TCRAP_Public/140317.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, March 17, 2014, Vol. 17, No. 53


                            Headlines


A U S T R A L I A

COMPASS HOTEL: Former CEO Jailed After Crown Appeal
SINO AUSTRALIA: ASIC Gets Injunction Freezing Bank Accounts


I N D I A

AANJANEYA ENERGY: CRISIL Assigns 'B' Rating to INR300MM Loan
ADITYA OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR46MM Loans
ANROSE PHARMA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
ARORA RICE: CRISIL Raises Rating on INR175MM Loans to 'B'
ARTHANARI CLOTHING: CRISIL Reaffirms B- Rating on INR117.2M Loans

ATLANTIC SHIPPING: CRISIL Reaffirms B+ Rating on INR220MM Loans
CALCO POLY: CRISIL Reaffirms 'B' Rating on INR75MM Loans
CHOKSEY CHEMICALS: CRISIL Cuts Rating on INR72.5MM Loan to 'B-'
EXIM FOCUS: CRISIL Assigns 'B' Rating to INR50.5MM Loans
FUTURE VISION: CRISIL Reaffirms 'B' Rating on INR60MM Loan

G.B. LOGS: CRISIL Downgrades Rating on INR450MM Loans to 'C'
KEMIA APARTMENTS: CRISIL Rates INR200MM Bank Loan at 'B+'
M B TIMBER: CRISIL Lowers Rating on INR50MM Loans to 'C'
MAHAVEER INFRA: CRISIL Reaffirms 'B' Rating on INR140MM Loans
MAXOP ENGINEERING: CRISIL Ups Rating on INR835.5MM Loans From D

MEGHA GUM: CRISIL Ups Rating on INR172.5MM Loans to 'B+'
MODEL FUELS: CRISIL Lowers Rating on INR200MM Loans to 'B'
MPB CONSTRUCTION: CRISIL Reaffirms 'B+' Rating on INR55MM Loans
MUKTAR INFRA: CRISIL Reaffirms 'B' Rating on INR91.7MM Loans
NATIONAL STEEL: CRISIL Reaffirms 'B' Rating on INR180MM Loan

PAVAS POLYCHEM: CRISIL Reaffirms 'B' Rating on INR5MM Cash Credit
PIONEER FABRICATORS: CRISIL Raises Rating on INR95MM Loans to C
RATNAM POULTRY: CRISIL Assigns 'B' Rating to INR200MM Loans
SAI SPACECON: CRISIL Cuts Rating on INR600MM Loans to 'D'
SARVODYA HOSPITAL: CRISIL Assigns 'D' Rating to INR190MM Loan

SHANMUGA HAIR: CRISIL Reaffirms 'B+' Rating on INR40MM Loans
SHREE PUSHKAR: CRISIL Rates INR300MM Bank Loan at 'B'
SHREENATHJI RASAYAN: CRISIL Puts 'B+' Rating on INR115MM Loans
SHRI BALAJI: CRISIL Assigns 'D' Rating to INR70 Million Loans
SRI GANESH: CRISIL Reaffirms 'B' Rating on INR100MM Loans

SUNDARAM STEELS: CRISIL Reaffirms 'B+' Rating on INR55MM Loans
SURYA ALLOY: CRISIL Reaffirms 'D' Rating on INR3.15BB Loans
TATA POWER: S&P Revises Outlook to Positive & Affirms 'B+' CCR
TLG AGRO: CRISIL Assigns 'B' Rating to INR53.5 Million Loans
UNIPEARL ALLOYS: CRISIL Assigns 'B+' Rating to INR35MM Loan

YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR280MM Loans


N E W  Z E A L A N D

NZ WHEEL: Placed Into Voluntary Liquidation
NZF GROUP: Looking For New Auditor After RSM Prince Quits
WINDFLOW TECHNOLOGY: Posts NZ$2.8MM Loss in 6Mos. Ended Dec. 31


                            - - - - -


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A U S T R A L I A
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COMPASS HOTEL: Former CEO Jailed After Crown Appeal
---------------------------------------------------
The former Chief Executive of West Australian hotel chain Compass
Hotel Group Ltd, Bryan Raymond Northcote, who pleaded guilty to
breaching directors' duties and submitting false and misleading
documents to ASIC, has had his original sentence quashed by the
New South Wales Court of Criminal Appeal and has been re-sentenced
to a term of imprisonment of three years and six months.

