TCRAP_Public/140220.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 20, 2014, Vol. 17, No. 36


                            Headlines


A U S T R A L I A

CONVECTOR GRAIN: Creditors OKs Liquidation, Riordan Buys Assets
KARMA LOUNGE BAR: Closes Doors After Going Into Receivership
MIDWEST VANADIUM: Parent Fails to Pay Wages; Debt to Bondholders
SLATTERS NEWSAGENCY: Court Puts Firm Into Liquidation Over Debts
SUPERSTAR (WA): Placed Into Liquidation

UNITED BONDED: Traded Insolvent Before Collapse, Report Says
* AUSTRALIA: Alcoa Closures to Hit Hard Victoria & NSW Businesses


C H I N A

CHINA PROPERTIES: Fitch Affirms IDR & Sr. Unsecured Rating at B-
CHINA PROPERTIES: S&P Assigns 'B-' Rating to Proposed RMB Notes
SINO IRON: Mineralogy Drop Bid to Liquidate Citic Pacific Unit
* ADGS Appoints Liu Yixin Chris as Advisory Manager in China


I N D I A

AMIDHARA INDUSTRIES: CRISIL Assigns 'B' Rating to INR180MM Loans
ASTRA DIAMOND: CRISIL Reaffirms 'D' Rating on INR90MM Loans
BELLEZA GRANITO: CRISIL Cuts Rating on INR240MM Loans to 'B'
BITCORP PRIVATE: CRISIL Assigns 'B-' Rating to INR200M Loan
CLASSIC WEARS: CARE Assigns 'B' Rating to INR11.92cr LT Loans

GANESH TAMULI: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
GLOBAL AGRO: CRISIL Rates INR150 Million Bank Loan at 'B+'
JAYAVEL PROCESSING: CRISIL Assigns 'B' Rating to INR80MM Loans
JIBIKA RICE: CRISIL Assigns 'B' Rating to INR89.3MM Loans
K.G. LAKSHMIPATHI: CRISIL Cuts Rating on INR60MM Loan to 'B-'

KAUSHALYA ROLLER: CRISIL Ups Rating on INR130MM Loans to 'B+'
KINGFISHER AIRLINES: Sanjay Aggarwal Steps Down as CEO
LATA EXPORTS: CARE Assigns 'B' Rating to INR7cr Long-Term Loans
MARKS ENTERPRISES: CRISIL Reaffirms B Rating on INR17.5MM Loan
MINEX INDIA: CRISIL Assigns 'B-' Rating to INR40MM Loan

PARTHAS TEXTILES: CRISIL Reaffirms B+ Rating on INR150MM Loans
PM DALL: CARE Reaffirms 'B' Rating on INR5.13cr Long-Term Loans
PRERANA PRATISTHAN: CRISIL Reaffirms D Rating on INR120MM Loans
RADHEE FOODS: CRISIL Upgrades Rating on INR130MM Loans to 'B+'
RANI SATI: CRISIL Assigns 'B+' Rating to INR177.5MM Loans

REI AGRO: S&P Affirms and Withdraws 'B' Corporate Credit Rating
SADGURU SRI: CRISIL Lowers Rating on INR720MM Loans to 'D'
SHREE RAJASVI: CRISIL Ups Rating on INR202.1MM Loans to 'B'
SHREE SIDHBALI: CRISIL Reaffirms 'B+' Rating on INR300MM Loans
SHRI SANT: CRISIL Assigns 'B-' Ratings to INR130MM Loans

SRI KRISHNA: CRISIL Reaffirms 'B+' Ratings on INR60MM Loans
SRI RAGHAVENDRA: CRISIL Reaffirms 'B' Rating on INR365MM Loans
SRI SRI VIGNESWARA: CARE Assigns 'B+' Rating to INR12cr Loans
SUPREME KNOWLEDGE: CRISIL Reaffirms 'D' Rating on INR96MM Loans
SUYASH MART: CRISIL Assigns 'B+' Rating to INR60MM Loans

TEMPLE CITY: CRISIL Assigns 'B-' Rating to INR20MM Loan
VARUNANI MARKETING: CRISIL Reaffirms B+ Rating on INR140MM Loan


S O U T H  K O R E A

STX GROUP: Creditors to Give More Liquidity to Shipbuilding Unit


V I E T N A M

* VIETNAM: Should Force 'Weak Banks' to Declare Bankruptcy


                            - - - - -


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


CONVECTOR GRAIN: Creditors OKs Liquidation, Riordan Buys Assets
----------------------------------------------------------------
ABC News reports that the failed Victorian grain handler,
Convector Grain, has officially gone into liquidation.

A meeting of the company's creditors approved the liquidation,
after the company's assets were sold to grain company Riordan
Logistics, based at Lara near Geelong, according to ABC News.

The report notes that Convector Grain went into voluntary
administration last year owing farmers, transport companies and
the ANZ bank about AU$15 million.  The report relates that
liquidator Andrew Yeo -- andrew.yeo@pitcher.com.au -- from Pitcher
Partners, said he still hopes creditors will get some of their
money back.

"Hopefully there'll be some recoveries there which will ultimately
lead to some form of return to ordinary unsecured creditors.  This
is in addition to the amount already received through the business
sale, which will result in the near future in a return to the
secured creditors," the report quoted Mr. Yeo as saying.

The report notes that Mr. Yeo said he'll also investigate if
further action is required against the company's former directors.


KARMA LOUNGE BAR: Closes Doors After Going Into Receivership
------------------------------------------------------------
Vanessa Chircop at CQNews reports that Karma Lounge Bar is the
latest Mackay business to close its doors.

The Mackay hotspot has gone into receivership and closed leaving
10 to 12 staff out of work, according to CQNews.

The report relates that owner Jacqueline Lovaszi said she was
disappointed by the venue's closure and was currently seeking
advice about what to do next.

In June last year, the report recalls, Mrs. Lovaszi told the Daily
Mercury they had put the nightclub on the market through private
sale to "see what interest came in".

Karma opened in 2010, replacing Platinum Lounge.


MIDWEST VANADIUM: Parent Fails to Pay Wages; Debt to Bondholders
----------------------------------------------------------------
Andrew Burrell at The Australian reports that the casualty toll in
Australia's mining industry appears set to rise amid revelations
that Perth-based Atlantic Ltd has failed to pay wages to its 200
employees and scores of creditors are demanding at least AUD25
million from the embattled vanadium producer.

The Australian relates that Atlantic admitted on Feb. 17 that it
had missed a AUD5 million debt repayment to its bondholders -- who
are collectively owed more than AUD300 million -- and that it
would take about nine months to rebuild a fire-damaged plant at
its Windimurra project about 500km north of Perth.

But The Australian was also told that Atlantic's employees had not
been paid wages that were due last week and many staff were
increasingly worried about their ability to meet mortgage payments
and other personal expenses.

Most Atlantic staff are on site at Windimurra, near Mt Magnet,
while about 30 are based in the company's Perth headquarters, the
report notes.

"No one has been paid," one source told The Australian. "People
are talking about the company being insolvent."

It is understood that some of Atlantic's suppliers -- including an
airline, a catering company and several other contractors -- have
not been paid and are collectively owed at least AUD25 million,
according to The Australian.

The Australian reports that sources said Atlantic chief executive
Michael Minosora could be pushed out in coming days amid rising
pressure from the company's US bondholders.

But Mr. Minosora insisted that his employees' wages were being
processed and he denied the company was late in paying its staff.

However, The Australian was told by Atlantic employees that the
wages were due to have been paid last Feb. 14.

Mr. Minosora admitted that some creditors had not been paid.
"There are some outstanding creditors but the rest are in good
order," the report quotes Mr. Minosora as saying. "They are not
extraordinarily outstanding."

The Australian notes that Atlantic shares have been suspended from
trading since the fire on February 4, but the company has
struggled with liquidity for the past two years and has been
forced to tap its biggest shareholder, Indonesian billlionaire
Anthony Salim, for funds.

US bondholders are understood to have appointed advisers to
examine a possible debt restructuring or liquidation, The
Australian relays.

According to the report, Atlantic told the ASX that its
subsidiary, Midwest Vanadium, had failed to meet a Feb. 15
deadline to pay AUD5 million to bondholders. But it said a
majority group of bondholders had agreed not to take any
enforcement action on the debt until February 25. The company was
also working with bondholders to provide a "further period of
forbearance".

                     About Atlantic

Atlantic Ltd. is the 100% owner of Midwest Vanadium Pty Ltd.
Based in Perth, Australia, Midwest Vanadium engages in the
exploration, production, and processing of vanadium in Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 13, 2014, 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, Atlantic 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.


SLATTERS NEWSAGENCY: Court Puts Firm Into Liquidation Over Debts
----------------------------------------------------------------
Rodney Stevens at Northern Roves echo reports that Slatters
Newsagency Pty Ltd faces an uncertain future after it was placed
into liquidation due to tax debts of almost AU$300,000.  The
report relates that owner Kevin Slatter said he was determined to
continue trading until he was advised to close by the liquidator.

"I think it would be better to keep the doors open and try to sell
the business as a going concern, but that will be entirely up to
the liquidator," the report quoted Mr. Slatter as saying.  "It
would be better for the staff, customers and suppliers that we
continue trading," he added.

District Registrar Wall made final orders to wind-up Slatters
Newsagency Pty Ltd, according to the report.

Katherine Barnet  -- kbarnet@bcr.bentleys.com.au -- of Bentleys
Chartered Accountants and Business Advisors in Sydney has been
appointed as the liquidator of the affairs of the business.

The report notes that District Registrar Wall also ordered Mr.
Slatter to pay the ATO's legal costs of AU$4790.

