TCRAP_Public/140213.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 13, 2014, Vol. 17, No. 31


                            Headlines


A U S T R A L I A

BIG RED: Hall Chadwick Appointed as Administrators
BOUTIQUE MARKETING: Parker Insolvency Named as Administrators
BROKEN HILL: Club Placed in Administration
COL WESTERN: Deloitte Appointed as Administrators
MI CONSTRUCTIONS: Builder Placed in Liquidation

MIDWEST VANADIUM: S&P Lowers CCR to 'CCC-' & Puts on Watch Neg.
MISSION NEWENERGY: Had AUD1.7 Million in Cash at Dec. 31
PERTH FASHION: Leaves 47 Creditors Out of Pocket
QSTATE CIVIL: First Creditors' Meeting Set For Feb. 19


C H I N A

BEIJING CAPITAL: 2013 Financial Metrics Weak For Moody's Ba2 CFR


I N D I A

AHLADA ENGINEERS: CRISIL Reaffirms B Rating on INR170MM Loans
AUTOLINE: CRISIL Reaffirms 'D' Rating on INR89.9MM Loans
BALPRADA HOTELS: ICRA Reaffirms 'D' Rating on INR102cr Loans
BHILAI ENGINEERING: CRISIL Reaffirms 'B' Rating on INR40MM Loans
BINA METAL: CRISIL Assigns 'D' Rating on INR223.9MM Loans

CI AUTOMOTORS: CARE Reaffirms 'B' Rating on INR7.63cr Loans
CI FINLEASE: CARE Reaffirms 'B+' Rating on INR8cr Bank Loans
ESQUIRE MALL: CRISIL Reaffirms 'B' Rating on INR49.3MM Loans
FABKNIT INDIA: ICRA Assigns 'B+' Rating to INR8cr Loan
FOODS AND INNS: CARE Assigns 'B+' Rating to INR75cr Bank Loans

GUJARAT HY: CARE Assigns 'B' Rating to INR39cr Bank Loans
GURU RICE: CRISIL Reaffirms 'B' Rating on INR160MM Loan
HARISH CHANDRA: CARE Assigns 'B+' Rating to INR16.28cr Bank Loans
HOME ASSOCIATES: CRISIL Assigns 'B+' Ratings to INR100MM Loans
JAY FORMULATIONS: CRISIL Reaffirms 'B' Rating on INR40MM Loans

JMD LIMITED: ICRA Upgrades Rating on INR100cr Loans to 'B+'
KANDLA EXPORT: CARE Reaffirms 'B' Rating on INR10.67cr Loans
KEMCO CORPORATION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
KUNDLAS LOH: CRISIL Reaffirms 'B+' Rating on INR140MM Loans
MAHARAJA ROLLER: CARE Cuts Rating on INR13.50cr Bank Loans to B+

MAYUR GINNING: CARE Reaffirms 'B/A4' Rating on INR10cr Loans
NATWEST ESTATES: CRISIL Reaffirms B+ Rating on INR195.4MM Loans
NAVRAN ADVANCED: CRISIL Reaffirms 'D' Rating on INR275MM Loans
OMAX COTSPIN: ICRA Reaffirms 'B+' Rating on INR58.50cr Loans
OXYGEN INFRASTRUCTURE: CARE Rates INR8cr Bank Loans at 'B+'

PURBANCHAL LAMINATES: ICRA Reaffirms B+ Rating on INR8.62cr Loan
PERFECTO ELECTRICALS: ICRA Puts 'B+/A4' Rating on INR5cr Loans
PURBANCHAL VENEERS: ICRA Reaffirms 'B+' Rating on INR1.95cr Loans
RADHE RADHE: CRISIL Reaffirms 'B+' Rating on INR149.5MM Loans
RAGHAV INDUSTRIES: CRISIL Ups Rating on INR97MM Loans to 'B+'

SEVEN SEAS: CRISIL Reaffirms 'B+' Rating on INR1.94BB Loans
SHIWALAY ENTERPRISE: ICRA Reaffirms B+ Rating on INR7cr Loans
SHREE HARI: CRISIL Reaffirms 'B' Rating on INR266.1MM Loans
SHREEJI COTTON: ICRA  Reaffirms 'B+' Rating on INR7cr Loan
SHRI SHANKER: ICRA Reaffirms 'B+' Rating on INR25.72cr Loans

SONY CONSTRUCTION: ICRA Suspends 'B' Rating on INR7cr Loan
SPIC FASHIONS: ICRA Upgrades Rating on INR4.80cr Loans to 'C'
SUPER SEALS: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
SURFACE PREPARATION: ICRA Reaffirms 'B' Rating on INR9.9cr Loans
VIJAYATEJ HOSPITALITY: CRISIL Rates INR83.1MM Term Loan at 'B'

VIJAYJYOT SEATS: ICRA Suspends 'B-' Rating on INR7cr Loan


I N D O N E S I A

MERPATI NUSANTARA: Seeks Business Partners to Survive


N E W  Z E A L A N D

LOMBARD FINANCE: Directors Seek Reduced Sentences


S O U T H  K O R E A

MAGNACHIP SEMICON: Earnings Release Delay Credit Neg, Mood's Says
* KOREA: Builders to Face Massive Maturing Debts in March & April


                            - - - - -


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


BIG RED: Hall Chadwick Appointed as Administrators
--------------------------------------------------
Steve Gladman -- sgladman@hallchadwick.com.au -- and David Ross
-- dross@hallchadwick.com.au -- at Hall Chadwick were appointed as
administrators of Big Red Group Pty Ltd on Feb. 10, 2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on
Feb. 20, 2014, at 10:00 a.m.


BOUTIQUE MARKETING: Parker Insolvency Named as Administrators
-------------------------------------------------------------
Gregory J Parker at Parker Insolvency was appointed administrators
of Boutique Marketing Pty Ltd on Feb. 10, 2014.

A first meeting of the creditors of the Company will be held at
Parker Insolvency, Level 15, 31 Market Street, in Sydney, on
Feb. 19, 2014, at 10:00 a.m.


BROKEN HILL: Club Placed in Administration
------------------------------------------
Simon Thorn and Trudy-Lee Hickey of Lawler Partners were appointed
administrators of The Broken Hill Legion Club Limited on Feb. 11,
2014.

A first meeting of the creditors of the Company will be held at
The Broken Hill Legion Club, 170 Crystal Street, in Broken Hill,
New South Wales, on Feb. 21, 2014, at 9:30 a.m.


COL WESTERN: Deloitte Appointed as Administrators
-------------------------------------------------
Ezio Marco Senatore -- esenatore@deloitte.com.au -- & Neil Robert
Cussen -- ncussen@deloitte.com.au -- of Deloitte were appointed as
administrators of Col Western Sheds (A.C.T.) Pty Ltd on Feb. 10,
2014.

A first meeting of the creditors of the Company will be held at
Deloitte, Level 1, 9 Sydney Ave, in Barton, on Feb. 19, 2014, at
10:00 a.m.


MI CONSTRUCTIONS: Builder Placed in Liquidation
-----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Dermott Joseph
McVeigh -- dmcveigh@aviorconsulting.com.au -- of Avior Consulting
was appointed as liquidator to MI Constructions (WA) Pty Ltd on
February 6.

According to the report, the liquidator said they are closely
working with the builder's director in order to make sure that
they will come up with a result that will benefit creditors.
Mr. McVeigh added that they are also working with QBE, the insurer
of the company, so that customers will be assisted in lodging
insurance claims, dissolve.com.au relates.

A meeting of the creditors of the company is scheduled for
Feb. 17, 2014. The liquidator hopes to give creditors with
additional information on the position of MI Constructions. An
investigation is being undertaken into the failure of the company,
the liquidator noted.

MI Constructions was engaged in over 175 residential building
projects. It employed 18 people.


MIDWEST VANADIUM: S&P Lowers CCR to 'CCC-' & Puts on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating and senior secured issue ratings on
Australian mining company Midwest Vanadium Pty Ltd. (MVPL) to
'CCC-' from 'CCC', and placed the ratings on CreditWatch with
negative implications.  The recovery rating remains unchanged at
'4'.

"The downgrade and CreditWatch negative placement reflect our view
of MVPL's continued "weak" liquidity and lower-than-expected cash
flows," Standard & Poor's credit analyst May Zhong said.  "In
addition, we believe the company will face difficulty to meet its
interest obligations due on Feb. 15, 2014, if it fails to raise
additional external funds."

On Jan. 31, 2014, the company's parent, Atlantic Ltd., announced
that MVPL has technically breached a covenant covering its
US$335 million senior secured notes.  This breach follows MVPL's
failure to replenish its interest reserve account by US$5 million
by Feb. 3, 2014.  MVPL has 10 business days to rectify the
technical breach.  In addition, the company has to pay an interest
amount of about US$19 million on the senior secured notes due on
Feb. 15, 2014.  The notes have a grace period of 30 days.

MVPL previously encountered a technical breach in February 2013.
In this situation, the breach was remedied when MVPL obtained
consent from senior secured notes holders to waive the minimum
holding requirement in the interest reserve account.  At the same
time, it secured additional funding from its parent Atlantic
Ltd.'s largest shareholder Droxford International Ltd.  At the
time, these initiatives alleviated its liquidity pressure,
enabling the company further ramp up production at its Windimurra
project.

Nevertheless, the production ramp-up has been slow and faced a
string of operating issues, since MVPL's initial production of
ferrovanadium in early 2012.  The modification works to rectify
the operating issues have yet to generate a track record that
shows the plant will perform as MVPL expected.  In addition,
recent incidents have disrupted production, including a fire event
in early February 2014 and a major rain event in late January
2014.

The delay in ramping up to full capacity has slowed cash flow
generation to much later than S&P expected, resulting in MVPL's
"weak" liquidity.  As a result, S&P believes that the company will
require further external funding to meet its interest obligations
in February 2014 and to complete the Windimurra project.  In S&P's
view, the most likely external funding source will be from
Atlantic's largest shareholder Droxford, which has provided more
than A$200 million in the past two years.

Ms. Zhong added: "We expect to resolve the CreditWatch placement
by the end of March at the latest.  To resolve the CreditWatch, we
will focus on the willingness of Atlantic's shareholders to
continue to support this project and the timeliness of such
shareholder support.  The senior secured issue rating may be
lowered, depending on our assessment of the Windimurra project's
recovery prospects in a default scenario."


MISSION NEWENERGY: Had AUD1.7 Million in Cash at Dec. 31
--------------------------------------------------------
Mission NewEnergy Limited filed with the U.S. Securities and
Exchange Commission a quarterly report for the purpose of
informing the market on how the Company's activities have been
financed for the past quarter and the effect on its cash position.

The Company disclosed that it has AUD7.24 million available under
its loan facilities.

For the quarter ended Dec. 31, 2013, Mission NewEnergy had
AUD597,000 of receipts from customers.

At the beginning of the quarter, Mission NewEnergy had
AUD5.92 million in cash.  At Dec. 31, 2013, the Company's cash
decreased by AUD4.20 million.

A copy of the Report is available for free at:

                        http://is.gd/Mo0xZH

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy disclosed net profit of AUD10.05 million on
AUD8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of AUD6.19 million on AUD38.20 million
of total revenue during the prior fiscal year.

The Company's balance sheet at June 30, 2013, showed AUD20.10
million in total assets, AUD32.60 million in total liabilities and
a AUD12.50 million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of AUD3.7 million during the year ended June 30, 2013, and, as of
that date the consolidated entity's total liability exceeded its
total assets by AUD12.5 million.  These conditions, along with
other matters, raise substantial doubt the Company's ability to
continue as a going concern.


PERTH FASHION: Leaves 47 Creditors Out of Pocket
------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Perth Fashion Week
Pty Ltd, owned by stylist Sylvia Giacci, will leave its 47
creditors out of pocket as liquidators ask Australian Securities
and Investment Commission to deregister the company behind the
Perth Fashion Week.  The final meeting of creditors will take
place on Feb. 14, 2014.

dissolve.com.au relates that Perth Fashion Week Pty Ltd entered
liquidation on Nov. 27, 2012. WA Insolvency Solutions'
Kim Strickland was appointed as liquidator who recently confirmed
that the debt of the company ran to AUD615,000. According to the
report, the liquidator emphasised that since the company did not
have any assets aside from the AUD3,700 retail bond, its creditors
would not receive any return.

The company's biggest creditor was the Perth Convention and
Exhibition Centre owed almost AUD195,000, the report notes.


