TCRAP_Public/140103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 3, 2014, Vol. 17, No. 2


                            Headlines


A U S T R A L I A

SPRIGG SHOPFITTERS: Timothy Clifton Appointed as Liquidator


C H I N A

BEIJING CAPITAL: Moody's Affirms Ba2 CFR; Outlook Remains Stable
CENTRAL CHINA REAL ESTATE: Moody's Lifts Sr. Unsec. Rating to Ba3


I N D I A

AASTHA MINMET: CARE Rates INR33.85cr LT Loans at 'D'
AJAY PROTECH: ICRA Ups Ratings on INR16.35cr Loans to 'B+'
ARIHANT WHEELS: ICRA Lowers Rating on INR6.74cr Loans to 'D'
AURA HOTELS: CRISIL Assigns 'B+' Ratings to INR400MM Loans
B. NISHANT: CRISIL Cuts Rating on INR150MM Loan to 'B+'

BHUJBAL BROTHERS: CRISIL Assigns 'D' Rating to INR100MM Term Loan
CENTENARY POLYTEX: CARE Reaffirms 'B+' Rating on INR9.64cr Loans
CONTROLS & SCHEMATICS: ICRA Cuts Rating on INR4cr Loans to 'B+'
CROWN PROMOTERS: ICRA Assigns 'B+' Ratings to INR11.95cr Loans
DHANLAXMI INDUSTRIES: ICRA Rates INR6.8cr Cash Credit at 'B'

HCG CONSTRUCTIONS: CARE Reaffirms 'B-' Rating on INR13.73cr Loans
INDICON CONSTRUCTION: CRISIL Rates INR40MM Loans at 'B'
KANISHKA CARBONS: CRISIL Assigns 'B+' Ratings to INR75MM Loans
KHANDELWAL FIBERS: CRISIL Assigns 'B+' Ratings to INR90MM Loans
KHAZANCHI JEWELLERS: ICRA Cuts Rating on INR10.2cr Loan to 'B+'

KOHLI INDUSTRIES: CRISIL Raises Rating on INR70MM Loan to 'B+'
MAMTA TRANSFORMER: ICRA Assigns 'B' Ratings to INR8cr Loans
MANCHANDA MEDICOS: CRISIL Rates INR60MM Loan at 'B+'
MITTAL UDYOG: CRISIL Upgrades Rating on INR350MM Loan to 'B+'
NAXALBARI FLOUR: CRISIL Assigns 'B' Ratings to INR130MM Loans

OCEAN MOTORS: ICRA Assigns 'B+' Ratings to INR21cr Loans
PARIKH INVESTMENT: CRISIL Assigns 'B+' Rating to INR200MM Loan
PATSPIN INDIA: CARE Reaffirms 'B' Rating on INR246.64cr Loans
PAYAL PETROPACK: ICRA Assigns 'B+' Rating to INR8cr LT Loans
PRIME COMFORT: ICRA Upgrades Rating on INR34.8cr Loans From 'B-'

RAMKUMAR TEXTILE: ICRA Reaffirms 'B+' Rating on INR1cr Loan
RELIANCE CELLULOSE: CRISIL Reaffirms D Ratings on INR400MM Loans
SAMBANDAM SIVA: CRISIL Reaffirms 'B' Ratings on INR294.5MM Loans
SAURASHTRA GROUP: ICRA Rates INR14cr Fund Based Loans at 'B+'
SHANTOL GREEN: ICRA Assigns 'B+' Ratings to INR21cr Loans

SHIVA TEXFABS: CRISIL Cuts Ratings on INR7.91BB Loans to 'D'
SHREE KHODIYAR: ICRA Reaffirms 'B' Rating on INR13cr Loan
SHREE KRISHNA: CRISIL Reaffirms 'D' Ratings on INR180MM Loans
SHREE SACHIDANAND: ICRA Assigns 'B' Ratings to INR10.74cr Loans
SHRI AGRAWAL: ICRA Rates INR24cr LT Loans at 'B+'

SHRI SAI: ICRA Reaffirms 'D' Rating on INR48.8cr Loans
SHUBHAM FOODS: CRISIL Assigns 'B+' Rating to INR60MM Loan
SHYAM POLYSPIN: CARE Reaffirms 'B+' Rating on INR14cr LT Loans
SIDDHARTHA PROCESSORS: CARE Reaffirms B+ Rating on INR9.16cr Loan
SRI KALYANI: CRISIL Cuts Rating on INR284.7MM Loans to 'D'

SRS MEDITECH: ICRA Reaffirms 'B+' Ratings on INR16.57cr Loans
TIMCO STEEL: ICRA Reaffirms 'B+' Rating on INR8.5cr Loans
UNISON FORGING: CARE Assigns 'B+' Rating to INR2.23cr LT Loans
VARUN CASTINGS: ICRA Suspends 'B+' Rating on INR4cr Loans
VARUN JEWELS: ICRA Reaffirms 'D' Rating on INR145.8cr Loans

VINAYAK RATHI: CRISIL Reaffirms 'B' Ratings on INR330MM Loans


S O U T H  K O R E A

SSANGYONG ENG'G: Files For Court Receivership
* Number of South Korean Firms on watchdog's List Down in Jan.


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


SPRIGG SHOPFITTERS: Timothy Clifton Appointed as Liquidator
-----------------------------------------------------------
Timothy Clifton was appointed Liquidator of Sprigg Shopfitters Pty
Ltd on Dec. 27, 2013.

A meeting of creditors will be held at Clifton Hall, Level 1, 12
Gilles Street, in Adelaide, South Australia on Jan. 7, 2014, at
10:30 a.m.



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


BEIJING CAPITAL: Moody's Affirms Ba2 CFR; Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed Beijing Capital Land
Limited's (BJCL) Ba2 corporate family rating.

The rating outlook remains stable.

RATINGS RATIONALE

"BJCL's Ba2 rating reflects its standalone credit strengths and a
one-notch rating uplift, based on expected strong financial and
operating support from Beijing Capital Group Ltd," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

Beijing Capital Group Ltd ("Capital Group", unrated), which is
wholly owned by Beijing Municipal Government's State-Owned Assets
Supervision and Administration Commission, is BJCL's largest
shareholder, with an equity interest of 47%.

"The one-notch uplift in BJCL's rating is based on Moody's
expectation that the Capital Group will provide funding support to
BJCL in a distressed situation. This is because BJCL is of both
strategic and economic importance to the Capital Group, generating
around 40%-50% of the group's revenue and EBITDA over the past 2-3
years," says Mr. Tsang, also Moody's lead analyst for BJCL.

Its importance is also evident from the fact that BJCL is the
Capital Group's sole property arm and the Capital Group maintains
management control over BJCL and consolidates BJCL in its
financial results, despite its 47% ownership in BJCL.

Additionally, the Capital Group has a strong track record of
providing financial support to BJCL, including a direct guarantee
to its onshore bonds and the issuance of a letter of support for
its offshore bond issues.

"BJCL's standalone credit strength reflects its medium-sized
operation and a track record of operating through various business
cycles since it was established in 2002," adds Mr. Tsang.

It further reflects the company's ability to secure good quality
projects, particularly in Beijing, because of the close
relationship with its parent and the Beijing Municipal Government.

Additionally, BJCL has solid balance sheet liquidity and good
access to funding.

BJCL is one of the few Chinese developers that can issue bonds
both onshore and offshore. Thus, it has an advantage over other
privately owned and rated Chinese property developers in managing
its funding risks in a market where the availability of bank
credit is less predictable.

The company's solid liquidity also partly mitigates its financial
risks associated with its high debt leverage.

However, BJCL's rating is constrained by its below-average profit
margins and modest financial metrics associated with its debt-
funded expansion.

BJCL's key financial metrics -- including projected
EBITDA/interest coverage of around 2x and adjusted
debt/capitalization of above 65% over the next 1-2 years --
position it at the lower end of the Ba rating category.

The stable outlook reflects Moody's expectation that BJCL will
have adequate cash and operating cash flow to fund its current
projects.

Upward rating pressure over the medium term could emerge if the
company demonstrates a track record of stable growth in contracted
sales, improving its financial profile and maintaining a
disciplined land acquisition plan.

In terms of credit metrics, EBITDA/interest coverage of at least
3.5x - 4x could be an indicator for a rating upgrade.

Downward rating pressure could emerge if: (1) BJCL fails to
execute its business plan, such that contracted sales are lower
than RMB9-10 billion per annum; (2) BJCL materially accelerates
its property development and/or executes an aggressive land
acquisition plan, such that its liquidity weakens with cash
holdings substantially below the level of short-term debt; or (3)
BJCL's interest coverage falls below 2x on a sustained basis.

The principal methodology used in these ratings was Global
Homebuilding Industry published in March 2009.

BJCL was incorporated in China in 2002 and is the property arm of
the Capital Group. BJCL was listed on the Hong Kong Stock Exchange
in 2003. It is a medium-sized residential developer in China. As
of end-June 2013, BJCL had a total land bank of 10.79 million sqm
(attributable saleable land bank: 7.1 million sqm) in gross floor
area (GFA), covering 15 cities in China. This land bank will
support the company's development over the next four to five
years.


CENTRAL CHINA REAL ESTATE: Moody's Lifts Sr. Unsec. Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded Central China Real Estate
Limited's (CCRE) senior unsecured debt rating to Ba3 from B1.

Moody's has also affirmed the company's Ba3 corporate family
rating.

The ratings outlook is stable.

RATINGS RATIONALE

"The rating upgrade reflects Central China Real Estate Limited's
track record of raising offshore funding and our expectation that
the company can maintain its priority debt, mainly domestic
borrowings -- bank loans and trust, not exceeding 15% of total
consolidated assets -- in the next 12--18 months," says
Jiming Zou, a Moody's Assistant Vice President and Analyst.

Its subsidiary debt to total consolidated assets was at 11.3% as
of 30 June 2013, down from 13.4% as of end-2012 and 14.6% as of
end-2011.

Moody's expects this ratio -- after adjusting for the cash balance
equivalent to the amount due to joint ventures -- to be maintained
at around 14% in the next 12 -- 18 months.

CCRE's Ba3 corporate family rating reflects its leading market
position and long operating track record in Henan Province, where
housing demand is growing and regulatory restrictions less than
other areas because of the lower property prices. The rating also
takes into consideration the consistently strong sales performance
of the company.

On the other hand, the company's rating is constrained by its
geographic concentration in Henan Province. It is therefore very
reliant on the region's economy, income levels of homebuyers, and
local government policy. The company's debt leverage is moderately
high.

CCRE achieved RMB11.8 billion in contracted sales for the first
eleven months of 2013, an increase of 26.4% year-on-year, and
which was 94% of its full-year target of RMB12.6 billion. Such
strong contracted sales will provide funding for property
construction and revenue recognition in 2013. Moody's expects CCRE
to maintain its EBITDA/interest expense at 2.5x-3.0x in the next
12-18 months, which will support its Ba3 rating.

Moody's notes that a substantial amount of CCRE's reported cash is
cash from contracted sales of properties in its joint ventures.
When assessing CCRE's liquidity position, Moody's will make
adjustments by reducing the amount of available cash due to joint
ventures. CCRE's liquidity position is adequate as it has a low
level of short-term debt, which was RMB933 million as of
June 30, 2013.

In addition, CCRE is expanding its scale through joint ventures
and has managerial control over such projects. As such, Moody's
will take into consideration the financial profile of the combined
group by including debt from its joint ventures. The combined debt
to total assets was still below 35%-40% in 2013. However, if CCRE
expands its joint ventures further and increases its combined
debt, its ratings could be under pressure.

The stable outlook reflects Moody's expectation that CCRE will
have adequate liquidity to fund its projects and debt repayments,
and will remain focused in Henan Province and its vicinity. At the
same time, it will maintain its disciplined approach to land
acquisitions.

Upward rating pressure will be limited in the near term. However,
the possibility of an upgrade could emerge over the medium term if
CCRE (1) consistently achieves its planned sales; (2) demonstrates
a track record of good financial discipline with respect to its
management of liquidity (adjusted cash to short-term debt higher
than 1.5x) and debt (EBITDA/interest coverage consistently above
4x); (3) demonstrates a good track record in property sales beyond
Henan Province; and (4) broadens its offshore banking
relationships.

The ratings could come under pressure for a downgrade if CCRE (1)
experiences significant sales declines; (2) suffers a material
decline in profit margins; (3) accelerates expansion that impairs
its liquidity position, and/or increases its debt leverage
materially; and/or (4) undergoes a material reduction in the
ownership level or board representation of CapitaLand, a strategic
investor.

The potential for a downgrade could be triggered by a decline in
balance-sheet cash, or Moody's expectation that CCRE's credit
metrics will likely deteriorate, that is, EBITDA/interest below
2.5x-3x on a sustained basis.

The principal methodology used in this rating was Global
Homebuilding Industry Methodology, published in March 2009.

Founded in 1992, Central China Real Estate Limited is a major
property developer in Henan Province. As of 30 June 2013, it had a
land bank of 17 million square meters.

The company listed on the Hong Kong Stock Exchange in June 2008.
The chairman, Mr Wu Po Sum, has a 47% stake in the company.
CapitaLand (unrated), a strategic investor since 2006, has a 27%
stake.



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


AASTHA MINMET: CARE Rates INR33.85cr LT Loans at 'D'
---------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Aastha
Minmet India Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank       33.85       CARE D Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Aastha Minmet India
Ltd are constrained by the delays in servicing debt obligation on
account of stretched liquidity profile. The rating is also
constrained by low profitability margin, exposure to volatility in
commodity prices and potential implication of outstanding exposure
to National Spot Exchange Ltd.  The ability of the company to
regularise the debt servicing obligation by improving the overall
liquidity profile remains the key rating sensitivity.

Incorporated as Aastha Minmet (India) Private Limited during
May 7, 2007, the company was converted into public limited
company, Aastha Minmet (India) Limited during FY13. AMIL is a part
of Aastha group promoted by Mr. Mohit Aggarwal. AMIL is engaged in
trading of Coal, Steel, and Metal scrap.

AMIL reported a profit after tax of INR6.01 crore on the total
income of INR1171.31 crore in FY13, as against a profit after tax
of INR1.19 crore on the total income of INR165.06 crore in FY12.


