TCRAP_Public/140203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, February 3, 2014, Vol. 17, No. 23


                            Headlines


A U S T R A L I A

ADELAIDE SPECIALISED: Cor Cordis Appointed as Administrators
ATLAS IRON: Moody's Affirms B2 CFR; Outlook Revised to Positive
BENDIX INDUSTRIES: SV Partners Appointed as Administrators
EASTERN ELECTRIC: Jirsch Sutherland Appointed as Administrators
ERGON ENERGY: To Slash 95 Jobs as Part of Restructuring

FORTESCUE METALS: Production Results No Impact on Moody's Ba1 CFR
RETAIL ADVENTURES: Cameron's Firms Appeal NSW Court Decision


C H I N A

* CHINA: Rating Agencies Criticize Bailout of Failed Trust


I N D I A

ADINATH MOTORS: CARE Revises Rating on INR8.80cr Loan to 'B+'
AMBUJA GINNING: ICRA Suspends 'B' Rating on INR9.5cr Loans
BALAJI COTTON: ICRA Reaffirms 'B' Rating on INR7cr Long-Term Loan
BRILLIANT TUTORIALS: CARE Assigns 'B' Rating to INR24.85cr Loans
COUNTY DEVELOPERS: ICRA Suspends 'B' Rating on INR12.5cr Loans

ELYMER ELECTRICS: CRISIL Cuts Rating on INR324MM Loans to 'D'
ELYMER INT'L: CRISIL Cuts Rating on INR409MM Loans to 'D'
GANESH COTTON: CRISIL Assigns 'B+' Ratings to INR61.5MM Loans
HEMANT GOYAL: CRISIL Reaffirms 'D' Ratings on INR170MM Loans
INDRA CONSTRUCTION: CRISIL Reaffirms 'B+' Rating on INR70MM Loan

JANAA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR57MM Loans
JG AGRO: ICRA Suspends 'B' Rating on INR9cr Bank Loans
JINDAL CHAWAL: ICRA Suspends 'B+' Rating on INR10cr Bank Loans
KAY EM: ICRA Suspends 'B' Rating on INR10cr Bank Loans
KOHLI AUTO: CRISIL Lowers Rating on INR180MM Loans to 'D'

MAGNUM INTERGRAFIKS: CRISIL Reaffirms B Rating on INR207.5MM Loan
MANDOVI MINERALS: CRISIL Cuts Rating on INR170MM Loans to 'D'
MANGALORE MINERALS: CRISIL Reaffirms B Rating on INR210.2MM Loan
METROSTAR PRINT: CRISIL Assigns 'B' Rating to INR87MM Loan
NAVDEEP CONSTRUCTION: ICRA Places 'B' Rating on INR15cr Loans

OYSTER STEEL: CRISIL Reaffirms 'B+' Rating on INR600MM Loan
P.S.A. CONSTRUCTION: CRISIL Reaffirms B Rating on INR27.5MM Loan
PACT INDUSTRIES: CARE Assigns 'B+' Rating to INR10.59cr LT Loans
PAWAN AUTOWHEELS: CARE Reaffirms 'B' Rating on INR10.3cr LT Loan
PRANAVADITYA SPINNING: CARE Assigns 'B+' Rating to INR14cr Loan

PSV INFRASTRUCTURES: CRISIL Cuts Rating on INR70MM Loans to 'D'
SACHDEVA RICE: CRISIL Reaffirms 'B' Rating on INR70MM Loans
SALSAN STEELS: ICRA Suspends 'B' Rating on INR16cr Bank Loans
SHIVA WHEELS: CRISIL Reaffirms 'B-' Rating on INR57.7MM Loans
SONA BISCUITS: ICRA Suspends 'B+' Rating on INR24.15cr Loans

SULAKSHANA AGENCIES: CRISIL Assigns 'B' Rating to INR60MM Loan
THAKOR REDUCTANTS: ICRA Assigns 'B+' Rating to INR5cr Loans
UNITED INDUSTRIES: CRISIL Puts 'B+' Rating on INR190MM Loans
V.T. FOODS: ICRA Assigns 'B+' Rating to INR5cr Long Term Loan


J A P A N

SOJITZ CORP: Moody's Lowers Issuer Rating to Ba1; Outlook Stable
* S&P Raises Ratings on 3 Japanese Synthetic CDO Tranches


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: S&P Affirms Currency LT Ratings at 'B+'


P H I L I P P I N E S

RURAL BANK OF SUBANGDAKU: PDIC Files Charges v. Ex-Bank President


                            - - - - -


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


ADELAIDE SPECIALISED: Cor Cordis Appointed as Administrators
------------------------------------------------------------
Jason Tang -- jtang@corcordis.com.au -- and Mark Hutchins --
mhutchins@corcordis.com.au -- of Cor Cordis were appointed as
administrators of Adelaide Specialised Freight Pty Limited on
Jan. 28, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 7, 2014, at 11:30 a.m. at Hotel Richmond, 128 Rundle Mall, in
Adelaide.


ATLAS IRON: Moody's Affirms B2 CFR; Outlook Revised to Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed Atlas Iron Limited's B2
corporate family and senior secured ratings and changed the
outlook on the ratings to positive from stable.

Ratings Rationale

"The outlook change reflects the progress made on the company's
growth plan to increase production, leading to strengthening in
cash flow metrics", says Matthew Moore, Moody's Vice President and
Senior Analyst.

"Moody's has previously stated that a sustainable growth in
production (to above 10mtpa) would be positive for Atlas' ratings.
We believe this target will be achieved for the full fiscal year
ending June 2014." adds Moore who is also Lead Analyst for the
company.

The increase in production levels, and notwithstanding the
softness in iron ore prices, has contributed to lower financial
leverage and stronger cash flow generation. This is strengthening
Atlas' position within its rating. Notwithstanding the ongoing
capital expenditures required to grow and sustain production
levels, we expect Atlas' debt-to-EBITDA to improve to below 1.5x
in FY14 under our base case assumptions. Assuming iron ore prices
of around USD110 to USD120 (based on 62% Fe) for FY15 and a weaker
Australian dollar we expect this ratio to remain strong for the
rating in FY15, strongly positioning the company to manage
unexpected weakness in the iron ore price.

"The outlook change also reflects the strong liquidity and the
prefunding of capital expenditure requirements for the expansion",
adds Moore. "We forecast Atlas to maintain solid liquidity, which
will assist to mitigate the company's exposure to potential
volatility and downside risk to iron ore prices."

"Atlas has a strong financial profile for its current rating and
we expect credit metrics to be stronger following the completion
of the current expansion projects. Atlas' rating could be upgraded
within 12 months if it demonstrates an ability to maintain
production above 10mtpa on a sustainable basis. In addition, we
would want to see the company's debt-to-EBITDA remain below 3.5x-
4.0x on an ongoing basis.

On the other hand, the rating and/or outlook could face negative
pressure if there are any material cost increases and/or delays to
Atlas' project delivery, leading to concerns about the company's
ongoing production profile, liquidity, and/or credit metrics. The
ratings could also face negative pressure if there were a material
weakening in iron ore fundamentals, with prices dropping below
USD100/t for a protracted period. Specifically, an inability to
maintain debt-to EBITDA below 4.0x on a consistent basis could
pressure the outlook and/or rating.

The principal methodology used in this rating was the Global
Mining Industry published in May 2009.

Atlas Iron Limited (Atlas), headquartered in Perth, Australia, is
an iron ore producer and developer focused on the North Pilbara
region of Western Australia. In FY13, Atlas shipped 7.4Mt of iron
ore and generated revenues of around $695 million.

Moody's: Fortescue's quarterly production results within
expectations; ratings unaffected


BENDIX INDUSTRIES: SV Partners Appointed as Administrators
----------------------------------------------------------
Anne Meagher -- anne.meagher@svp.com.au -- and Terrence John Rose
-- terry.rose@svp.com.au -- of SV Partners were appointed
administrators of Bendix Industries (Qld.) Pty Ltd on Jan. 28,
2014.

A first meeting of the creditors of the Company will be held on
Feb. 7, 2014, at 10:00 a.m. at 138 Mary Street, in Brisbane,
Queensland.


EASTERN ELECTRIC: Jirsch Sutherland Appointed as Administrators
---------------------------------------------------------------
Sule Arnautovic -- sulea@jirschsutherland.com.au -- and Trent
Andrew Devine -- trentd@jirschsutherland.com.au -- of Jirsch
Sutherland were appointed administrators of Eastern Electric
Motors Pty Ltd on Jan. 28, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 7, 2014, at 11:00 a.m., at Level 4, 55 Hunter Street, in
Sydney.


ERGON ENERGY: To Slash 95 Jobs as Part of Restructuring
-------------------------------------------------------
Daily Mercury reports that 95 Ergon Energy staff will be offered
voluntary redundancy or redeployment ahead of an operations
restructure within the company.

Daily Mercury relates that an Ergon Energy spokesperson said
Electrical Trades Union claims that 116 jobs would be slashed were
incorrect.

"I think originally the union is claiming 116 jobs . . . 21 of
those positions will be transferred to other parts of Ergon
Energy."

According to the report, the spokesperson said no "front line
positions" would be impacted during the restructure, which would
target professional management ranks or support services like
administration and design.

Ergon Energy is an electricity retailer to homes and businesses in
regional Queensland.


FORTESCUE METALS: Production Results No Impact on Moody's Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Fortescue Metals Group Ltd's
production report for the quarter ended December 2013 were broadly
within its expectations and hold no rating implications. Fortescue
Metals Group's Corporate Family Rating (CFR) is Ba1 with senior
secured term loan facility rating of Baa3 and a senior unsecured
notes rating of Ba2. The outlook on all ratings is stable.

