TCRAP_Public/140107.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

           Tuesday, January 7, 2014, Vol. 17, No. 4


                            Headlines


A U S T R A L I A

AUSGROUP LTD: Raises SGD15.2MM in Capital to Fend Off Insolvency
GUNNS LTD: Deadline for Bidders Extended Until This Week


C H I N A

EVERGRANDE REAL: Fitch Says Solicitation Won't Affect Ratings
GUANGZHOU R&F: Fitch Puts Rating on Sr. Unsec. Notes at 'BB(EXP)'


I N D I A

AIR INDIA: Grounds VRS Plan Citing High Attrition, Lack of Funds
ARUN POLYMERS: CRISIL Ups Ratings on INR33.7MM Loans to 'B+'
AUM SHRI: CRISIL Assigns 'B' Rating to INR26.9MM Loans
BAFNA HOSPITAL: CRISIL Reaffirms 'D' Ratings on INR480MM Loans
BANK OF BARODA: Change in IDR Will Affect Notes Rating Says Fitch

BHARAT UDYOG: ICRA Cuts Ratings on INR85cr Loans to 'D'
BLACKWOOD DEVELOPERS: CRISIL Cuts Rating on INR1.1BB Loan to 'B+'
CHARIOT INT'L: CRISIL Reaffirms 'B+' Rating on INR3MM Loan
DEVIPRIYA ENTERPRISES: ICRA Rates INR19cr Term Loan at 'B+'
FLORENS FOOTWEAR: ICRA Assigns 'B+' Rating to INR5cr Loan

HARVIN IMPEX: CRISIL Reaffirms 'B' Ratings on INR90MM Loans
JAGANNATH RICE: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
LORD SHIVA: CARE Assigns 'D' Ratings to INR12.5cr Loans
MADHAV OIL: ICRA Reaffirms 'B+' Rating on INR12.04cr Loans
MAHADEVI COTTON: ICRA Reaffirms 'B' Rating on INR7cr Loans

MAHESHWAR OIL: ICRA Assigns 'B+' Ratings to INR10cr Loans
MANIPAL ENERGY: CRISIL Assigns 'B+' Rating to INR50MM Loan
NSL TEXTILES: ICRA Ups Ratings on INR1,295.27cr Loans to 'B+'
P.K. OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
PARVATI COTTON: ICRA Rates INR6cr Cash Credit at 'B'

PASHUPATI COTTON: ICRA Assigns 'B+' Ratings to INR1.55cr Loans
RAMAN ISPAT: ICRA Rates INR1.5cr Loans at 'B+'
S.N.TRADELINK: ICRA Assigns 'B+' Ratings to INR56.5cr Loans
SRI JAGANNATH: CRISIL Reaffirms 'B' Ratings on INR135MM Loans
SRI RAM: CRISIL Raises Ratings on INR293MM Loans to 'B-'

SRS AGRI: ICRA Downgrades Rating on INR14cr Loan to 'D'
UNDAVALLI CONSTRUCTIONS: ICRA Rates INR9cr Term Loans at 'B'
VICTORY SPINNING: CARE Reaffirms 'B' Rating on INR35.70cr Loans
VISA POWER: CARE Reaffirms 'B+' Rating on INR1,964cr Loans
YOGIRAJ SPINNING: ICRA Assigns 'B+' Ratings to INR44.4cr Loans


N E W  Z E A L A N D

NZ THOROUGHBRED: Annual Loss Narrows to NZ$3.97 Million


S R I  L A N K A

SRI LANKA: Fitch Assigns US$-Denominated Bonds 'BB-(EXP)' Rating


X X X X X X X X

* BOND PRICING: For the Week Dec. 30, 2013 to Jan. 3, 2014


                            - - - - -


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


AUSGROUP LTD: Raises SGD15.2MM in Capital to Fend Off Insolvency
----------------------------------------------------------------
Paul Garvey at The Australian reports that AusGroup Ltd has raised
SGD15.2 million in fresh capital as it attempts to fight off
suggestions it is facing insolvency.

According to The Australian, the Singapore-listed, Perth-based
company said it had agreed to a conditional placement to DBS Bank
at S16.8c per share, an 8.5 per cent discount to AusGroup's
weighted average price.

The Australian says AusGroup has been hit hard by the slowdown of
activity in the resources sector over the past year, with its
shares falling by more than 70 per cent in the past 12 months.

Its shares were savaged in mid-December after Singapore
stockbroker OSK-DMG warned that AusGroup was "burning cash" and
"at serious risk of insolvency", noting that the group's current
contracts were likely to be unprofitable, according to the report.

The Australian relates that the company said it was also expecting
to finalise new banking arrangements in the coming weeks which
would provide a further injection of working capital into the
group.

The Australian adds that AusGroup managing director Stuart Kenny
said the support for the placement was an endorsement of the
company's approach and longer term outlook. "The placement is a
great way to start the year, boosting working capital as we work
closely with new and existing customers to target opportunities in
a changing market," the report quotes Mr. Kenny as saying.

"Our business model is well placed to deliver a suite of
integrated skills and services as projects enter long-term
operation, following an unprecedented construction period in
Western Australia."

AusGroup breached banking covenants in September after it reported
the first loss in its history as a listed company, the report
notes.

AusGroup Limited provides fabrication and manufacturing,
construction, scaffolding, insulation, painting, refractory and
maintenance services to natural resource development companies in
Australia, Singapore, and Thailand.


GUNNS LTD: Deadline for Bidders Extended Until This Week
--------------------------------------------------------
Brett Cole at The Australian reports that Kordamentha partner
Bryan Webster -- bwebster@kordamentha.com -- has extended the
deadline for expressions of interest in all or part of Gunns Group
to the second week of January at the request of potential bidders,
who have sent teams to Tasmania to examine the bankrupt timber
company that collapsed in September 2012 with debts of AUD3.02
billion.

The Australian says Mr. Webster, a registered liquidator, will
know by the middle of the month whether the sale of 139-year-old
Gunns can be wrapped up quickly with a compelling bid for the
whole company, whose assets were valued by PPB Advisory at $795.9
million last February.

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.

Gunns was placed into liquidation in March 2013.



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


EVERGRANDE REAL: Fitch Says Solicitation Won't Affect Ratings
-------------------------------------------------------------
Fitch Ratings said that the ratings of Evergrande Real Estate
Group (Evergrande; BB/Stable) and its bonds due 2015 will not be
impacted even if the proposed amendments in the consent
solicitation announced on Jan. 6, 2014, are adopted.

The purpose of the consent solicitation is to bring the indenture
of the bonds due 2015 and 2016 into conformity with the terms of
the bonds due 2018. Major proposed amendments of the indenture
include adding more future offshore restricted subsidiaries that
may not provide guarantees; adding certain subsidiary guarantees
that may be replaced by limited-recourse JV subsidiary guarantees;
giving Evergrande more flexibility to make investments, including
investments in minority owned joint ventures and unrestricted
subsidiaries; giving Evergrande more flexibility to incur
indebtedness and create liens; and adding more items under
permitted indebtedness.

The proposed amendments will loosen the existing indentures on the
bonds due 2015, but the changes are not material, especially given
the fact that the bonds due 2018 already feature the looser
indentures.  If the proposed indenture changes are adopted, Fitch
expects the greater investment flexibility to create more
opportunities for Evergrande to develop projects with other
developers and facilitate transactions through offshore entities.

Evergrande Real Estate Group Limited and its subsidiaries are
principally engaged in the property development, property
investment, property management, property construction and other
property development related services in the People's Republic of
China (PRC).


GUANGZHOU R&F: Fitch Puts Rating on Sr. Unsec. Notes at 'BB(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Guangzhou R&F
Properties Co. Ltd.'s (R&F; BB/Positive) proposed US dollar-
denominated senior unsecured notes an expected rating of
'BB(EXP)'.  The notes will be issued by its subsidiary, Trillion
Chance Limited.

R&F has granted a keepwell deed and a deed of equity interest
purchase undertaking to ensure that Trillion Chance has sufficient
assets and liquidity to meet its debt obligations.  The final
rating is contingent on the receipt of final documents conforming
to information already received.

Debt Maturing in 2014: The ratings are constrained by refinancing
risk, with over CNY12.8bn of the debt maturing in 2014, including
CNY8.1bn of bonds and CNY1.4bn of trust loans.  Given its annual
sales of around CNY40bn, the amount due in 2014 may tie up short-
term liquidity and curb growth.

Superior Margins: Lower land costs and development of commercial
projects have yielded stable EBITDA margins of around 35% in the
past three years, a level that is at the high end of the range
seen at its peers.  Fitch expects R&F to maintain the margins for
the next two years due to sufficient land bank and low land costs.

National Presence: R&F has a well-balanced nationwide land bank,
of which 34% of gross floor area is located in first-tier cities
and 63% in second-tier cities.  There is no over-concentration in
any one city and even Guangzhou, where R&F first established its
business, only accounted for less than 25% of contracted sales in
1H13. The diversification helps reduce uncertainties inherent in
local policies and local economies.

Sustainable Asset Turnover: The company's ratio of contracted
sales to total debt was more than 1x over the past three years,
even though it incurred substantial debt and market conditions
were challenging in 2H11 and 1H12.  Fitch expects the ratio to
improve further in the next two years as the company adds debt at
a slower pace and its contracted sales growth accelerates.

Diversified Funding Sources: The company benefits from diversified
funding channels, which ensure it has sufficient liquidity for
financing development costs, land premium payments and debt
obligations.  R&F's leverage, as measured by net debt/adjusted
inventory, was at 49% at end-1H13.  While this is at the high-end
of the range seen at its 'BB'-rated peers, Fitch believes that the
ratio is likely to trend down as the company increases its asset
turnover in the next two years.