The wind-up of Slatters Newsagency follows a judgment on December
3, 2013, where Mr. Slatter was ordered to pay a personal debt of
AU$54,450.37 to the ATO, the report relates.

An ATO spokeswoman confirmed proceedings to wind-up Slatters
Newsagency Pty Ltd started in the Federal Court on December 13,
2013, the report says.


SUPERSTAR (WA): Placed Into Liquidation
---------------------------------------
Cliff Sanderson at dissolve.com.au reports that Superstar (WA) Pty
Ltd has been placed into liquidation with Avior Consulting's
Dermott Joseph McVeigh -- dmcveigh@aviorconsulting.com.au --
appointed as liquidator. This development came after the financial
position of the company and its restructuring alternative were
evaluated.

An analysis of the financial position of the company was conducted
by the liquidator making an advice that the business will be
traded continuously while a sale is being explored, according to
dissolve.com.au.

Superstar (WA) Pty Ltd operates a labour hire and recruitment
business and has 15 employees.


UNITED BONDED: Traded Insolvent Before Collapse, Report Says
------------------------------------------------------------
Mark Schliebs at The Australian reports that United Bonded
Fabrics, an insulation and bedding-maker given at least AUD6
million in industry grants by the former federal Labor government,
allegedly traded insolvent for at least six months -- with its
sole director establishing a new company that agreed to pay
AUD600,000 for all stock and assets.

As debate continues over assistance to struggling manufacturers,
documents obtained by The Australian reveal that United Bonded
Fabrics was placed into voluntary administration with debts
totalling AUD30.4 million last year.

Among creditors is The Smith Family charity, which was owed almost
AUD3 million from the 2011 sale of its Sydney textile plant to the
company that was under the sole directorship of Melbourne
businessman Jim Liaskos, according to the report.

The Australian relates that under a deed of company arrangement
between the administrators of UBF and Liaskos-controlled Pacific
Nonwovens Pty Ltd -- which took over UBF's stock and operations
just a week before it went into administration in May -- The Smith
Family will receive just AUD350,000.

The DOCA also allowed the sale of assets and stock to the new
company for AUD600,000, plus GST, says The Australian.

It is understood that The Smith Family and other creditors are
negotiating a new settlement.

Mr. Liaskos did not return calls on Feb. 11, but in a statement
issued by Pacific Nonwovens last year the transition was described
as "the next step in the continuing evolution of the business".

Between 2010 and last year, UBF received more than AUD5.8 million
from the federal government -- including AUD4.5 million from the
textiles, clothing and footwear structural adjustment program,
just months after it purchased The Smith Family's factory.

By the time it was placed into administration on May 30, UBF was
allegedly trading insolvent while operating plants in Melbourne,
Sydney, Brisbane and Perth, the report notes. "It is the
administrators' view that the company has been insolvent for some
time prior to 30 May, 2013, however, an actual date of insolvency
has not been established nor the damage caused by insolvent
trading quantified," an administrators' report dated June 27 and
obtained by The Australian alleged. "However . . . the
administrators' view is that a date of insolvency would be no
later than Dec. 1, 2012."

The administrators estimated AUD3.5 million in liabilities were
recorded while it was allegedly trading insolvent, The Australian
notes.


* AUSTRALIA: Alcoa Closures to Hit Hard Victoria & NSW Businesses
-----------------------------------------------------------------
Melinda Oliver at SmartCompany reports that the closure of Alcoa
operations in Victoria and New South Wales with job losses for
around 1,000 staff could have a devastating flow-on effect for
local small businesses.

SmartCompany relates that the New York-headquartered aluminium
company employs around 500 people at its Point Henry smelter in
Geelong, Victoria, and around 480 people at two rolling mills in
Yennora, NSW, with these operations all set to cease in August.

According to the report, Alcoa chairman and chief executive Klaus
Kleinfeld said in a statement the assets are "no longer
competitive and are not financially sustainable today or into the
future".

SmartCompany, citing The Australian, relates that Australian
Workers Union state secretary Ben Davis said the closure would not
only cost jobs within Alcoa, but a further 2,000 to 3,000 jobs
among local suppliers and contractors around Point Henry, and put
the Geelong economy into recession.

Opposition Leader Bill Shorten reportedly said the impact on
Geelong would be similar to an "industrial asteroid," SmartCompany
relays.

Council of Small Business of Australia executive director Peter
Strong told SmartCompany he agreed the economy of the surrounding
areas would be hit hard.

"But this is not just small businesses, it is the community, the
independent contractors, the doctors, the lawyers, the retailers,
the health professionals in the area," the report quotes Mr.
Strong as saying.

He said COSBOA's view is that more studies need to be done into
regional areas and micro-cities on urban fringes into the impact
of the closure of big companies, SmartCompany relays.



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C H I N A
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CHINA PROPERTIES: Fitch Affirms IDR & Sr. Unsecured Rating at B-
----------------------------------------------------------------
Fitch Ratings has affirmed China Properties Group Limited's (CPG)
Long-Term Foreign-Currency Issuer Default Rating and senior
unsecured rating at 'B-'.  The Outlook is Stable.  Fitch has also
assigned the Chinese homebuilder a Long-Term Local-Currency Issuer
Default Rating of 'B-' with Stable Outlook, and assigned CPG's
proposed senior unsecured notes denominated in US dollars an
expected 'B-(EXP)' rating.

The notes are rated in line with CPG's senior unsecured rating of
'B-' as the notes will represent direct, unconditional and
unsecured obligations of the company.  The final rating is
contingent on the receipt of final documents conforming to
information already received.

The rating action on CPG's Issuer Default Ratings reflect the
company's sufficient liquidity to meet its debt service
obligations and operational needs in the next 12 to 18 months,
after the company repaid HKD318.6m of shareholder loans and
HKD251.3m of advances from a shareholder.  Sources of the
company's liquidity are its 2013 cash balances, development
projects that have already obtained pre-sales license, and its
unencumbered assets that can be pledged to obtain additional bank
loans.  The Stable Outlook reflects no substantial improvement in
development sales; indicating that there is no upward rating
pressure at the moment.

                       KEY RATING DRIVERS

Repayment of Shareholder Loans: The company repaid HKD251.3m of
advances and HKD318.6m of loans from its managing director and 75%
shareholder, Wong Sai Chung, even though operating cash flow has
not substantially improved.  Fitch estimates the USD250M
(HKD1,947m equivalent) raised from the issue of offshore notes in
October 2013 provided the company enough liquidity to repay the
loan.  The repayment has not resulted in negative rating action,
because CPG still has sufficient cash to repay USD103m of notes
due 2014, while Mr. Wong has demonstrated his financial support
for the company and CPG has HKD31bn of unpledged property assets,
which will provide the company with financial flexibility.

Note Issue Improved Liquidity: The US-dollar note issue in October
2013 was the main driver of the increase in CPG's cash balance ,
at time when property sales remained weak at an estimate of around
HKD250m in 2013.  Apart from the repaying the shareholder loans,
the proceeds from the note issue were also used to reduce bank
debts by over HKD500m in 2H13 and to meet interest and operational
expenses.

High Inventory Holding Cost: CPG's healthy leverage and liquidity
may be maintained only if the company significantly ramps up sales
of its development properties.  While there is estimated inventory
of over 600,000 sqm in gross floor area (GFA) available for sale
in total, the company has had less than HKD900m of contracted
sales in total in the past two years.  Fitch estimates annual
funding cost of total debt, excluding shareholder loans, could be
as high as 12%, or over HKD800m in the next 24 months.  In
addition, CPG has more than 4.5 million sqm of GFA for future
development, which could have construction cost of over HKD8bn in
the next four years.  Without sufficient operating cash flow, CPG
would have to raise more debt, which would likely worsen its
credit profile.

Project Concentration Risk: Over 95% of its sales in 2012 were
from one project, Chongqing Manhattan. Although the project still
has over 1.2 million sqm of unsold GFA and more projects are
likely to contribute to sales in the future, the limited number of
projects leaves CPG's cash flows vulnerable to volatility in local
market demand.

Prime Locations: While its investment properties currently
generate limited recurrent income, they were valued at HKD57bn at
end-1H13 and are located in prime locations in downtown of
Shanghai and Chongqing. Fitch expects the unique locations and
large scale of the unpledged assets will provide CPG with
financial flexibility.

Low Land Costs: CPG acquired much of its land bank, especially in
Shanghai, more than five years ago at low cost.  This is likely to
allow CPG to achieve higher gross and EBITDA margins of over 50%
in its future sales. It will also provide CPG with price
flexibility in a market downturn.

                      RATING SENSITIVITIES

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

   -- A deterioration in CPG's liquidity position, for example,
      failing to refinance bank borrowings, or failing to
      maintain sufficient bank balances to repay maturing
      offshore senior notes, or from further repayment of
      shareholder's loan

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

   -- Attainment of contracted sales of over HKD5bn a year and
      recognised revenue of over HKD3bn a year (2012: HKD693m)
      while maintaining its current strong financial position

   -- Reduced concentration risk such that no single project
      accounts for over 70% of total sales


CHINA PROPERTIES: S&P Assigns 'B-' Rating to Proposed RMB Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
issue rating and 'cnB' long-term Greater China regional scale
rating to a proposed issue of Chinese renminbi-denominated senior
unsecured notes by China Properties Group Ltd. (B-/Stable/--;
cnB/--).

The Chinese property developer intends to use the issuance
proceeds for expansion, refinancing, and general working capital
purposes.  The rating on the notes is subject to S&P's review of
the final issuance documentation.