Following an ASIC investigation, Mr. Northcote pleaded guilty to
charges of having breached his duties as a company director by
dishonestly withholding information from the CHGL board and using
his position to gain a financial advantage.

Mr. Northcote also pleaded guilty to having submitted two
documents to ASIC which contained false and misleading
information.

In September 2013, in the Sydney District Court, Mr. Northcote was
sentenced to two years imprisonment on the charge of breaching
directors duties and one year imprisonment on each of the two
counts of submitting false and misleading documents to ASIC with
the sentence to be served by way of Intensive Correction Order.

The Commonwealth Director of Public Prosecutions, in consultation
with ASIC, appealed the sentence on the basis that it was
manifestly inadequate.

The NSW Court of Criminal Appeal agreed and quashed the sentences
imposed by the District Court.

In relation to the directors' duties offence, Mr. Northcote was
re-sentenced to a term of imprisonment for a period of three years
and six months commencing on Sept. 27, 2013, and expiring on March
26, 2017.

On each of the lodging false and misleading documents offences,
Mr. Northcote was re-sentenced to a term of imprisonment of one
year commencing on Sept. 27, 2013, and expiring on Sept. 26, 2014.

Mr. Northcote is due to be released on Sept. 26, 2015, upon
entering a recognisance that he be of good behaviour for the
balance of the term of his sentence.

Commenting on the original sentence, the court said:

"The total effective sentence imposed of two years to be served by
ICO was manifestly inadequate because it did not reflect the
seriousness of the offence, the extent to which the respondent
personally was financially advantaged by the offence, the need for
general deterrence and to the need to impose a sentence which both
punished Mr. Northcote and denounced his criminal conduct."

ASIC Commissioner John Price said: "ASIC is committed to ensuring
company directors act appropriately as this is integral to
ensuring fair and efficient markets.

"Directors who step over the line by abusing their position for
their own dishonest purposes need to know that they are risking
jail time for their actions."

Compass Hotel Group was engaged in the provision of operating
hotel and tavern businesses in Western Australia and managing
investment properties in Western Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
March 24, 2011, SmartCompany said Compass Hotel Group has been
placed in receivership.  Quentin Olde, Ian Francis, and Michael
Ryan of insolvency firm Taylor Woodings were appointed as
receivers to the sharemarket-listed group on March 22, 2011, after
secured lender St George Bank, a subsidiary of Westpac, lost
patience with the debt-laden group.  Compass Hotel's latest
financial statements, released in February 2011, show the company
had liabilities of more than AUD100 million.  It is believed the
bulk of the debts is owed to St George.

The TCR-AP, citing PerthNow, reported on Sept. 5, 2011, that
Woolworth-controlled ALH Group bought the Compass Hotel Group
portfolio of Perth pubs from receivers for AUD86 million. The sale
of the 12 pubs and bottle shops includes some of Perth's
well-know pubs including Carine Glades Tavern, Gosnells Hotel,
Herdsman Lake Tavern and Kalamunda Hotel, the report disclosed.
According to PerthNow, receivers Taylor Woodings said the
transaction followed an international and national marketing
campaign.


SINO AUSTRALIA: ASIC Gets Injunction Freezing Bank Accounts
-----------------------------------------------------------
The Australian Securities and Investment Commission has obtained
urgent orders in the Federal Court in Melbourne restraining ASX
listed entity, Sino Australia Oil & Gas Ltd (SAO), from
transferring company funds from two accounts it holds with HSBC
Bank Australia Limited prior to a further hearing on
March 18, 2014.

The orders were sought following concerns that SAO might transfer
funds that were raised in 2013 by an initial public offering (IPO)
for purposes that were not disclosed, or not properly disclosed,
in the IPO Prospectus, or as subsequently amended in Replacement
Prospectuses and various Supplementary Prospectuses.