Positive Outlook: R&F's credit metrics are likely to improve to be
commensurate with a 'BB+' profile within the next 12 months if the
company can refinance debt maturing in 2014 with long-term
capital, and improve its asset turnover and leverage.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- Refinancing of bonds and trust loans maturing in 2014 with
    long-term capital
-- EBITDA margin at above 30% on a sustained basis
-- Net debt/adjusted inventory sustained below 40%
-- Contracted sales/total debt sustained above 1.25x

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

-- Failure to meet the above guidelines over the next 12-18
    months, which would lead to the Outlook being revised to
    Stable.



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


AIR INDIA: Grounds VRS Plan Citing High Attrition, Lack of Funds
----------------------------------------------------------------
The Press Trust of India reports that Air India Ltd has given a
quiet burial to its much-talked about voluntary retirement scheme
(VRS) owing to high attrition rate and government's disinclination
to provide committed funds due to precarious state of the central
finances, sources said.

"It has been decided at the last over-sight meeting that we will
not pursue the VRS scheme," Air India sources told PTI.

Air India had in July 2012 approved the VRS package for all its
permanent employees who have served for 15 years or are at least
40 years of age, the report recalls.

The now-derailed scheme had expected some 5,000 employees to avail
of the package, which was aimed at reducing the huge salary bill -
- pegged at INR3,100 crore this fiscal, PTI says.

Over the past couple of years, PTI relates, its salary bill has
been coming down. In FY12 it was Rs 3,500 crore, which came down
to Rs 3,300 crore last fiscal, PTI discloses.

"We were very keen to implement the scheme at that stage as we
wanted to trim the workforce. However, the situation in the last
over two-and-a half years has changed as we have seen very high
super-annuation rate, which led us to shell it altogether," the
sources told PTI.

According to the report, sources said the carrier has seen over
3,000 retirements in the last two years across categories, in
addition to around 200 employees leaving for reasons other than
retirement.

As per the company policy, an employee completing 20 years can
submit his papers and leave the carrier.

Air India had sought INR1,200 crore from the government to
implement the VRS package, sources said, adding, "the finance
ministry, however, turned down the request," the report notes.

The ministry, while red-flagging the scheme, had pointed out that
around 7,000 employees will retire from service over the next
three years and another 12,000 will be transferred to ground
handling and engineering subsidiaries, the sources, as cited by
PTI, said.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ARUN POLYMERS: CRISIL Ups Ratings on INR33.7MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Arun Polymers to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
has reaffirmed the rating on AP's short-term bank facilities at
'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit          35      CRISIL A4 (Reaffirmed)

   Term Loan                  8.7    CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in AP's liquidity
supported by its prudent working capital management. The firm's
gross current assets (GCAs) improved to 72 days as on March 31,
2013, from 107 days as on March 31, 2012, driven by improvement in
the firm's inventory and receivables management. AP's expected net
cash accruals of around INR7 million in 2013-14 (refers to
financial year, April 1 to March 31) are likely to be adequate to
meet its debt obligations of around INR4.8 million during the
year.

The firm's business risk profile is supported by improvement in
its scale of operations, backed by stable orders from its
customers; AP recorded revenue of around INR410 million during
2012-13 while its operating profitability was around 4.2 per cent
for the year. However, the firm's operating profitability declined
from 6.9 per cent in 2011-12 because of increased raw material
prices. The firm's gearing was low, at 1.16 times, as on March 31,
2013; in the absence of any debt-funded capital expenditure
(capex) programme, AP's gearing is expected to remain at the
current level over the medium term. However, AP's net worth was
modest, around INR46 million as on March 31, 2013.

The ratings continue to reflect AP's below-average financial risk
profile marked by small net worth and weak debt protection
metrics, and the firm's modest scale of operations in the
intensely competitive polyvinyl chloride (PVC) pipe manufacturing
industry. These rating weaknesses are partially offset by the
extensive experience of AP's promoters in the PVC pipe
manufacturing industry, and the firm's established relationship
with customers and suppliers.

Outlook: Stable

CRISIL believes that AP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm sustainably
improves its scale of operations and profitability, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if AP's financial risk profile
deteriorates because of aggressive debt-funded expansion or if the
firm's liquidity weakens because of any additional delay in
receivables or because of subdued cash accruals.

Set up in 2000 by Mr. P Thiyagarajan, AP is a partnership firm
manufacturing PVC pipes.

For 2012-13, AP reported a profit after tax (PAT) of INR1.3
million on net sales of INR409.7 million, against a PAT of INR2.1
million on net sales of INR241.4 million for 2011-12.


AUM SHRI: CRISIL Assigns 'B' Rating to INR26.9MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aum Shri Hotels & Resorts Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          173.1     CRISIL A4 (Assigned)

   Proposed Long-Term
   Bank Loan Facility       26.9     CRISIL B/Stable (Assigned)

The ratings reflect ASHRPL's exposure to risks and cyclical demand
inherent to the real estate sector; and funding and implementation
risks associated with the company's on-going residential project.
These rating weaknesses are partially offset by the established
position of ASHRPL's promoters in the real estate sector, and
their strong funding support.

Outlook: Stable

CRISIL believes that ASHRPL will maintain its current business
risk profile on the back of its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
company reports a significant improvement in its business and
financial risk profiles, supported by timely implementation and
high saleability of its ongoing project, leading to healthy and
sustainable cash accruals. The outlook may be revised to
'Negative' if ASHRPL incurs time and cost overruns in its on-going
residential project; or if its liquidity is constrained by delays
in receiving funding or in receipt of customer advances, thereby
restricting the company's revenues and profitability, thus
weakening its debt servicing ability.

ASHRPL is a closely held private limited company, promoted by Mr.
Arvind Preet Singh and Mr. Anil Thakran. The company was
incorporated in July 2012 and is setting up a housing project in
Village Dhunela, Sohna (Gurgaon).


BAFNA HOSPITAL: CRISIL Reaffirms 'D' Ratings on INR480MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Bafna Hospital and
Orthopaedic Research Centre Pvt Ltd continue to reflect instances
of delay by the company in servicing the interest payment on its
term loan contracted to set up a 230-bed hospital (at an estimated
cost of INR760 million). The delay has been caused by the
company's weakening liquidity, following the delay in completion
of the new hospital.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 300     CRISIL D (Reaffirmed)
   Term Loan                 180     CRISIL D (Reaffirmed)

Bafna is susceptible to risks related to implementation and demand
offtake for its ongoing project, and its small scale of existing
operations. These rating weaknesses are partially offset by the
promoters' extensive experience in the healthcare delivery sector.

Bafna was incorporated in Indore (Madhya Pradesh) in 1999. The
company runs a 30-bed hospital for orthopaedic and trauma cases.

Bafna reported a profit after tax (PAT) of INR4.8 million on net
sales of INR16 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR11.5 million on net
sales of INR18 million for 2011-12.


BANK OF BARODA: Change in IDR Will Affect Notes Rating Says Fitch
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Bank of Baroda's (BOB)
proposed US dollar-denominated senior unsecured debt an expected
rating of 'BBB-(EXP)'.

The notes will constitute direct, unconditional, unsubordinated
and unsecured obligations of the Issuer.  They will at all times
rank pari passu among themselves and with all other unsecured
obligations (other than subordinated obligations) of the Issuer.
The tenor of the issue is expected to be around five years and the
bank plans to use all the proceeds for offshore lending
activities.

The final rating is subject to the receipt of final documentation
conforming to information already received.

The senior unsecured instruments are rated at the same level as
the bank's Issuer Default Rating (IDR), in accordance with Fitch's
criteria.

BOB's IDR (BBB-/Stable) is driven by its Support Rating Floor of
'BBB-' -- which is higher than its Viability Rating of 'bb+' --
and reflects Fitch's expectation that the government of India
would continue to have a high propensity to extend support, should
there be a need.

BOB's systemic importance is high given its position as India's
second-largest state-owned bank (55.4% state shareholding as at
end-March 2013), high share of system assets and deposits (around
6%) and wide-reaching pan-India presence (over 4,000 branches).
BOB, along with other state banks, has also received regular
capital injections from the government.  Over the last three
years, it has received total funds of around INR49.5bn from the
government and Life Insurance Corporation of India, which is
wholly owned by the government and is India's largest life
insurer.

A change in BOB's IDR will have an impact on the securities'
rating.

BOB's other ratings are as follows:

-- Long-Term IDR 'BBB-'; Outlook Stable
-- Short-Term IDR 'F3'
-- Viability Rating 'bb+'
-- Support Rating '2'
-- Support Rating Floor 'BBB-'
-- USD 3bn MTN Programme 'BBB-'
-- USD 500mn Senior Unsecured Notes under the MTN programme
    'BBB-'
-- USD 350mn Senior Unsecured Notes under the MTN programme
    'BBB-'
-- USD 300mn Upper tier 2 Notes 'B+'


BHARAT UDYOG: ICRA Cuts Ratings on INR85cr Loans to 'D'
-------------------------------------------------------
ICRA has revised the long-term rating on the INR13.0 crore term
loans and INR42.0 crore long-term, fund based facilities of Bharat
Udyog Limited to '[ICRA]D' from '[ICRA]B'. ICRA has also revised
the short-term rating on the INR30.0 crore short-term, non-fund
based facilities of BUL to '[ICRA]D' from '[ICRA]A4'.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Rating Long-term,      13.0        Revised to [ICRA]D from
   fund-based                         [ICRA]B
   facilities

   Long-term, non-        42.0        Revised to [ICRA]D from
   fund-based                         [ICRA]B
   facilities

   Short-term, non        30.0        Revised to [ICRA]D from
   fund based                         [ICRA]A4
   facilities

The rating revision reflects recent delays in servicing the term
loan instalments due to stretched cash flows of the company. The
financial profile of the company remains weak with stretched
liquidity, as indicated by over-utilization of bank facilities, at
the consolidated level owing to the time and cost overrun in the
toll road BOT project being executed by BUL Infradevelopers
Private Limited, a Special Purpose Vehicle (SPV) of the company.
The financial profile remains further constrained by corporate
guarantees amounting to ~1.5 times its net-worth as on March 2012
extended to SPVBUL. The risk of invocation of guarantee is,
however, partially mitigated since toll collection has started.
The traffic currently remains lower than expected but is expected
to improve as the route provides a vital connection between NH-3
(Mumbai-Agra highway) and NH-8 (Mumbai-New Delhi highway). Going
forward, the significant funding requirements of the other SPV,
Swaraj Infrastructure Projects Limited, which is undertaking Truck
Terminal Projects at Taloja, Waluj and Latur are expected to
continue to strain the financial profile at the consolidated level
over the medium term.