"Total shipments guidance for FY14 of 127mt, towards the lower end
of the company's previous guidance, is broadly in line with
Moody's expectation of around 125mt" says Matthew Moore - a
Moody's Vice President and Senior Analyst. "Therefore, production
guidance at the lower end of the company's guidance range does not
impact on our expectations for cash flow generation or credit
metrics", adds Mr. Moore.

"Under our base case assumptions of iron ore prices of around
USD110 to USD120 (based on 62% Fe) for the second half of the
fiscal year ending 30 June 2014, we expect Fortescue's debt-to-
EBITDA to improve to close to 2.0x," Mr. Moore says.

The company has also increased its capital expenditure guidance
for FY14 to USD2.1 billion from USD1.9 billion."The Capital
expenditure guidance of around USD2.1 billion is still broadly in-
line with our expectation of around USD2.0 billion for FY14" says
Moore. "The incremental capital expenditure can more than
adequately be accommodated by the large cash balance of $2.9
billion at the end of the quarter and the strong operating cash
flow generation expected by the company" adds Moore who is also
Moody's lead analyst for the company.

During the quarter the company also completed the construction of
the Kings ore processing facility (OPF) and announced that it is
on track to ramp up operations at the Kings deposit to reach the
155mtpa target production levels within the March 2014 quarter.
The recent rating upgrade reflected the continued progress the
company has made on its expansion activities.

"The stable outlook reflects our expectation that Fortescue will
continue to generate solid cash flow and achieve its production
targets following the completion of the current expansion
activities", says Moore.

The ratings are not likely to be upgraded in the near term. Over
the longer term, the ratings could face positive trend if
Fortescue demonstrates a track record of 1) consistently producing
at the full expanded 155mtpa capacity and 2) maintaining a
conservative financial profile such that Debt-to-EBITDA is
maintained below 2.0x through the cycle. In addition, a critical
issue for a rating upgrade will be the company's growth intentions
post completion of the current phase of expansion. Achieving a
more geographically diversified customer base would also be
supportive of a rating upgrade.

The outlook or rating could face negative pressure if the company
experiences any unexpected execution challenges with the remaining
expansion activities, is unable to sustain production levels near
the 155mtpa target, embarks on any material further expansions,
and/or adapts more aggressive shareholder-friendly initiatives,
such that credit metrics do not remain in line with Moody's
expectations. Iron ore prices sustained materially below our base
case assumptions could also lead to negative pressure on the
rating or outlook. Financial metrics that Moody's would consider
for a downgrade include Debt-to-EBITDA exceeding 2.5x and FFO-to-
Interest falling below 4.0x on a consistent basis

The principal methodology used in this rating was the Global
Mining Industry published in May 2009.

Fortescue Metals Group Limited based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China. Fortescue is Australia's third largest
iron ore producer and exporter as well as one of the world's
largest producers and sea-borne traders. Fortescue has around 15.6
billion tonnes of iron ore Resources, including 2.2 billion tonnes
of reserves, and its tenement holdings span an area of over 85,000
square km in the Pilbara region of Western Australia. For the
December 2013 quarter, Fortescue achieved and annual run rate of
around 112mtpa of production. Moody's expects full year shipments
for FY2014 to be around 125mt.


RETAIL ADVENTURES: Cameron's Firms Appeal NSW Court Decision
------------------------------------------------------------
Nick Clark at The Mercury reports that two of Jan Cameron's
companies have filed a notice of appeal against a Supreme Court of
NSW decision which put the former Retail Adventures chain into
liquidation.

After a December 19 decision, Ms. Cameron had until January 24 to
appeal, the report says.

The Mercury relates that a court spokeswoman said Ms. Cameron's
companies DSG Holdings and Bicheno Investments had filed notices
of appeal and that a directions hearing was scheduled for today,
Feb. 3.

According to the report, the decision by NSW Justice Stephen Robb
to set aside a deed of company arrangement, which would have paid
unsecured creditors 6c in the dollar, and to appoint a liquidator
to wind up the company would have opened Retail Adventures and its
directors to claims of insolvent trading.

Litigation funder Bentham IMF, which backed unsecured creditors in
the case, has flagged it will back insolvent trading claims
against Ms. Cameron and seek close to AUD50 million, the report
says.

In the hearings, the Mercury notes, a former Retail Adventures
director told the court the discount chain traded while insolvent
for more than two years before going into administration.

The Mercury relates that Justice Robb said Penny Moss gave
evidence in cross examination that "in my opinion was a clear
acceptance that RAPL [Retail Adventures] was unable to pay its
debts as and when they fell due over the whole of the period
following July 1, 2011."

The report adds that Ms. Moss also gave evidence that the
financial viability of the rump of Retail Adventures, which
operates the 200 Sam's Warehouse and Crazy Clark's stores on the
eastern seaboard, could be at risk if the deed was overturned.

"Ms Moss opined that if the deed of company arrangement is not
passed, DSG is unlikely to be able to secure the working capital
that it needs from any external party," Justice Robb said in his
judgment, the Mercury reports.

He said that, depending on the financial resources of DSG, a
substantial judgment for insolvent trading could lead to the
liquidation of DSG, the report relays.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig were appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Ms. Cameron, the sole shareholder and only secured creditor,
bought back 210 Sam's Warehouse and Crazy Clarks stores and two
distribution centres for AUD59 million from the administrators,
Deloitte, in February 2013.



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


* CHINA: Rating Agencies Criticize Bailout of Failed Trust
----------------------------------------------------------
Josh Noble, writing for The Financial Times reports that global
rating agencies -- often among the more sanguine voices on China -
- have warned that last week's bailout of a soured $500 million
trust loan was a wasted chance to address rising moral hazard in
the country's shadow banking sector.

FT says the words of caution follow a last-minute deal to avert
the default of a CNY3 billion trust product backed by loans to a
now-defunct coal mining company.  The product's issuer, China
Credit Trust, on Jan. 27 said it had raised the cash needed to pay
back investors from three unnamed backers.

Though such products have failed in the past, a full or partial
default of the "Credit Equals Gold No. 1" trust would have been
the most high-profile case in which investors were left nursing
losses, FT relates.

Instead their investments were made good, with only the third year
of interest payments held back -- something ratings agencies have
billed as a missed opportunity to address skewed risk perceptions
within the shadow banking sector, according to FT.

"By bailing out investors in this particular instance, the
authorities are perpetuating moral hazard within the Chinese
financial system -- and this risk may in fact have become a whole
lot bigger," wrote Jonathan Cornish, an analyst at Fitch, in a
research report, FT reports. "We think the authorities have missed
a chance of putting a clear marker in the sand that non-bank
products would certainly not be supported."

According to FT, Moody's analysts said that while the resolution
of this particular trust had limited the risks of contagion across
the financial system, the government had failed to create a useful
framework for future defaults.

"Although the current proposed settlement does entail losses to
investors in terms of foregone interest, by fully repaying their
principal, it reinforces the perception that investors will be
bailed out one way or another when the products go sour, which is
contrary to the establishment of sound market discipline and a
healthy credit market," said Moody's, FT reports.

FT adds that Liao Qiang, credit analyst at Standard & Poor's,
described the fund rescue as "counterproductive in the long run",
as it would undermine efforts to rein in the growth of such
products.

The shadow banking system has risen to account for roughly a third
of new credit in China's debt-fuelled economy. About
$660 billion of trust loans are due for repayment or refinancing
this year, according to estimates from Bank of America Merrill
Lynch, raising the prospect that investor jitters over the sector
could feed into the real economy, FT notes.

Trust loans, the largest form of shadow financing, have often been
used by local governments to fund infrastructure projects, and by
developers to buy land and build apartment blocks. Difficulty in
rolling over such debts could dent economic growth across the
country, FT adds.



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


ADINATH MOTORS: CARE Revises Rating on INR8.80cr Loan to 'B+'
-------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Adinath Motors.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.80       CARE B+ Revised
   Facilities                       from CARE B

   Short-term Bank       0.50       CARE A4 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 change in case of the 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 revision in the long-term rating assigned to the bank
facilities of Adinath Motors is primarily driven by the healthy
growth achieved in turnover and cash accruals during FY13 (refers
to the period April 1 to March 31) coupled with marginal
improvement in profit margins and subsequent improvement in
capital structure as well as debt coverage indicators.

The ratings continue to remain constrained on account of its
financial risk profile marked by thin profit margin, leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by its presence in the high working
capital intensive automobile dealership business and its direct
linkages to the cyclical automobile industry.

The ratings, however, continue to take into account the vast
experience of the partners in the automobile dealership business,
long association with Maruti Suzuki India Limited (MSIL) which
enjoys a dominant position in the passenger car segment in India
and diversified portfolio of allied services.

Going forward, the ability of the firm to consistently scale up
its operations and diversify its revenue mix with higher
contribution from high-margin vehicle servicing and pre-owned cars
business, thereby improving its profitability and solvency
position would be the key rating sensitivities.

Established in 2000, Adinath Motors is an authorized dealer of
Maruti Suzuki India Limited. It is engaged in the sale of new cars
(mainly passenger vehicles), servicing of vehicles, sale of spare
parts and purchase and sale of pre-owned cars. Currently, the firm
is managed by two partners, Mr Mahesh Malaiya and Mr Kapil
Malaiya, who have an experience of more than four decades in the
automobile dealership business.

Adinath started with its first showroom at Sagar, Madhya Pradesh
(MP) in January 2000 and later started its showrooms at Tikamgarh,
Damoh and Chhatarpur in MP. The partners are also associated with
Malaiya Tractors (engaged into the dealership of Mahindra tractors
since 1972) and Economy Centre (engaged into the dealership of
Yamaha motorcycles since 1982) at Sagar, MP. In FY13, Adinath sold
1,369 cars vis-a-vis 1,225 sold in FY12.