The orders also restrain three other respondents -- Mr. Tianpeng
Shao (SAO's Executive Chaiman), Mr. Ruiyu He and Ms. Hayan Wang
-- from authorising or taking any other step to cause or
facilitate the transfer of any funds out of the Bank Accounts.

ASIC currently has concerns that SAO might transfer funds to a
Chinese bank account that is not controlled by SAO and which may
be operated by unrelated persons. ASIC has concerns that a
proposed transfer of AUD7.5 million has not been authorised by,
nor explained to the satisfaction of, SAO's non-executive
directors and signatories to the Bank Accounts, Andrew Faulkner
and Wayne Johnson.

ASIC is also concerned that resolutions passed at an extraordinary
general meeting on Feb. 26, 2014 to appoint
Mr. He and Ms. Wang, to the SAO Board, may be invalid.

ASIC has sought the injunctions to protect shareholder funds
raised during the IPO.

Sino Australia Oil & Gas Ltd is the Australian holding company of
a Chinese operating company providing specialised drilling
services to the oil and gas industry.  SAO was listed on the ASX
on Dec. 12, 2013, after raising nearly AUD13 million under the
IPO.



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


AANJANEYA ENERGY: CRISIL Assigns 'B' Rating to INR300MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aanjaneya Energy Ltd. The rating reflects AEL's
exposure to funding and project implementation risks. These rating
weaknesses are partially offset by the extensive experience of
AEL's promoters in the wind energy segment.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       300      CRISIL B/Stable

Outlook: Stable

CRISIL believes that AEL will implement its ongoing project
without any significant time or cost overruns. The outlook may be
revised to 'Positive' if the company stabilises its operations
earlier than expected, resulting in larger-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
AEL faces time or cost overrun in its ongoing project or delays in
stabilising its operations, resulting in significant deterioration
in its financial risk profile.

AEL, incorporated in 2004, is setting up a wind farm in Palladam
(Tamil Nadu). The company's operations are managed by Mr. N.
Saravanaram.


ADITYA OVERSEAS: CRISIL Reaffirms 'B+' Rating on INR46MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Aditya Overseas
continue to reflect the firm's small scale of operations; along
with the susceptibility of its operating/net margin to volatile
prices of traded goods and to intense competition in the chemical
industry. These rating weaknesses are partially offset by the
firm's established customer and supplier relationships.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             40      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        30      CRISIL A4 (Reaffirmed)
   Standby Line of Credit   6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AO will maintain its business risk profile
over the medium term, supported by its established customer and
supplier relationships. The outlook may be revised to 'Positive'
if the firm's operating margin is sizeable, with improved debt
protection metrics, and a substantial increase in its scale of
operations. Conversely, the outlook may be revised to 'Negative',
if AO's financial risk profile deteriorates, because of a decline
in its operating margin or stretched working capital cycle.

AO was established in New Delhi in 2000 by Mr. Aditya Bansal and
Mr. Dinkar Bansal. The firm trades in several types of fatty
acids, chloro-alkali products, castor oil derivatives and
fragrances.

AO reported a profit after tax (PAT) of INR1.1 million on net
sales of INR378 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT ofINR0.5 million on net
sales of INR328 million for 2011-12.


ANROSE PHARMA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Anrose Pharma continue to
reflect AP's small scale of operations, exposure to intense market
completion, large working capital requirements and vulnerability
to volatility in raw material prices. The rating also factors
moderate financial risk profile, marked by low gearing, moderate
debt protection metrics and its promoters' extensive experience in
the generic drug market.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the firm
significantly improves its business risk profile, on account of
more-than-expected improvement in its scale of operations.
Conversely, the outlook may be revised to 'Negative' in case AP's
financial risk profile, particularly its liquidity, weakens, most
likely because of larger-than-expected working capital
requirements, driven by delayed receivables and high bank limit
utilisations.

Update
For 2012-13, AP's operating income remained flat at about INR 347
million while its profitability declined with EBIDTA margins at
4.4 per cent for 2012-13 as against 6.8 per cent a year ago. The
same is on account of intense competition in the domestic market.
For 2013-14 the firm is expected to register modest revenue growth
and profitability.