ICRA takes note of the long track record of the company in the
construction sector especially in roads, its established
relationship with government departments with whom it has executed
number of repeat orders in the past, and the long-standing
experience of the promoters in the construction industry.

Bharat Udyog Limited, set up in 1993, is an infrastructure
development company. The Company's core area of operations is
infrastructure development in the field of roads and construction
(EPC and BOT projects), and processing and trading of Bitumen. The
company is also engaged in toll collection, sand quarrying on a
contract basis and has also executed one commercial mall
development project in Kolhapur on BOT basis.

BUL is promoted by Mr. Srichand Kukreja who started construction
business with Jaihind Construction Company in 1980 for executing
construction activities of smaller ticket size as a sub
contractor. He set up Jaihind Contractors Private Limited in 1988
and Swaraj Erectors Private Limited in 1993 to execute
infrastructure projects. BUL was incorporated in 1993 by merging
JCPL and SEPL. It was then known as Bharat Monetary Services
Private Limited and was intended to act as an NBFC for group
companies. The name was changed to BUL in 2001 and in 2002 all the
group companies were consolidated under BUL. All construction
activities are hence conducted under BUL. Mr. Srichand Kukreja
currently acts as the Chairman and Managing Director of BUL and
the company continues to remain closely held.


BLACKWOOD DEVELOPERS: CRISIL Cuts Rating on INR1.1BB Loan to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Blackwood Developers Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               1,100.0   CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in BDPL's
financial risk profile, particularly its financial flexibility.
This was driven by the company's relatively lower-than-expected
profitability, leading to insufficient net cash accruals for
meeting its maturing obligations, and the stretch in its working
capital cycle because of delay in realising lease rentals from
customers. BDPL reported a relatively lower operating
profitability margin of 52.7 per cent in 2012-13 (refers to
financial year, April 1 to March 31) against CRISIL's earlier
expectation, leading to negative cash accruals for the year;
however, its debt repayments are supported by customer advances
and unsecured loans.

Furthermore, BDPL's working capital cycle was stretched, with
gross current assets at 156 days as on March 31, 2013. This was
due to delay in realising payment from its customers, resulting in
further pressure on its liquidity. The company's gearing has also
deteriorated as it has used additional long-term debt of INR80
million till November 2013 for increasing the leased-out area and
for repaying unsecured loans.

The rating reflects BDPL's small scale of operations, lower-than-
industry-average profitability, and exposure to event risks. The
rating also factors in the company's weak financial risk profile,
marked by high gearing and below-average debt protection metric.
These rating weakness are partially offset by BDPL's comfortable
revenue visibility over the medium term driven by its long-term
lease contracts with clients.

Outlook: Stable

CRISIL believes that BDPL has comfortable revenue visibility over
the medium term due to its long-term lease contracts with clients.
The outlook may be revised to 'Positive' if the company's
profitability increases significantly, most likely due to increase
in its occupancy rate or profitability, leading to improvement in
its financial risk profile, particularly its financial
flexibility. Conversely, the outlook may be revised to 'Negative'
if BDPL's tenants unexpectedly terminate existing leases, or if
the company undertakes a large debt-funded capital expenditure
programme, resulting in further deterioration in its financial
risk profile.

BDPL is in the business of leasing of commercial space at its
shopping mall, Phoenix United Mall, at Bareilly (Uttar Pradesh).
The total available area for lease is around 423,000 square feet.
The construction of this mall started in December 2008 and was
completed in April 2012.


CHARIOT INT'L: CRISIL Reaffirms 'B+' Rating on INR3MM Loan
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Chariot International Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Letter of Credit          5      CRISIL A4 (Reaffirmed)

   Long Term Loan            3      CRISIL B+/Stable (Reaffirmed)

   Packing Credit           75      CRISIL A4 (Reaffirmed)

   Proposed Short-Term
   Bank Loan Facility       15      CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in CIPL's financial
risk profile, particularly its liquidity, driven by fund infusion
by promoters and its improved receivables management. During 2013-
14 (refers to financial year, April 1 to March 31), the promoters
have extended unsecured loans of INR18 million and have prepaid
most of the term loans which were outstanding as on March 31,
2013. This has resulted in an improvement in CIPL's liquidity.
Moreover, the company is expected to generate cash accruals of
INR8 million to INR10 million per annum against insignificant term
debt repayments during 2014-15. The improvement in liquidity is
also supported by CIPL's improved receivables management. As on
November 30, 2013, CIPL had debtors of INR102 million of which 65
per cent was outstanding for less than 90 days, while the
remaining was outstanding for between 90 and 180 days. This was
unlike previous years, when the company had a considerable portion
of debtors outstanding for over 180 days.

The improvement in CIPL's financial risk profile is supported by
its stable business risk profile. CIPL reported revenues of INR227
million for 2012-13, in line with CRISIL's expectations. Its
revenues in 2013-14, are expected to register a moderate growth to
between INR250 million and INR270 million. The company's operating
profitability was around 7.5 per cent in 2012-13, marginally
higher than earlier expectations. CRISIL believes that CIPL will
sustain its stable business risk profile over the medium term,
supported by its established customer relationships and healthy
operating efficiencies.

The ratings reflect CIPL's small scale of operations in the
intensely competitive granite processing industry, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of CIPL's
promoters and its moderate financial risk profile, marked by
comfortable gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that CIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant and
sustained increase in the company's revenues and profitability, or
an improvement in its working capital management, resulting in
improved liquidity. Conversely, the outlook may be revised to
'Negative' if CIPL's liquidity deteriorates, most likely due to
stretched receivables, or if its revenues decline considerably, or
if it undertakes a large debt-funded capital expenditure
programme, thereby weakening its financial risk profile.

CIPL, set up in 1992, is engaged in granite processing. The
company's day-to-day operations are managed by Mr. Sandeep K
Wadhwa.

For 2012-13, CIPL reported a profit after tax (PAT) of INR10.8
million on net sales of INR227 million, against a PAT of INR5.3
million on net sales of INR198 million for 2011-12.


DEVIPRIYA ENTERPRISES: ICRA Rates INR19cr Term Loan at 'B+'
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR19.00 crore Term
loan facility of Devipriya Enterprises.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             19.00        [ICRA]B+ assigned

The assigned rating favorably factors in experience of the Vasudha
Group in real estate project development for around a decade, well
qualified promoters, attractive location of the project with
proximity to well developed commercial areas. ICRA notes that
expected development of planned roads will provide strong
connectivity to key residential areas in city; however the
development timeline will decide the rate appreciation of the
project. The rating is however constrained by marketing risk as
the project is at an initial stage currently. Further, pending
approval for commencement certificate for partial plan is
restricting loan disbursement which might have an impact on
project execution. ICRA also notes that the project faces
competition from other projects in the vicinity which are at
advanced stages of completion as compared to the project. Going
forward, DE's ability to accelerate the sales and complete
sanction process in timely manner, which will in turn provide
access to complete sanctioned debt, will remain key rating
sensitivities.

Established in 2011, DE is developing a residential real estate
project 'Vasudha Etasha' Kothrud, in Pune. The Promoters of the
firm are Vasudha Landmarks Private Limited promoted by MR. Umesh
Kothawade and Devichand K. Jain. Vasudha group is engaged in real
estate development in Pune and surrounding areas for around a
decade and they have completed around 10 projects till date. Total
area developed till date by the group is ~2.6 lakh sq ft. In the
entity, Mr. Devichand Jain is a funding partner while complete
operations are managed by Mr. Kothawade of Vasudha group


FLORENS FOOTWEAR: ICRA Assigns 'B+' Rating to INR5cr Loan
---------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR5.0 crore fund based
limits of Florens Footwear Industries. ICRA has also assigned
'[ICRA]A4' rating to the Rs 1.5 crore non fund based limits of
Florens.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based Limits       5.0        [ICRA]B+ assigned

   Non fund based
   Limits                  1.5        [ICRA]A4 assigned

The assigned ratings favourably factor in the experience of
Florens' promoters in the footwear manufacturing business, their
established relationships with footwear distributors and the
healthy revenue growth witnessed by the firm in FY13 largely owing
to foray in new markets. However, the ratings are constrained by
Florens' weak profitability indicators (PAT margin of 0.7% in
FY13) owing to modest value additive nature of operations, limited
pricing flexibility amid a competitive environment and
susceptibility to raw material price fluctuations. With low
profitability and consequent negative fund flows from operations,
the firm's dependence on external funding has remained high
resulting in high leverage as indicated by a Debt-equity ratio of
2.67 times and Debt to OPBDIT ratio of 8.8 times as on Mar 31st
2013. While ICRA notes that the proprietor has infused funds in H1
FY14, the rating remains exposed to risks related to
proprietorship nature of firm like withdrawal of capital.
Going forward, the firm's ability to sustain its revenue growth,
improve profitability and debt coverage metrics will be the key
rating sensitivities.

