TCRAP_Public/140130.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

           Thursday, January 30, 2014, Vol. 17, No. 21


                            Headlines


A U S T R A L I A

AQUA RESORT: Milford Management Buys Remaining Villas
HALLAM MANUFACTURING: PCI Partners Appointed as Administrators
MIDWEST VANADIUM: Gets Caa2 Moody's Rating; Outlook Negative
OAKS ON LONDALE: Apartments Complex Up for Sale
PATTERSON GROUP: RSM Bird Cameron Appointed as Administrators


C H I N A

CREDIT EQUALS: Citic Group Unit May Invest in Troubled Trust


I N D I A

AERON EXPORTS: CRISIL Assigns 'B' Rating to INR120MM Loan
AINAJ INDUSTRIES: CARE Revises Rating on INR17cr LT Loan to 'B+'
BAJRANG PULSES: ICRA Assigns 'B+' Ratings to INR12.5cr Loans
DAHYABHAI B: ICRA Reaffirms 'B+' Rating on INR4cr Loan
DELIGHT DAIRY: CRISIL Ups Rating on INR72.5MM Loan to 'B+'

DELIGHT INDUSTRIES: CRISIL Assigns 'B' Rating to INR50MM Loan
DEVAGYA CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR200MM Loan
DHARTI DREDGING: CARE Upgrades Rating on INR52cr Loans to 'C'
DIPAK J. BHIVARE: CRISIL Assigns 'B+' Rating to INR6.2MM Loan
ECOLITE TECHNOLOGIES: ICRA Cuts Rating on INR14.16cr Loans to 'D'

FAIZ INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR7cr Loan
G.D. INDUSTRIES: ICRA Rates INR15cr Fund Based Loans at 'B+'
GOBIND INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR18cr Loans
GUJARAT GINNING: CARE Reaffirms 'B' Rating on INR12cr Bank Loans
IDYLLIC RESORTS: CARE Rates INR18.5cr Long-Term Loans at 'B+'

INDIAN TRADING: ICRA Suspends 'B+' Rating on INR15cr Loans
INDRESHWAR SUGAR: CRISIL Assign 'D' Rating to INR500MM Term Loan
JYOTI CONSTRUCTION: CRISIL Assigns 'B+' Rating to INR80MM Loans
KANCHAN VANIJYA: ICRA Ups Rating on INR6.20cr Loans to 'B'
LAL BABA: ICRA Reaffirms 'D' Ratings on INR24.5cr Loans

MAGIC VIBRATION: ICRA Assigns 'B' Rating to INR12cr Loans
MARUTHI CLOTHING: CRISIL Assigns 'D' Rating to INR117.5MM Loans
NEO SEAMLESS: ICRA Withdraws 'C' Rating on INR12cr Loans
P.G. INFRASTRUCTURE: CARE Reaffirms 'B' Rating on INR13.51cr Loan
PGH INT'L: CARE Reaffirms 'B' Rating on INR50cr Long-Term Loans

PPARADISE AUTO: CRISIL Assigns 'B-' Rating to INR55MM Loan
RAJENDRA GEARS: ICRA Reaffirms 'B+' Rating on INR4cr Loan
ROSHAN REAL: ICRA Upgrades Rating on INR4cr Loans to 'B+'
ROYAL STAR: CRISIL Suspends 'B' Rating on INR160MM Loans
SARVAJANIK JANKALYAN: CARE Reaffirms B Rating on INR57.58cr Loans

SHREE GOVARDHAN: CRISIL Assigns 'B' Ratings to INR62.1MM Loans
SHREE NATH: ICRA Assigns 'B' Rating to INR11.5cr Long-Term Loan
SHRI GURU: CARE Reaffirms 'B' Rating on INR30cr Long-Term Loans
SHIV SHANKER: CARE Assigns 'B+' Rating to INR5.43cr Bank Loans
SHIVALIK COTSYN: ICRA Assigns 'B' Rating to INR10.84cr Loans

SINGH CYCLE: CRISIL Lowers Rating on INR115MM Loans to 'B+'
SJP GLOBAL: CARE Assigns 'B' Rating to INR14.35cr Long-Term Loans
SONAPUR HERBAL: ICRA Assigns 'D' Rating to INR16cr Term Loan
SPANCO LIMITED: CARE Reaffirms 'D' Rating on INR1,165cr Loans
SUNTANA TEXTILE: ICRA Cuts Ratings on INR11.4cr Loans to 'D'

TITAN TEX: CARE Reaffirms 'B+' Rating on INR10.9cr LT Loans
TRUWOODS PRIVATE: ICRA Reaffirms 'B+' Rating on INR5.5cr Loans
UJIN PHARMACHEM: CRISIL Assigns 'B+' Rating to INR50MM Loan
YANTRA KAUSHALYA: ICRA Revises Rating on INR5.75cr Loans to 'B-'


I N D O N E S I A

ADARO INDONESIA: Fitch Affirms Rating on $800MM Sr. Notes at BB+
AYUDHYA PUBLIC: Fitch Withdraws 'BB+' Support Rating Floor


N E W  Z E A L A N D

FEATHERSTON RESOURCES: Placed Into Receivership


                            - - - - -


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


AQUA RESORT: Milford Management Buys Remaining Villas
-----------------------------------------------------
Marissa Lague at The West Australian reports that the remaining
villas in the Aqua Resort, one of the high-profile victims of the
South West property bubble, has been purchased by West Perth-
company Milford Management.

Milford Management, controlled by directors Michael Lurie and
Eileen Newby, bought the remaining 33 villas in the receivership
sale, giving it a controlling stake in the 41 villa resort,
according to The West Australian.  The price was not disclosed.

The luxury resort on the shores of Geographe Bay in Busselton was
financed by a syndicate of 20 investors, including prominent
mining industry and business figures.  It was developed by Ibex
Capital.

The report notes that originally budgeted at AU$34 million when it
was promoted to investors in 2006 and 2007, the total project cost
climbed to more than AU$40 million by the time it opened in 2010.

After Ibex was unable to reach a deal with Westpac subsidiary St
George Bank on refinancing in 2011, the bank put the development
syndicate into receivership, overseen by PPB Advisory, the report
recalls.

The report discloses that in early 2008 pre-sales, four of the
two-storey beachfront villas sold for an average of AU$2.8 million
while the single-storey villas were priced at AU$1 million to
AU$1.5 million.   The report relays that a year ago, they were
advertised for sale at prices from AU$530,000.

When the resort opened in 2010, 11 villas were unsold.  The report
says that these were being marketed by Busselton firm Hanson
Property, which, with Savills, negotiated the sale of the 33
villas to Milford Management.  The sale is expected to be
finalized this month.


HALLAM MANUFACTURING: PCI Partners Appointed as Administrators
--------------------------------------------------------------
Stephen John Michell -- smichell@pcipartners.com.au -- and
Clyde Peter White -- cwhite@pcipartners.com.au -- at PCI Partners
Pty Ltd were appointed as administrators of Hallam Manufacturing
Pty Ltd on Jan. 24, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 6, 2014, at 11:00 a.m. at Level 8, 179 Queen Street, in
Melbourne, Victoria.


MIDWEST VANADIUM: Gets Caa2 Moody's Rating; Outlook Negative
------------------------------------------------------------
Moody's Investors Service says project execution challenges will
pressure the credit quality of most Australian high-yield rated
miners over the next 12-18 months.

"All five high-yield rated metals and mining companies in
Australia have ongoing projects to raise production and/or reduce
costs, and planned liquidity buffers are often inadequate to
support these execution challenges," says Matthew Moore, a Moody's
Vice President and Senior Analyst.

Mr. Moore was speaking on the release of a special comment
entitled "Liquidity and Execution Challenges Are Stressing
Australian High-Yield Miners". The report ranks the five high-
yield rated miners based on Moody's assessment of their project
execution risk and ability to meet debt service and capital
expenditure obligations over the next 12-18 months.

In addition to execution challenges, a weak price environment
magnifies liquidity challenges faced by the miners. The continued
decline in major commodity prices has further eroded miners'
earnings and cash flow generation, with prices of many commodities
having fallen by around 30% in the past 12-18 months.

"We expect prices to remain volatile, but stay around current low
levels over the next 12-18 months," adds Mr. Moore.

In its ranking of the five rated miners, the report places
Fortescue Metals Group Ltd (Ba1 stable) in the strongest position,
with the lowest project risk and largest liquidity buffer.
Production for the iron ore producer is expected to almost triple
from FY2012 levels, which would boost cash flow and significantly
reduce capital expenditure requirements.

This is followed by Atlas Iron Ltd (B2 stable) and Cristal Mining
Australia Ltd (B3 negative), both of which have moderate project
execution risk. St Barbara Ltd (B3 negative) and Midwest Vanadium
Pty Ltd (Caa2 negative) are the weakest positioned, with high
execution risk and weak liquidity profiles.

With three companies facing significant liquidity challenges over
the next 3-12 months, the report states that they should take
steps to preserve liquidity.

In addition, the weakening price environment has also contributed
to high-yield mining companies often falling materially short of
company expectations. Missed production guidance and delays to
project completion and ramp-ups were also major contributors.


"High-yield miners often overestimate their ability to execute on
project timetables and budgets, and hence tend to be overly
optimistic when considering the impact of potential execution
risks on forecast production and earnings," says Moore.

For these reasons, the report concludes that the ratings of high-
yield issuers with significant execution challenges are generally
constrained at the B2/B3 rating level in the absence of strong
liquidity and sponsors.


OAKS ON LONDALE: Apartments Complex Up for Sale
-----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that international
expressions of interest are sought for the Oaks on Londale
serviced apartments complex. The complex is located in Melbourne.

dissolve.com.au relates that the property's freehold interest is
to be sold by CBRE Hotels on behalf of PPB Advisory, the receivers
and managers.  The campaign is expected to generate interest from
Chinese and South East Asian investors who are looking for a place
in the hotel market in Australia, the report says.


PATTERSON GROUP: RSM Bird Cameron Appointed as Administrators
-------------------------------------------------------------
Peter William Marsden and David John Kerr at RSM Bird Cameron
Partners were appointed administrators of The Patterson Group Pty
Ltd on Jan. 24, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 6, 2014, at 10:00 a.m., at the offices of RSM Bird Cameron
Partners, Level 12, 60 Castlereagh Street, in Sydney.



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


CREDIT EQUALS: Citic Group Unit May Invest in Troubled Trust
------------------------------------------------------------
Bloomberg News, citing Oriental Morning Post, reports that a unit
of Citic Group Corp., a Chinese state-backed conglomerate, may
take part in bailing out investors in a troubled 3 billion-yuan
($496 million) trust product.

The transaction is under way, the newspaper reported on
January 28, citing a person close to Industrial & Commercial Bank
of China Ltd, Bloomberg relates.  The person declined to give the
name of the unit or the amount it plans to invest, according to
the Post.

Bloomberg relates that ICBC, which distributed the product sold by
China Credit Trust Co. to its private banking clients, on
Jan. 27 told customers that they can sell their rights to
unidentified buyers to recoup the principal. China Credit Trust
said earlier that it reached an agreement for a potential
investment, averting the first trust default in at least a decade,
Bloomberg recalls.

Citic Group, China's largest state-owned investment firm, owns
companies ranging from banking to oil exploration and reports
directly to the nation's cabinet.

Investors had until January 29 to accept the offer on principal
repayment.  According to Bloomberg, the high-yield trust product,
known as Credit Equals Gold No. 1, was structured to raise funds
from wealthy investors for a coal miner that collapsed in 2012.
The product is due Jan. 31, Bloomberg notes.