AJAY PROTECH: ICRA Ups Ratings on INR16.35cr Loans to 'B+'
----------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR1.35 crore
(reduced from INR2.23 crore) term loan facility and INR15.00 crore
(enhanced from INR6.00 crore) fund-based cash credit facility of
Ajay Protech Private Limited from '[ICRA]B' to '[ICRA]B+'. ICRA
has also reaffirmed an '[ICRA]A4' rating to INR10.00 crore
(enhanced from INR3.50 crore) short-term non fund based bank
guarantee facility and INR3.00 crore (sublimit of Bank guarantee)
Letter of credit facility of APPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               1.35        Upgraded to [ICRA]B+

   Cash Credit            15.00        Upgraded to [ICRA]B+

   Bank Guarantee         10.00        [ICRA]A4 reaffirmed

   Letter of Credit
   (DP/DA upto 90 days)   (3.00)       [ICRA]A4 reaffirmed

The ratings upgrade favorably reflects Ajay Protech Private
Limited's steady ramp up of operations since inception and strong
order book position providing revenue visibility in the near term.
The ratings also continue to factor in the past experience of the
promoters in the civil construction business, status of "AA" class
contractor with Government of Gujarat as well as the reputed
client portfolio consisting of government and semi government
agencies.

The ratings however remain constrained by APPL's relatively modest
scale of operations, high competitive intensity in the
construction space resulting in pressure on margins, geographical
concentration risk due to concentration of most of ongoing and
future projects in Gujarat and vulnerability of profitability to
raw material price variation, although the same is mitigated to a
large extent on account of the presence of an escalation clause in
the contracts. While assigning the ratings, ICRA has also
considered the highly leveraged capital structure although the
gearing levels have significantly dipped from FY12 levels on
account of moderate accruals.

Established in April 2011, Ajay Protech Private Limited is
involved in engineering, procurement and construction (EPC) of
roads and bridges. It is promoted by Mr. Amratlal, Mr. Arvindh and
Mr. Chandresh Patel. The company has recently received an "AA"
class contractor certificate in February 2012 from the Government
of Gujarat. Currently the company is working on fourteen projects
out of which six contracts are on a subcontract basis with an
outstanding order book position of INR133.80 crore.

Recent Results

For the year ended March 31, 2013, the company reported an
operating income of INR63.35 crore with profit after tax (PAT) of
INR2.51 crore.


ARIHANT WHEELS: ICRA Lowers Rating on INR6.74cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the rating assigned to INR6.74 crore fund based
limits of Arihant Wheels and Cycles Private Limited from
'[ICRA]B-' to '[ICRA]D'.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits       6.74        Revised from [ICRA]B-
                                       to [ICRA]D

The rating revision takes into account the stretched liquidity
position of the company which has led to delay in debt servicing.
The rating is also constrained by AWCL's small scale of
operations, its relatively low value additive nature of the
business, high competitive pressures in the cycle industry and
vulnerability of the company's revenues & profitability to
economic cycles. Further, AWCL's profitability remains susceptible
to adverse movements in the prices of major raw-materials; the
risk being further pronounced because the raw material procurement
is not always order backed. Nevertheless, ICRA takes note of the
long track record of promoters in the cycle industry and their
established relationships with clients. Going forward, ability of
the company to service its debt obligations on time as well as
scale up its operations in a profitable manner while maintaining
working capital intensity will be key rating sensitivities.

AWCL, incorporated in 2007, has been promoted by Mr. Bimal
Choudhary and Mr K.K.Choudhary. The company is engaged in the
manufacturing of cycle parts with the manufacturing facility
situated in Gorakhpur, Uttar Pradesh.

Recent Results

The company reported a net loss of INR0.08 crore on an operating
income of INR3.71 crore in FY12 as against net loss of INR0.24
crore on an operating income of INR0.39 crore in FY11.


AURA HOTELS: CRISIL Assigns 'B+' Ratings to INR400MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Aura Hotels & Resorts Pvt Ltd.

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

   Term Loan                350      CRISIL B+/Stable

The rating reflects Aura's exposure to risks related to the
implementation and stabilisation of its ongoing four-star hotel
project in Shillong (Meghalaya) and exposure to intense
competition in the hospitality industry. These rating weaknesses
are mitigated by the benefits that Aura derives from its
promoters' vast entrepreneurial experience in the northeastern
region.

Outlook: Stable

CRISIL believes that Aura will benefit from the promoters' vast
entrepreneurial experience in the northeastern region. The outlook
may be revised to 'Positive' if the company generates more-than-
expected revenue and profits after stabilisation of operations.
Conversely, the outlook may be revised to 'Negative' if the
commissioning of the project faces delays on account of unforeseen
events, or if the company undertakes additional debt-funded
capital expenditure leading to deterioration in the financial risk
profile.

Incorporated in June 2010, Aura is promoted Mr. Vikash Agrawal and
Mr. Ronak Jain. The company is in the process of setting up a
four-star hotel in Shillong.


B. NISHANT: CRISIL Cuts Rating on INR150MM Loan to 'B+'
-------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of B.
Nishant Jewels Private Limited to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               150     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects weaker than anticipated credit risk
profile, primarily stemming from lower profitability. The
company's customized jewelry segment has not scaled up as per
expectations. Consequently, operating margins are weaker at about
1.7 per cent (2012-13 as well as 2013-14 estimates) against
CRISIL's earlier expectations of around 3 percent. This has
resulted in weak annual cash accruals of about INR3.5-4.5 million,
thereby constraining BNJPL's liquidity. Additionally, weak
operating margins have also resulted in inadequate debt protection
metrics with interest coverage and net cash accruals upon total
debt (NCATD) ratios at 1.3-1.4 times and 0.02-0.03 times
respectively in 2012-13. Debt protection indicators are expected
at similar levels in 2013-14 as well owing to constrained
profitability. CRISIL believes company's margins will remain
subdued over the medium term owing to limited scalability of the
customized jewelry business and will continue to constrain BNJPL's
liquidity and debt protection metrics.

The ratings continue to reflect BNJPL's exposure to intense
industry competition, modest operating margins and weak financial
risk profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
BNJPL's promoters in the gold and diamond-studded jewelry
industry.

Outlook: Stable

CRISIL believes that BNJPL will continue to benefit over the
medium term from its promoters' extensive experience in the
diamond-studded and gold jewelry industry. The outlook may be
revised to 'Positive' in case the company reports higher than
expected sales with improvement in operating margins resulting in
stronger debt-protection indicators. Conversely, the outlook may
be revised to 'Negative' in case BNJPL reports deterioration in
capital structure owing to lengthening of its working capital
cycle or any significant debt funded capital expenditure.

BNJPL was originally set up as a proprietorship concern named
Nishu Creations in December 2010 by Mr. Bhavin Shah; it was
reconstituted as a private limited company in March 2011. The
company manufactures gold jewellery as well as diamond-studded
jewellery. Currently, the operations of BNJPL are managed by Mr.
Bhavin Shah, his son Mr. Nishant Shah, and his father Mr.
Nalinkant Shah. BNJPL's registered office is in Mumbai.

For 2012-13 (refers to financial year, April 1 to March 31), BNJPL
reported a profit after tax (PAT) of INR4.4 million on net sales
of INR1,614 million, against a PAT of INR3.3 million on net sales
of INR1,457 million for 2011-12.


BHUJBAL BROTHERS: CRISIL Assigns 'D' Rating to INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Bhujbal Brothers Properties.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                100      CRISIL D

The rating reflects instances of delay by Bhujbal in servicing its
term debt obligations; the delays have been caused by the firm's
weak liquidity consequent to the low bookings for its ongoing real
estate project and the resultant low advances from customers.

Bhujbal has high susceptibility to project implementation risks
and to cyclicality in the real estate industry in India. However,
Bhujbal benefits from the extensive industry experience of the
firm's partners.

Set up in April 2011, Bhujbal is currently executing a residential
real estate project in Shindewadi (Satara, Maharashtra). The firm
is owned and managed by Mr. Bhujbal and his family members.


CENTENARY POLYTEX: CARE Reaffirms 'B+' Rating on INR9.64cr Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Centenary Polytex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.64        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Centenary Polytex
Private Limited continues to remain constrained on account of its
financial risk profile characterized by the modest scale of
operations, low profit margins, leveraged capital structure and
weak debt coverage indicators. The rating also continues to remain
constrained due to its presence in a highly fragmented industry,
vulnerability of profit margins to fluctuation in the raw material
prices and foreign exchange fluctuation risk.

The rating, however, continues to draw strength from the
experience of the promoters coupled with subsidy and incentives
from the governments. The rating also factor in the increase in
the total operating income and cash accruals during FY13 (refers
to the period April 1 to March 31).

CPPL's ability to increase its scale of operations, improvement in
the profit margins and capital structure along with the timely
execution of its capex plan within the envisaged cost are the key
rating sensitivities.

Incorporated in 1989, Centenary Polytex Private Limited is engaged
in the manufacturing of Polypropylene (PP) based woven fabric and
sacks since 2010. The company has an installed
capacity of 2,736 metric tonnes per annum at Kheda District of
Gujarat. CPPL sources its basic raw material, ie PP granules,
domestically mainly from Reliance Industries Limited, Chiripal
Polyfilms Ltd, HPCL Mittal Energy Ltd and Crescent Innovative Pack
Pvt Ltd. Moreover, CPPL sells the manufactured woven fabrics and
sacks, in the domestic as well as international market (exports
contributed around 23% of the total income in FY13).

As per the audited results for FY13, CPPL reported a PAT of
INR1.10 crore (Rs.0.21 crore in FY12) on a total operating income
of INR58.41 crore (Rs.32.16 crore in FY12). During H1FY14, CPPL
reported PBILDT of INR1.18 crore and PBT of INR0.45 crore on a
total operating income of INR25.78 crore.


CONTROLS & SCHEMATICS: ICRA Cuts Rating on INR4cr Loans to 'B+'
---------------------------------------------------------------
ICRA has revised the long-term rating from '[ICRA]BB-' to
'[ICRA]B+' and reaffirmed the short term rating of '[ICRA]A4'
assigned to the INR4.00 crore fund-based limits (enhanced from
INR2.00 crore) and INR12.00 crore non-fund based limits of
Controls & Schematics Limited. ICRA has also assigned a long term
rating of '[ICRA]B+' to the INR0.60 crore term loans and a short-
term rating of '[ICRA]A4' to the INR0.40 crore proposed limits of
Controls & Schematics Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits       4.00       [ICRA]B+ downgraded

   Term Loan               0.60       [ICRA]B+ assigned

   Non-Fund Based         12.00       [ICRA]B+ downgraded/
   Limits                             [ICRA]A4 reaffirmed

   Proposed Limits         0.40       [ICRA]B+/[ICRA]A4 assigned

The revision in the long-term rating takes into account the
deterioration in the company's financial risk profile
characterized by significant de-growth in operating income and
weakening in debt-protection metrics owing to reduced demand,
particularly from the company's main customer viz. BHEL, which
accounts for more than 50% of its overall sales, as well as high
working capital intensity in the business. ICRA further notes that
the company's order book position remains modest providing limited
revenue visibility, and the company faces intense competitive
pressures from larger established entities as well as original
equipment manufacturers (OEMs) of switchgear components,
particularly given CSL's lack of backward integration in
manufacturing of switchgear components. The ratings are further
constrained by the company's small scale of operations and
vulnerability of profitability margins to any adverse fluctuations
in raw material/bought-out prices, given the 'fixed-price' nature
of most of the supply contracts. The company's ability to improve
its order book position as well as to ensure timely execution of
these orders within the budgeted costs remains crucial from the
credit perspective.

The ratings, however, favorably factor in the longstanding
experience of the company's promoter in manufacturing of control
equipments and reputed client profile along with pre-qualification
status obtained from various PSUs and private companies.

Controls and Schematics Ltd. was incorporated in 1971 as a
partnership firm by Mr. P.P. Reddy, Mr. A.A. Raje, Mr. A.M.
Bendrey, Mr. K.S. Reddy, Mrs. Lalitha Rajmal Davda and Mrs. Vimal
Deshmukh. It is engaged in supplying motor starter panels for
irrigation pumps, motor control centres for pharmaceutical
industries, bottling plants and other process industries. The
company also undertakes total turnkey orders of Low Tension
Switchgear projects comprising of supply of equipments like Motor
Control Centre (MCC), Power Control Centre (PCC), Bus Ducts,
Distribution Boards and Push Button stations for process
industries. Historically, the company has maintained its focus
towards the customers in power sector and, to some extent, in
refineries & petrochemicals. The turnkey orders include design,
engineering, manufacturing, supply, erection and commissioning. At
present, the company has only one operational manufacturing
facility at Hyderabad.

For FY 2013, CSL has reported a profit after tax (PAT) of INR0.51
crore on an operating income of INR35.33 crore. For FY 2012, the
company reported a PAT of INR0.48 crore on an operating income of
INR31.89 crore.


CROWN PROMOTERS: ICRA Assigns 'B+' Ratings to INR11.95cr Loans
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR11.95 (including
unallocated) crore term loan of Crown Promoters and Developers.
ICRA has also assigned short term rating of '[ICRA]A4' to the
INR8.05 crore non fund based facilities of CPD.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             11.90       [ICRA]B+(Assigned)
   Bank Guarantee         8.05       [ICRA]A4(Assigned)
   Unallocated            0.05       [ICRA]B+(Assigned)

The rating factors in long experience of the promoters in the
field of real estate development and low exposure to execution and
funding risk since construction of project is almost complete and
pending cost is mainly towards payment of External Development
Charges(EDC) for which debt tie up is in place. The rating also
factors in favorable location of project with good connectivity
and low approval risk since all required approvals are in place.
The rating is however constrained by slow sales velocity of the
project achieved in FY14 and exposure to market risk for the
unsold portion of the project, which is further accentuated in
light of weak economic scenario. The rating is also constrained by
moderate collection efficiency of the project leading to increased
dependence on promoter funding.

Going forward, ability of the firm to achieve incremental sales at
expected rates, efficiently collect advances from customers and
give timely possession will be the key rating sensitive factors.

Crown Promoters and Developers is a partnership firm and part of
Delhi based Crown group. The firm is developing an integrated
township project, 'Crown City' in Village Gharaunda district in
Karnal, Haryana. The township is spread over area of 50 acres and
primarily consists of residential plots. Apart from residential
plots, there are also areas marked for commercial development,
primary school and nursing home.

Recent Results

For the period 2012-13, the firm reported operating income of
INR12.13 crore and net profit of INR0.14 crore.


DHANLAXMI INDUSTRIES: ICRA Rates INR6.8cr Cash Credit at 'B'
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating assigned to the INR6.80 crore
long term cash credit facility of Dhanlaxmi Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.80        [ICRA]B assigned

Rating Rationale

The reaffirmation of rating factors in DI's weak financial profile
as evident from highly leveraged capital structure, poor debt
coverage indicators and low profitability, coupled with its small
scale of operations. The rating continues to remain constrained by
lack of diversification in product profile; highly competitive and
fragmented industry structure owing to low entry barriers and
vulnerability of profitability to raw material prices, which are
subject to seasonality, crop harvest and regulatory risks. ICRA
also notes that DI is a partnership firm and any significant
withdrawals from the capital account would adversely affect its
net worth and thereby its capital structure.

