CGF
segment and vulnerability to adverse movement in raw material
prices. ICRA also notes that the availability of gas at
competitive prices remains critical for maintaining a competitive
cost structure.

The rating, however, positively considers the long experience of
the promoters in the Ceramic Glaze Frit (CGF) industry and strong
customer profile consisting of some of the leading organized
ceramic tile manufactures.

SVM Cera Tea Limited (formerly known as M/s. Matalvuoto Films
(India)) was incorporated in January 1986. The registered office
of the company is located at 2, Biplabi Tarilokya Maharaj Sarani,
Kolkata. The company has been promoted by Mr. S.V. Mohta belonging
to the Mohta group of companies. Initially the company was engaged
in real estate business. In 1994, the company has diversified its
area of operation by entering into manufacturing of ceramic glaze
frit by setting up a manufacturing unit in Ankleshwar with an
installed capacity of 1200 MTPA which has subsequently increased
to 14490 MTPA the company has closed down its in house production
line from January 2013 and relied on job work based production to
provide CGF at competitive prices.

Recent Results

During FY13, SCTL reported an operating income of INR24.05 crore
and PAT of INR0.10 crore against an operating income of INR26.46
crore and PAT of INR0.15 crore during FY12.


TAPASYA SHIKSHA: CRISIL Reaffirms 'D' Ratings on INR100MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Tapasya
Shiksha Samiti continues to reflect instances of delay by TSS in
servicing of its debt; the delays have been caused by the trust's
weak liquidity, resulting from a cash flow mismatch.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                58.8     CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       41.2     CRISIL D (Reaffirmed)

TSS also has a modest scale of operations, and is vulnerable to
stringent regulations in the education sector, and to intense
competition from other educational institutes in the region. These
rating weaknesses are partially offset by the trust's above-
average financial risk profile, the industry experience of its
promoters and its diverse course offerings.

TSS was established by Mr. Sanjeev Saxena and his father, Mr. R R
Saxena in 2000. The trust operates five institutes which offer
courses in engineering, pharmaceutical and management. TSS houses
the institutes on a 65 acre campus in Ratibad, Bhopal (Madhya
Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31), TSS
reported a surplus of INR45 million on an operating income of
INR291.9 million as against a surplus of INR22 million on an
operating income of INR253.5 million for 2011-12.


TATA MOTORS: Fitch Affirms 'BB' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed India-based Tata Motor Limited's Long-
Term Foreign-Currency Issuer Default Rating (IDR) at 'BB'. The
Outlook is Stable.

Key Rating Drivers

Robust Financial Profile: TML's consolidated financial profile
remains robust. The company's consolidated net leverage remained
low at 1.09x in FY13 (FY12: 1.24x) while EBITDA interest cover was
6.91x (FY12: 7.95). The strong credit metrics largely reflect
strong sales and profitability at TML's UK-based subsidiary Jaguar
Land Rover Automotive PLC (JLR; BB-/ Stable).

Fitch expects TML's financial profile to remain robust despite its
large capex plans. The company invested INR187.6bn during FY13,
which is likely to increase further during the next three years as
it spends on product development and new technology, and on
expanding production capacity at JLR. The agency expects capex to
be largely funded from operational cash flows. TML's strong
financial flexibility, and the large cash balances (2QFY14:
GBP2.7bn) and undrawn committed facilities (2QFY14: GBP1.3bn) at
JLR also contribute to the robust financial profile.

Strong Performance of JLR: JLR's strong sales and profitability
momentum in FY11-13 have been underpinned not only by buoyant
underlying demand for premium vehicles, but also by a strengthened
product portfolio and a number of successful model launches
(including the Range Rover Evoque, Range Rover Sport, and
Freelander 2). JLR's January-November 2013 sales volume increased
across all regions, including in Europe, despite an overall
decline in sales given the weak market conditions. Fitch expects
the performance of JLR to remain strong over the medium term with
stable profitability and rising sales volume supported by its
strong brand positioning, favourable operating environment and new
product launches.

Weak Standalone Performance: The standalone performance of TML
continues to remain weak. The company's sales volume continues to
be impacted by weak auto demand in India on account of high fuel
prices, high borrowing costs and weak consumer sentiment given the
economic uncertainty. The domestic sales volume of TML's
commercial vehicles fell by 23.7% and that of its passenger
vehicles dropped by 36% during the April-November 2013 period.