S&P do not notch down the issue rating from the issuer rating on
China Properties because it expects the company to maintain its
priority debt at less than 15% of total assets over the next 12
months.  The ratio was below this threshold for speculative-grade
companies during the past two years.

S&P expects China Properties to refinance its US$103 million
senior unsecured notes due in May 2014, despite sluggish sales.
This is because the company is still able to borrow from onshore
banks or get cash by selling its land reserves in prime locations.
The company also has a record of shareholder financing support
during the past several years.

The rating on China Properties reflects the company's very limited
number of projects, significant execution risks, and "weak"
liquidity, as S&P's criteria define the term.  China Properties'
fully paid and low-cost land bank and support from its largest
shareholder temper these weaknesses.  S&P views China Properties'
business risk profile as "vulnerable" and its financial risk
profile as "highly leveraged."


SINO IRON: Mineralogy Drop Bid to Liquidate Citic Pacific Unit
--------------------------------------------------------------
Bloomberg News reports that Mineralogy Pty, the Australian mining
company owned by politician Clive Palmer, dropped its bid to push
a Citic Pacific Ltd. unit into bankruptcy as the two companies
continue a dispute over royalties from the world's biggest
magnetite iron ore project.

Bloomberg relates that Citic Pacific and Mineralogy both confirmed
in e-mails on Feb. 18 that the Feb. 7 lawsuit to liquidate Sino
Iron Pty for nonpayment of debt won't go ahead. The withdrawal
follows a judge's questioning of the validity of the suit over the
unpaid debt, Bloomberg relays.

"That's not a basis for winding a company up," Justice John
Gilmour said at a Feb. 13 hearing in Perth, according to a
transcript from the court obtained by Bloomberg. "That just means
you could sue in the appropriate jurisdiction for recovery of that
sum."

Sino Iron, the Citic Pacific unit, spent $8 billion, more than
four times the initial estimate, building the project in Western
Australia on Palmer's land, Bloomberg notes. The partnership
fractured as Palmer and Citic Pacific began a legal dispute over
the payment and calculation of royalties. That case continues.

Sino Iron was more than three months behind in payments,
Mineralogy said in seeking to wind up the company, relates
Bloomberg.

"There has been no notice of demand -- no statutory demand," Judge
Gilmour said. The fact a debt remains unpaid "isn't proof that
Sino is unable to pay its debts," the judge, as cited by
Bloomberg, said.

According to Bloomberg, Citic Pacific said in a statement that
Mineralogy also agreed not to terminate any of the key agreements
it has with Sino Iron, which were associated with the lawsuit and
agreed to pay Sino Iron's legal costs.

"We welcome Mineralogy's change in position," Citic Pacific said.

Mineralogy failed in October in a bid to kick Sino Iron off the
property over a failure to pay AUD287,000 ($259,000) in royalties,
Bloomberg adds.


* ADGS Appoints Liu Yixin Chris as Advisory Manager in China
------------------------------------------------------------
ADGS Advisory, Inc. on Feb. 18 disclosed that it has appointed
Mr. Liu Yixin Chris as an Assurance & Business Advisory Manager
(China Business), effective immediately.

Mr. Liu is a Certified Public Accountant of the People's Republic
of China (PRC) and is experienced in offering tax advice in the
PRC.  He obtained a Bachelors degree in Accounting in 2009 and has
since been employed in an accounting firm located in the PRC.

Mr. Liu will actively offer a China Tax advisory service to the
Company's clients.

The Company indicated that it is expanding its revenue streams.
Management believes the new streams of revenue will add over 2
million Hong Kong Dollars (approximately US$250,000) for the
coming year.

                              About ADGS

ADGS Advisory, Inc. is primarily engaged in providing accounting,
taxation, company secretarial, general corporate and consultancy
services in Hong Kong. ADGS has a strong and successful background
in the Hong Kong market, most notably bankruptcy and insolvency
services to a variety of customers including high growth
industries in China.  ADGS intends to further bolster its growth
via additional acquisitions.



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I N D I A
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AMIDHARA INDUSTRIES: CRISIL Assigns 'B' Rating to INR180MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Amidhara Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                21.9      CRISIL B/Stable
   Cash Credit             100        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       58.1      CRISIL B/Stable

The rating reflects the firm's small scale of operations in the
intensely competitive agricultural commodities industry, and weak
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of AI's promoter in the
agricultural commodities industry, leading to established
relations with customers and suppliers.

Outlook: Stable

CRISIL believes that AI will benefit from its promoters'
experience in the agro-commodity industry. However, the firm's
financial risk profile is likely to be below-average over the
medium term, marked by average gearing and poor debt protection
metrics. The outlook may be revised to 'Positive' if the firm
improves its profitability, leading to improved cash accruals,
and, consequently, an enhanced capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm reports a lower-
than-expected operating margin or weak working capital management,
resulting in a weaker-than-expected financial risk profile.

Set up in 2002, AI is a partnership firm promoted by Mr. Ritesh
Kaushikbhai Patel and his family members, based in Ahmedabad
(Gujarat). The firm is mainly engaged in processing rice and
wheat. AI has a manufacturing facility in Ahmedabad.


ASTRA DIAMOND: CRISIL Reaffirms 'D' Rating on INR90MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities Astra Diamond Tools Company
Pvt Ltd continues to reflect instances of delays by ADTCPL in
servicing debt, because of weak liquidity. The company's weak
liquidity is driven by its working capital intensive operations
and delays in commercialisation of its ongoing debt-funded capital
expenditure (capex).

                         Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               70       CRISIL D (Reaffirmed)
   Long Term Loan            16.1     CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         3.9     CRISIL D (Reaffirmed)

ADTCPL has a small scale of operations, and is exposed to intense
competition from Chinese manufacturers; it also has a weak
financial risk profile. The company, however, benefits from its
promoters' extensive experience in the cutting tools manufacturing
business.

Update
ADTCPL continues to delay servicing its term debt; as of January
2014, the company had not paid its instalments for the past few
months. The delays are on account of weak liquidity because of
cash losses it has been incurring since 2012-13 (refers to
financial year, April 1 to March 31). The losses were driven by
weak operating efficiency and low utilisation levels of its
manufacturing facilities. ADTCPL remained non-operational in the
first nine months of 2013-14 through December 2013 and
concentrated on completing its capex for manufacturing four-inch
blades used for cutting tiles. This has led to weak cash accruals
insufficient for its maturing debt obligations, resulting in weak
liquidity. The liquidity is expected to remain weak until ADTCPL
stabilises its operations and generates sufficient accruals over
the medium term.

ADTCPL was incorporated on July 16, 1981. The company specialises
in manufacturing consumables for the stone cutting tools industry.
It also trades in glass products. The company is promoted by Mr.
Kishore Kamat and Mrs. Chayya Kamat.


BELLEZA GRANITO: CRISIL Cuts Rating on INR240MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Belleza Granito Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and has reaffirmed its rating on BGPL's short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)

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

   Term Loan              190       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's expectation that BGPL's liquidity
will remain weak over the medium term because of slow ramp-up in
operations and the consequent impact on the company's accruals.
The company started operations in May 2012. The company's revenue
growth has been lower than earlier expected, with sales of around
INR300 million till November 2013 in 2013-14 (refers to financial
year, April 1 to March 31). The ratings factor in CRISIL's
expectation that BGPL's promoters will continue to support the
company for managing its liquidity. The promoters extended loans
of INR47 million to the company in 2012-13 and INR30 million
during the eight months through November 2013; unsecured loans
from the promoters stood at INR900 million as on November 30,
2013.

CRISIL's ratings on BGPL's bank facilities of continue to reflect
the company's weak financial risk profile marked by high gearing
and weak debt protection metrics, and small scale of operations in
the fragmented ceramics industry. These rating weaknesses are
partially offset by the strategic location of BGPL's plant and the
extensive experience of its promoters in the ceramic tiles
industry.

Outlook: Stable

CRISIL believes that BGPL will benefit over the medium term from
its promoters' extensive experience and affiliations in the
ceramic tiles industry. The outlook may be revised to 'Positive'
if BGPL scales up operations and reports better-than-expected
topline and profitability, leading to significant improvement in
its accruals and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if the company undertakes debt-funded
capital expenditure (capex) programme, if its revenue or
profitability is lower than expected, or if its working capital
requirements increase significantly, resulting in weakening in its
financial risk profile.

BGPL was incorporated in January 2011. It set up a plant in Morbi
(Gujarat) to manufacture vitrified tiles. The company commenced
operations in May 2012.

In 2012-13, BGPL reported net loss of INR8.7 million on net sales
of INR307 million.


BITCORP PRIVATE: CRISIL Assigns 'B-' Rating to INR200M Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Bitcorp Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       200      CRISIL B-/Stable

The rating reflects BPL's limited track record in the intensely
competitive tobacco trading business, and its below average
financial risk profile. These rating weaknesses are partially
offset by the long standing experience of BPL's promoters in the
tobacco industry.

Outlook: Stable

CRISIL believes that BPL will continue to benefit over the medium
term from its promoters experience in the tobacco industry. The
outlook may be revised to 'Positive' in case the firm diversifies
its customer profile, leading to a significant improvement its
revenues and accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case BPL's relationship with its key customer deteriorate or in
case any adverse government regulation adversely affect its
operations, leading to a significant decline in its revenues and
profitability, or if the firm undertakes a larger-than-expected,
debt funded capital expenditure programme, leading to
deterioration in its financial profile.

BPL is based out of Guntur (Andhra Pradesh), was set up in 1971 by
Mr R. Hanumantha Rao. The company has commenced operations from
the year 2014.