Florens Footwear Industries was established in the year 1988 as a
proprietorship entity and is engaged in manufacturing of
Polyurethene (PU) and Poly Vinyl Chloride (PVC) based footwear
products. Headed by proprietor Mr. Raj Kumar Mangal, the firm had
been manufacturing its products in Hansi region in Haryana however
it shifted its operations to Bahadurgarh in Haryana in Aug 2012.
The plant has an installed capacity of 15,000 pairs per day. The
firm also has a small manufacturing facility in Udyog Vihar,
Peeragarhi, New Delhi. The firm's sells its footwear under the
brand name 'Nice' through distributors across largely in North and
West region of the country.

Recent results

In FY 2013, the firm generated a PAT of Rs 0.2 crore on an
operating income of Rs 27.1 crore. As per the provisional numbers
provided by the company, in H1 FY 14, the firm achieved a PAT of
Rs 0.2 crore on an operating income of Rs 21.9 crore. As on
March 31, 2013, the firm had a total debt of Rs 4.4 crore on a
proprietor capital of Rs 1.7 crore.


HARVIN IMPEX: CRISIL Reaffirms 'B' Ratings on INR90MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Harvin Impex Pvt Ltd
continue to reflect HIPL's below-average financial risk profile
marked by highly leveraged capital structure and a modest net
worth. The ratings also reflect the company's working capital
intensity and small scale of operations in the fragmented fibre
board trading industry. These rating weaknesses are partially
offset by its promoters' extensive experience and their funding
support.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL B/Stable (Reaffirmed)

   Letter of Credit          60      CRISIL A4 (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility        45      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HIPL will continue to benefit over the medium
term from its promoters extensive experience in the fibre board
trading industry. The outlook may be revised to 'Positive' if HIPL
generates more-than-expected cash accruals by significantly
scaling up its operations while improving its working capital
management, leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if HIPL's
financial risk profile deteriorates due to an increase in working
capital or lower-than-expected profitability.

Update

HIPL's operating performance in 2012-13 (refers to financial year,
April 1 to March 31) was broadly in line with CRISIL's
expectation, with revenues of INR192.8 million and operating
margin of 9.0 per cent. The revenues are expected to remain
stagnant in 2013-14, on account of slowdown in demand coupled with
competitive pressure due to Chinese imports. Furthermore, HIPL's
profitability is susceptible to foreign exchange (forex) risk,
since the company procures around 95 per cent of its requirements
in dollars; however, it has no defined hedging policy. HIPL's
profitability is expected to remain moderate on account of the
company's ability to pass on the adverse movement in forex rates
to its customers, up to a certain extent. HIPL's operations remain
working capital intensive as reflected in high gross current
assets (GCA) of 271 days as on March 31, 2013, driven by stretched
receivables and high inventory. CRISIL expects the company's
operations to remain working capital intensive over the medium
term.

HIPL's financial risk profile continues to be weak marked by high
gearing of 12.1 times as on March 31, 2013 (treating unsecured
loans of INR50 million out of INR78 million as on March 31, 2013
from promoters as neither debt nor equity, as they are sub-
ordinated to bank loans). The debt is mainly short-term in nature
to fund its large working capital requirements, reflected in its
fully utilised bank limits during the 12 months ended November 30,
2013. Against the high debt levels, the company has modest net
worth of INR8.7 million as on March 31, 2013. CRISIL believes that
HIPL's financial risk profile will remain constrained on account
of high gearing and stretched liquidity over the medium term.

HIPL reported a profit after tax (PAT) of INR1.49 million on net
sales of INR192.8 million for 2012-13, as against a PAT of INR1.68
million on net sales of INR175.0 million for 2011-12.

Set up in 1989 by Mr. Devinder Ajmani and his family members, HIPL
trades in medium density boards and highly density boards. Its
office is in New Delhi.


JAGANNATH RICE: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating continues to reflect Jagannath Rice Mills weak
financial risk profile, marked by small net worth, high gearing,
weak debt protection measures, modest scale of operations, and
susceptibility to adverse changes in government policies. These
rating weaknesses are partially offset by the extensive experience
of JRM's promoters in the flour mill industry.

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

Outlook: Stable

CRISIL believes that JRM will continue to benefit from the
promoters' extensive experience in the flour mill industry. The
outlook may be revised to 'Positive' in case of significant
increase in the firm's scale of operations resulting in higher-
than-expected cash accruals and subsequent improvement in the
capital structure and liquidity. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates due to delays in
collection of debtors, large capital withdrawal by the partners or
larger-than-expected cash outflow to related parties.

Update

In 2012-13 (refers to financial year, April 1 to March 31), while
JRM's revenue increased at a modest 5 per cent to INR565 million,
favourable price fluctuations translated into an increase in
operating margin to 4 per cent from less than 3 per cent in the
previous year. In 2013-14, the firm has started producing gram
flour that is expected to result in year-on-year growth of more
than 10 per cent in sales while operating margin is expected to
reduce to the traditional level of 3 per cent.

JRM's financial risk profile continues to remain weak marked by
small net worth of INR53 million and gearing of 2.6 times as on
March 31, 2013. The capital structure deteriorated in 2012-13 due
to withdrawal of about INR14 million by the partners. The interest
coverage ratio was also weak at 1.5 times in 2012-13. Though firm
does not have any major capital expenditure plan over the medium,
the financial risk profile is expected to remain weak due to
continued reliance on debt to fund working capital requirements.

JRM's liquidity remains weak due to low accruals, high bank limit
utilisation, withdrawal of capital by partners, and support
extended to associate companies. Its cash credit facility, though
enhanced to INR100 million from INR65 million, continues to remain
highly utilised at 85 per cent in the trailing twelve months
through October 2013. Liquidity is also constrained by advances of
about INR120 million given to group companies as on March 31,
2013, though partially offset by unsecured loans of INR65 million
from the partners and family as on the same date. Realisation of
advances given to group companies and extent of capital withdrawal
have a crucial bearing on the financial risk profile and liquidity
of the firm and, hence, will remain key rating sensitivity
factors.

JRM was set up in 1974 as a partnership firm by the Gupta family
of Odisha. The firm manufactures and sells milled wheat products,
such as flour, maida, and suji. The firm has flour mills in
Bhubaneswar (Odisha).

JRM reported profit after tax (PAT) of INR5.6 million on operating
income of INR565 million for 2012-13 as against PAT of INR1.8
million on operating income of INR528 million for 2011-12.


LORD SHIVA: CARE Assigns 'D' Ratings to INR12.5cr Loans
-------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Lord Shiva
Construction Co Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            8.00       CARE D Assigned

   Short-term Bank
   Facilities            6.50       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Lord Shiva
Construction Co Pvt Ltd (LSC) takes into account the instances of
delays in debt servicing.

Lord Shiva Construction Co Pvt Ltd was incorporated in July 1992
by Mr Anil Jain and his wife, Ms Sunita Jain. The company is
engaged in construction works which involve construction of
roads and civil construction (buildings). In the road segment, LSC
executes contracts mainly for PWD (Public Work Department) under
Prime Minister Grameen Sadak Yogna (PMGSY) and in civil
construction, the company constructs building primarily for
government colleges. The company gets orders through bidding
process.

LSC reported a PAT of INR0.20 crore on a total income of INR19.17
crore in FY12 (refers to the period April 01 to March 31). As per
the provisional results, LSC reported a PAT of INR0.22 crore on a
total income of INR19.21 crore in FY13.


MADHAV OIL: ICRA Reaffirms 'B+' Rating on INR12.04cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR2.79 crore
term loans facility and INR9.25 crore cash credit facility of
Madhav Oil Industries.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term       2.50        [ICRA]B+ reaffirmed
   Loan I

   Fund Based-Term
   Loan II               0.29        [ICRA]B+ reaffirmed

   Fund Based-Cash
   Credit                9.25        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in Madhav Oil
Industries' modest scale of operation and weak financial profile
as reflected in low profitability and modest debt protection
indicators. ICRA also takes note of the highly competitive and
fragmented industry with the limited value additive nature of
operations which exerts pressure on profitability. The rating
further incorporates the vulnerability of MOI's margins to adverse
movement in raw material prices, which in turn are linked to the
seasonal nature of the cotton industry and government regulations
on MSP and export. Also, being a partnership firm, any substantial
withdrawal by the partners may have an adverse impact on the
capital structure of the firm.

The rating, however, considers the long experience of the partners
in the cotton industry as well as the favorable location of the
manufacturing unit, giving it easy access to high quality raw
cotton. The rating also factors in the favorable demand outlook,
backed by abolition of excise duty on cotton and spun yarn in the
last budget.

Madhav Oil Industries is a partnership firm established in 2010,
engaged in the business of crushing and delinting cottonseeds. The
firm is managed by four partners, namely, Mr. Saurinbhai Parikh,
Mr. Daksheshbhai Patel, Mr. Bhaveshbhai Patel and Mr. Ashishbhai
Trivedi. The firm's manufacturing facility is located at Kundal in
Kadi, Gujarat. The assets base comprises 16 expellers, six
delinting machines and one mini pressing machine with an installed
capacity to produce 2800 MTPA of cottonseeds oil, 22000 MTPA of
oil cake and 1900 MTPA of linter cotton.

Recent Results

During FY13, MOI reported an operating income of INR118.22 crore
and PAT of INR0.51 crore against operating income of INR101.34
crore and PAT of INR0.56 crore during FY12.


MAHADEVI COTTON: ICRA Reaffirms 'B' Rating on INR7cr Loans
----------------------------------------------------------
The rating of '[ICRA]B' has been reaffirmed to the INR7.00 crore
fund based cash credit facility of Mahadevi Cotton Industries.

                            Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Limits      7.00         [ICRA]B reaffirmed

The rating continues to be constrained by Mahadevi Cotton
Industries (MCI) 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 to adverse fluctuations in raw material
prices that are subject to the seasonal availability of raw cotton
and government regulations on MSP and export quota. Further, MCI
being a partnership firm, any significant withdrawals from the
capital account will affect its net worth adversely.
The rating, however, positively considers the 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.