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


AERON EXPORTS: CRISIL Assigns 'B' Rating to INR120MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Aeron Exports Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               120     CRISIL B/Stable

The rating reflects AEPL's expected initial phase and modest scale
of operations and susceptibility of profitability to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of AEPL's promoters in the steel
trading industry.

Outlook: Stable

CRISIL believes that AEPL will benefit, over the medium term, from
its promoters' experience in the steel trading industry. The
outlook may be revised to 'Positive' if AEPL achieves higher than-
expected scale of operations and profitability along with
comfortable working capital management. Conversely, the outlook
may be revised to 'Negative' in case AEPL does not achieve
expected sales or profitability or if there is more than expected
increase in its working capital requirements, leading to
deterioration of its financial risk profile.

Incorporated in 2012, AEPL is a Vadodara based company, promoted
by Mr. Jainam Shah and other family members. AEPL is set to enter
into trading of products such as iron dust and steel scrap.


AINAJ INDUSTRIES: CARE Revises Rating on INR17cr LT Loan to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ainaj Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         17        CARE B+ Revised from
   Facilities                       CARE B

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Ainaj Industries primarily factors in the significant improvement
in the capital structure of the firm pursuant to the capital
infusion by the proprietor during FY13 (refers to the period
April 1 to March 31). The rating however continues to remain
constrained on account of its presence in a fragmented cotton
industry with limited value addition and weak financial risk
profile marked by the modest scale of operations, thin
profitability, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained on account of
volatility associated with the raw material prices and
susceptibility to the change in the government policies.

The above constraints continue to outweigh the benefits derived
from the promoter's experience in the cotton ginning business and
locational advantage in terms of proximity to the cotton-growing
region in Gujarat.

The ability of AIN to increase its scale of operations and move up
in the cotton value chain thereby improving its overall financial
profile and better working capital management are the key rating
sensitivities.

Radhanpur-based (Gujarat) AIN, was setup as a partnership firm in
1997 by five partners namely Dayaram Thakkar, Vasant Thakkar,
Dinesh Thakkar, Suresh Thakkar and Rajesh Thakkar. Later on
in 2010, four partners withdrew the capital and Ainaj was
converted to a proprietorship firm with Mr Suresh Thakkar looking
after the firm. It is engaged in the manufacturing of cotton bales
through ginning and pressing and oil extraction from seeds. It has
an installed capacity of 36,000 Metric Tons per Annum (MTPA) for
cotton bales and 3,000 MTPA for cotton oil. The sales are largely
to Gujarat and Maharashtra while raw material is procured from the
local mandis and farmers of Gujarat, Rajasthan and Maharashtra.

As per the audited results for FY13, AIN reported a PAT of INR0.06
crore (INR0.04 crore in FY12) on a total operating income of
INR61.98 crore (INR60.21 crore in FY12). During 9MFY14, AIN
reported a total operating income of INR28.25 crore.


BAJRANG PULSES: ICRA Assigns 'B+' Ratings to INR12.5cr Loans
------------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR12.5 crore long
term fund based facilities of Bajrang Pulses and Agro Products
Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term, fund         10.00       [ICRA]B+ Assigned
   based limits-
   Cash credit

   Long term, fund          1.67       [ICRA]B+ Assigned
   based limits-
   Term loan

   Long term, fund          0.83       [ICRA]B+ Assigned
   based limits-
   Unallocated

The assigned rating takes into account improvement in operating
margins over past few fiscals and long standing experience of
promoters in the pulse processing business. ICRA notes the
favorable demand prospects of the pulses considering they are an
important staple food item. The rating however is constrained by
modest scale of operations and stretched financial risk profile
characterized by high gearing and low coverage indicators.
Further, pulses being an agricultural commodity, the prices remain
a function of the agro climatic conditions. The margins of the
company also remain vulnerable to intense competition on account
of fragmented nature of the industry, regulatory changes like
minimum support price, export restrictions among others.

Incorporated in 2007 with operations commencing in 2010, BPAPPL is
involved in processing of pigeon pea (toor) and green gram
(moong). The company has its unit located at Jalna, Maharashtra
which currently has a processing capacity of 100 tons per day each
for toor and moong. The company markets its products under
registered brand 'DOUBLE BAJRANG'.


DAHYABHAI B: ICRA Reaffirms 'B+' Rating on INR4cr Loan
------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR4.00 crore fund
based facility of Dahyabhai B Patel. ICRA has also reaffirmed an
'[ICRA]A4' rating to the INR5.00 crore short term non fund based
limits of DBP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Letter of credit      5.00        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account DBP's small
scale of operations in road construction business and the
geographic concentration risks with its operations being limited
to the state of Gujarat. The ratings also factor in the high
competitive intensity in the construction space resulting in a
pressure on the profitability. The ratings are further constrained
by the vulnerability of profitability to raw material price
variations although the same is mitigated to a large extent on
account of presence of price escalation clause in the contracts.
Further, as DBP is a partnership firm, any substantial withdrawals
by the promoters from its capital account would impact the capital
structure. Also, the firm's ability to execute the orders within
the budgeted costs and in a timely manner remains crucial from
credit perspective.

ICRA however, has favorably factored in the long track record of
the promoters; and favorable demand outlook for the construction
sector given the government focus on infrastructure development
and increased public spending. The ratings also factor in the
diversified and reputed client base of semi-government authorities
which leads to limited counter-party credit risks.

Dahyabhai B Patel was incorporated in the year 1982 as a
partnership firm and is based out of Vadodara in Gujarat. DBP is
engaged in civil construction and has successfully commissioned a
wide variety of prestigious projects in the field of road
construction in Gujarat. The firm has registration for approved
contractor in 'AA' class and 'Special Category I Building' class
from the state government of Gujarat.

Recent Results

In FY 2013, DBP reported an operating income of INR20.99 crore (as
against INR10.19 crore during FY 2012) and profit after tax of
INR1.06 crore (as against INR0.46 crore during FY 2012).


DELIGHT DAIRY: CRISIL Ups Rating on INR72.5MM Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded the long term rating on bank facilities of
Delight Dairy Ltd  to 'CRISIL B+/Stable' from 'CRISIL B/Stable'
while reaffirming the short term rating at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              72.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit          2.5     CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in company's liquidity
profile with company repaying term debt obligation of INR3.5
million in 2012-13. With company generating net cash accruals of
around INR10.4 million, and its net cash accruals expected to
improve over the near to medium term, against modest vehicle loans
outstanding, the overall liquidity profile is expected to further
improve over the near to medium term. With the repayment of the
term debt obligation, company's gearing levels have also improved
to around 2.18 times as on March 31, 2013, compared to 2.32 times
as on March 31, 2012. As the company is not expected to undertake
any debt funded capital expenditure over the near to medium term,
gearing levels are expected to further improve over the near to
medium term.

The ratings reflect moderate financial risk profile and
established market position in the dairy products industry. These
ratings strengths are partially offset by company's presence in
low value added product leading to low operating margins and small
size of operations, and exposure to government regulations and
epidemic related failures.

Outlook: Stable

CRISIL believes that Delight Dairy Limited will maintain a stable
business risk owing to established market position in dairy
products segment. The outlook may be revised to 'Positive' if DDL
generates better than expected sales growth and improves its
margins and accruals thereby further improving its business risk
profile. Conversely, any large additional debt-funded capital
expenditure (capex) over and above expected or any significant
decline in revenues and operating profitability, leading to
deterioration in the company's financial risk profile, may lead to
a revision in its outlook to 'Negative'.

Delight Dairy Ltd incorporated in 2000, is engaged in the business
of manufacturing pasteurized milk and milk products namely skimmed
milk powder (SMP), whole milk powder, butter and ghee. The company
operates two units-Unit I in Howrah (West Bengal) and Unit II in
Dewas district (Madhya Pradesh). Unit 1 processes pouched milk and
Unit 2 mainly manufactures Skimmed milk powder, Ghee, and Butter.


DELIGHT INDUSTRIES: CRISIL Assigns 'B' Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Delight Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4
   Cash Credit               50      CRISIL B/Stable

The ratings reflect DI's weak financial risk profile and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of DI's promoters in
the electric wires and cables industry.

Outlook: Stable

CRISIL believes that DI will continue to benefit over the medium
term from its promoters' established track record in the industry.
The outlook may be revised to 'Positive' if there is significant
improvement in the firm's scale of operations and profitability,
leading to higher-than-expected accruals and hence to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in DI's
financial risk profile, most likely because of large debt-funded
capital expenditure or higher-than-expected debt contracted for
meeting incremental working capital requirements.

DI is a partnership firm established in 2004. The firm
manufactures electric wires and power chords required in
electronic components. It has its manufacturing facility in Narela
(Delhi). The partners of the firm are Mr. Y M Jindal and his
daughter-in-law, Ms. Renu Jindal.

DI's book profit and net sales were INR5.9 million and INR377
million, respectively, in 2012-13 (refers to financial year, April
1 to March 31).


DEVAGYA CONSTRUCTIONS: CRISIL Assigns 'B' Rating to INR200MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Devagya Constructions.

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

The rating reflects Devagya Constructions' exposure to risks
related to the possessions in its residential project 'Golden
Heights' and to pricing risk inherent in the real estate industry.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
the real estate industry.

Outlook: Stable

CRISIL expects Devagya Constructions to maintain a stable business
risk profile over the medium term on the back of its promoters'
extensive experience in residential real estate industry. The
outlook may be revised to 'Positive' if there is a significant
improvement in its financial risk profile backed by higher than
expected revenues through sale of residential units and timely
completion of its on-going project leading to timely cash
accruals. The outlook may be revised to 'Negative' if there is a
time and cost over-run in the on-going project or significant
pressure on the company's liquidity in case of delays in receiving
customer advances, leading to pressure on revenues and
profitability.

Incorporated as a partnership firm in June 2005, Devagya
Constructions is engaged in developing a residential complex in
Allahabad. The firm is promoted by its partners Mr. Vishal Singh
and Mr. Diwakar Asthana who were inducted as partners after the
retirement of old partners through a new partnership deed. Mr.
Asthana has extensive experience in the real estate industry as a
promoter of Unicorn Construction Ltd.


DHARTI DREDGING: CARE Upgrades Rating on INR52cr Loans to 'C'
-------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Dharti
Dredging & Infrastructure Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         52        CARE C Revised from
   Facilities                       CARE D

Rating Rationale

The revision in the rating takes into account improvement in the
liquidity position led by realization of past debtors and
subsequent regularization of debt servicing. The rating continues
to remain constrained by the stretched collection and creditor
period and concentrated order book position. The rating, however,
factors in the satisfactory experience of the promoters in capital
dredging, comfortable fleet size of the dredgers and the moderate
financial risk profile. The ability of the company to diversify
the order book and recover contract proceeds from clients in a
timely manner thereby improving the liquidity position are the key
rating sensitivities.

Incorporated in 1993, Dharti Dredging & Infrastructure Ltd is
engaged in capital dredging, trenching and back filling works
related to offshore pipeline installation, road embankment
projects, de-weeding of lakes, land reclamation etc. However,
dredging activity is the major business activity with a majority
of the revenue derived from the same.

The company has a satisfactory fleet of dredgers (mostly cutter
suction dredgers) and as on Aug. 31, 2013, DDIL had a fleet of 10
owned and 6 hired dredgers, During FY13 (refers to the period
April 1 to March 31, 2013), DDIL posted PBILDT of INR80.29 crore
(FY12 - INR77.06 crore) and PAT (after deferred tax) of INR22.04
crore (FY12 - 19.37 crore) on a total income of INR335.16 crore
(FY12 - INR479.83 crore).