During FY13, Adinath reported a total operating income of INR55.53
crore with a PAT of INR0.33 crore as against a net profit of
INR0.20 crore on a total operating income of INR42.35 crore in
FY12.


AMBUJA GINNING: ICRA Suspends 'B' Rating on INR9.5cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR9.50 crore
long term working capital facilities of Ambuja Ginning Pressing &
Oil Company 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.

Incorporated in March 1995, Ambuja Ginning Pressing & Oil Company
Private Limited is promoted by Mr. Tulsi Patel, Mr Manoj Lathiya,
Mr Ashok Lathiya and Mr Jina Kukadiya. At present, it has 34
ginning machines and 1 pressing machine for ginning operations and
5 expellers for crushing operation with its plant location at
Bhavnagar, Gujarat.



BALAJI COTTON: ICRA Reaffirms 'B' Rating on INR7cr Long-Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating for the INR7.00 crore
fund based facilities of Balaji Cotton Industries.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund          7.00       [ICRA]B reaffirmed
   based-Cash Credit

The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, leveraged
capital structure along with stretched liquidity and weak debt
coverage indicators. The ratings also take into account the low
value additive nature of operations and intense competition on
account of fragmented industry structure leading to thin profit
margins. The ratings are further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota.

Further, BCI being a partnership firm, any significant withdrawals
from the capital account would affect its net worth and thereby
the gearing levels.

The ratings, however, positively factors in the long experience of
the promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton
as well as favorable demand outlook for cotton and cottonseed.

Established in 2005, Balaji Cotton Industries is engaged in cotton
ginning, pressing and crushing operations. The business is owned
and managed by Mr. Vijay Jivani and other family members. The
firm's manufacturing facility is located at Tankara, Dist Rajkot.
The firm has 18 ginning machines and 1 pressing machine with the
processing capacity of 100 TPD of raw cotton. It has also
installed 4 expellers for cottonseed crushing.


BRILLIANT TUTORIALS: CARE Assigns 'B' Rating to INR24.85cr Loans
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Brilliant
Tutorials Pvt Ltd.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------          -----------    -------
   Long-term Bank
   Facilities            24.85        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Brilliant Tutorials
Private Ltd (BT) is constrained by its weak financial risk profile
marked by negative net-worth, high debt level and its presence in
a highly fragmented and competitive industry. The rating, however,
draws strength from the vast experience of the promoters in the
education sector and financial support from the promoters by way
of equity infusion and unsecured loans.

Going forward, timely infusion of funds by the promoters is
critical to the credit and growth prospects of the company.
Besides, the ability of the company to scale up its operations and
successfully monetize its content through new revenue streams
would also be the key rating sensitivities.

Brilliant Tutorials Private Limited is engaged in coaching for
various entrance examinations like the Joint Entrance Examination
(JEE) for the Indian Institute of Technology (IITs), the All-India
Institute of Medical Science (AIIMS), Union Public Service
Commission (UPSC) examinations and many other professional courses
of study. BT offers both class-room based coaching and distance
education through study material. Promoted by the late Mr N Thanu
in 1970, BT is a pioneer in the entrance exam coaching segment,
with several thousand students as its clientele. BT is a closely
held company with the promoter's family owning the entire stake.
Ms Vasanthi Neelakantan, managing director of BT, manages the day-
to-day affairs of the company.

As per the audited results for FY13 (refers to the period April 1
to March 31), BT incurred a net loss of INR12.7 crore on a total
operating income of INR3.5 crore.


COUNTY DEVELOPERS: ICRA Suspends 'B' Rating on INR12.5cr Loans
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.00
crore long term fund based facilities and INR7.50 crore of non
fund based facilities of County Developers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund-based-limits      5.00       [ICRA]B Suspended
   Non-fund-based-
   Limits                 7.50       [ICRA]B Suspended

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.

County Developers Private Limited is engaged in manufacturing of
polypropylene coated bags for cement packaging. Its manufacturing
facility is located at Sikandarabad, District Bulandshahar (Uttar
Pradesh) with total capacity of 600 lakh sacks per annum. The
company was promoted in June 2006 by Mr. Ram Pal Singh.
Polypropylene bags manufactured by CDPL are used in the packing
and transport of cement.


ELYMER ELECTRICS: CRISIL Cuts Rating on INR324MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Elymer
Electrics Pvt Ltd (EEPL; a part of the Elymer group) to 'CRISIL
D/CRIDIL D' from 'CRISIL BB/Negative/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           164       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit              134       CRISIL D (Downgraded from
                                      'CRISIL BB/Negative')

   Vendor Financing          26       CRISIL D (Downgraded from
                                      'CRISIL A4+')

The downgrade reflects the irregularities in the Elymer group's
cash credit facility for more than 30 days. The group's delays in
meeting its debt obligations have been caused by liquidity crunch
due declining scale of operations and inability of the Elymer
group to realign its fixed cost overheads in line with its revenue
has led to continuous operating losses.

The ratings continue to reflect the Elymer group's moderate net
worth despite operating losses and gearing and the extensive
industry experience of the group's promoters. These rating
strengths are partially offset by the pressure on the Elymer
group's business risk profile, amidst the decline in the group's
scale of operations and operating losses, and exposure to the risk
of high receivables.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of EEPL and its group company, Elymer
International Pvt Ltd (EIPL). This is because the two entities,
together referred to as the Elymer group, are under the same
management team and have strong business and operational linkages
with each other.

EEPL, set up in 1991 by Mr. Ajesh Gupta, manufactures electronic
meters; it is a leading supplier of electronic meters to SEBs
(State Electricity Boards) and private players. EEPL manufactures
one- and three-phase electronic meters and has been supplying to
various SEBs for more than 15 years. EIPL, incorporated in 1997,
manufactures electronic meters at its manufacturing unit in
Faridabad (Haryana).


ELYMER INT'L: CRISIL Cuts Rating on INR409MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Elymer
International Pvt. Ltd. (EIPL; a part of the Elymer group) to
'CRISIL D/CRIDIL D' from 'CRISIL BB/Negative/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            190     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Cash Credit               219     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

The downgrade reflects the irregularities in the Elymer group's
cash credit facility for more than 30 days. The group's delays in
meeting its debt obligations have been caused by liquidity crunch
due declining scale of operations and inability of the Elymer
group to realign its fixed cost overheads in line with its revenue
has led to continuous operating losses.

The ratings continue to reflect the Elymer group's moderate net
worth despite operating losses and gearing and the extensive
industry experience of the group's promoters. These rating
strengths are partially offset by the pressure on the Elymer
group's business risk profile, amidst the decline in the group's
scale of operations and operating losses, and exposure to the risk
of high receivables.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of EIPL and its group company, Elymer
Electrical Pvt. Ltd. (EEPL). This is because the two entities,
together referred to as the Elymer group, are under the same
management team and have strong business and operational linkages
with each other.

EEPL, set up in 1991 by Mr. Ajesh Gupta, manufactures electronic
meters; it is a leading supplier of electronic meters to SEBs
(State Electricity Boards) and private players. EEPL manufactures
one- and three-phase electronic meters and has been supplying to
various SEBs for more than 15 years. EIPL, incorporated in 1997,
manufactures electronic meters at its manufacturing unit in
Faridabad (Haryana).


GANESH COTTON: CRISIL Assigns 'B+' Ratings to INR61.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ganesh Cotton Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                16.5      CRISIL B+/Stable
   Bank Guarantee            1        CRISIL A4
   Cash Credit              45        CRISIL B+/Stable

The ratings reflect GCI's initial and small scale of operations in
the highly competitive cotton industry, and expected average
financial risk profile, marked by high gearing and average debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive industry experience, and the proximity
of the firm's unit to the cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that GCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers higher-
than-expected sales and cash accruals while strengthening its
capital structure, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
GCI's accruals are lower than expected, it undertakes any
substantial debt-funded expansion programme, or its working
capital management deteriorates, significantly weakening its
financial risk profile.

GCI is a partnership firm located at Vijapur in Mehsana (Gujarat).
The firm's partners have over five years of experience in the
cotton industry. GCI has commenced its operation of cotton ginning
and oil milling from November 2013.


HEMANT GOYAL: CRISIL Reaffirms 'D' Ratings on INR170MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hemant Goyal
Motors Pvt Ltd continues to reflect instances of delay by HGMPL in
servicing its term loan installments. HGMPL also has a weak
financial risk profile marked by a high gearing and small net
worth, and is exposed to cyclicality in demand in the automotive
industry. The company, however, benefits from its promoter's
extensive experience in the automobile dealership business.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               130      CRISIL D (Reaffirmed)
   Standby Line of Credit     10      CRISIL D (Reaffirmed)
   Term Loan                  30      CRISIL D (Reaffirmed)

Update
HGMPL' business profile has deteriorated over the past two years
with decline in topline, marked by net sales of INR577 million in
2012-13 (refers to financial year, April 1 to March 31) as against
net sales of INR720 million in 2011-12. In 2013-14, the company's
turnover is estimated to further decline as it has generated only
INR260 million in the first nine months. SAPL's operating
profitability declined to 3.9 per cent in 2012-13 from 4.1 per
cent in the previous year. The company's financial profile has
remained weak with high gearing of 3.31 times as on March 31, 2013
and weak debt protection measures marked by interest coverage and
net cash accruals to total debt ratios of 1.3 times and 0.03
times, respectively, for 2012-13. The liquidity profile is
stretched led by low cash accruals, insufficient to meet its high
working capital requirements and term loan obligations. The
company has reported cash accruals of INR4.5 million in 2012-13
against which it had term loan obligations of INR8.4 million. With
expected decline in turnover in 2013-14, the cash accruals are
also expected to be around INR0.40 million to INR0.50 million
which will be insufficient to meet the debt payments for the year.

