TCRAP_Public/140206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, February 6, 2014, Vol. 17, No. 26


                            Headlines


A U S T R A L I A

CAPMA PTY: Lawler Partners Appointed as Administrators
DP SOURCING: WA Insolvency Appointed as Administrators
HENRY LAWSON CLUB: Placed in Administration
MADMONT RESOURCES: Clifton Hall Appointed as Liquidators
OLIO SANTO: Placed in Voluntary Liquidation

PROMAINS (QLD): BDO Appointed as Administrators
TEKFORM GROUP: Placed in Voluntary Administration


C H I N A

CHINA SHIANYUN: Amends Disclosures in Response to SEC Comments
FAVOR SEA: Fitch Assigns 'BB-' Rating to USD150M Sr. Unsec. Notes
SHANGHAI ZENDAI: Bid for Land Parcel No Impact on Moody's B3 CFR


I N D I A

AASCAR FILM: ICRA Suspends 'B' Rating on INR10cr LT Loans
ANAND TRIPLEX: CRISIL Upgrades Rating on INR570MM Loans to 'B+'
ARNAV TECHNOSOFT: ICRA Rates INR15cr Bank Loans at 'B'
ASSOCIATE LUMBERS: CARE Rates INR65cr Bank Loans at 'B+'
BLA UDYOG: CRISIL Reaffirms 'B' Rating on INR66MM Loans

E.V. HOMES: ICRA Reaffirms 'B+' Rating on INR5cr Term Loan
GILLCO DEVELOPERS: ICRA Assigns 'B' Ratings to INR70cr Loans
HARERAM COTTON: CRISIL Cuts Rating on INR220MM Loans to 'D'
J.K. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR150MM Loan
K. K. BUILDERS: ICRA Ups Ratings on INR31cr Loans From 'D'

K.R. PADMANABHAN: ICRA Assigns 'B' Rating to INR20cr Loans
KAMALBEN KHUMANBHAI: ICRA Reaffirms B Rating on INR6.35cr Loan
KANHA GRAIN: ICRA Assigns 'B+' Rating to INR4.35cr Loans
MAA SAMLESWARI: CRISIL Reaffirms 'D' Rating on INR90MM Loans
MAGALAM DRUGS: CRISIL Reaffirms B- Rating on INR487.5MM Loans

MAHAVIR GLOBAL: CARE Assigns 'B' Rating to INR5.08cr Loans
MANGALAM TIMBER: ICRA Suspends B+/A4 Rating on INR21.08cr Loan
OMKAR INFRACON: CRISIL Reaffirms 'B' Rating on INR83MM Loans
P. SRI RAMULU: ICRA Assigns 'B' Rating to INR20cr Loans
R. R. DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR83MM Loans

R.J. AGRO: ICRA Reaffirms 'B' Rating on INR6cr Loans
REWA AGROTECH: ICRA Suspends 'B-' Rating on IRN14.1cr Loans
SAI KRIPA: CARE Rates INR11cr Long-Term Loan at 'B+'
SAKTHI SPINTEX: ICRA Assigns 'C' Ratings to INR13.20cr Loans
SANTI POLYFAB: CARE Assigns 'B' Rating to INR11.04cr Bank Loans

SOBHAGIA SALES: CARE Assigns 'B+' Rating to INR18.40cr Loans
SUPREME POWER: ICRA Assigns 'B+' Rating to INR4.1cr Loans
TRADITIONAL GALLERY: ICRA Cuts Rating on INR0.93cr Loan to B+
WINTOP VITRIFIED: ICRA Revises Rating on INR26.2cr Loans From 'B'
YASIKA STEELS: CRISIL Reaffirms 'B' Rating on INR150MM Loans


I N D O N E S I A

MERPATI NUSANTARA: Temporarily Shuts Down Operation


J A P A N

L-JAC 7 CMBS: S&P Lowers Ratings on 2 Classes of Notes to D
SOJITZ CORP: Moody's Corrects Jan. 30 Rating Release
SONY CORP: In Talks to Sell Japan PC Unit to Buyout Firm


N E W  Z E A L A N D

HANOVER FINANCE: Krukziener's Payment an Insolvent Transaction


                            - - - - -


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


CAPMA PTY: Lawler Partners Appointed as Administrators
------------------------------------------------------
John Vouris and Bradley Tonks at Lawler Partners were appointed as
administrators of Capma Pty Ltd on Jan. 30, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 11, 2014, at 11:00 a.m. at Level 9, 1 O'Connell Street, in
Sydney.


DP SOURCING: WA Insolvency Appointed as Administrators
------------------------------------------------------
Kimberley Andrew Strickland and David Ashley Norman Hurt of WA
Insolvency Solutions Pty Ltd were appointed as administrators of
DP Sourcing Solutions Pty Ltd, trading as MALZ Motoring & Leisure
Zone, on Feb. 3, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 13, 2014, at 10:30 a.m. at the Holiday Inn Perth, Jarrah
Room, 778-788 Hay Street, in Perth, West Australia.


HENRY LAWSON CLUB: Placed in Administration
-------------------------------------------
Robert Michael Brennan -- rbrennan@rthospitality.com -- at RT
Hospitality Solutions was appointed as administrator of The Henry
Lawson Club Limited on Feb. 3, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 13, 2014, at 4:00 p.m. at The Henry Lawson Club Limited, in
144 Henry Lawson Ave, in Werrington County, New South Wales.


MADMONT RESOURCES: Clifton Hall Appointed as Liquidators
--------------------------------------------------------
Mark Hall -- mhall@cliftonhall.net.au -- and Timothy Clifton --
tclifton@cliftonhall.net.au -- of Clifton Hall were appointed
Joint and Several Liquidators of Madmont Resources Pty Limited on
Feb. 4, 2014.

A meeting of creditors will be held at Clifton Hall, Level 1, 12
Gilles Street, Adelaide, South Australia on Feb. 14, 2014, at
10:00 a.m.


OLIO SANTO: Placed in Voluntary Liquidation
-------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Olio Santo Pty
Ltd. has been placed into voluntary liquidation with
AUD1.8 million debts.  Sellers Muldoon Benton's Alice Ruhe and
Wayne Edward Benton were appointed as liquidators, the report
says.

A creditor's meeting was held on Jan. 23, 2014, the report notes.


PROMAINS (QLD): BDO Appointed as Administrators
-----------------------------------------------
Luke Christopher Targett -- luke.targett@bdo.com.au -- and Rachel
Elizabeth Burdett-Baker -- rachel.burdett-baker@bdo.com.au -- of
BDO were appointed as administrators of Promains (QLD) Pty Ltd,
trading as Allmain Fittings, on Feb. 5, 2014.


TEKFORM GROUP: Placed in Voluntary Administration
-------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the Tekform group
has been put in administration appointing PricewaterhouseCoopers'
Guy Edwards and Greg Hall as administrators on Jan. 29, 2014.

dissolve.com.au says the administrators are still trading Tekform.
According to the report, administrators said the business is
operating in a normal way through their recovery structure plan.

Tekform group employs around 70 people and had a AUD30 million
turnover in 2013.  The group is composed of three different
companies including Tekform Victoria, Tekform Queensland and
Tekform Marketing, dissolve.com.au discloses.



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C H I N A
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CHINA SHIANYUN: Amends Disclosures in Response to SEC Comments
--------------------------------------------------------------
China Green Creative, Inc., filed an amendment No. 1 to its annual
report on Form 10-K for the period ended Dec. 31, 2012, pursuant
to a SEC comment letter dated Dec. 17, 2013, to amend certain
disclosures in the Form 10-K filed with the SEC on April 15, 2013.
Pursuant to the SEC comments, changes and revisions have been made
to the following items:

   Item 8 Financial Statements and Supplemental Financial Data,
   Item 9 Changes in and Disagreements with Accountants on
   Accounting and Financial Disclosure.

On Jan. 30, 2013, the Company dismissed Madsen & Associates CPA's,
Inc (Madsen) as its independent registered accounting firm.

Madsen reported on the Company's financial statements for the
years ended Dec. 31, 2011, and 2010.  Their opinion did not
contain an adverse opinion or a disclaimer of opinion, and was not
qualified as to uncertainty, audit scope, or accounting principles
but was modified as to a going concern.

From Jan. 3, 2010, when Madsen was engaged, through the dismissal
of Madsen on Jan. 30, 2013, there were no disagreements between
the Company and Madsen on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures, which disagreements, if not resolved to the
satisfaction of Madsen would have caused Madsen to make reference
to the subject matter of the disagreements in connection with its
reports.

Immediately following the dismissal of Madsen, the Company's Board
of Directors commenced contacting and interviewing other auditors
in order to engage another firm as the Company's independent
auditor.  Effective Jan. 30, 2013, the Company engaged Albert Wong
& Co as the Company's new Independent registered public accounting
firm.  The decision to engage Albert Wong & Co was approved by the
Company's board of directors.  During its two most recent fiscal
years, and during any subsequent interim period prior to the date
of Albert Wong & Co's engagement, the Company did not consult the
new auditor regarding either: (i) the application of accounting
principles to a proposed or completed specified transaction, or
the type of audit opinion that might be rendered, and neither a
written report nor oral advice was provided that was an important
factor considered by the Company in reaching a decision as to the
accounting, auditing, or financial reporting issue; or (ii) any
matter that was either the subject of a disagreement or reportable
event within the meaning set forth in Regulation S-K, Item 304
a(1)(iv) or (a)(1)(v).

A copy of the Form 10-K/A is available for free at:

                        http://is.gd/OK2Rb5

                        About China Shianyun

China Shianyun Group Corp., Ltd., a Nevada Corporation, was
incorporated on Aug. 17, 2006, under the name of Glance, Inc.  On
Jan. 21, 2009, the Company changed its name to China Green
Creative, Inc.  CGC and its subsidiaries are principally engaged
in the distribution of consumer goods in the People's Republic of
China.

China Green disclosed net income of $635,873 on $6.87 million of
revenues for the year ended Dec. 31, 2012, as compared with a net
loss of $344,901 on $1.92 million of revenue during the prior
year.  The Company's balance sheet at Sept. 30, 2013, showed $6.16
million in total assets, $7.12 million in total liabilities and a
$958,992 total stockholders' deficit.