CLASSIC WEARS: CARE Assigns 'B' Rating to INR11.92cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Classic Wears Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            11.92      CARE B Assigned

   Short-term Bank
   Facilities             0.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Classic Wears
Private Limited are primarily constrained by the instances of
delays in the past, modest and fluctuating scale of operations and
high inventory holding period. The ratings are further constrained
by the obsolescence risk associated with inventory, seasonal
nature of business and highly fragmented market resulting in
intense competition from the unorganized and organized players as
well competition faced from China. These rating constraints are
partially offset by the experienced promoters of CWL and being
part of reputed group, moderate profitability margins with
moderate capital structure.

Going forward, the ability of CWL to scale up its operations,
improve its profitability margins and effectively manage its
working capital requirement shall be the key rating sensitivities.

Classic Wears Private Limited was established in 1988 by Mr Raj
Awasthi and his family members. The company is presently managed
by Ms Praveen Awasthi, Mr Sadhu Ram Rupal and Mr Naresh Jain. The
company is engaged in the manufacturing and retailing of hosiery
and readymade garments (pullovers, track suits, cardigans and
infant wear) for men, women, and kids at its unit in Ludhiana
(Punjab) with an installed capacity of manufacturing 150,000
pieces of garments per month as on March 31, 2013. The company
sells its products through six exclusive showrooms located in
Punjab and through others outlets of group associates. The company
also manufactures customized garments for multi-brand retail
chains like Shoppers Stop, Lifestyle and Reliance Trends. The
company is also engaged in trading of fabric, clothes knitted yarn
and this segment accounted for around 20% of the total operating
income in FY13 (refers to the period April 1 to
March 31).

During FY13, CWL reported a net profit of INR0.94 crore on a total
operating income (TOI) of INR51.86 crore. The company achieved a
TOI of INR13 crore for 6MFY14.


GANESH TAMULI: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Ganesh Tamuli
Engineering Pvt Ltd (GTEPL; part of the Tamuli group) continue to
reflect the Tamuli group's weak liquidity, and its substantial
dependence on bank funds to meet its working capital requirements.
These rating weaknesses are partially offset by the experience of
the group's promoters in the civil construction industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        53       CRISIL A4 (Reaffirmed)
   Cash Credit           30       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTEPL and Ganesh Tamuli (GT). This is
because the two entities, together referred to as the Tamuli
group, have common directors and operational synergies, and are in
the same line of business.

Outlook: Stable

CRISIL believes that the Tamuli group will continue to benefit
over the medium term from its promoters' extensive experience in
the civil construction industry. The outlook may be revised to
'Positive' in case of higher-than-expected growth in the group's
revenues and profitability, or an improvement in its working
capital management along with timely implementation of its
project, or healthy demand for its real estate projects. The
outlook may be revised to 'Negative' if the Tamuli group's working
capital cycle lengthens further, or if its cash accruals decline,
thereby putting pressure on its financial risk profile. The
outlook may be also revised to 'Negative' in case of delays in the
implementation of the group's real estate projects.

Update
The Tamuli group's revenues have been declining over the past four
years; the revenues declined to INR89.6 million in 2012-13 (refers
to financial year, April 1 to March 31) from INR121.7 million in
2011-12. The group was able to sustain its operating margin at 9
per cent in 2012-13. Although its order book has increased to
INR472.3 million as on November 30, 2013, most of the orders are
in an initial phase of execution and are not likely to
significantly contribute towards its operating income in 2013-14.
Consequently, the revenue growth is expected to remain modest in
2013-14. Also, the Tamuli group ventured into the real estate
segment and is currently executing two small residential projects
in Guwahati. The projects have been delayed by almost one year,
and they are likely to contribute to the group's revenues only in
2014-15.

In addition, the promoters withdrew capital of INR16.5 million
from GT, resulting in an increase in the group's gearing to 1.2
times as on March 31, 2013, from 0.74 times as on March 31, 2012.
The Tamuli group's net worth was at INR27 million as on March 31,
2013. The small net worth further constrains its financial
flexibility.

GTEPL was set up by Mr. Ganesh Tamuli in 2006-07 to partially
takeover the operations of GT. GTEPL undertakes civil construction
activity, primarily building contracts, for various governments.


GLOBAL AGRO: CRISIL Rates INR150 Million Bank Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Global Agro Corp.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Packing Credit            50        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       150        CRISIL B+/Stable

The ratings reflect GAC's exposure to intense competition in the
agricultural products trading industry, and its weak financial
risk profile, marked by a high total outside liabilities to
adjusted net worth ratio and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoter.

Outlook: Stable

CRISIL believes that GAC will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
significant and sustained improvement in its revenues and
operating profitability, along with an improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a decline in GAC's revenues or operating profitability,
or a stretch in its working capital cycle, or debt-funded capital
expenditure, leading to further weakening of its financial risk
profile.

GAC was established in 2010 as a proprietorship firm with Mr.
Ashish Bansal as the sole proprietor. This firm was reconstituted
as a partnership firm in 2011. GAC exports agricultural
commodities, primarily basmati and non-basmati rice and chick
peas.


JAYAVEL PROCESSING: CRISIL Assigns 'B' Rating to INR80MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jayavel Processing Mill.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long Term Loan          62      CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      18      CRISIL B/Stable (Assigned)

The rating reflects JPM's exposure to implementation and demand
risks associated with its textile processing project in Erode
(Tamil Nadu). This rating weakness is partially offset by the
extensive experience of the firm's promoter in the textile
processing industry.

Outlook: Stable

CRISIL believes that JPM will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if JPM stabilises its
operations earlier than expected, resulting in higher-than-
anticipated accruals. Conversely, the outlook may be revised to
'Negative' if the firm faces any significant delays in commencing
commercial production, or if it registers lower-than-anticipated
cash accruals or undertakes a larger-than-expected debt-funded
capital expenditure programme.

JPM, set up in 2013, is setting up a facility in Erode to process
hosiery fabrics. The firm is expected to commence commercial
production in March 2014. Its daily operations will be managed by
its promoter, Mr. G Saminathan.


JIBIKA RICE: CRISIL Assigns 'B' Rating to INR89.3MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jibika Rice Mill Pvt Ltd. The ratings reflect
JRMPL's modest scale of operations in the intensely competitive
rice milling industry. The ratings also factor in the company's
below-average financial risk profile marked by low net worth and
high gearing. These rating weaknesses are partially offset by the
experience of JRMPL's promoters in the rice milling industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                49.3      CRISIL B/Stable (Assigned)

   Bank Guarantee            6.5      CRISIL A4 (Assigned)

   Cash Credit              40        CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that JRMPL will continue to benefit over the
medium term from its promoters' experience in the rice milling
industry. The outlook may be revised to 'Positive' if the company
registers significant increase in its revenues and profitability
or demonstrates better working capital management, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower than expected
revenues and profitability, lengthening of its working capital
cycle or significant debt-funded capital expenditure plans leading
in weakening of its liquidity.

JRMPL, incorporated in 2009, is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. The
company's manufacturing facility is in Bardhhaman (West Bengal).
JRMPL's day-to-day operations are managed by Mr. Kamal Hossain.


K.G. LAKSHMIPATHI: CRISIL Cuts Rating on INR60MM Loan to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of K.G. Lakshmipathi & Company to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Overdraft Facility      60      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in KGLC's financial
risk profile, particularly liquidity, marked by weak cash accruals
and fully utilised bank lines; the firm is likely to generate cash
accruals of just around INR3 million in 2013-14 (refers to
financial year, April 1 to March 31). The downgrade also factors
in CRISIL's expectation that KGLC's business performance will
remain subdued on account of lower-than-expected revenue and
concentration in its order book.

The rating reflects KGLC's below-average financial risk profile
marked by weak debt protection measures, the firm's small scale of
operations, and increased exposure to group companies. These
rating weaknesses are partially offset by the benefits that KGLC
derives from its established track record and its promoters'
extensive experience in the construction industry.

Outlook: Stable

CRISIL believes that KGLC will continue to benefit over the medium
term from its established track record and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm reports a significant and sustained
improvement in its revenue and improves its operating margin,
leading to substantial cash accruals and better-than-expected
capital structure. Conversely, the outlook may be revised to
'Negative' in case of delays in completion of KGLC's projects or
realisation of its receivables, or if the firm increases its
exposure to non-core businesses, or if its promoters make large
capital withdrawals, adversely impacting its debt servicing
ability.

KGLC was set up as a partnership firm in 1958 by Mr. K G
Lakshmipathi and his family members. It undertakes earthwork and
other allied construction activities, mainly construction of roads
and airport runways.


KAUSHALYA ROLLER: CRISIL Ups Rating on INR130MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Kaushalya Roller Flour Mills Pvt Ltd (Kaushalya; part of the
Radhee group) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit             118.7       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility        7.1       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Term Loan                 4.2       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The upgrade reflects the anticipated increase in Radhee group's
scale of operations, following the capacity added in Indore. The
group's revenues are expected to increase to about 5.0 billion in
2014-15 (refers to financial year, April 1-March 31), compared to
revenue of about INR3.3 billion in 2012-13. While operating
margins are expected to remain modest, cash accruals are expected
to increase substantially, following the increase in scale.

The group's financial risk profile continues to be marked by high
gearing and weak debt protection metrics. While it has taken debt
for the Indore plant, the group's gearing is not expected to
deteriorate further, primarily due to support from unsecured loans
from promoters (treated as neither debt nor equity by CRISIL).