HGMPL, incorporated in 2005, is promoted by Mr. Amit Goyal. Goyal
Motors, a proprietorship concern, was merged with HGMPL in 2007-
08. HGMPL has been a dealer of Tata Motors Ltd (rated 'CRISIL AA-
/Postive/CRISIL A1+') vehicles since 2000. HGMPL has set up its
showrooms and six service centers in Patiala, Fategarh, Barnala,
and Sangrur (all in Punjab). From February 1, 2012 onwards, three
of the six centers have been hived off to a new dealership (under
the same management), Hemant Goyal Motors (a proprietorship
concern of Ms. Pushpa Goyal [wife of Mr. Amit Goyal]). Currently,
HGMPL has one showroom at Patiala and two extension counters at
Barnala and Fatehgarh.

HGMPL is estimated to report a profit after tax (PAT) of INR1.0
million on net sales of around INR577 million in 2012-13, against
a PAT of INR1.3 million on net sales of around INR720 million in
2011-12.


INDRA CONSTRUCTION: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indra Construction
Company continue to reflect ICC's modest scale of operations,
stretched working capital cycle, and weak financial risk profile,
marked by subdued debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of ICC's promoter
in the civil construction business.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Bank Guarantee            10     CRISIL A4 (Reaffirmed)
   Cash Credit               70     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ICC will continue to benefit over the medium
term from its established market position and the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' in case of a significant increase in the firm's
revenues along with improvement in its net cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if ICC's operating margin declines or it there is a
further stretch in its working capital cycle, materially impacting
its liquidity.

ICC, set up in 1984, is proprietorship concern based in Mumbai
(Maharashtra). The firm undertakes civil construction work
including drainage de-silting.


JANAA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR57MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Janaa
Industries continues to reflect JIT's small scale of operations in
the highly fragmented cotton-yarn industry. The rating also
factors in the firm's working-capital-intensive operations and its
below-average financial risk profile, marked by a highly leveraged
capital structure. These rating weaknesses are partially offset by
the extensive industry experience of JIT's promoters.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              30      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan           27      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JIT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm records
considerable increase in its revenues and profitability while
improving its capital structure.  Conversely, the outlook may be
revised to 'Negative' if JIT faces a significant decline in its
yarn realisations, leading to lower accruals, if its working
capital management deteriorates, resulting in weak liquidity, or
if it undertakes a large debt-funded capital expenditure (capex)
programme, leading to further weakening of its financial risk
profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31), JIT
recorded revenues of INR149 million, which was marginally higher
than CRISIL's expectations owing to higher-than-expected capacity
utilisation as a result of improvement in the power situation in
the region. During the nine months ended December 31, 2013, the
firm recorded revenues of INR135 million and is expected to record
close to INR170 million for the year. JIT's operating margin of
about 11.5 per cent in 2012-13 was marginally lower than
expectations owing to the increase in raw material prices which
was not fully passed on to customers. The firm's operations remain
working-capital-intensive primarily because of its long inventory
holding period, moderate receivables period, and limited payables
period.

JIT's financial risk profile continues to be below average, marked
by high gearing and a small net worth. The firm plans a capex of
about INR20 million over the medium term towards capacity
expansion, to be funded in a debt-to-equity ratio of 3:1. With no
equity infusion expected over the medium term, JIT's financial
risk profile is expected to remain below average over this period.

JIT's liquidity remains stretched, marked by high bank limit
utilisation and low accruals; however, its accruals are sufficient
to meet its maturing debt obligations. Also, it gets funding
support from its promoters in the form of unsecured loans.

JIT reported a profit after tax (PAT) of INR1.5 million on net
sales of INR149 million for 2012-13 as against a PAT of INR1.1
million on net sales of INR128 million for 2011-12.

JIT was incorporated in 1996 and promoted by Mr. Janagaraj. The
firm, based in Rajapalayam (Tamil Nadu), manufactures cotton yarn.



JG AGRO: ICRA Suspends 'B' Rating on INR9cr Bank Loans
------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to INR9.00 crore
bank lines of JG Agro Industries. 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.


JINDAL CHAWAL: ICRA Suspends 'B+' Rating on INR10cr Bank Loans
--------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to INR10.00
crore bank lines of Jindal Chawal Nigam. 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.


KAY EM: ICRA Suspends 'B' Rating on INR10cr Bank Loans
------------------------------------------------------
ICRA has suspended the '[ICRA]B' and '[ICRA]A4' rating assigned to
INR10.00 crore bank lines of Kay Em Copper 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.


KOHLI AUTO: CRISIL Lowers Rating on INR180MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kohli Auto Company (S) [Kohli Auto] to 'CRISIL D' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               175     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan              5     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects delays by Kohli Auto in payment of
interest on its working capital bank limit; the delays have been
caused by the firm's weak liquidity, driven by its large working
capital requirements and low profitability.

Kohli Auto also has a weak financial risk profile, marked by a
small net worth and weak debt protection metrics, and is exposed
to risks related to intense competition in the automobile
dealership market and to supplier concentration. However, the firm
benefits from its long track record in the industry.

Kohli Auto, a partnership firm, was set up by Mr. Navinder Singh
Kohli and his family members in 1968. It is a dealer in Mahindra &
Mahindra Ltd's vehicles and spare parts.


MAGNUM INTERGRAFIKS: CRISIL Reaffirms B Rating on INR207.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Magnum Intergrafiks
Private Limited continue to reflect MIPL's below-average financial
risk profile marked by weak debt protection metrics and its low
operating profitability owing to the intense competition in the
advertising industry. These rating weaknesses are partially offset
by MIPL's promoters' extensive experience, the company's
established position in the advertising industry, and its
geographically diversified revenue profile.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7.5     CRISIL A4 (Reaffirmed)
   Cash Credit             180.0     CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       15.0     CRISIL B/Stable (Reaffirmed)
   Term Loan                12.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from its
established position and promoters' extensive experience in the
advertising industry. The outlook may be revised to 'Positive' if
there is a significant improvement in MIPL's debt protection
metrics, driven most likely by an increase in its cash accruals
backed by increase in its operating profitability. Conversely, the
outlook may be revised to 'Negative' if the company's liquidity,
and consequently debt protection metrics, deteriorates further,
caused most likely by less-than-expected cash accruals or large,
debt-funded capital expenditure.

MIPL, promoted by Mr. Sudhir Ghate, was established in the early
1990s as a partnership firm and was incorporated in 1994. The
company is in the advertising and communication business, offering
services across media categories such as print, radio, television
broadcasting, outdoor publicities and event management.

MIPL reported a net profit after tax (PAT) of INR3.47 million on
net sales of INR910.8 Million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR4.88 million on
net sales of INR859.5 million for 2011-12.


MANDOVI MINERALS: CRISIL Cuts Rating on INR170MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Mandovi
Minerals Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.


                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan           150      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays by Mandovi Minerals in debt
servicing due to weak liquidity and cash flow mismatches. The
company has weak liquidity on account of low cash accruals, fully
utilised fund-based bank lines, and unprecedented stretch in
receivables. A tighter control on working capital cycle and timely
support from the promoters and associate companies will be crucial
in restoring the company's liquidity over the medium term.

The company has working-capital-intensive operations resulting in
weak liquidity, below-average financial risk profile, marked by
small net worth, aggressive gearing, and inadequate debt
protection metrics, susceptibility to intense competition in the
fragmented industrial sands market, and to adverse regulatory
changes. These weaknesses are, however, partially offset by the
extensive experience of the promoters in the industry and the fund
support extended by the promoters and the associate company.

Mandovi Minerals was promoted in 2004 by Mr. Shivaji Mendon and
Mrs. Rama Mendon. It manufactures washed and dry silica sand.

For 2012-13 (refers to financial year, April 1 to March 31),
Mandovi Mineral reported net loss of INR13.6 million on revenue of
INR93.6 million as against net loss of INR9.2 million on revenue
of INR55.8  million for 2011-12.


MANGALORE MINERALS: CRISIL Reaffirms B Rating on INR210.2MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mangalore Minerals Pvt
Ltd (MMPL; part of the Mangalore group) continue to reflect the
group's weak liquidity due to working-capital-intensive
operations, and exposure to risks related to intense competition
in the fragmented industrial sands market and regulated nature of
the industry. These rating weaknesses are partially offset by the
Mangalore group's moderate financial risk profile marked by
moderate gearing, healthy net worth and comfortable debt
protection metrics, and extensive experience of its promoters in
the industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            4.4     CRISIL A4 (Reaffirmed)

   Buyer Credit Limit       91.5     CRISIL A4 (Reaffirmed)

   Cash Credit              60.0     CRISIL B/Stable (Reaffirmed)

   Letter of Credit         80.9     CRISIL A4 (Reaffirmed)

   Long Term Loan          150.2     CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MMPL and Mandovi Minerals Pvt Ltd
(Mandovi Minerals), together referred to as the Mangalore group.
This is because both these entities are in the similar line of
business, have a common management team, and have fungible cash
flows.

Outlook: Stable

CRISIL believes that the Mangalore group's credit risk profile
will remain constrained over the medium term owing to working
capital intensive nature of operations. The outlook may be revised
to 'Positive' in case the group's working capital cycle improves
on a sustained basis or the promoters infuse significant long term
funds, strengthening its liquidity. Conversely, the outlook may be
revised to 'Negative' in case the Mangalore group undertakes a
large, debt-funded capital expenditure (capex) programme leading
to deterioration in financial risk profile, or it generates lower-
than-anticipated cash accruals coupled with stretch in working
capital cycle leading to further deterioration in liquidity.

The Mangalore group, promoted by Mr. Shivaji Mendon and Mrs. Rama
Mendon, is headquartered in Mangalore (Karnataka). Incorporated in
1987, MMPL, the flagship entity of the group, produces industrial
sands.