Set up in 1998, Mahadevi Cotton Industries is engaged in the
ginning and pressing of raw cotton to produce cotton bales and the
crushing of cotton seeds to produce cotton seed oil and cotton
seed oil cakes. The firm's manufacturing facility is located at
Kadi (Gujarat) and is equipped with 24ginning machines and one
manual pressing machine with a capacity to process 57.6 MT of raw
cotton per day and four expellers with a crushing capacity of 19.2
MT of cotton seeds per day.

Recent Results

For the year ended 31st March, 2013, MCI reported an operating
income of INR27.52 crore and profit after tax of INR0.22 crore.


MAHESHWAR OIL: ICRA Assigns 'B+' Ratings to INR10cr Loans
---------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to INR10.00 crore long
term bank facilities of Maheshwar Oil Mill.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long term, Fund        0.25        [ICRA]B+ assigned
   based limits-
   Term Loan

   Long term, Fund        6.00        [ICRA]B+ assigned
   based limits-Cash
   Credit

   Long term,
   Unallocated            3.75        [ICRA]B+ assigned

The assigned rating takes into consideration long-standing
experience of the promoters in the edible oil trading business and
healthy growth in revenues led by increasing capacity utilization.
The rating is, however, constrained by leveraged capital structure
and weak coverage indicators due to high levels of working capital
loan requirements primarily for maintaining high inventory.
Liquidity profile of the firm is stretched due to marginal
accruals and working capital intensive operations. The firm has
low profit margins in line with the low value-adding nature of its
business. ICRA also takes note of the highly competitive and
fragmented nature of industry and small scale of operations, along
with the vulnerability associated with agro-climatic conditions,
which has a direct impact on the firm's profitability.

Established in 1982, MOM is engaged in manufacturing of groundnut
edible oil, by-product DOC and cattle feed. The firm manufactures
groundnut edible oil and sells it under its own brand name of
'Ganesh'. In addition, the firm is engaged in trading of refined
edible oils, groundnut seeds and cattle feed which is also sold
under the same brand name. The firm is promoted by Banchhode
family who has established track record of more than three decades
in edible oil trading business.


MANIPAL ENERGY: CRISIL Assigns 'B+' Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Manipal Energy & Infratech Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        50      CRISIL B+/Stable

The rating reflects MEIL's small scale of operations, its
susceptibility to intense competition from large players, and its
below-average financial risk profile, marked by high gearing.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of the company's promoters

Outlook: Stable

CRISIL believes that MEIL will continue to benefit over the medium
term from the entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if MEIL increases its scale
of operations and operating profitability significantly, leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
significant debt-funded capital expenditure programme, if its
revenues and operating profitability lower than expectations, or
if its working capital management deteriorates, leading to
weakening of its financial risk profile.

MEIL was incorporated in 2011, promoted by Mr. T.Gautam Pai. The
company undertakes projects involving erection, installation,
commissioning, and maintenance of power lines, trading in
fabricated electrical components, and executing infrastructure
projects in Karnataka.

MEIL reported a net loss of INR2.96 million on net sales of
INR6.98 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR5.05 million on net sales of
INR3.25 million for 2011-12.


NSL TEXTILES: ICRA Ups Ratings on INR1,295.27cr Loans to 'B+'
-------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR1129.02 crore fund based and non fund based facilities of NSL
Textiles Limited to '[ICRA]B+' from '[ICRA]D' earlier. ICRA has
also assigned a long term rating of [ICRA]B+ to the INR166.25
crore enhanced bank facilities of NSLTL. ICRA's rating of [ICRA]D
for NSLTL's bank facilities was previously suspended in February
2013 and the suspension has now been revoked following receipt of
information from the company.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans           934.41       Revised to [ICRA]B+ from
                                     [ICRA]D

   Cash Credit          267.50       Revised to [ICRA]B+ from
                                     [ICRA]D

   Non fund based
   Limits                93.36       Revised to [ICRA]B+ from
                                     [ICRA]D

The rating revision takes into account the timeliness of debt
servicing in the recent months due in part to the extended term
loan repayment tenure and other liquidity easing measures approved
by the Corporate Debt Restructuring Cell Empowered Group (CDR EG)
following the company's request for the same in March'2013. The
timely debt servicing was also supported by the improved operating
performance of the company, which combined with the inventory
gains in H1, FY14 has resulted in improved profitability. The
rating also favorably factors in the experience of the company's
promoters and senior management in the textile industry, its
integrated operations from ginning of kapas to production of
readymade garments enabling the company to absorb price shocks in
yarn prices to an extent, its diversified product range in the
yarn and fabric segments allowing it to cater production to market
conditions and the recent capacity additions and debottlenecking
taken up to improve the quantity and quality of production at
various levels from yarn to processed fabric.

The ratings are however constrained by NSLTL's weak debt coverage
indicators resulting from the large debt funded cap-ex undertaken
in the past and the under utilization of its dyeing, processing
and garment manufacturing units, although utilization levels have
been improving. The rating is also constrained by the
vulnerability of yarn prices (45% of NSLTL's turnover comes from
sale of yarn) to the policy level decision of China on release of
cotton reserves at lower prices and curbing yarn imports. ICRA
notes that a major share of the company's revenues come from the
sale of commoditized products in a highly fragmented and
competitive environment keeping profitability under check even as
the company's high working capital requirements on account of
seasonal availability of cotton and high work-in-progress (WIP)
levels due to stocking of inventory at various stages of
manufacturing, result in higher holding costs thus impacting the
net profits. The ratings also factor in the weak energy
availability scenario in the state of Andhra Pradesh and the
resultant dependence on more expensive merchant power which could
drive up the power and fuel expenses and impact operating
profitability. Given the large interest and debt repayments over
the medium to long term, ICRA notes that the company's ability to
achieve higher capacity utilization in the dyeing, processing and
garment manufacturing facilities and improve its profitability
will be the key for timely debt servicing.

NSL Textiles Limited is an integrated textile player based in
Guntur District, Andhra Pradesh, the major cotton producing belt
of the state. The company commenced commercial operations in
FY2003. NSL Textiles Edlapadu Limited and Prabhat Industrial
Corporation Limited, two of the group companies in related
business have amalgamated with NSLTL with effect from 1st April,
2010 and 1st Feb, 2011 respectively. As on 31st Oct 2013, the
amalgamated entity had installed spinning capacity of 2.43 lakh
spindles and 3744 rotors, weaving capacity of 650 looms, Yarn
dyeing capacity of 20MT per day, fabric processing capacity of 1.2
lakh metres per day and garment manufacturing capacity of 6000
pieces a day. The company is promoted by Mandava Holdings (rated
[ICRA]BBB- (Stable)), which has interests in seeds, sugar, cotton,
power, real estate and construction businesses, with Nuziveedu
Seeds Private Limited being the flagship company.

Recent Results (provisional)

In the first six month period ending Sept. 30, 2013, NSLTL posted
an operating income of INR452.5 crore and an operating profit of
INR89.8 crore as against a full year operating income of INR833.3
crore and operating profit of INR106.5 crore in FY2013.


P.K. OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of P.K. Overseas Pvt Ltd
continue to reflect PK's weak financial risk profile, marked by a
small net worth, weak debt protection metrics, and high gearing,
and its small scale of operations. These rating weaknesses are
partially offset by the extensive experience of PK's promoters in
the rice industry.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------   -------
   Cash Credit               30     CRISIL B+/Stable (Reaffirmed)
   Packing Credit            70     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
company's financial risk profile is, however, expected to remain
constrained over this period, with weak debt protection metrics
and high gearing, because of low margins. The outlook may be
revised to 'Positive' if PK's capital structure and profitability
improve significantly. Conversely, the outlook may be revised to
'Negative' if the company's gearing increases further and its debt
protection metrics weaken, most likely because of larger-than-
expected debt-funded capital expenditure.

Set up in 1994 by Mr. Prem Manchanda and his family, PK sorts,
processes, and exports basmati rice. The company derives a large
portion of its revenues from exports, mainly to the Middle East,
Far East, Europe, Australia, Singapore, Mauritius and other
Scandinavian countries.

PK is expected to report a profit after tax (PAT) of INR5.8
million on net sales of INR1444 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.3
million on net sales of INR887.8 million for 2011-12.


PARVATI COTTON: ICRA Rates INR6cr Cash Credit at 'B'
----------------------------------------------------
ICRA has assigned the rating of '[ICRA]B' to INR6.00 crore long
term fund based cash credit facilities of Parvati Cotton
Industries.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B assigned

The assigned rating is constrained by PCI's small scale of
operations and high financial risk profile characterized by thin
margins and weak debt coverage indicators. The ratings are further
constrained by its exposure to the regulatory risks with regard to
the minimum support price (MSP) for raw cotton and imposition of
any restriction on cotton exports by Government of India as well
as vulnerability of profitability to adverse movements in raw
cotton prices. ICRA also notes that PCI is a partnership firm and
any substantial withdrawals from capital account would adversely
affect the capital structure.

The rating, however, favourably takes into account the proximity
of the firm's plant to cotton producing belt resulting in regular
and easy access to raw materials and presence in cotton seed oil
expelling leading to diversification in product profile to some
Extent.

Parvati Cotton Industries was incorporated in the year 2006 as a
partnership firm having ten partners. The firm is engaged in the
ginning and pressing of raw cotton and crushing cotton seeds to
extract cotton seed oil and cotton seed oil cake. The firm's
manufacturing facility is located at Mehsana, Gujarat and is
equipped with 24 ginning, 1 pressing machine and 6 expellers with
total production capacity of 200 bales per day and 36 MT of cotton
seed oil assuming the operations are carried out 24 hours a day.
The partnership was reconstituted in 2012 with retirement of five
partners and admission of six new partners.