TML also faces rising competition across all its segments. While
the company has maintained its strong market position in the
commercial vehicle segment with over 50% market share, its share
of the passenger vehicle market declined. Fitch expects demand to
continue to remain weak in the near term, but an improvement in
economic growth and TML's plans for new product launches could
support a turnaround in the company's performance.

Linkages with Tata Group: The FC IDR of TML continues to benefit
from a one-notch uplift on account of potential support from the
Tata Group. Fitch assesses the linkages as moderate in line with
its Parent and Subsidiary Rating Linkage methodology. Any
weakening of linkages between the group and TML, and/or the
group's inability to provide support would likely affect the
ratings negatively.

Rating Sensitivities

Negative: Future developments that may collectively or
individually lead to negative rating actions include:

- a weakening of linkages between the Tata Group and TML
- consolidated financial leverage (excluding TML's auto
   financing subsidiary Tata Motors Finance Limited) exceeding
   2.0x on a sustained basis due to reduced sales or
   profitability (at TML, JLR or both), or due to higher than
   expected debt levels

Positive: Future developments that may collectively or
individually result in positive rating actions include:

- strong growth in sales volume for TML (standalone) and JLR
   through increased geographic and product diversification,
   while maintaining strong profitability


TRINETHRA INFRA: CRISIL Suspends 'D' Rating on INR80MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Trinethra
Infra Ventures Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by TIVL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TIVL is yet to
provide adequate information to enable CRISIL to assess TIVL'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'

TIVL, based in Hyderabad, undertakes civil construction projects
as a special-grade sub-contractor in Andhra Pradesh. Over the past
four years, the company had executed civil construction work on a
sub-contract basis. It plans to construct three-star hotels in
Hyderabad, Eluru (Andhra Pradesh), Kakinada, and Visakhapatnam,
and in Bengaluru (Karnataka).


U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR55MM Loan
-------------------------------------------------------
CRISIL's rating on the bank facility of U.S. Impex continues to
reflect the firm's weak financial risk profile marked by high
total outside liabilities to tangible net worth (TOLTNW) ratio and
weak interest coverage ratio.

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

The rating also reflects USI's small scale of operations and low
profitability in the fragmented non-ferrous alloys industry and
susceptibility to volatility in prices of non-ferrous metals and
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of USI's promoter in the non-
ferrous alloys industry and the firm's established clientele.

Outlook: Stable

CRISIL believes that USI will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if USI registers more-than-expected cash
accruals backed by better-than-expected profitability. Conversely,
the outlook may be revised to 'Negative' if the firm's liquidity
weakens substantially because of large working capital
requirements.

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scraps, such as zinc, aluminium, brass, and copper. However, zinc
accounts for more than 50 per cent of the firm's revenue. Imports
constitute around 50 per cent of USI's purchase and are mainly
from France, Belgium, and the US.

USI reported a profit after tax (PAT) of INR1.3 million on net
sales of INR391 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR300.6 million for 2011-12.


UTKARSH INDUSTRIES: CRISIL Cuts Ratings on INR280MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Utkarsh Industries Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

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

   Letter of Credit          25      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Warehouse Receipts       100      CRISIL D(Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects UIPL's overdrawn cash credit
facility for more than 30 days. Due to the slowdown in the market
and the company's internal business problems, it has been unable
to sell its inventory which was funded through working capital
limits. Moreover, UIPL faced delays in and debtors' realisation
which has led to a stretch in its liquidity.

UIPL has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics.
Furthermore, the company's margins are susceptible to changes in
the regulatory framework and to volatility in input prices.
However, UIPL benefits from the extensive experience of its
promoter in the agro-based industry.

Incorporated in 2008 and promoted by Mr. Sathyanarayana Rathi,
UIPL manufactures soya oil and de-oiled cakes for the domestic and
export markets. Its manufacturing facility is in Indore (Madhya
Pradesh).