QSTATE CIVIL: First Creditors' Meeting Set For Feb. 19
------------------------------------------------------
Ozem Azzam Kassem -- okassem@corcordis.com.au -- and Robert Kite -
- rkite@corcordis.com.au -- of Cor Cordis were appointed as
administrators of QState Civil and Drainage Pty Limited on
Feb. 7, 2014.

A first meeting of the creditors of the Company will be held at
Level 27 Santos Place, 32 Turbot Street, in Brisbane, Queensland,
on Feb. 19, 2014, at 11:00 a.m.



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


BEIJING CAPITAL: 2013 Financial Metrics Weak For Moody's Ba2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Beijing Capital Land Limited's
(BJCL) 2013 results were in line with Moody's expectation.

At the same time, BJCL's 2013 financial metrics are weak for its
Ba2 corporate family rating.

But, Moody's considers that its financial profile will
progressively improve in the next 12-18 months, as revenue
recognition increases, given strong growth in contracted sales
over the last 12 months.

BJCL's Ba2 rating reflects its standalone strengths and a one-
notch uplift from the support from its parent, Beijing Capital
Group Ltd (unrated).

"While BJCL reported a 24% year-on-year growth in revenues to
RMB11.3 billion in 2013, its key financial ratios remain weak for
its rating level, as the company increased borrowings to fund its
fast expansion," says Kaven Tsang, a Moody's Vice President and
Senior Analyst.

BJCL's debt level increased to RMB23.2 billion (including its
senior perpetual securities) at end-2013 from RMB18.6 billion at
end-2012, as the company used debt funded new land acquisitions
and primary-land development projects.

As a result, its revenue/gross debt, adjusted debt/capitalization
and adjusted EBITDA/interest for 2013 were 0.5x, 64% and 1.8x
respectively.

Such metrics position it at the weaker end of the Ba range.

"Nevertheless, Moody's expects BJCL's credit metrics will
progressively improve in the next 12-18 months, as it recognizes
revenues in view of strong growth in contracted sales over the
last 12 months," adds Tsang.

BJCL recorded a 48% year-on-year growth in contracted sales to
RMB19.6 billion in 2013. This performance was in line with its
sales target and will moderately enhance revenue/gross debt,
adjusted debt/capitalization and adjusted EBITDA/interest to
0.55x, 62% and 2x in the next 12-18 months.

The financial risk due to BJCL's higher leverage is partly
mitigated by its sufficient level of liquidity.

It had cash on hand of RMB11.3 billion at end-2013, representing
1.4x of its short-term debt.

Together with the proceeds from the sales of its equity interests
in its projects in Beijing, and an estimated operating cash flow
of RMB3-3.5 billion over the next 12 months, BJCL has sufficient
resources to fully cover its short-term maturing debt of RMB8.1
billion and committed land payment premiums of around RMB6.5
billion.

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

Upward pressure on its ratings over the medium term could emerge
if the company demonstrates a track record of stable growth in
contracted sales, therefore improving its financial profile, and
maintains a disciplined plan on land acquisitions.

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

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

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

Incorporated in China, Beijing Capital Land Limited (BJCL) is a
mid-sized developer in China's residential property sector. As of
31 December 2013, it had a total land bank of 9.95 million square
meters (sqm) (attributable land bank: 7.85 million sqm) in GFA
covering 15 cities in China. This land bank would support the
company's development for the next 3-4 years.



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


AHLADA ENGINEERS: CRISIL Reaffirms B Rating on INR170MM Loans
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Ahlada Engineers Private
Limited continue to reflect AEPL's large working capital
requirements, susceptibility of its operating margins to intense
competition and volatility in raw materials prices. These rating
weaknesses are partially offset by the benefits that AEPL derives
from its promoter's extensive experience in manufacturing
industrial and residential consumables.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------           ---------    -------
   Bank Guarantee          17.5      CRISIL A4 (Reaffirmed)

   Cash Credit            100        CRISIL B/Stable

   Letter of Credit        30        CRISIL A4

   Term Loan               70        CRISIL B/Stable

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the medium
term from its established relationship with its customers and
suppliers, supported by promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while it sustains its
profitability or improves its working capital management, leading
to an overall improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if AEPL's
cash accruals decline, of if it undertakes a large, debt-funded
capex programme, or in case it has larger-than-expected working
capital requirements, leading to significant deterioration in its
financial risk profile.

AEPL, incorporated in 2005, is being managed by Mr. Suresh Reddy.
The company manufactures doors and panels, and clean room
equipment.

For 2012-13 (refers to financial year, April 1 to March 31), AEPL
reported a profit after tax (PAT) of INR22.6 million on net sales
of INR516.2 million, against a PAT of INR11.0 million on net sales
of INR416.9 million for 2011-12.


AUTOLINE: CRISIL Reaffirms 'D' Rating on INR89.9MM Loans
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Autoline continue to
reflect delays by Autoline in servicing its debt. The delays have
been caused by the firm's weak liquidity because of a delay in
realisation of receivables from customers.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           30      CRISIL D (Reaffirmed)

   Long Term Loan        59.9    CRISIL D (Reaffirmed)

Autoline also has an average financial risk profile, marked by a
small net worth and moderate debt protection metrics, and is
exposed to customer concentration in its revenue profile. The
firm, however, benefits from the extensive experience of its
promoters in the automotive components industry.

Autoline, promoted by the Desphande, Vyas, and Kulkarni families,
was established in 1996 in Kolhapur (Maharashtra). The firm
manufactures auto components and components for diesel pumps.

Autoline reported a net loss of INR2 million on net sales of
INR244 million for 2012-13 (refers to financial year, April 1 to
March 31); against net profit of INR5 million on net sales of
INR250 million for 2011-12.


BALPRADA HOTELS: ICRA Reaffirms 'D' Rating on INR102cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR100 crore
term loans of Balprada Hotels and Hospitality Services Private
Limited at '[ICRA]D'. ICRA has also reaffirmed the short-term
rating assigned to INR2 crore non-fund-based limits of Balprada at
'[ICRA]D'.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            100        [ICRA]D Reaffirmed
   Non-fund-based-
   limits                  2        [ICRA]D Reaffirmed

The reaffirmation of ratings takes into account continuing delays
in servicing of debt obligations by the company on account of its
stretched liquidity position resulting from inadequacy of
operational cash flows in meeting debt obligations. Currently, its
parent company, JMD Limited (rated at [ICRA]B+), has been infusing
additional funds to meet the obligations, albeit the support is
coming with a delay. The rating continues to be constrained by
limited experience of the promoters in hospitality sector, ongoing
pressure on Revpars in National Capital Region (NCR) hospitality
market due to huge supply additions which, coupled with the tepid
business activity, has impacted room offtake.

Going forward, timely servicing of debt obligations and ramp up of
occupancy and Average Room Rate (ARR) will be the key rating
sensitivities.

Balprada Hotels and Hospitality Private Limited is a subsidiary of
JMD Limited. The company has developed a 185 room 4 star hotel at
Golf Course Road in Gurgaon at a cost of INR178 crore. The hotel
has been funded by debt of INR100 crore and promoters'
contribution of INR78 crore. The hotel project (to be operated
under the 'DoubleTree by Hilton' brand) started commercial
operations in March 2012.

Recent Results

Balprada Hotels and Hospitality Services Private Limited reported
operating income of INR23.44 crore and net loss of INR20.84 crore
in FY2013, as against operating income of INR0.93 crore and profit
after tax of INR-3.73 crore in FY12.


BHILAI ENGINEERING: CRISIL Reaffirms 'B' Rating on INR40MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhilai Engineering
Works continue to reflect BEW's modest scale of operations,
working-capital-intensive operations; below-average financial risk
profile, marked by low net worth and subdued debt protection
metrics. These rating weaknesses are partially offset by the
benefit that BEW derives from its promoters' extensive experience
in fabrication and casting and established customer relationships
in the steel sector.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        13      CRISIL A4 (Reaffirmed)
   Cash Credit           30      CRISIL B/Stable (Reaffirmed)
   Letter of Credit       4      CRISIL A4 (Reaffirmed)
   Term Loan             10      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BEW will benefit over the medium term from
its promoters' extensive experience and established customer
relationships in the steel sector. The outlook may be revised to
'Positive' if the company exhibits a significant and sustained
improvement in its scale of operations, while improving its
working capital cycle and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of a slowdown in
revenue growth, a significant lengthening of its working capital
cycle or higher-than-expected debt funded capital expansion
programme affecting the financial risk profile of the company.

Update
BEW reported a modest growth, as reflected in net sales of INR102
million for 2012-13 (refers financial year, April 1 to March 31),
as against INR80 million for 2011-12. The firm's operating margin
was stable at around 14.4 per cent. Also, the firm's working
capital cycle remains high with gross current asset (GCA) days of
527 days for 2012-13. It increased from previous year's level of
492 days on account of delays by customers in taking deliveries,
resulting in inventory pile up with BEW. The incremental working
capital requirement was funded through equity infusion of INR26.4
million by partners in 2012-13 and stretching payables. Despite
capital infusion, BEW's net worth has remained low at around INR55
million, as on March 31, 2013 thereby limiting its financial
flexibility to meet any exigency.

BEW was established as a partnership firm in 1968 by Mr.
Gurucharan Khurana. The firm undertakes fabrication, casting and
forging for capital equipment required by steel plants. The firm
has its facility at Bhilai. Mr. Gurucharan Khurana and his sons
Mr. Arvinder Khurana and Mr. Jeetinder Khurana oversee the day-to-
day operations of the firm.

For 2012-13 (refers to financial year, April 1 to March 31), BEW
reported, a profit after tax (PAT) of INR2.3 million on net sales
of INR100.3 million, against a PAT of INR1.6 million on net sales
of INR76.9 million for 2011-12.


BINA METAL: CRISIL Assigns 'D' Rating on INR223.9MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings on the bank
loan facilities of Bina Metal Way Pvt Ltd. The ratings reflect
instances of delay by BMWPL in servicing its term debt; the delays
have been caused by the company's weak liquidity because of its
large working capital requirements.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             38.9      CRISIL D (Assigned)
   Overdraft Facility    35        CRISIL D (Assigned)
   Bank Guarantee       144        CRISIL D (Assigned)
   Cash Credit            6        CRISIL D (Assigned)

BMWPL also has a below-average financial risk profile marked by
weak capital structure and debt protection metrics. However, the
company benefits from the extensive business experience of its
promoters.

BMWPL, incorporated in 1986, manufactures switches and crossings
for railways. The company also processes hot-rolled coils into
tubes for Tata Steel Ltd. BMWPL's day-to-day operations are
managed by Mr. Pradip Mukherjee and Mr. Pronab Mukherjee.


CI AUTOMOTORS: CARE Reaffirms 'B' Rating on INR7.63cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
CI Automotors Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.63       CARE B Reaffirmed

   Short-term Bank
   Facilities            0.11       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of CI Automotors
Private Limited continue to be constrained by the modest scale of
operations of CIAPL in the automobile dealership business and weak
financial risk profile marked by low profit margins, weak solvency
position and debt protection indicators. The ratings further
continue to be constrained on account of the low bargaining power
with limited pricing flexibility of CIAPL against the principal
supplier. The ratings also factor in the growth in turnover during
FY13 (refers to the period April 1 to March 31) owing to change in
dealership.

The ratings continue to draw strength from the wide experience of
the promoters in the automobile business.

The ability of CIAPL to increase its scale of operations,
improvement in profit margins and capital structure while managing
the working capital efficiently are the key rating sensitivities.

Incorporated in the year 1997, CIAPL became an authorised dealer
for Nissan Motor Company Limited in the year 2010, prior to which
the company was an authorised dealer for TVS Motors Company
Limited (TVS).

During FY12, the company again changed its business and became an
authorised dealer for Mahindra and Mahindra Limited (M&M). CIAPL
is promoted by Mr Rakesh Malik, chairman of CI group of companies,
and has experience in the trading business for more than a
decades. CIAPL primarily deals in M&M's vehicles, spare parts and
accessories while it also offers servicing of M&M vehicles. The
company has two showrooms/service centres in Bhopal catering to
the passenger and commercial vehicle segment which are owned by
the directors and given on rent to CIAPL.

During FY13, CIAPL reported a total operating income of INR57.90
crore (FY12: INR19.88 crore) and a PAT of INR0.02 crore (FY12:
INR0.04 crore).