PASHUPATI COTTON: ICRA Assigns 'B+' Ratings to INR1.55cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR19.50 crore
cash credit facility and assigned [ICRA]B+ rating to INR1.55 crore
term loans facility of Pashupati Cotton Industries. ICRA has also
reaffirmed the short term rating '[ICRA]A4' to the INR0.50 crore
non fund based bank guarantee facility of PCI.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit               19.50        [ICRA]B+ reaffirmed

   Fund Based-Term
   Loan I                0.20        [ICRA]B+ assigned

   Fund Based-Term
   Loan II               1.35        [ICRA]B+ assigned

   Non Fund Based-
   Bank Guarantee        0.50        [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to factor in Pashupati
Cotton Industries' (PCI) modest scale of operation and weak
financial profile as reflected in low profitability and weak debt
protection indicators. ICRA also takes a note of the highly
competitive and fragmented industry structure with the limited
value additive nature of operations which leads to pressure on
profitability. The ratings, further incorporates the vulnerability
of margins to adverse movement in raw material prices, which in
turn is linked to the seasonal nature of the cotton industry and
government regulations on MSP and export. Also, being a
partnership firm, any substantial withdrawal by the partners may
have an adverse impact on the capital structure of the firm.

The ratings, however, positively consider the long experience of
the partners in the cotton industry as well as the favorable
location of the manufacturing unit of PCI, giving it easy access
to high quality raw cotton. The ratings, also favorably consider
the forward integration of the group into spinning and trading of
cottonseed. The ratings reaffirmation further considers the
favorable demand outlook of cotton, backed by the abolition of
excise duty on cotton and spun yarn in the last budget.

Pashupati Cotton Industries is a partnership firm established in
1995 to carry out the business of ginning and pressing of raw
cotton and crushing of cottonseeds, which later in 2005 was
reconstituted by 11 new partners. Till FY10, the firm was involved
in the business of ginning of raw cotton and crushing of
cottonseeds. However, from FY11 onwards the firm has shifted its
crushing operations to its group concern Madhav Oil Industries. At
present, the firm is managed by Mr. Saurinbhai Parikh, Mr.
Daksheshbhai Patel and Mr. Bhaveshbhai Patel. The firm's
manufacturing facility is located at Kundal in Kadi, Gujarat. PCI
has 48 ginning machines and one automatic pressing machine with
the installed capacity to produce 90,000 cotton bales and 27,000
MTPA cottonseeds.

Recent Results

During FY13, PCI reported an operating income of INR302.66 crore
and a profit after tax (PAT) of INR1.22 crore against operating
income of INR241.01 crore and PAT of INR1.06 crore during FY12.


RAMAN ISPAT: ICRA Rates INR1.5cr Loans at 'B+'
--------------------------------------0-------
ICRA has assigned long-term rating of '[ICRA]B+' for INR1.5 crore
fund based facilities (INR5.5 crores enhanced from INR4.0 crore)
of Raman Ispat Private Limited. ICRA also has rating of
'[ICRA]B+/[ICRA]A4' outstanding for INR5.0 crore bank facilities
of RIPL.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working Capital
   Limits                1.0        [ICRA]B+ assigned/outstanding

   Term Loan             0.50       [ICRA]B+ assigned

   Non Fund Based
   Limits                1.0        [ICRA]A4 outstanding

The rating action take into account RIPL's moderate scale of
operations in its core business of manufacturing of steel ingots;
highly competitive and fragmented nature of the industry; and
susceptibility of the company's profitability to adverse movements
in raw material prices. These factors, combined with limited value
additive nature of operations, have continued to result in low
profitability indicators for the company. Additionally though
RIPL's gearing level continues to remain relatively moderate, low
profitability has resulted in average debt protection indicators.
ICRA however draws comfort from the long experience of the
promoters in the industry; steady increase in manufacturing
volumes achieved by the company; and RIPL's wide customer base.
Going forward an increase in RIPL's scale of operations and
profitability in light of competitive pressures will remain the
key rating sensitivities.

Raman Ispat Private Limited is a private limited company engaged
in the manufacturing of mild steel ingots. The company was
promoted by Mr. R.P. Singh in 1989 and presently the business is
being managed by him and Mr. Virendra Singh Verma. RIPL's
manufacturing facility is located in Muzaffarnagar (Uttar Pradesh)
with an installed capacity of 40,000 tonnes per annum (TPA).

Recent Results

For FY2013, the company has achieved an operating income of
INR72.3 crore and a Profit After Tax of INR0.13 crore as against
an operating income of INR76.2 crore and a Profit After Tax of
INR0.15 crore.


S.N.TRADELINK: ICRA Assigns 'B+' Ratings to INR56.5cr Loans
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' and a short-
term rating of '[ICRA]A4' to the fund-based and non-fund based
limits of S.N.Tradelink Pvt. Ltd. aggregating to INR48.50 Cr.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based limits        10.50        [ICRA]B+ assigned
   Cash Credit

   Non Fund based
   Limits-Letter
   of Credit                23.00        [ICRA]A4 assigned

   Non Fund based
   Limits-Bank
   Guarantee                15.00        [ICRA]A4 assigned

   Fund based limits
   Drawee Bill Discount     23.00        [ICRA]B+ assigned

   Fund based limits-
   Buyers' Credit           23.00        [ICRA]B+ assigned

The ratings are constrained by the company's high financial risk
profile as characterized by its stretched liquidity profile
arising from high working capital intensity as well as the low
profitability as inherent in trading nature of operations. The
ratings are also constrained by the counter-party credit risks
associated with customers in textile industry which account
majority of the sales and the uncertainty in collections for
outstanding debtors for more than six months as on March 2013. The
profitability also remains exposed to commodity price fluctuations
in coal trading operations.

The ratings, however, consider favourably the long and established
track record of the promoters in trading and distribution of coal
business, the company's diversified customer base and its long
association with its key customers and healthy relationships with
its suppliers.

Incorporated in 2006, S.N.Tradelink Pvt. Ltd. is engaged in
trading of coal and lignite. The coal is mainly imported while
lignite is sourced domestically and sold to industrial units
located in Surat and surrounding regions. The promoters, Mr.
Sajjankumar Agarwal and Mr. Navin Suratwala have a long track
record of nearly three decades in trading and distribution of coal
in domestic markets and have other concerns and companies engaged
in similar line of business. The company has two associate
concerns M/s S.N. Screening engaged in grading of coal and M/s
S.N. Transport engaged in logistics business. SNTPL has 100%
shareholding in both these concerns.

For FY 2012, the company reported Profit after Tax (PAT) of
INR2.14 Cr. on an operating income of INR183.94 Cr. For FY 2013,
the company has reported profit before tax of INR5.68 Cr. on an
operating income of INR231.81 Cr. (provisional)


SRI JAGANNATH: CRISIL Reaffirms 'B' Ratings on INR135MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Jagannath
Roller Flour Mills continues to reflect SJRFM's below-average
financial risk profile, marked by a small net worth, average
gearing, and weak debt protection metrics. The rating also factors
in the firm's modest scale of operations and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of SJRFM's promoters in the agro industry and
the funding support it receives from them.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                115      CRISIL B/Stable (Reaffirmed)
   Cash Credit Limit        120      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects SJRFM's financial profile to remain weak over the
medium term due to the expected debt funding of its incremental
working capital requirements, though partially offset by funding
support extended by the promoters. The outlook may be revised to
'Positive' in case of a significant increase in the firm's scale
of operations, resulting in higher-than-expected cash accruals and
hence to an improvement in its capital structure and overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SJRFM has larger-than-expected working capital
requirements, or if there is substantial cash outflow to associate
entities.

SJRFM was established as a partnership firm in 1980, and has been
engaged in flour milling since then. The firm has now moved to
Khurda Industrial City situated outside Bhubaneswar (Odisha) city
limits. The operation of its plant has started from August 2013.


SRI RAM: CRISIL Raises Ratings on INR293MM Loans to 'B-'
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sri Ram
Cables Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              270.0    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                 23.0    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Bank Guarantee           173.0    CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Letter of Credit          90.0    CRISIL A4 (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects the timely repayment of term debt
obligations since May 2013. This has been driven by the
improvement in liquidity backed by reduction in debtors. The
working capital of the company was earlier stretched on account of
high inventory and debtors. Despite negative cash accruals during
2012-13 (refers to financial year, April 1 to March 31), the
company has been able to repay all its term debt obligations on or
before the due date. This has also been partially supported by
infusion of unsecured loans by the promoters. The rating upgrade
also reflects CRISIL's belief that SCPL will continue to receive
funding support from its promoters to ensure timely repayment of
term debt obligations over the medium term.

The ratings continue to reflect SCPL's small scale of operations
in the intensely competitive cable industry and moderately
working-capital-intensive operations. Moreover, the company has an
average financial risk profile, marked by below-average debt
protection metrics. However, SCPL benefits from its promoters'
industry experience and its established relations with its
customers.

Outlook: Stable

CRISIL believes that SCPL's scale of operations will remain small
over the medium term and its financial risk profile will remain
constrained by moderate working capital requirements. The outlook
may be revised to 'Positive' if the company scales up its
operations and improves its profitability, resulting in increase
in its cash accruals. Conversely, the outlook may be revised to
'Negative' if SCPL's scale of operations or profitability
declines, or if the company's liquidity declines due to large
working capital requirements or debt-funded capital expenditure.
SCPL is promoted by the Garg family. Its operations are currently
being managed by Mr. Anil Garg, Mr. Sunil Garg, and Mr. Satish
Garg. The company manufactures a variety of cables, including
high-tension cross-linked polyethylene and low-tension power
cables, and control, railway signaling, telecommunication, and
aerial-bunched cables. It has a 40,000-square-metre manufacturing
facility at Rico Industrial Area in Bhiwadi (Rajasthan).

For 2012-13, SCPL reported net loss of INR37.6 million on net
sales of INR696.0 million against profit after tax of INR3.6
million on net sales of INR1249.5 million for 2011-12.