However, the rating positively factors in the long experience of
the promoters in the ginning industry; favorable location of the
company's manufacturing facility in Mehsana giving easy access to
raw material and stable demand outlook for cotton and cottonseeds
in the domestic as well as international market.

Incorporated in the year 2007, Dhanlaxmi Industries (Dhanlaxmi) is
a partnership firm engaged in the business of ginning and pressing
of raw cotton. The firm's plant is located in Mehsana with
production capacity of 200 bales per day.

Recent Results

For the year ended on March 31, 2013, the company reported an
operating income of INR22.30 crore and profit after tax of INR0.04
crore as against an operating income of INR26.10 crore and profit
after tax of INR0.03 crore for FY12.


HCG CONSTRUCTIONS: CARE Reaffirms 'B-' Rating on INR13.73cr Loans
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
HCG Constructions Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            13.73      CARE B- Reaffirmed

Rating Rationale

The rating continues to remain constrained by the dependence of
HCG Constructions Private Limited on lease rentals as a single
source of revenue from a school having short track record of
operations, leveraged capital structure, weak debt coverage
indicators and liquidity position. The rating is also constrained
by the delay in taking additional infrastructure by the lessee.

The rating continues to favorably factor in the long track record
of the GD Mangalam group in the education sector and the
increasing student base.

Going forward, the timely receipt of lease rentals and possession
of additional infrastructure by the lessee shall be the key rating
sensitivities.

HCG Constructions Private Limited was incorporated in December
2003, with the objective to construct and lease out a senior
secondary school at E-Block, South City-I, Gurgaon, Haryana. The
school became operational from April 2010 under the brand of "KR
Mangalam World School", Gurgaon, and is affiliated to CBSE, New
Delhi. The school is under the control of HC Gupta Education
Society (infrastructure leased out by HCPL), managed by the family
members of the group.HCPL is a part of the G. D. Mangalam group,
which has a presence in the readymade garment export business
since 2001. The group is also running six schools in Delhi NCR,
under separate societies.

During FY13 (refers to the period April 1 to March 31), HCPL
reported a PAT of INR0.63 crore on a total operating income of
INR2.53 crore as against a PAT of INR0.48 crore on a total
operating income of INR2.53 crore in FY12.


INDICON CONSTRUCTION: CRISIL Rates INR40MM Loans at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Indicon Construction Pvt Ltd.

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

The rating reflects ICPL's modest scale of operations, with
geographic concentration, and below-average financial risk profile
constrained by weak debt protection metrics owing to low cash
accruals. These rating weaknesses are partially offset by the
extensive industry experience of ICPL's promoters in the
construction industry and moderate order book.

Outlook: Stable

CRISIL believes that ICPL will benefit from its promoters'
extensive experience in the construction industry and moderate
order book. The outlook may be revised to 'Positive' if ICPL's
financial risk profile, particularly liquidity, improves with
better-than-expected cash accruals and efficient working capital
management leading to low reliance on external debt. Conversely,
the outlook may be revised to 'Negative' if its financial risk
profile deteriorates driven by delays in completion of projects
and payments or higher-than-expected debt-funded working capital
requirements, constraining its liquidity.

ICPL was set up in 2003 by Mr. Pradeep Kadam and Mr. Ashok
Dhamdhere in Pune (Maharashtra). The company undertakes
construction activity for Public Works Department (PWD) and
Pradhan Mantri Gram Gadak Yojana (PMGSY). It undertakes works for
construction of roads mainly around Pune district. It is
registered as a Class 1-A contractor with the Maharashtra
government.


KANISHKA CARBONS: CRISIL Assigns 'B+' Ratings to INR75MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Kanishka Carbons Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit           4      CRISIL A4

   Cash Credit-Stock         45      CRISIL B+/Stable

   Bank Guarantee             1      CRISIL A4

   Cash Credit-Book Debt     30      CRISIL B+/Stable

The ratings reflect KCPL's small scale of operation, and weak
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of KCPL's promoters in the Calcined
Pet Coke (CPC) manufacturing industry.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit from its
promoters' extensive experience in the CPC manufacturing industry.
The outlook may be revised to 'Positive' in case KCPL reports
higher-than-expected accruals, improves its working capital
management, or infuses substantial capital leading to improvement
in overall financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if there is a
significant stretch in its working capital, or if KCPL generates
lower-than-expected cash accruals or undertakes any large debt-
funded capital expenditure leading to further deterioration in its
financial risk profile particularly liquidity.

KCPL, incorporated in 1990, manufactures CPC and carbon electrode
paste in different specifications. The day-to-day operations of
the company are managed by its promoter directors Mr. Binod
Hesariya and his son Mr. Kanishka Hesariya.


KHANDELWAL FIBERS: CRISIL Assigns 'B+' Ratings to INR90MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Khandelwal Fibers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                17.5     CRISIL B+/Stable
   Standby Line of
   Credit                   10       CRISIL A4

   Cash Credit              70       CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility        2.5     CRISIL B+/Stable

The ratings reflect KF's modest scale of operations in the highly
competitive and fragmented cotton ginning industry and its subdued
financial risk profile marked by modest networth, high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits derived from the extensive
experience of the partners in the cotton industry.

Outlook: Stable

CRISIL believes that KF will continue to benefit over the medium
term from its partners' extensive experience in the cotton textile
industry. The outlook may be revised to 'Positive' in case of
significant and sustained improvement in the firm's revenues and
profitability, while improving its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in the firm's revenues or profitability
margins or larger-than-expected, debt-funded capital expenditure
(capex), resulting in the weakening of its financial risk profile.

KF was set up as a partnership firm in 2011 by Mr. Kamal
Khandelwal and his family members. KF is engaged in the ginning
and pressing of cotton as well as in trading of cotton bales. KF
commenced its ginning operations from December 2011 at its
manufacturing unit at Sillod (Aurangabad). Mr. Kamal Khandelwal
oversees the day to day operations of KF. He has been associated
with other family owned entities which are also engaged in a
similar activity.

KF reported, on a provisional basis, a profit after tax (PAT) of
INR4.3 million on net sales of INR674.1 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR4.2 million on net sales of INR641.4million for 2011-12.


KHAZANCHI JEWELLERS: ICRA Cuts Rating on INR10.2cr Loan to 'B+'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.20
crore fund based bank facilities of Khazanchi Jewellers Private
Limited from '[ICRA]BB-' to '[ICRA]B+'.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   LT Fund Based         10.2       [ICRA]B+/revised from
                                    [ICRA]BB-

The revision in rating reflects the deterioration in operational
and financial performance of the company during the recent past on
account of the sharp drop in trading and jewellery volumes
witnessed during 2012-13 and in the current fiscal; the same is
owing to the volatile prices and increasing concerns on
receivables impacting trading volumes coupled with the recent
regulatory interventions on the industry demand supply dynamics
with the increase in import duty and restrictions on bullion
imports having an adverse impact on the operations. The rating
also factors in the stretched financial profile of the company
characterized by high gearing and inadequate coverage indicators,
owing to the low earnings and working capital intensive nature of
operations. The rating considers the long standing presence of the
company with diversified revenue base across wholesale and retail
segments and the periodical infusion of funds from promoters as
unsecured loans to support the working capital and liquidity
position of the company, which provides some comfort.

KJPL is in the business of marketing of gold bullion and jewellery
since 1994. The company was promoted by Mr. Tarachand Mehta and is
currently managed by his family members. Gold bullion trading
contributes to the bulk of the company's revenues (more than 91%
in 2011-12), followed by gold jewellery and silver. The Company
operates through three showrooms where it operates its gold
jewellery, silver jewellery and bullion operations separately.


KOHLI INDUSTRIES: CRISIL Raises Rating on INR70MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kohli Industries to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
while reaffirming its short term rating at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of credit &        10      CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Overdraft Facility        70      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit            20      CRISIL A4 (Reaffirmed)

The rating upgrade reflects sustained improvement in KI's
liquidity backed by stronger than expected net cash accruals. The
company's net cash accruals are estimated to nearly double to
about INR10 million in 2013-14 backed by increased exports and
stronger profitability. The improved accruals provide adequate
cushion to meet maturing debt obligations of about INR5 million
annually. The upgrade also factors in improvement in the company's
gearing levels to 1.7 times as on March 31, 2013 from over 2 times
in the preceding year backed by equity infusion of INR18 million
in 2012-13.

The ratings also reflect KI's modest scale of operations and
working capital intensive nature of its activities. These rating
weaknesses are partially offset by the company's established
position and extensive experience of its promoters in the printing
machinery manufacturing industry.

Outlook: Stable

CRISIL believes that KI will benefit over the medium term from its
promoter's extensive experience in the printing machinery
manufacturing industry. The outlook may be revised to 'Positive'
if the firm records higher than expected sales growth supported by
stable operating margins and improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes any unanticipated debt funded capex, or reports lower
than expected sales with declining margins and further
deterioration of working capital cycle adding pressure on its
liquidity.

Established in 1972, by Mr. Kanwaljit Singh Kohli along with his
family members, KI is a partnership firm which is engaged in
manufacturing of printing machineries and specializes in
rotogravure printing press, lamination machines and slitter
rewinder machineries. KI's products are manufactured and sold
under the brand 'Kohli' and are required primarily in food,
pharmaceuticals and FMCG packaging industry. The firm caters to
both domestic and overseas markets with exports to countries like
Russia, Turkey, Iran, Ghana, Nigeria, and other countries in
Europe, Middle East and South America. The company has its
manufacturing unit at Ambernath, Maharashtra.

KI reported a profit after tax (PAT) of INR1.4 million on net
sales of INR286 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.3 million on net
sales of INR246 million for 2011-12.


MAMTA TRANSFORMER: ICRA Assigns 'B' Ratings to INR8cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR8.00
crores bank facilities of Mamta Transformer Pvt. Ltd.

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

   Non-Fund Based
   Limits-Long Term      3.50       [ICRA]B assigned

The assigned rating is constrained by relatively small scale of
operations, highly competitive and fragmented industry with strong
competition from medium and large players in manufacturing of
transformers which in turn has led to low profitability margins in
the past. Further the rating is also constrained by the high
gearing levels of 3.32 times as on FY13 and high working capital
intensity of the business. The rating however, favorably takes
into account long standing experience of promoters with strong
relationships with several customers and suppliers which are
expected to result in increase in revenue base going forward.

Business was established in the year 1997 as private limited
company. MTPL is engaged in the manufacturing various Distribution
and Power Transformers. Manufacturing plant of the company is
located at Indore, Madhya Pradesh and has been awarded the ISO
9001: 2008 certificate from TNV Certification Private Limited on
quality, infrastructure and the entire manufacturing process.

Recent Results:

MTPL reported a net profit of INR0.15 crores on an operating
income of INR17.05 crores for the year ended March 31, 2013 and a
net profit of INR0.11 crores on an operating income of INR13.26
crores for the year ended March 31, 2012.


MANCHANDA MEDICOS: CRISIL Rates INR60MM Loan at 'B+'
----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Manchanda Medicos.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        60      CRISIL B+/Stable

   Bank Guarantee            20      CRISIL A4

   Letter of Credit          60      CRISIL A4

The ratings reflect MMD's stretched liquidity due to its working-
capital-intensive operations and the tender-based nature of
business. The ratings also factor in the firm's small scale of
operations in a fragmented industry. These rating weaknesses are
partially offset by the extensive industry experience of MMD's
partners and MMD's above-average financial risk profile marked by
moderate total outside liabilities to tangible net worth ratio.

Outlook: Stable

CRISIL believes that MMD's liquidity is expected to remain
stretched due to its working-capital-intensive operations and
tender-based nature of business. The outlook may be revised to
'Positive' if MMD's liquidity improves most likely due to prudent
working capital management or fresh capital infusion by the
partners. Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity deteriorates further because of an increase
in working capital requirements or if MMD's undertakes a large
debt-funded capital expenditure programme.

MMD was set up in 1988 as a partnership firm by Mr. Susheel
Manchanda and his family members. It trades in health sector
goods, such as medicines and surgical equipment.

For 2012-13 (refers to financial year, April 1 to March 31), MMD
reported a book profit of INR12.4 million on net sales of INR302.2
million, as against a book profit of INR10.4 million on net sales
of INR379.6 million for 2011-12.


MITTAL UDYOG: CRISIL Upgrades Rating on INR350MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
The Mittal Udyog Samiti to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming the rating on its short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               350     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Packing Credit            400     CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that MUS's business
risk profile will improve over the medium term driven by higher
than expected improvement in its scale of operations and net cash
accruals on account of increased export presence and geographic
diversification. This, in turn, will strengthen MUS's liquidity,
enhancing its ability to meet its debt repayment obligations over
the medium term.

The rating reflects MUS's weak financial risk profile marked by
high gearing, small net worth and average debt protection metrics.
The rating also factors in the firm's modest scale of operations,
with customer concentration risk, in the highly fragmented rice
industry. These rating weaknesses are partially offset by the
promoter's extensive industry experience and prudent risk
management policies.

Outlook: Stable

CRISIL believes that MUS's financial risk profile will remain weak
over the medium term on account of its moderate scale of
operations. However, the firm will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if MUS improves its gearing, driven by more-
than-expected net cash accruals or infusion of funds by promoters
leading to improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of a decline in the
firm's revenues or profitability, leading to further deterioration
in its financial risk profile, particularly liquidity.

MUS an association of persons, was established in 1998 by seven
members including three members of the mittal family and four
other members. MUS, based in Punjab, is engaged in processing of
basmati and non-basmati rice. It sells its produce in the domestic
as well as overseas market.


NAXALBARI FLOUR: CRISIL Assigns 'B' Ratings to INR130MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Naxalbari Flour & Rice Mill Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL B/Stable
   Cash Credit               40      CRISIL B/Stable
   Letter Of Guarantee        6      CRISIL A4

The ratings reflect NBFRMPL's exposure to risks relating to
project implementation and stabilisation, regulatory changes,
volatility in raw material prices, and vagaries of the monsoon.
These rating weaknesses are partly offset by the benefits that
NBFRMPL derives from the stable demand for rice.

Outlook: Stable

CRISIL believes that NBFRMPL will benefit from the healthy
prospects for the rice processing industry over the medium term.
The outlook may be revised to 'Positive' in case of timely
implementation of the company's production facilities and higher-
than-expected revenues and profitability. Conversely, the outlook
may be revised to 'Negative' if there are significant time and
cost overruns in project completion, lower-than-expected capacity
utilisation, or significant stretch in its working capital cycle,
resulting in deterioration in NBFRMPL's overall financial risk
profile.