The ratings continue to factor the extensive experience of the
Radhee group's promoters in the flour roller milling sector and
the group's established relationships with its customers and
suppliers. The rating strengths are offset by the group's high
gearing and modest operating profitability.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Kaushalya, Rani Sati Roller Flour Mills
Pvt Ltd (Rani Sati), Radhee Foods Pvt Ltd (Radhee) and RaniSati
Foods Pvt Ltd (RSFPL), together referred to as the Radhee group.
The consolidated approach is because all the companies are in the
same line of business, have the same promoters, and have fungible
cash flows among them.
Outlook: Stable

CRISIL believes that the Radhee group will benefit over the medium
term from the extensive experience of its promoters in the flour
roller milling business and established relationships with
customers. The outlook may be revised to 'Positive' if the group's
capital structure improves substantially most likely because of
large equity infusion or if its debt protections metrics improve
substantially most likely because of sustained increase in
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant increase in the Radhee group's
working capital funding requirement, or if it undertakes a large,
debt-funded capital expenditure, leading to further deterioration
of its financial risk profile.

Rani Sati, Radhee, RSFPL, and Kaushalya are part of the Radhee
group, which manufactures wheat-based products, such as maida,
sooji, tandoori atta, and cattle feed. Kaushalya is based in
Mumbai, Rani Sati in Pune, Radhee in Ahmednagar (all in
Maharashtra); and RSFPL is in Indore (Madhya Pradesh).

Kaushalya reported a profit after tax (PAT) of INR5.0 million on
net sales of INR1.0 billion for 2012-13, as against a PAT of
INR4.4 million on net sales of INR844.2 million for 2011-12.


KINGFISHER AIRLINES: Sanjay Aggarwal Steps Down as CEO
------------------------------------------------------
The Times of India reports that Kingfisher Airlines CEO Sanjay
Aggarwal has resigned and now the grounded-since-October-2012
airline has no non-UB Group person in its management as all the
professionals hired from outside have quit.

While Mr. Aggarwal could not be reached for comment, the grounded
airline's spokesman did not say anything on the issue. The CEO's
move cast further doubts on the airline's revival prospects and
its stock price on BSE fell 4.9% to a life-low of INR2.7 on
Feb. 17.

Mr. Aggarwal had joined KFA in September 2010 from low-cost
SpiceJet and was the last of the professionals to quit the
airline, TOI discloses. In the last few months, key KFA vice-
presidents Rajesh Verma and Hitesh Patel have quit. Now UB Group's
A Raghunathan is the only senior management person left in KFA,
the report adds.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period of
2012-13) on net revenues of INR0.0 (INR5.01 billion).


LATA EXPORTS: CARE Assigns 'B' Rating to INR7cr Long-Term Loans
---------------------------------------------------------------
CARE assigns 'CARE B' RATING and 'CARE A4' to the bank facilities
of Lata Exports Apparels Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.00       CARE B Assigned

   Short-term Bank
   Facilities            5.50       CARE A4 Assigned

Rating Rationale

The ratings of the bank facilities of Lata Exports Apparels
Private limited are primarily constrained due to the relatively
small scale of operations, low profitability margins, leveraged
capital structure and weak debt coverage indicators. The ratings
are further constrained by customer and geographic concentration
of sales, foreign exchange fluctuation risk and presence in the
highly competitive and fragmented apparel industry.

The ratings, however, derive comfort from the experience of the
promoters in the apparel business for over five decades, strong
established relationship with the customer and financial support
from the promoters.

The ability of LEAPL to acquire new clients and thereby increase
its scale of operations along with improving the profitability
margins amidst increasing competition are the key rating
sensitivities.

Incorporated in 1996, LEAPL is engaged in manufacturing and
majorly exporting of garments for general use and hospital
garments. Moreover, LEAPL also undertakes job work of garment
manufacturing for other entities. LEAPL has manufacturing
facilities in Bhiwandi with an installed capacity of 75,000
garments per month (having capacity utilisation of 47% as on
March 31, 2013). During FY13 (refers to the period April 01 to
March 31), LEAPL recorded a total operating income of INR15.95
crore [up by 104.75% vis-a-vis FY12] and PAT of INR0.19 crore [up
by 19.93% vis-...-vis FY12]. In 9MFY14, the company achieved a
turnover of INR12.03 crore provisional.


MARKS ENTERPRISES: CRISIL Reaffirms B Rating on INR17.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Marks Enterprises Pvt
Ltd continues to reflect MEPL's weak financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and below-average debt protection metrics, along
with stretched liquidity. The rating also factors in MEPL's small
scale of operations in a highly fragmented industry. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the yarn and metal trading segments, and its
established relationships with its customers and suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------         ---------     -------
   Cash Credit           17.5       CRISIL B/Stable (Reaffirmed)

   Letter of Credit      70         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MEPL's financial risk profile will remain
weak over the medium term, with its large incremental working
capital requirements and low profitability. The outlook may be
revised to 'Positive' if the company prudently manages its working
capital cycle, thus improving its liquidity and capital structure
or if its profitability improves substantially. Conversely, the
outlook may be revised to 'Negative' if MEPL's liquidity weakens,
primarily due to a decline in its revenue or profitability,
resulting in lower-than-expected net cash accruals.

Update
MEPL could sustain its stable business risk profile over the
medium term, driven by its small but increasing scale of
operations, in a fragmented industry. The company's operating
income is likely to range between INR1050 million and INR1150
million in 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis INR938 million in 2012-13. MEPL significantly
ramped-up its operating income in 2012-13, supported by the
promoter's extensive industry experience and established relations
with customers and suppliers. The company began its operations in
2011-12, for around four months. MEPL is likely to sustain its
operating margin below 1 per cent over the medium term, due to its
trading and highly fragmented operations.

MEPL could sustain its TOLTNW ratio above 5.5 times over the
medium term, due to its large incremental working capital
requirements, driven by its increasing scale of operations. Though
the promoters infused equity of INR15 million in January 2014 to
support the company's incremental working capital requirements,
its net worth could remain small at around INR40 million in 2013-
14. Consequently, MEPL's debt protection metrics could remain
weak, with a low risk coverage ratio1. Although the company does
not stock any inventory, and is, hence, immune to price variance
risk. MEPL is exposed to fluctuations in foreign currency and has
large debtors. The company could maintain its above-average
interest coverage ratio at around 1.8 times supported by its low
reliance on bank-funding, as its creditors fund most of its
working capital requirements. MEPL's liquidity is likely to remain
weak, marked by high bank limit utilisation of 91.6 per cent on
average for the 12 months through November 2013, and small net
cash accruals between INR2 million and INR3 million over the
medium term, driven by its low profitability.

MEPL was incorporated in Delhi in 2011. The company is promoted by
Mr. Somnath Harjai, and trades in cotton yarn and metal (such as
aluminium scrap, ingots, and billets).

MEPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR937.8 million for 2012-13, vis-a-vis a PAT of INR0.27
million on net sales of INR109.5 million for 2011-12.


MINEX INDIA: CRISIL Assigns 'B-' Rating to INR40MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the
bank facilities of Minex India.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B-/Stable (Assigned)
   Packing Credit            50      CRISIL A4 (Assigned)


The rating reflects Minex's weak financial risk profile, marked by
small net worth, high total outside liabilities to tangible net
worth (TOLTNW) ratio and subdued debt protection metrics. The
rating also factors in the firm's modest scale of operations in
the highly competitive and fragmented iron ore trading industry,
along with the susceptibility of its operating performance to
government regulations. These rating weaknesses are partially
offset by the extensive experience of the promoters in the iron
ore trading industry.

Outlook: Stable

CRISIL believes that Minex's overall credit risk profile will
remain constrained by its below average financial risk profile,
marked by weak capital structure and low profitability. The
outlook may be revised to 'Positive' if the firm reports better-
than-expected cash accruals or significant equity infusion, thus
enhancing its financial risk profile along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of further pressure on Minex's liquidity on
back of lower-than-expected cash accruals or an increase in its
working capital cycle.

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm by in 2005. The
firm trades iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


PARTHAS TEXTILES: CRISIL Reaffirms B+ Rating on INR150MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Parthas Textiles
continues to reflect Parthas' exposure to risks related to
implementation and stabilisation of operations of its textile
garments showroom. The rating also reflects the firm's exposure to
intense competition in the apparel retail industry. These rating
weaknesses are partially offset by the extensive experience of
Parthas' promoters in the textile industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           65       CRISIL B+/Stable (Reaffirmed)
   Term Loan             85       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Parthas will benefit from its promoters'
extensive industry experience and financial flexibility. The
outlook may be revised to 'Positive' if Parthas commences
operations on time and generates better-than-expected revenue and
profitability, leading to comfortable cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of significant cost or time overrun in the
project, affecting the firm's financial risk profile.

Set up in 1978, Parthas is promoted by Mr. S Nagarajulu, Mr. S
Arjunan, Mr. S Raja Krishnan, and Mrs. Sujatha Viswanathan. The
firm is setting up a textile garments showroom in Nagercoil (Tamil
Nadu). Its daily operations are managed by Mr. S Viswanathan.


PM DALL: CARE Reaffirms 'B' Rating on INR5.13cr Long-Term Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
PM Dall Mill Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            5.13       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of PM Dall Mill Private
Limited continues to remain constrained on account of its modest
scale of operations and its weak financial risk profile
characterized by low profitability, leveraged capital structure
and weak debt coverage indicators.

The rating further continues to remain constrained on account of
its presence in the highly competitive and fragmented agro
processing industry and vulnerability of its profit margins to
commodity price fluctuations.

The rating continues to draw strength from the experience of the
promoters and financial support extended in the form of unsecured
loans. The ability of PMDMPL to improve the overall financial risk
profile and efficient management of working capital are the key
rating sensitivities.