MMPL reported a profit after tax (PAT) of INR67.4 million on net
sales of INR635.5 million for 2012-13 (refers to financial year,
April 1 to March 31), against a net profit of INR57.2 million on
net sales of INR598.9 million for 2011-12.


METROSTAR PRINT: CRISIL Assigns 'B' Rating to INR87MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Metrostar Print Solutions Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit     13      CRISIL A4
   Term Loan                 87      CRISIL B/Stable


The rating reflects MPSPL's exposure to stabilization and offtake
related risks associated with the company's ongoing project. This
rating weakness is partially offset by the extensive experience of
MPSPL's promoters in the printing consumables industry.

Outlook: Stable

CRISIL believes MPSPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive', if the unit stabilises its operations as
per schedule and demonstrates a significantly better than expected
performance in terms of cash accruals and debt servicing
indicators. Conversely, the outlook may be revised to 'Negative',
if there is significant cost or time overrun in the project
execution or delays in stabilizing the operations of the unit,
translating to weakening of its debt servicing ability.

Metrostar Print Solutions Pvt Ltd (MPSPL), incorporated in 2011,
is setting up a manufacturing unit to produce offset printing
plates which are used in printing industry. The company is
promoted by Mr. Mukund Bhuta and his wife, Mrs. Hetal Bhuta. The
manufacturing facility is expected to be located at Taloja
(Maharashtra).


NAVDEEP CONSTRUCTION: ICRA Places 'B' Rating on INR15cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR15.00
crore fund based bank limits of Navdeep Construction Company. ICRA
has also assigned a short-term rating of '[ICRA]A4' to the
INR10.00 crore non-fund based bank limits of NCC.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Rated on long-term       15.00       [ICRA]B Assigned
   scale
   Fund based limits

   Rated on short-term      10.00       [ICRA]A4 Assigned
   scale
   Non-fund based limits

The ratings favorably factor in the long standing experience of
the promoters of NCC in the construction sector, and its
established relationship with its clients, which has enabled the
firm to garner repeat orders over the years.

The ratings are, however, constrained by the consistent decline in
operating income over the last three years due to a decline in the
order inflow, and execution related issues in respect of orders in
hand. The unexecuted order book of the firm stood at INR18.43
crore (0.35x FY13 operating income) due to which the firm needs to
ensure new order inflow for revenue visibility. The firm has also
witnessed margin pressures due to high input costs. Furthermore,
it has high working capital intensity of operations due to
sluggishness in debtor realization and delayed execution,
resulting in inventory pile-up. The firm is also exposed to
project and geographical concentration risks, given that 63% of
the order book, as of November 14, 2013, is attributable to the
largest order, and it operations are focused on Mumbai. The
ratings are also constrained by the risk of capital withdrawal
inherent in a partnership firm, which could have a material impact
on the firm's credit quality.

Incorporated in 1986, Navdeep Construction Company is a
partnership firm, based out of Mumbai. Promoted by Shri Shantilal
Shah and the Late Shri Babulal Mehta, the firm is presently
managed by Shri Shantilal Shah. NCC has two business segments --
civil construction, and the manufacturing and sale of ready-mix
concrete. The firm commenced business operations as a civil
contractor, and specializes in the construction and repairing of
buildings, roads, nallas and drains. The operations of the firm
are mainly concentrated on Mumbai and its suburbs, primarily
undertaking projects for the Municipal Corporation of Greater
Mumbai (MCGM). Apart from operating as an independent contractor,
NCC also works as a sub-contractor for other civil contractors.
NCC started its ready-mix concrete (RMC) business in 2007, and
owns four RMC plants. The company entered into joint ventures to
undertake projects in the past, to meet the qualification
requirements to bid for larger projects.


OYSTER STEEL: CRISIL Reaffirms 'B+' Rating on INR600MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Oyster Steel & Iron Pvt
Ltd continue to reflect OSIPL's working-capital-intensive
operations, and weak financial risk profile, marked by a weak
capital structure and average interest coverage ratio. These
rating weaknesses are partially offset by the extensive experience
of OSIPL's promoter in the aluminium trading industry, and the
expected improvement in its scale of operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           100     CRISIL A4 (Reaffirmed)
   Cash Credit              600     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OSIPL will continue to benefit over the
medium term from its promoter's extensive experience in the
aluminium trading industry and its established relationships with
its customers and suppliers. CRISIL, however, also believes that
the company's financial risk profile will remain below average
over this period because of its working-capital-intensive
operations. The outlook may be revised to 'Positive' if OSIPL's
operating margin improves, leading to an improvement in its
interest coverage ratio, or in case of infusion of fresh equity
into the company, resulting in a better capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability is lower than expected, or there is a
more-than-expected increase in its working capital requirements,
resulting in deterioration in its financial risk profile.

Update:
OSIPL has a stable business risk profile, marked by high revenue
growth and stable profitability. The company has recorded revenues
of INR1380.9 million in 2012-13 (refers to financial year, April 1
to March 31), almost double its previous year's revenues of
INR706.5 million. Earlier, the company derived its maximum
revenues from North India, but over the past 18 months it has
ventured into West India, Central India, and some parts of South
India. OSIPL booked revenues of about ~Rs.650 million for the six
months ended September 30, 2013, and is expected to book revenue
of ~Rs.1600 million to ~Rs.1700 million in 2013-14.  The company
had an operating margin of 4.3 per cent in 2012-13, about 20 bps
higher than 4.1 per cent in 2011-12. Though OSIPL's topline has
improved, accretion to reserves remains subdued because of high
interest and financial cost and low operating profitability.

OSIPL's financial risk profile continues to be weak, marked by a
below-average total outside liabilities to tangible net worth
ratio of 9.7 times as on March 31, 2013, in line with historical
levels, due to the high quantum of short-term loans to support its
working-capital-intensive operations. Its interest coverage ratio
remained average at 1.1 times in 2012-13. Its net worth too was
average, at INR58.7 million as on March 31, 2013. OSIPL's
financial risk profile is expected to improve over the medium
term, backed by the proposed infusion of equity by its promoters
in 2013-14.

OSIPL's financial flexibility continues to be stretched, with low
but sufficient net cash accruals of INR3.4 million to INR4.0
million expected in 2013-14, which are likely to be sufficient to
meet its debt obligations of INR1.5 million during the year.
However, the company's financial flexibility is largely
constrained by almost full utilisation of its bank lines over the
10 months through October 2013, to support its working-capital-
intensive operations.

OSIPL reported, on a provisional basis, a profit after tax (PAT)
of INR4.6 million on net sales of INR1380.9 million for 2012-13;
it had reported a PAT of INR2 million on net sales of INR706.5
million for 2011-12.

OSIPL was established in 2008 by Mr. Prem Chand Gupta. It trades
in aluminium in the form of scrap, sheets, and ingots. The company
is based in New Delhi.


P.S.A. CONSTRUCTION: CRISIL Reaffirms B Rating on INR27.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of P.S.A. Construction
continue to reflect PSA's small scale of operations in the
intensely competitive civil construction industry, high
geographical concentration, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of PSA's promoters in the civil construction
industry and the firm's healthy order book leading to revenue
visibility over the medium term.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            80      CRISIL A4 (Reaffirmed)
   Cash Credit               27.5    CRISIL B/Stable (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility         7.5    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PSA will continue to benefit over the medium
term from its healthy order book and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company's revenues improve substantially, while maintaining
healthy profitability and capital structure with sufficient
cushion in its liquidity. Conversely, the outlook may be revised
to 'Negative' if PSA registers lower profitability, leading to
deterioration in the company's financial risk profile and
liquidity.

Update
PSA's business risk profile has remained moderate with stable
growth in revenues and healthy profitability but is partly
constrained by high working capital requirements. The firm, on a
provisional basis, reported revenue of INR263 million for eight
months through November 2013. PSA is likely to report revenue of
over INR400 million in 2013-14 (refers to financial year, April 1
to March 31) an increase of 58 per cent from INR291 million in
2012-13 backed healthy growth in orders. CRISIL believes that PSA
revenue will continue to grow at a moderate rate on account of
extensive experience of the promoters and healthy order book of
INR1.24 billion (as on January 8, 2014).

PSA's operating profitability at 15.6 per cent in 2012-13 was
lower than 18.4 per cent a year ago.

CRISIL believes that PSA's operating margin will remain at
existing levels around 15 per cent over the medium term.

The company's working capital requirement continues to remain high
with GCA (Gross Current Assets) of 156 days in 2012-13. The firm
maintains 15 to 25 days of inventory to keep its operations
running smoothly, despite low inventory and receivables of 30 to
45 days, the firm's funds are blocked as security deposits,
performance guarantees and retention money for projects resulting
in large working capital requirements. CRISIL believes that PSA's
operations are expected to remain working capital intensive over
the near term.

PSA's financial risk profile remains modest, marked by its small
net worth and high gearing, though supported by healthy debt
protection metrics. PSA's net worth stood at INR59 million as on
March 31, 2013. Small net worth restricts PSA's ability to raise
further debt in case of exigencies. Gearing of the company has
increased to 2.1 times as on March 31, 2013, from 1.5 times in a
year ago on account of incremental debt contracted for the
purchase of vehicles and equipments. However, the debt protection
metrics are expected to remain comfortable over the medium term.
Its net cash accrual to total debt (NCATD) and interest coverage
ratios are expected to be 40 per cent and 4 times, respectively,
in 2013-14. CRISIL believes that PSA's financial risk profile will
remain moderate over the medium term supported by moderate
accretion to reserves.