Madsen & Associates CPA's, Inc., in Salt Lake City, Utah, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.  The independent
auditors noted that the Company does not have the necessary
working capital to service its debt and for its planned activity,
which raises substantial doubt about its ability to continue as a
going concern.


FAVOR SEA: Fitch Assigns 'BB-' Rating to USD150M Sr. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB-' to the USD150m
11.75% senior unsecured notes due 2019 issued by Favor Sea
Limited.  The notes are unconditionally and irrevocably guaranteed
by China XD Plastics Co Ltd (XD Plastics; BB-/Stable).

The notes are rated at the same level as XD Plastics' senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  This
final rating follows the receipt of documents conforming to
information already received and it is in line with the expected
rating assigned on Nov. 14, 2013.

                         KEY RATING DRIVERS

Established Track Record: XD Plastics' revenue increased at a
compound annual growth rate (CAGR) of around 35% over the last
three years, and it estimated its market share at 9% in 2012.  It
increased its market share by offering modified plastics at prices
that were cheaper than imports from multinational corporations in
the Chinese market.  Fitch expects this strategy will continue to
support XD Plastics in expanding its market share over the medium
term.

Healthy Long-Term Demand: Long-term demand for domestically
produced modified plastics is supported by the current low car
penetration rate in China, competitive prices that enable
substitution for imported modified plastics, and the increase in
modified plastics applications in car parts to improve performance
and cut costs.

Stiff Competition: The ratings are constrained by the fragmented
and competitive market that causes volatility in profit margins.
XD Plastics' EBITDAR margin dropped to 18.2% in the year to
September 2013 from 20.6% in 2012 as XD Plastics offered price
discounts to gain new customers in eastern China.  Competition in
the industry is likely to remain stiff as supply increases over
time, which would put downward pressure on margins.

Slower Payments by Customers: XD Plastics is vulnerable to cycles
in the automotive value chain.  When the automobile manufacturing
industry slowed down, XD Plastics' receivable days lengthened to
83 at the end of September 2013 (2012: 58 days, 2011: 36 days),
raising the company's working capital requirements.  XD Plastics
moderated the impact on working capital by adopting longer credit
terms of 30 days (instead of prepayments) with its suppliers.

Capacity Absorption Risk: There is market risk linked to the
company's plan for a new 300,000 ton plant in Sichuan that will
expand capacity by 80%.  Other players are also expanding rapidly
to gain market share, and XD Plastics would need to expand its
customer base in southwestern and eastern China to utilise its new
capacity.  The company's established customer relationships,
proven ability to obtain product certifications and existing
customer base in eastern China mitigate the market risk.  In
addition, the company may delay and/or phase out its Sichuan
expansion as most of its capex remains uncommitted.

Moderate Leverage Profile: XD Plastics would still maintain a
healthy balance sheet during its capacity expansion, with funds
from operations (FFO)-adjusted net leverage peaking at around 2.5x
(12 months to September 2013:0.63x).  Fitch expects the company to
deleverage beginning 2016, after the completion of the project.

Adequate Liquidity: XD Plastics' liquidity remains adequate.
Unutilised banking facilities of USD75m and unrestricted cash of
USD275m at end-September 2013 cover most of its committed capex
and USD260m of short-term borrowings for the next 12 months.
After the successful US-dollar notes issuance, the effective
maturity date of XD Plastics' outstanding USD100m convertible
preferred stock has been extended to be the same - 4 Feb. 4, 2019
- as the US-dollar notes (as agreed between XD Plastics' and its
preferred stock holder).

                       RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, result in negative rating action:

   -- Failure to secure long-term funding for planned capacity
      expansion
   -- US-dollar preferred stocks become redeemable as early as
      Sept. 28, 2014

   -- EBITDAR margin sustained below 15%

   -- Receivable days sustained above 90 days

   -- FFO-adjusted net leverage sustained above 2.5x during the
      Sichuan plant's construction period or/and sustained above
      2x after the capacity expansion

   -- Weak capacity utilisation in the new plant

Fitch does not envisage any positive action until XD Plastics
achieves market leadership in multiple geographical regions in
China.


SHANGHAI ZENDAI: Bid for Land Parcel No Impact on Moody's B3 CFR
----------------------------------------------------------------
Moody's Investors Service says that Shanghai Zendai Property
Limited's intended bid for a land parcel in Jiangsu Province has
no immediate impact on its B3 corporate family rating and stable
outlook.

The rating has already incorporated the execution risks arising
from the company's business expansions.

On Jan. 29, 2014, Zendai announced that it is seeking
authorization from its shareholders regarding its bid for a land
parcel in Jiangsu Province; given the significant size of this
acquisition, approval by shareholders is required pursuant to the
listing rules.

The acquisition, once successful, will replenish Zendai's land
bank and provide more development opportunities.

However, the total price for this land parcel is large, compared
to the company's business scale, and could well exceed the
starting price of RMB900 million (USD148.5 million) in the bidding
process.

"This is not the first time that Zendai has been involved with
sizeable land acquisitions. We have already considered the
company's opportunistic approach towards business expansions and
the associated execution risks with respect to its current B3
rating," says Jiming Zou, a Moody's Assistant Vice President and
Analyst.

Zendai has a track record of using external financing,
transferring equity stakes and creating project partnerships for
settling the land acquisition prices as well as for jointly
developing commercial property projects. Examples include the
development and disposal of its Shanghai Bund project during 2010-
2012 and more recently, its transfer of equity stakes in its
Nanjing South Train Station Thumb Plaza project to Gefei Asset
Management in 2012.

For its latest project -- designated for commercial use and
serviced apartments -- Moody's expects the company to apply a
similar approach, without jeopardizing its liquidity profile.

Zendai's liquidity remains tight, given its weak contracted sales
in 2013. As of end-June 2013, the company reported HKD2.1 billion
in cash which would be insufficient to cover its HKD1.6 billion in
short-term debt together with this intended land acquisition. The
issuance of HKD342 million in equity to Concord Emperor and
Greenwoods in July 2013 has provided some liquidity to Zendai.

We continue to monitor the progress Zendai is making towards the
bidding and financing of this land acquisition. The rating could
come under pressure, if the company fails to address the financing
of this land acquisition, or ends up with a substantial debt
increase.

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

Shanghai Zendai Property Ltd is a property developer in Mainland
China that develops, invests in, and manages residential and
commercial properties in China. The group has projects under
development in 11 cities in three regions, including northern
China, Shanghai and adjacent areas, as well as Hainan Province.



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I N D I A
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AASCAR FILM: ICRA Suspends 'B' Rating on INR10cr LT Loans
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to the
INR10.0 crore long-term fund based facilities of Aascar Film
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.


ANAND TRIPLEX: CRISIL Upgrades Rating on INR570MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Anand Triplex Board Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              240      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                330      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in ATBL's financial
risk profile supported by the consistent decline in its gearing
over the past three years. The company's gearing has sequentially
declined to around 0.93 times as on March 31, 2013, from around
1.76 times as on March 31, 2011. ATBL's gearing improved due to a
continuous reduction in debt resulting from the repayment of its
large term loans contracted to fund its capital expenditure
(capex) programme, and moderate accretions to reserves driven by a
moderate operating margin.

The upgrade also factors in CRISIL's expectations of an
improvement in ATBL's financial risk profile, particularly its
capital structure; and maintenance of its healthy debt protection
metrics, in the absence of any significant debt-funded capex
plans, coupled with continuous repayment of long-term loans over
the medium term. The rating upgrade underscores ATBL's improved
liquidity, on the back of its enhanced scale of operations and
moderate operating profitability, thereby improving its cash
accruals.

The rating reflects ATBL's modest scale of operations, exposure to
intense industry competition, and susceptibility of margins to
volatility in newsprint paper prices. These rating weaknesses are
partially offset by ATBL's above-average financial risk profile,
marked by a moderate gearing and above-average debt protection
metrics; and the extensive experience of the promoters in the
paper industry.

Outlook: Stable

CRISIL believes that ATBL will continue to benefit from its
established relations with customers and suppliers over the medium
term, and the promoters' extensive experience in the paper
industry. The outlook may be revised to 'Positive' if the company
reports a substantial and sustained improvement in its revenues,
while maintaining its profitability margins. Conversely, the
outlook may be revised to 'Negative' if ATBL records a steep
decline in its profitability margins or deterioration in its
capital structure and liquidity because of larger-than-expected
working capital requirements, or a large debt-funded capex
programme.

ATBL formerly Padmapat Gopalkrishna Ramapati Trade Ltd was
incorporated in 1994 as a private limited company. ATBL is into
manufacturing of waste paper based newsprint and low grade writing
and printing (WPP) paper.


ARNAV TECHNOSOFT: ICRA Rates INR15cr Bank Loans at 'B'
-----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR15.00 crore fund-based bank facilities of Arnav Technosoft
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Bank       15.00      [ICRA]B assigned
   Facilities

The assigned rating takes into account the likely delays in
project execution vis-...-vis the scheduled commercial operation
date (as per the terms of loan sanction) which in turn would
shrink the moratorium period available to the company, increase
likelihood of cost overruns and thereby increase company's
reliance on promoter funding. In addition, the company continues
to face high market risk for the project as it is yet to enter
into any lease agreement for the proposed corporate office space.
In the event of sub-optimal tenant occupancies, liquidity position
of the company is likely to stretch and necessitate additional
funding from the promoters/group companies for servicing of debt
obligations. While assigning the rating, ICRA has also taken a
note on the track record of slow physical progress witnessed by
the project in the past, which in-turn was due to funding
constraint. This has lead to time-overrun of around 18 months as
per the terms of the land lease and hence penalties as per the
land lease terms. While the funding constraints have eased with
the sanction of debt in December 2013, the ability to improve the
pace of execution of work continues to remain a challenge as per
the SCOD of March 31, 2014 agreed in loan documents. The rating is
however supported by favourable location of the project in Noida
in proximity to an established commercial area enjoying good
connectivity with Delhi.

In ICRA's view, timely funding support from promoters to complete
the project while minimizing time and cost overruns and thereafter
achieve optimal rentals and tenancy would be the key rating
sensitivities going forward.

Incorporated in 2007, Arnav Technosoft Pvt. Ltd engaged in
business of developing real estate and is executing its maiden
commercial project in Noida (Uttar Pradesh). The project involves
construction of a corporate office building in Sector 16 A in
Noida. ATPL is part of the SDS group which is engaged into real
estate development spanning across group housing projects,
integrated townships, commercial space and IT park in Noida and
Greater Noida regions of Uttar Pradesh. The group is headed by Mr.
Deepak Bansal and Mrs. Anshul Bansal.