Established as a proprietorship firm in 1980, PMDPL resumed its
current name on February 4, 2010. It is engaged in the processing
and trading of Arhar dal and Arhar chunni. PMDPL sells its
products under various brand names like Nawab, Mitha, Mira,
Hariyali and Motidana. PMDPL procures the raw material primarily
from the domestic market through various brokers and the entire
revenue is also earned from the domestic market. The processing
unit of PMDPL is located at Katni, Madhya Pradesh, with a total
capacity of 1.2 lakh quintals per annum.

During FY13 (refers to the period April 01 to March 31), PMDMPL
reported a total operating income of INR54.65 crore (FY12:
INR48.11 crore) and PAT of INR0.16 crore (FY12: PAT INR0.10
crore).


PRERANA PRATISTHAN: CRISIL Reaffirms D Rating on INR120MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prerana
Pratisthan continues to reflect instances of delay by PP in
servicing its term debt; the delays have been caused by the
trust's weak liquidity resulting from cash flow mismatch.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------    -------
   Cash Credit             8        CRISIL D (Reaffirmed)
   Term Loan             112        CRISIL D (Reaffirmed)

PP also has a weak financial risk profile, marked by a modest
corpus fund, moderate gearing, and depressed cash accruals.
Moreover, it has a small scale of operations, and is exposed to
the regulatory risks associated with educational institutions.
These rating weaknesses are partially offset by the extensive
industry experience of its trustees, and the healthy demand
prospects for the education sector.

PP, based in Pune (Maharashtra) was established in 2006 by Mr. S P
Deshmukh. The trust operates an institute, 'Universal College of
Engineering and Research' and at present it offers engineering
courses in five streams as well as a diploma in the polytechnic
segment. The current total intake capacity of the institute is
1520 students.

For 2012-13 (refers to financial year, April 1 to March 31), PP
reported a net deficit of INR6.59 million on an operating income
of INR78.7 million, vis-a-vis a net deficit of INR16.22 million on
an operating income of INR51.13 million for 2011-12.


RADHEE FOODS: CRISIL Upgrades Rating on INR130MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Radhee Foods Pvt Ltd (Radhee; part of the Radhee group) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              125      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')
   Proposed Long Term
   Bank Loan Facility         5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the anticipated increase in Radhee group's
scale of operations, following the capacity added in Indore. The
group's revenues are expected to increase to about 5.0 billion in
2014-15 (refers to financial year, April 1-March 31), compared to
revenue of about INR3.3 billion in 2012-13. While operating
margins are expected to remain modest, cash accruals are expected
to increase substantially, following the increase in scale.

The group's financial risk profile continues to be marked by high
gearing and weak debt protection metrics. While it has taken debt
for the Indore plant, the group's gearing is not expected to
deteriorate further, primarily due to support from unsecured loans
from promoters (treated as neither debt nor equity by CRISIL).

The ratings continue to factor the extensive experience of the
Radhee group's promoters in the flour roller milling sector and
the group's established relationships with its customers and
suppliers. The rating strengths are offset by the group's high
gearing and modest operating profitability.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Radhee, Kaushalya Roller Flour Mills
Pvt Ltd (Kaushalya) Rani Sati Roller Flour Mills Pvt Ltd (Rani
Sati), and RaniSati Foods Pvt Ltd (RSFPL), together referred to as
the Radhee group. The consolidated approach is because all the
companies are in the same line of business, have the same
promoters, and have fungible cash flows among them.

Outlook: Stable

CRISIL believes that the Radhee group will benefit over the medium
term from the extensive experience of its promoters in the flour
roller milling business and established relationships with
customers. The outlook may be revised to 'Positive' if the group's
capital structure improves substantially most likely because of
large equity infusion or if its debt protections metrics improve
substantially most likely because of sustained increase in
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant increase in the Radhee group's
working capital funding requirement, or if it undertakes a large,
debt-funded capital expenditure, leading to further deterioration
of its financial risk profile.

Rani Sati, Radhee, RSFPL, and Kaushalya are part of the Radhee
group, which manufactures wheat-based products, such as maida,
sooji, tandoori atta, and cattle feed. Kaushalya is based in
Mumbai, Rani Sati in Pune, Radhee in Ahmednagar (all in
Maharashtra); and RSFPL is in Indore (Madhya Pradesh).

Radhee reported a profit after tax (PAT) of INR2.7 million on net
sales of INR1.0 billion for 2012-13, as against a PAT of INR2.6
million on net sales of INR923.5 million for 2011-12.


RANI SATI: CRISIL Assigns 'B+' Rating to INR177.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
long-term bank facilities of Rani Sati Foods Private Limited
(RSFPL; part of the Radhee group).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              24      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     73.5    CRISIL B+/Stable (Assigned)

   Cash Credit            80      CRISIL B+/Stable (Assigned)

   Letter of Credit       10      CRISIL A4 (Assigned)

The ratings reflect the Radhee group's weak financial risk
profile, marked by high gearing and modest debt protection
metrics, and constrained profitability due to low pricing power.
These rating weaknesses are partially offset by the extensive
experience of the Radhee group's promoters in the flour roller
milling sector and the group's established relationships with its
customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RSFPL, Kaushalya Roller Flour Mills Pvt
Ltd (Kaushalya), Rani Sati Roller Flour Mills Pvt Ltd (Rani Sati)
and Radhee Foods Pvt Ltd (Radhee), together referred to as the
Radhee group. The consolidated approach is because all the
companies are in the same line of business, have the same
promoters, and have fungible cash flows among them.

Outlook: Stable

CRISIL believes that the Radhee group will benefit over the medium
term from the extensive experience of its promoters in the flour
roller milling business and established relationships with
customers. The outlook may be revised to 'Positive' if the group's
capital structure improves substantially most likely because of
large equity infusion or if its debt protections metrics improve
substantially most likely because of sustained increase in
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant increase in the Radhee group's
working capital funding requirement, or if it undertakes a large,
debt-funded capital expenditure, leading to further deterioration
of its financial risk profile.

Rani Sati, Radhee, RSFPL, and Kaushalya are part of the Radhee
group, which manufactures wheat-based products, such as maida,
sooji, tandoori atta, and cattle feed. Kaushalya is based in
Mumbai, Rani Sati in Pune, Radhee in Ahmednagar (all in
Maharashtra); and RSFPL is in Indore (Madhya Pradesh).

RSFPL is still to commence commercial operations; it is expected
to start production before end of 2013-14 (refers to financial
year, April 1-March 31).


REI AGRO: S&P Affirms and Withdraws 'B' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on REI Agro Ltd. with a stable outlook.
S&P then withdrew the rating at the company's request.

The rating prior to S&P's withdrawal reflected Standard & Poor's
opinion on the India-based company's exposure to the cyclical and
highly competitive agribusiness industry, its concentration in
basmati rice production and sale, and an aggressive capital
structure.  The rating also reflected the company's high reliance
on short-term bank loans to fund its working capital needs.
Nonetheless, REI Agro's robust paddy procurement network,
integrated business model, and moderately good geographic presence
support the company's operational activities.

S&P assessed REI Agro's liquidity as "less than adequate," as its
criteria define the term.


SADGURU SRI: CRISIL Lowers Rating on INR720MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sadguru Sri Sri Sakhar Karkhana Ltd to 'CRISIL D' from 'CRISIL
B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       7.3      CRISIL D (Downgraded from
   Bank Loan Facilit                 'CRISIL B-/Stable')

   Term Loan              712.7      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects delays in servicing of debt caused
by the company's weak liquidity. SSSSKL's profitability has been
significantly impacted by the increasing cane prices and the
delays in setting up the transmission infrastructure for selling
the surplus power generated by its cogeneration unit. This,
coupled with the large interest expense on the debt availed to
fund its project and the working capital requirements, has led to
significant deterioration in liquidity, marked by inadequate cash
accruals to service its debt.

SSSSKL also has a weak financial risk profile, marked by large
debt undertaken for the project and weak debt protection metrics
consequent to its low profitability, and high exposure to
regulatory risks and to cyclicality in the sugar industry. These
rating weaknesses are partially offset by the benefit that the
company derives from its favorable location, in terms of good
availability of sugarcane in its command area.

SSSSKL, incorporated in 2010, is promoted by five promoters to set
up a sugar plant and power cogeneration unit. The company
currently operates a 3300 tonnes crushed per day (TCD) and 12-
megawatt co-generation plant at Rajewadi in Sangli District
(Maharashtra). The operations commenced in sugar season 2012-13
and the capacity was increased to 3300 TCD during 2013-14 (refers
to financial year, April 1 to March 31) from 2500 TCD.


SHREE RAJASVI: CRISIL Ups Rating on INR202.1MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Shree
Rajasvi Polyesters to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              160       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan                 42.1     CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in Rajasvi's liquidity
marked by expected adequacy of cash accruals to meet debt
obligations over the medium term. The firm is expected to report
growth of more than 10 per cent in its revenue for 2013-14 (refers
to financial year, April 1 to March 31) driven by improved order
flow and addition of new customers. Growth in revenue while
sustaining its operating margin has resulted in better-than-
expected cash accruals, which are now expected to be adequate to
meet its maturing debt obligations. CRISIL believes that Rajasvi
will sustain its improved liquidity over the medium term ably
backed by the funding support from its partners.

The rating reflects Rajasvi's below-average financial risk
profile, marked by high gearing, and weak debt protection metrics,
and its modest scale of operations with high working capital
intensity. These rating weaknesses are partially offset by the
extensive industry experience of Rajasvi's partners and their
funding support.

For arriving at its rating, CRISIL has treated the unsecured loans
of INR17 million extended to Rajasvi by its partners and their
associates as neither debt nor equity as these loans will be
retained in the business until the bank loans are repaid.