Liquidity of the company is stretched on account of the working
capital intensive nature of the operations. Its bank limit
utilisation remains fully utilized on a limit of INR25 million
with instances of overutilisation. It is expected to generate
accruals in the range of INR37 million to INR40 million in 2013-
14, which will be just sufficient to repay its term debt
obligations repayments of INR38 million over the medium term.

PSA reported profit after tax (PAT) of INR11 million on net sales
of INR291 million for 2012-13 and PAT of INR12 million on net
sales of INR185 million for 2011-12.
About the Firm

PSA was set up as a partnership firm in 2004 by Mr. Sanjay Singhal
and his cousin, Mr. Rajesh Singhal. Mr. Brijbhushan Singhal has
replaced Mr. Rajesh Singhal as one of the partners in the firm.
PSA primarily constructs roads. The firm is registered as a Class-
5 contractor for construction of roads for Public Works
Department, Chhattisgarh.


PACT INDUSTRIES: CARE Assigns 'B+' Rating to INR10.59cr LT Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Pact Industries Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.59       CARE B+ Assigned

   Short-term Bank
   Facilities            4.00       CARE A4 Assigned

Rationale

The ratings assigned to the bank facilities of Pact Industries Ltd
are primarily constrained by its weak financial risk profile
marked by the small scale of operations, low profitability
margins, leveraged capital structure and low debt service coverage
indicators. The ratings are further constrained by the
susceptibility of its margins to fluctuation in raw material
prices and presence in a highly fragmented industry characterized
by intense competition.

The ratings, however, draw comfort from PIL's experienced
promoter, its growing scale of operations and moderate operating
cycle.

Going forward, PIL's ability to scale up its operations while
improving its profitability margins and capital structure shall be
the key rating sensitivities.

Ludhiana-based (Punjab) Pact Industries Limited was initially
established as a partnership firm 'Preet Hosieries' in 1991 by Mr
Avtar Singh and his sons, Mr Gurdeep Singh and Mr Harpreet Singh
as its partners. Later on in 1993, the constitution of the firm
was changed to a public limited company. The company is engaged in
the trading and manufacturing of hosiery products and mild
steel (MS) ingots with an installed capacity of 6.5 lakh kilogram
per annum and 13,500 tones per annum (TPA) respectively. The
manufacturing facility is located at Ludhiana (Punjab). The
company sells MS ingots locally to rolling mills and auto
component manufacturers. The hosiery products are sold locally to
garment manufacturer and traders. The sales from the manufacturing
and trading of hosiery products comprise approximately 40% of its
total operating income (TOI) during FY13 (refers to the period
April 01 to March 31).

During FY13, PIL achieved a total operating income (TOI) of
INR50.42 crore with a profit after tax (PAT) of INR0.05 crore. In
FY14 (till December 31, 2013), the company achieved a TOI of INR41
crore.


PAWAN AUTOWHEELS: CARE Reaffirms 'B' Rating on INR10.3cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pawan autowheels private limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.30       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Pawan Autowheels
Private Limited continues to be constrained by the short track
record of operations, low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The rating is
further constrained by the risk of non-renewal of dealership
agreement with Hyundai Motor India Ltd, geographical concentration
risk & linkage to the fortunes of HMIL, and pricing constraints &
margin pressure arising out of competition from other auto dealers
in the market and recent sluggishness in car sales in the Indian
market. The rating, however, continues to favorably take into
account the experience of the promoters and authorized dealership
of HMIL with the integrated nature of business. The ability of
PAPL to increase its scale of operations along with improvement in
profitability margins and capital structure and effective
management of working capital requirements are the key rating
sensitivities.

Pawan Autowheels Private Limited incorporated in March 2009 was
promoted by Mr Ashok Kumar Garg and his son, Mr Shobit Garg of
Ghaziabad, Uttar Pradesh. It commenced operations in April 2011.
Since inception, the company has entered into an authorized
dealership agreement with Hyundai Motors India Ltd. PAPL has a
Hyundai car showroom at Ghaziabad, where it also provides repair
and maintenance services for Hyundai cars.  At present, PAPL's
product portfolio consists of popular Hyundai cars like 'Eon',
'Santro', 'i10', 'i20', 'Accent', 'Verna', 'Sonata' and 'Elantra'
in different category and colours. PAPL receives a small portion
of its revenue from finance and insurance companies in the form of
commission for bundled marketing of their products.

During FY13 (refers to the period April 1 to March 31), PAPL
achieved a total operating income of INR46.57 crore with a net
profit of INR0.12 crore. The company achieved a total operating
income of INR28.66 crore in FY14 till December 2014.


PRANAVADITYA SPINNING: CARE Assigns 'B+' Rating to INR14cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE' A4 to the bank facilities of
Pranavaditya Spinning Mills Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long term Bank
   Facilities            14.00       CARE B+ Assigned

   Short term Bank
   Facilities             1.00       CARE A4 Assigned

Rating Rationale

The ratings of Pranavaditya Spinning Mills Limited are constrained
by the small scale of operations, volatile profitability margins,
and moderate financial profile of holding company and recent
regularisation of its debt servicing track record.

The ratings however take into consideration the experience of
promoters in the textile industry and modest debt coverage
indicators of PSML.

The ability of the company to increase its scale of operations and
sustain its profitability amidst volatile raw material prices is
the key rating sensitivity.

Incorporated as a public limited company in 1990, PSML is
primarily enagaged in the manufacture of cotton yarn. The company
was promoted by the Keshavlal Talakchand (KT) group, which is
engaged in the manufacturing and exporting of cotton yarn,
textiles, knitwear and garments.

However due to erosion of Networth, the company was declared sick
in 2006. With a view to earn synergistic benefits, IndoCount
Industries Limited (ICIL-is the holding company of PSML with an
equity stake of 74.53% as on September 2013 and is rated CARE C/A4
for its bank facilities) in 2007, associated itself with the
revival of PSML by lending management and financial support
through equity infusion of INR18.04 crore (1,80,41,280 shares of
INR10 each). Subsequently in September, 2010, the Board for
Industrial and Financial Reconstruction (BIFR) discharged the
company from the purview of BIFR as its Networth had become
positive. The company has its plant in Kolhapur with an installed
capacity of 20,400 spindles as on March 31, 2013.

Cotton yarn manufactured by PSML is sold both in the domestic
markets as well as exported to countries like China, Korea, Egypt,
Bangladesh, Turkey, Vietnam, Poland, Hong Kong and Japan.

In FY13 (refers to the period April 01 to March 31), sales of
INR34 crore was generated from exports (i.e. about 56% of the
total operating income) as compared to INR12.85 crore (i.e. about
27% of the total operating income in FY12).

The company achieved a PAT of INR2.88 crore on a total operating
income of INR61.26 crore in FY13 as compared to loss after tax of
INR2.11 crore on a total operating income of INR47.96 crore in
FY12.  Further the company achieved a PAT of INR1.64 crore on a
total operating income of INR34.71 crore in H1FY14.


PSV INFRASTRUCTURES: CRISIL Cuts Rating on INR70MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of PSV
Infrastructures Limited to 'CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            15      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit               50      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                  5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects the deterioration in company's
liquidity position, reflected in persistent irregularities in its
cash credit account and delays in repayment of term debt
obligations.

The ratings reflect below average financial risk profile marked by
low networth, high gearing and subdued debt protection metrics,
working-capital-intensive nature of operations and modest scale of
operations in a highly fragmented industry. These rating weakness
are partially offset by extensive experience of PSV's promoters in
the civil construction industry.

Incorporated in 2010, PSV Infrastructure Limited undertakes civil
construction projects on turnkey basis primarily for companies in
power sector. Mr. Virendra Singh oversees the day-to-day
operations of the firm. The registered office is located at
Bhopal, Madhya Pradesh.


SACHDEVA RICE: CRISIL Reaffirms 'B' Rating on INR70MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Sachdeva Rice and
General Mills continues to reflect SRGM's weak financial risk
profile, marked by a highly leveraged capital structure and weak
debt protection metrics. This rating weakness is partially offset
by the benefits that SRGM derives from its partners' extensive
experience in the rice industry.

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

   Term Loan                 10      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRGM will continue to benefit over the medium
term from its partners' extensive experience in the rice industry.
The outlook may be revised to 'Positive' if the SRGM registers
significant increase in its revenue and profitability, leading to
improvement in its financial risk profile, or benefits from
significant infusion of capital, resulting in improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if SRGM undertakes any aggressive, debt-funded
expansion, or if its revenue and profitability decline
substantially, resulting in deterioration in its financial risk
profile.

Update:
For 2012-13 (refers to financial year, April 1 to March 31), SRGM
has undertaken a sale of INR230.7 million against CRISIL's
expectation of INR160.7 million. For 2013-14, SRGM had a sale of
INR270 million till Dec 2013. Operating margin in 2012-13 was 6.7
per cent lower than CRISIL's expectation. Operating margin is
lower than expected on account of decline in prices of rice in the
last quarter of 2012-13 and thus, to protect against the price
risk on inventory, SRGM sold the inventory at lower operating
margin. Over the medium term, CRISIL believes that SRGM's
operating margin will be in the range of 7 to 8 per cent as SRGM
is in the basmati rice segment, which is a higher-margin business
compared to processing of non-basmati rice.

SGRM's business continues to be working capital intensive with
gross current assets (GCAs) of 137 days against the CRISIL
expectation of 238 days for 2013-14. The GCAs are lower than
expected on account of larger-than-expected sale in the last
quarter of 2012-13 resulting in lower inventory of 94 days against
CRISIL expectation of 230 days as on March 31, 2013. Over the
medium term, CRISIL believes that SRGM's operations will continue
to be working capital intensive driven by large inventory days of
~180 days and moderate debtor days.