ASSOCIATE LUMBERS: CARE Rates INR65cr Bank Loans at 'B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Associate
Lumbers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Existing and           65        CARE B+ Assigned
   proposed Long-
   term Bank
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Associate Lumbers
Private Limited are constrained due to the working capital
intensive operations funded primarily by external debt, weak
financial profile characterised by the high overall gearing and
high working capital utilisation, along with low profit margins
due to the trading nature of business operations.

Moreover, the rating is also constrained on account of ALPL's
exposure to volatility in the prices of its traded goods and
fluctuations in currency rates and high susceptibility to downturn
in the construction business.

The ratings, however, derive strength on account of the experience
of the promoters and well established relations with the customers
and suppliers.

The ability of the company to maintain its profitability margins
in competitive and sluggish market scenario remain the key rating
sensitivities.

Incorporated in 1984, Associate Lumbers Pvt Ltd (ALPL) is an
agglomeration of two well-known business houses M/s Farouk Sodagar
Darvesh & Company and M/s Jawahar Saw Mills. M/s Farouk Sodagar
Darvesh & Company, promoted by Darvesh family, has been into
trading of timber products across four generations since 1909. M/s
Jawahar Saw Mills, promoted by the Agicha family, is also engaged
in a similar line of business since 1900.

ALPL is engaged in the trading of timber. The company imports its
requirement of various types of timber from Myanmar, Nigeria,
Ivory Coast, Ghana, Austria, New Zealand, Canada etc. ALPL has
four stockyards admeasuring around 4 to 6 acres each located near
the coast in Maharashtra, Gujarat, Karnataka and Tamil Nadu. The
end-users are wholesale buyers majorly belonging to sectors such
as hospitality, infrastructure and real estate. All the purchase
requirements are met through imports and the exports constitute
around 25% of the total sales.

During FY13 (refers to the period April 1 to March 31), the
company has reported a total income of INR101.56 crore with a PAT
of INR2.37 as against the total income of INR81.56 crore with a
PAT of INR2.40 crore in FY12.


BLA UDYOG: CRISIL Reaffirms 'B' Rating on INR66MM Loans
-------------------------------------------------------
CRISIL's ratings on the bank loan facilities of BLA Udyog Pvt Ltd
continue to reflect BUPL's below-average financial risk profile
marked by aggressive capital structure and weak debt protection
indicators, and working-capital-intensive operations. These rating
weaknesses are partially offset by the benefits that BUPL derives
from its promoters' extensive industry experience and its
established relationship with suppliers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B/Stable (Reaffirmed)
   Letter of Credit          85      CRISIL A4 (Reaffirmed)
   Standby Line of Credit     6      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BUPL will continue to benefit over the medium
term from its promoters' experience in the trading business and
its established relationship with its suppliers and customers. The
outlook may be revised to 'Positive' if the company generates
larger-than-expected cash accruals, or witnesses capital infusion
by its promoters, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
BUPL witnesses a stretch in its receivables or undertakes a large
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Update
BUPL achieved revenue of about INR330 million till December 2013
in 2013-14 (refers to financial year, April 1 to March 31) and is
likely to achieve revenue of INR450 million for 2013-14. Its
operating profitability is expected o improve to over 5 per cent
for 2013-14 from about 4 per cent the previous year supported by
orders with better margins. BUPL is opening a retail showroom in
Dhanbad (Jharkhand) for fittings and floorings of Jaguar and
Johnson in April 2014 at an expected cost of INR4 million, funded
through equity infusion. The company received distribution rights
for products of Jindal Steel and Power Limited in Jharkhand
recently; this business is expected to start by February 2014 and
generate monthly revenue of INR30 million. BUPL's working capital
cycle is in line with CRISIL's expectation, with receivables of
about 60 days, creditors of about 55 days, and inventory of about
50 days on an average.

BUPL had a modest net worth of INR26 million as on March 31, 2013,
which is expected to improve over the near term supported by
equity infusion of INR7 million by the promoters in December 2013
and expected infusion of INR9 million by March 2014. BUPL's total
outside liabilities to tangible net worth (TOLTNW) ratio was
aggressive, at 4.7 times, as on March 31, 2013, and is expected to
remain over 4 times over the medium term on account of its large
working capital requirements. BUPL's modest net worth provides
inadequate coverage to risks related to receivables, inventory,
and foreign exchange exposure. Its interest coverage ratio is
inadequate, at about 1.9 times in 2012-13, and is expected to
remain below 2 times in 2013-14 on account of modest profitability
and reliance on debt to fund working capital requirements. BUPL's
liquidity is stretched, marked by average bank limit utilisation
of 99 per cent over the 12 months through November 2013; the bank
limits were overdrawn on several occasions, but were regularised
within 30 days.

BUPL, incorporated in 2009, is a closely held company that trades
in steel pipes, hardware items, and thermo-mechanically treated
bars. The company is managed by Mr. Vikas Agarwal and Mr. Tanuj
Agarwal. It has offices in Dhanbad and Mumbai (Maharashtra).


E.V. HOMES: ICRA Reaffirms 'B+' Rating on INR5cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' outstanding
on the INR5.00 crore term loan facility of E. V. Homes
Constructions Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             5.00       [ICRA]B+/Reaffirmed

The rating reaffirmation takes into account the execution risks in
terms of time and cost overruns and high market risk with sale of
59% of the area yet to be tied up. The rating also factors in the
significant slowdown in sales tie-up across projects in the past
one year which coupled with the high debt repayment obligations in
the near term exposes the company to refinancing risk. The rating
is also constrained on account of adverse capital structure
(gearing of 3.51x as on March 31, 2013) arising primarily on
account of unsecured loans and term loans availed for project
development. While assigning the rating, ICRA has taken note of
the aggressive expansion plans of the company and the high upfront
investment requirement for the proposed development, which is
expected to further stretch the company's financial profile. The
rating, however, favourably factors in the established position of
the promoter group in real estate development in Navi Mumbai and
clear land title held by the company for its projects currently
under execution.

Going forward, the company's ability to execute the projects as
per schedule, tie up the sales at adequate rates in a timely
manner as well as receive adequate and timely support from the
promoter group to meet cash flow mismatches, remain critical from
our credit perspective.

Incorporated in 2005, E.V. Homes Construction Private Limited is a
closely held private limited company based out of Mumbai engaged
in real estate development in Mumbai. EVHCPL is the flagship
company of the E.V. Group, which refers to a consortium of
companies promoted and managed by the Mr. E.V. Thomas along with
his family members. The company's operations are concentrated in
Navi Mumbai, Maharashtra and Kochi, Kerala. The company is engaged
in development of residential and commercial space and is
currently executing three projects aggregating to 1.41 lakh sq.ft.
of saleable area.

For the financial year ending March 2013, EVHCPL reported an
operating income of INR13.48 crore and a net profit of INR0.21
crore as compared to operating income of INR0.09 crore and net
profit of INR0.27 crore in the previous year.


GILLCO DEVELOPERS: ICRA Assigns 'B' Ratings to INR70cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR70.0 crores Fund
Based bank limits of Gillco Developers & Builders Private Limited.

                          Amount
   Facilities           (INR crore)  Ratings
   ----------           -----------  -------
   Overdraft Facilities   20.0       [ICRA]B (Assigned)
   Term Loans             50.0       [ICRA]B (Assigned)

The rating takes into consideration GDBPL's past track record in
the real estate business, its experienced management and low cost
land bank centered around Mohali, Punjab which provides scope for
future development. The rating is however constrained due to weak
pace of incremental bookings during the current year in GDBPL's
ongoing projects; which coupled with its high working capital
intensity has led to stretched liquidity position of the company.
Further, the promoter's contribution in the company has been low
in comparison to external debt leading to high gearing levels
(2.26 times as on March 31, 2013). The rating also takes into
account GDBPL's exposure to market risks for the un-booked space
in its on-going projects; and its reliance on customer advances to
complete these projects which expose it to funding risks. ICRA
notes that the region of GDBPL's upcoming projects is witnessing
sluggish demand which coupled with a number of projects under
construction by established builders can put pressure on company's
sales volume. Going forward, GDBPL's ability to improve its sales
momentum, adhere to its construction completion schedule, and
ensure timely collections from bookings would be the key rating
sensitivities.

Gillco Developers & Builders Private Limited was incorporated in
February 2011 and is involved in real estate development in the
Mohali region in Punjab. The company is closely held by the Gill
family based in Chandigarh, Punjab and has Mr. Ranjeet Singh Gill
as its managing director. Mr. Gill has more than 10 years of
experience in the real estate development business having executed
various residential projects in Mohali, Punjab. The company has so
far built over ~20 lakh sq.ft of residential space in Mohali,
Punjab which includes plots, flats, villas and commercial complex.

Recent Results:

In FY13, the company reported a net profit of INR7.07 crore on a
turnover of INR80.19 crore as against a net profit of INR14.67
crore on a turnover of INR70.60 crore in the corresponding period
last year.


HARERAM COTTON: CRISIL Cuts Rating on INR220MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hareram Cotton Industries to 'CRISIL D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term       100      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Rupee Term Loan           20      CRISIL D(Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects the delays by HCI in servicing its
term debt obligations due to weak liquidity, driven by delays in
receivables from its customers and slowdown in the domestic
economy.

HCI continues to be exposed to regulatory changes impacting in the
cotton ginning segment. Moreover, the firm has a weak financial
risk profile, marked by stretched liquidity. However, the firm
benefits from its promoters' extensive industry experience.

HCI was set up as a proprietorship firm in Pandhurna (Madhya
Pradesh) in 1999. The firm gins cotton and produces cotton oil and
cotton cakes. HCI was founded by Mr. Ramdas Hirode.