CI FINLEASE: CARE Reaffirms 'B+' Rating on INR8cr Bank Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
CI Finlease Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             8         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of CI Finlease Limited
continues to remain constrained on account of its weak financial
risk profile marked by thin profitability, leveraged capital
structure, weak debt-coverage indicators and high working capital
intensity of its operations. The rating further continues to
remain constrained on account of the vulnerability of margins to
any slowdown in the demand in the passenger vehicle segment and
direct linkages with the performance of Hyundai Motors India
Limited.

The rating continues to draw strength from the vast experience of
the promoters and its integrated operations in the auto dealership
industry.

The ability of CIFL to increase its scale of operations,
improvement in profit margins and capital structure while managing
working capital efficiently are the key rating sensitivities.

Incorporated in the year 1996, CIFL was initially established as a
private limited company and was engaged in automobile financing
for TVS motors. In May 2003, CIFL got converted into a public
limited company and changed its line of operation as an authorised
dealer of Hyundai Motors India limited.

CIFL is promoted by Mr Rakesh Malik, chairman, of the CI group of
companies and has experience in the trading business a little over
two decades while he has a total industry experience of over
three decades. CIFL is an authorized dealer of HMIL cars, its
spare parts and accessories and it also offers servicing of HMIL
vehicles. The company has two showrooms and one service centre in
Bhopal, Madhya Pradesh. CIFL has also appointed four sub-dealers
within Bhopal that operate on a commission basis for enhancing its
scale of operations.

During FY13 (refers to the period April 01 to March 31), CIFL
reported a total operating income of INR86.32 crore (FY12:
INR90.70 crore) and a PAT of INR0.29 crore (FY12: INR0.30 crore).


ESQUIRE MALL: CRISIL Reaffirms 'B' Rating on INR49.3MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facility of Esquire Mall Developers
Pvt Ltd (EMDPL; part of the Shree group) continues to reflect the
Shree group's weak financial risk profile, marked by modest net
worth, high gearing, and weak debt protection measures, and the
limited experience of its promoters in the commercial leasing
segment. These rating weaknesses are partially offset by the
benefits that the group derives from the prominent location of its
commercial property in Bengaluru (Karnataka).

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Lease Rental        49.3     CRISIL B/Negative (Reaffirmed)
   Discounting Loan

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EMDPL and Shree Realtors Pvt Ltd,
together referred to as the Shree group. This is because both the
companies operate under the same management team and have strong
business and financial linkages. Besides, both SRPL and EMDPL are
exposed to the risks and rewards of leasing-related assets to the
same lessees; moreover, both the entities have fungible cash flows
to meet any shortfall in rental receipts.

Outlook: Negative

CRISIL believes that the Shree group's financial risk profile,
particularly its liquidity, will remain constrained over the
medium term by its highly leveraged capital structure and large
debt obligations. The rating may be downgraded in case of
deterioration in the group's liquidity. Conversely, the outlook
may be revised to 'Stable' if the group's liquidity improves, most
likely because of infusion of funds by promoters and improvement
in lease rentals and mall occupancy.

Update
During 2012-13 (refers to financial year, April 1 to March 31),
the Shree group recorded topline of INR76 million, up slightly
over the previous year. However, but for the collection of
electricity and water charges from lessees, the group's topline
might have declined during 2012-13. The group's sluggish
performance resulted in continued losses in 2012-13. In 2013-14,
amidst ongoing capital expansion for renovation and construction
of additional space, the occupancy of the Shree group's mall has
declined and the group is likely to witness moderation in topline
and continued losses. The group shall incur about INR40 million
(being funded infusion of funds by promoters), on the ongoing
capex.

The group's financial risk profile remains weak, marked by
accumulated losses, large debt, and weakening debt protection
measures. The group's declining profitability, along with large
interest and depreciation, has eroded its net worth. However, the
group continues to receive support from group companies in the
form of unsecured loans. Amidst cash losses in 2012-13, the
group's interest coverage ratio declined to 0.8 times for the
year.

SRPL is a special purpose vehicle established by the Bengaluru-
based Vaswani group. The company owns 67 per cent undivided share
(land and building) in a commercial complex, Cosmos Mall, in
Bengaluru. The lease rental from the mall is the company's sole
revenue source. Till February 2012, the complex was entirely
leased to Pantaloon Retail India Ltd (Pantaloon) of the Future
group, which leased space to various lessees. SRPL now directly
manages the lessees. The building covers about 140,000 square feet
of space, comprising a basement, and ground and three floors.
Located in Brookefields, the building lies on the main road
leading to IT Park in Whitefield.

EMDPL is part of the Bengaluru-based Vaswani group. The company
owns equipment such as gensets, escalators, lifts, and some
fittings at the Cosmos Mall in Bengaluru, which were leased to
Pantaloon till February 2012. Now, SRPL manages the assets on
behalf of EMDPL.


FABKNIT INDIA: ICRA Assigns 'B+' Rating to INR8cr Loan
------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR8.00 crore fund based limits of Fabknit India Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-
   Cash Credit           8.00        [ICRA]B+ assigned

The rating takes into account the long experience of FIPL's
promoters in the fabric and apparel industry, company's diverse
client base and strong revenue growth witnessed over FY10-13.
Notwithstanding the increase in working capital borrowings to fund
its revenue growth, company has also been able to moderate its
working capital requirements over the years.

The rating is however constrained by FIPL's small scale of
operations and its modest profitability on account of low value
addition amid highly competitive industry which limits pricing
flexibility. The rating also factors in the high reliance on short
term borrowings to meet working capital requirements which coupled
with low profitability has resulted in high leverage and stretched
coverage indicators (interest cover of 1.20 times and Net Cash
Accruals/Total Debt of 2.1% as on March 31, 2013) .

Going forward, company's ability to increase its scale of
operations while improving its profitability and liquidity
position by efficiently managing working capital intensity would
be the key rating sensitivities.

Incorporated in 1993 as a private limited company, Fabknit India
Pvt. Ltd. (FIPL) is involved in the trading of knitted fabric and
apparels. FIPL operates through its head office located in Karol
Bagh, New Delhi and has also opened various branch offices in
cities like Ludhiana, Kolkata, Mumbai and Indore. Fabric traded by
the company is mostly obtained and processed on job work basis in
the city of Ludhiana, Punjab. The company provide the pattern,
design, texture etc. to the job workers who manufacture the
finished goods as per the specifications.

Promoter Mr. Mukesh Miglani hold significant experience in the
garment industry and has established relations with various
customers and suppliers. He is helped by his son Mr. Aniket
Miglani who manages finance and marketing functions of the
company.

Recent Results

In FY13, FIPL has reported operating profits of INR1.16 crore and
net profit of INR0.11 crore on operating income of INR46.42 crore
compared to operating profits of INR1.03 crore and net profit of
INR0.08 crore on operating income of INR36.31 crore. As per the
company estimates, sales of INR25.82 crore have been booked in the
6 month period ending September 30, 2013.


FOODS AND INNS: CARE Assigns 'B+' Rating to INR75cr Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Foods and Inns
Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             75        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Foods and Inns Ltd
is constrained by its weak financial risk profile characterised by
thin and volatile profitability margins coupled with high gearing
levels at the end of FY13 (refers to the period April 1 to March
31) and H1FY14. The rating is further weakened on account of
product concentration risk, seasonal and agro based nature of the
business along with prevalent intense competition in the fruit
processing industry.

However, the rating is strengthened by the long track record and
rich experience of the promoters in the fruit processing business,
locational advantage in terms of multi-location and accredited
manufacturing facilities, geographically diversified revenue
profile along with established reputed clientele base.

The ability of the company to achieve its projected sales and
profitability amidst volatility associated with the raw material
prices, intense competition, reduce its dependence on a single
fruit through diversification into other fruit pulp/juices leading
to higher capacity utilisation levels of its existing facilities
while enhancing its capital structure constitute the key rating
sensitivities.

Incorporated in 1967, Foods and Inns Limited is involved in
exporting tropical fruit mainly mango pulp contributing nearly 78%
of its overall revenues in FY13 and remaining from sale of
various other fruits such as guava, papaya etc. in small
quantities. The company exports mango pulp in aseptic and canned
packaging. FIL is a government recognized export house. FIL has
multi locational manufacturing facilities comprising of 3 units
located at Chittoor (Andhra Pradesh) having capacity of 35,000 MT
one (1) in Nashik (Maharashtra) having capacity of 10,000 MT and
one (1) in Valsad (Gujarat) having capacity of 14,000 MT
respectively. Besides, the company also has taken ten (10)
manufacturing units on rent basis largely located near the chitoor
plant wherein they manufacture the fruit pulp on rental premises.
All the manufacturing facilities are Hazard Analysis and Critical
Control Point (HACCP) certified and are equipped with modern
testing facilities and equipment. The company is predominantly an
export oriented company with around 77% of overall revenues
derived from export market. The company has maintained long-term
business relationships with its contractors as well as customers
for repeat orders. The day to day operations of the company are
looked after by Mr. Utsav Dhupelia (MD), who is adequately
supported by a group of professionals having rich experience in
their relevant and respective fields.

During FY13, the company posted PAT of INR2.52 crore (FY12 - loss
of INR6.31 crore) on total income of INR260.62 crore (FY12 -
INR402.90 crore). Further, during H1FY14 (Un-audited), the
company posted loss of INR10.00 crore (H1FY13 - PAT of Rs 4.39
crore) on total income of INR150.08 crore (H1FY13 - INR132.06
crore).


GUJARAT HY: CARE Assigns 'B' Rating to INR39cr Bank Loans
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Gujarat Hy Spin Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            39         CARE B Assigned

   Long-term/Short-
   term Bank
   Facilities             1.60      CARE B/CARE A4 Assigned

   Short-term Bank
   Facilities             0.18      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gujarat Hy Spin
Private Limited are primarily constrained on account of the high
project risk associated with the recently completed debt funded
capex and volatility associated with the raw material prices
coupled with its presence in a highly competitive and fragmented
textile industry.

The above constraints far outweigh the benefits derived from the
promoters' experience in the cotton industry, operational linkages
with associates concerns and Government support to the textile
industry.

The ability of GHSPL to achieve envisaged level of sales and
profit margins, improvement in the capital structure with the
timely receipt of interest subsidies while managing working
capital efficiently are the key rating sensitivities.

GHSPL incorporated as private limited company in February 01, 2011
by Mr Maganbhai Parvadia and Mr Chandulal Parvadia. GHSPL has two
group concerns namely Gujarat Ginning & Oil Industries (rated,
CARE B/CARE A4) and Paras Cotton. The former is engaged in cotton
ginning, pressing and crushing of oil seeds while the latter
carries out trading of cotton seeds and cotton bales.

In FY13 (refers to the period April 1 to March 31), as a part of
forward integration strategy as well as to avail the various
benefits under the Gujarat industrial policy, GHSPL implemented a
green field project of setting up a spinning mill with an
installed capacity of 16,320 spindles or 3,256 MTPA for
manufacturing of the cotton yarn having combed counts yarn of 30
at its Gondal plant (Gujarat). The total cost of the project is
INR52.73 crore and the same was funded through a term loan of
INR34 crore and the balance through equity capital and unsecured
loan of INR15.89 crore and INR2.84 crore respectively. The project
got completed in January 2014.


GURU RICE: CRISIL Reaffirms 'B' Rating on INR160MM Loan
-------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Guru Rice
Mills continues to reflect GRM's below-average financial risk
profile, marked by a small net worth and high gearing, and
susceptibility of its business risk profile to volatility in raw
material prices, uneven rainfall, and regulatory actions. These
rating weaknesses are partially offset by the extensive experience
of GRM's partners in the rice industry and its moderate operating
margin.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          160     CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated unsecured loans of
INR5.16 million as on March 31, 2013, extended by GRM's partners
and their family members, as neither debt nor equity as these
loans are subordinated to bank debt.

Outlook: Stable

CRISIL believes that GRM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if GRM's liquidity improves, driven
by higher-than-expected net cash accruals and moderation in
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if there is significant deterioration in the
firm's liquidity or capital structure, or pressure on its
profitability.

Update
GRM's revenues registered a 36 per cent year-on-year growth to
around INR610 million in 2012-13 (refers to financial year, April
1 to March 31); the revenue growth was mainly driven by higher
milling capacity utilisation and by rice trading. The firm's
operating margin decreased by around 130 basis points to 4.0 per
cent in 2012-13 on account of higher revenue contribution of the
low-margin rice-trading segment.