During 8M FY14 (April-November, 2013), DDIL achieved net sales of
INR208 crore and posted PBT of INR13.70 crore.


DIPAK J. BHIVARE: CRISIL Assigns 'B+' Rating to INR6.2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4 ratings to the
bank facilities of M/S. Dipak J. Bhivare.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 6.2     CRISIL B+/Stable

The ratings reflect DJB's below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics. The ratings also factor in the firm's small
scale of operations and geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive experience of DJB's proprietor in the civil construction
industry and its moderate order book which renders revenue
visibility.

Outlook: Stable

CRISIL believes that DJB will continue to benefit over the medium
term from its proprietor's extensive industry experience and its
moderate current order book. The outlook may be revised to
'Positive' if the firm reports substantial growth in its scale of
operations and profitability while managing its working capital
requirements efficiently leading to improvement in its cash
accruals and financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of further weakening of DJB's
financial risk profile or liquidity mostly caused due to a
substantial increase in DJB's working capital requirements or a
significant decline in its revenues or profitability, resulting in
a considerable decline in its cash accruals.

DJB was set up in 2002 as a proprietorship firm by Mr. Dipak J.
Bhivare. The firm executes civil construction work for government
agencies; the work primarily involves construction of water
filters and overhead reservoirs, and laying of pipelines. DJB is
registered as a Class 1 contractor with Maharashtra Jiwan
Pradhikaran.

DJB reported a profit after tax (PAT) of INR4.7 million on a net
operating income of INR145.5 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.9
million on a net operating income of INR82.7 million for 2011-12.


ECOLITE TECHNOLOGIES: ICRA Cuts Rating on INR14.16cr Loans to 'D'
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR12.66
crore fund based bank facilities of Ecolite Technologies to
'[ICRA]D' from '[ICRA]B-' assigned earlier. ICRA has also
downgraded the short term rating assigned to the INR1.50 crore
non-fund based bank facilities to '[ICRA]D' from '[ICRA]A4'
assigned earlier.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits     12.66        [ICRA]D downgraded

   Non-fund based         1.50        [ICRA]D downgraded
   limits- letter of
   credit

The rating downgrade takes into the account the delays in the
servicing of debt obligations by the firm on account of its
stretched liquidity position due to its nascent stages of
operation (with sales commencing from January 2012) and high debt
funded capital expenditure undertaken by the firm for setting up
its unit.

In ICRA's view, timely servicing of debt obligations by the firm
would be the key rating sensitivities going forward.

Incorporated in April 2010 as a partnership firm, Ecolite
Technologies is engaged in the supply of Light-Emitting Diode
(LED) based lighting products with product range including LED
bulbs, MR-16, Tube lights, Down lights, Bay lights and street
lights. The manufacturing facilities of the company are located at
Industrial Model Township at Manesar, Haryana. Though the plant
became operational in March 2011, the sales commenced only from
January 2012 with the initial 9 months being spent towards product
development and testing.

Ecolite supplies LED products in the capacity of an OEM (original
Equipment manufacturers) to other companies as well as in the
capacity of a subcontractor to State Road Authorities. Besides,
the firm also supplies LED based products under its own brand
'Ecolite'.


FAIZ INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR7cr Loan
----------------------------------------------------------
ICRA has reaffirmed/assigned the '[ICRA]B+' rating to the INR7.00
crore fund-based cash credit facility and INR1.45 crore fund-based
term loan facility of Faiz Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B+ reaffirmed
   Term loan             1.45        [ICRA]B+ assigned

The rating reaffirmation continues to factor in Faiz Industries'
modest scale of operations and the fragmented nature of the
industry entailing intense competition among the players, which,
restricts pricing flexibility and results in thin margin. ICRA
notes that operating income has declined in FY13 on account of
interruption of operations as well as poor market conditions. The
rating also continues to remain constrained by fluctuations in raw
material prices as well as exposure to regulatory risk with regard
to export quota and Minimum Support Price (MSP) for raw cotton
fixed by the Government of India as well as the recent debt funded
capex in FY14 to pressurize the credit metrics in the near term.
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, favorably factors in the long experience of
the promoters in the cotton ginning and pressing industry,
location advantage resulting in easy availability of raw cotton as
well as presence in the cotton seed crushing business which
provides revenue diversification.

Faiz Industries was established in 1996 and is engaged in ginning
and pressing operations. The business is owned and managed by Mr.
Badi Ismail Mahmad and other family members. The firm's
manufacturing facility is located in Wankaner, Dist Rajkot. The
firm currently has 32 ginning machines and 1 automatic pressing
machine having a manufacturing capacity of producing 450 bales per
day. The firm is also equipped with 7 expellers having a
processing capacity of 54 TPD of cotton seeds.

Recent Results

For the year ended 31st March, 2013, the firm reported an
operating income of INR30.03 crore with profit after tax (PAT) of
INR0.18 crore.


G.D. INDUSTRIES: ICRA Rates INR15cr Fund Based Loans at 'B+'
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR15.0 crore bank
facilities of G.D. Industries.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facilities     15.0        [ICRA]B+ (Assigned)

The assigned rating factors in GDI experienced management and
their long track record in the gold jewellery business. However,
the rating is constrained by the intensely competitive nature of
the gold jewellery industry; vulnerability of GDI's profitability
to adverse change in gold prices, its small scale of operations
and its weak financial profile reflected in low profit margins,
high gearing and modest debt coverage indicators. This has
resulted in modest cash accruals which coupled with high working
capital intensity of the business, has led to negative cash flows
from operations. Going forward, growth in GDI's turnover along
with improvement in profitability and capital structure will be
the key rating sensitivities.

G.D. Industries was incorporated in June 2003 and is engaged in
wholesaling and retailing of gold, silver and diamond jewellery.
It is a partnership firm promoted by Mr. Sunil Sharma along with
Mr. Robin Sharma and Ms. Neelam Sharma. GDI offers a wide range of
gold and diamond jewellery, such as necklaces, earrings, bangles,
rings and anklets, in a number of designs and it operates through
its single store in Chandni Chowk.

The company develops the jewellery designs in-house as well as
replicates the emerging design trends in the market. The firm does
not have its own manufacturing unit and gets the work done on job
work basis.

Recent Results

For FY13, the company reported a net profit after tax (PAT) of
INR0.05 crore on an OI of INR36.10 crore as against a PAT of
INR0.03 crore on an OI of INR25.76 crore in FY12.


GOBIND INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR18cr Loans
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for the INR18.0 crore bank
facilities of Gobind Industries Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.00       [ICRA]B+ reaffirmed
   Term Loans             4.00       [ICRA]B+ reaffirmed

The rating reaffirmation takes into consideration the long
standing experience of the promoters of Gobind Industries Private
Limited in the farm equipment industry and GIPL's brand
acceptability with the farmer community in Northern India. The
ratings also take into account favorable government policies for
the agriculture sector, farm labor shortage together with low
levels of mechanization in India enhancing growth prospects for
the company. The rating remains constrained by weak profits and
cash accruals, leading to moderate coverage indicators and
significant geographical concentration of the business, with sales
restricted to few states in Northern India. The ratings also
factor in the exposure of the company's revenues and profitability
to cyclicality of the tractor industry and the agro climatic
risks. The ability of the company to improve its operating
profitability will be a key rating sensitivity.

Gobind Industries Private Limited is situated at village
Dharsania, Lucknow Road, Barabanki. Established in 1990, it is
engaged in the manufacturing of a range of agricultural
implements. Its wide range of products includes Threshers,
Reapers, Seed drill machines, Potato Planters, Potato Digging
Machines, Disc Harrows and several other farm equipments. Some of
the products of company have an ISI rating and have been approved
by the Department of Agriculture, Government of India.
The company has been promoted by Sushil Kumar Agarwal who has more
than 30 years experience in the manufacturing and marketing of
agriculture implements and Iron and Steel products. The trademarks
of the company S.Kumar and GOBIND, are well established. The
promoter group has several other companies engaged in the same
business which include Gobind Products Private Limited, Kamlesh
Iron Store, Gaurav Iron & Metals (India) Private Limited, Gobind
Industries Limited and Gobind Alloys Limited.


GUJARAT GINNING: CARE Reaffirms 'B' Rating on INR12cr Bank Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gujarat Ginning & Oil Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         12        CARE B Reaffirmed
   Facilities

   Short-term Bank         3        CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Gujarat Ginning &
Oil Industries continue to remain constrained on account of its
presence in a fragmented cotton industry with limited value
addition and its weak financial risk profile marked by modest
scale of operations, thin profitability, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained on account of the volatility associated with the raw
material prices and susceptibility to the change in the government
policies.

The above constraints outweigh the benefits derived from the
partners' experience and locational advantage in terms of
proximity to the cotton-growing region in Gujarat. The ratings
also factor in the forward integration of the group by setting-up
cotton spinning mill through its group company, namely, Gujarat Hy
Spin Private Limited.

The ability of GGOI to increase its scale of operations and
profitability, thereby improving its overall financial profile are
the key rating sensitivities.

GGOI was promoted in 1994 as a partnership firm; currently there
are two partners, Mr Maganlal Parvadiya having 65% share and Mr
Chandulal Parvadiya having 35% share in the firm. It is involved
in the cotton ginning & pressing and crushing of cotton seed with
the main products as cotton bales, cotton seeds and cotton seed
oil. It has an installed capacity of 250 bales per day (annualized
capacity of 56,250 bales as 225 working days) and 40 metric tonnes
(MT) cotton oil per day (annualized capacity of 9,000 MT as 225
working days (BPD) for cotton bales as on
March 31, 2013, at its sole manufacturing facility located at
Gondal (Gujarat).

As per the audited results for FY13 (refers to the period
April 1 to March 31), GGOI reported a PAT of INR0.11 crore
(INR0.10 crore in FY12) on a total operating income of INR73.34
crore (INR76.83 crore in FY12). During 9MFY14, GGOI reported total
operating income of INR29.22 crore.


IDYLLIC RESORTS: CARE Rates INR18.5cr Long-Term Loans at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Idyllic
Resorts Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        18.50      CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Idyllic Resorts
Private Limited is primarily constrained by the execution risk
coupled with low booking status associated with its on-going real
estate project and inherent risks associated with the real estate
industry. The rating is also constrained by the limited experience
of the promoters in the real estate industry. The rating, however,
draws comfort from the strategic location of the project, land
cost paid and requisite approvals in place.

Going forward, the ability of the company to execute the project
as per the schedule, timely sale of the project at the envisaged
prices along-with timely realization of customer advances shall be
the key rating sensitivities.

Idyllic Resorts Private Limited is a private limited company
incorporated in September 2007. IRP is setting up a residential
plotted colony under the name 'Panchkula Eco City' in Sector 12,
Panchkula Extension II, Haryana and was launched in June 2012. The
project comprises of 358 plots, ranging from 1,800 to 9,000 sq ft.
The project is approved by Haryana Urban Development Authority
(HUDA). The project is being developed under joint development
agreement under which the company shall be required to hand over
approximately 2.34 lakh square feet (lsf) of the total area to the
owners of the land.