SRS AGRI: ICRA Downgrades Rating on INR14cr Loan to 'D'
-------------------------------------------------------
The long term rating for the INR14.00 crore fund based facility of
SRS Agri Foods has been revised to '[ICRA]D' from '[ICRA]B'.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        14.00        [ICRA]D Revised from
   Based Limit-                        [ICRA]B
   Term Loan

The rating revision reflects the firm's strained liquidity
position as reflected by continuing delays in servicing of debt
and weak financial position characterised by very small scale of
operations, and weak profit margins which remain vulnerable to raw
material price and foreign exchange fluctuations. The rating also
factors in the vulnerability of operations to regulatory risks
with the change in the government's policy regarding imports and
duty structures. Further, SAF is a partnership concern and any
significant withdrawals from the capital account may affect its
capital structure, as witnessed in 2011-12(refers to financial
year: April 1 to March 31). The rating, however takes into account
the long experience of the promoters in the trading of agro
commodities.

SRS Agri Foods is a partnership firm, which commenced operations
in 2002, and is engaged in the business of trading of pulses. The
firm has its registered office in Tuticorin. SAF uses the leased
warehouse in the Tuticorin port area. However, the construction of
the last of its four warehouses is currently under progress in
Manali New Town (Tamil Nadu) and all of them are expected to be
fully operational by January 2014.

Recent results

During 2012-13, the firm has reported a net loss of INR0.31 crore
on an operating income of INR20.58 crore. As per audited 2011-12
numbers, SAF has reported a net profit of INR0.25 crore on an
operating income of INR18.56 crore.


UNDAVALLI CONSTRUCTIONS: ICRA Rates INR9cr Term Loans at 'B'
------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR9.00 crore long term
fund based facilities of Undavalli Constructions.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Proposed Term         9.00        [ICRA] B Assigned
   Loans

The rating is constrained by the funding risk of the maiden
project being undertaken by UC, a residential apartment project
with a total built up area of 1.89 lakh sq feet in Eluru, Andhra
Pradesh. The project cost of INR24 crore is expected to be funded
to the extent of 40% through debt which is yet to be tied up. The
rating also takes into account the high execution risk owing to
the initial stage of construction of the project and the fact that
this is the first project being undertaken by the company,
although the promoters in their individual capacity have
experience in developing residential apartments, albeit on a
smaller scale. Further, ICRA notes that the project is exposed to
market risks in the wake of the current political uncertainty
prevailing in Andhra Pradesh over the bifurcation of the state
which could impact the realizations for the booking and
consequently the profitability of the project. Nevertheless, ICRA
draws comfort from the experience of the promoter in the real
estate market of Eluru, presence of necessary approvals for the
project and favorable initial market response for the project as
reflected by booking requests received for more than 20% of the
saleable area.

Undavalli Contructions was started in the year 2010 to undertake
real estate constructions work in Eluru, Andhra Pradesh. The firm
has bought land measuring 8100 sq. yard in the year 2010 and plans
to develop a residential apartment in its Phase-1 on about 5000 sq
yard of land followed by a commercial space on the remaining land
in Phase-2. The residential apartment is planned to be built on
about 5000 sq yard with a total built up area of 1.89 lakh sq
feet.


VICTORY SPINNING: CARE Reaffirms 'B' Rating on INR35.70cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Victory Spinning Mills Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        35.70      CARE B Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained by the weak financial
profile of Victory Spinning Mills Limited characterized by weak
debt protection metrics and stretched working-capital cycle
leading to liquidity constraints. The rating also factors in the
inherent exposure of the company's profitability to volatility in
the raw material prices; VSML's poor bargaining power with its
supplier and unfavorable power situation in Tamil Nadu (TN). The
rating does take note of the completion of the debt funded capex
after time delays with the full benefits of the incremental
capacity to be seen in the full year FY14 (refers to the period
April 1 to March 31).

The rating continues to derive strength from the experience of the
promoters in the line of business and favourable demand scenario
for viscose fibre yarn.

Going forward, the ability of the company to effectively utilize
the incremental capacity, thus increasing the scale of operations
and its ability to improve the profitability would be the key
rating sensitivities. Additionally, the ability of the company to
manage raw material price risk & power issues would also be a key
rating sensitivity.

Victory Spinning Mills Limited, incorporated by Mr R Thangavelu
and Mr PS Sundaram (managing directors), is engaged in the
manufacture of viscose fibre yarn from Viscose Staple Fibre
(VSF). The company was initially incorporated as 'Victory Yarn
Spinners Private Limited' in 2003 and subsequently the name was
changed to VSML in the same year. VSML has an operational
capacity of 36,288 spindles as on November 30, 2013.

VSML achieved a PAT of INR2 crore on a total operating income of
INR62.1 crore in FY13 as compared with a PAT of INR1.6 crore on a
total operating income of INR50.9 crore in FY12.


VISA POWER: CARE Reaffirms 'B+' Rating on INR1,964cr Loans
----------------------------------------------------------
CARE reaffirms rating assigned to the long-term bank facilities of
Visa Power Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term bank       1,964.0     'CARE B+' Reaffirmed
   Facilities

Rating Rationale

The rating is constrained by the significant increase in project
cost for which 100% financial closure is yet to be achieved, delay
in implementation of the project after termination of initial BoP
contractor, pending litigation with the BoP contractor and risk
attached to the timely operation of the allocated coal mine. The
rating is also constrained by the fact that implementation of such
large scale Greenfield power project is a new venture for the
group and counterparty risk. However, location of the plant in
proximity to raw material sources & high voltage substations and
Power Purchase Agreement (PPAs) with DISCOMS for majority of the
power to be generated, achievement of financial closure for
enhancement in project cost, timely equity infusion by
promoters & strategic investors, successful project completion and
development of coal mine without further time & cost overrun and
ability to achieve projected revenue & profitability are the
key rating sensitivities.

VPL, incorporated in Oct 2005, is promoted by the Kolkata-based
VISA group. VPL is currently setting up a 600 MW thermal power
plant in Raigarh district of Chhattisgarh at a cost of INR2,618.6
crore and expects it to be operational by Sep 2015 (delayed from
initial COD of Oct 2013). The project is being financed at debt-
equity ratio of 3:1. The company has already tied up for the debt
portion of INR1,964 crore. In view of the delay in the project and
the likely impact on the project cost, VPL is conducting a Techno
Economic Viability (TEV) study as advised by the lenders. Post
completion of the study, VPL shall approach its lenders for tying
up of additional debt in view of revision in project cost. Till
Sept. 30, 2013, the company has spent INR1,294 crore on the
project, of which INR334.8 crore was financed by promoters and the
remaining through term loans from banks.

VISA group is engaged in manufacturing of steel related products &
ferrochrome and trading of coal & coke for more than a decade.
VISA Steel Ltd is the flagship company of the group.


YOGIRAJ SPINNING: ICRA Assigns 'B+' Ratings to INR44.4cr Loans
--------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR34.40 crore
term loans and INR10.00 crore fund based cash credit facilities of
Yogiraj Spinning Private Limited.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit     10.00       [ICRA]B+ assigned

   Long Term Fund
   Based-Term Loan       34.40       [ICRA]B+ assigned

The assigned rating is constrained by the company's start up
nature and the project implementation phase of the company (with
plant expected to become operational in December 2013), the lack
of previous track record of the promoters in yarn manufacturing
and the significant debt repayments coupled with about 4-6 months
gestation period before stabilization of operations. The rating is
further constrained due to predominantly debt funded capital
expenditure and high working capital intensive nature of
operations and vulnerability of profitability post commissioning
to the adverse movements in raw cotton prices, which are subject
to seasonality and crop harvest and the exposure to regulatory
risks with regards to Minimum Support Price (MSP) for raw cotton.
The rating also takes into consideration the highly fragmented and
competitive industry structure which is expected to keep margins
under pressure.

The assigned rating, however, factors in the long standing
experience of the promoters in the cotton industry, favourable
location of the plant giving it easy access to quality raw cotton,
backward integrated operations which are expected to support the
company's operations and the stable demand outlook for cotton and
its derivative products. The company also stands to benefit from
various fiscal benefits in terms of interest subsidy given by the
central and state government for new spinning units.

Incorporated in September 2012, Yogiraj Spinning Pvt. Ltd. is
setting up a plant in Rajkot, Gujarat, to engage in ginning and
pressing raw cotton and spinning of cotton yarn. The plant has a
ginning unit with 24 ginning machines with an input capacity of
16,896 MTPA and a spinning unit having 17,280 spindles with an
input capacity of processing 4,594 MT of ginned cotton to produce
combed and carded yarn. The company is promoted and managed by Mr.
Ajaysinh Chudasama, Mr. Kuldipsinh Chudasama and Mr. Jigneshbhai
Ghanva, who have extensive experience in the cotton industry
through associate concerns like Shree Gangeshwar Enterprise,
Yogiraj Ginning & Oil Industries and Yogikrupa Trading Co.



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


NZ THOROUGHBRED: Annual Loss Narrows to NZ$3.97 Million
-------------------------------------------------------
BusinessDesk reports that NZ Thoroughbred Holdings, the horse
breeding business owned by Australian retailing billionaire Gerry
Harvey, narrowed its full-year loss after recognising a gain on
the value of its animals.

The net loss was NZ$3.97 million in the 12 months ended June 30,
2013, from a loss of NZ$5.28 million a year earlier, according to
the company's annual report obtained by BusinessDesk. Revenue fell
to NZ$3.8 million from NZ$3.99 million, while other income jumped
to NZ$3.3 million from NZ$1.56 million, mainly reflecting a gain
on biological assets, BusinessDesk relays.