Established in 2012, NBFRMPL is setting up a non-basmati parboiled
rice mill having a processing capacity of 8 tonnes per hour, at
Naxalbari, Darjeeling (West Bengal). As per the management, the
mill is expected to commence commercial production by April 2014.
NFRMPL's day-to-day operations are looked after by Mr. Manish
Rungta.


OCEAN MOTORS: ICRA Assigns 'B+' Ratings to INR21cr Loans
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' for the
INR21.0 Crore bank facilities of Ocean Motors Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.00       Rating of [ICRA]B+ assigned
   Cash Credit(e-dfs)    10.00       Rating of [ICRA]B+ assigned

The assigned rating factors in the long experience of the
promoters of Ocean Motors Private Limited (OMPL) and the support
provided by them in the form of equity infusions and unsecured
advances. The rating is, however, constrained by the company's
thin profit margins and weak debt protection parameters, both
inherent in the dealership business. Apart from susceptibility to
slowdown in the PV segment OMPL is also subject to high
competitive intensity with the pressure to pass on discounts to
end customers, which limits its profitability. The ability of OMPL
to register growth in its operating revenues, manage its working
capital intensity as well as improve its financial risk profile
will remain key rating sensitivities.

Ocean Motors Private Limited was incorporated in April 2011 for
the dealership and distributorship of vehicles, spare parts, and
accessories at Indore, Madhya Pradesh. OMPL also runs a service
station at Khandwa, Indore. OMPL is managed by Mr. Mahendra Patel
and Mr. Ravi Nagar. The promoters of OMPL i.e., Mr. Mahendra Patel
and Mr. Ravi Nagar used to run this business under the name of
Patel Service Station (PSS). PSS was an authorized service station
of MSIL and engaged in the business of servicing and repairing
Maruti Suzuki cars. The company changed its constitution to a
private limited company from proprietorship on October 1, 2012 as
the erstwhile PSS secured the dealership from MSIL.

Recent Results

In 2012-13, OMPL recorded an operating income of INR97.1 crore.
The company's operating profit before depreciation, interest and
tax stood at INR1.7 crore. It recorded a profit of INR0.4 crore at
net profit level. The total debt on the company's books as of
March 31, 2013 was INR20.8 crore.


PARIKH INVESTMENT: CRISIL Assigns 'B+' Rating to INR200MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Parikh Investment and Development Pvt Ltd.

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

The rating reflects PIDPL's exposure to risks related to
completion, funding, and saleability of its ongoing project,
accentuated by the initial stage of project implementation. The
rating also factors in the company's vulnerability to cyclical
demand inherent to the Indian real estate sector. These rating
weaknesses are partially offset by the extensive experience of
PIDPL's promoters in the real estate sector in Maharashtra, and
expected moderate demand for the company's project because of its
track record and brand presence in the region.

Outlook: Stable

CRISIL believes that PIDPL will continue to benefit over the
medium term from the promoters' extensive experience in the real
estate sector. The outlook may be revised to 'Positive' if the
company reports better-than-expected progress in its construction
and the bookings of units, along with receipt of customer
advances, resulting in sizeable cash inflows. Conversely, the
outlook may be revised to 'Negative' if PIDPL reports lower-than-
expected customer bookings, and project time or cost overruns,
resulting in commensurate cash inflows, and deterioration in the
company's financial risk profile, particularly its liquidity.

PIDPL was founded as a private limited company in 1988 by the
Mumbai-based Parikh group. The company develops and sells
residential and commercial real estate projects, primarily in
Malad (Mumbai, Maharashtra) and Virar (Thane, Maharashtra). PIDPL
is undertaking a residential real estate project named Paradise
Tower, and entailing 166 flats in Virar (Maharashtra).

PIDPL is a part of Parikh group which has been active in the real
estate sector for around 25 years.


PATSPIN INDIA: CARE Reaffirms 'B' Rating on INR246.64cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Patspin India Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          246.64       CARE B Reaffirmed

   Short-term Bank
   Facilities          182.50       CARE A4 Reaffirmed

   Long/Short-term
   Bank Facilities       8.00       CARE B/CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Patspin India
Limited continue to be constrained by the weak financial risk
profile of PIL characterised by volatile operating profit margins,
negative cash accruals, high debt levels with high working capital
utilisation and cyclical nature of the textile
industry.

The ratings take into account the vast experience of the promoters
in the textile industry, presence of well-qualified management
team and improvement in the industry scenario. The ratings also
take note of the significant improvement in the financial
performance of the company during H1FY14 (refers to the period
from April 1 to September 30). Ability of the company to improve
profitability and the capital structure are key rating
sensitivities.

The primary business activity of Patspin India Limited (PIL) is
production and sale of cotton yarn. In addition to this, it is
also engaged in value-adding activities like TFO (Two-For-One)
twisting and gassing of the textile yarn. PIL has two spinning
units located at Palakkad, Kerala and Ponneri, Tamil Nadu with a
total capacity of 110,640 spindles and knitting machines with an
aggregate production capacity of 1,008 tonnes per annum (TPA) as
on March 31, 2013. PIL also has four windmills with an aggregate
capacity of 5.8 megawatt (MW). The Palakkad unit produces medium
and fine counts yarn ranging from 24s to 100s. The company's
second spinning unit at Ponneri, Tamil Nadu which was established
in 2007 produces counts ranging from 20s to 80s.

PIL reported a loss after tax of INR16 crore on a total income of
INR511 crore for the financial year 2012-13. During H1FY14, the
company reported a PAT of INR1.42 crore on a total income of
INR258 crore.


PAYAL PETROPACK: ICRA Assigns 'B+' Rating to INR8cr LT Loans
------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR8.00 crore
long-term, fund-based facilities Payal Petropack Private Limited.
The rating of '[ICRA]A4' has also been assigned to INR28.00 crore
short-term non-fund based facilities of PPPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund-
   Based Limits         8.00         [ICRA]B+ assigned

   Short-Term Non-
   Fund-Based Limits   28.00         [ICRA]A4 assigned

In arriving at the ratings of PPPL, ICRA has taken a consolidated
view of PPPL, Payal Petrochem, Payal Polyplast and Payal
Polycompounds (together referred to as the Payal group) owing to
the common management as well as operational linkages with each
other with about 50% of the sales of PPPL to group companies. The
ratings are constrained by intense competition in the PVC
plasticizer industry from the organised as well as unorganised
sector; low bargaining power with suppliers; vulnerability of
profitability to fluctuations in commodity prices; exposure to
foreign currency fluctuations which is exacerbated by the high
import dependence for raw materials on one hand and low exports on
the other besides which the group hedges on a case to case basis
leaving part of the exposure un-hedged. The financial risk profile
of the Payal group is weak characterised by low profitability,
high net working capital intensity, high gearing and low debt
coverage indicators. ICRA notes that the Payal group has incurred
large debt funded capex in the recent past due to which the
principal repayments are large going forward besides which the
incremental working capital requirements on account of the high
net working capital intensity are expected to keep the liquidity
of the group stressed.

The ratings however, favorably factor in the long track record of
the Payal group in the plasticizers industry; positive demand
outlook for plasticizers from a diverse set of end user industries
such as footwear, cables, leather, paint etc. ICRA notes that the
with the cumulative group manufacturing capacity of more than 1
lakh TPA of diversified range of plasticizers, some of which are
high value added products, the Payal group is among the top five
players in the domestic plasticizer industry.

The Payal group is engaged in the manufacture and trading of
primary and secondary plasticizers and other PVC
compounds/additives. The group manufactures a range of products
such as DOP (Di-Octyle Phthalate), DBP (Dibutyl phthalate), CPW
(Cholrinated Paraffin wax) etc. These products find application in
various industries where PVC is used such as footwear, leather,
cable etc.

Payal Petropack Private Limited was established as a
proprietorship firm (Payal Petropack) by Mr. R. P. Gupta in 1994.
The firm was reconstituted as a private limited company in March
2008. PPPL trades in primary and secondary plasticizers, polyvinyl
chloride, alcohols and solvents. The company is based out of
Delhi.

Payal Polyplast Private Limited is engaged in the manufacture of
primary plasticisers and secondary plasticizers with its facility
located in Daman. It was established as a partnership firm (Payal
Polymers) by Mr. R. P. Gupta and his family members. The firm was
reconstituted as a private limited company in January 2009. The
company has an installed capacity of 48000 metric tons per annum
(MTPA).

Payal Petrochem Private Limited was established by Mr. R P Gupta
and his family members in 2010-11. The company manufactures
primary and secondary plasticisers at its facility located in
Dahej (Gujarat). The company has a production capacity of 78000
MTPA.


PRIME COMFORT: ICRA Upgrades Rating on INR34.8cr Loans From 'B-'
----------------------------------------------------------------
ICRA has upgraded long-term rating from '[ICRA]B-' to '[ICRA]B+'
to the INR22.50 Crore (enhanced from INR17.0 crore) fund based
limits and INR12.30 crore (reduced from INR14.0 crore) term loans
of Prime Comfort Products Private Limited. ICRA has reaffirmed
short term rating at '[ICRA]A4' to the INR22.50 crore (enhanced
from INR5.0 crore) (sublimit of fund based facilities) non fund
based limits of Prime.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits      22.50       [ICRA]B+ (upgraded from
                                      [ICRA]B-)

   Non Fund Based         22.50       [ICRA]B+ (upgraded/A4
                                      Reaffirmed)

   Term Loans             12.30       [ICRA]B+ (upgraded from
                                      [ICRA]B-)

The rating action takes into consideration the improved financial
profile of the company in FY 2013 marked by healthy growth in
turnover, uptick in operating and net margins and improvement in
the return indicators. This has led to the improvement in the debt
coverage indicators of the company, though these remain relatively
moderate. Further, the ratings continue to derive comfort from the
long and established track record of promoters in the foam
industry, and favorable demand outlook for foam products in India.
However, the ratings are constrained by the continued high
leverage levels of the company, and the intensely competitive
nature of the PU foam industry, which coupled with Prime's
relatively modest scale of operations has resulted in moderate
profitability margins for the company. Further, the profitability
margins remain vulnerable to volatility in prices of raw materials
as company maintains sizeable inventory on account of the lead
time of two months involved in the import of raw materials. The
company also remains susceptible to foreign exchange fluctuation
risk on import payables, amplified by lack of adoption of any
hedging mechanism.

Going forward, Prime's ability to scale up in a profitable manner,
to manage its working capital intensity and to maintain a healthy
financial risk profile in the context of the modest scale of
operations would remain key rating drivers.

Prime, an ISO 9001:2008 certified company incorporated in 2009,
was promoted by Mr. Praduman Patel and his family members. Prior
to the incorporation of the company, Mr. Patel was associated with
Sheela Foam Private Limited for three decades. Prime is engaged in
manufacturing of Polyether PU Foam and Polyester PU Foam, such as
long foam for mattress, pillows, and cushions and roll foam for
lamination of apparels. The company's PU foam manufacturing
facility in Greater Noida, Uttar Pradesh has a manufacturing
capacity of 10,000 MT per annum and has been operational since
October 2010.

Recent results

Prime reported a profit after tax (PAT) of INR1.91 crore on an
operating income of INR93.14 crore in FY 2012-13 as compared to
PAT of INR0.31 crore on an operating income of INR71.45 crore in
FY 2011-12.


RAMKUMAR TEXTILE: ICRA Reaffirms 'B+' Rating on INR1cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating earlier assigned to the
INR14.50 crore (proposed enhancement from INR11.50 crore) fund-
based limits of Ramkumar Textile Private Limited. ICRA has also
re-affirmed the '[ICRA]A4' rating earlier assigned to the INR0.50
crore short term non-fund based limits of RTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.00       [ICRA]B+ re-affirmed

   EPC/FCPC/FBP/
   FBD/FCBD             11.25       [ICRA]B+ re-affirmed/assigned

   Export Gold Card      2.25       [ICRA]B+ re-affirmed/assigned

   Non Fund Based        0.50       [ICRA]A4 re-affirmed

The ratings re-affirmation take into account the moderate growth
in FY13 operating income (increased to INR24.59 crore from
INR21.49 crore in FY12) led by healthy improvement in average
realizations even as the volumes of fabric sold declined
marginally and continued moderation in gearing levels (reduced to
1.25 times in FY13 from 1.72 times in FY12) due to further equity
infusion in FY13. The ratings continue to draw comfort from long
track record and extensive experience (of more than a decade) of
the promoters in the textile industry.

The ratings are, however, constrained by the modest profitability
of the company due to low value additive nature of operations and
high dependence on outside weaving agencies in the absence of own
weaving and processing facilities. The margins continue to be
vulnerable to fluctuating raw material prices and adverse changes
in foreign exchange rates. Further, the working capital
requirements of the company increased in FY13 with high inventory
and receivable days. High interest expense on increased short term
borrowings amid low profitability has stretched coverage
indicators.

In ICRA's view, improvement in the profitability of the company
with moderation in working capital requirements are the key rating
sensitivities.

RTPL is a Bhilwara based textile company which was incorporated in
the year 1996 under Companies Act, 1956. The company's main
objective is to export synthetic fabrics. RTPL is promoted by
Somani family. The promoters have business background and were
engaged in synthetic fabrics business for more than a decade.
RTPL makes suiting fabric for men and women in poly viscose, poly
wool, 100% wool, poly cotton, and lycra in various weaves like
plain, twill, and satin as per buyer's specification and
requirement. The company also makes fabic for traditional Arabian
clothing like mashla, abaya, and emma for men and spun polyster
high twist voile plain dyed and printed for women. RTPL doesn't
have its own manufacturing unit and outsources production of
fabric to local fabric weavers in Bhilwara on job work basis.

Recent Results

In FY13, RTPL has reported operating profits of INR0.96 crore and
net profit of INR0.10 crore on operating income of INR24.59 crore
compared to operating profits of INR1.26 crore and net profit of
INR0.06 crore on operating income of INR21.49 crore in FY12.


RELIANCE CELLULOSE: CRISIL Reaffirms D Ratings on INR400MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reliance Cellulose
Products Ltd continue to reflect instances of delay by RCPL in
servicing its term debt and its overdrawn working capital limits.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             180.00    CRISIL D (Reaffirmed)

   Term Loan               185.00    CRISIL D (Reaffirmed)

   Bank Guarantee            5.00    CRISIL D (Reaffirmed)

   Letter of Credit         30.00    CRISIL D (Reaffirmed)

The delays have been caused by the company's weak liquidity. Its
liquidity has weakened because of elongation in its working
capital cycle and blockage of funds and deployment of accruals in
capital expenditure (capex) undertaken on a regular basis. These
rating weaknesses are partially offset by the benefits that RCPL
derives from the extensive experience of its promoters in the
cellulose industry, established clientele, and moderate financial
risk profile marked by moderate gearing and debt protection
metrics.