J.K. INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of J.K. Industries
continue to reflect JKI's working-capital-intensive operations,
weak financial risk profile marked by a high gearing and weak debt
protection metrics, high dependence on monsoon, and susceptibility
to adverse regulatory changes in the rice industry. These rating
weaknesses are partially offset by the extensive industry
experience of JKI's partners and the financial support that the
firm receives from them, and the healthy growth prospects of the
basmati rice industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JKI will continue to benefit over the medium
term from its partners' extensive experience in the rice industry.
CRISIL, however, also believes that the firm's financial risk
profile will remain constrained with high gearing and weak debt
protection metrics. The outlook may be revised to 'Positive' in
case JKI registers significant improvement in its financial risk
profile, because of capital infusion by its partners or
improvement in its scale of operations. Conversely, the outlook
may be revised to 'Negative' in case the firm registers
deterioration in its financial risk profile because of significant
increase in its inventory, leading to large incremental bank
borrowings, or in case of significant debt-funded capital
expenditure.

Update

JKI achieved sales of INR390 million in 2012-13 (refers to
financial year, April 1 to March 31), largely in line with
CRISIL's expectations. Furthermore, in 2013-14, the firm achieved
sales of INR320 million till December 2013. It expects to achieve
sales of INR450 million in 2013-14. JKI's operating margin remains
volatile; the margin declined to 7.5 per cent in 2012-13 from 8.2
per cent in 2011-12. Operating margins of the firm are expected to
remain volatile, though remain in above 7 per cent over the medium
term.

JKI's working capital requirements have remained large, as
reflected in its high gross current asset days of around 180 as on
March 31, 2013. The firm's working capital requirements are
expected to remain large, mainly on account of its large inventory
requirements over the medium term. JKI's financial risk profile
remains weak, marked by a high gearing and weak debt protection
metrics. The firm's gearing is estimated at around 6.4 times as on
March 31, 2013, while its interest coverage ratio and net cash
accruals to term debt ratio are estimated at around 1.28 times and
0.06 times respectively for the year ended March 31, 2013. Also,
JKI's liquidity remains weak, as reflected in its high bank limit
utilisation, particularly during the peak season. The firm does
not have significant term debt obligations and is expected to
generate sufficient cash accruals to meet the same.

JKI, a partnership firm started in 2000, is in the rice milling
and rice shelling business; its plant is in Fazilka (Punjab). It
processes basmati rice and its by-products, such as bran, phuk,
and bardana, which are sold in both the overseas market and
domestic market.

JKI reported a book profit of INR10.3 million on net sales of
INR391.4 million for 2012-13 (refers to financial year, April 1 to
March 31), against a book profit of INR2.3 million on net sales of
INR272.6 million for 2011-12


K. K. BUILDERS: ICRA Ups Ratings on INR31cr Loans From 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR31.0
crore term loans and fund based working capital facilities of K.
K. Builders from '[ICRA]D' to '[ICRA]BB-'; the outlook on the
rating is stable. ICRA has also revised the short term rating
assigned to the INR14.0 crore non-fund based bank limits of KK
from [ICRA]D to [ICRA]A4.

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term, Term     14.70      [ICRA]BB-(Stable);
   Loans                          revised

   Long term, Fund     15.00      [ICRA]BB-(Stable);
   based facilities               revised

   Long term,           1.30      [ICRA]BB-(Stable);
   Proposed                       revised
   facilities

   Short term, Non     14.00      [ICRA]A4; revised
   fund based
   facilities

The upward revision of the ratings reflects the improvement in the
credit culture of the firm demonstrated by timely debt servicing.
The ratings also consider the longstanding experience of the
partners in the construction and Hotels business; the healthy
orderbook of the firm's contract division and increased revenue
contribution from the Hotels division on the back of robust demand
for Indian Made Foreign Liquor (IMFL). The ratings further take
into account the strong profitability and improved capital
structure of the firm with high margins, moderate gearing and
healthy coverage indicators. The ratings are, however, constrained
by the high working capital intensity of the contracting business
with a large amount of receivables pending as on date from the
Kerala Public Works Department and the high percentage of
retention money retained by the clients. The ratings are further
stressed by the consistent losses made by the Kannur Central bus
stand complex BOT project till the recent past and the low
potential for revenue growth going forward.

K.K. Builders, a partnership firm formed in 1994, is a Kerala
based civil construction contractor and is primarily involved in
the execution of road and bridge construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department (PWD) and has obtained ISO
9001:2008 and ISO 14001:2004 certifications. The firm also owns
and manages four hotels, namely KK Residency, Hotel Broad Bean, KK
Tourist Home (Iritty) and KK Tourist Home (Kannur) in Kannur
district. Apart from the contract division and Hotels, the firm is
involved in the Kannur bus stand BOT project, operates two stone
crusher units and owns a division called KK fashion Retail which
is involved in garments and textile retailing.


K.R. PADMANABHAN: ICRA Assigns 'B' Rating to INR20cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR5.00 crore long term
fund based facilities and the INR15.00 crore proposed long term
fund based facilities of K. R. Padmanabhan and Sons.

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

   Long term fund     15.00           [ICRA]B assigned
   based facilities
   proposed

The rating considers the experience of the promoters in the rice
trading business, the firm's low supplier concentration (which
ensures steady supply of raw materials to an extent) and KRP's
established customer profile in the semi wholesale segment,
comprising of established players in the hospitality industry. The
rating is, however, constrained by the weak financial profile of
the firm, characterised by stretched capitalization and coverage
metrics and weak cash flows following thin margins (inherent to
trading) and working capital intensive nature of the business.
Further, the firm also has limited financial flexibility owing to
its modest scale of operations, and its already weak margins are
exposed to volatility arising from timing differences between
order booking with customers and procurement of rice from rice
mills. The rating also takes into account KRP's high customer and
geographic concentrations, and competition arising from low entry
barriers and a highly fragmented industry structure. ICRA also
notes the significant intragroup transactions compared to the
scale of operations.

While arriving at the rating, ICRA has considered the consolidated
risk profile of i) KRP and, ii) P. Sri Ramulu

K. R. Padmanabhan and Sons, which was established in the early
90s, is engaged in rice trading in Chennai and other parts of
Tamil Nadu; the firm procures rice from rice mills in Tamil Nadu,
Andhra Pradesh, Karnataka, Gujarat and Maharashtra and sells to
wholesalers, semi-wholesalers and to the retail segment in Tamil
Nadu. The promoters also have interest in other rice trading
entities directly or indirectly and the group's consolidated
turnover is estimated in excess of INR100.0 crore.

Recent results

KRP reported profit before tax (PBT) of INR0.1 crore on operating
income of INR12.8 crore during 2012-13, against PBT of INR0.1
crore on operating income of INR12.8 crore for the corresponding
previous fiscal year.


KAMALBEN KHUMANBHAI: ICRA Reaffirms B Rating on INR6.35cr Loan
--------------------------------------------------------------
The rating of '[ICRA]B' has been reaffirmed for the INR6.35 crore
term loan facility of M/s. Kamalben Khumanbhai Sindhav.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            6.35         [ICRA]B reaffirmed

The reaffirmation of rating takes into account the firm's modest
scale of planned operations, limited scope for growth in revenues,
with permissible annual increase in lease rental rates only by one
third of average WPI of previous year, as against expected
increase in operational expenses which may negatively impact the
profitability and delay in project execution which resulted in
reduction in tenure of the guarantee period of lease rentals from
10 years to nine years. ICRA also notes that the capital structure
and credit metrics are expected to remain stretched given the debt
funded nature of project executed by the firm. While reaffirming
the ratings ICRA has also noted the risks of capital withdrawals
that are inherent in proprietorship firms

The rating, however, favorably factors in the stable source of
expected revenue for the firm on account of agreement with CWC for
a period of nine years as well as lower counter party credit risk
with CWC being a GoI enterprise.

M/s. Kamalben Khumanbhai Sindhav was incorporated in the year 2011
and has entered into an agreement with Central Warehousing
Corporation (A government of India undertaking) to provide storage
space of 25,000 MT for storage of food grains required for Public
Distribution System (PDS). KKS has set up a godown on a land area
of 35,512 sq mtrs, owned by the proprietor and located at Maliya
Hatina taluka in Junagadh district.


KANHA GRAIN: ICRA Assigns 'B+' Rating to INR4.35cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.35
crore term loan, INR2.00 crore cash credit facilities and INR1.65
crore unallocated limitsof Kanha Grain Process. ICRA has also
assigned an '[ICRA]A4' rating to the INR2.50 crore non fund based
bank facilities of KGP. The above unallocated limits of INR1.65
crore have also been rated at [ICRA]A4 on the short term scale.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based-           2.35      [ICRA]B+ assigned
   Term Loan

   Fund Based-           2.00      [ICRA]B+ assigned
   Cash Credit

   Non Fund Based-       2.50      [ICRA]A4 assigned
   Bank Guarantee

   Unallocated           1.65      [ICRA]B+/[ICRA]A4
                                   assigned

Rating Rationale

The assigned ratings take into account KGP's relatively small
scale of current operations and weak financial profile as
reflected by low net profitability and depressed debt coverage
indicators. The ratings also factor in the company's exposure to
agro climatic risks with paddy being an agricultural commodity.
Further, the highly competitive nature of the rice milling
industry, characterized by presence of large number of players is
likely to keep margins of the entity under check. The ratings
further take into account KGP's exposure to risks associated with
its status as a partnership firm, including the risks of
withdrawal of capital by the partners. The rating however, draws
comfort from the experience of the partners in the rice milling
industry, the favorable demand prospects for the industry, with
rice being a staple food and KGP's presence in a major paddy
growing area, resulting in easy availability of paddy.

Kanha Grain process was set up in the year 2006 as a partnership
firm by the Agrawal family based in Raipur, Chhattisgarh. The
entity is engaged in milling of raw and parboiled rice and has an
installed capacity of 14400 metric tonne per annum (MTPA).

Recent Results

The company reported a net profit of INR0.07 crore during the
financial year 2012-2013 on an operating income of INR13.10 crore,
as compared to a net profit of INR0.05 crore on an operating
income of INR8.96 crore during 2011-12.


MAA SAMLESWARI: CRISIL Reaffirms 'D' Rating on INR90MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maa Samleswari
Industries Pvt Ltd continues to reflect instances of delays by
MSIPL in servicing its debts; the delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL D (Reaffirmed)
   Cash Credit               80      CRISIL D (Reaffirmed)

MSIPL also has working capital intensive operations, marginal
market share and is exposed to risks related to cyclicality in the
steel industry. The company, however, benefits from its promoters'
established track record in the sponge iron industry.