INDIAN TRADING: ICRA Suspends 'B+' Rating on INR15cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR15.00
crore, long term loans and working capital facilities, and
'[ICRA]A4' rating to the INR5.00 crore short term non fund based
letter of credit facility of Indian Trading Bureau Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


INDRESHWAR SUGAR: CRISIL Assign 'D' Rating to INR500MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Indreshwar Sugar Mills Ltd. The rating reflects
instances of delay by ISML in servicing its debt; the delays have
been caused by the company's  weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           500     CRISIL D

ISML also has a weak financial risk profile, marked by high
gearing and subdued debt protection metrics. Furthermore, its
operations are working-capital-intensive, and it is exposed to
regulatory risks in the sugar industry. These weaknesses are
partially offset by the extensive experience of its promoters' in
the sugar industry.

ISML was established in 2010 by the Pune (Maharashtra) based Patil
family and it commenced operations from November 2011. ISML is
engaged in manufacturing of sugar, with a cane crushing capacity
of 2500 tonnes per day. It also generates power through a 12
megawatt co-generation plant.

For 2012-13 (refers to financial year, April 1 to March 31), ISML
reported a profit after tax (PAT) of INR103.8 million on net sales
of INR1925.5 million, against a PAT of INR12.8 million on net
sales of INR268.9 million for the five months (November 2011 to
March 2012) of its operations in 2011-12.


JYOTI CONSTRUCTION: CRISIL Assigns 'B+' Rating to INR80MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jyoti Construction.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        60      CRISIL B+/Stable
   Bank Guarantee            40      CRISIL A4
   Cash Credit               20      CRISIL B+/Stable

The ratings reflect its small scale of operations in the tender
driven construction work segment for the Indian Railways. The
ratings also factor inJC's average financial risk profile,
constrained by a small net worth. These rating weaknesses are
partially offset by the firm's efficient working capital
management; and the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that JC will maintain its stable credit risk
profile over the medium term on the back of its moderate order
book. The outlook may be revised to 'Positive 'if the firm
significantly scales up its operations while maintaining its
profitability. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens due to
lower-than-expected cash accruals. Any substantial debt-funded
capital expenditure programme or a stretch in working capital
requirements could also result in a 'Negative' outlook revision.

JC was founded by Mr. Surjeet Singh and his family members in
Bihar in 2001 and commenced operations in 2008. The firm
undertakes contract works for the Indian Railways in Bihar and
Jharkhand.


KANCHAN VANIJYA: ICRA Ups Rating on INR6.20cr Loans to 'B'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5.09
crore term loans and INR1.11 crore unallocated limits of Kanchan
Vanijya Private Limited to '[ICRA]B' from '[ICRA]B-'. ICRA has
also reaffirmed a short term rating of '[ICRA] A4' for the INR13.8
crore fund based bank limits of KVPL.  The above unallocated
limits of INR1.11 crore have also been rated at [ICRA]A4 on the
short term scale.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            5.09        Upgraded to [ICRA]B
                                     from [ICRA]B-

   Fund Based Limits    13.80        [ICRA]A4 Reaffirmed

   Unallocated Limits    1.11        LT- Upgraded to [ICRA]B
                                     from [ICRA]B-

                                     ST - Reaffirmed at [ICRA]A4

Rating Rationale

The rating upgrade factors in the 77% growth in KVPL's Operating
Income to INR18.55 crore in FY13 from INR10.46 crore in FY12; the
increase in company's operating profits as well as net profits and
the significant improvement in KVPL's capital structure. However,
ICRA notes that KVPL's scale of operations continues to remain
small at present. KVPL's financial profile also remains weak
characterized by a high gearing of more than 9 times as on March
31, 2013; and weak debt coverage indicators. The ratings further
take into account the company's high working capital intensity of
operations leading to stretched liquidity position, and high
utilisation of the bank limits limiting the company's financial
flexibility.

ICRA also notes that KVPL's profits have so far been primarily
driven by export related financial benefits from the Government of
India (GoI) in the form of interest rate subvention, duty drawback
and focus product licences and hence are susceptible to policy
changes. With 88% of the total sales to United Kingdom and 12% to
Sweden KVPL is exposed to geographical concentration risks. KVPL
also remains exposed to high client concentration risks with the
top three clients accounting for 97% of the company's sales during
the financial year 2012-2013. The ratings further take into
consideration KVPL's exposure to the risk of adverse movements in
foreign currency exchange rates; however recent use of foreign
currency packing credit mitigates the same to a large extent. ICRA
further notes that the company is in the process of increasing its
capacity by setting up a new facility at Bantala in Kolkata. The
facility is expected to be operational by January 2015. Although
increased capacity will enable KVPL to improve its scale of
operations, the debt funded capital expenditure is likely to have
an adverse impact, on KVPL's capital structure and debt protection
metrics over the short to medium term.

The ratings, however, favourably factor in KVPL's association with
a designer with established position in the international leather
industry and product acceptability as demonstrated by repeat
orders from existing customers. KVPL's registration with Supplier
Ethical Data Exchange (SEDEX) helps in showcasing the company's
credentials to existing and prospective clients.

Established in 1972 by Kolkata based Gupta family, KVPL is
primarily engaged in the manufacture and exports of leather bags
and wallets for both men and women. KVPL's manufacturing unit is
based at Kolkata.


LAL BABA: ICRA Reaffirms 'D' Ratings on INR24.5cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' assigned to
the INR24.50 crore fund based bank facilities of Lal Baba Seamless
Tubes Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            11.00        [ICRA]D Reaffirmed
   Cash Credit          13.50        [ICRA]D Reaffirmed
   Bank Guarantee       (1.20)       [ICRA]D Reaffirmed

The rating reaffirmation primarily takes into account LBST's
continued delays in servicing of debt obligations with the
company's gearing remaining high on account of high debt level of
debt needed to fund the loss making operations of the company.
ICRA notes that despite achieving a healthy growth in operating
income in 2012-13, the company continued to incur cash loss, due
to increased competitive pressures and input costs, which further
led to an erosion of networth of the company. The rating is also
constrained by low capacity utilization levels of the company,
although the same has shown slight improvement in the recent
months on the back of increased exports. LBST also remains exposed
to volatility in steel prices, given the company's nature of
business of holding high inventory levels. The rating, however,
favorably factors in the experience of the promoters in the steel
industry. In ICRA's opinion, the ability of the company to service
its debt obligations in a timely manner would remain a key rating
sensitivity going forward.

Incorporated in 2006, Lal Baba Seamless Tubes has been promoted by
Mr. Murari Lal Dhanuka and Mr. Babulal Dhanuka, who have around 40
years of experience in the steel industry. The company is engaged
in the manufacturing of alloy and carbon steel seamless tubes with
an installed capacity of 36000 metric tonnes per annum (MTPA) at
its manufacturing facility in Haldia, West Bengal. The
manufacturing facility became operational in November, 2010 prior
to which LBST was engaged in trading of seamless tubes. The
company is an ISO certified organization and its products have
been approved by Engineers India Limited (EIL), Indian Boiler
Regulation (IBR), and Bureau of Indian Standards (BIS) among
others.

Recent Results

LBST recorded a net loss of INR4.25 crore on an operating income
of INR57.96 crore in FY13 as compared to a net loss of INR3.08
crore on an operating income of INR39.89 crore in FY12.


MAGIC VIBRATION: ICRA Assigns 'B' Rating to INR12cr Loans
---------------------------------------------------------
ICRA has assigned '[ICRA]B' for INR12 crore long term fund based
limits of Magic Vibration India Private Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      12.00       [ICRA]B Assigned

The assigned ratings reflect MVIPL's experienced promoters in
fabric trading business and established sales network built over
the years. The rating is however constrained on account of low
profitability owing to trading nature of operations, low level of
net cash accruals (INR0.08 crore in FY2013) necessitating external
funding for working capital requirements to achieve growth,
exposure to counter-party credit risk given that company sells its
products to without advances or letter of credit. Further the
financial risk profile of the company is weak with total outside
liabilities/ networth of 7.44x as on March 31, 2013, interest
coverage of 1.1 and total debt/OPBDITA of 10.57x for FY2013. The
networth base of the company is small providing limited financial
flexibility. Going forward, improvement in MVIPL's profit margins,
capital structure and profitable growth would be the key rating
sensitivities.

Magic Vibration India Private Limited was incorporated in July
2010 by Khosla family with an objective of trading. Since
inception, the company has been primarily been engaged in trading
of fabrics. Within fabrics, majority of sales come from knitted
fabric. The promoters of the company have been dealing in fabrics
for more than one decade.


MARUTHI CLOTHING: CRISIL Assigns 'D' Rating to INR117.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Maruthi Clothing Company. The ratings reflect
consistent delays in repayment of its term loans due to weak
liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Cash Credit
   Limit                      20       CRISIL D
   Cash Credit                50       CRISIL D
   Bank Guarantee              2       CRISIL D
   Bill Discounting           10       CRISIL D
   Proposed Term Loan         15.5     CRISIL D
   Term Loan                  16       CRISIL D
   Letter of Credit            4       CRISIL D

MCC also has modest scale of operations in intensely fragmented
readymade garment industry, below-average financial risk profile
marked by highly leveraged capital structure and high working
capital requirements. Conversely, MCC benefits from the extensive
experience of the promoters in the readymade garment industry and
established relationship with key customers.

Incorporated in 1998 as a partnership concern, MCC is engaged in
the manufacture of readymade garments (primarily Men's shirt) and
sale of the same in the domestic market.

MCC reported a profit after tax (PAT) of INR0.9 million on net
sales of INR160 million for 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR9.4 million on net sales
of INR318.1 million during 2011-12.


NEO SEAMLESS: ICRA Withdraws 'C' Rating on INR12cr Loans
--------------------------------------------------------
ICRA has withdrawn '[ICRA]C' rating assigned to the INR12.00 crore
fund based bank limits of Neo Seamless Tubes Limited, at the
request of the company, as the company no longer avails this
facilities. There is no amount outstanding against the rated
instrument.


P.G. INFRASTRUCTURE: CARE Reaffirms 'B' Rating on INR13.51cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
P.G. Infrastructure & Services Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13.51      CARE B Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained by the negative net-worth,
stressed liquidity and modest scale of operations of P.G.
Infrastructure & Services Pvt. Ltd. The rating is further
constrained by the short track record of its publication business
and its presence in a highly fragmented and competitive industry.
The rating, however, draws strength from the experienced and
resourceful promoters of PGIS.

The ability of PGIS to increase its scale of operations, improve
its profitability and increase its capital base would be the key
rating sensitivities.

Incorporated in 2003 as S. R. Offset Printers Pvt. Ltd., PGIS is
engaged in the publishing and circulation of a daily newspaper
'People's Samachar' in Hindi and a weekly magazine 'People's
Post' in English. PGIS has four printing facilities across four
different cities of Madhya Pradesh namely Bhopal, Indore, Jabalpur
and Gwalior. PGIS also runs an education institute viz 'People's
Institute of Media Studies' offering degree courses in fields like
journalism, advertising, public relations, mass communication and
electronic media.

During FY13 (refers to the period April 1 to March 31), PGIS
reported a net loss of INR3.99 crore on a total operating income
(TOI) of INR22.46 crore as against a net loss of INR10.94 crore on
a TOI of INR18.56 crore in FY12.


PGH INT'L: CARE Reaffirms 'B' Rating on INR50cr Long-Term Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
PGH International Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         50        CARE B Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained by the implementation and
saleability risk associated with the large-size green-field
shopping and entertainment project being developed by PGH
International Private Limited, which has further intensified due
to delay in its implementation along with modest booking status.
The project involves a large capital outflow and has a long
payback period.