Update

RCPL had recorded net sales of INR703.8 million in 2012-13 (refers
to financial year, April 1 to March 31) and estimated to have
recorded revenue of around INR220 million in the first six months
of 2013-14 ended September 30, 2013. The company's operations are
highly working capital intensive as reflected in gross current
assets of 220 days in 2012-13 on account of stretched receivables
and high inventory requirements. The company has been undertaking
capex on a regular basis over the past four years through 2013 for
upgrade and expansion of its facilities and the accruals generated
from the business have been deployed to partially fund the capex.
Such blockage of funds in capex has resulted in shortfall of cash
for making debt repayments. The company's liquidity is weak on
account of working-capital-intensive operations. Although RCPL's
cash accruals are expected to be sufficient to repay its maturing
term debt obligations, diversion of the same to fund capex plans
and meeting incremental working capital requirements will continue
to exert pressure on liquidity of the company over the medium
term. The company has a moderate financial risk profile marked by
moderate gearing of 1.16 times and net worth of INR350 million as
on March 31, 2013, and moderate debt protection metrics with net
cash accruals to total debt and interest coverage ratios at 0.25
times and 3.00 times, respectively, in 2012-13.

RCPL, set up in 1978 by Mr. Shyam Sunder Jhunjhunwala,
manufactures cellulose and its derivatives. The company's
manufacturing facilities are located in Hyderabad (Andhra
Pradesh). The company has eight branches located across various
metro cities to cater to different markets. Members of the
Jhunjhunwala family own majority stake in the company, while the
balance is held by friends and other family members. Currently,
RCPL is managed by Mr. S S Jhunjhunwala, who is the chairman and
managing director, and his son, Mr. AK Jhunjhunwala, who is the
executive director.

For 2012-13, RCPL reported profit after tax (PAT) of INR45.8
million on net sales of INR703.8 million against PAT of INR40.8
million on net sales of INR672.6 million for 2011-12.


SAMBANDAM SIVA: CRISIL Reaffirms 'B' Ratings on INR294.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sambandam Siva Textiles
(P) Ltd continue to reflect SSTPL's weak financial risk profile,
marked by a high gearing and average debt protection metrics, and
its susceptibility to volatility in prices of cotton and to power
shortages. These rating weaknesses are partially offset by the
extensive experience of SSTPL's promoters, and its established
position, in the cotton yarn industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            25      CRISIL A4 (Reaffirmed)

   Letter of Credit          40      CRISIL A4 (Reaffirmed)

   Cash Credit               44      CRISIL B/Stable (Reaffirmed)

   Overdraft Facility        38.5    CRISIL B/Stable (Reaffirmed)
   Working Capital

   Term Loan                 90      CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       122      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSTPL will continue to benefit over the
medium term from its promoters' experience in the cotton yarn
industry. The outlook may be revised to 'Positive' if the company
reports significant and sustained improvement in its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SSTPL reports a steep decline in its
margins and volumes, or if it undertakes a large debt-funded
capital expenditure (capex) programme, thereby adversely impacting
its debt servicing ability.

Update

SSTPL reported operating revenues of INR703 million for 2012-13
(refers to financial year, April 1 to March 31), against INR557
million for 2011-12. The company's operating margin has improved
to around 12.2 per cent in 2012-13 from 5.2 per cent in 2011-12,
on account of improved spreads between cotton and cotton yarn
prices. SSTPL's financial risk profile remained weak in 2012-13,
with a gearing of around 3.21 times as on March 31, 2013, against
4.87 times as on March 31, 2012. The company did not have any
major debt-funded capex during 2012-13 and does not have any major
capex plans over the medium term. The gearing is expected to
improve over this period on account of steady accretion to
reserves and absence of debt-funded capex plans. SSTPL's debt
protection metrics were average, with interest coverage and net
cash accruals to total debt ratios at 1.78 times and 0.12 times,
respectively, in 2012-13.

SSTPL's liquidity is marked by moderate bank limit utilisation and
net cash accruals tightly matched with term loan repayment
obligations. Its average bank limit utilisation was about 70 per
cent during the seven months through October 2013. It is expected
to generate annual cash accruals of INR46 million to INR57
million, vis--vis term loan obligations of INR45 million to INR50
million per annum, during 2013-14 and 2014-15.

SSTPL, incorporated in 1994, is based in Salem (Tamil Nadu). It
manufactures cotton yarn. The company is a part of the three-
decade-old Sambandam group.


SAURASHTRA GROUP: ICRA Rates INR14cr Fund Based Loans at 'B+'
-------------------------------------------------------------
The long-term rating of '[ICRA]B+' has been assigned to the
INR14.00 crore proposed fund based limits of Saurashtra Group
Developers.

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

The assigned rating is constrained by the significant execution
risks for the firm with the project - "Saurashtra Residency "
Phase 2" being in early stages of construction with completion
targeted for March 2015 and the high funding risks with the debt
requirements for the project yet to be tied-up. The rating is
further constrained by the geographical concentration risks
arising from SGD's dependence on the projects located in Surat
(Gujarat), exposure to the cyclicality inherent in the real estate
sector, and vulnerability of profitability to steel and cement
price variations, although sufficient buffer factored in the
project cost mitigates the risk to a certain extent. ICRA also
notes that as SGD is a partnership firm, any significant
withdrawals from the capital account by the partners would
adversely affect its net worth and thereby its capital structure;
this remains a key rating sensitivity.

The rating, however, favorably factors in the reasonable
experience of the firm's promoters in real estate industry and
significant land bank holdings of the promoters in Surat and
nearby places. The rating also takes into account the favorable
location of the project which is expected to result in moderate
bookings and revenue visibility over the medium term.

Saurashtra Group Developers is presently engaged in construction
of residential & commercial space in Surat, Gujarat. The firm is
promoted by Mr. Vaju Katrodiya and Mr. Jitu Sabhadiya. The
promoters of the firm have experience of about a decade in the
real estate industry and have successfully executed several
projects in the past.


SHANTOL GREEN: ICRA Assigns 'B+' Ratings to INR21cr Loans
---------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR18.50 crore
term loan and INR2.50 crore cash credit facility of Shantol Green
Energy (India) Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.50        [ICRA]B+ assigned
   Term Loan            18.50        [ICRA]B+ assigned

Rating Rationale

The assigned rating is constrained by the start up nature of the
company and its relatively modest scale of envisaged operations;
absence of any long term arrangements either for selling of end
products as well as for sourcing of raw materials and
technological and performance risks arising during the operating
phase of the company though the same is significantly mitigated
from the fact that equipment supplier has been running a pilot
plant on similar process/technology for more than a year. The
rating further takes into account the aggressive capital structure
and high working capital intensity in the business related to
inventory requirements as well as the sensitivity of future cash
flows and project metrics to the successful market acceptance of
the product and effective management of the distribution network.
ICRA, however, favorably factors in the long standing experience
of the promoters in development, designing, supply, installation
and maintenance of non-conventional & renewable energy equipments;
favourable demand potential for the end products i.e. pyrolysis
refined oil and carbon black and the low project execution risk
with trial runs already completed and full fledged commercial
operations to commence soon.

Shantol Green Energy (India) Private Limited (earlier known as
Shantol Green Hydro Carbons (India) Pvt. Ltd.), incorporated in
August 2011, is promoted by Mr. Shaileshkumar Makadia & Mr. Amit
Bhalodi along with the equity ownership from the corporate entity-
RNG Finlease Private Limited. SGEPL was formed to set up a green-
field unit for pyrolysis of used tyres at Bhilwara, Rajasthan with
an installed capacity of 30,000 TPA assuming 300 days of
operations. SGEPL is a part of Radhe group of Rajkot which has
been involved in development, design, supply, installation and
maintenance of non-conventional & renewable energy equipments for
more than two decades.

Pyrolysis is the chemical decomposition of organic materials by
heating in the absence of oxygen. In case of pyrolysis of used
tyres, the tyres are reduced primarily into three products -
pyrolysis fuel oil (43%~48% i.e. yield by volume basis), carbon
black (35~38%) and steel scrap (~8%). Non-condensable hydrocarbon
gases (the balance i.e. about 5~7%) recovered from the pyrolysis
process can be reused as a fuel source for the process furnace.


SHIVA TEXFABS: CRISIL Cuts Ratings on INR7.91BB Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shiva Texfabs Ltd (STL, part of the Shiva group) to 'CRISIL
D/CRISIL D' from 'CRISIL BBB-/Stable/CRISIL A3'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               3,574.3   CRISIL D (Downgraded from
                                      'CRISIL BBB-/Stable')

   Cash Credit             4,180.0   CRISIL D (Downgraded from
                                     'CRISIL BBB-/Stable')

   Letter of Credit          160     CRISIL D (Downgraded from
                                     'CRISIL A3')
The downgrade reflects instances of delay by the Shiva group in
servicing its debt; the delays have been caused by the group's
weak liquidity. CRISIL believes that the Shiva group's liquidity
will be weak over the medium term, driven by significantly higher-
than-expected working capital requirements. The sizeable working
capital requirements follow the recent sudden revision in the
Shiva group's trade terms with its post-consumer polyethylene
terephthalate (p-cPET) bottle suppliers/balers. The Shiva group
now needs to pay its p-c PET bottle suppliers at least five days
in advance to procure p-c PET bottles against the previous trend
of average credit period of around 15 days.

The Shiva group also faced stretch in realisation of its
receivables by 15 to 20 days during the recent high-demand winter
season. Slow offtake of winter clothes during the second and third
quarter (so far) of 2013-14, owing to delay in the onset of the
winter season resulted in Shiva group receiving payments from its
customers with such delays.

The Shiva group also has working-capital-intensive operations;
average return on capital employed, and average capital structure.
However, the Shiva group benefits from its established market
position in the man-made textile industry, backed by its
vertically integrated business model, diversified product
portfolio, established p-c PET bottle procurement network, and
healthy net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of STL, Yogindera Worsted Ltd (YWL), Shiva
Specialty Yarns Ltd (SSYL), Himachal Fibres Ltd (HFL), KK Fibres
Ltd (KKFL), Shiva Spin-N-Knit Ltd (SSNKL), and Indian Yarns Ltd
(IYL), collectively referred to as the Shiva group. This is
because all the group companies are in the same line of business,
and have common promoters, a finance team, and bankers. Moreover,
all sales are under the Shiva brand, under a common marketing
team.

Set up by Mr. Akhil Malhotra in 1993 in Ludhiana (Punjab), the
Shiva group is an integrated player in the synthetic textile
industry and manufactures polyester staple fibre, polyester
filament yarns, blended synthetic yarns, worsted yarn, acrylic
yarn, non-woven fabric, and also has dyeing facilities for fibre,
yarn, fabric, and apparels. The group has seven plants in Punjab
and two in Himachal Pradesh.

The Shiva group reported an estimated net profit of INR113 million
on revenue of INR14.4 billion for 2012-13 (refers to financial
year, April 1 to March 31), against a net profit of INR51 million
on revenue of INR10.3 billion for 2011-12.


SHREE KHODIYAR: ICRA Reaffirms 'B' Rating on INR13cr Loan
---------------------------------------------------------
The rating of '[ICRA]B' has been reaffirmed to the INR13.00 crore
fund based cash credit facility and assigned to INR2.00 crore
proposed limits of Shree Khodiyar Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           13.00       [ICRA]B reaffirmed
   Proposed Limits        2.00       [ICRA]B assigned

The rating continues to be constrained by Shree Khodiyar Oil
Industry's weak financial profile as reflected by the adverse
capital structure along with weak debt coverage indicators and a
stretched liquidity position. The rating also takes into account
the low value additive nature of operations and intense
competition on account of the fragmented industry structure
leading to thin profit margins. The rating is further constrained
by the vulnerability of profitability to adverse fluctuations in
raw material prices which are subject to the seasonal availability
of raw cotton and government regulations on MSP and export quota.
Further, SKOI being a partnership firm, any significant
withdrawals from the capital account would affect its net worth
adversely.

The rating, however, positively considers the diversified product
profile of SKOI and its presence in the cotton seeds and groundnut
oil extraction, long experience of the partners in the cotton
ginning and pressing industry and the advantage the firm enjoys by
virtue of its location in a cotton producing region with the
positive demand outlook for cotton and cottonseed.

Shree Khodiyar Oil Industries was established as a partnership
firm in 1997 as a cottonseed crushing unit with the operations
located at Jambuda, Gujarat. However, the present management had
purchased the firm in the year 2003 and later it has augmented its
operating sphere by backward integration into cotton ginning. The
manufacturing facility of the firm is currently equipped with 24
ginning machines and 8 expellers with an installed capacity of
8,000 TPA and 1,950 TPA of ginned cotton and wash oil
respectively. From November 2013, the firm has diversified in
groundnut seed crushing also. The firm is currently headed by Mr.
Sanjay J Lakkad along with other six partners, having an
experience of more than three decades in cotton and cotton related
industry through other group ginning firms.

Recent Results

For the year ended March 31, 2013, SKOI reported an operating
income of INR64.51 crore and profit after tax of INR0.51 crore.


SHREE KRISHNA: CRISIL Reaffirms 'D' Ratings on INR180MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Krishna
Poly Strap Pvt Ltd continues to reflect instances of delay by SKPL
in servicing its debt; the delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          115.00    CRISIL D (Reaffirmed)
   Cash Credit              65.00    CRISIL D (Reaffirmed)

SKPL also has a weak financial risk profile, marked by a weak
capital structure and weak debt protection metrics, and a small
scale of operations. Moreover, it is exposed to risks related to
volatility in raw material prices. However, the company benefits
from the extensive industry experience of its promoters.

SKPL was set up in 2009 by Mr. Aruvela Ramesh. The company
manufactures polypropylene and polyethylene terephthalate (PET)
strappings, which are used as a versatile packaging material
across industries such as textiles, steel, beverages, paper,
ceramics, and construction. Its manufacturing facility is in
Chittur (Andhra Pradesh).