For arriving at its ratings, CRISIL has taken a standalone view of
the business and financial risk profiles of MSIPL rather than
consolidating these with those of Jay Iron and Steel Ltd (JISL).
The change in analytical approach has been because MSIPL is no
longer expected to provide financial support to, or receive such
support from, JISL.

MSIPL, based in Sambalpur (Odisha), was set up in 2004.  MSIPL
manufactures sponge iron.

For 2011-12 (refers to the financial year, April 1 to March 31),
MSIPL reported a net loss of INR17.6 million on net sales of
INR179.2 million as against a profit after tax of INR5 million on
net sales of INR 200.8 million for 2010-11.


MAGALAM DRUGS: CRISIL Reaffirms B- Rating on INR487.5MM Loans
-------------------------------------------------------------
CRISIL's rating on bank facilities of Magalam Drugs & Organics
Limited continue to reflect its weak operating efficiency,
reflected in operating losses and weak financial risk profile.
These rating weaknesses are partially offset by MDOL's established
market position and promoter's extensive experience in the
pharmaceutical industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           13      CRISIL A4 (Reaffirmed)

   Cash Credit             315      CRISIL B-/Stable(Reaffirmed)

   Letter of Credit        100      CRISIL A4(Reaffirmed)

   Letter of Credit         60      CRISIL A4(Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       10.8    CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan               161.7    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MDOL will maintain its credit risk profile,
backed by company's established market position and promoter's
long track in the pharmaceutical industry. The outlook may be
revised to 'Positive' if company turns profitable at net level
while registering higher than expected sales growth.  Conversely,
the outlook may be revised to 'Negative' if company reports lower
than expected sales or continuation of loss at operating level or
if company undertakes large debt funded capital expenditure or
company's working capital cycle deteriorates leading to further
deterioration in financial risk profile of the company.

Update
MDOL continues to report losses at operating level because of
inability to pass on increasing power costs to customers. Company
also reported about 17 percent year on year decline in sales in
2012-13, but company's sales during of INR1.1 billion were
somewhat higher than CRISIL's expectations. Though it generated
weak sales at about INR446 million in first half of 2012-13, it
scaled up substantially in second half of 2012-13. Company has
recorded sales of INR465 million from April to September 2013 and
is expected to record sales of over INR1 billion in 2013-14.
However, break even at net level will continue to remain key
rating sensitivity factor over the medium term.

Company's financial risk profile is marked by moderate gearing
levels but weak debt protection metrics on back of loss at
operating levels. Company's liquidity continues to remain
stretched owing to higher reliance on outside debt to fund working
capital intensive operations marked by high gross current asset
(GCA) days of around 167 days. Company's gearing as on March 31,
2013 was about 1.4 times but is expected to increase to about 2
times over the medium term owing to debt funded capex, continued
losses and incremental working capital requirements.  Expected
improvement in operating margins over the medium term backed by
capex of INR11 million undertaken to curtail its power costs is
expected to improve the debt protection metrics. Further with
majority of repayment on term debt starting on June 2014,
company's liquidity is expected to remain stretched on back of
tightly matched cash accruals vis-a-vis term debt repayment and
high bank limit utilisation. Also timely and adequate funding
support from promoters to support company's liquidity, as in the
past remains a key rating sensitivity factor.

MDOL reported a net loss of INR118 million on net sales of INR1268
million for 2012-13 (refers to financial year, April 1 to March
31), against a PAT of INR6 million on net sales of INR1541 million
for 2011-12.

MDOL (formerly, Advent Pharma Pvt Ltd), promoted by the Mumbai
(Maharashtra)-based Dhoot family, was set up in 1972 as part of
the Mangalam group. The company was reconstituted as a public
limited company in 2001. MDOL manufactures bulk drugs, and organic
and inorganic chemicals. MDOL is among the four World Health
Organization (WHO)-approved Indian companies to be associated with
the William J Clinton Foundation (Clinton Foundation) for
manufacture of anti-malarial drugs; the company supplies
artemisinin-based bulk drugs to pharmaceutical companies, for the
manufacture of anti-malarial formulations.


MAHAVIR GLOBAL: CARE Assigns 'B' Rating to INR5.08cr Loans
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4'ratings to the bank facilities
of Mahavir Global Inc.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            5.08       CARE B Assigned

   Short-term Bank
   Facilities            5.00       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Mahavir Global Inc
are primarily constrained by its small scale of operations, weak
financial risk profile marked by low profitability margins,
leveraged capital structure & weak debt service coverage
indicators and working capital intensive nature of operations. The
ratings are further constrained on account of the susceptibility
of margins to the fluctuation in raw material prices, MGI's
presence in a fragmented industry, foreign currency fluctuation
risk and the constitution of the entity being a partnership
concern with a short track record of operations.

The ratings, however, find support from the experienced partners
and close proximity to the raw material sources.

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

Haryana-based Mahavir Global Inc was established in 2011 as a
partnership concern by Mr Anil Kumar Garg and Mr Vishal Garg with
an equal profit and loss sharing ratio.

The firm is engaged in the milling, processing and trading of
rice. The firm procures the raw material (paddy) from Haryana and
Uttar Pradesh at the market price on cash and advance basis.
The firm is mainly engaged in exports, especially to the Middle
East countries. The paddy processing facility of the firm is
located at Karnal with an installed capacity of 15,000 TPA as on
March 31, 2013.

For FY13 (refers to the period April 1 to March 31), MGI achieved
a total operating income of INR18.56 crore and a PAT of INR0.05
crore. In 9MFY14, the firm had achieved a total operating
income of INR22 crore.


MANGALAM TIMBER: ICRA Suspends B+/A4 Rating on INR21.08cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+/ICRA]A4 ratings assigned to
INR21.08 crore, long term/short term fund based/non-fund based
bank facilities of Mangalam Timber Products Ltd. 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.


OMKAR INFRACON: CRISIL Reaffirms 'B' Rating on INR83MM Loans
------------------------------------------------------------
CRISIL ratings continues to reflect the expected small scale of
operations of Omkar Infracon Private Limited, and the company's
customer concentration; moreover, as OIPL has begun operations
only recently, its financial risk profile is expected to remain
below average over the medium term because of low cash accruals
during the same period. These rating weaknesses are partially
offset by the benefits that OIPL derives from the increasing
demand for fly ash bricks, mainly in the vicinity of thermal power
plants that are driven by the government's directive of using fly
ash based products within 100 km of radius from a coal or lignite
based power plants.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          2       CRISIL A4 (Reaffirmed)

   Cash Credit            18       CRISIL B/Stable (Reaffirmed)

   Term Loan              65       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OIPL will benefit over the medium term from
the demand for fly ash bricks. The outlook may be revised to
'Positive' in case the company achieves better-than-expected ramp
up in sales and generates higher-than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case
OIPL's working capital requirements are larger than expected, or
if the company generates lower-than-expected cash accruals or
undertakes any debt-funded capital expenditure programme, thereby
constraining its financial risk profile and liquidity.

Update

In 2012-13, the company generated revenues of around INR72
million. The commercial production of the company started in
January 2013. In the current year, the company has already
generated revenues of around INR75 million till September 30, 2013
and is expected to generate revenues of INR180-190 million for the
full year in line with previous estimates.

In 2012-13, the company had operating margins of around 25%. The
operating margins is expected to be around 19-20% over the medium
term. The company is expected to generate net cash accruals of
around INR14 million in FY14.

Financial risk profile of the company remains below-average
constrained mainly by low net worth and stretched liquidity. The
net worth of the company stood low at aroundRs.92 million as on
March 31, 2013. The liquidity of the company is stretched because
of Working capital intensive operations, small bank limits and
large term debt obligations constrain the company's liquidity. Its
GCA stood at 73 as on March 31, 2013 and its bank limits of INR18
million are fully utilised. The company's expected cash accruals
of INR16 million for 2013-14 will be tightly matched with
repayments. However, the company has applied for enhancement in
its bank facilities to INR35 million which could improve liquidity
and remains a key rating sensitivity factor. Fund support from
promoters in the form of equity and USL infusion of INR 40 million
and INR12 million respectively in 2012-13 have also buffered
liquidity. Further and timely fund support from the promoters
remains a key rating sensitivity factor.

OIPL, incorporated in 2010, has a fly ash brick plant near
Kolaghat thermal power plant in West Bengal. It commenced
commercial operations in August 2012. The facility has capacity to
produce around 150,000 bricks per day.


P. SRI RAMULU: ICRA Assigns 'B' Rating to INR20cr Loans
-------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR10.00 crore long term
fund based facilities and the INR10.00 crore proposed long term
fund based facilities of P. Sri Ramulu.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        10.00       [ICRA]B assigned
   based facilities

   Long term fund        10.00       [ICRA]B assigned
   based facilities-
   proposed

The rating considers the experience of the promoter in the rice
trading business, the entity's low supplier concentration (which
ensures steady supply of raw materials to an extent) and PS's
established customer profile in the semi wholesale segment,
comprising of established players in the hospitality industry. The
rating is, however, constrained by the weak financial profile of
the entity, characterised by stretched capitalization and coverage
metrics and weak cash flows following thin margins (inherent to
trading). Further, the entity also has limited financial
flexibility owing to its modest scale of operations, and its
already weak margins are exposed to volatility arising from timing
differences between order booking with customers and procurement
of rice from rice mills. The rating also takes into account PS's
high customer concentration, and competition arising from low
entry barriers and a highly fragmented industry structure. ICRA
also notes the significant intragroup transactions compared to the
scale of operations.

While arriving at the rating, ICRA has considered the consolidated
risk profile of i) PS and, ii) K. R. Padmanabhan and Sons.

P. Sri Ramulu, which was established in the early 90s, is engaged
in rice trading in Chennai and other parts of Tamil Nadu; the
entity procures rice from rice mills in Tamil Nadu, Andhra
Pradesh, Karnataka, Gujarat and Maharashtra and sells to
wholesalers, semi-wholesalers and to the retail segment in Tamil
Nadu. The promoter also has interest in other rice trading
entities directly or indirectly and the group's consolidated
turnover is estimated in excess of INR100.0 crore.

Recent results

PS reported profit before tax (PBT) of INR0.1 crore on operating
income of INR50.2 crore during 2012-13, against PBT of INR0.1
crore on operating income of INR37.2 crore for the corresponding
previous fiscal year.