VEEBEE YARNNTEX: ICRA Upgrades Ratings on INR76.67cr Loans to C+
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR49.17
crore term loan facilities and the INR27.50 crore fund based
facilities of Veebee Yarnntex Private Limited to '[ICRA]C+' from
'[ICRA]D'. ICRA has also upgraded the short-term rating assigned
to the INR5.00 crore fund based (sub-limit) facilities, the
INR2.50 crore non-fund based facilities, the INR2.00 crore non-
fund based (sub-limit) facilities and the INR0.36 crore proposed
facilities of VYPL to '[ICRA]A4' from '[ICRA]D'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term loans         49.17       upgraded to [ICRA]C+
                                     from [ICRA]D

   LT-Fund based         27.50       upgraded to [ICRA]C+
   Facilities                        from [ICRA]D

   ST-Fund based         (5.00)      upgraded to [ICRA]A4
   (sub-limit)                       from [ICRA]D
   Facilities

   ST-Non-fund based      2.50       upgraded to [ICRA]A4
   Facilities                        from [ICRA]D

   ST-Non-fund based     (2.00)      upgraded to [ICRA]A4
   (sub-limit)                       from [ICRA]D
   Facilities

   ST-Proposed            0.36       upgraded to [ICRA]A4
   Facilities                        from [ICRA]D

ICRA has considered the consolidated business and financial
profiles of VYPL and Subburaaj Cotton Mill Private Limited, which
is also engaged in production of cotton yarn for the purpose of
these ratings due to common promoters/management. These two
entities are collectively referred to as "the group".
The rating revision is on account of regularization of debt
servicing by the group. The ratings also consider the long-
standing experience of promoters in the spinning business for more
than three decades, the group's major concentration in the finer
counts coupled with value added product profile like Compact yarn,
Two-For-One twisted yarn and Eli Twist yarn enabling better
realizations and the established relationship with leading
corporate lending stability to volumes. The ratings also factors
in healthy growth in revenues and margins post 2011-12, driven by
revival in yarn demand alongside improvement in realizations. The
ratings are, however, constrained by the group's stretched
financial profile characterized by weak capitalization/coverage
indicators largely on account of significant debt-funded capital
expenditure undertaken by the group over the years, strained
liquidity position due to high working capital requirements
coupled high interest charges and debt repayments, and the
exposure of group's revenues and margins to volatility in cotton
and yarn prices. The group's operation in an intensely competitive
and highly fragmented industry limits pricing flexibility; however
the presence in the high count range segment, where the capacity
concentration is low provides some comfort. With significant
repayment obligations slated for next four fiscals, the ability of
the group to enhance profitability and generate sufficient cash
flows as witnessed in the last fiscal would remain the key rating
sensitivities. Also, the ability of the group to enhance its
working capital position and improve its capital structure would
be critical in improving its credit profile.

VYPL, incorporated in the year 2006 by Mr. A. Saravana Kumar is
engaged in the production of cotton yarn primarily in the range of
20s to 70s counts, largely utilized in high end home textile
products; and supplies these primarily to leading corporate like
Alok Industires Limited, Welspun India Limited, Himatsingka Linens
etc. VYPL also exports its produce to customers in Sri Lanka,
Bangladesh, Pakistan, Korea, Spain, Italy and Germany with direct
exports contributing to ~20% of its total sales during 2012-13.
The Company's manufacturing facility is located in Madurai (Tamil
Nadu) and operates with an installed capacity of 74,400 spindles.
The Company is closely held, with the promoter group holding the
entire stake.


VIRAJ STEEL: ICRA Rates INR81.5cr Term Loans at 'D'
---------------------------------------------------
ICRA has assigned a rating of '[ICRA]D' for INR81.5 crore term
loans of Viraj Steel & Energy Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             81.5        [ICRA]D (Assigned)

The assigned rating takes into consideration VSEL's stretched
liquidity profile, resulting in delays in debt servicing as well
as over drawls in working capital limits availed from the bank.
The company's operations have remained adversely impacted over the
past few years and its manufacturing facility has been non
operational since November 2012, on account of the volatility in
both availability as well as prices of its key raw material - iron
ore. This has led to a decline in the company's turnover and
losses at both the operating and the net level over the past few
years. ICRA has also taken note of the company sizeable debt
repayment commitments over the next few years against the
inadequate cashflow generation. The rating also factors in the
competitive and fragmented nature of the steel industry which
limits the pricing flexibility of the industry participants
including VSEL and cyclicality inherent in the steel industry.
However the rating factors in the experience of the promoters in
the steel industry; VSEL's sizeable manufacturing capacities and
semi integrated nature of operations; and regular fund infusion by
the promoter group. Going forward, timely servicing of debt
obligations by VSEL, resumption of manufacturing activity at its
facility and improvement in its profitability indicators will
remain key rating sensitivities.