SHREE SACHIDANAND: ICRA Assigns 'B' Ratings to INR10.74cr Loans
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR10.74
crore fund based bank facilities of Shree Sachidanand Industries
Private Limited. ICRA has also assigned a long-term rating of
[ICRA]B and/or a short-term rating of '[ICRA]A4' to the INR3.76
crore unallocated limit of the company. The assigned ratings take
into account the company's modest scale of operations and its high
financial risk profile characterized by deteriorating coverage
indicators, stretched capital structure due to debt-funded
capacity expansion and high working capital intensity. Moreover,
the ratings are further affected by the absence of any long term
contracts with customers, intense competitive pressure arising out
of a fragmented industry structure and vulnerability of operations
to cyclicality inherent in the textile industry.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund          6.24        [ICRA]B Assigned
   Based Limit-
   Term Loans

   Long Term Fund          4.50        [ICRA]B Assigned
   Based Limit-
   Cash Credit

   Unallocated             3.76        [ICRA]B and/or [ICRA]A4
   Limit                               Assigned

However, the assigned ratings favorably factor in the locational
advantages derived by the company by virtue of its proximity to
raw material sources and customers and also the company's limited
exposure to input price fluctuations, given the job-work nature of
operations.

Incorporated in the year 1993, Shree Sachidanand Industries
Private Limited is engaged in the business of dyeing and printing
of fabrics. SSIPL is a group company of the Jajoo group. The
company's registered office and processing facility is in Surat,
Gujarat.

Recent results

SSPL recorded a profit after tax of INR0.62 crore on an operating
income of INR19.85 crore for the year ending March 31, 2013.


SHRI AGRAWAL: ICRA Rates INR24cr LT Loans at 'B+'
-------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR24.00 crore (enhanced
from INR3.0 crore) long term fund based bank facilities of Shri
Agrawal Educational and Cultural Society.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term: Fund         24.00       [ICRA]B+/ assigned
   Based Limits

The assigned rating remains constrained by the society's modest
scale of operations which is on account of moderate occupancies
(73% in AY 2013-14) and limited sanctioned intake in the only
engineering college managed by the society. As the society had
commenced operations in AY 2009-10, high overheads and gradual
ramp up in the student strength in the initial years had resulted
in net deficit till FY 2011-12 which along with debt funded
capital expenditure towards setting up of the engineering college
has resulted in weak capital structure of the society with a
gearing of 2.35 times as on March 31, 2013. Though the occupancies
and student strength have increased over the years which have also
improved the surplus and debt coverage, the accruals from the
existing operations remain modest. This coupled with large debt
funded capital expenditure being undertaken towards setting up of
a new school and increasing the academic capacity in the
engineering college, could stretch the financial profile of the
society. The ability to achieve adequate occupancies in both the
school and the engineering college would thus be the key rating
sensitivity, given the high competitive intensity due to presence
of a number of colleges/schools in the area. The assigned rating
also takes into account the modest liquidity profile of the
society on account of delays in receipt of fees from the students
and absence of working capital limits.

The rating however continues to favorably take into account the
track record of more than a decade of the management in the
education field in Madhya Pradesh, having established a total of
five colleges and two schools in Bhopal under two societies and
their regular support towards funding the deficit and capital
expenditure being undertaken.

Going forward, ability to achieve adequate occupancies and manage
the liquidity through timely fee collection and availability of
adequate working capital limits would be key rating sensitivities.

SAEC was formed in FY 2008 by Mr. Sudhir Kumar Agrawal. The
society has set up an engineering college under the name, Sagar
Institute of Science, Technology and Engineering in Ratibad
(Bhopal) which is affiliated to Rajiv Ghandhi Proudyogiki
Vishwavidyalaya (Bhopal). The engineering college commenced
operations from AY 2009-10 with an intake of 90 students and
presently has student strength of 1,052 students (in AY 2013-14).
The college offers graduate (B.E.) and post-graduate (M.E.)
courses.

SAEC is part of the Bhopal based Sagar group, which besides
education is also present in real estate and textile sectors. In
addition to SAEC, another society, Shri Agrawal Educational and
Welfare Society has set up four colleges and two schools in Bhopal
which have a total strength of ~7,000 students (~4,000 students in
schools). Two group companies, Agrawal Builders and Agrawal
Builders & Colonizers have been engaged in civil construction and
real estate development for last three decades in Bhopal. The
group has recently commissioned a spinning unit in Madhya Pradesh
in another company, Sagar Manufacturers Pvt. Ltd. (rated [ICRA]BB-
(Stable)/[ICRA]A4), which has an installed capacity of 33,720
spindles.


SHRI SAI: ICRA Reaffirms 'D' Rating on INR48.8cr Loans
------------------------------------------------------
ICRA has reaffirmed the long term and short term rating assigned
to the INR48.8 crore fund based bank facilities of Shri Sai Jewels
Private Limited at '[ICRA]D'. The reaffirmation of ratings
reflects delays in debt servicing by SSJPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term/Short        48.8         [ICRA]D/[ICRA]D reaffirmed
   term, fund-based
   facilities

Shri Sai Jewels Private Limited was established in March 2006 for
trading and export of cut and polished diamonds (CPDs) as well as
other gems and jewellery. The company is a 100% exporter and
almost entire of its sales catering to the global markets is
routed through the popular gems and jewellery hubs like Hong Kong
and Dubai.

SSJPL is a 51% subsidiary of Varun Industries Limited (VIL) which
is engaged in manufacture and export of stainless steel cookware,
kitchenware, houseware and general merchandise. Established in
1996, VIL is the flagship company of the Varun Group and is also
engaged in diverse business activities like export trading of CPDs
{through its subsidiaries: Varun Jewels Private Limited - rated
[ICRA]D / [ICRA]D by ICRA and Shri Sai Jewels Private Limited},
production of wind energy, providing integrated drilling services
to the oil and gas industry in India (through its 100% subsidiary
Varun Petroleum Corporation Ltd.), mining & related activities
(through its 100% subsidiary Varun Minerals Corporation Ltd.),
etc.


SHUBHAM FOODS: CRISIL Assigns 'B+' Rating to INR60MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shubham Foods.

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

The rating reflects SF's modest scale of operations and subdued
financial risk profile marked by a modest net worth, high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of
proprietor's family in the rice milling industry.

Outlook: Stable

CRISIL believes that SF will continue to benefit over the medium
term from extensive experience of the proprietor's family in the
rice milling industry. The outlook may be revised to 'Positive'
incase SF achieves significant and sustained improvement in its
revenues and margins, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
concern registers significant decline in its revenues or margins,
or undertakes a large debt-funded capital expenditure programme,
resulting in weakening in its financial risk profile.

SF was established as a sole proprietary concern in 1998 by Mrs.
Saroj Agrawal. The concern is engaged in the business of rice
milling. SF has its manufacturing facilities in Rudrapur
(Uttarakhand). The day to day operations of the concern are
managed by Mr. Pawan Agrawal and Mrs. Saroj Agrawal.

SF, reported a profit after tax (PAT) of INR 0.4 million on net
sales of INR 320.6 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR 0.38 million on net
sales of INR 244.9 million for 2011-12.


SHYAM POLYSPIN: CARE Reaffirms 'B+' Rating on INR14cr LT Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shyam Polyspin Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            14         CARE B+ Reaffirmed

   Short-term Bank
   Facilities             2         CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shyam Polyspin
Private Limited continue to remain constrained by its financial
risk profile marked by thin profitability, leveraged capital
structure and weak debt coverage indicators. The ratings further
continue to remain constrained on account of its working capital
intensive operations in the highly competitive and fragmented
cotton ginning industry with limited value addition due to the
trading nature of operations and volatility associated with the
raw material (cotton) prices.

The ratings, however, continue to favourably take into account the
wide experience of the promoters and diversified client profile.
The ratings factor in the increase in total operating income and
cash accruals and improvement in the capital structure which
although continued to remain leveraged during FY13 (refers to the
period April 1 to March 31).

The ability of SPPL to increase the scale of operations along-with
improvement in profitability and capital structure while managing
the working capital efficiently are the key rating sensitivities.

SPPL was established in 1990 at Ahmedabad and is engaged in the
cotton trading business. SPPL is also working as a commission
agent in the cotton yarn trading business. Commission income
constitutes around 1% of the total operating income of FY13.
During FY13,SPPL reported a total operating income of INR73.89
crore (FY12: INR55.28 crore) and a PAT of INR0.35 crore (FY12:
INR0.26 crore). For April 2013-November 2013, SPPL reported
revenues of INR59.77 crore and a PAT of INR0.32 crore.


SIDDHARTHA PROCESSORS: CARE Reaffirms B+ Rating on INR9.16cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Siddhartha Processors Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.16       CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of modest
scale of operations of Siddhartha Processors Private Limited
(SPPL), its leveraged capital structure and working capital
intensive nature of operations. The rating is further constrained
on account of susceptibility of its profitability to the raw
material price fluctuation and its presence in the highly
competitive textile industry.

The rating, however, continues to derive comfort from the
experienced management and its presence in the textile cluster of
Bhilwara with ease of availability of raw material and labour.
SPPL's ability to increase its scale of operations along with an
improvement in its profitability and thereby improvement in the
financial risk profile is the key rating sensitivity.

Bhilwara-based (Rajasthan) SPPL was incorporated in 1995.
Initially, SPPL was promoted by Melana and Bohara family and was
later taken over by Samdani and Porwal family in November
2009. The new promoters acquired land and building of SPPL and
accumulated losses at the time of purchase and added second-hand
sulzer looms which became operational in January 2011.

Currently, the company has installed 53 sulzer looms at its plant
located at Bhilwara with an installed capacity of 49.80 Lakh
Meters Per Annum (LMPA) as on March 31, 2013. It is mainly
engaged in the business of manufacturing of synthetic grey fabrics
from polyester yarn and gets the processing done on grey fabrics
from other processors on a job work basis. The company also
carries out trading of grey and finished fabrics. SPPL's
operations are mainly focused in the domestic market and sold
through agents. There are around 10-15 agents spread across
Rajasthan and few other states.

In FY13 (refers to the period April 1 to March 31), SPPL reported
a total operating income of INR21.89 crore and PAT of INR0.29
crore as against a total operating income and PAT of INR20.22
crore and INR0.10 crore respectively in FY12.


SRI KALYANI: CRISIL Cuts Rating on INR284.7MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Sri Kalyani Agro Products & Industries Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             180.0     CRISIL D(Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit         20.0     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan                84.7     CRISIL D(Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects the delay by SKAPIL in servicing its
term debt since March 2013; the delay was caused by the company's
weak liquidity, driven by a stretch in its working capital
requirements.

SKAPIL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and large working
capital requirements. However, the company benefits from the
extensive experience of its promoters in the rice mill business,
and the stable demand from Food Corporation of India (rated
'CRISIL AAA(SO)/Stable').

SKAPIL was originally formed in 1985 as a partnership firm,
Kalyani Agro Products and Industries, by Mr. Vanapalli Narayana
Rao and his family members; the firm was reconstituted as a public
limited company with its current name in 1999. SKAPIL is based in
the West Godavari district of Andhra Pradesh. The company has a
rice mill, with processing capacity of 480,000 quintals per annum.
In 2002, it set up a 4-megawatt biomass power plant. In 2005,
SKAPIL also set up a steel ingot manufacturing unit, with a
capacity of 33,000 tonnes per annum.


SRS MEDITECH: ICRA Reaffirms 'B+' Ratings on INR16.57cr Loans
-------------------------------------------------------------
The long-term rating assigned to the INR8.57crore (PY: INR9.91
crore) term loans and INR8.00 crore long-term fund based working
capital facilities of SRS Meditech Limited has been reaffirmed at
[ICRA]B+.  The short-term rating assigned to the INR4.00 crore
(enhanced from INR2.00 crore) short-term non-fund based working
capital facilities has also been reaffirmed at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans            8.57        [ICRA]B+ reaffirmed
   Cash Credit
   Facilities            8.00        [ICRA]B+ reaffirmed

   Letter of Credit
   Facilities            2.00        [ICRA]A4 reaffirmed

   Letter of Credit
   Facilities
   (Proposed)            2.00        [ICRA]A4 assigned

The rating reaffirmation factors in SRSM's healthy revenue growth
within two years of incorporation, experience of its management in
the medical disposable devices business and established and
growing distributor network across various states in India with
penetration into Tier- I, II and III cities.. The ratings are,
however, constrained by the company's small scale of operations;
limited track record of brands "Sterivan" and "iSafe"; stretched
financial profile marked by near full working capital utilization,
leveraged capital structure and weak debt protection metrics and
constrained margins on account of limited pricing power with
strong competition from established domestic players.

Incorporated in 2010-11, SRS Meditech Limited is involved in the
manufacture of medical disposables like syringes, intravenous sets
and hypodermic needles in their own brand Sterivan and iSafe. For
the use of the brand "SRS", SRSM pays a royalty to SRS Ltd, Delhi.
SRSM has been promoted by Mr. Praveen Kapoor, Mr. Syed Askari and
Mr. Deepak Bhalla. The promoters have vast prior experience in the
medical disposables industry for the last 20 years. The company
has its manufacturing facility in Kasna, Greater Noida with an
installed capacity of 2,500,000 pieces syringes per day and
250,000 pieces Intra Vein sets per day, 80,000 pieces of Scalp
Vein Sets and 3,000,000 pieces per day of Needles.

Recent Results

As per audited results for FY13, the company reported a profit
after tax of INR0.5 crore on an Operating Income (OI) of INR58.5
crore.


TIMCO STEEL: ICRA Reaffirms 'B+' Rating on INR8.5cr Loans
---------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]B+' for INR8.50
crore fund based limits and term loans of Timco Steel Company.
ICRA has also reaffirmed short term rating of '[ICRA]A4' for
INR2.00 crore non fund based facilities of TSC.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits/      8.50        [ICRA]B+ reaffirmed
   Term Loans

   Non-Fund Based          2.00        [ICRA]A4 reaffirmed
   Limits

The rating action factors in highly fragmented nature of steel
industry with low entry barriers, limited track record of firm in
TMT Bars manufacturing and modest scale of operations of the firm.
ICRA also takes note of cyclicality inherent in steel industry
which makes cash flows of the players including TMC volatile and
the risks inherent in partnership firm. The firm is also exposed
to raw material price fluctuation risk on its inventory due to
volatility in the steel prices which has led to decline in
operating margins in FY2013. However the rating draws comfort from
proximity of the plant to suppliers which ensure easy availability
of raw materials and taxation benefits available to the firm on
account of being located in a tax free zone. Further, planned
capacity expansion in induction furnace is expected to aid the
growth in turnover going forward.

Going forward the ability of the firm to improve its capacity
utilization, and liquidity and also the choice of funding for its
capex plans will remain key rating drivers for the firm.

Timco Steel Company (TSC) was established in year 2009 and is
engaged in the manufacturing of TMT bars of sizes varying from 8mm
to 32mm. The capacity of the rolling mill is 30000 MTPA. The unit
started operations in March 2010. Various products include TMT
Bars Fe-415, TMT Bars Fe-500, TMT Bars Fe-550 and TMT Bars Fe-
550D. The firm is also partially backward integrated into
manufacturing of ingots with an installed capacity of 25000MT pa.
The TMT bars are sold under the brand name "Timco".