GRM's operations are highly working-capital-intensive as reflected
in its estimated gross current assets (GCAs) of around 160 days as
on March 31, 2013; the GCA days have declined over the previous
year's level of 170 days, driven by moderation in receivables to
around 50 days from 66 days due to faster working capital turnover
in the trading business. The high GCA days were driven by the
firm's inventory of around 110 days. As a result, its average bank
limit utilisation has been high at around 100 per cent for the 12
months through November 2013.

GRM's net worth is estimated to have remained low at around INR24
million, as on March 31, 2013, despite capital infusion of INR9
million, thereby limiting its financial flexibility to meet any
exigency. The firm has substantial debt towards funding its
working capital requirements; this, coupled with its small net
worth, is estimated to have resulted in high gearing of around
7.86 times as on March 31, 2013.

GRM was established as a partnership firm in 2001 in Amritsar
(Punjab) by Ms. Rekha Dhawan, Mr. Anil Kumar, Mr. Mukesh Kumar,
and Mr. Naresh Kumar. The firm is mainly engaged in milling and
marketing of high-grade varieties of rice, such as basmati. GRM's
partners have over two decades of experience in the rice-milling
industry through group entities.


HARISH CHANDRA: CARE Assigns 'B+' Rating to INR16.28cr Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Harish Chandra Ramkali Charitable Trust.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           16.28       CARE B+ Assigned

   Short-term Bank
   Facilities            6.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Harish Chandra
Ramkali Charitable Trust are constrained by its small scale of
operation, intense competition from established and upcoming
educational institutes, regulated nature of the education sector
and high overall gearing ratio.  However, the ratings derive
strength from the decade long track record of operations, long
experience of the management, experienced faculty members and wide
spectrum of courses with moderate enrolment rate.

The ability to sustain and improve the current enrolment rate with
simultaneous improvement in the scale of operation and ability to
improve its capital structure are the key rating sensitivities.

Harish Chandra Ram Kali Charitable Trust was formed in 2001 as a
public charitable trust registered under Section 12A of the Income
Tax Act, to establish institutes imparting engineering,
pharmaceutical, management and other professional disciplines in
Ghaziabad, Uttar Pradesh.

HRCT was promoted by Mr Anil Agarwal based out of Uttar Pradesh.
Currently, the trust is running the following educational
institutes: HR Institute of Technology, HR Institute of
Pharmacy, HR Institute of Hotel Management, HR Institute of
Professional Studies, HR Institute of Engineering & Technology, HR
Institute of Science and Technology and Delhi Public School. HRCT
has been conferred with an ISO 9001:2008 certification for
imparting quality education in its institutes. HRIT is the oldest
institute among all with highest contribution to the overall
revenue of the trust. Currently, HRCT has a total intake capacity
of about 3,100 students in its six institutes and school with 271
qualified faculty members ensuring student faculty ratio of
approximately 7.45:1. The various professional courses offered by
HRCT are affiliated to Mahamaya Technical University (MTU), Uttar
Pradesh.
Furthermore, DPS is affiliated to the CBSE board.

As per the audited results of FY13 (refers to the period April 1
to March 31), HRCT reported a Surplus before interest &
depreciation (SBID) and a net loss of INR6 crore (Rs.7.4 crore in
FY12) and INR0.9 crore (Rs.0.5 crore net surplus in FY12),
respectively on a total income of INR24.1 crore (Rs.25.3 crore in
FY12). As per the provisional results for 9MFY14, HRCT reported a
total income of INR24.24 crore.


HOME ASSOCIATES: CRISIL Assigns 'B+' Ratings to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Home Associates.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           97.5     CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility        2.5     CRISIL B+/Stable (Assigned)

The rating reflects Home's susceptibility to risks related to
implementation and funding of its ongoing project and to
cyclicality in the real estate industry in India. These rating
weaknesses are partially offset by the extensive experience of
Home's partners in the real estate industry and the favourable
location of its project.

Outlook: Stable

CRISIL believes that Home will continue to benefit over the medium
term from its partners' extensive experience in the real estate
industry in Pune (Maharashtra). The outlook may be revised to
'Positive' in case of better-than-expected bookings of units and
receipt of customer advances, leading to higher-than-expected cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case of a time or cost overrun in Home's project, or slower-than-
expected ramp-up in customer bookings, leading to lower-than-
anticipated cash inflows and deterioration in the firm's financial
risk profile, particularly its liquidity.

Home was established in 2011 as a special-purpose vehicle between
Home Construwell, Kundan Lifespaces, and Tribute Landmarks. The
firm develops residential property in the Undri area of Pune. Home
is currently developing a project of about 0.2 million square feet
under the name, The Landmark.


JAY FORMULATIONS: CRISIL Reaffirms 'B' Rating on INR40MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jay Formulations Ltd
continue to reflect JFL's moderate financial risk profile, marked
by high gearing and a small net worth, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
pharmaceutical industry, its established relationships with
customers, and its diversified business profile.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           30      CRISIL B/Stable (Reaffirmed)
   Letter of Credit      80      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5      CRISIL B/Stable (Reaffirmed)
   Term Loan              5      CRISIL B/Stable (Reaffirmed)

CRISIL had upgraded its ratings on JFL's bank facilities to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D' vide its
rating rationale dated December 31, 2013.

Outlook: Stable

CRISIL believes that JFL will continue to benefit from its
promoters' extensive industry experience, and its operating
profitability is expected to improve with increasing revenues from
the export as well as trading businesses. The outlook may be
revised to 'Positive' in case of higher than expected improvement
in the overall operating performance, aided by prudent working
capital management and significant improvement in the capital
structure. Conversely, the outlook may be revised to 'Negative' if
JFL's operating profitability deteriorates, driven by larger than
expected debt-funded capital expenditure or an increase in working
capital requirements, leading to further weakening of its  capital
structure.

JFL was set up in 1988 by Mr. Ashvin J Patel and his family. The
company, based in Ahmedabad (Gujarat), is in the business of
contract manufacturing of formulations in tablet and capsule
forms.

For 2012-13 (refers to financial year, April 1 to March 31), JFL
reported a profit after tax (PAT) of INR1.3 million on an
operating income of INR127 million, against a PAT of INR0.5
million on an operating income of INR117 million for 2011-12.


JMD LIMITED: ICRA Upgrades Rating on INR100cr Loans to 'B+'
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR100 crore
term loans and fund-based limits of JMD Limited from '[ICRA]D' to
'[ICRA]B+'. ICRA has also upgraded the short-term rating assigned
to INR3.00 crore non-fund-based limits of JMD from '[ICRA]D' to
'[ICRA]A4'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            98.00       [ICRA]B+ Upgraded
   Non-fund-based-
   limits                 3.00       [ICRA]A4 Upgraded

   Fund-based Limits      2.00       [ICRA]B+ Upgraded

The rating action takes into account regularization of debt
servicing by JMD over the last six months. The rating continues to
derive comfort from the company's established presence in the real
estate sector in Gurgaon (Haryana), its satisfactory track record
of project execution and low commitment in terms of land payments
due to its business model of entering into Joint Development
Agreements (JDA) with the land owners. The ratings are, however,
constrained by the significant funding requirement in the group's
first hospitality project, which is currently in stabilization
phase and high exposure to commercial projects, which face
headwinds in the face of slowdown in business activity.

The rating is further constrained by concentration of most of its
projects in the National Capital Region (NCR), and regulatory and
approvals risks faced in its projects outside Gurgaon. Going
forward, JMD's ability to maintain its sales momentum as well as
to ensure timely payments from the existing bookings would be the
key sensitive factors. ICRA has also noted that the group is
building its second hotel in Gurgaon, which exposes it to project
related risks and may also put additional pressure on company's
cash flows, until the same starts to generate adequate operational
cash flows.

However, in the near term, stabilization of the group's first
hotel project, and improvement in company's bookings and cash
flows from real estate activities will be the key rating
sensitivity.

JMD Limited is a public limited company engaged in commercial and
residential real estate development in Delhi, Gurgaon, Noida,
Verna and Ludhiana. JMD was promoted in 1989 by Mr. Sunil Bedi.
Its business focuses on residential and commercial developments.
JMD's first project was JMD Regent Square, MG Road Gurgaon which
was completed in the year 2001. As on date, the company has
completed a total of eight projects, aggregating to more than 1.2
million square feet of sold/leased area. The group has also
completed its first hotel project- Double Tree by Hilton, in
Gurgaon (Haryana).

Recent Results
JMD Limited reported operating income of INR90 crore and profit
after tax of INR5 crore in FY13 as against operating income of
INR112 crore and profit after tax of INR6 crore in FY12.


KANDLA EXPORT: CARE Reaffirms 'B' Rating on INR10.67cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kandla Export Corporation.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.67       CARE B Reaffirmed

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 change in case of the 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 rating continues to be constrained by the thin profitability
and high leverage of Kandla Export Corporation (KEC) along with
the significant dip in its total operating income and its
constitution as a partnership firm. The rating, further, continues
to be constrained by the significant inter-group transactions with
entities in the same line of business and trading nature of its
operations where margins are susceptible to volatile commodity
prices and foreign exchange rate fluctuation.

The rating, however, continues to take into account the vast
experience of the partners of KEC in agro-commodity trading and it
being a part of the 'Friends Group' of Gandhidham (Gujarat) which
has diversified business operations.

The ability of KEC to increase its scale of operations, improve
its profitability and debt coverage indicators by managing
fluctuation in commodity prices and foreign exchange rate and
improve its capital structure are the key rating sensitivities.

Formed in October 1990 as a partnership concern, KEC is a part of
Friends Group based out of Gandhidham, Gujarat. KEC is engaged in
the business of trading and mainly deals in agro and non-agro
commodities like rapeseed de-oiled cake (DOC), soya DOC, groundnut
DOC, salt etc.  However, the commodities under trading keep on
changing every year depending upon opportunity available to the
group and management's focus. The firm has major focus on export
sales and undertakes its trading business through Kandla Port in
Gujarat.

Formed in 1980, Friends Group is a conglomerate of various
entities which have diversified business operations. Friends Group
is engaged in the business of production of salt, generation of
wind energy, iron-ore mining, trading of agro and non-agro
commodities and provides port related services like shipping,
storage, warehousing and logistics through group companies.
KEC earned a PAT of INR0.24 crore on a Total Operating Income
(TOI) of INR24.67 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR2.90 crore on a TOI of INR171.95
crore in FY12.


KEMCO CORPORATION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' and the
short-term rating of '[ICRA]A4' assigned to the fund based limits
and non-fund based limits aggregating to INR15.75 crore of Kemco
Corporation.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund
   based limits-Cash
   Credit facility       5.00        [ICRA]B+ reaffirmed

   Short Term: Non-
   fund based limits-
   Letter of Credit
   facility              6.50        [ICRA]A4 reaffirmed

   Short Term: Non-
   fund based limits-
   Bank Guarantee
   Facility              5.00        [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to reflect the modest
financial profile of the firm characterised by low profitability
levels, on account of low value addition in the business, and a
highly leveraged capital structure. The firm's profitability
remains exposed to fluctuation in prices of the traded goods,
especially Titanium Dioxide, and since imports constitute a
significant portion of the total procurement of the firm, the
profitability also remains exposed to fluctuations in currency
rates, though the latter risk has been partly mitigated by the
hedging policy implemented by the firm in FY 2014. ICRA notes that
since KC is a partnership concern, the amount of withdrawals from
the capital account by the partners would affect the net worth of
the firm and thus remains a key rating sensitivity. However, there
has been no instance of any major withdrawal from the capital
account in the recent fiscals.

The ratings, however, draw comfort from the promoter's long and
established presence in the trading of Titanium Dioxide; the
established sourcing/distribution relationships with reputed
global and domestic manufacturers of the chemicals; and the strong
growth in revenues of the firm in the last fiscal. ICRA also takes
into account the inclusion of new chemicals in the firm's trading
portfolio in FY 2014 which would result in improved sales and
further diversification of the end-user industry base for the
firm.

Kemco Corporation is a partnership firm, incorporated in 1994, to
deal in the trading of Titanium Dioxide (TiO2). KC sources from
domestic TiO2 producers such as Kerala Minerals and Metals Limited
(KMML), Travancore Titanium Products Limited, BMC Titania (BMCT)
and also the China-based Jiangxi Tikon Titanium Company Limited.
Titanium Dioxide mainly finds application as a pigment and the
clientele for KC include major players in the paints, plastics,
paper and printing ink industry.