R. R. DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR83MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of R. R. Developers
continue to reflect RRD's small scale of operations in the
intensely competitive hospitality industry, weak financial risk
profile, marked by high gearing and small net worth, and exposure
to cyclicality inherent in the industry. These rating weaknesses
are partially offset by the benefits that the firm derives from
the favourable location of its hotel, and the established brand
image of the RR group in the Lucknow (Uttar Pradesh) region.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        2       CRISIL B/Stable (Reaffirmed)
   Term Loan                81       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RRD will continue to benefit over the medium
term from the established brand image of its promoters in the
region. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected revenues and profitability, leading
to improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of a substantial decline in occupancy levels at RRD's hotel,
or if the firm undertakes a large debt-funded capex programme,
deteriorating its financial risk profile.

Update
RRD's revenues increased to INR80.3 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR18.5 million in 2011-
12, higher than CRISIL's expectations because of higher-than-
expected occupancy levels, and foods and beverages (F&B) sales.
CRISIL believes that RRD's scale of operations will increase
gradually, but will remain small, over the medium term.

RRD achieved break-even in 2012-13 registering an operating margin
of 21.6 per cent in 2012-13, reflecting stabilisation of
operations and profitability. However, the operating profitability
has remained lower than CRISIL's expectations on account of low
revenue per available room (RevPAR) because of intense competition
from nearby hotels. CRISIL believes that RRD's operating
profitability will remain at similar levels over the medium term.

RRD's financial risk profile remained aggressive, marked by a high
gearing of 7.24 times and muted debt protection metrics with
interest coverage ratio of 1.3 times and net cash accruals to
total debt (NCATD) ratio of 0.05 times in 2012-13.
Capital structure remained aggressive on account of small net
worth which stood at INR11.3 million as on March 31, 2013, and
large long-term debt towards setting up the hotel. CRISIL believes
that RRD's financial risk profile will remain aggressive over the
medium term driven by high gearing.

RRD's working capital cycle has improved significantly, reflected
in gross current assets (GCA) of 61 days as on March 31, 2013
which reduced from 346 days as on March 31, 2012, with
stabilisation of operations. The firm's inventory stood at 18 days
as on March 31, 2013. CRISIL believes that RRD's working capital
requirements will remain small over the medium term.

RRD is expected to benefit from funding support from its
promoters, as indicated by their extension of unsecured loans of
INR40.6 million as on March 31, 2013 and infusion of equity of
INR42 million in 2012-13. However, the firm's cash accruals are
likely to remain tightly matched with the term debt obligations in
2013-14. Occupancy levels, average room rent, and capex plans will
remain key rating sensitivity factors for RRD over the medium
term.

RRD reported a net loss of INR11.68 million on net sales of
INR80.5 million for 2012-13, against a net loss of INR18.72
million on net sales of INR18.6 million for 2011-12.
About the Company

Incorporated in 2002, RRD is promoted by the Lucknow-based Agarwal
family, known as the RR group. The firm runs a budget hotel in
Lucknow, with total capacity of 66 rooms. RRD follows a franchise
model and operates under the brand, Best Western Plus Levana.


R.J. AGRO: ICRA Reaffirms 'B' Rating on INR6cr Loans
----------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR6.00 crore fund
based limits of R. J. Agro Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based limits     6.00       [ICRA]B reaffirmed

The rating reaffirmation continues to take into consideration the
firm's small scale of operations and its weak profitability in the
rice industry. Further the rating is constrained the high working
capital intensity in the industry with resultant high working
capital borrowings of the players including RJ Agro. High gearing
which coupled with low profitability has led to weak debt
protection metrics. The rating also continues to factor in the
high competitive intensive nature of the business, exposure to
agro climatic risks impacting the availability and pricing of raw
material i.e. paddy and the risks inherent in partnership firm
like limited ability to raise capital, risk of dissolution due to
the death, insolvency and retirement etc of the partners. On the
other hand the rating draws comfort from the healthy growth
achieved by company in its operating income driven by increased
volumes and prices, its experienced and qualified management with
established presence in basmati rice business for a long period of
time and healthy demand in both domestic and overseas markets.

M/s R J Agro Industries was started as partnership firm in the
year 1995 by Mr. Brij Lal Garg along with his family members. The
firm is involved in the milling and trading of basmati and non
basmati rice. The processing facility of firm is located in Cheeka
(Kaithal), Haryana and has milling capacity of 2 MTPH.

Recent Results

The firm has reported operating income of INR22.81 crore and
Profit before Tax of INR0.01 crore in FY13 as against operating
income of INR16.10 crore and PBT of INR0.01 crore in FY12.


REWA AGROTECH: ICRA Suspends 'B-' Rating on IRN14.1cr Loans
-----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR14.1 crores
bank facilities of Rewa Agrotech 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.


SAI KRIPA: CARE Rates INR11cr Long-Term Loan at 'B+'
---------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sai Kripa
Real Estate Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        11.0       CARE B+ Assigned
   Facility

Rating Rationale

The rating assigned to the bank facility of Sai Kripa Real Estate
Private Limited is constrained by the execution risk as the
project is in the initial stage of implementation with yet-tobe-
achieved financial closure for debt, low booking status,
saleability risk coupled with an inherent risk associated with the
cyclical real estate industry.

However, the rating derives strength from the experience of the
promoters in the real estate business and advantageous location of
the projects.

The successful completion of the project within the envisaged cost
and time parameters, the timely receipt of the customer advances
and the ability to sell the project space at envisaged prices in a
timely manner is the key rating sensitivity.

Sai Kripa Real Estate Pvt Ltd, incorporated in March 4, 2004 by Mr
Shailendra Singh and his wife Mrs Namrata Singh of Patna, Bihar
and the company is into the development of residential and
commercial projects. Till date, the company had developed four
projects namely Sai Carnation, Sai Corporate Park I & II and Sai
Harmony, having 2 lakh sq. ft. (lsf) of area cumulatively in the
residential and commercial segments.

SKRE is currently developing three projects, out of which two are
residential-cum-commercial project (Sai Mani Orchid & Sai
Infinity) and one is a residential project (Sai Rainbow Park). All
the three projects are located at Patna, Bihar. The entire
residential area (of 2.47 lakh sq. ft.) will be sold out, while
the commercial space (0.44 lakh sq. ft.) will be leased out. Sai
Mani Orchid is likely to be completed by January 2015, while Sai
Rainbow Park and Sai Infinity is likely to be completed by
January 2016 and October 2016 respectively. The projects are in
the initial stage of implementation and the company has received
all land and other clearances for these projects.

During FY13 (refers to the period April 1 to March 31), SKRE had
reported a total operating income of INR5.3 crore and PAT of
INR5.7 crore.


SAKTHI SPINTEX: ICRA Assigns 'C' Ratings to INR13.20cr Loans
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]C' to INR10.20 crore
term loan facilities and INR3.00 crore fund based facilities of
Sakthi Spintex Private Limited. ICRA has also assigned short-term
rating of '[ICRA]A4' to the INR2.65 crore non-fund based
facilities of SSPL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   LT-Term loans       10.20      [ICRA]C/assigned

   LT-Fund based
   Facilities           3.00      [ICRA]C/assigned

   ST-Non-fund
   based facilities     2.65      [ICRA]A4/assigned

The ratings consider the Company's nascent stage of operations
which restrict its scale economies and financial flexibility, the
highly fragmented structure of the spinning industry which
inhibits pricing flexibility and the adverse power situation in
Tamil Nadu which has adversely impacted the Company's operations.
Cumulatively, these have led to a weak financial profile,
characterized by losses, stretched coverage metrics and weak
capital structure with a high gearing of 4.2 times (as on
March 31, 2013). The ratings, however, also consider the
experience of promoters in the textile industry which is expected
to support the business/operations in the longer term.
Nonetheless, till such time as the operations stabilize, ability
of the Company to improve cash flows through volume and margin
expansion would remain critical to support the cumulative
repayment obligations of INR3.8 crore arising over the next three
years.

Sakthi Spintex Private Limited was incorporated in 2002 to
manufacture cotton yarn and is promoted by Mr. Vijayakumar, who is
also a Director on the Board of Arun Spinning Mills Private
Limited. The Company commenced production in November 2011, and is
currently engaged in trading of yarn to support cash flows till
operating conditions (primarily power situation) improves. The
Company also does conversion of processed cotton to yarn on a job
work basis for its group company. SSPL's manufacturing facility is
located near Srivilliputhur, Tamil Nadu and currently operates
with a capacity of 14,400 spindles pre-dominantly manufacturing
yarn in the 60s count range. The facility does not have any back-
processing capacity and hence is dependent on group companies to
support its operations.

Recent Results

According to un-audited results, the Company reported net loss of
INR1.5 crore on an operating income of INR13.8 crore during 2012-
13 as against net loss of INR1.0 crore on an operating income of
INR2.1 crore during 2011-12.


SANTI POLYFAB: CARE Assigns 'B' Rating to INR11.04cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Santi Polyfab India Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           11.04       CARE B Assigned

   Short-term Bank
   Facilities            0.25       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Santi Polyfab India
Pvt Ltd are constrained by being a small player with short track
record of operation, volatility in raw material prices, highly
competitive and fragmented nature of the industry, working capital
intensive nature of operations and high leverage ratio. The
aforesaid constraints are partially offset by the experience of
the promoters with lack of experience in the woven sack industry
and diversified end-user industries.

The ability to increase the scale of operations and profitability
margins and the ability to manage working capital effectively are
the key rating sensitivities.

Santi Polyfab (India) Pvt Ltd incorporated on November 25, 2010,
was promoted by the Mondal family of Burdwan, West Bengal. The
company commenced commercial operation in March 2012. SPIPL is
engaged in the manufacturing of fabric tape, PP fabric sacks and
leno bags with its manufacturing unit located at Burdwan (West
Bengal) and is currently operating with an installed capacity of
1,500 MTPA for fabric tape, 1,000 MTPA for PP fabric sacks and 450
MTPA for leno bags. The products of SPIPL find extensive
applications in industries ranging from chemicals, fertilizers,
agriculture, cement, food processing, etc.

As per the audited results of FY12 (refers to the period April 01
to March 31), SPIPPL reported a PBILDT of INR0.08 crore on a total
operating income of INR0.28 crore. Furthermore during FY13
(provisional), the management is stated to have achieved net sales
of INR18.02 crore.