SGRM financial risk profile continues to remain weak with small
net worth of INR10 million in line with CRISIL expectations. The
capital structure continues to remain leveraged with gearing of 9
times as on March 31, 2013, on account of short-term debt availed
by the firm to meet the working capital requirement. SGRM's
liquidity remains weak with working-capital-intensive operations
leading to average bank limit utilisation of 70 per cent, with
instances of 100 per cent utilisation. CRISIL believes that SGRM
financial risk profile will remain weak with leveraged capital
structure on account of small net worth and working-capital-
intensive operations.

SRGM was set up in 2008 by Mr. Sachit Sachdeva and his family. It
is a partnership firm based in Fazilka (Punjab), engaged in the
processing of paddy into basmati rice.

For 2012-13, SRGM reported a book profit of INR1.5 million on net
sales of INR230.7 million, against a book profit of INR0.6 million
on net sales of INR138.2 million for the previous year.


SALSAN STEELS: ICRA Suspends 'B' Rating on INR16cr Bank Loans
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to INR16.00 crore
bank lines of Salsan Steels 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."


SHIVA WHEELS: CRISIL Reaffirms 'B-' Rating on INR57.7MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiva Wheels Pvt Ltd
continue to reflect SWPL's weak financial risk profile,
constrained by small net worth, high total outside liabilities to
tangible net worth (TOLTNW) ratio, and weak debt protection
metrics, its low bargaining power with its principal, and exposure
to intense competition in the automotive dealership market. These
rating weaknesses are partially offset by the promoters' extensive
experience in the two-wheeler dealership business.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------    -------
   Cash Credit            15        CRISIL B-/Stable (Reaffirmed)

   Inventory Funding
   Facility               25        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     11.1      CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                  2.3      CRISIL A4 (Reaffirmed)

   Term Loan               6.6      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SWPL's financial risk profile will remain
constrained over the medium term. The outlook may be revised to
'Positive' if the company registers significant improvement in its
profitability, or receives substantial equity infusion, which
enhances its capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if SWPL's profitability
declines further or there is deterioration in its working capital
management.

Update
Due to competitive pressure, SWPL's revenue of INR303.1 million in
2012-13 (refers to financial year April to March) remained
stagnant compared with the previous year while operating margin at
2.8 per cent was also marginally lower. In 2013-14, the company
started an additional showroom in December 2013, which is expected
to provide impetus to growth in revenue in 2013-14; however,
margins are expected to be sustained around 3 per cent levels.

SWPL's has a weak financial risk profile marked by small net worth
of INR11 million and high gearing of 4.7 times as on March 31,
2013, and low average interest coverage ratio of 1.3 times for
2012-13. Moreover, as the cash accruals are low, the company will
continue to rely on borrowings to fund large incremental working
capital requirements and, consequently, gearing will remain high
over the medium term. The high reliance on bank lines has
translated into bank limit utilisation in excess of 90 per cent
for trailing 12 months through December 2013. The net cash
accruals are expected to tightly match the repayment obligations
of INR3 million in 2013-14. The accruals were low even in the
previous year. However, the unsecured loans from the promoters,
which stood at INR4 million in March 31, 2013, ensured timely
repayment of the obligations. CRISIL believes that timely fund
support from promoters will be crucial in maintaining SWPL's
financial risk profile over the medium term.

For 2012-13, SWPL reported net profit of INR0.7 million on net
sales of INR303.1 million vis-a-vis net profit of INR1.6 million
on net sales of INR285.8 million for 2011-12.

SWPL was incorporated in 1988 and promoted by Mr. Shib Jivan Paul
as a multi-brand sub-dealer in two-wheelers. The company is an
authorised dealer in two-wheelers of Honda Motorcycle & Scooter
India Pvt Ltd (HML) and also operates as a sub dealer for other
two-wheeler manufacturers like TVS Motor Company Ltd. Currently,
SWPL's day-to-day operations are being managed by Mr. Shib Jivan
Paul's two sons, Mr. Sanjib Paul and Mr. Kaushik Paul.


SONA BISCUITS: ICRA Suspends 'B+' Rating on INR24.15cr Loans
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR23.35
crore fund based bank limits and INR0.80 crore non fund based bank
facilities of Sona Biscuits 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.


SULAKSHANA AGENCIES: CRISIL Assigns 'B' Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sulakshana Agencies.

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

The rating reflects SA's modest scale of operations in the
intensely competitive electronic equipment trading industry, and
below-average financial risk profile, marked by a high ratio of
total outside liabilities to tangible net worth and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of SA's partners.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm registers significant
improvement in its scale of operations and profitability, or in
case of substantial equity infusion by its promoters, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SA's working capital requirements
increase, leading to deterioration in its liquidity, or if the
firm undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its capital structure.

SA was originally established as a proprietorship firm in 1994 by
Mr. Sridhar Kamath; it was reconstituted as a partnership firm in
2010. SA, based in Mangalore (Karnataka), is currently engaged in
distribution of the Samsung brand of consumer durables over three
districts of Karnataka' Dakshina Kannada, Udupi, and North Kanara.

SA reported a net profit of INR0.9 million on net sales of
INR302.55 million for 2012-13 (refers to financial year, April 1
to March 31), against a net profit of INR0.6 million on net sales
of INR255.2 million for 2011-12.


THAKOR REDUCTANTS: ICRA Assigns 'B+' Rating to INR5cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR5 crore fund based
cash credit facilities of Thakor Reductants Private Limited. ICRA
has also assigned '[ICRA]A4' rating to the INR1 crore non-fund
based facilities of TRPL.

The ratings are constrained by the high competitive intensity in
the company's businesses leading to low profitability and weak
debt protection metrics; the high working capital intensity of
operations with considerable debtor build-up; the small scale of
business currently and the exposure of its profitability to the
raw material price fluctuations. The ratings, however, favorably
factor in the long track record of TRPL's promoters in the trading
of textile chemicals & grey cloth and manufacturing of printing
gum.

Thakor Reductants Private Limited was incorporated in 1992 and was
jointly promoted by Mr. Naresh Mandlewala, Mr. Rakesh Mandlewala,
Mr. Yogesh Mandlewala and Mr. Hemant Mandlewala. The company is
based out of Surat and is the business of trading of grey cloth,
and textile chemicals, and aluminium foiling and jari printing on
job work basis. It also manufactures Khadi (printing gum), a
textile pigment used for foiling purposes. The promoters hold
interest in a few other group entities, which are in similar line
of business and have similar dealer and supplier network.

Recent Results

During financial year 2012-13, the company reported an operating
income of INR33.4 crore and profit after tax of INR0.11 crore as
against INR0.13 crore of operating income and INR23.3 crore of
profit after tax for the financial year 2011-12.


UNITED INDUSTRIES: CRISIL Puts 'B+' Rating on INR190MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of United Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               34      CRISIL B+/Stable
   Term Loan                156      CRISIL B+/Stable

The rating reflects UI's modest scale of operations in the
intensely competitive automobile ancillary industry, customer
concentration in its revenue profile and weak financial risk
profile marked by high gearing and small net worth. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the plastic components manufacturing industry,
and its established relationships with key clients.

Outlook: Stable

CRISIL believes that UI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations and improves its operating profitability, while
diversifying its product portfolio leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if UI undertakes a larger-than-expected debt-funded
capital expenditure programme, or if its revenues and
profitability decline, thereby weakening its financial risk
profile.

UI was originally established in 1986 as a proprietary concern by
Mr. Mahalingam; it was reconstituted as a partnership firm in
September 2012. UI manufactures injection-moulded plastic
components, primarily for the automobile industry.

For 2012-13 (refers to financial year, April 1 to March 31), UI
reported a profit after tax (PAT) of INR22 million on net sales of
INR594 million, against a PAT of INR16 million on net sales of
INR424 million for 2011-12.



V.T. FOODS: ICRA Assigns 'B+' Rating to INR5cr Long Term Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.00 crore cash
credit facility of V.T. Foods Pvt Ltd. ICRA has also assigned
rating of '[ICRA]A4' to the INR0.20 crore non fund-based short
term facility of VTFPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term fund          5.00        [ICRA]B+ assigned
   based-Cash Credit

   Short term Non          0.20        [ICRA]A4 assigned
   fund based-CEL

The ratings are constrained by company's small scale of operations
and weak financial profile as reflected by low profitability and
stretched liquidity on account of seasonal inventory procurement.
The ratings also take into account the intense competition on
account of fragmented nature of the industry which exerts pressure
on profitability. The ratings further incorporate the
vulnerability of profitability to government regulations on onion
prices and exports and raw material price movements which are
subject to seasonality and crop harvest.

However, the ratings positively consider the extensive experience
of promoters in dehydrated products and advantage due to its
location in Mahuva providing easy access to quality raw material.

Incorporated in 2003 by Mr. Jitubhai Vaghela, VTFPL commenced
production in FY 2006. It is engaged in preparation and export of
dehydrated onion & garlic products with onion being the major
product of the company. V.T. Foods Private Limited has annual
processing capacity of 1000 tonnes with 3 automated dryer
machines.



=========
J A P A N
=========


SOJITZ CORP: Moody's Lowers Issuer Rating to Ba1; Outlook Stable
----------------------------------------------------------------
Moody's Japan K.K. has downgraded Sojitz Corporation's issuer
rating to Ba1 from Baa3. The rating outlook is stable.

Ratings Rationale

The downgrade reflects Moody's view that Sojitz's high debt
leverage and weak profitability, while expected to improve, is
anticipated not to be sufficient to support the investment grade
rating of Baa3.

The downgrade also reflects its relatively weak franchise, as the
smallest of the seven Moody's rated Japanese trading companies by
revenues.

The stable outlook reflects Moody's view that Sojitz will continue
to make steady progress in enhancing and stabilizing its earnings
through its machinery, chemicals and consumer lifestyle
businesses, while reducing its reliance on market sensitive
commodities.