Besides Titanium Dioxide, KC was appointed the sole selling agent
in western India for Zirconia and Rutile sand mined by BMC Titania
in H1 FY 2014. Zirconia is used predominantly in the ceramics
industry, while Rutile sands find application in the welding
activities. The firm has also been appointed as a dealer for
industrial chemicals such as Formic Acid, Methanol and Ammonium
Bicarbonate manufactured by Rashtriya Chemicals and Fertilisers
Limited (RCF).

For the period-ended September 30, 2013, the firm has reported
sales of INR59.28 crore and net profit of INR2.04 crore
(provisional financials). During FY 2013, KC reported a profit
after tax of INR1.54 crore on operating income of INR97.22 crore.


KUNDLAS LOH: CRISIL Reaffirms 'B+' Rating on INR140MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Kundlas Loh Udyog
continue to reflect KLU's weak financial risk profile, marked by
small net worth and weak debt protection metrics and its small
scale of operations in a fragmented industry, along with
vulnerability of its operating margin to fluctuations in input
prices. These rating weaknesses are partially offset by the
promoter's extensive experience in steel industry.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          140      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KLU's financial risk profile will remain weak
over the medium term. The outlook may be revised to 'Positive' if
the firm's financial risk profile improves significantly, driven
by significant improvement in cash accruals most likely by
improvement in profitability and/or its scale of operations.
Conversely, the outlook may be revised to 'Negative' in case of
any large, debt-funded capital expenditure (capex) or in case of
larger-than-estimated working capital requirements.

KLU was set up in 2006 by the Dhillon family. The firm
manufactures steel structurals such as angles and channels and
sells its product under the brand name 'Kaptan'. The firm has a
semi- integrated plant for the manufacturing of angles (which
contributes around 80 per cent of its revenues), channels
(contributes around 20 per cent of its revenues), and ingots,
which are used for captive consumption, with installed annual
capacity of 33000 tonnes in Nalagarh district, Himachal Pradesh.


MAHARAJA ROLLER: CARE Cuts Rating on INR13.50cr Bank Loans to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Maharaja Roller Flour Mill Jalna Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13.50      CARE B+ Revised
   Facilities                       from CARE BB-

Rating Rationale

The revision in the rating is driven by delay in the commencement
of project being implemented by Maharaja Roller Flour Mill Jalna
Private Limited. The rating continues to factor in the project
execution risk, relatively small scale in the intensely
competitive wheat flour industry and volatility in raw material
prices influenced by government policies.

The rating continues to derive strength from the promoters'
experience in the food processing industry, strong marketing and
distribution network and favourable demand for its products.
The ability of the MRFM to start the operations without any
further delay and achieve the estimated levels of operating
performance remain the key rating sensitivities.

Incorporated on June 6, 2012, Maharaja Roller Flour Mill Jalna Pvt
Ltd (MRFM), a Jalna-based company is in the process of setting up
a manufacturing facility for processing of wheat with an
installed capacity of 230 tonnes per day (TPD) of wheat flour,
maida, suji, rawa and brans. MRFM is promoted by Mr Mohammed
Ilyas, Mr Pravez Hingora, Mr Imtiaz Hingora and Mr Mohammed
Junaid. The associate company, Maharaja Trading Company, is
already engaged in the trading of all these products of MRFM since
the last two decades. As a part of backward integration strategy,
the promoters are setting up a processing unit through MRFM. The
company plans to procure raw material from the local mandis,
market, farmers and also through Food Corporation of India. The
company may also procure it from Madhya Pradesh, Uttar Pradesh and
Punjab. The products of the company will be sold under the brand
of "Maharaja" white and gold. The company is expected to begin
with its commercial operations from April 2014.


MAYUR GINNING: CARE Reaffirms 'B/A4' Rating on INR10cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mayur Ginning And Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             10        CARE B/CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mayur Ginning and
Pressing Private Limited continue to remain constrained by its
modest scale of operation with weak financial profile marked
by decline in profit margin, leveraged capital structure and weak
debt coverage indicators. The ratings are further constrained on
account of its presence in the highly competitive and fragmented
cotton ginning industry with limited value additions and
volatility associated with raw material (cotton) prices.

The ratings, however, favorably take into account the experience
of the promoters in the cotton processing business and its
proximity to the cotton producing region of Gujarat. The ratings
also factor in the healthy growth achieved in total operating
income during FY13 (refers to the period April 1 to March 31).

Increase in the scale of operations with improvement in the profit
margins and capital structure while managing working capital
efficiently remain the key rating sensitivities.

MGPPL was incorporated in August 1994 by Mr BS Antroliya and Mr SR
Antroliya. The company is a manufacturer and exporter of cotton
bales and cotton seeds and also operates a cotton seed oil
crushing mill. The promoters have rich experience of the cotton
ginning business and have constantly invested in building
manufacturing capacity and integrating their operations forward.
MGPPL's unit is located in the Junagadh district of Gujarat, which
is one of the prominent cotton producing regions of the state. The
company also exports its products to countries like China, Korea,
Bangladesh and Thailand. MGPPL has made export of 2.24% out of
total sales during FY13.

During FY13, MGPPL reported a total operating income of INR42.15
crore with a PAT of INR0.07 crore as against a net profit of
INR0.06 crore on a total operating income of INR30.02 crore in
FY12. During 9MFY14, MGPPL has achieved a PBDT of INR0.77 crore on
a TOI of INR21.94 crore.


NATWEST ESTATES: CRISIL Reaffirms B+ Rating on INR195.4MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Natwest Estates Pvt Ltd
continues to reflect NEPL's modest scale of operations,
geographical concentration in revenue profile, below-average
financial risk profile, marked by modest net worth, and
susceptibility to risks inherent in the real estate industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              75      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      120.4    CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by NEPL's healthy
track record in the Chennai real estate segment, supported by its
promoters' experience in the industry.

Outlook: Stable

CRISIL believes that NEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NEPL reports substantial
cash flows on account of earlier-than-expected completion of
proposed project. Conversely, the outlook may be revised to
'Negative' if NEPL faces delays in project completion or receipt
of payments from customers, or undertakes larger-than-expected,
debt-funded projects, thus weakening its financial risk profile.

Update
NEPL has one ongoing residential project in Chennai which is
nearing completion. The company has sold 84 per cent of the
project, as against completed construction of 86 per cent as on
December 31, 2013, largely in line with the CRISIL's expectation.
The company is expected to undertake another project in Chennai,
over the next six month period; with a saleable area of 145,000
square feet (sq ft) and the same is expected to be funded largely
from customer advances and to a limited extent from the cash
credit facility to be availed for the project.

NEPL's financial risk profile remains below average, marked by
modest networth and gearing. The liquidity continues to be
adequate for its rating category, marked by the absence of term
debt and high bank limit utilisation of 95 per cent for the 12
months ended October 2013.

NEPL reported a profit after tax (PAT) of INR11.58 million on
total revenue of INR197.06 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.14
million on total revenue of INR160.85 million for 2011-12.

Set up in 2001 by Mr. A R Sudhakar and his brother-in-law, Mr. T V
Rama Kumar, Chennai-based NEPL undertakes residential and
commercial real estate projects.


NAVRAN ADVANCED: CRISIL Reaffirms 'D' Rating on INR275MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Navran Advanced
Nanoproducts Development International Pvt Ltd continue to reflect
delays by NAND ipl in paying term loan obligations. The delays
have been caused by NAND ipl's weak liquidity, which, in turn, has
been caused by depressed revenue and cash accruals, and low demand
for its key product, polymerised toners (PTs).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL D

   Funded Interest
   Term Loan             12       CRISIL D

   Long Term Loan       233       CRISIL D

NAND ipl also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. The company also faces
intense competition from established and financially strong
players in the industry. These weaknesses are partially offset by
the benefits that NAND ipl derives from the extensive industry
experience of its promoters, successful commercialisation of
polymerised toner and other nanotechnology-based applications.

NAND ipl was incorporated by Dr. Abhinava Kumar Srivastava (based
in the USA) and Mr. Kumar Binit on April 13, 2008. The company has
a plant in Una (Himachal Pradesh) to manufacture polymerised
toners using nanotechnology. The company's nanotechnology-based
products also include Eco-neev (a diesel additive) and Nano zinc
oxide.

NAND ipl reported a net loss of INR112 million on net sales of
INR20 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR70 million on net sales of
INR50 million for 2011-12.


OMAX COTSPIN: ICRA Reaffirms 'B+' Rating on INR58.50cr Loans
------------------------------------------------------------
ICRA has reaffirmed/assigned the '[ICRA]B+' rating to the INR46.00
crore (enhanced from INR31.90 crore) term loan facility and to the
INR12.50 crore cash credit facility of Omax Cotspin Private
Limited. ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR2.50 crore (enhanced from INR1.00 crore) short term non-fund
based limits of OCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   Limits                12.50        [ICRA]B+ reaffirmed

   Term Loan             46.00        [ICRA]B+ reaffirmed

   Bank Guarantee         2.50        [ICRA]A4 reaffirmed

   Foreign Letter
   of Credit             (8.00)       [ICRA]A4 reaffirmed

   Foreign Letter
   of Credit             (5.00)       [ICRA]A4 assigned

The assigned ratings continue to be constrained by the highly
competitive business environment given the fragmented nature of
cotton industry thus, limiting the company's ability to fully pass
on the increase in raw material prices and vulnerability of
profitability to unexpected movements in cotton prices which are
in turn subject to seasonality and crop harvest. ICRA also takes
notes of the debt funded project undertaken by the company leading
to stretched capital structure and high working capital intensity
of its operations.

The ratings, however, favorably take into account the experience
of management in the cotton industry and support of group concern
ensuring steady supply of raw material (cotton bales) and various
fiscal and operational subsidies.

Omax Cotspin Private Limited was incorporated in May 2011 by Mr.
Jayesh Patel and Mr. Arun Patel. Initially Omax Cotspin Private
Limited, was having a plan of installing cotton ring spinning
plant with an installed capacity to manufacture 3500 MTPA of 30s-
40s combed hosiery yarn by utilizing 17952 spindles however later
on it has expanded the plan to have an installed capacity to
manufacture 4770 MTPA of 30s-40s combed hosiery yarn by utilizing
24480 spindles. The entire project is planned in 2 phases. The
company has installed 17952 spindles till February 2013 from which
production has started from mid March 2013 while production from
enhanced capacity of 6528 spindles has started from mid January
2014. Mr. Jayesh is also partner in Patel Cotton Industries which
is engaged in cotton ginning and pressing as well as cottonseed
crushing activities.

Recent Results

As per the provisional results for the nine months ended 31st,
December, 2013, OCPL reported an operating income of Rs 63.94
crore and profit before tax of INR2.45 crore as against an
operating income of INR33.19 crore and a profit after tax of
INR0.85 crore during FY 2013.


OXYGEN INFRASTRUCTURE: CARE Rates INR8cr Bank Loans at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Oxygen Infrastructure & Developers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              8        CARE B+ Assigned

   Short-term Bank
   Facilities              2        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Oxygen
Infrastructure & Developers are primarily constrained by its short
track record of operation with client concentration risk, volatile
input prices, intense competition in the industry and working
capital intensive nature of business leading to a leveraged
capital structure. The ratings, however, derive strength from the
strong experience of the management in the construction business
and satisfactory order book position indicating a medium term
revenue visibility.

Going forward, OIDPL's ability to increase revenue and
profitability margins with overall improvement in the capital
structure will be the key rating sensitivities.

Oxygen Infrastructure & Developers Private Limited was
incorporated on Jan. 17, 2011, by Ms Manisha Gaur and Mr Gaurav
Mittal of New Delhi for carrying out different types of
construction activities. The company commenced commercial
operation from April 2011 and is engaged in providing different
types of civil construction activities like earthwork,
construction of roads, bridges, dams, residential building,
drainage systems, irrigation facilities, etc. Apart from
this, it is also engaged in open cast mining of coal and bauxite.

As on Jan. 31, 2014, the company has an order book of INR166.9
crore, which is to be completed over the next two-three years.
As per the audited results for FY13 (refers to the period April 1
to March 31), OIDPL reported a PBILDT & PAT of INR6.1 crore
(Rs.1.9 crore in FY12) and INR1 crore (Rs.0.3 crore in FY12),
respectively on a total income of INR31 crore (Rs.5.6 crore in
FY12).