Viraj Steel & Energy Limited is a closely held public limited
company incorporated May 2004. The company is engaged in the
business of manufacturing sponge iron and steel billets. The
company has been promoted by members of the Lalwani and Chaurasiya
family. VSEL has a sponge iron manufacturing capacity of 220,000
tonnes per annum (TPA) and billet manufacturing capacity of 76800
tonnes per annum (TPA). The manufacturing facility of the company
is located at Sambalpur, Orissa.

Recent Results
For FY2013, the company reported a net loss of INR32.8 crore on an
operating income of INR30.5 crore.


ZENOVA BIO: CRISIL Lowers Ratings on INR96MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Zenova Bio Nutrition Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long-Term Loan            66      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delays in servicing
debt obligations by Zenova owing to weak liquidity marked by
inadequate cash accruals due to delay in offtake of new project.

The company also has weak financial risk profile marked by high
gearing and weak debt protection metrics. However, Zenova benefits
from its promoters' extensive industry experience.

Zenova was incorporated in April 2010 by Mr. K V Rambabu and Mr.
Yeshwant Rege. The company has set up a plant to manufacture
medicinal nutraceutical products in the form of powder as well as
compressed discuits. The project has commenced commercial
operations from November 2013.



=================
I N D O N E S I A
=================


* INDONESIA: Banks to Face Liquidity and NPL Problem in 2014
------------------------------------------------------------
Antara News reports that a leading banker said liquidity and non
performing loan will remain a big challenge to be faced by
Indonesian banking industry in 2014.

According to the report, President of PT Bank Jabar Banten (BJB)
Tbk Bien Subiantoro said there were withdrawals of large funds
from banks leaving banks to face liquidity problem in 2014.

Mr. Bien said the owners of the funds use the money to invest in
state bonds (SUN), the report relates.

"Based on our estimate, a number of banks would see their third
party funds to be on the decline," the report quotes Mr. Bien as
saying.

Meanwhile, NPL especially in the commercial and corporation
sectors is feared to shadow the banking industry next year, Mr.
Bien, as cited by Antara News, said.

"Many medium commercial and corporate borrowers with credits
ranging from IDR5 to IDR100 billion are still aggressive," Antara
News quotes Mr. Bien as saying.

Their expansion ambition is not proportional with their debt
repaying capacity, he said, the report relays.

According to the report, Mr. Bien said currently BJBs commercial
NPL is 6.6 percent down from 14 percent last year.

He also said that slowdown in credit expansion would result in
lower Indonesian economic growth to around 5 percent in 2014, the
report adds.



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


BRIDGECORP LTD: Court Ruling May Profit Investors, Lawyers Say
--------------------------------------------------------------
Dave Burgess at Stuff.co.nz reports that lawyers acting for the
receivers of Bridgecorp Ltd said the company's NZ$20 million
insurance policy could be split between investors if they are
successful in a civil suit taken against three former directors.

A Supreme Court decision overturned an earlier Court of Appeal
ruling that directors could access Bridgecorp's directors
liability insurance to reimburse them for their defence costs in a
NZ$340 million civil suit, Stuff.co.nz relates.

According to the report, Bell Gully partner lawyer David Friar --
david.friar@bellgully.com -- said receivers PricewaterhouseCoopers
(PwC) had, on behalf of investors in the failed finance company,
brought a NZ$340 million claim against three former directors.

"What the ruling means is that the directors, in defending the
claim, can't call on that policy first.  They can't, for example,
get NZ$5 million out of that policy to pay for their defence costs
instead of the receivers, and therefore the investors, getting
that money," the report quotes Mr. Friar as saying.  "Christmas
came early . . . for investors in failed finance company
Bridgecorp," said Friar and Bell Gully partner Murray Tingey.

Bell Gully acted for the receivers of Bridgecorp in the
proceedings, and successfully appeared in the Supreme Court on
behalf of the receivers, Stuff.co.nz says.

Stuff.co.nz relates that Mr. Friar said PwC believed they had a
good case against the three directors for breaches of their duties
under the Companies Act.