The rating, however, draws strength from the experienced and
resourceful promoters along with the favorable funding profile of
the project.

The ability of PGH to complete the project without further delay,
successfully lease out the commercial/entertainment space at the
envisaged rate and maintain occupancy level would be the
key rating sensitivities.

Originally incorporated in 2003 as NM International Pvt Ltd, PGH
was initially engaged in film production activities which were
subsequently discontinued. At present, PGH is developing a
shopping and entertainment project by the name 'People's World' at
Bhopal. On a land area of about 14.38 acres (owned by the
promoter, Mr Suresh N Vijaywargia) located at Bhanpur, Bhopal
(Madhya Pradesh), the company is developing a shopping mall-cum-
entertainment zone with a total construction area of 86,915 square
meters with the overall envisaged cost of project at INR187.97
crore, which is to be financed through a term loan of INR50 crore,
promoters' contribution of INR127.97 crore and the balance INR10
crore by way of security deposits from customers. The project is
envisaged to be completed by March 2014 after a delay of about six
months. The company has entered into a development agreement with
the promoter and the revenue surplus would be shared as 40:60
between Mr Suresh Vijaywargia and PGH.

Furthermore, adjacent to the present project site, on the land
area of about 85 acres (owned by PGH), the company has plans to
develop banquet for events, adventure sports arena, film city,
tourist attractions, water park, hotel, resort, etc.

As on Sept. 30, 2013, PGH had incurred nearly 83% of the total
project cost which was funded by promoter's contribution of
INR130.24 crore and INR26.15 crore of term loan from the bank.


PPARADISE AUTO: CRISIL Assigns 'B-' Rating to INR55MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Pparadise Auto Sales.

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

The rating reflects PAS's below-average financial risk profile,
marked by a modest net worth, high gearing and weak debt
protection metrics, and its modest scale of operations. These
rating weaknesses are partially offset by the extensive experience
of the firm's partners in the automotive dealership business.

Outlook: Stable

CRISIL believes that PAS will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
maybe revised to 'Positive' in case of substantial improvement in
PAS's financial risk profile, driven most likely by higher-than-
expected cash accruals or capital infusion, along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' in case of further pressure on the firm's financial
risk profile, particularly its liquidity, most likely because of
lower-than-anticipated cash accruals, or larger-than-expected
working capital requirements or exposure to group entities.

PAS, a partnership firm promoted by Mr. Amrish Oberoi and his
family, commenced its operations in 2009. It is an authorised
dealer for the entire range of two-wheelers and spare parts of
Honda Motorcycle and Scooter India Pvt Ltd (HMSI) in Dehradun
(Uttarakhand).


RAJENDRA GEARS: ICRA Reaffirms 'B+' Rating on INR4cr Loan
---------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for INR4.0 crore, long-term,
fund-based bank facilities of Rajendra Gears. ICRA has also
reaffirmed '[ICRA]A4' rating for INR2.0 crore short-term, non-fund
based bank facilities of the firm.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Cash Credit              4.00      [ICRA]B+ reaffirmed
   Letter of Credit         1.00      [ICRA]A4 reaffirmed
   Export Packing Credit    1.00      [ICRA]A4 reaffirmed

The rating reaffirmation takes into account Rajendra Gears' (RG)
long track record of operations, experienced management and
geographically dispersed and well diversified client base. The
ratings are, however, constrained by RG's modest scale of
operations, thin profit margins and high working capital intensity
resulting in weak cash flows. The firm is also exposed to
fluctuation in raw material prices considering the long cycle time
involved in the manufacture of rolling mills. Further, high
dependence on orders relating to new plant set up results in
variable order inflow and a fluctuating operating income.

Rajendra Gears has been operational as a partnership concern since
1994 and is engaged in manufacturing of various types of steel
rolling mill plants. RG group comprising of RG and RG Rolling
India Limited (RG Rolling: established in 2007) is ISO 9001 2000
certified, and both the entities have their manufacturing unit
located in Ghaziabad. RG group is promoted by Mr. Rajendra Singh
who has considerable experience in this line of business.


ROSHAN REAL: ICRA Upgrades Rating on INR4cr Loans to 'B+'
---------------------------------------------------------
ICRA has upgraded the long term rating of Roshan Real Estates
Private Limited from '[ICRA]B' to '[ICRA]B+' for INR4.0 crore Fund
Based facilities. ICRA has also reaffirmed the short term rating
at '[ICRA]A4' for INR9.0 crore Non Fund Based facilities of the
company.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund Based             4.0          [ICRA]B+ (Upgraded)
   Facilities

   Non-Fund Based         9.0          [ICRA]A4 (Reaffirmed)
   Facilities

ICRA's rating action reflects the improved order book position of
RREPL and healthy execution of the same which is expected to lead
to an increase in turnover and profitability going forward.
Further, the ratings continue to positively factor in RREPL's
experienced management and its reputed client base. The ratings
are however constrained due to RREPL's weak financial profile as
evident from small scale of operations, low profitability, high
gearing and weak debt coverage indicators. However, ICRA notes
that with the increase in promoters share capital (from INR0.5
crore to INR2.0 crore) during FY2014, the gearing and debt
coverage indicators are expected to improve in future. The ratings
also factor in high competitive intensity in the construction
industry and geographical concentration risk associated with
RREPL's order book which comprises of projects largely from
Government departments centred in National Capital Region (NCR).
Going forward, company's ability to increase the scale of its
operations while improving its profitability and capital structure
will be amongst the key rating sensitivity factors.

Roshan Real Estates Private Limited was incorporated in the year
1997 as a registered private limited company under the patronage
of Mr. Syed Manzoor Ali for undertaking civil engineering
projects. The company is registered in the CPWD works contracts
cell under Class I. The company has been engaged in the
construction and maintenance work mainly for Government
Organizations like Public Works Department (PWD), Central Public
Works Department (CPWD), Delhi State Industrial Development
Corporation (DSIDC), IGNOU etc. The geographical risk for the
company is high since it has executed projects only in New Delhi
in the past and the current order book also centers around project
in the same region. The order book of the firm stands at INR25.7
crore as on Sept. 30, 2011.

Recent Results:

During FY13, the company reported profit after tax (PAT) of
INR0.13 crore on a turnover of INR14.91 crore as compared to PAT
of INR0.23 crore on a turnover of INR19.32 crore during the
corresponding period last year.



ROYAL STAR: CRISIL Suspends 'B' Rating on INR160MM Loans
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Royal
Star Agrotech Private Limited.  The suspension of ratings is on
account of non-cooperation by RAPL with CRISIL's efforts to
undertake a review of the ratings outstanding. Despite repeated
requests by CRISIL, RAPL is yet to provide adequate information to
enable CRISIL to assess RAPL's ability to service its debt. The
suspension reflects CRISIL's inability to maintain a valid rating
in the absence of adequate information. CRISIL considers
information availability risk as a key credit factor in its rating
process and views non-sharing of information as a first signal of
possible credit distress, as outlined in its criteria 'Information
availability risk in Credit ratings".

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL B/Stable Suspended
   Term Loan                 85      CRISIL B/Stable Suspended

RAPL was incorporated in 2010 and commenced its commercial
operations from September 2011 onwards. The company is promoted by
Mr. Sanjay Kumar Gupta along with his family members Mr. Ajay
Kumar Gupta, Mr. Anil Kumar Geol and Mr. Sahil Gupta. The company
is engaged in milling of basmati rice. The company has a
manufacturing unit in Karnal (Haryana).


SARVAJANIK JANKALYAN: CARE Reaffirms B Rating on INR57.58cr Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sarvajanik Jankalyan Parmarthik NYAS.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        57.58      CARE B Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained on account of the
accumulated deficits of Sarvajanik Jankalyan Parmarthik Nyas since
inception, its stressed liquidity and weak debt coverage
indicators. The rating is further constrained due to its
susceptibility to adverse regulatory changes in the education
sector and necessity to incur regular capex towards modernisation/
development of colleges.  The rating, however, draws strength from
the experienced and resourceful promoters, established presence in
Bhopal and well-equipped infrastructure for medical studies.

The ability of SJPN to improve its surplus margin and liquidity
while sustaining the strong enrolment in its flagship courses and
achieve the envisaged enrolment in the newly launched courses
would be the key rating sensitivities.

Bhopal-based SJPN is a charitable non-profitable public trust
established in the year 2000 by Mr Suresh Vijaywargia. The society
operates 13 institutions on its 40-acre campus at Bhanpur, Bhopal,
offering courses in various fields of education such as medical,
dental, nursing, paramedic, physiotherapy, pharmacy, engineering,
management, hotel management, etc apart from running a school.
SJPN also manages a 750-bed hospital in its campus.

On May 4, 2011, SJPN received approval for setting up People's
University (PU) via the State Government Notification of Madhya
Pradesh Legislature through an amendment in the Madhya Pradesh
Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Adhiniyam-2007 as
Madhya Pradesh Act (No.18 of 2011). PU is empowered to award
degrees as specified by the University Grants Commission (UGC)
under Section 22 of the UGC Act 1956 through its main campus in
regular mode.

During FY13 (refers to the period April 1 to March 31), SJPN
reported a total operating income (TOI) of INR91.06 crore (based
on combined financials of SJPN and PU) and deficit of INR2.82
crore, as against a total operating income of INR75.90 crore
(combined financials of SJPN and PU) and deficit of INR9.19 crore
during FY12.


SHREE GOVARDHAN: CRISIL Assigns 'B' Ratings to INR62.1MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shree Govardhan Sugar Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Working Capital
   Term Loan                  6       CRISIL B/Stable
   Rupee Term Loan           24.3     CRISIL B/Stable
   Cash Credit               30       CRISIL B/Stable
   Funded Interest
   Term Loan                  1.8     CRISIL B/Stable

The ratings reflect Shree Govardhan's modest scale of operations;
the ratings also factor in the firm's exposure to risks related to
erratic rainfall and to regulatory changes. These rating
weaknesses are partially offset by the extensive experience of
Shree Govardhan's promoters in the sugar industry.

Outlook: Stable

CRISIL believes that Shree Govardhan will continue to benefit over
the medium term from its long-standing presence in the sugar
market in Gujarat. The outlook may be revised to Positive if Shree
Govardhan registers significant improvement in its operating
profitability, leading to more-than-expected cash accruals and
improvement in its debt protection metrics, or benefits from
significant infusion of partners' capital, leading to an improved
capital structure. Conversely, the outlook may be revised to
Negative if Shree Govardhan continues to incur losses because of
high input cost or if the company undertakes any significant debt-
funded capex programme, weakening its financial risk profile,
particularly liquidity.

Shree Govardhan was established in 1997. It is engaged in
production of sugar, molasses, bagasse and pressmud. The firm has
a manufacturing unit based at Kukarmunda in Gujarat with capacity
of 800 tonnes of sugar per day. The current partners in Shree
Govardhan are Mr. Sadanand Pruthviraj Raghuvanshi, Mr. Devendra
Pruthviraj Raghuvanshi, Mr. Nikhil Pruthviraj Raghuvanshi, Mr.
Pushpendra Raghuvanshi, and Mrs. Bharti Raghuvanshi.