The operations of the firm are working capital intensive reflected
by gross current assets (GCA) days of 207 as on
March 31, 2013, higher GCA days are on account of higher debtor
days. The firm offers higher credit period to the customers of
over 150 days to remain competitive in the highly fragmented
industry, as against this the firm gets a credit period of about
45 days from the suppliers. AP has stretched liquidity. For 2013-
14, its cash accruals are expected at around INR 5.4 million
against zero debt obligations. Furthermore, the firm's bank limits
of INR 70 Million at an average of 97 percent from Jan-13 to Dec-
13 are highly utilised. The firm has low cash and cash equivalents
of INR6 million as on Mar 31, 2013.

AP reported a profit after tax (PAT) of INR1.3 million on net
sales of INR347 million for 2012-13, against a PAT of INR8 million
on net sales of INR347 million for 2011-12.

AP was incorporated in 2005 a proprietorship firm, by Mr. Agarwal
with manufacturing unit setup at Barotiwala, Solan, Himachal
Pradesh. The firm is engaged in manufacturing of generic
formulations in form of tablets, syrups, capsules, eye & ear
drops, ointments and injections.


ARORA RICE: CRISIL Raises Rating on INR175MM Loans to 'B'
---------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Arora Rice Mills to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           120      CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')
   Proposed Long Term
   Bank Loan Facility     48      CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Rupee Term Loan         7      CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The upgrade reflects improvement in ARM's business risk profile
and improvement in its working capital cycle. The firm's net sales
grew by around 47 per cent year-on-year in 2012-13 (refers to
financial year, April 1 to March 31), to INR432 million, on
account of strong domestic and overseas demand for basmati rice.
ARM's gross current assets (GCAs) declined to 178 days as on March
31, 2013, from 274 days a year earlier because of reduced
inventory to mitigate volatility in raw material prices. Reduced
working capital resulted in lower working capital debt, and
consequently, to better-than-expected financial risk profile
marked by improvement in gearing and debt protection metrics. The
gearing reduced to 13.1 times as on March 31, 2013, from 17.4
times as on March 31, 2012. The net cash accruals to total debt
and interest coverage ratios improved to 0.03 times and 1.36
times, respectively, in 2012-13 from 0.01 times and 1.3 times,
respectively, in 2011-12 because of lower interest burden.

The upgrade also reflects improvement in ARM's liquidity, as
reflected in its expected cash accruals of around 10 million in
2013-14, which will be sufficient to meet its term debt obligation
of INR3 million during the year. The firm's liquidity is supported
by continuous funding support from the promoters in the form of
unsecured loans (at INR58 million as on March 31, 2013).

The rating reflects ARM's weak financial risk profile marked by
high gearing and weak debt protection metrics, large working
capital requirements, small scale of operations, and
susceptibility to erratic rainfall and to volatility in raw
material prices. These rating weaknesses are partially offset by
the firm's moderate liquidity, the extensive industry experience
of its promoters, and the healthy growth prospects for the rice
processing industry.

Outlook: Stable

CRISIL believes that ARM will continue to benefit over the medium
term from its promoters' extensive industry experience and the
healthy growth prospects for the rice processing industry. The
outlook may be revised to 'Positive' if the firm generates
substantial cash accruals or benefits from significant capital
infusion by its promoters, leading to improvement in its capital
structure, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' in case of
significant weakening of capital structure and liquidity on
account of larger-than-expected working capital requirements or
large debt-funded capital expenditure.

ARM, based in Jalalabad (Punjab), was established as a partnership
firm in 1998; it was acquired by its present management in 2003-
04. It is currently managed by Mr. Ashok Aneja and his relatives.
The firm processes both basmati and non-basmati rice.


ARTHANARI CLOTHING: CRISIL Reaffirms B- Rating on INR117.2M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arthanari Clothing Pvt
Ltd continue to reflect ACPL's below-average financial risk
profile marked by a high gearing and weak debt protection metrics.
The ratings also factors in the company's small scale of
operations. These rating weaknesses are partially offset by the
extensive experience of ACPL's promoters in the cotton textile
industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting        82.8     CRISIL A4(Reaffirmed)
   Cash Credit             50       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          62.5     CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       4.7     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACPL will continue to benefit over the medium
term from its promoters' experience in the cotton textile
industry. The outlook may be revised to 'Positive' in case the
company's liquidity improves significantly, most likely driven by
better-than-expected cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if ACPL's liquidity deteriorates because of stretch in working
capital cycle or large, debt-funded capital expenditure (capex).