In addition, the rating outlook incorporates Moody's assessment
that Sojitz will maintain a stable funding and liquidity profile.

While the company has made progress in lowering its total debt
levels over the last several years, its leverage remains high when
compared with other investment grade global corporate issuers.

Its adjusted net debt/EBITDA was 6.5x as of FYE03/2013 (the fiscal
year ended March 2013), versus a median net debt/EBITDA of 2.3x at
end-2012 for Baa rated issuers worldwide.

In addition, while Sojitz's profitability has been steadily
improving, it is still low, as demonstrated by its adjusted EBITA
margin of 4.8% for FYE03/2013. By contrast, the median EBITA
margin for Baa rated issuers was 13.7%. Other Japanese trading
companies also generally post higher margins than Sojitz.

Moreover, Sojitz's adjusted return on assets (ROA) of around 1.06%
in FYE03/2013 was the lowest among Japanese trading companies.
Moody's therefore believes Sojitz's financial metrics are
inconsistent with an investment grade rating.

The revised rating of Ba1 also reflects Sojitz's position as the
smallest of Japan's major trading companies in terms of revenue,
as a trading company's size and financial strength are important
in carrying out their role as intermediaries and counterparties in
trade transactions and projects.

In addition, while the company maintains a close relationship with
its main bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., it is not a
core member of either the Mitsubishi or any other Japanese
industrial group. This reduces access to business opportunities
compared to firms that have closer linkages, therefore limiting
its earnings and could result in earnings volatility.

Upward pressure on the rating could emerge if Sojitz can: 1)
further reduce its leverage; 2) improve and stabilize its
earnings, and 3) achieve an adjusted ROA of 2% .

On the other hand, downward pressure on the rating could result
from: 1) a further deterioration in its net debt/EBITDA from
current levels, 2) large losses on investments, due to the failure
to manage risks, and 3) a worsening of its liquidity profile.

Sojitz Corporation's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Sojitz Corporation's core
industry and believes Sojitz Corporation's ratings are comparable
to those of other issuers with similar credit risk.

Sojitz Corporation, headquartered in Tokyo, is one of Japan's
major trading companies.


* S&P Raises Ratings on 3 Japanese Synthetic CDO Tranches
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
Japanese synthetic collateralized debt obligation (CDO)
transactions, and removed the ratings from CreditWatch with
positive implications.

The upgrades reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk in cases where the creditworthiness of a tranche
relies on a swap counterparty and/or collateral asset.

S&P has raised its ratings to the levels at which the SROC levels
exceed 100% and meet its minimum cushion requirements as of this
month's review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE

Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To               From                       Amount
BBB+srp (sf)     BBB-srp (sf)/Watch Pos     JPY3.0 bil.

Fixed rate credit-linked loan series 58
To               From                       Amount
BB (sf)          BB- (sf)/Watch Pos         JPY3.0 bil.

Signum Vanguard Ltd.
Class A secured floating rate credit-linked loan series 2005-06
To               From                       Amount
BBp (sf)         BB-p (sf)/Watch Pos        JPY3.0 bil.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: S&P Affirms Currency LT Ratings at 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its foreign and local
currency long-term ratings on Papua New Guinea (PNG) at 'B+', and
the respective short-term ratings at 'B'.  The long-term rating
outlooks remain stable.  The Transfer and Convertibility (T&C)
assessment remains 'BB'.

                             RATIONALE

The sovereign ratings on PNG reflect structural constraints that
are inherent in a lower middle-income economy that is dependent on
extractive industries and served by weak institutions.  PNG's
economy additionally faces external and fiscal imbalances linked
to bringing on line a US$19 billion liquefied natural gas (LNG)
project.  However, the LNG project and related economic growth
could also lead to the unwinding of PNG's related imbalances in a
few years' time.

Papua New Guinea has pressing development needs.  It has a per
capita GDP of US$2,200 in 2013 and is ranked 156 out of 187 on the
United Nations Development Programme's Human Development Index.
Moreover, the prevalence of urban crime in the country deters
investment, while governmental checks and balances are limited.
In addition, there are gaps and lags in economic and external
data, as well as a lack of transparency in public sector fiscal
affairs--all of which render credit analysis relatively difficult.

That said, PNG's economic output will soon be boosted by as much
as 20% by its new LNG plant.  The integrated LNG plant will have a
production capacity of 6.9 million tons per year, and will
continue to be operated by ExxonMobil PNG Ltd. (formerly Esso
Highlands Ltd.), a subsidiary of ExxonMobil Corp.  The project is
33% owned by ExxonMobil, 29% by Oil Search, and 17% by the PNG
government.  The government also has an indirect interest through
its equity stake in Oil Search.  Although S&P expects economic
growth to slow to about 5.5% this year as construction on the
facility winds down, it notes that it has averaged more than 8%
since the project began.  S&P believes robust economic growth will
continue after the project comes fully on line in 2015.

The sheer size of the PNG LNG project has engendered economic
imbalances.  Between 2010 and 2012, PNG ran current account
deficits of more than 30% of GDP.  S&P expects double-digit
current account deficits in 2013 and 2014.  A combination of
external debt and foreign direct investment has financed these
deficits.  PNG's net external liabilities have risen to more than
440% of current account receipts (CAR) in 2013 from 55% of CAR in
2007.  S&P expects this ratio has peaked and will decline steadily
from 2014, in line with the project's expected profitability and
export performance.

Managing the economy and public expectations with such a large
project underway would be a challenge for any government.
Nevertheless, improving prospects for political stability
following the general elections in July 2012 will provide PNG with
a supportive environment for managing these expectations.  Prime
Minister Peter O'Neill's People's National Congress Party and his
coalition partners control 105 of the 111 seats in Parliament.

Additionally, PNG recorded fiscal surpluses in five of the seven
years up through 2012.  This was due to mining tax receipts that
were bolstered by favorable terms of trade, and expenditure
restraint.  The surpluses have lowered PNG's ratio of net general
government debt to GDP to 19% in 2012 from 31% in 2006.  For 2014
and 2015, the government has plans to incur large budget deficits
temporarily by lifting spending because of development priorities
and to support economic growth until LNG production commences.

Despite these larger fiscal deficits, S&P expects PNG's net debt
levels to remain less than 30% of GDP and to resume declining once
LNG production starts.  Nevertheless, PNG's budget performance
will remain vulnerable to volatility in commodity prices.  And the
large share of PNG's domestic banks' assets already being
government debt would constrain their ability to fund further
government borrowing.

PNG's debt management is still developing, in S&P's view.  Small,
temporary payment arrears to official creditors within 2010 to
2012 have been cured.  S&P expects the government, through its
public enterprise Independent  Public Business Corp. (IPBC), to
refinance a A$1.68 billion bond (equivalent to 8% of GDP) due to
the International Petroleum Investment Company (IPIC), Abu Dhabi,
in March 2014.  The bond is exchangeable into the government's
stake in Oil Search if not refinanced prior to maturity, which
would reduce the government's overall equity in the LNG project.

                              OUTLOOK

The stable outlook assumes: that the PNG LNG project will come on
stream on time; the government will retain its stake in the
project and refinance its related debt; and external and fiscal
imbalances will ease with the increased output.  If these
assumptions do not hold, the rating could come under downward
pressure.

Conversely, if the PNG LNG project boosts the country's economic
performance significantly and maintains growth on a higher
trajectory, resulting in economic development and better fiscal
and external positions, upward pressure on the rating could
emerge.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Papua New Guinea (Independent State of)
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        BB



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


RURAL BANK OF SUBANGDAKU: PDIC Files Charges v. Ex-Bank President
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), statutory
receiver of the closed Rural Bank of Subangdaku, Inc. (RBSI) in
Cebu, filed on January 13 with the Department of Justice (DOJ) a
criminal complaint against the former President and the former
Loans Manager of the closed bank for the creation of fictitious
loans and for conducting business in an unsafe and unsound manner.
The RBSI was placed under PDIC receivership by the Monetary Board
on Jan. 8, 2009.

In its complaint, PDIC alleged that respondents Paz Radaza
(President and Member of the RBSI Credit Committee) and Julius
Eullaran (bankwide Loans Manager) conspired and caused the
creation of 6,051 fictitious loans amounting to almost
PHP2.6 billion from 2004 to 2008 and comprised about 97% of all
the loans supposedly released by the RSBI Head Office during the
said period.

The complaint further stated that the respondents orchestrated the
creation of official receipts and made it appear that payments
were being made to the Bank, when in fact, no payment was being
received. These supposed payments were used to provide the
purported source of the fictitious loan proceeds.

Based on the sworn affidavit of the Bank's former Loan Officer,
respondents Eullaran and Radaza ordered their subordinates to
create fictitious loans, "no questions asked" based on the list
that respondent Eullaran provided, which contained information to
be used in creating the fictitious loans. This claim was supported
by the findings of the expert forensic accounting team from Alba
Romeo & Co. that PDIC engaged to assist in the investigation.

Results of the forensic investigation showed that 5,470 of the
6,051 fictitious loans did not contain the required credit
information. In addition, 581 of these loans did not have any
supporting documents. Consequently, demand letters to the named
borrowers of these loans were returned because of unknown
addresses or because the borrowers did not exist.

The Corporation continues to pursue legal actions against bank
officials and personnel who have been found to have engaged in
unsafe and unsound banking practices. These activities pose grave
threats to the stability of the country's banking system. As co-
regulator of banks, deposit insurer and receiver/liquidator of
closed banks, the PDIC is authorized to conduct investigations and
file appropriate cases against erring bank officials and
individuals who are found to have violated banking laws. The
pursuit for justice against erring bank owners, officers and
employees is an important undertaking of PDIC to protect the
Deposit Insurance Fund, PDIC's funding source for payment of
insured deposits, as well as to maintain financial stability.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***