SOBHAGIA SALES: CARE Assigns 'B+' Rating to INR18.40cr Loans
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' to the bank facilities of
Sobhagia Sales Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            18.40      CARE B+ Assigned

   Short-term Bank
   Facilities             4.00      CARE A4 Assigned

Rating Rationale

The rating is constrained by the liquidity constraints, small
scale of operations, and highly fragmented market resulting in
intense competition from the unorganized players. These
weaknesses, however, are partially offset by the experienced
promoters, established track record of operation and client base.
The ability of the company to increase the scale of operations
with an improvement in liquidity shall be the key sensitivities.

Sobhagia Sales Private Limited was established in 1993 by Mr Raj
Avasthi and Mr Munish Avasthi. It is a part of the Sportking
Group. The company manufactures hosiery and ready-made
garments for men, women, and kids at its unit in Ludhiana
(Punjab). Its main products are pullovers, track suits,
undergarments, cardigans and infant wear. It sells its products
through its 32 exclusive showrooms and 35 franchises showrooms, in
Punjab, Haryana, Rajasthan and New Delhi.

SSPL's products are sold under its brands, 'Sportking' and
'Mentor'. The company has an installed capacity of 5,500 pieces
per day as on March 31, 2013.

SSPL reported a PAT of INR3.15 crore on a total income of
INR108.59 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR2.54 crore on a total income of
INR109.24 crore in FY12. The company achieved sales of INR44.40
crore in H1FY14 (refers to the period April 1 to September 30) and
a PBT of INR1.07 crore in the same period.


SUPREME POWER: ICRA Assigns 'B+' Rating to INR4.1cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR0.40
crore term loan facility and the INR3.70 crore fund based facility
of Supreme Power Equipment Private Limited. ICRA has also assigned
a short-term rating of '[ICRA]A4' to the INR0.50 crore fund based
facility and the INR5.00 crore non-fund based facility of SPEPL.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term loan facility     0.40       [ICRA]B+ assigned

   Fund based facility    3.70       [ICRA]B+ assigned

   Fund based facility    0.50       [ICRA]A4 assigned

   Non fund based
   Facility               5.00       [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters in
the business of manufacture of transformers for more than a
decade; the company's healthy order book position, its established
relationships with its key customers and the favourable demand
outlook for the segment, with planned investments in power
transmission infrastructure, which are expected to support
business growth. The ratings also consider the company's moderate
scale of operations, which leads to nominal profits and cash
accruals; the high customer concentration risk; and the fragmented
industry structure characterised by intense competition, leading
to limited bargaining power with its stronger customers. While
delays in receipts from its customers have led to stretching of
payments to suppliers in the past, receivables have since
moderated during 2012-13; however, an inventory build-up has led
to high working capital requirement at the end of that fiscal.

Incorporated in 2005, SPEPL is primarily engaged in the
manufacture of transformers, mainly distribution, power and
windmill transformers. Its customer profile includes TNEB, Vestas
and Gamesa, and its manufacturing facility is located near Chennai
(Tamil Nadu). The company is promoted by Mr. Vee Rajmohan and Mr.
K V Pradeep, who have been in the business of transformer
manufacturing since 2000.

Recent results

SPEPL reported a net profit of INR0.2 crore on an operating income
of INR15.8 crore during 2012-13, against a net profit of INR0.2
crore on an operating income of INR15.7 crore during 2011-12.


TRADITIONAL GALLERY: ICRA Cuts Rating on INR0.93cr Loan to B+
-------------------------------------------------------------
ICRA has revised the long-term rating for the INR0.93 Crore
unallocated limits of Traditional Gallery Private Limited from
'[ICRA]BB' to '[ICRA]B+'. The rating for the INR9.5 Crore short
term fund based facilities has been revised from '[ICRA]A4+' to
'[ICRA]A4'.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund Based        6.00        Revised from [ICRA]A4+
   Facilities                    to [ICRA]A4

   Non Fund          3.50        Revised from [ICRA]A4+
   Based Facilities              to [ICRA]A4

   Unallocated       0.93        Revised from [ICRA]BB
                                 (stable) to [ICRA]B+

The ratings revision factors in the de-growth of 12.7% in
operating income, reduced profitability and weak liquidity
position due to decline in demand from existing customers and loss
of other clients due to the recessionary economic scenario in
Europe. Traditional Gallery Private Limited's capital structure
deteriorated in FY13, with the total debt increasing to INR16.9
crore in FY13 to fund working capital requirements, capex
initiatives and as well as acquisition of a hotel as a subsidiary.
Additionally, given the high client and geographic concentration
risk, the reduced off take by a few customers like El Corral De
Las Flamencas, Spain and Raxevsky S.A, Greece during FY13 resulted
in a decline in revenues as well as profits. However, ICRA also
factors in the established relationships with its customers, which
has helped the company acquire repeat business. The company's
ability to leverage its capacity to improve the scale of
operations, diversify its customer profile as well as improve
profitability will remain key rating sensitivities.

Incorporated in 2002, Traditional Gallery Private Limited (TGPL)
is engaged in the manufacture and export of readymade ladies
garments like skirts, dresses, tops etc. The company's 95% woven
and 5% knitted products are exported; mainly to Japan and Spain.
The company has a manufacturing facility in Jaipur, which has over
700 sewing machines, with a total capacity of 4500 pieces/day.

Recent Results

In 9 months FY14, TGPL recorded revenues of about INR18.0 crore as
per provisional financials shared.


WINTOP VITRIFIED: ICRA Revises Rating on INR26.2cr Loans From 'B'
-----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR18.20
crore term loan, INR8.00 crore cash credit and INR8.50 crore non
fund based foreign letter of credit (sublimit within term loan)
facility of Wintop Vitrified Private Limited from '[ICRA]B' to
'[ICRA]B+'. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR1.00 crore non fund based foreign letter of
credit (sublimit within cash credit) and INR2.50 crore bank
guarantee facility of WVPL.

                       Amount
   Facilities        (INR crore)  Ratings
   ----------        -----------  -------
   Fund Based-         18.20      Revised from [ICRA]B
   Term Loan                      to [ICRA]B+

   Fund Based-          8.00      Revised from [ICRA]B
   Cash Credit                    to [ICRA]B+

   Non Fund Based-      (8.50)    Revised from [ICRA]B
   Foreign Letter                 to [ICRA]B+
   of Credit

   Non Fund Based-      (1.00)    [ICRA]A4 reaffirmed
   Foreign Letter
   of Credit (For
   import of Raw
   Material)

   Non Fund Based-       2.50     [ICRA]A4 reaffirmed
   Bank Guarantee

The ratings revision factors in the timely commissioning and
stabilization of manufacturing operations of Wintop Vitrified
Private Limited's along with the supply agreement with Aravind
Ceramics, mitigating off take risks to an extent. The ratings,
also take note of the location advantage enjoyed by WVPL, giving
it easy access to raw material and the company's geographically
diversified dealers' network in domestic market.

The ratings however remain constrained by WVPL's nascent stage of
operations with a single product portfolio. The ratings are also
constrained by the high gearing levels with modest debt protection
indicators and stretched liquidity on account of slow debtor
realizations. The ratings also take into consideration, the
susceptibility of operations to the intense competition with the
presence of large established organized tile manufacturers and
unorganized players. While assigning the ratings, ICRA also takes
note of the dependence of operations and cash flows on the
performance of the real estate industry, which is the main
consuming sector for the company's products, and vulnerability to
increasing prices of gas and power.

Wintop Vitrified Private Limited is a vitrified tiles manufacturer
with its plant situated at Morbi, Gujarat. The company was
incorporated in January 2011 as private limited company with the
commencement of commercial operation in March 2012. The company is
currently managed by seven directors namely Mr. Mukesh M.
Kachrola, Mr. Bhikhabhai K. Panara, Mr. Kantilal S. Kakasaniya,
Mr. Narbherambhai A. Ghodasara, Mr. Bharatbhai F. Kacharola, Mr.
Dhirajlal K. Panara and Mr. Kamleshbhai B. Panara. The
manufacturing plant has an installed capacity to produce 56575
MTPA of vitrified tiles in single size 600X600 mm with the current
set of machinery.

Recent Results

For the year ended 31st March, 2013, WVPL reported an operating
income of INR45.12 crore and PAT (Profit after Tax) of INR0.50
crore.


YASIKA STEELS: CRISIL Reaffirms 'B' Rating on INR150MM Loans
------------------------------------------------------------
The rating continues to reflect Yasika Steels Private Limited's
weak financial risk profile, modest scale of operations, and
susceptibility to intense industry competition. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the steel industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                40     CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit              110     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that YSPL will continue to benefit over the medium
term from its established market position, supported by its
promoters' experience in the bright steel bars business. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly, backed by higher-than-
expected revenue growth and profitability. Conversely, the outlook
may be revised to 'Negative' if YSPL's operating profitability and
cash accruals decline, or if the company undertakes any unexpected
large, debt-funded capital expenditure programme.

Update
In 2012-13, the net sales of the company remained flattish at
around INR253 milllion. In 2013-14 ,  the company has generated
revenues of around INR170 million till December 31, 2013 and is
expected to remain flattish for the full yer at around INR 250
million.

In 2012-13, the operating margins of the company remains in line
with historical at around 5.5% and is expected to remain at
similar levels in the current year and over the medium term as
well.

Financial risk profile of the company remains weak with high
gearing, low net worth and weak debt protection measures. The net
worth levels of the company is estimated to remain low at around
INR24 million due to low accretion to reserves and no fund support
from the promoters in the form of equity infusion over the past
few years.The gearing levels of the company are also estimated to
remain aggressive at over 3.5 times as on march 31, 2014 due to
low net worth base and reliance on short term debt to fund the
working capital cycle. The debt protection measures also remained
weak with interest coverage estimated at 1.5 times and 5% in FY14
due to weak profitability. The financial risk profile of the
company is expected to remain weak over the medium term due to low
accretion to reserves and low profitability.

The liquidity of the company remained stretched as depicted by
full utilization of bank limits due to working capital intensive
nature of operations. The company is expected to generate cash
accruals of around INR4 million as against repayment obligations
of INR2.8 million in FY14. The company is estimated to have low
current ratio of 1.04 times as on march 31, 2014. The company does
not have any capex plans over the medium term. The liquidity of
the company is expected to remain stretched over the medium term
due to working capital intensive nature of operations.