SHREE NATH: ICRA Assigns 'B' Rating to INR11.5cr Long-Term Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR1.50
crores fund based bank facilities of Shree Nath Ji Enterprises.
Additionally ICRA has an outstanding long term rating of '[ICRA]B'
to INR10.00 crores fund based limits of Shree Nath Ji Enterprises.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Long         11.50        [ICRA]B assigned
   Term

The rating assigned is constrained by limited track record of
operations of which exposes the company to risks relating to
stabilization of the new unit. The rating also factors in the high
intensity of competition in the rice milling industry and agro
climatic risks which can affect the availability of paddy in
adverse weather conditions. Nevertheless, the rating favorably
factors in the long standing experience of promoters in the rice
industry, their established relationships with customers and
suppliers, good demand supply dynamics in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Business was established in the year 2013 as partnership firm.
However the commercial operations of the firm have still not
commenced. All the partners are actively engaged in the operations
of the firm. SNJE is engaged in the business of processing and
trading of Basmati rice. As per the management milling capacity of
the plant is 5 tonnes/hr of paddy. Company is having its
manufacturing unit at Kuchpura, Nissing, Haryana.


SHRI GURU: CARE Reaffirms 'B' Rating on INR30cr Long-Term Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Shri
Guru Gorakh Nath Rice Mill.

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

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

Rating Rationale

The rating assigned to the bank facilities of Shri Guru Gorakh
Nath Rice Mill continues to remain constrained by its weak
financial risk profile characterized by the modest scale of
operations, thin profitability margins, leveraged capital
structure, weak debt protection metrics and working capital
intensive nature of its operations. The rating is also constrained
by its presence in a highly competitive and fragmented agro-
processing business, susceptibility of its margins to fluctuation
in the raw material prices and impact of changes in the government
policy for rice.

The ratings, however, continue to favorably take into account the
experience of the partners in the rice milling industry and
proximity of its processing unit to the paddy-growing areas.
SGRM's ability to improve its financial risk profile and effective
working-capital management shall be the key rating sensitivities.

Shri Guru Gorakh Nath Rice Mill was established in 1990 as a
partnership firm. The firm has four partners Ms Dayawati Devi, Ms
Pushpa Devi, Mr Brijesh Kumar and Mr Bankey Lal with profit
sharing ratio of 3:3:2:2. Mr Bankey Lal looks after the overall
operations of the firm.

The firm is primarily engaged in the milling and processing of
basmati rice at its sole processing facility situated at Dadri,
Uttar Pradesh which has a processing capacity of 8 Metric Tonnes
Per Hour (MTPH) of paddy as on March 31, 2013. The firm sells its
product under the brand name 'Pankhi' and 'Ten Star' in the
domestic market.

SGRM has reported a net profit of INR0.09 crore on a total
operating income of INR119.68 crore during FY13 (refers to the
period April 1 to March 31). The firm had achieved total sales of
INR70 crore till November 30, 2013.


SHIV SHANKER: CARE Assigns 'B+' Rating to INR5.43cr Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shiv
Shanker Rice Mills.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.43       CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Shiv Shanker Rice
Mills (SSR) is primarily constrained by its small scale of
operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure, weak debt
service coverage indicators and working capital intensive
nature of operations. The rating is further constrained on account
of susceptibility of the margins to the fluctuations in raw
material prices, SSR's presence in a fragmented industry and the
constitution of the entity being a partnership concern. The
rating, however, finds support from the experienced partners and
close proximity to the raw material sources.

Going forward, the ability of the firm to increase its scale of
operation while improving its profitability margins, effective
working capital management and improvement in its capital
structure shall be the key rating sensitivities.

Shiv Shanker Rice Mills was established in 2003 as a partnership
concern by Mr Anil Gupta and Mr Vinod Kumar with an equal profit
and loss sharing ratio of 50% each. In September 2012, Mrs Savita
Gupta joined the business as a new partner and Mr Vinod Kumar
retired from the partnership.

The firm is engaged in milling, processing and trading of rice.
The firm is procuring the raw material (paddy) from Haryana and
Uttar Pradesh. The firm is selling its product mainly in North
India. The processing facility of the firm is located at Village
Chopri, Taraori (Karnal) with an installed capacity for processing
of paddy of 15,000 TPA as on March 31, 2013.

For FY13 (refers to the period April 1 to March 31), SSR achieved
a total operating income of INR26.48 crore and PAT of INR0.10
crore. Furthermore, in H1FY14, the firm has achieved a total
operating income of INR26 crore.


SHIVALIK COTSYN: ICRA Assigns 'B' Rating to INR10.84cr Loans
------------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to INR10.84 crore fund-based
limits and '[ICRA]A4' rating to INR0.16 crore non-fund based
limits of Shivalik Cotsyn Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based Limits          10.84       [ICRA]B, assigned
   Non Fund Based Limits       0.16       [ICRA]A4, assigned

The assigned rating favourably takes into account the promoters'
experience, established sales network built over two decades of
operations and improved market scenario for spinning in the light
of spurt in realisation and demand as reflected in higher margins
of SCL in FY2013. The operating profit margin of SCL increased to
15.8% in FY2013 compared to 8.5% in the preceding year however net
profit margin remained low at 0.2%. Despite low net profits,
higher operating profit margin and depreciation resulted in higher
net cash accruals, which increased to INR1.65 crore in FY2013
however repayment obligations of SCL have also increased
significantly owing to debt funded capex of INR7.8 crore in FY2013
for modernisation. This is expected to result in weak debt
coverage indicators. The ratings are, however, constrained on
account of commodity nature of product which is highly
competitive, thus keeping profitability under check over the long
term. The ratings are also constrained by high working capital
requirements partly due to seasonal availability of major raw
material cotton requiring large funding. Stocking of cotton
exposes the company to market risks. The rating also factors in,
the vulnerability of SCL's earnings in near term to policy level
decision of China on release of cotton reserves at lower prices
and curbing yarn imports.

Going forward, ICRA expects SCL's profitability and cash accruals
from operations will remain susceptible to policy level changes
related to cotton and yarn trade. Any sharp weakening in
profitability levels or immediate announcement of further debt
funded capital expenditure will remain as key rating
sensitivities.

Incorporated in 1993, Shivalik Cotsyn Limited is promoted by Mr.
Subhash Gupta and has a spinning unit for manufacturing cotton
yarn at Saharanpur, Uttar Pradesh. The company started with an
installed capacity of 2,000 spindles and currently operates with
12,000 spindles for manufacturing hosiery cotton yarn. The company
currently manufactures 100% cotton yarn in count range of 20s to
40s with average count of 30s and sell entire output in the
domestic market.


SINGH CYCLE: CRISIL Lowers Rating on INR115MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Singh
Cycle & Motor Co. to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Inventory Funding         50      CRISIL B+/Stable (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

   Proposed Long Term        65      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects significant pressure on SCMC's financial
risk profile marked by deterioration in its capital structure.
SCMC's gearing deteriorated to 6.63 times as on March 31, 2013 as
against 2.75 times as on March 31, 2012. SCMC's net worth reduced
to INR19.8 million on account of withdrawals by partners of
INR20.6 million in 2013. The reduction in net worth coupled with
high level of bank borrowings to support a build-up in the
inventory, contributed to the sharp spike in gearing. While CRISIL
expects SCMC's capital structure to improve over the medium term;
the gearing is expected to remain aggressive over the medium term
and significantly higher than the initial expectations.

The firm is expected to generate cash accruals of INR14-18 million
in 2013-14 and 2014-15, against term debt obligations of INR3.5
million, however, the firm's liquidity continues to be under
pressure reflected in its high utilization of bank lines at 92%
over the 12 months through November 2013 leaving little headroom
to absorb any spikes in working capital requirements.

SCMC's revenues decreased to INR801.1 million in 2012-13 (refers
to financial year, April 1 to March 31) from INR1039.4 million in
2011-12 due to increasing competitive intensity. CRISIL expects
the revenues to increase to INR 1.25-1.3 billion in 2013-14. The
increasing competition in the passenger vehicle segment will
impact the revenue prajectory for 2014-15.

The ratings reflect SCMC's below-average financial risk profile,
marked by a modest net worth and high external indebtedness, and
its susceptibility to intense competition in the automobile
dealership business. These rating weaknesses are partially offset
by SCMC's established market position in the automobile dealership
segment, coupled with the extensive experience of its promoters in
the automobile dealership industry.

Outlook: Stable

CRISIL expects SCMC to maintain its business risk profile on the
back of extensive business experience of promoters and
relationship with Chevrolet and HML. The outlook may be revised to
'Positive' if the improvement in its capital structure is
significantly better than expected while maintaining a steady
revenue growth and margin improvement. The outlook may be revised
to 'Negative' in case SCMC records significant decline in revenues
and profitability, or in case of larger than expected debt to fund
its working capital requirements, leading to further deterioration
in its financial risk profile.

Established in 1955, Singh Cycle and Motor Co. is promoted by Mr.
Palvinder Singh Bedi based in Pune (Maharashtra). The firm is
having automobile dealership of Chevrolet range of vehicles and
Hero MotoCorp Ltd (HMCL) for two wheelers (rated CRISIL
AAA/FAAA/Stable/CRISIL A1+). The firm has two showrooms of HML,
two of Chevrolet and a specialized workshop across Pune.

SCMC reported a profit after tax (PAT) of INR0.28 million on net
sales of INR 819.9 million for 2012-13 as against PAT of 0.98
million on net sales of INR 1052.4 million for 2011-12.


SJP GLOBAL: CARE Assigns 'B' Rating to INR14.35cr Long-Term Loans
-----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of SJP Global
Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       14.35       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of SJP Global Limited
remained constrained on account of execution risk associated with
its on-going real estate projects and dependence on realization of
customer advances and geographical concentration risk. The ratings
are further constrained due to the risk inherent to the real
estate sector with changes in interest rate. The ratings, however,
derive strength from the wide experience of the promoters in the
real estate sector and healthy booking status of projects.

Going forward, the ability of the company to execute the project
as per schedule, timely sales at envisaged prices along with a
timely realization of customer advances would be the key rating
sensitivities.

SJPGL was established in April 2004 as a partnership firm and was
engaged in the business of real estate development in and around
Mathura, Uttar Pradesh. Subsequently in April 2010, the firm
was converted into a public limited company. SJPGL amalgamated its
operations through reverse merger (wef April 1, 2011) with its
holding company SJP Real Estate Limited which was into the
business of civil construction contract, road contract and
development of real estate projects. Also the four subsidiary
companies of SJPREL got amalgamated with SJPGL.

SJP Global Limited is a flagship company of the Shri group. The
Shri group has presence in real estate development and other
businesses like: petrol pumps, logistic and packaged drinking
water in and around Mathura. Besides SJPGL, the group consists of
SJP Residency Consortium Ltd, engaged in the business of real
estate development mainly residential projects in and around
Mathura.

During FY13 (refers to the period April 1 to March 31), SJPGL
reported a total operating income of INR62.88 crore (FY12:
INR65.27 crore) and a PAT of INR2.57 crore (FY12: INR2.23 lakh).


SONAPUR HERBAL: ICRA Assigns 'D' Rating to INR16cr Term Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR16.00 crore term
loan of Sonapur Herbal Centre Private Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-       16.00       [ICRA]D assigned
   Term Loan

The assigned rating primarily takes into account SHCPL's
unsatisfactory track record in timely servicing of debt
obligations. The rating is also constrained by the small scale of
current operations on account of single property based in Assam
and intensely competitive nature of the hospitality market in the
region marked by the presence of several renowned international
and domestic players. The assigned rating also takes into account
the significant delay witnessed in the implementation of the
ongoing project, which has resulted in time as well as major cost
overrun and also the funding risk as debt required for the
additional capital expenditure is yet to be tied-up. The rating,
however, favourably considers the continued financial support
extended by the promoters and the favourable location of the
resort in proximity to the central business area of Assam. Going
forward, timely completion of the project without any further cost
overrun and achieving required occupancy level, while maintaining
its profitability, would be the key rating sensitivities.