The Bridgecorp trio of Peter Steigrad, Bruce Davidson and Gary
Urwin were convicted of Securities Act offences following
Bridgecorp's NZ$460 million collapse in 2007.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


* NEW ZEALAND: Court Allows Perpetual to Retire as Trustee
----------------------------------------------------------
Perpetual Trust, trustee to more than a dozen failed finance
companies, has been given High Court approval to retire as trustee
of the companies.

High Court Justice Jill Mallon also ordered that Corporate Trust
be appointed as the new trustee for the companies.

Stuff.co.nz says Perpetual was a trustee for the companies which
included Lombard Finance, Irongate Property, Strategic Finance,
OPI Pacific Finance, LDC Finance, Nathans, Dominion Finance and
various St Laurence companies.

According to the report, Justice Mallon said all of the companies
were insolvent and unable to repay the "vast sums of money owed to
investors."

Stuff.co.nz relates that Perpetual applied to the court for
approval to retire as trustee and for Corporate Trust to be
appointed in its place.  Court approval was sought because the
process for a change under each trust deed was said to be
"inexpedient, difficult and impracticable," the report relays.

Mr. Mallon said that Perpetual's resignation as trustee could not
alter any liability for acts or omissions at the time it was
trustee, the report relates.  Given the collapse of all the
companies of which Perpetual was trustee and the significant
shortfall to investors "litigation . . . cannot be ruled out"
Mr. Mallon, as cited by Stuff.co.nz, said.  LDC Finance is
pursuing legal action against Perpetual and others.

Stuff.co.nz notes that Perpetual's licence expires at the end of
March 2014 and it does not want to apply to the Financial Markets
Authority to extend that because it has sold its corporate trustee
business.  So Perpetual want to retire from the various
trusteeships and appoint Corporate Trust, headed by Kim von
Lanthen, in its place, the report adds.



================
S R I  L A N K A
================


MULTI-FINANCE PLC: Fitch Cuts National Longterm Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings Lanka has downgraded Sri Lanka-based Multi Finance
PLC's (MFP) National Long-Term Rating to 'B-(lka)' from 'B+(lka)',
and placed it on Rating Watch Negative (RWN).

KEY RATING DRIVERS

The two-notch downgrade reflects a sharp deterioration in MFP's
solvency with unprovided NPLs (defined as more than three months
past due) significantly exceeding equity. Fitch expects MFP's
liquidity to remain under pressure as its concentrated deposit
base continues to contract. Fitch believes that MFP will likely
remain loss-making in the current financial year due to narrowing
margins, high operating costs and potentially increasing credit
costs. Net losses posted by MFP widened to LKR74m for the six
months to 30 September 2013 from LKR58m for FY13.

The RWN reflects Fitch's view that it would be challenging for MFP
to improve its liquidity and financial profile.

Fitch expects liquidity pressure to remain intense as cumulative
maturity gaps under 12 months are high with limited confirmed
unutilised credit lines at end-1HFY14. This analysis includes a
loan from its parent Entrust Limited and extending its tenor could
reduce the gap. MFP meets regulatory liquidity levels, but is
heavily reliant on deposit rollover to fund its maturity
mismatches. Deposits contracted 12% in 1HFY14 and the most recent
November data does not indicate a reversal of this trend.

MFP remains vulnerable to loan deterioration with unprovided NPLs
(defined as more than three months past due) rising to 127% of
equity at end-September 2013 from 66% at end-March 2013.
Unprovided NPLs (more than six months past due) came to 35% of
equity at end-September 2013 compared with 6% at end-March 2013.
While there was a weakening in asset quality across the sector due
to slowing economic growth, MFP's situation was exacerbated due to
loose underwriting standards.

MFP's ratio of NPLs (more than three months past due including
interest in suspense) to gross loans as per the regulatory filings
reached 29% at September 2013, from 22% at March 2013. MFP has put
in place recovery procedures and tighter lending policies to
improve its asset quality, which Fitch will continue to monitor.
Reported capital ratios remain above the regulatory minimum, but
MFP's provisioning level remains low in relation to asset quality
risks.

Rating Sensitivities

The rating may be downgraded if MFP is unable to secure funding
for its large maturity mismatches, and if it is unable to stem
further weakening of its loan quality and profitability.

Improvements in its liquidity profile, a halt in the deterioration
of asset quality and return to profitability could lead to the
rating watch being resolved and the rating affirmed at the current
level.

MFP is a licensed finance company that is 86% owned by Entrust
Limited.



                             *********

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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