Recent Results
The company reported a net profit after tax of INR0.39 crore on an
operating income of INR73.62 crore in FY2013 as against net profit
of INR3.90 crore on an operating income of INR77.77 crore.


UNISON FORGING: CARE Assigns 'B+' Rating to INR2.23cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Unison Forging Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            2.23       CARE B+ Assigned

   Short-term Bank
   Facilities            0.70       CARE A4 Assigned

   Long-term/Short-
   term Bank Facilities  3.00       CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Unison Forging
Limited is primarily constrained on account of the financial risk
profile marked by thin and fluctuating profitability, leveraged
capital structure, weak debt coverage indicators and the working
capital intensive nature of operations. The ratings are also
constrained due to high degree of competition and volatility
associated with the raw material prices.

The ratings, however, favorably take into account the experience
of the promoters in the steel industry and support from the
associated concern.

The ability of UFL to increase its scale of operations along with
improving its profitability and capital structure and better
working capital management in light of the competitive nature of
the industry and raw material price fluctuation remain the key
rating sensitivities.

UFL, incorporated in 2006, was promoted by Ahmedabad-based UCM
group to foray into the manufacturing of steel-based open die
forgings, fasteners, bright round bars and other steel
products which find application in oil & gas industry, pumps,
valves industry, axles etc. The company was converted from a
private limited to public limited in August 2010. Currently, UFL
operates a manufacturing unit with 3,600 Metric Tonnes Per Annum
(MTPA) capacity which enhanced from 2,400 MTPA at Ahmedabad,
Gujarat.

The UCM group is promoted by Mr Uttam Mehta who is engaged into
steel manufacturing industry and the group companies consist of
Mangalam Alloys Ltd - Flagship Company, Mehta Alloys Ltd, Unison
Metals Ltd, Universal Metal Ltd and also operates overseas
operations through overseas ventures viz Mangalam Steel and Alloys
Ltd (Vietnam) and Al-seeb Engineering Company (Kuwait).

As per the audited results for FY13 (refers to the period April 1
to March 31), UFL reported a total operating income of INR12.80
crore (FY12: INR9.51 crore) and a net profit of INR0.08 crore as
against a net loss of INR0.11 crore in FY12.


VARUN CASTINGS: ICRA Suspends 'B+' Rating on INR4cr Loans
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.0 crores
fund based facilities and [ICRA]A4 assigned to the INR5.0 crores
non fund based facilities of Varun Castings Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


VARUN JEWELS: ICRA Reaffirms 'D' Rating on INR145.8cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term and short term rating assigned
to the INR145.8 crore fund based bank facilities of Varun Jewels
Private Limited at '[ICRA]D'. The reaffirmation of ratings
reflects delays in debt servicing by VJPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term/Short        145.8       [ICRA]D/[ICRA]D reaffirmed
   term, fund-based
   facilities

Varun Jewels Private Limited was established in June 2003 for
trading and export of cut and polished diamonds (CPDs) as well as
other gems and jewellery. The company is a 100% exporter and
almost entire of its sales catering to the global markets is
routed through the popular gems and jewellery hubs like Hong Kong
and Dubai. VJPL is a 51.54% subsidiary of Varun Industries Limited
(VIL) which is engaged in manufacture and export of stainless
steel cookware, kitchenware, houseware and general merchandise.
Established in 1996, VIL is the flagship company of the Varun
Group and is also engaged in diverse business activities like
export trading of CPDs {through its subsidiaries - Varun Jewels
Private Limited and Shri Sai Jewels Private Limited - rated
[ICRA]D / [ICRA]D by ICRA, production of wind energy, providing
integrated drilling services to the oil and gas industry in India
(through its 100% subsidiary Varun Petroleum Corporation Ltd.),
mining & related activities (through its 100% subsidiary Varun
Minerals Corporation Ltd.), etc.


VINAYAK RATHI: CRISIL Reaffirms 'B' Ratings on INR330MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Vinayak Rathi Steels
Rolling Mills Pvt Ltd continue to reflect VRSRM's weak financial
risk profile, marked by weak debt protection metrics and high
gearing, its weak operating profitability, and its exposure to
intense competition in the steel rolling industry. Furthermore,
the company is in its initial stage of operations, having
completed its first full year in 2012-13 (refers to financial
year, April 1 to March 31), leading to a small scale of
operations. These rating weaknesses are partially offset by the
extensive industry experience of VRSRM's promoters.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit         225.0     CRISIL B/Stable (Reaffirmed)
   Term Loan           105.0     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VRSRM's financial profile, particularly its
liquidity, will remain constrained over the medium term because of
its weak cash accruals, driven by its continued low operating
profitability. The outlook may be revised to 'Positive' in case of
significant ramp up in the company's scale of operations and
profitability, leading to higher-than-expected cash accruals, or
in case of improvement in its financial flexibility through large
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if VRSRM's revenues and profitability
decline from its current levels, leading to lower-than-expected
cash accruals.

VRSRM was originally incorporated in 1979 as Good Luck Sales Pvt
Ltd; the name was changed in January 2008, as the promoters
planned to set up a steel rolling mill in New Delhi. The company
is promoted by Mr. Rajiv Rathi and his sons, Mr. Rishi Rathi and
Mr. Aditya Rathi. VRSRM, which commenced commercial production in
December 2011, manufactures steel-rolled products, mainly thermo-
mechanically-treated bars; it has a capacity of 120,000 tonnes per
annum (tpa; enhanced from 84,000 tpa).

VRSRM reported a net loss of INR9.8 million on net sales of
INR1.53 billion for 2012-13, against a net loss of INR13.1 million
on net sales of INR227.2 million for 2011-12.



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


SSANGYONG ENG'G: Files For Court Receivership
---------------------------------------------
Choi Kyong-ae at The Korea Times reports that Ssangyong
Engineering & Construction (E&C) has filed for court protection as
its creditors refused to finance the cash-strapped builder, the
Seoul-based company said Dec. 30.

The Korea Times relates that Ssangyong E&C said it held a board
meeting Dec. 30 to ask the Seoul Central District Court to lead a
debt-rescheduling program after one of its major creditors, the
Military Mutual Aid Association, raised an objection to additional
financial support to it.

"We have tried to trim off project financing-related debts in
recent years but still run with about KRW500 billion ($475
million) in outstanding debts," Ssangyong E&C spokesman Choi Seh-
young told The Korea Times.

The report says Ssangyong became the first Korean builder which
filed for court protection since the 1998 financial crisis that
severely hit the construction sector. Back then, major contractors
such as Hyundai Engineering & Construction and Daewoo Engineering
& Construction went through a debt workout program.

Ssangyong, South Korea's 14th-biggest construction firm in terms
of a combination of sales and orders, once marked KRW1.8 trillion
in debts involving project financing, according to the company.

The Korea Times notes that the company's filing for court
receivership may have an impact on the company's ongoing
construction projects at home and abroad.  Ssangyong earns
40 percent of its overall sales from overseas markets, largely in
Southeast Asia.  At home, some 1,400 subcontractors are facing
liquidity problems due to delayed payments for construction
equipment and materials, the report relays.

"We have decided to file for court protection as the second-best
option, though not the best option, in order to keep overseas
projects unscathed from what's taking place in Korea," the report
quotes Mr. Choi as saying. "We will make an utmost effort to
ensure our ongoing and upcoming overseas projects will not be
interrupted by our local liquidity woes."

Ssangyong E&C will be delisted from the Korea Exchange in
March when its 2013 fiscal year ends, Mr. Choi, as cited by The
Korea Times, said.

Despite the planned delisting, the entity may have a lifeline from
its creditors led by Woori Bank next year, the report adds.


* Number of South Korean Firms on watchdog's List Down in Jan.
--------------------------------------------------------------
Yonhap News reports that the number of business group affiliates
subject to restrictions on mutual investments and loan guarantees
declined in January from a month earlier, the antitrust watchdog
said.

According to the report, the Fair Trade Commission (FTC) said the
number of corporate affiliates on the watch list stood at 1,700 as
of Jan. 1, down 46 from the previous month.

Yonhap News relates that the watchdog said the decline was
attributable to the exclusion of 34 affiliates of the crisis-
ridden Tong Yang Group from the list as the conglomerate no longer
met the business group designation standard, with some of its
affiliates recently launching corporate rehabilitation process.

Under South Korea's fair trade law, affiliates of large business
groups with assets of KRW5 trillion ($4.7 billion) or more are
restricted from making equity investments or offering loan
guarantees to one another, Yonhap News relays.



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


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

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


AUSTRALIA

AAT CORP LTD           AATDA          32.50      -13.46
ARASOR INTERNATI       ARR            19.21      -26.52
ATLANTIC LTD           ATI           490.17      -25.68
AUSTRALIAN ZI-PP       AZCCA          77.75       -2.57
AUSTRALIAN ZIRC        AZC            77.75       -2.57
BIRON APPAREL LT       BIC            19.71       -2.22
BOUNTY MINING LT       BNT            10.54       -0.94
CLARITY OSS LTD        CYO            37.13      -13.75
CMA CORP LTD           CMV           127.41      -51.00
CWH RESOURCES LT       CWH            10.71       -3.03
LANEWAY RESOURCE       LNY            10.84      -11.48
NATURAL FUEL LTD       NFL            19.38     -121.51
PENRICE SODA HOL       PSH           122.46      -26.85
QUICKFLIX LTD          QFX            11.48       -5.34
QUICKFLIX LTD-N        QFXN           11.48       -5.34
REDBANK ENERGY L       AEJ           300.67      -20.13
RIVERCITY MOTORW       RCY           386.88     -809.13
RUBICOR GROUP LT       RUB            45.20      -75.31
STERLING PLANTAT       SBI            59.08       -6.07
STIRLING RESOURC       SRE            16.53       -8.12
STRAITS RESOURCE       SRQ           208.51      -29.73
SWAN GOLD MINING       SWA            36.43       -9.08
TZ LTD                 TZL            12.88       -8.73


CHINA

ANHUI GUOTONG-A        600444         79.12      -10.53
CHANG JIANG-A          520           770.91     -176.56
CHINA GREAT LAND       CGL            16.52      -19.01
CHINA OILFIELD T       COT            22.00      -16.71
FORGAME HOLDINGS       484            83.73      -21.92
HEBEI BAOSHUO -A       600155        114.00     -104.15
HUASU HOLDINGS-A       509            77.77      -39.31
HULUDAO ZINC-A         751           507.79     -532.25
HUNAN TIANYI-A         908            59.37       -1.14
JIANGSU ZHONGDA        600074        338.59      -29.88
NANNING CHEMIC-A       600301        391.41      -43.60
QINGDAO YELLOW         600579        122.36      -71.04
QINGHAI SUNSHI-A       600381        394.70      -78.28
SHENZ CHINA BI-A       17             28.50     -283.65
SHENZ CHINA BI-B       200017         28.50     -283.65
SHIJIAZHUANG D-A       958           241.31     -111.50
SHUNFENG PHOTOVO       1165          411.73      -51.06
TAIYUAN TIANLO-A       600234         63.28      -17.71
WUHAN BOILER-B         200770        217.13     -213.03
WUHAN XIANGLON-A       600769         77.45     -103.43
YUNNAN JINGGU FO       600265         84.92       -2.90


HONG KONG

BIRMINGHAM INTER       2309           63.14       -6.89
BUILDMORE INTL         108            17.36      -70.34
CHINA HEALTHCARE       673            37.65       -0.40
CHINA OCEAN SHIP       651           248.21     -106.72
CNC HOLDINGS           8356           99.16       -9.03
CROSBY CAPITAL         8088           16.40      -20.27
EFORCE HLDGS LTD       943            60.73       -9.56
FU JI FOOD & CAT       1175           16.51     -156.68
GRANDE HLDG            186           255.10     -208.18
ICUBE TECHNOLOGY       139            18.87       -0.43
INNO-TECH HLDGS        8202           84.54     -116.82
LANGHAM HOSPITAL       1270          684.55      -86.21
LONG SUCCESS INT       8017           50.05       -7.44
MASCOTTE HLDGS         136           161.39      -30.38
MEGA EXPO HOLDIN       1360           17.00       -0.53
MELCOLOT LTD           8198           13.69      -28.83
PALADIN LTD            495           159.65       -9.17
PROVIEW INTL HLD       334           314.87     -294.85
SINO RESOURCES G       223            29.34      -24.77
SURFACE MOUNT          SMT            32.88      -10.68
U-RIGHT INTL HLD       627            15.56     -203.41
VXL CAPITAL LTD        727            74.79       -0.16


INDONESIA

APAC CITRA CENT        MYTX          176.66       -6.99
ARPENI PRATAMA         APOL          249.84     -319.77
ASIA PACIFIC           POLY          392.41     -827.79
BUMI RESOURCES         BUMI        7,027.47      -18.17
ICTSI JASA PRIMA       KARW           55.02       -5.29
JAKARTA KYOEI ST       JKSW           24.92      -34.90
MATAHARI DEPT          LPPF          209.66      -89.74
ONIX CAPITAL TBK       OCAP           13.22       -1.03
PRIMARINDO ASIA        BIMA           11.14      -18.88
RENUKA COALINDO        SQMI           15.64       -0.26
SUMALINDO LESTAR       SULI          114.51       -5.85
UNITEX TBK             UNTX           18.54      -18.35