Outlook: Stable

CRISIL believes that Rajasvi will continue to benefit from its
partners' extensive industry experience and their funding support
over the medium term. The outlook may be revised to 'Positive' in
case of substantial improvement in Rajasvi's turnover and
profitability, resulting in more-than-expected cash accruals along
with efficient working capital management. Conversely, the outlook
may be revised to 'Negative' in case of pressure on its liquidity,
driven by lower-than-expected cash accruals or larger-than-
expected working capital requirements.

Rajasvi manufactures texturised and twisted polyester yarn from
partially oriented polyester yarn (POY). The firm's manufacturing
facilities are located at Surat (Gujarat). Rajasvi also acts as a
del credere agent for selling POY of Garden Silk Mills Pvt Ltd.
The firm was set up in 2010 by Mr. Naresh Gandhi and his family by
dissolving multiple entities and consolidating their operations
under Rajasvi.


SHREE SIDHBALI: CRISIL Reaffirms 'B+' Rating on INR300MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Shree Sidhbali Impex Pvt
Ltd continues to reflect SIPL's weak financial risk profile,
marked by high gearing and weak debt protection metrics. The
rating also factors in the company's modest scale of operations,
and susceptibility to intense industry competition. These rating
weaknesses are partially offset by the extensive industry
experience of SIPL's promoters.

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

   Letter of Credit        100      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      200      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive experience in the iron and
steel industry. The outlook may be revised to 'Positive' if the
company reports a significant increase in revenues and
profitability, along with an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
company's profitability or revenues decline, resulting in lower-
than-expected cash accruals, or liquidity of the company weakens
because of larger-than-expected working capital requirements
leading to deterioration of its financial risk profile.

Update
SIPL reported an operating income of INR1162.3million for 2012-13
(refers to financial year, April 1 to March 31), more than 3 times
growth from the previous year's sales of INR245.2million. The
increase in the company's scale of operations is attributed to its
first full year of operations vis-...-vis four months of operations
in 2011-12. SIPL's operating margin decreased to 0.86 per cent in
2012-13 as compared to 0.99 per cent in 2011-12. SIPL offered
higher discount to its customers to increase its sales. As SIPL is
engaged in trading operations the margins are expected to remain
low over the medium term

SIPL's working capital management remained efficient marked by low
inventory and debtors. The company's GCAs were 31 days as on March
31, 2013, as compared to 99 days a year ago. The decrease in
SIPL's working capital requirements are driven by a decline in its
inventory and debtors. The company had no inventory during 2012-
13, vis-...-vis 25 days in 2011-12, while its debtors decreased to
17days in 2012-13 from 25 days in 2011-12. However, due to low
accruals SIPL funded its incremental working capital requirement
through short term debt leading to high bank limit utilisation.

SIPL's gearing is high at around 2.13 times as on March 31, 2013
with weak debt protection metrics. The interest coverage and net
cash accruals to total debt (NCATD) ratios were 0.9 times and 2
per cent, respectively, during 2012-13. CRISIL believes that the
financial risk profile will remain weak over the medium term on
account of low accruals.

SIPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR1162.3 million for 2012-13, as compared to a PAT of
INR0.1 million on net sales of INR245.2 million for 2011-12.

SIPL was establishedby Mr. Jawahar Lal Vig, Mr. Bhim Sain Kansal,
and Mr. Vinod Kumar Singhal in Muzaffarnagar (Uttar Pradesh)in
2009. The company trades sponge ironand commenced commercial
operations in November 2011.


SHRI SANT: CRISIL Assigns 'B-' Ratings to INR130MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Shri Sant Damaji Sahakari Sakhar Karkhana Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long Term Loan           125      CRISIL B-/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility         5      CRISIL B-/Stable (Assigned)

The rating reflects SSDSSK's exposure to risks related to
cyclicality in the sugar industry and regulatory framework
governing the industry, and SSDSSK's below-average financial risk
profile marked by moderate net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the established position of SSDSSK in the sugar
industry.

Outlook: Stable

CRISIL believes that SSDSSK will benefit from its established
presence in the sugar sector. The outlook may be revised to
'Positive' if SSDSSK reports higher-than-expected revenue and
margins, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
SSDSSK's financial risk profile because of sharp decline in
revenue or profitability margins, or if the society undertakes a
large, debt-funded capital expenditure programme.

SSDSSK, set up in 1989, is a co-operative sugar mill situated at
Mangalveda in Solapur district (Maharashtra). SSDSSK is engaged in
manufacturing of sugar and allied products. The day-to-day
operations of the society are managed by its chairman, Mr.
Shivajirao Kalunge, along with support from other functional
personnel.

SSDSSK reported profit after tax (PAT) of INR54.9 million on net
sales of INR1.8 billion for 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR109.7 million on net
sales of INR2.1 billion for 2011-12.


SRI KRISHNA: CRISIL Reaffirms 'B+' Ratings on INR60MM Loans
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Sri Krishna Agro Industries. The rating continues to reflect
SKAI's weak financial risk profile, marked by a high gearing and
weak debt protection metrics, and exposure to intense competition
in the rice milling industry. These rating weaknesses are
partially offset by the extensive industry experience of SKAI's
partners.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           40       CRISIL B+/Stable (Reaffirmed)
   Long-Term Loan        20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SKAI will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if SKAI undertakes aggressive debt-
funded expansions, or if its revenues and profitability decline
substantially, or if the partners withdraw capital from the firm,
leading to further weakening in its financial risk profile.

SKAI was set up in 2011 as a partnership firm. It mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm is promoted by Mr. V Ramulu and his family members.

SKAI reported a provisional profit after tax (PAT) of INR5 million
on net sales of INR223 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR5 million on net
sales of INR210 million for 2011-12.


SRI RAGHAVENDRA: CRISIL Reaffirms 'B' Rating on INR365MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Raghavendra Ferro
Alloys Pvt Ltd continues to reflect SRFA's large working capital
requirements, its modest scale of operations, the susceptibility
of its profitability margins to volatility in raw material prices,
and its exposure to intense competition in ferro-alloy industry.
These rating weaknesses are partially offset by the extensive
experience of SRFA's promoters in the ferro alloys industry, and
the company's average financial risk profile marked by its
moderate net-worth, low gearing and average debt protection
metrics.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          75        CRISIL B/Stable (Reaffirmed)
   Term Loan           290        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRFA will continue to benefit over the medium
term from its promoter's extensive industry experience, and its
established relations with clients. The outlook may be revised to
'Positive' if there is substantial and sustained increase in the
company's scale of operations, while it maintains its
profitability margins, or there is an improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if there is steep decline in the company's
profitability margins from the current levels or the off-take from
its enhanced capacity is lower-than-expected thereby resulting in
deterioration in its liquidity profile.

Incorporated in 2004, SRFA is based in Nalgonda (Andhra Pradesh)
and is promoted by Mr. K Srinivasa Reddy. The company manufactures
ferro alloys with silico manganese being its main product. SRFA
has a manufacturing capacity of 90 tonnes per day (tpa), which
includes the recent capacity addition of 50 tpa. The incremental
capacity came online in February 2014.


SRI SRI VIGNESWARA: CARE Assigns 'B+' Rating to INR12cr Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Sri
Vigneswara Constructions.

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

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

Rating Rationale

The rating assigned to the bank facilities of Sri Sri Vigneswara
Constructions is primarily constrained by its small scale of
operations with intense competition in the industry, geographical
concentration of its works, constitution of the entity as a
partnership firm and susceptibility of the firm's business and
profit margins to demand scenario in the civil construction
sector. The rating, however, derives strength from the experience
of the promoters in the civil construction industry and growth in
the scale of operations, The ability of the firm to scale up its
operations by diversifying its client base amidst the increasing
competition and manage its working capital are the key rating
sensitivities.

Sri Sri Vigneswara Construction (SSVC) was established in the year
2004 as a partnership firm by Mr V Ramanjaneya Reddy (managing
partner) and three other partners, who belong to the same family.
The firm is engaged in the execution of civil construction works
and undertakes construction, excavation, roads, infrastructural
works and other civil works projects awarded by the Public Works
Department (PWD, Andhra Pradesh) and the firm assigns the same to
subcontractors.

The firm is registered as a special class contractor with
Irrigation & CAD (PW) Department, Government of Andhra Pradesh for
execution of civil works. Currently, the firm executes for Public
Works Department (PWD), Irrigation & CAD (PW) CPWD, Roads &
Buildings (R & B), Zilla Parishad, APSRTC and Municipal
Corporation among others.

During FY13 (refers to the period April 1 to March 31), SSVC
reported a total operating income of INR34.41 crore and a net
profit of INR0.44 crore as against a total operating income and
PAT of INR15.80 crore and INR0.14 crore respectively in FY12
(audited). During 9MFY14, the firm achieved a gross billing amount
of INR32.50 crore.


SUPREME KNOWLEDGE: CRISIL Reaffirms 'D' Rating on INR96MM Loans
---------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Supreme
Knowledge Foundation continue to reflect the instances of delay by
SKF in servicing its term debt obligations. It has been delaying
on the interest payment on its term debt on account of weak
liquidity due to cash flow mismatches.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 96      CRISIL D (Reaffirmed)

SKF has geographical concentration, limited flexibility to
increase fees and student intake, and is exposed to intense
competition in the education sector. These rating weaknesses are
partially offset by the institute's established market position,
healthy demand prospects in the education sector, and the
extensive experience of its promoters in the education sector.

Update
SKF's operating income registered 37.5 per cent year-on-year
growth to INR101.5 million in 2012-13 (refers to financial year,
April 1 to March 31) on account of new batch intake in its fourth
year of operation. Its operating margin declined to 37.7 per cent
in 2012-13 as against 42.1 per cent in 2011-12.