PURBANCHAL LAMINATES: ICRA Reaffirms B+ Rating on INR8.62cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR1.87 crore
(reduced from INR2.35 crore) term loan facility and INR6.75 crore*
fund based cash credit facility of Purbanchal Laminates Private
Limited. ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR2.50 crore inland/import letter of credit facility of
Purbanchal Laminates Private Limited.  ICRA has also withdrawn the
short term rating of [ICRA]A4 assigned to short term non fund
based forward contract facility of INR2.50 crore and bank
guarantee facility of INR0.30 crore of PLPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.87        [ICRA]B+ Reaffirmed
   Cash Credit           6.75        [ICRA]B+ Reaffirmed
   Inland/Import
   Letter of Credit      2.50        [ICRA]A4 Reaffirmed
   Forward Sale
   Contract              2.50        [ICRA]A4 Withdrawn
   Bank Guarantee        0.30        [ICRA]A4 Withdrawn

The reaffirmation of ratings continues to factor in PLPL's weak
financial risk profile characterized by low profitability, high
gearing, weak coverage indicators and stretched liquidity
position. Further, the ratings takes into account the
vulnerability of profitability to the cyclicality inherent in the
real estate industry, fluctuation in raw material prices and
currency related fluctuations in the absence of a formal hedging
policy,. Further, the ratings take note of the highly fragmented
industry characterized by intense competition from organized as
well as unorganized players.

The ratings, however, favourably considers the long track record
and extensive experience of the promoters in the plywood, timber
and laminates business, marketing as well as technical support
from group concerns, location advantage in terms of raw material
availability and access to key markets.

Purbanchal Laminates Private Limited (PLPL) was incorporated in
the year 2001 by Mr. Rakesh Agarwal and other family members. The
promoters have long standing experience in manufacture of timber
products, plywood and veneers through their association with other
group companies. PLPL operates from its plant located at
Gandhidham, with an installed capacity of manufacturing 15.60
lakhs laminate sheets annually. PLPL is also engaged in trading of
imported timber. The other entities operating under the "Amul
Group" includes, Landmark Veneers Pvt Ltd., Amul Boards Pvt Ltd.,
Purbanchal Veneers, Purbanchal Lumbers Pvt Ltd. and Salasar
Plywood Pvt Ltd.

Recent Results

During FY13, the company has reported an operating income of
INR41.15 crore (as against INR31.77 crore during FY12) and profit
after tax of INR0.29 crore (as against INR0.36 crore for FY12).


PERFECTO ELECTRICALS: ICRA Puts 'B+/A4' Rating on INR5cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the 5.00 crore non fund
based bank facilities of Perfecto Electricals Engineers &
Contractors. The rating for the long term non fund based
facilities is interchangeable with the short term, for which ICRA
has assigned an '[ICRA]A4' rating.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non Fund Based
   Limits                5.00       [ICRA]B+/ICRA]A4 assigned

The ratings take into account Perfecto's weak financial profile as
characterized by its weak debt protection metrics, adverse gearing
and low profitability in business. The ratings are also
constrained by the low scale of operations of the firm at present,
and the high client concentration risk with the firm's majority of
revenue being dependent on the Indian Railways (IR), which also
leads to large volatility in revenues and cash flows. ICRA notes
that the firm has a healthy order book position, at almost 2 times
the revenue registered in 2012-13. However, high working capital
requirement in its business is expected to pose significant
challenges in the growth of the firm. The ratings favourably
factor in Perfecto's established position in the railway signaling
contract business in Eastern India and the positive demand
outlook, given the significant expansion and infrastructure
upgradation plans of the IR. ICRA also notes that Perfecto has
signed Memorandum of Understanding (MoU) with a leading global
signaling equipment manufacturer for executing electronic
interlocking contracts for the IR. Going forward, Perfecto's
ability to execute its current orders and win new contracts while
maintaining adequate liquidity would remain a key rating
sensitivity.

Perfecto Electricals Engineers & Contractors incorporated in 1999,
supplies and installs signaling systems for Indian Railways on a
turnkey basis. Currently the company is also involved with
installing signaling systems for the telecommunication sector.
However, a majority of the company's revenues are derived through
signaling work for the Indian Railways.

Recent Results
Perfecto registered a profit after tax of Rs 0.14 crore in 2012-13
on the back of net sales of Rs 29.02 crore. In the year 2011-12,
the firm registered a profit after tax of 0.12 crore on the back
of net sales of Rs 31.69 crore.


PURBANCHAL VENEERS: ICRA Reaffirms 'B+' Rating on INR1.95cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed/assigned the '[ICRA]B+' rating to the INR0.80
crore fund based cash credit facility and INR1.15 crore fund based
term loan facility of Purbanchal Veneers. ICRA has also reaffirmed
the '[ICRA]A4' rating to the INR10.00 crore (enhanced from INR6.50
crore) letter of credit facility of PV.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.80        [ICRA]B+ Reaffirmed
   Term Loan             1.15        [ICRA]B+ Assigned
   Letter of Credit     10.00        [ICRA]A4 Reaffirmed
   Forward Sale
   Contract             10.00        [ICRA]A4 Withdrawn

ICRA has also withdrawn the short term rating to INR10.00 crore
forward sale contract facility of Purbanchal Veneers.
The reaffirmation of ratings continues to factor in PV's modest
scale of operations and weak financial risk profile characterized
by low profitability, adverse capital structure and weak debt
coverage indicators. The ratings also factor in the intense
competitive intensity caused due to the presence of low entry
barriers and fragmented nature of timber industry due to the
availability of cheaper substitutes like domestic pine and poplar
in case of core veneer. The ratings also take into account the
vulnerability of profitability to adverse fluctuations in imported
timber prices and currency fluctuations in the absence of a formal
hedging policy.

The ratings also factor in the risk caused due to high
concentration of raw material originating primarily from Burma and
Malaysia, resulting in vulnerability to political instability,
adverse foreign trade policy and domestic deforestation policy
arising in these countries. The ratings are also constrained by
the constitution of the entity as a partnership firm as any
significant withdrawals could affect the capital structure
resulting in higher gearing levels.

The ratings, however, favorably factor in the long track record of
promoters in timber business, location advantage arising due to
the presence of the manufacturing facility in close proximity to
Kandla port and marketing support from other group entities.

Purbanchal Veneers (PV) was incorporated in the year 2002 by Mr.
Rakesh Agarwal and other family members. The promoters have long
standing experience in manufacture of timber products, plywood and
veneers through their association with other group companies. PV
operates from its plant located at Gandhidham, with an installed
capacity of manufacturing 10000 cubic meters veneers annually. PV
is also engaged in trading of imported timbers. The other entities
operating under the "Amul Group" includes, Amul Boards Private
Limited, Landmark Veneers Private Limited, Purbanchal Laminates
Private Limited, Purbanchal Lumbers Private Limited and Salasar
Plywood Private Limited.

Recent Results

During FY13, the firm reported an operating income of INR27.30
crore (as against INR17.98 crore during FY12) and profit after tax
of INR0.20 crore (as against profit after tax of INR0.16 crore for
FY12).


RADHE RADHE: CRISIL Reaffirms 'B+' Rating on INR149.5MM Loans
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of
M/s Radhe Radhe Fibers at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            119     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      30.5   CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect RRF's presence in a highly
competitive and fragmented cotton ginning industry and its below
average financial risk profile marked by a modest networth,
moderate gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by the benefits derived from the
extensive experience of the partners and established relations
with both customers and suppliers in and around Jalgaon
(Maharashtra).

Outlook: Stable

CRISIL believes that RRF will continue to benefit over the medium
term from the established relations of the partners with customers
and suppliers in and around Jalgaon. The outlook may be revised to
'Positive' if the there is significant and sustainable growth in
revenues, while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
reports lower than expected revenues or profitability or faces a
significant elongation of working capital cycle or if it
undertakes any large debt funded capital expenditure, thereby
further weakening its financial risk profile.

RRF was set up as a partnership firm in 2011 by Mr. Radheshyam
Agrawal and Mr. Sunil Agrawal. RRF is engaged in the ginning and
pressing of cotton. Its manufacturing facilities are at Chopda in
Jalgaon.

RRF reported a profit after tax (PAT) of INR5.1 million on net
sales of INR721.3 million for 2012-13, against a PAT of INR 2.4
million on net sales of INR 521.8 million in 2011-12.


RAGHAV INDUSTRIES: CRISIL Ups Rating on INR97MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Raghav
Industries to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           80      CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility    17      CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

The rating upgrade reflects RI's improved business and financial
risk profiles. RI's business risk profile is estimated to have
improved in 2013-14 (refers to financial year, April 1 to
March 31), with revenues increasing to INR350 million, an increase
of over 35 per cent from revenues of over INR259 million a year
ago; RI, on a provisional basis has reported revenues of INR 220
million for 9 months ended December 2013.  The increase in
revenues is primarily on account of improved realisation of
basmati rice, leading to higher'than-expected accruals.

The rating upgrade also reflects substantial improvement in RI's
financial risk profile, driven by the absence of term debt
obligations over the medium term, moderate bank limit utilisation
and support from promoters by way of unsecured loans.

CRISIL believes that RI will maintain its improved business and
financial risk profiles, over the medium term.

CRISIL's rating on the long-term bank facilities of Raghav
Industries (RI) continues to reflect RI's below-average financial
risk profile, marked by small net worth, high gearing, and weak
debt protection metrics, and small scale of operations in the
intensely competitive rice processing industry. These rating
weaknesses are partially offset by extensive industry experience
of RI's partners, and the healthy growth prospects of the rice
industry.

Outlook: Stable

CRISIL believes that RI will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if the firm registers
improvement in its liquidity, driven by significant improvement in
its cash accruals along with improvement in its scale of
operations, or if its capital structure improves substantially
because of more-than-expected accretions to reserves or additional
capital infusion by its partners.Conversely, the outlook may be
revised to 'Negative' if RI registers significant deterioration in
its capital structure, or faces pressure on its profitability, or
if its working capital requirements are larger than expected or if
it undertakes any large debt-funded capex programme, leading to
deterioration in its debt protection metrics.

RI, established in 2005, processes basmati rice (mainly Pusa 1121
quality). The firm is promoted by Mr. Rakesh Garg and his brother,
Mr. Mukesh Garg. RI's milling and sorting unit in Karnal (Haryana)
has total milling capacity of 2.5 tonnes per hour (tph) and
sorting capacity of 12.5 tph.

For 2012-13, RI reported a profit after tax (PAT) of INR1 million
on net sales of INR259 million; the company reported a PAT of
INR0.5 million on net sales of INR251 million for 2011-12.


SEVEN SEAS: CRISIL Reaffirms 'B+' Rating on INR1.94BB Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Seven Seas
Hospitality Pvt Ltd continues to reflect SSHPL's exposure to
implementation risks associated with its upcoming five-star hotel,
and its weak financial risk profile, on account of the debt
contracted to fund the project, leading to a highly leveraged
capital structure. These rating weaknesses are partially offset by
the extensive industry experience of SSHPL's promoters and its
well-established brand image in the banqueting segment.

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

   Term Loan             1900     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSHPL's banquet halls, which are currently
operational, will continue to generate healthy revenues and
maintain healthy profitability, over the medium term. CRISIL also
believes that although SSHPL will remain exposed to
implementation-related risks in its ongoing project over the
medium term, its exposure to revenue-related risks associated with
the project will be relatively low because of its established
market position. The outlook may be revised to 'Positive' if
SSHPL's hotel project is completed on time and the hotel generates
healthy accruals, thereby improving the company's capital
structure. Conversely, the outlook may be revised to 'Negative' if
delays in completion of the project or more-than-expected debt
inflow to fund the project significantly weaken the company's
financial risk profile.

Update:
The company's business risk profile remains moderate marked by
stable revenues and profitability, however constrained by the
implementations risks associated with its upcoming five-star
hotel. SSHPL reported revenues of INR290 million in 2012-13 from
its banquet halls and catering business, almost in line with
revenues of INR289 million in 2011-12, The company is setting up a
5-star hotel with a total capital expenditure (capex) of INR3.02
billion and is likely to commence commercial operations from
October 2014. Earliest, SSHPL was setting up a 4 star hotel with a
project cost of INR1.98 billion and was expected to commence
commercial operations in September 2013. Furthermore, the company
has also increased the total constructed area from 0.356 million
square feet (sq ft) to 0.408 million sq ft. The project risk is
moderate as the company has already incurred nearly 80 per cent of
the total project cost of INR3.02 billion as of October 2013.