YSPL, incorporated in 2005, is promoted by Mr. Viral R Malaviya
and his wife Mrs. Poonam Viral Malaviya. The company manufactures
and trades in steel products, mainly bright steel bars.



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


MERPATI NUSANTARA: Temporarily Shuts Down Operation
---------------------------------------------------
Antara News reports that state-owned airline Merpati Nusantara
Airlines has temporarily shut down its operation in the face of
its consolidation period, according to a cabinet minister.

"In the consolidation period, Marpati is forced to halt its flight
service temporarily. If it flies it will suffer more losses," the
news agency quotes State Enterprise Minister Dahlan Iskan as
saying.

Antara News relates that the minister said that if Merpati forced
itself to operate, particularly its jet planes, it would increase
its losses.

He said that the temporary closing of flight routes was a
consequence it had to take during its restructuring and
consolidation period, the report relays.

"It is only for the time being. We hope consolidation will have
been completed at the end of March at the latest," the minister,
as cited by Antara News, remarked.

According to Antara News, Marpati's conditions worsened as a
result of corporate cash deficit, the closing of a number of
flight services, insurance payment arrears and delay in employees'
salary payments.

The state-owned airline which is now burdened with debts amounting
to IDR6.7 trillion has been carrying out restructuring since 2005.
It has spent IDR3.6 trillion for its salvaging efforts.

            Transportation Ministry Demands Explanation

Meanwhile, Antara News reports that an official revealed that the
Transportation Ministry has said it has sent a letter requesting
an explanation from the management of the state-owned carrier over
its decision to temporarily shut down operations in early February
2014.

"We want to know the reason behind this decision and which routes
will not be serviced anymore," the report quotes Transportation
Ministry's Director for Air Transportation Affairs Djoko
Murjatmodjo as saying.

Antara News says Mr. Djoko admitted that the management of Merpati
had sent a letter to him informing that it will temporarily halt
operations until March 2014. However, Mr. Djoko demanded a
complete and detailed report on the reasons that will lead to the
operational shutdown, the report adds.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.

                        *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2011, The Jakarta Globe said that then State Enterprises
Minister Mustafa Abubakar said the financial restructuring of
Merpati Nusantara Airlines will carry on despite a recent crash
that led to questions about the safety of its fleet.

Jakarta Globe said Merpati was under the care of the state-asset
management company Perusahaan Pengelola Aset, which has injected
hundreds of billions of rupiah to bring it back to profitability.
But after the crash of a Merpati MA-60 that killed 25 people on
May 7, 2011, pressure is building to let the airline go under.



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


L-JAC 7 CMBS: S&P Lowers Ratings on 2 Classes of Notes to D
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'CCC (sf)' its rating on the class B trust certificates, and to 'D
(sf)' from 'CCC- (sf)' its ratings on the class D-1 and E-1 trust
certificates issued in March 2008 under the L-JAC 7 Trust
Beneficial Interest and Trust Loan (L-JAC 7) transaction.

The property backing one of the transaction's underlying specified
bonds appears more likely to be sold for a lower amount than the
outstanding balance of the specified bond.  The specified bond
originally represented about 24% of the total initial issuance
amount of the trust certificates and trust loan.  S&P downgraded
class B because it now considers this class to be more likely to
incur a principal loss.

The servicer completed the sale of a collateral property for one
of the transaction's underlying loans.  However, the loan, which
had defaulted, incurred a principal loss following the property
sale.  The loan originally represented about 6% of the total
initial issuance amount of the trust certificates and trust loan.
Following the impairment of the loan, the principal on classes D-1
and E-1 was fully or partly written off on the trust payment date
in January 2014.  S&P lowered its ratings on these classes after
confirming that they incurred actual losses.

S&P intends to maintain its 'D (sf)' ratings on classes D-1 and
E-1 for at least 30 days, and then withdraw its ratings on these
classes.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Four specified bonds and four nonrecourse
loans originally issued by/extended to eight obligors initially
secured the trust certificates issued under this transaction, and
16 real estate properties and real estate beneficial interests
originally backed the specified bonds and nonrecourse loans.
Currently, one loan with a collateral property remains.  Lehman
Brothers Japan Inc. arranged the transaction, and Premier Asset
Management Co. acts as the servicer.

          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 Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion trust certificates due October 2014
Class    To           From         Initial issue amount   Coupon
                                                          type
B        CCC- (sf)    CCC (sf)     JPY3.15 bil.     Floating rate
D-1      D (sf)       CCC- (sf)    JPY1.88 bil.     Floating rate
E-1      D (sf)       CCC- (sf)    JPY0.61 bil.     Floating rate


SOJITZ CORP: Moody's Corrects Jan. 30 Rating Release
----------------------------------------------------
Moody's Japan K.K. has corrected the following inputs to the
rating: adjusted net debt/EBITDA has been amended from 6.5x as of
FYE03/2013 (the fiscal year ended March 2013) to 7.7x, adjusted
EBITA margin has been amended from 4.8% for FYE03/13 to 3.8%, and
adjusted return on assets has been amended from around 1.06% in
FYE03/13 to around 0.6%.

Accordingly, the sixth paragraph, and the first sentence of each
of the seventh and eighth paragraphs of the Ratings Rationale
section were amended and now read as follows:

Sixth paragraph of the Ratings Rationale section:

"Its adjusted net debt/EBITDA was 7.7x 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."

First sentence of the seventh paragraph of the RATINGS RATIONALE
section:

"In addition, while Sojitz's profitability has been steadily
improving, it is still low, as demonstrated by its adjusted EBITA
margin of 3.8% for FYE03/2013."

First sentence of the eighth paragraph of the RATINGS RATIONALE
section:

"Moreover, Sojitz's adjusted return on assets (ROA) of around 0.6%
in FYE03/2013 was the lowest among Japanese trading companies."


SONY CORP: In Talks to Sell Japan PC Unit to Buyout Firm
--------------------------------------------------------
Bloomberg News reports that Sony Corp. is in talks to sell its
Japanese personal-computer business to buyout firm Japan
Industrial (3249) Partners Inc., according to a person with
knowledge of the situation.

A memorandum of understanding for a sale, which will include the
Vaio brand, may be released as early as today, Feb. 6, the person
said, asking not to be identified before a public announcement,
Bloomberg relates. Sony may announce a wider restructuring that
includes job cuts as it considers what to do with its PC
operations in the rest of the world, the person, as cited by
Bloomberg, said.

Bloomberg notes that cutting PCs would bolster Chief Executive
Officer Kazuo Hirai's efforts to improve results in the consumer-
electronics group, which has struggled with shrinking demand for
key products and a consumer shift to tablet computers. Sony, which
reports third-quarter results today, Feb. 6, posted second-quarter
losses at the unit making PCs, cameras and televisions.

"Selling the PC operation is positive for Sony in the long term,"
said Junya Ayada, a Tokyo-based analyst at Daiwa Securities Group
Inc told Bloomberg. "The PC is being robbed of the consumer market
by tablet computers."

According to Bloomberg, the Nikkei newspaper reported Sony's PC
business could fetch JPY40 billion ($395 million) to
JPY50 billion.

Based in Japan, Sony Corporation engages in the operation of
imaging products and solution (IP&S), game, mobile products and
communication (MP&C), home entertainment and sound (HE&S), device,
movie, music, financial and other business. The IP&S segment
provides digital imaging products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating
and the long-term senior unsecured bond rating of Sony Corporation
to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



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


HANOVER FINANCE: Krukziener's Payment an Insolvent Transaction
--------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the Court of Appeal has
ruled a NZ$250,000 payment made by Andrew Krukziener as part of a
2009 deal with Hanover Finance was an insolvent transaction
designed to sidestep the implications if the former property
developer was bankrupted, the Court of Appeal has found.

BusinessDesk relates that Justices Lyn Stevens, Forrest Miller and
Robert Dobson dismissed an appeal by HF Residual Obligations,
formerly Hanover Finance, seeking to overturn a High Court
decision deeming the payment to be an insolvent transaction,
meaning it could be cancelled by the Official Assignee in charge
of the bankruptcy of Krukziener's property.  The Dec. 17 judgment
was published on the Justice Ministry's website this week, the
report notes.

"We are satisfied that the deed, rather than documenting a genuine
commercial transaction, was a device entered into by Hanover in an
attempt to circumvent the limitation on one creditor obtaining
preference over others in the bankruptcy of
Mr. Krukziener," the judgment, given by Justice Stevens, said,
BusinessDesk relays.

According to BusinessDesk, the payment was the first instalment of
a settlement Mr. Krukziener reached with Hanover in a bid to stave
off bankruptcy after the finance company had been granted a
summary judgment against the property developer over loans
totalling some NZ$4.2 million.

The report says the deal would have seen companies associated with
Krukziener pay NZ$700,000 to purchase the debts from Hanover,
paying NZ$250,000 up front, a further 25 monthly instalments of
NZ$10,000 and a final payment of NZ$200,000.

"The relevance of the substance of the transaction invites
consideration of the commercial reality confronting Hanover and
the Krukziener entities at the time the deed was drafted," the
judgment said, the report relates. "His solvency was questionable,
so that any amount he was prepared to pay to forestall bankruptcy
would only have value to Hanover if it could be structured in a
way that protected Hanover from a claim for repayment in the event
that Mr Krukziener was subsequently declared bankrupt."

BusinessDesk says Hanover submitted Mr. Krukziener didn't make the
payment, rather it was made on behalf of the companies owing the
debt, and that it wasn't to satisfy a debt owed by the property
developer, and couldn't fall within the definition of an insolvent
transaction.

According to the report, the judgment said the Official Assignee
emphasised "the need to focus on the true nature of the
transaction, namely, that Mr Krukziener had negotiated the
settlement of the judgment debt owed by him to Hanover in order to
avoid bankruptcy."

Hanover didn't want the initial payment to be challenged as an
insolvent transaction if Krukziener didn't manage to stay afloat,
but the judges deemed the provisions didn't achieve that purpose,
the judgment, as cited by BusinessDesk, said.

"That heavily discounted amount was payable pursuant to a deed
that was designed to minimise the risk of the payment being
characterised as a preference should Mr Krukziener pass into
bankruptcy," it said.

                      About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.



                             *********

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 ***