SKF financial risk profile is marked by small net worth of INR50.2
million as on March 31, 2013, thereby limiting its financial
flexibility to meet any exigency. High debt outstanding coupled
with small net worth resulted in high gearing of around 2 times as
on March 31, 2013. SKF, however, has above-average debt protection
metrics as reflected in healthy net cash accruals to total debt
(NCATD) and interest coverage ratios of 30 per cent and 3.42
times, respectively, in 2012-13 as against 24 per cent and 3.4
times in 2011-12.  The overall financial risk profile of SKF
though is constrained by its weak liquidity, marked by cash flow
mismatch between its fee receipts and debt repayments leading to
delays in its repayments.

Established in 2007, SKF has set up two educational institutes,
Sir JC Bose School of Engineering (SJCB) and Dr. P C Mahalanabish
School of Management (DPCM). The institutes offer graduate and
post graduate courses in engineering as well as management. Both
institutes are located in the Hooghly district of West Bengal.

For 2012-13, SKF reported profit after tax (PAT) of INR16.8
million on net sales of INR101.5 million against PAT of INR13.8
million on net sales of INR71.2 million for 2011-12.


SUYASH MART: CRISIL Assigns 'B+' Rating to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Suyash Mart Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              50      CRISIL B+/Stable (Assigned)
   Cash Credit             8.5    CRISIL B+/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility      1.5    CRISIL B+/Stable (Assigned)

The rating reflects SMPL's below-average financial risk profile,
marked by modest net worth, high gearing and weak debt protection
metrics. The rating also factors SMPL's modest scale, and working
capital intensive operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the retail industry and
established brand presence.

For arriving at the rating, CRISIL has considered unsecured loans
of INR58 million as on March 31, 2013 as neither debt nor equity,
as these are subordinated to the bank debt and are extended by
promoters or group companies. The loans will be retained in the
company over the medium term.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established brand presence. The outlook may be revised to
'Positive' if there is sharp improvement in company's scale of
operations on a sustainable basis coupled with sustained
profitability or if large infusion of long term funds alleviates
the stress on SMPL's liquidity. Conversely, the outlook may be
revised to 'Negative' if SMPL's financial risk profile
deteriorates, particularly its liquidity, because of larger-than-
expected working capital, lower cash accruals, or significant
debt-funded capital expenditure.

Set up in 2002 as Suyash Enterprises, it was reconstituted as a
private limited company, SMPL in March 2011. The company is
engaged in the business of retail stores exclusively for kids.
Currently, the company has six stores: two in Pune; three in
Nagpur, and one in Raipur. The company operates under the brand,
Bonsaii.

SMPL reported a profit after tax (PAT) of around INR4.5 million on
net sales of INR194.7 million for 2012-13 (refers to financial
year, April 1 to March 31), against a net loss of INR2.7 million
on net sales of INR172.1 million for 2011-12.


TEMPLE CITY: CRISIL Assigns 'B-' Rating to INR20MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Temple City Developers Pvt Ltd. The ratings
reflect TCDPL's nascent stage of operations in the highly
competitive and fragmented iron ore industry, susceptibility of
its operating performance to government regulations, and its weak
financial risk profile, marked by a small net worth and a weak
capital structure. These rating weaknesses are partially offset by
the extensive experience of TCDPL's promoters in the iron ore
industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               20       CRISIL B-/Stable (Assigned)
   Packing Credit            75       CRISIL A4 (Assigned)

Outlook: Stable

CRISIL believes that TCDPL's overall credit risk profile will
remain constrained over the medium term because of its weak
capital structure and low cash generated from business due to its
nascent stage of operations. The outlook may be revised to
'Positive' if TCDPL reports higher-than-expected cash accruals, or
if there is sizeable equity infusion, resulting in improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of decline in TCDPL's profitability, or
elongation in its working capital cycle, leading to pressure on
liquidity.

TCDPL, based in Odisha, was established in 1995 and was taken over
by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial
year, April 1 to March 31) from its earlier promoters. The company
commenced operations in April 2013. TCDPL trades in iron ore fines
and construction materials; its operations are managed by Mr.
Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan.


VARUNANI MARKETING: CRISIL Reaffirms B+ Rating on INR140MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Varunani
Marketing Pvt Ltd continues to reflect VMPL's below-average
financial risk profile marked by small net worth, high gearing and
below-average debt protection metrics, and its susceptibility to
regulatory risks in the Indian-made foreign liquor (IMFL) segment.
These rating weaknesses are partially offset by the benefits that
VMPL derives from the healthy demand prospects for IMFL and its
established tie-up with Jagatjit Industries Ltd.

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

CRISIL had upgraded its rating on the long-term bank facilities of
Varunani Marketing Pvt Ltd (VMPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' on February 5, 2014. The rating upgrade reflects
the improvement in VMPL's business risk profile, driven by a
sustained and significant increase in its scale of operations,
while maintaining the profitability margins. The upgrade also
reflects the improvement in the company's net worth, thereby
enhancing its financial flexibility, and the subsequent
improvement in its capital structure. CRISIL believes that VMPL
will sustain its financial risk profile, supported by continued
growth in its net-worth and efficient working capital management,
over the medium term.

VMPL's revenues, which registered a year-on-year increase of 50
per cent in 2012-13 (refers to financial year, April 1 to
March 31) aided by stabilisation of its manufacturing operations,
is expected to register an annual growth of around 20 per cent
over the medium term. The operating profit margin of the company,
which declined by 80 basis points (bps; 100 bps equals one
percentage point) in 2012-13, is expected to remain stable at
around 3.0 per cent over the medium term.

VPML's net worth increased to INR54 million as on March 31, 2013
from INR34 million as on March 31, 2012 on the back of capital
infusion of INR21 million by its promoters in 2012-13.
Subsequently, the company's gearing declined to 2.7 times as on
March 31, 2013 from 3.7 times as on March 31, 2012. The gearing is
expected to further decline to 2.3 times as on March 31, 2014
supported by continued growth in its net worth and efficient
working capital management.

Outlook: Stable

CRISIL believes that VMPL will continue to benefit over the medium
term from the healthy demand prospects for IMFL in Andhra Pradesh.
The outlook may be revised to 'Positive' if the company registers
substantial and sustained improvement in its profitability
margins, while maintaining its healthy revenue growth or there is
significant increase in net worth on the back of equity infusion
from promoters. Conversely, the outlook may be revised to
'Negative' if any regulatory changes adversely impact VMPL's
revenues and margins, or there is a significant deterioration in
its capital structure on account of larger-than-expected working
capital requirements or large debt-funded capital expenditure.

Incorporated in 2007, VMPL was set up by Mr. T K Maheshwar Singh,
Mr. Chandra Reddy, Mr. Shankar Rao, and Mr. S Navin Rao. The
company started by sub-contracting on a job-work basis the
blending of IMFL for the Punjab-based JIL. The company stopped the
sub-contract work in 2011 and undertook manufacture and sale of
IMFL. VMPL also manufactures its own whiskey brand - VMPL malt
whiskey.

For 2012-13, VMPL registered a profit after tax (PAT) and net
sales of INR2.2 million and INR766.3 million, respectively,
against a PAT of INR2.4 million on net sales of INR509.6 million
for 2011-12.



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


STX GROUP: Creditors to Give More Liquidity to Shipbuilding Unit
---------------------------------------------------------------
Yonhap News Agency reports that creditors have decided to provide
additional liquidity to the shipbuilding unit of ailing STX Group
in a move to help it overcome a cash crunch, officials said on
Feb. 18.

According to the news agency, the main creditor, Korea Development
Bank, said that more than 75 percent of other creditors approved
the rescue measures including KRW1.8 trillion (US$1.69 billion) in
liquidity supply for STX Offshore & Shipbuilding.

Yonhap relates that the officials said the rescue measures also
include a debt-to-equity swap worth around KRW1.3 trillion. The
total cash offering would amount to KRW4.5 trillion when
previously pledged liquidity injection is also included.

STX Group, once South Korea's 13th-biggest conglomerate, is
struggling to deal with a liquidity shortage and mounting debts of
its major affiliates from a downturn in the shipbuilding and
shipping sectors.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg News
reported.

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

STX Group has 10 affiliates, including STX Pan Ocean and STX
Offshore & Shipbuilding, under its wing.



=============
V I E T N A M
=============


* VIETNAM: Should Force 'Weak Banks' to Declare Bankruptcy
----------------------------------------------------------
Thanh Nien News reports that economists said Vietnam should force
weak commercial banks to declare bankruptcy and allow the full
foreign ownership of banks in certain cases to more effectively
restructure the financial system.

The report says the Vietnam Association of Finance Investors has
recently suggested that the country should keep only its 15
strongest banks in operation and eliminate cross-ownership in
lending institutions.

According to the report, the central bank said there are now 40
domestic banks and many foreign and joint venture banks, aside
form a host of other credit institutions.

Weak banks should be shut down, according to the association,
which suggested that the central bank raise the cap on the foreign
ownership in a bank to 49 percent from the current 30 percent,
Thanh Nien News relays.

The report relates that the association also recommended that the
central bank allow foreign investors to buy 100-percent of the
shares in struggling banks if they can buy at least 3 or more weak
lenders at once.

A report submitted by the central bank to the legislature last
November said there were 11 weak banks in Vietnam, Thanh Nien News
discloses.

According to a government decree effective on February 20, foreign
banks will be allowed to buy majority stakes in domestic lenders
considered weak, and marginally greater shares than at present in
stronger banks. It did not stipulate what constituted a "weak"
bank, Thanh Nien News notes.



                             *********

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.



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