Incorporated in 2000, SHCPL currently owns and operates a twenty
room resort "Spring Valley Resort" located at Sonapur, Assam. The
company is in the process of converting the existing resort into a
four star hotel-cum-resort, which would house sixty rooms/
cottages (including the existing twenty cottages) with a multi-
cuisine dining-cum-restobar, coffee shop, spa cum saloon,
conference room, banquet hall and swimming pool. The refurbished
facility is scheduled to commence operations in December 2014.

Recent Results

The company reported a net profit of INR0.24 crore on an operating
income of INR2.35 crore in 2012-13; as compared to a net profit of
INR0.15 crore on an operating income of INR2.13 crore in 2011-12.


SPANCO LIMITED: CARE Reaffirms 'D' Rating on INR1,165cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings on bank facilities/instruments of
Spanco Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank         485.00      CARE D Reaffirmed
   Facilities

   Long-term/Short-       588.50      CARE D/CARE D Reaffirmed
   term Bank
   Facilities

   Non Convertible         92.00      CARE D Reaffirmed
   Debenture (NCD)

Rating Rationale

The reaffirmation of the ratings of Spanco Limited reflects the
ongoing delays in servicing the debt obligations due to the
weakened liquidity position of the company. The rating also
factors in the reference made by the company to the Corporate Debt
Restructuring (CDR) Cell for the restructuring of its debt under
the CDR mechanism.

Incorporated in 1995, Spanco is a leading networking and system
integration service provider in India. Spanco changed its business
profile from a telecom system integrator to that of creating
technology infrastructure to help drive governance efficiency
across the key sectors like government, power, transport and
telecom. Spanco also operates in the Business Process Outsourcing
(BPO) segment providing services both in the domestic as well as
the international markets.

The company has also diversified into areas such as e-governance,
transport security surveillance and modernization of check posts,
Restructured Accelerated Power Development and Reforms Programme
(R-APDRP) and Unique Identification Number (UID).

Spanco reported a total income of 1,779.43 crore and a Net Loss of
INR413.07 crore in FY13 (refers to the period April 01 to March
31) as compared to a total income of INR1,326.14 crore and a
Profit After Tax (PAT) of INR27.84 crore in FY12 (refers to the
period October 1 to March 31) on a consolidated basis.


SUNTANA TEXTILE: ICRA Cuts Ratings on INR11.4cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the long-term rating of '[ICRA]B' to '[ICRA]D'
for INR11.40 crore fund based facilities of Suntana Textile Mills
Private limited. ICRA has also downgraded the short-term rating
assigned to INR0.90 crore proposed limits from '[ICRA]A4' to
[ICRA]D.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-     10.50         [ICRA]D downgraded
   Working capital
   Limits

   Fund Based & Non-
   Fund Based Limits-
   Proposed Limits         0.90         [ICRA]D downgraded

The revision in ratings reflects the instances of delays in
meeting principal repayment obligations and tight liquidity
resulting in few instances of overutilization of bank sanctioned
limits indicating its stressed liquidity position. The ratings
also take into account its weak financial profile as evident from
low profitability levels and highly leveraged capital structure,
along with its small scale of operations with sales remaining
stagnant over the last few years. ICRA also takes note of
susceptibility of profitability to volatility in raw material
prices and exchange rate fluctuations and increasing competitive
pressures due to presence of large number of organized and
unorganized players in domestic as well as international markets.
The assigned ratings however consider the long standing experience
of the promoters in the textile industry, diversified product
range and client base of the company. The ratings also incorporate
the benefits arising from favourable location of the manufacturing
facility as evident in easy availability of key raw materials, and
proximity to nearby ports for exports in international markets.

Suntana Textile Mills Pvt. Ltd. located at powai, Mumbai was
incorporated by merging M/s. Sunil Textile Industries' and 'M/s.
Sushil Textile Industries' in year 2006 with the objective of
carrying out manufacturing of formal suiting on job work basis and
exporting it in overseas market. Mr. Sunil Agarwal, Mr.
Chiranjilal Agrawal and Mrs. Bharti Agrawal are the key directors
of the company handling overall operations of the company.

Recent updates

As on Sept. 31, 2013, the company has achieved an operating income
of approximately INR20.37 crore and net profit of INR0.17 crore as
per half yearly provisional statement shared by the company.


TITAN TEX: CARE Reaffirms 'B+' Rating on INR10.9cr LT Loans
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Titan Tex Fab Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       10.90       CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained due to the modest scale
of operations of Titan Tex Fab Private Limited and its financial
risk profile marked by thin profitability, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained on account of its limited presence in the textile
value chain, vulnerability of its margins to fluctuation in raw
material prices and its presence in the highly fragmented and
competitive textile industry.

The rating, however, continues to draw strength from the vast
experience of the promoters coupled with the established operation
of the company, its presence in the textile cluster of Bhilwara
with a well established marketing setup.

The ability of TTFPL to increase its scale of operation coupled
with improvement in profitability and debt coverage indicators
would remain the key rating sensitivities.

Bhilwara-based (Rajasthan) TTFPL was promoted by Mr Pawan Kumar
Mehria along with his son, Mr Punit Kumar Mehria in 1998. Mr Pawan
Kumar Mehria, a commerce graduate by qualification, has an
experience of over 40 years in the textile industry and looks
after the overall functioning of TTFPL. Mr Punit Kumar Mehria
looks after the production and finance functions of the company.
TTFPL is mainly engaged in the manufacturing and trading of grey
synthetic fabrics. The company has started the weaving operations
of synthetic grey fabric initially with 24 looms in 2002, which at
present has grown to 96 sulzer looms (automatic weaving machine)
with the total installed capacity of 84.69 Lakh Meter Per Annum
(LMPA) as on March 31, 2013. It has a strong marketing setup
throughout India in the form of 45 agents and 300 dealers.

During FY13 (refers to the period April 1 to March 31), TTFPL
reported a total income of INR63.25 crore (FY12: INR51.31 crore)
with a net profit of INR0.31 crore (FY12: INR0.26 crore).


TRUWOODS PRIVATE: ICRA Reaffirms 'B+' Rating on INR5.5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed long-term rating of '[ICRA]B+' for INR5.50
crore (enhanced from INR4.62 crore) fund based limits and short
term rating of 'ICRA]A4' for INR8.20 crore non fund based limits
of Truwoods Private Limited. ICRA has also assigned short term
rating of [ICRA]A4 to INR0.30 crores unallocated limits of TPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       5.50        [ICRA]B+ reaffirmed
   Non Fund Based
   Limits                  8.20        [ICRA]A4 reaffirmed

   Unallocated Limits      0.30        [ICRA]A4 Assigned

ICRA's ratings factor in the decline in profitability with
OPBDITA/OI declining from 4.11% in FY2012 to 3.81% in FY2013 owing
to increase in raw material costs in FY2013 on account of rupee
depreciation against dollar, given that the main raw material i.e.
timber logs are imported. ICRA notes that the profitability for
TPL continues to remain exposed to exchange rate fluctuations. The
ratings are constrained by small scale of operations, resulting in
modest economies of scale and modest bargaining power vis-...-vis
customers and suppliers of key inputs. This coupled with highly
competitive nature of the plywood industry characterized by
presence of large number of organized and unorganized players has
resulted in low profitability indicators and consequently weak
debt coverage indicators. The ratings however take comfort from
the long track record of the promoters in the plywood business
aided by established manufacturing capabilities and strong dealer
& distributor network. The ratings are also supported by the
positive demand outlook for the company's products in the long-
term backed by demand from the real estate/infrastructure sectors-
although competition from alternative products such as Medium
Density Fibreboard (MDF) and Particleboard will temper growth in
demand.

Incorporated in 2001 as a private limited company, Truwoods Pvt
Ltd is engaged in manufacturing of plywood and Veneers. The
company is part of the Deccan Group, which has a history of about
two decades in the plywood business. The other group companies
include Deccan Veneers Pvt Ltd, Maxworth Plywoods Pvt Ltd, Alphine
Panels Pvt Ltd, and Indus tropics ltd. Truwoods has its veneer and
plywood manufacturing facility in Visakhapatnam, Andhra Pradesh.

Recent Results

In FY 2013, TPL reported profit after tax (PAT) of INR0.38 crore
on an operating income of INR49.93 crore as against PAT of INR0.50
crore on an operating income of INR46.58 crore in FY 2012.


UJIN PHARMACHEM: CRISIL Assigns 'B+' Rating to INR50MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
long term bank facilities of Ujin Pharmachem.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               50       CRISIL B+/Stable

   Inland/Import Letter
   of Credit                 20       CRISIL A4

The rating reflects Ujin's presence in the highly competitive
chemicals and bulk drugs industry, high working capital intensity
and subdued financial risk profile, marked by small net worth and
high external indebtedness These rating weaknesses are partially
offset by extensive experience of promoters in the trading
business and established relationship with diversified customer
base.

Outlook: Stable

CRISIL believes that Ujin will continue to benefit over the medium
term from the extensive experience of its promoters in trading
business. The outlook may be revised to 'Positive' if the firm
records significantly better-than-expected revenues and
profitability, while improving its capital structure and debt
protection metrics. The outlook may be revised to 'Negative' in
case Ujin registers a sharp decline in its revenue and
profitability, or in case its working capital cycle lengthens,
leading to further deterioration in its financial risk profile.

Ujin, established in May 2005, by Mr Jinesh Sheth and Mr Umang
Mehta, is engaged in trading of chemicals, bulk drugs and
pharmaceutical products. The firm's office is located at Mumbai
(Maharashtra).

Ujin reported a profit after tax (PAT) of INR3.5 million on net
sales of INR 1020.5 million for 2012-13 (refers to financial year,
April 1 to March 31) against PAT of INR3.4 million on net sales of
INR 603.3 million for 2011-12.


YANTRA KAUSHALYA: ICRA Revises Rating on INR5.75cr Loans to 'B-'
----------------------------------------------------------------
ICRA has revised the long term rating on the INR0.50 crore
fund based cash credit facility and INR5.25 crore (reduced from
INR6.54 crore) term loan facility of Yantra Kaushalya Engineers
Private Limited from '[ICRA]B' to '[ICRA]B-'. ICRA has also
reaffirmed the short term rating of '[ICRA]A4' to the INR1.55
crore (enhanced from INR0.82 crore) facility of YKEPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      0.50        Revised from [ICRA]B to
                                       [ICRA]B-

   Term Loan Limits        5.25        Revised from [ICRA]B to
                                       [ICRA]B-

   FUDBP                   0.30        [ICRA]A4 reaffirmed

   Lg/Imported LC          1.25        [ICRA]A4 reaffirmed

The revision in ratings factors in the deteriorating financial
profile of Yantra Kaushalya Engineers Private Limited
characterized by erosion in net worth resulting in a highly
leveraged capital structure, consistent losses and nominal cash
accruals generated from the business, declining business return
indicators and the tight liquidity position of the company due to
a sharp rise in receivables which is also evident from the high
utilization of bank limits. The ratings also take into account the
vulnerability of profitability to adverse fluctuation in raw
material prices and foreign exchange risks in the absence of a
firm hedging policy. ICRA also notes that the current scale of
operation of YKEPL remains small and the company has low
bargaining power against large and established clients.
The ratings, however, favorably factor in the long experience of
the promoters in engineering products and expertise in the
development of customized products. The rating also takes into
account the healthy demand outlook for the company's products and
current order book position providing revenue visibility.