INDIA

ABHISHEK CORPORA       ABSC           53.66      -25.51
AGRO DUTCH INDUS       ADF            85.09      -22.81
ALPS INDUS LTD         ALPI          201.29      -41.70
AMIT SPINNING          AMSP           12.85       -7.68
ARTSON ENGR            ART            11.81      -10.16
ASHAPURA MINECHE       ASMN          161.89      -51.58
ASHIMA LTD             ASHM           63.23      -48.94
ATV PROJECTS           ATV            48.47      -43.93
BELLARY STEELS         BSAL          451.68     -108.50
BENZO PETRO INTL       BPI            26.77       -1.05
BHAGHEERATHA ENG       BGEL           22.65      -28.20
BLUE BIRD INDIA        BIRD          122.02      -59.13
CELEBRITY FASHIO       CFLI           24.96       -8.26
CHESLIND TEXTILE       CTX            20.51       -0.03
CLASSIC DIAMONDS       CLD            66.26       -6.84
COMPUTERSKILL          CPS            14.90       -7.56
DCM FINANCIAL SE       DCMFS          18.46       -9.46
DFL INFRASTRUCTU       DLFI           42.74       -6.49
DIGJAM LTD             DGJM           99.41      -22.59
DISH TV INDIA          DITV          579.01      -28.55
DISH TV INDI-SLB       DITV/S        579.01      -28.55
DUNCANS INDUS          DAI           122.76     -227.05
ENSO SECUTRACK         ENSO           15.57       -0.46
EURO CERAMICS          EUCL          110.62       -6.83
EURO MULTIVISION       EURO           36.94       -9.95
FERT & CHEM TRAV       FCT           311.92      -35.19
GANESH BENZOPLST       GBP            44.05      -15.48
GANGOTRI TEXTILE       GNTX           54.67      -14.22
GOKAK TEXTILES L       GTEX           46.36       -0.29
GOLDEN TOBACCO         GTO            97.40      -18.24
GSL INDIA LTD          GSL            29.86      -42.42
GSL NOVA PETROCH       GSLN           16.53       -1.31
GUJARAT STATE FI       GSF            10.26     -303.64
GUPTA SYNTHETICS       GUSYN          44.18       -6.34
HARYANA STEEL          HYSA           10.83       -5.91
HEALTHFORE TECHN       HTEC           14.74      -46.64
HINDUSTAN ORGAN        HOC            74.72      -24.07
HINDUSTAN PHOTO        HPHT           49.58   -1,832.65
HMT LTD                HMT           108.71     -572.12
ICDS                   ICDS           13.30       -6.17
INDAGE RESTAURAN       IRL            15.11       -2.35
INTEGRAT FINANCE       IFC            49.83      -51.32
JCT ELECTRONICS        JCTE           80.08      -76.70
JENSON & NIC LTD       JN             16.49      -71.70
JET AIRWAYS IND        JETIN       3,368.77     -335.45
JET AIRWAYS -SLB       JETIN/S     3,368.77     -335.45
JOG ENGINEERING        VMJ            45.90       -5.28
KALYANPUR CEMENT       KCEM           23.39      -42.66
KANCO ENTERPRISE       KANE           10.59       -4.93
KERALA AYURVEDA        KERL           13.97       -1.69
KIDUJA INDIA           KDJ            11.16       -3.43
KINGFISHER AIR         KAIR          515.93   -2,371.26
KINGFISHER A-SLB       KAIR/S        515.93   -2,371.26
KITPLY INDS LTD        KIT            14.77      -58.78
KLG SYSTEL LTD         KLGS           40.64      -27.37
LML LTD                LML            43.95      -78.18
MADRAS FERTILIZE       MDF           167.72      -56.20
MAHA RASHTRA APE       MHAC           14.49      -12.96
MAHANAGAR TELE         MTNL        4,845.41     -511.72
MAHANAGAR TE-SLB       MTNL/S      4,845.41     -511.72
MALWA COTTON           MCSM           44.14      -24.79
MILTON PLASTICS        MILT           17.67      -51.22
MODERN DAIRIES         MRD            38.61       -3.81
MOSER BAER INDIA       MBI           727.13     -165.63
MOSER BAER -SLB        MBI/S         727.13     -165.63
MTZ POLYFILMS LT       TBE            31.94       -2.57
MURLI INDUSTRIES       MRLI          262.39      -38.30
MYSORE PAPER           MSPM           87.99       -8.12
NATL STAND INDI        NTSD           22.09       -0.73
NAVCOM INDUS LTD       NOP            10.19       -3.53
NICCO CORP LTD         NICC           71.84       -4.91
NICCO UCO ALLIAN       NICU           23.25      -83.90
NK INDUS LTD           NKI           141.35       -7.71
NRC LTD                NTRY           63.70      -53.01
NUCHEM LTD             NUC            24.72       -1.60
PANCHMAHAL STEEL       PMS            51.02       -0.33
PARAMOUNT COMM         PRMC          124.96       -0.52
PARASRAMPUR SYN        PPS            99.06     -307.14
PAREKH PLATINUM        PKPL           61.08      -88.85
PIONEER DISTILLE       PND            53.74       -5.62
PREMIER INDS LTD       PRMI           11.61       -6.09
PRIYADARSHINI SP       PYSM           20.80       -2.28
QUADRANT TELEVEN       QDTV          150.43     -137.48
QUINTEGRA SOLUTI       QSL            16.76      -17.45
RAMSARUP INDUSTR       RAMI          433.89      -89.28
RATHI ISPAT LTD        RTIS           44.56       -3.93
RELIANCE BROADCA       RBN            86.97       -0.59
RELIANCE MEDIAWO       RMW           425.22      -21.31
RELIANCE MED-SLB       RMW/S         425.22      -21.31
RENOWNED AUTO PR       RAP            14.12       -1.25
RMG ALLOY STEEL        RMG            66.61      -12.99
ROLLATAINERS LTD       RLT            22.97      -22.24
ROYAL CUSHION          RCVP           14.70      -75.18
SAAG RR INFRA LT       SAAG           12.54       -4.93
SADHANA NITRO          SNC            16.74       -0.58
SANATHNAGAR ENTE       SNEL           49.23       -6.78
SANCIA GLOBAL IN       SGIL           78.82      -25.13
SBEC SUGAR LTD         SBECS          92.44       -5.61
SCOOTERS INDIA         SCTR           19.75      -13.35
SERVALAK PAP LTD       SLPL           61.57       -7.63
SHAH ALLOYS LTD        SA            168.13      -81.60
SHALIMAR WIRES         SWRI           22.79      -27.18
SHAMKEN COTSYN         SHC            23.13       -6.17
SHAMKEN MULTIFAB       SHM            60.55      -13.26
SHAMKEN SPINNERS       SSP            42.18      -16.76
SHREE GANESH FOR       SGFO           44.50       -2.89
SHREE KRISHNA          SHKP           14.62       -0.92
SHREE RAMA MULTI       SRMT           38.90       -4.49
SIDDHARTHA TUBES       SDT            75.90      -11.45
SIMBHAOLI SUGAR        SBSM          268.76      -54.47
SITI CABLE NETWO       SCNL          219.45       -9.68
SPICEJET LTD           SJET          563.64      -41.19
SQL STAR INTL          SQL            10.58       -3.28
STATE TRADING CO       STC           826.29     -276.56
STELCO STRIPS          STLS           14.90       -5.27
STI INDIA LTD          STIB           21.69       -2.13
STL GLOBAL LTD         SHGL           30.73       -5.62
STORE ONE RETAIL       SORI           15.48      -59.09
SUPER FORGINGS         SFS            14.62       -7.00
SURYA PHARMA           SUPH          370.28       -9.97
TAMILNADU JAI          TNJB           17.07       -1.00
TATA METALIKS          TML           156.70       -5.36
TATA TELESERVICE       TTLS        1,311.30     -138.25
TATA TELE-SLB          TTLS/S      1,311.30     -138.25
TODAYS WRITING         TWPL           18.58      -25.67
TRIUMPH INTL           OXIF           58.46      -14.18
TRIVENI GLASS          TRSG           19.71      -10.45
TUTICORIN ALKALI       TACF           19.86      -19.58
UDAIPUR CEMENT W       UCW            11.38      -10.53
UNIFLEX CABLES         UFCZ           47.46       -7.49
UNIWORTH LTD           WW            149.50     -151.14
UNIWORTH TEXTILE       FBW            22.54      -35.03
USHA INDIA LTD         USHA           12.06      -54.51
VANASTHALI TEXT        VTI            14.59       -5.80
VENUS SUGAR LTD        VS             11.06       -1.08
WANBURY LTD            WANB          141.86       -3.91


JAPAN

FLIGHT HOLDINGS        3753           10.10       -2.62
GOYO FOODS INDUS       2230           11.79       -1.51
HARAKOSAN CO           8894          186.55       -8.07
IDEA INTERNATION       3140           23.66       -0.08
KANMONKAI CO LTD       3372           42.64       -0.81


KOREA

DVS KOREA CO LTD       46400          17.40       -1.20
HS R&A CO LTD          13520       1,081.63       -0.57
KC FEED CO LTD         25880         111.24        0.00
NARA KIC LTD           7460          155.88       -1.85
ORIENTAL PRECISI       14940         224.92      -79.83
ROCKET ELEC-PFD        425           111.09       -0.42
ROCKET ELECTRIC        420           111.09       -0.42
SHINIL ENG CO          14350         199.04       -2.53
SSANGYONG ENGINE       12650       1,231.13     -119.47
STX OFFSHORE & S       67250       7,627.42   -1,124.38
TEC & CO               8900          139.98      -16.61
TONGYANG NETWORK       30790         311.91      -36.46
WOONGJIN HOLDING       16880       2,197.34     -635.50


MALAYSIA

HAISAN RESOURCES       HRB            41.31      -11.54
HO HUP CONSTR CO       HO             59.28      -16.64
PETROL ONE RESOU       PORB           51.39       -4.00
SILVER BIRD GROU       SBG            41.63      -34.19
SUMATEC RESOURCE       SMTC          169.12      -26.18
VTI VINTAGE BHD        VTI            17.74       -3.63


NEW ZEALAND

NZF GROUP LTD          NZF            11.69       -4.60
PULSE UTILITIES        PLU            11.29       -3.44


PHILIPPINES

CYBER BAY CORP         CYBR           14.26      -20.51
FIL ESTATE CORP        FC             40.90      -15.77
FILSYN CORP A          FYN            23.11      -11.69
FILSYN CORP. B         FYNB           23.11      -11.69
GOTESCO LAND-A         GO             21.76      -19.21
GOTESCO LAND-B         GOB            21.76      -19.21
LIBERTY TELECOMS       LIB           113.23      -14.81
MRC ALLIED INC         MRC            27.06       -2.56
PICOP RESOURCES        PCP           105.66      -23.33
STENIEL MFG            STN            21.07      -11.96
UNIWIDE HOLDINGS       UW             50.36      -57.19


SINGAPORE

ADVANCE SCT LTD        ASCT           19.68      -22.46
HL GLOBAL ENTERP       HLGE           83.11       -4.63
IGG INC                8002           21.53      -55.84
SCIGEN LTD-CUFS        SIE            68.70      -42.35
SUNMOON FOOD COM       SMOON          20.26      -17.36
TT INTERNATIONAL       TTI           298.35      -82.84
UNITED FIBER SYS       UFS            65.52      -56.60


THAILAND

ABICO HLDGS-F          ABICO/F        15.28       -4.40
ABICO HOLDINGS         ABICO          15.28       -4.40
ABICO HOLD-NVDR        ABICO-R        15.28       -4.40
ASCON CONSTR-NVD       ASCON-R        59.78       -3.37
ASCON CONSTRUCT        ASCON          59.78       -3.37
ASCON CONSTRU-FO       ASCON/F        59.78       -3.37
BANGKOK RUBBER         BRC            77.91     -114.37
BANGKOK RUBBER-F       BRC/F          77.91     -114.37
BANGKOK RUB-NVDR       BRC-R          77.91     -114.37
CALIFORNIA W-NVD       CAWOW-R        28.07      -11.94
CALIFORNIA WO-FO       CAWOW/F        28.07      -11.94
CALIFORNIA WOW X       CAWOW          28.07      -11.94
CIRCUIT ELEC PCL       CIRKIT         16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F       16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R       16.79      -96.30
DATAMAT PCL            DTM            12.69       -6.13
DATAMAT PCL-NVDR       DTM-R          12.69       -6.13
DATAMAT PLC-F          DTM/F          12.69       -6.13
ITV PCL                ITV            36.02     -121.94
ITV PCL-FOREIGN        ITV/F          36.02     -121.94
ITV PCL-NVDR           ITV-R          36.02     -121.94
K-TECH CONSTRUCT       KTECH          38.87      -46.47
K-TECH CONSTRUCT       KTECH/F        38.87      -46.47
K-TECH CONTRU-R        KTECH-R        38.87      -46.47
KUANG PEI SAN          POMPUI         17.70      -12.74
KUANG PEI SAN-F        POMPUI/F       17.70      -12.74
KUANG PEI-NVDR         POMPUI-R       17.70      -12.74
MANGPONG 1989 PC       MPG            11.83       -0.91
MANGPONG 1989 PC       MPG/F          11.83       -0.91
MANGPONG 19-NVDR       MPG-R          11.83       -0.91
PATKOL PCL             PATKL          52.89      -30.64
PATKOL PCL-FORGN       PATKL/F        52.89      -30.64
PATKOL PCL-NVDR        PATKL-R        52.89      -30.64
PICNIC CORP-NVDR       PICNI-R       101.18     -175.61
PICNIC CORPORATI       PICNI         101.18     -175.61
PICNIC CORPORATI       PICNI/F       101.18     -175.61
SAHAMITR PRESS-F       SMPC/F         27.92       -1.48
SAHAMITR PRESSUR       SMPC           27.92       -1.48
SAHAMITR PR-NVDR       SMPC-R         27.92       -1.48
SHUN THAI RUBBER       STHAI          19.89       -0.59
SHUN THAI RUBB-F       STHAI/F        19.89       -0.59
SHUN THAI RUBB-N       STHAI-R        19.89       -0.59
SUNWOOD INDS PCL       SUN            19.86      -13.03
SUNWOOD INDS-F         SUN/F          19.86      -13.03
SUNWOOD INDS-NVD       SUN-R          19.86      -13.03
TONGKAH HARBOU-F       THL/F          62.30       -1.84
TONGKAH HARBOUR        THL            62.30       -1.84
TONGKAH HAR-NVDR       THL-R          62.30       -1.84
TRANG SEAFOOD          TRS            15.18       -6.61
TRANG SEAFOOD-F        TRS/F          15.18       -6.61
TRANG SFD-NVDR         TRS-R          15.18       -6.61
TT&T PCL               TTNT          589.80     -223.22
TT&T PCL-NVDR          TTNT-R        589.80     -223.22
TT&T PUBLIC CO-F       TTNT/F        589.80     -223.22
WORLD CORP -NVDR       WORLD-R        15.72      -10.10
WORLD CORP PCL         WORLD          15.72      -10.10
WORLD CORP PLC-F       WORLD/F        15.72      -10.10


TAIWAN

BEHAVIOR TECH CO       2341S          30.90       -0.22
BEHAVIOR TECH-EC       2341O          30.90       -0.22
HELIX TECH-EC          2479T          23.39      -24.12
HELIX TECH-EC IS       2479U          23.39      -24.12
HELIX TECHNOL-EC       2479S          23.39      -24.12
POWERCHIP SEM-EC       5346S       2,036.01      -52.74
TAIWAN KOL-E CRT       1606U         507.21     -147.14
TAIWAN KOLIN-EN        1606V         507.21     -147.14
TAIWAN KOLIN-ENT       1606W         507.21     -147.14
UNITED FU SHEN C       5467           12.82       -0.22



                             *********

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, and Peter A. Chapman,
Editors.

Copyright 2014.  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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