The company continues to have weak financial risk profile
reflected in high gearing of 4.12 times as on March 31, 2013 and
weak net cash accrual to total debt of 2 per cent as of March 31,
2013. The repayment of term loan is scheduled to start from April,
2015.

SSHPL, incorporated in 2006, is a private limited company promoted
by the Dang group. The company provides banqueting and catering
services from its three banquet halls at Lawrence Road, Delhi,
with a combined seating capacity for 1500 people. The company is
setting up a five-star hotel-cum-restaurant-cum-banquet-hall in
Rohini, Delhi, at an estimated cost of INR3.02 billion. The hotel
is expected to start operations by October 2014.


SHIWALAY ENTERPRISE: ICRA Reaffirms B+ Rating on INR7cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned on the INR7.00
crore long term fund based facility of Shiwalay Enterprise. ICRA
has also reaffirmed the short term rating of [ICRA]A4 on the
INR15.00 crore (enhanced from INR8.00 crore) short-term non-fund
based facility of SE.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working Capital
   Overdraft             7.00       [ICRA]B+ reaffirmed

   Bank Guarantee       15.00       [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings takes into account the firm's
modest scale of operations; moderate profit margins and gearing
levels; its geographical and sectoral concentration risk arising
from focus on mostly government tendered projects towards road &
canal work in Gujarat; and the high competitive intensity in the
construction space resulting in pressure on margins. The ratings
are further constrained by the vulnerability of profitability to
fluctuation in input prices in projects with absence/limitations
of pass through clause. Given the large sized orders currently
under implementation and ongoing delays in execution due to
uncontrollable factors, the firm's ability to execute the orders
within the budgeted costs and receive payments in a timely manner
remains critical from the credit perspective. ICRA also notes that
SE is a proprietorship concern and any significant withdrawals
from the capital account would affect its net worth and thereby
have an adverse impact on the capital structure.

The ratings however continue to positively consider the long
experience of the promoters in the civil construction industry
supported by established technical qualifications & approvals with
the State Government entities and its healthy current order book
position. The firm continues to benefit through repeat orders from
reputed clientele comprising government, semi government bodies,
and private enterprises.

Shiwalay Enterprise was established in the year 1999 and is
engaged in civil & construction engineering and contracting
services related to roads, canals, check dams and buildings. SE
was promoted by Mr. Jitendrasingh Rathod, who has an experience of
15 years in the industry. Currently, his son, Mr. Rudradutta
Rathod is actively looking after the business. SE is registered
under "AA" class and Special Category-II with the Government of
Gujarat. The firm has an in-house team of 12 civil engineers, 20
supervisors and contract labour. SE has executed projects in the
past for government and semi-government bodies of Gujarat
government and private players like Pipavav Defence and Offshore
Engineering Company Limited, ONGC etc.

Recent Results

For the financial year 2012-13, the firm reported an operating
income of INR47.35 Cr. and profit after tax of INR2.39 Cr. as
against an operating income of INR25.52 Cr. and profit after tax
of INR1.53 Cr. for the financial year 2011-12.


SHREE HARI: CRISIL Reaffirms 'B' Rating on INR266.1MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Hari Spintex Ltd
continue to reflect SHSL's weak financial risk profile, marked by
a weak capital structure and average debt protection metrics. The
ratings also factor in SHSL's small scale of operations. These
rating weaknesses are partially offset by the benefits that the
company derives from the stable demand for cotton yarn.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee        6.4     CRISIL A4 (Reaffirmed)
   Cash Credit         115       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     1.1    CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan      150      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SHSL will continue to benefit over the medium
term from the buoyant demand from its end-user industry. The
outlook may be revised to 'Positive' if SHSL scales up its
operations significantly, while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure programme, thereby further weakening
its financial risk profile, or if its profitability declines, most
likely because of pricing pressure driven by rising cotton prices.

SHSL, promoted by Mr. Rakesh Kumar, began operations in 2007-08
(refers to financial year, April 1 to March 31), with 2008-09
being its first full year of commercial production. The company
manufactures cotton yarn (between 16 and 34 counts) at its
facility in Bhatinda (Punjab).

For 2012-13, SHSL reported a profit after tax (PAT) of INR4.6
million on net sales of INR717.3 million, against a PAT of INR0.4
million on net sales of INR568.1 million for 2011-12.


SHREEJI COTTON: ICRA  Reaffirms 'B+' Rating on INR7cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR7.00 crore (enhanced from INR5.21 crore) fund based bank limits
of Shreeji Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits-
   Cash Credit          7.00 crore   [ICRA]B+ Reaffirmed

The rating is constrained by the firm's weak financial risk
profile characterized by low profitability, leveraged capital
structure and stretched liquidity position. The rating also takes
note of the firm's relatively small scale of operations which
limits scale economies in a business involving low value addition
and exposure to risk of capital withdrawals given that the firm is
a partnership concern. The rating also incorporates lack of
diversification in the product profile and susceptibility of the
cotton prices to seasonality and regulatory risks which together
with the highly competitive industry environment further exerts
pressure on margins.

The rating however considers the experience of the promoter in the
cotton ginning industry and advantage the firm enjoys by virtue of
its location in cotton producing region giving it easy access to
raw cotton.

Established in 2006, Shreeji Cotton Industries (SCI) is owned and
managed by Mr. Ravji Ramani and Mr. Jiva Ramani. The firm is
engaged in ginning & pressing of raw cotton to produce cotton
bales and cotton seeds. The firm's factory is located at Jasdan
(Gujarat) with a processing capacity of 50 MT of raw cotton per
day.

Recent Results

During FY 2013, the firm has reported a net profit of INR0.08
crore on an operating income of INR36.85 crore. As for nine months
ending December 31, 2013, Shreeji Cotton Industries reported
profit before tax of INR0.98 crore on an operating income of
INR17.59 crore.


SHRI SHANKER: ICRA Reaffirms 'B+' Rating on INR25.72cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] B+' to the Rs
25.72 crores enhanced fund based bank facilities of Shri Shanker
Gauri Agro Product Private Limited. ICRA has also reaffirmed the
short term rating of '[ICRA]A4' to the INR4.00 crores fund based
facilities of SSGAPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Long Term             25.72         [ICRA]B+ reaffirmed

   Fund Based Limits-
   Short Term             4.00         [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to be constrained by
high gearing arising out of substantial debt funding of large
working capital requirements coupled with weak coverage
indicators. The rating also takes into account high intensity of
competition in the rice milling industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating however, favorably takes into account long
standing experience of promoters, proximity of the mill to major
rice growing area which results in easy availability of paddy and
good demand supply dynamics existing in the basmati rice industry.

Recent Results:

SSGAPPL reported a net profit of INR0.32 crores on an operating
income of INR92.24 crores for the year ended March 31, 2013 and a
net profit of INR0.13 crores on an operating income of INR46.79
crores for the year ended March 31, 2012.

Business was established in the year 1973 by Mr. Radheshyam
Maheshwari in the name of Shanker Udyog. However, in the year 2004
it was converted into a private limited company as Shri Shanker
Gauri Agro Product Pvt. Ltd. (SSGAPPL). Mr. S.N. Maheshwari is the
managing director of the company and looks after the operations of
the company. SSGAPPL is engaged in processing and trading of rice,
poha, wheat dalia and pulses. Head office and factory of the
company is located at Nainwa road, Bundi Rajasthan.


SONY CONSTRUCTION: ICRA Suspends 'B' Rating on INR7cr Loan
----------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the Rs 7.0
crores working capital facilities M/s Sony Construction. 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.


SPIC FASHIONS: ICRA Upgrades Rating on INR4.80cr Loans to 'C'
-------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR4.00
crore term loan facilities (revised from INR6.05 crore) and the
INR0.80 crore proposed long-term facilities of Spic Fashions to
'[ICRA]C' from '[ICRA]D'. ICRA has also upgraded the short-term
rating outstanding on the INR8.00 crore fund based facilities
(revised from INR6.75 crore) of the Firm to '[ICRA]A4' from
'[ICRA]D'.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan
   Facilities            4.00         [ICRA]C/upgraded
                                       From [ICRA]D

   Long-term proposed
   facilities            0.80         [ICRA]C/upgraded
                                      from [ICRA]D

   Fund based
   facilities            8.00         [ICRA]A4/upgraded from
                                      [ICRA]D

The rating action takes into account the regularization of debt
servicing by the Firm since the month of July 2013, as confirmed
both by the lender and the Firm's management. Supported by
favourable overseas demand owing to improved price competitiveness
on account of weak rupee and rising factor costs in competing
nations, the Firm has been able to improve its profit margins and
consequently cash flows, which has aided in honouring term loan
repayment obligations in a timely manner. The ratings, however,
continue to remain constrained by the stretched financial profile
of the Firm, characterised by moderate capital structure (despite
funds being infused by the partners to support capex) and weak
coverage indicators. Despite better cash flows, the Firm's
liquidity position is stretched owing to steep increase in
inventory days on the back of larger share of customized orders
which has extended order execution cycle. While arriving at the
ratings, ICRA also continues to consider the Firm's small scale of
operations, intense competition from other low cost nations and
economic exposure risks that have restricted the Firm's scale
economies and pricing flexibility. High customer concentration
(with top customer contributing nearly 70% of total revenues) also
exposes the Firm's revenues to order cancellation risks. The
ratings, however, also take in to account experience of promoters
in the textile industry which has aided in nurturing healthy
relationships with two key customers, aiding in repeat business
generation.

In light of the aforementioned risks, the ability of the Firm to
grow volumes and margins, while compressing the working capital
cycle, would be crucial to improving the credit profile over the
medium to longer term.

Spic Fashions is a partnership firm which commenced operations in
the year 2006. The Firm is engaged in the manufacturing of boy's
wear to retailers located in France and Spain. The manufacturing
facility is located at Tirupur, with overall production capacity
of around 7 lakh pieces per annum. With a view to integrate its
operations, the Firm has also set up embroidery & printing units.
The Firm's partners are Mr. A Senthil Kumar and his wife Mrs. S.
Gowri. The Firm's managing partner Mr. A Senthil Kumar has been in
textile industry for over two decades.

For the year ended March 31, 2013, Spic has reported a net profit
of INR0.6 crore on an operating income of INR14.2 crore as against
net profit of INR0.8 crore on operating income of INR15.2 crore
during 2011-12.


SUPER SEALS: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Seals India Ltd
continue to reflect SSIL's small scale of operations along with
high working capital requirement and weak financial risk profile,
marked by high gearing and average debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of SSIL's promoters and its diversified customer base.

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

   Letter of Credit         10      CRISIL A4 (Reaffirmed)

   Term Loan                10      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSIL will continue to benefit over the medium
term from the extensive industry experience of its promoters.
However, its financial risk profile is expected to remain weak due
to high gearing. The outlook may be revised to 'Positive' if the
company scales up its operations substantially with improvement in
profitability leading to improved cash accruals, or in case the
promoters infuse more capital, leading to healthy financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SSIL's profitability declines or it undertakes a significantly
large debt-funded capital expenditure programme, resulting in
lower-than-expected cash accruals constraining its financial risk
profile.

Update
SSIL reported net sales of INR233 million for 2012-13 (refers to
financial year, April 1 to March 31), registering a negative
growth of 3.7 per cent year-on-year. The decline in topline was
driven by sluggish demand from the end-user industry. SSIL's
operating margin of 8.7 per cent for 2012-13 was in line with past
trends and commensurate with CRISIL's expectations. CRISIL
believes that sustenance of topline will remain a challenge for
SSIL over the near term given the fact that demand remains
sluggish from end-user industry.

SSIL's operations continue to remain working capital intensive
with gross current assets of 201 days as on March 31, 2013. The
working capital requirement has been funded though short term debt
leading to high gearing at 2.11 times as on March 31, 2013. It had
a small net worth of INR40 million and average debt protection
metrics. During the current financial year, the company is
undertaking a capex to add a unit at Bawal (Haryana). The same has
costed INR75 million, funded by term loan of INR45 million and
balance via equity infusion, unsecured loans and internal
accruals. The unit which is likely to commence operations in first
half of 2014-15 (refers to first half of financial year, 2014-15)
would have installed capacity of manufacturing wiper blades and
oil seals to the extent of 0.5 million pieces per month.   CRISIL
believes that timely stabilization of operations at the Bawal unit
would continue to be a key rating sensitivity factor. Overall, the
financial profile would continue to remain weak on account of high
reliance on external funds.