Yantra Kaushalya Engineers Private Limited was incorporated on
26th October 2006, by Mr. Jagrut Bhatt along with other family
members, having an experience of more than two decades in
engineering products industry, in order to acquire and carry on
the existing business of sole proprietorship -- Yantra Kaushalya
(YK), formed in the year 1992.The manufacturing premises are
located at Udyognagar, Gujarat and is engaged in manufacturing
ferrous machined components & fittings.

Recent Results

For the year ended March 31, 2013, the company reported a net loss
of INR0.68 crore on an operating income of INR7.95.



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


ADARO INDONESIA: Fitch Affirms Rating on $800MM Sr. Notes at BB+
----------------------------------------------------------------
Fitch Ratings has affirmed coal producer PT Adaro Indonesia's
(Adaro) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB+'.  The Outlook is Stable.  Fitch has also
affirmed Adaro's USD800m senior unsecured notes due in 2019 and
guaranteed by its 100% parent, PT Adaro Energy Tbk (Adaro Energy),
at 'BB+'.

The ratings reflect Fitch's expectation that Adaro Energy will
maintain adequate through-the-cycle credit metrics for its
ratings, its position as one of the world's lowest-cost producers
of thermal coal, its solid liquidity and its low expected capex.
The ratings of Adaro are based on the consolidated financial
profile of Adaro Energy.

Ratings Linked to Adaro Energy: The ratings of Adaro are based on
the consolidated credit profile of Adaro Energy, given their
strong linkages.  Fitch expects Adaro to account for about 75% of
Adaro Energy's consolidated EBITDA in 2013, and the majority of
the earnings from the remaining divisions are derived through the
provision of mining and related services to Adaro.  Adaro has also
raised debt that it lent to group companies for investments in
supporting infrastructure. Adaro's operating and financial
policies are tightly controlled by the parent and its
shareholders.

Credit Metrics Affected by Weaker Coal Prices: Coal prices have
weakened substantially since 2011 due to weakened demand growth
and slower-than-expected production cuts in the industry.  As a
result, Adaro Energy's consolidated EBITDA fell to USD665m in 9M13
(from USD1,137m in 2012), which increased its financial leverage,
as measured by FFO adjusted net leverage, to 2.8x (FY12: 2.5x).
Fitch expects Adaro's average selling price (ASP) to be around
USD57/MT in 2014 (USD58/MT in 9M13) and to increase by USD2-3/mt
per annum thereafter.  Fitch believes the thermal coal market is
unlikely to see any meaningful recovery in the next 12-18 months,
and is also vulnerable to regulatory risks in Indonesia and some
of its export markets.

Adaro Energy enjoys several advantages that provide space for the
company to tolerate a lower ASP than our rating case assumption:
It has low cash costs (about USD35/MT excluding royalties in 9M13)
and a resultant EBITDA of about USD17/MT, strong liquidly arising
from USD618m of cash holdings and USD418m of committed undrawn
credit facilities at September 2013, and strong access to sources
of funds.  Its production costs place it among the lowest quartile
of sea-borne thermal coal suppliers.

Limited Capex and Investment Spending: Adaro Energy has deferred
the development spending required for most of its greenfield coal
assets acquired since 2011.  Adaro Energy retains operational
control over these assets, allowing the company to defer spending
until coal prices improve substantially.  Fitch expects a total of
USD300m-USD350m of investment spending on some of its power
projects over the medium term, but this would not materially
impact its credit ratios.

Single Mine Risk: The ratings remain constrained by Adaro's
reliance on a single mining concession and the still-evolving
mining regulations in Indonesia.  Although Adaro Energy has
diversified its resource base, the weak price environment has
delayed the development of its recently acquired low calorific
value (CV) assets.

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

  -- Fitch does not expect any positive rating action in the
     medium-term. However, a successful increase in production
     from its current operations and a significant improvement in
     scale and diversification due to its newly acquired
     greenfield assets while maintaining funds from operations
     (FFO) net leverage below 2.0x could result in positive
     rating action.

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

  -- Adaro Energy's FFO net leverage being sustained above 2.75x
     or FFO interest coverage falling below 5x (9M13: 6.7x).
     Fitch has revised the leverage guidelines to be based on net
     debt from gross debt previously as the risk of high capex
     and further M&A has receded.

  -- A material deviation from its policy of maintaining strong
     liquidity

  -- Adverse regulatory developments significantly impairing
     Adaro Energy's financial profile

  -- Any further substantial investments that weaken Adaro's
     financial or operating risk profile


AYUDHYA PUBLIC: Fitch Withdraws 'BB+' Support Rating Floor
----------------------------------------------------------
Fitch Ratings has upgraded Bank of Ayudhya Public Company
Limited's (BAY) Long-Term Issuer Default Rating (IDR) to 'A-' from
'BBB' and its National Long-Term Rating to 'AAA(tha)' from 'AA-
(tha)'.  The Outlook is Stable.  Fitch has removed the ratings
from Rating Watch Positive (RWP), where they had been placed on 5
July 2013.

The agency has also assigned BAY's upcoming issue of senior
unsecured bonds of up to THB12bn National Long-Term ratings of
'AAA(tha)'.  The proceeds of the bonds, which mature in two and/or
three years, will be used for refinancing and/ or general
corporate purposes.

The upgrades of BAY's IDRs and National Ratings reflect Fitch's
belief of an extremely high probability of extraordinary support
from its new institutional shareholder, Bank of Tokyo-Mitsubishi
UFJ, Ltd. (BTMU, A/Stable), if needed.  BTMU recently acquired a
controlling stake of 72.01% in BAY, and its shareholding is
expected to further increase to 76.44% once the integration of BAY
with BTMU's Bangkok branch is completed by the end of 2014.

BAY's Long-Term IDR is one notch below BTMU's Long-Term IDR.  This
is based on our assessment that BAY is of strategic importance to
BTMU and its ultimate parent, Mitsubishi UFJ Financial Group
(MUFG, A/Stable).  The acquisition of BAY will support BTMU's
strategy of expansion in Southeast Asia.  Among BTMU's
subsidiaries, BAY is the largest contributor of gross profit in
Asia, and the second-largest contributor globally after US-based
UnionBanCal Corporation (A/Stable).

BTMU has effective control of BAY's board of directors and
management through the appointment of the directors and key
management, including the chief executive officer.  BTMU has a 10-
year grace period after acquiring BAY to inject additional
capital.  After that period, BTMU could be restricted from
purchasing new shares in BAY if its holding is above 49%.  While
this could result in dilution in the long-term, Fitch believes
that the regulators are unlikely to prevent an injection of
additional capital by BTMU if that is required in the event of
financial distress at BAY.

The Stable Outlook on BAY's Long-Term IDR is consistent with that
of its parent.

The support rating of '1' reflects Fitch's expectation of an
extremely high probability of extraordinary support from BTMU.

The Support Rating Floor is withdrawn since we believe that the
institutional support is more likely to be called upon first, with
sovereign support potentially as a back stop.

The senior notes are rated at the same level as BAY's National
Long-Term Rating of 'AAA(tha)' as they represent unsecured and
unsubordinated obligations of the company.

The legacy Basel II subordinated debt are rated at 'AA+(tha)', one
notch below BAY's National Long-Term Rating of 'AAA(tha)' to take
into account their subordination in the capital structure.

The short-term senior unsecured debentures program is consistent
with BAY's Short-Term National Rating of 'F1+(tha)', as the
debentures represent unsecured and unsubordinated obligations of
the bank.

RATING SENSITIVITIES- IDR, Support Rating and National Ratings

An upgrade is unlikely given BAY's IDR is currently rated at the
Country Ceiling of 'A-', while its National Long-Term Rating is
the highest on the national scale.  A negative rating action on
BTMU's IDRs would lead to similar rating action on BAY's IDR,
Support Rating and National Long-Term Rating. A negative rating
action could occur if there is a reduction in BTMU's shareholding
in or in its propensity to provide support to BAY.

A negative rating action on BAY's National Ratings would have a
similar rating impact on its senior notes and subordinated notes.

BAY is Thailand's fifth-largest commercial bank by assets, with
around 7% share of total assets in the market at end-September
2013.  However, after its integration with BTMU, Bangkok branch,
its market share should increase to around 10%.  BAY's ultimate
parent, MUFG, BTMU's single parent, is the largest financial group
in Japan by assets with the most extensive overseas network.

A full list of BAY's rating actions follows:

  -- Long-Term IDR upgraded to 'A-' from 'BBB'; Outlook Stable
  -- Short-Term IDR upgraded to 'F2' from 'F3'
  -- Support Rating upgraded to '1' from '3'
  -- Support Rating Floor withdrawn from 'BB+'
  -- National Long-Term Rating upgraded to 'AAA(tha)' from 'AA-
     (tha)'; Outlook Stable
  -- National Short-Term Rating affirmed at 'F1+(tha)'
  -- National long-term senior unsecured debt rating upgraded to
     'AAA(tha)' from 'AA-(tha)'
  -- National short-term senior unsecured debt rating affirmed at
     'F1+(tha)'
  -- Legacy Basel II subordinated debt upgraded to 'AA+(tha)'
     from 'A+(tha)'
  -- An upcoming issue of THB senior unsecured bonds assigned at
     'AAA(tha)'

The rating that is unaffected from this review is as follows:

  -- Viability Rating of 'bbb'



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


FEATHERSTON RESOURCES: Placed Into Receivership
-----------------------------------------------
Simon Hartley at Otago Daily Times reports that almost three years
after launching its multimillion-dollar fertilizer export company
on the Taieri Plain, private Australian-owned company Featherston
Resources has been placed in receivership.

While having spent more than NZ$11 million by the March 2011
launch of its NZ$1 million Envirofocus Ltd manufacturing plant on
Dukes Rd at Taieri, supplied from a Middlemarch diatomite mine,
Featherston subsequently reported consecutive losses in 2012 and
2013 -- totaling more than NZ$5.7 million, according to Otago
Daily Times.

The report relates that up to eight staff were expected to be
working at the Taieri-based Envirofocus manufacturing plant,
targeting the annual processing of 10,000 tons of dolomite worth
more than NZ$9 million at 2011 prices.

However, the report notes that revenues during the 2012-13
financial years totaled just NZ$307,000, of which NZ$106,000 was
product sales and NZ$186,000 was from foreign currency gains,
while operating expenses totaled NZ$6.35 million, according to
Featherston's financial report for the year ending March 2013.

Envirofocus Ltd is a subsidiary company 100% owned by Featherston,
but is also in administration and receivership.  The receiver's
first report is due in March.

Concerns about Featherstone's future were flagged by auditors
Crowe Howarth in the company's full-year report to March 2012,
which "cast doubt"over its viability and imminent need to secure
additional capital financing, at a time when its total liabilities
exceeded total assets, the report discloses.

On December 13, Auckland voluntary administrator Rodgers Reidy Ltd
was appointed, as was Sydney-based receiver Woodgate & Co.

One unnamed source, the report discloses, said the administration
and receivership were "very complicated" and many parties involved
were not in agreement over the proceedings.

The proceedings cover Featherston Resources, Envirofocus Ltd and
another Featherston subsidiary, Australian incorporated company
Adveco Fertilisers Pty Ltd, the dolomite marketing company, which
is also in receivership, the report relays.

Featherston Resources Ltd was registered in December 1997 and had
five directors.



                             *********

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

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

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


                            *********


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

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

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***