According to the report, the company, whose assets include the
upscale Westbury Stud established by Eric Watson, has chalked up
losses every year since Harvey bought out property developer
Michael Tololi in 2009.  While Mr. Harvey made much of his
AUD1.4 billion fortune via the Harvey Norman chain, he is also one
of Australia's largest race horse breeders and owns thoroughbred
auction house Magic Millions. He ranked 24th in the 2013 BRW Rich
List.

BusinessDesk notes that NZ Thoroughbred's other income includes
horse prize money of NZ$51,386, from a deficit of NZ$1,438 a year
earlier. Operating expenses include NZ$2.4 million on wages and
salaries, up from NZ$2.3 million a year earlier, and agistment,
which is the cost of feeding and pasture, jumped to
NZ$1.65 million from NZ$258,177, BusinessDesk relates.

BusinessDesk says the company's auditor included an emphasis of
matter in its report, noting that its ability to be a going
concern depended on the continued financial support of its
shareholder.

Net liabilities rose to NZ$19 million in the latest year from
NZ$15.7 million in 2012 though Mr. Harvey, who is also the
company's director, said he is confident about "the pledge of
continued financial support from the shareholder (also Harvey)."



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


SRI LANKA: Fitch Assigns US$-Denominated Bonds 'BB-(EXP)' Rating
----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's forthcoming US dollar-
denominated global bonds due 2019 an expected rating of 'BB-
(EXP)'.  The final rating is contingent on the receipt of final
documentation conforming to information already received.  The
expected rating is in line with Sri Lanka's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'BB-' with Stable Outlook.
The sovereign's Long-Term Local Currency IDR is also 'BB-' with
Stable Outlook.

KEY RATING DRIVERS

Sri Lanka's 'BB-' IDRs reflect the following key rating drivers:

-- Relatively strong growth, a comparatively high level of human
    development and a solid payment record.
-- The fiscal deficit (Fitch estimates 5.8% of GDP in 2013) and
    government debt burden (77.2% of GDP in 2013) remain at
    relatively high levels, although the 2014 budget signals
    commitment to medium-term debt reduction and an ability to
    maintain a gradual fiscal consolidation trend.
-- The external finances form a weakness with a persistent but
    narrowing current account deficit and higher net external
    debt level (36.6% of GDP) compared with peers also rated in
    the 'BB' category (on average, 22.8% of GDP).

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently well balanced.

The main factors that individually, or collectively, could trigger
negative rating action are:

-- An extended period of economic overheating accompanied by a
    large surge in inflation.

-- A material deterioration in the public finances, which leads
    to a substantial increase in Sri Lanka's general government
    debt-to-GDP ratio.

-- An intensification in external financing risks, particularly
    a renewed widening in the current account deficit combined
    with a fall in capital inflows.

The main factors that individually, or collectively, could trigger
positive rating action are:

-- Sustained improvement in the macroeconomic outlook that is
    consistent with healthy economic growth coupled with moderate
    and stable inflation and external equilibrium.
-- A material improvement in Sri Lanka's public finances
    underpinned by a higher government revenue-to-GDP ratio and
    conversely a large decline in the general government debt-to-
    GDP ratio.
-- Significant improvement in the external finances, with
    smaller current account deficits and higher levels of non-
    debt capital inflows (that is, foreign direct investment).

KEY ASSUMPTIONS

-- Sri Lanka's political landscape remains broadly stable and
    there is no renewal in the civil conflict that previously
    lasted 26 years and ended in 2009.
-- Concessional financing by international donors/lenders will
    remain a continuing feature of the government's financing
    programme.
-- No sustained rise in commodity prices, particularly in crude
    oil, in line with Fitch's Global Economic Outlook.



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



* BOND PRICING: For the Week Dec. 30, 2013 to Jan. 3, 2014
----------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

BOART LONGYEAR M       7.00   04/01/21    USD       73.13
BOART LONGYEAR M       7.00   04/01/21    USD       73.13
COMMONWEALTH BAN       1.50   04/19/22    AUD       71.70
EXPORT FINANCE &       0.50   06/15/20    NZD       73.51
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
MIRABELA NICKEL        8.75   04/15/18    USD       33.88
MIRABELA NICKEL        8.75   04/15/18    USD       35.00
NEW SOUTH WALES        0.50   09/14/22    AUD       68.36
NEW SOUTH WALES        0.50   10/28/22    AUD       67.86
NEW SOUTH WALES        0.50   10/07/22    AUD       68.08
NEW SOUTH WALES        0.50   12/16/22    AUD       68.15
NEW SOUTH WALES        0.50   03/30/23    AUD       67.13
NEW SOUTH WALES        0.50   02/02/23    AUD       67.68
NEW SOUTH WALES        0.50   11/18/22    AUD       67.65
NEWCREST FINANCE       5.75   11/15/41    USD       72.80
NEWCREST FINANCE       5.75   11/15/41    USD       76.21
PALADIN ENERGY L       3.63   11/04/15    USD       74.05
PALADIN ENERGY L       6.00   04/30/17    USD       68.16
TREASURY CORP OF       0.50   03/03/23    AUD       68.26
TREASURY CORP OF       0.50   08/25/22    AUD       69.72
TREASURY CORP OF       0.50   11/12/30    AUD       44.35


CHINA
-----

CHINA GOVERNMENT       1.64   12/15/33    CNY       61.72


INDONESIA
---------

DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
INDONESIA TREASU       6.38   04/15/42    IDR       71.21
PERUSAHAAN LISTR       5.25   10/24/42    USD       76.00
PERUSAHAAN PENER       6.10   02/15/37    IDR       71.55


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17    USD       25.25
CORE EDUCATION &       7.00   05/07/15    USD       28.88
COROMANDEL INTER       9.00   07/23/16    INR       15.16
DR REDDY'S LABOR       9.25   03/24/14    INR        4.98
GTL INFRASTRUCTU       2.53   11/09/17    USD       41.16
INDIA GOVERNMENT       0.24   01/25/35    INR       16.45
INDIA GOVERNMENT       5.87   08/28/22    INR       71.05
JCT LTD                2.50   04/08/11    USD       20.00
MASCON GLOBAL LT       2.00   12/28/12    USD       10.00
PRAKASH INDUSTRI       5.25   04/30/15    USD       49.50
PRAKASH INDUSTRI       5.63   10/17/14    USD       55.38
PYRAMID SAIMIRA        1.75   07/04/12    USD        1.00
REI AGRO LTD           5.50   11/13/14    USD       68.81
REI AGRO LTD           5.50   11/13/14    USD       68.81
SHIV-VANI OIL &        5.00   08/17/15    USD       20.00
SUZLON ENERGY LT       5.00   04/13/16    USD       45.28
SUZLON ENERGY LT       7.50   10/11/12    USD       66.25


JAPAN
-----

ELPIDA MEMORY IN       0.50   10/26/15    JPY       13.88
ELPIDA MEMORY IN       0.70   08/01/16    JPY       13.13
ELPIDA MEMORY IN       2.10   11/29/12    JPY       14.38
ELPIDA MEMORY IN       2.29   12/07/12    JPY       14.50
ELPIDA MEMORY IN       2.03   03/22/12    JPY       14.38
JAPAN EXPRESSWAY       0.50   03/18/39    JPY       70.44
JAPAN EXPRESSWAY       0.50   09/17/38    JPY       70.97
TOKYO ELECTRIC P       2.37   05/28/40    JPY       66.38
TOKYO ELECTRIC P       1.96   07/29/30    JPY       73.88


SOUTH KOREA
-----------

EXPORT-IMPORT BA       0.50   10/23/17    TRY       67.18
EXPORT-IMPORT BA       0.50   11/28/16    BRL       70.79
EXPORT-IMPORT BA       0.50   12/22/17    BRL       61.97
EXPORT-IMPORT BA       0.50   01/25/17    TRY       72.87
EXPORT-IMPORT BA       0.50   09/28/16    BRL       72.32
EXPORT-IMPORT BA       0.50   10/27/16    BRL       71.63
EXPORT-IMPORT BA       0.50   12/22/17    TRY       65.87
EXPORT-IMPORT BA       0.50   08/10/16    BRL       73.83
EXPORT-IMPORT BA       0.50   12/22/16    BRL       69.89
EXPORT-IMPORT BA       0.50   11/21/17    BRL       62.67
TONGYANG CEMENT        7.50   04/20/14    KRW       65.00
TONGYANG CEMENT        7.30   04/12/15    KRW       65.00
TONGYANG CEMENT        7.30   06/26/15    KRW       68.63
TONGYANG CEMENT        7.50   07/20/14    KRW       65.00
TONGYANG CEMENT        7.50   09/10/14    KRW       65.00


SRI LANKA
---------

SRI LANKA GOVERN       9.00   06/01/43    LKR       73.36
SRI LANKA GOVERN       5.35   03/01/26    LKR       59.38
SRI LANKA GOVERN       7.00   10/01/23    LKR       71.51
SRI LANKA GOVERN       8.00   01/01/32    LKR       69.86


PHILIPPINES
-----------

BAYAN TELECOMMUN      13.50   07/15/06    USD       22.75
BAYAN TELECOMMUN      13.50   07/15/06    USD       22.75


SINGAPORE
---------

BAKRIE TELECOM P      11.50   05/07/15    USD       25.00
BAKRIE TELECOM P      11.50   05/07/15    USD       24.00
BLD INVESTMENTS        8.63   03/23/15    USD       59.63
BUMI CAPITAL PTE      12.00   11/10/16    USD       65.00
BUMI CAPITAL PTE      12.00   11/10/16    USD       64.32
BUMI INVESTMENT       10.75   10/06/17    USD       65.50
BUMI INVESTMENT       10.75   10/06/17    USD       64.38
ENERCOAL RESOURC       9.25   08/05/14    USD       55.34
INDO INFRASTRUCT       2.00   07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL            3.00   10/04/15    USD       13.50
MDX PCL                4.75   09/17/03    USD       16.38



                             *********

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,
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Information contained herein is obtained from sources believed
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