SSIL's liquidity profile is constrained by high bank limit
utilisation on account of working capital intensity. The same is
partly supported by funding support from promoters in the form of
unsecured loans. These are expected to be stay in the business,
and hence have been treated as neither debt nor equity.

SSIL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR233 million for 2012-13, against a PAT of INR2.6
million on net sales of INR241 million for 2011-12.

Incorporated in 1960, SSIL is a closely held company that
manufactures oil seals used in automobiles. The company is
currently managed by Mr. Kamal Talwar. SSIL's manufacturing
facility is located at Faridabad (Haryana). The company is
currently executing a capex to add a plant at Bawal (Haryana).


SURFACE PREPARATION: ICRA Reaffirms 'B' Rating on INR9.9cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' earlier
assigned to the INR9.90 crore (enhanced from INR8.20 crore) fund-
based limits of Surface Preparation Solutions and Technologies
Pvt. Ltd. ICRA has also re-affirmed the short-term rating of
'[ICRA]A4' earlier assigned to the INR2.50 crore (enhanced from
INR1.50 crore), non-fund based limits of the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based Limit-
   Cash Credit            5.00        [ICRA]B re-affirmed

   Fund based Limit-
   Term Loans             2.90        [ICRA]B re-affirmed

   Fund based Limit-
   Bill Discounting       2.00        [ICRA]B re-affirmed

   Non-Fund based
   Limit-Bank Guarantee/
   Letter of Credit       2.50        [ICRA]A4 re-affirmed

The ratings re-affirmation take into account the healthy growth in
FY13 operating income and the reputed client base consisting of
big public and private sector entities like RITES, Astom India
Limited, L&T etc. which reduces credit risk in realization of
payments. The ratings continue to draw comfort from long track
record and extensive experience of the promoters in the surface
preparation industry.

The ratings are however constrained by the delays in project
execution by the company in FY13 which has adversely impacted its
profitability. Further, delays in realization of debtors has
stretched its liquidity position while increasing reliance on
working capital borrowings and funding support from promoters.
Nonetheless, recent measures by the company to improve project
execution and complete pending orders has helped reduce the level
of stuck receivables. The ratings are also constrained by the
small scale of operations and vulnerability of profitability to
adverse changes in input costs.

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

Incorporated in February 1987, SPSTPL commenced commercial
operations in January 2010 and is engaged in providing surface
preparation & painting solutions to the user industries like
steel, capital goods, earth moving etc. SPSTPL provides customized
engineering solutions like conveyors, material handling systems,
recycling equipment, shot blast systems, dust collection systems,
blast room, paint room, blasting & painting services, abrasives,
hard metal spare parts and electrical control panels. SPSTPL also
manufactures spare parts & components for these machines and
enters into annual maintenance contracts and does onsite job work
for surface preparation & painting on turnkey basis.

Recent Results

In FY13, SPSTPL has reported operating profits of INR1.53 crore
and net profit of INR0.06 crore on operating income of INR11.82
crore compared to operating profits of INR1.29 crore and net
profit of INR0.21 crore on operating income of INR6.34 crore in
FY12.


VIJAYATEJ HOSPITALITY: CRISIL Rates INR83.1MM Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vijayatej Hospitality Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 83.1    CRISIL B/Stable

The rating reflects VHPL's modest scale of operations and subdued
financial risk profile marked by modest networth and weak debt
protection metrics. These rating weaknesses are partially offset
by the promoter's extensive business experience and qualified team
of management with vast experience in the healthcare sector.

Outlook: Stable

CRISIL expects VHPL to benefit from the promoters' extensive
business experience and a qualified management team. The outlook
may be revised to 'Positive' if the company is able to ramp up its
scale of operations and is able to demonstrate a healthy demand
for its services, thereby translating to better-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected cash accruals due to lower than
expected occupancy rates or lower than expected average room rates
resulting in a pressure on the liquidity profile of the company.

VHPL was incorporated in 2010 by Mr. Prakash Jha and his family.
The company is into the hospitality business and operates the a
hotel and banquet hall  'Clarks Inn' at P&M Mall in Patna (Bihar).
The hotel has around 30 rooms and started operations in January
2013. The company's business operations are managed by its CEO,
Mr. Sunil Agarwal.


VIJAYJYOT SEATS: ICRA Suspends 'B-' Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the '[ICRA]B-' and '[ICRA] A4' rating to the
INR11.50 crores bank facilities of Vijayjyot Seats Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash credit     7.00        [ICRA]B- (Suspended)

   Short Term Fund
   Based-Bills
   Purchase              3.00        [ICRA]A4 (Suspended)

   Short Term Non-
   Fund Based-Letter
   of Credit/Bank
   Guarantee             1.50        [ICRA]A4(Suspended)

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

VSPL was incorporated in the year 1989 as a private Limited
company having its registered and corporate office in Mumbai. The
factory is located at Halol (Gujarat) and Pune. The company
promoters are the Shah and Motasha family who have an experience
of over 5 decades in this line of business. The company is in the
business of manufacturing and marketing of seating systems to
cater to the requirement of Automobile industry, Railways,
Passenger Bus and Auditorium & Multiplexes.

VSPL had started its business operations in 1989 by Manufacturing
and supplying Seats to Premier automobiles Ltd to its Premier
Padmini model manufactured at their Kurla Plant. Subsequently, the
company started supplies of seats to Telco in 1992 for their LP
207 Model and since then developed and supplied seats of various
models. In 1995, Peugeot 309 car seats were developed and supplied
to Pal- Peugeot Limited. In 1996, the company developed seats for
yet another foreign model Fiat Uno and in1998 introduced seats for
Mitsubishi Lancer car made at Chennai and to Ambassador Models
made at Calcutta by Hindustan Motors Ltd. In order to explore the
relevant market, the company had developed seats for Railways,
Passenger bus and Cinema multiplexes and auditoriums.


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


MERPATI NUSANTARA: Seeks Business Partners to Survive
-----------------------------------------------------
Mariel Grazella at The Jakarta Post reports that PT Merpati
Nusantara Airlines has reached out to business partners that could
provide them with the working capital necessary to jump-start
operations.

The state-owned airline hopes to see joint-operation (KSO) deals
come to fruition by March, the report says.

According to the report, Merpati president director, Asep
Ekanugraha, said that the airline hoped to resume operations on
March 1 after conducting intensive reviews of their business this
month.

"We are now focusing on our survival, during which we will review
our costs, routes, human capital and business strategies," the
report quotes Mr. Asep as saying.  The airline planned to scrap
unpopular routes, he added.

Mr. Asep added that Merpati had incurred approximately
IDR7.3 trillion (US$607 million) in debts, surpassing their assets
of around IDR3 trillion, The Jakarta Post reports. More than half
of the debt, he said, was to the government and other state-owned
enterprises, the report notes.

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
Feb. 6, 2014, Antara News said 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.

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, according
to Antara News.



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

LOMBARD FINANCE: Directors Seek Reduced Sentences
-------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that the directors of failed
Lombard Finance and Investments have asked that their sentences be
reduced, saying their offending was a misunderstanding of the law.

The four directors, including former justice ministers Sir Douglas
Graham and Bill Jeffries, on Feb. 11 appealed against their
sentences in the Supreme Court.

It was argued their failure to disclose information to investors
was not deliberate but a misunderstanding of the law, and
therefore less serious than similar instances of finance company
offending.

According to Stuff.co.nz, the directors said their sentences of
home detention imposed by the Court of Appeal should be reduced to
the community service sentences and fines given in the High Court.
But they remain free to leave their homes pending the appeal,
after the Supreme Court Feb. 11 reserved its decision.

Wellington-based Lombard collapsed in April 2008, leaving about
3,600 unsecured investors NZ$111 million out of pocket.

In March 2012, the report recalls, the four directors were
convicted in the High Court of misleading investors in the lead-up
to the company's collapse, by omitting details from a December
2007 prospectus about late loan repayments and falling cash
reserves.

The Supreme Court in October dismissed an application by the
directors to appeal against their convictions.  But it also ruled
it would allow Graham, Jeffries, fellow director Lawrence Bryant
and chief executive Michael Reeves to appeal against their
sentences.



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


MAGNACHIP SEMICON: Earnings Release Delay Credit Neg, Mood's Says
-----------------------------------------------------------------
Moody's Investors Service says that MagnaChip Semiconductor
Corporation's (B1 stable) delay of its 4Q 2013 earnings release is
credit negative, because it has created uncertainty over its
financial performance and reporting.

MagnaChip announced that it would postpone its 4Q 2013 earnings
release, originally scheduled for 28 January, because it needs
more time to review its 4Q 2013 and full year 2013 financial
results. Since then, the company has not made any further comment.

Moody's views that the delay of 4Q 2013 earnings release without
further clear explanation has created uncertainty over MagnaChip's
financial performance and reporting, despite its solid financial
profile based on its 3Q results.

Moody's estimates that the company's adjusted debt/EBITDA for the
12 months to September 2013 was about 1.6x, which strongly
positioned it in the B1 rating category. As of September 2013, the
company had $158 million in cash and cash equivalents, while its
total debt of $225 million consisted entirely of notes maturing in
2021.

However, MagnaChip's revenue declined 1.8% in 3Q 2013 on a year-
over-year basis due to a decrease in revenue from its
semiconductor manufacturing services, although the company
maintained a gross margin of 33%. The revenue decline was caused
by a weaker-than-expected demand for high-end smartphones from its
major end-customers.

Based on guidance for 4Q 2013 the company gave in its 3Q 2013
earnings release as of October 29, 2013, its revenue for 4Q 2013
could further decline to approximately 10% on a year-over-year
basis and its gross margin could fall to 29%-31%. As a result, its
adjusted debt/EBITDA could increase to approximately 2.0x in 2013,
although this is still below our down trigger of adjusted
debt/EBITDA of 2.5x.

MagnaChip's listing on the New York Stock Exchange requires it to
file its annual report, Form 10-K, within 75 days of the year end,
which is 17 March. Moody's will continue to monitor developments
on the company's 4Q 2013 earnings release.

The principal methodology used in this rating was the Global
Semiconductor Industry Methodology published in December 2012.

MagnaChip is a Korean-based designer and manufacturer of analog
and mixed-signal semiconductor products, mainly for high-volume
consumer applications, such as TVs, PCs, mobile phones, and
tablets.


* KOREA: Builders to Face Massive Maturing Debts in March & April
-----------------------------------------------------------------
Yonhap News Agency reports that financially troubled South Korean
construction firms are expected to refinance a large sum of debts
due in March and April, industry data showed on Feb. 12, raising
concerns that their already shaky footing could further worsen.

According to the data, a total of KRW5.23 trillion (US$4.9
billion) in debts sold by 24 local construction companies are due
this year, around KRW2.04 trillion, or 39 percent, of which are
scheduled to mature in March and April, Yonhap reports.

Yonhap relates that the data showed that 11 builders have to
refinance KRW783 billion worth of debts due in March with eight
construction firms facing KRW1.26 trillion worth of maturing debts
in April.

Yonhap says POSCO Engineering & Construction Co., a unit of the
country's top steelmaker POSCO, has to pay off the largest amount
of maturing debts totaling KRW409 billion next month, followed by
Lotte Engineering & Construction Co. with KRW370 billion, Samsung
C&T Corp. with KRW300 billion and Hanwha Engineering &
Construction Co. with KRW280 billion.

The dates are approaching when they are struggling with falling
earnings, the report says.  A slew of major construction firms
have shocked investors by reporting worse-than-expected bottom
lines.

Yonhap notes that Daewoo Engineering & Construction Co., one of
the country's major builders, suffered an operating loss of
KRW445 billion during the fourth quarter of last year on money-
losing overseas and local development projects.

Samsung C&T reported an operating income of KRW126 billion during
the October-December period, a sharp drop of 38.9 percent from a
year earlier, the report discloses.

Yonhap adds that local builders also have been facing harder times
in raising money as investors shunned debts sold by them due to
their weak financial status and an industry-wide slump, stoking
fear that some ailing companies may not be able to make
repayments.

"Investors are worrying about builders' poor earnings, which will
keep investors away from them," the report quotes Kim Ik-sang, an
analyst at HI Investment & Securities, as sayng. "Such bad
situations will make it hard for low-rated builders to raise
money."



                             *********

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 ***