Update
ACPL's revenues grew by 29 per cent year-on-year in 2012-13
(refers to financial year, April 1 to March 31), driven by
increased demand from the company's existing customers. However,
ACPL's profitability declined to 7.1 per cent in 2012-13
vis-a-vis 9.5 per cent in 2011-12, on account of the company's
inability to pass on increased costs to end customers. ACPL
registered revenues of INR236 million for the period from April
2013 to December 2013. Hence, its revenues are expected to decline
by 20 per cent in 2013-14 driven by subdued demand from existing
customers. However, the effect of lower revenues is partially
offset by improved profitability due to increase in jobwork
activity. CRISIL believes that ACPL's business risk profile will
remain under pressure on account of the company's exposure to
intense competition in the cotton textile industry.

ACPL has a below-average financial risk profile marked by a high
gearing and weak debt protection metrics. The company's net worth
and gearing stood at INR77 million and 1.63 times, respectively,
as on March 31, 2013. CRISIL has treated unsecured loans from
promoters as neither debt nor equity, as the same are expected to
be retained in the business for a long term. CRISIL believes that
ACPL's financial risk profile will remain below average over the
medium term constrained by its weak debt protection metrics.

ACPL has weak liquidity, marked by high bank limit utilisation
though supported by adequate cash accruals for meeting its debt
obligations. The company had high bank limit utilisation of around
94 per cent over the 12 months ended December 31, 2013. However
the company is expected to generate cash accruals of INR19 million
vis-a-vis its debt obligations of INR15 million in 2013-14.
Additionally, its promoters are expected to provide need based
support with infusion of funds in the form of equity or unsecured
loans.

ACPL, incorporated in 2004 in Salem (Tamil Nadu), is involved in
weaving of fabric from cotton yarn and stitching of garments. The
company's operations are integrated with mechanized machinery for
warping, sizing, and auto loom weaving sampling and a dyeing unit
for printed fabric.


ATLANTIC SHIPPING: CRISIL Reaffirms B+ Rating on INR220MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atlantic Shipping Pvt
Ltd continue to reflect ASPL's below-average financial risk
profile marked by small net worth, high gearing, and inadequate
debt protection metrics, and the company's susceptibility to
economic downturns. These rating weaknesses are partially offset
by ASPL's established market position in the port agency services
business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           10      CRISIL A4 (Reaffirmed)
   Cash Credit              80      CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility       10      CRISIL B+/Stable (Reaffirmed)
   Term Loan               130      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPL's financial risk profile will remain
weak over the medium term, constrained by its weak capital
structure. The outlook may be revised to 'Positive' if ASPL's
capital structure improves, most likely driven by substantial
equity infusion by its promoter. Conversely, the outlook may be
revised to 'Negative' in case of stretch in ASPL's working capital
cycle, or more-than-expected funding support to associate
concerns, or large debt-funded capital expenditure.

ASPL was established in 1985 by Mr. Shabbir Rangwala. The company
provides port agency services, such as customs clearance and
documentation, crew-related services, loading and unloading of
cargo, and other services to vessels reaching Indian ports. It
handles dry and liquid cargo.

ASPL reported a profit after tax (PAT) of INR6.8 million on and
net sales of INR198.2 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR7.1 million on net
sales of INR166.6 million for 2011-12.


CALCO POLY: CRISIL Reaffirms 'B' Rating on INR75MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Calco Poly Technik
Private Limited continue to reflect CPTPL's weak financial risk
profile marked by high gearing and weak debt protection metrics,
and large working capital requirements.  These rating weakness are
partially offset by its promoters' extensive experience in the
plastics industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           35       CRISIL B/Stable (Reaffirmed)
   Overdraft Facility     2.8     CRISIL B/Stable (Reaffirmed)
   Term Loan             37.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CPTPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if KAPL's financial risk
profile improves, driven most likely by higher-than-expected net
cash accruals or substantial improvement in scale of operations.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in the company's liquidity or capital
structure, or if its profitability declines.

Update
On account of time overruns faced in execution of the project from
July 2012 to October 2012, CPTPL generated sales of around INR30
million for 2012-13 (refers to financial year, April 1 to March
31), significantly lower than CRISIL's expectations of around
INR220 million, and operating margin of 1.2 per cent in 2012-13
significantly lower than CRISIL's expectations of around 6% on
account of initial stage of operations.  In current year, the
company has generated sales of around INR200 million till February
2014, and has built a diversified customer base of reputed clients
such as Maharaja Whiteline Industries Private Limited (rated
CRISIL BB+/Stable/ CRISIL A4+), Petrolin Products, Elin
Electronics India Limited amongst others. The company is expected
to grow over the medium term, backed by its diversified customer
base.

The company's operations have remained working capital intensive,
marked by gross current asset (GCA) days of 190  as on March 31,
2013, higher than  CRISIL's expectations primarily on  account of
initial nature of operations. The cash accruals for FY2013-14,
expected to be inadequate to meet its term debt repayments to the
tune of around INR7 million. The promoters are expected to support
the company in case of any shortfall in debt repayment obligation.

CPTPL's capital structure has continued to remain aggressive over
FY2012-13, with gearing of 4.16 times as on 31 March, 2013 on
account of debt-funded capex it incurred. CPTPL had muted debt
protection metrics for FY2012-13, with interest coverage ratio of
below 1 times and net cash accruals to total debt (NCATD) ratio of
0.07 as on March 31, 2013, on account of low cash accruals
resulting from initial nature of operations. These are expected to
improve in the current year with stabilisation of operations
however, will continue to remain weak due to its high dependency
on bank borrowings for its working capital requirements.

CPTPL was incorporated in 2010 as Calco Poly Technologies Pvt Ltd
and its name was changed to the current one in 2011. CPTPL is
engaged in the production of polypropylene (PP) and engineering
plastics at its factory in Kundli( Haryana). Mr. Varun Gupta, the
key promoter and director of the company, looks after the day-to-
day operations.


CHOKSEY CHEMICALS: CRISIL Cuts Rating on INR72.5MM Loan to 'B-'
---------------------------------------------------------------
CRISIL has downgraded its long term ratings on the bank facilities
of Choksey Chemicals Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable', while reaffirming the short term rating at CRISIL A4.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           20       CRISIL A4 (Reaffirmed)
   Letter of Credit         35       CRISIL A4 (Reaffirmed)
   Cash Credit              72.5     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects expected deterioration in CCPL's
business risk profile, with continued pressure on profitability.
The operating margin declined for the third consecutive year in
2012-13 (refers to financial year, April 1 to March 31) resulting
in an operating loss of INR1.5 million. This, coupled with
interest expenses, has resulted in cash losses of INR14.7 million
during 2012-13. While operating margin is expected to improve in
2013-14, it is expected to remain modest at about 1 per cent.
CCPL's scale of operation is also expected to remain small at
INR300 million during 2013-14. CRISIL believes that CCPL's
business risk profile will remain constrained over the medium term
on account of small scale of operations and low operating
profitability.

The operating losses have resulted in deterioration in CCPL's
financial risk profile, which is marked by a small net worth of
INR24 million as on March 31, 2013. This has resulted in a sharp
rise in gearing to 3.9 times as on March 31, 2013 from 1.8 times
as on March 31, 2012. Furthermore, the loss net during 2013-14 is
not only expected to reduce the net worth but exponentially
increase the gearing. The debt protection measures also remain
below average, impacted by operating losses.

CCPL's liquidity profile has also deteriorated on account of cash
losses. The company has been funding the repayment of fixed
obligations by delaying payments to creditors. The bank limit
utilisation has been moderate at around 81 per cent for the 11
months ended November 2013. CRISIL believes that CCPL's liquidity
profile will remain stretched marked by cash losses over the
medium term.

The ratings reflect CCPL's small scale of operations in the
construction chemicals industry, working-capital-intensive
operations, and weak financial risk profile. These rating
weaknesses are partially offset by CCPL's diverse customer profile
and promoters' extensive experience.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the medium
term from its promoters' experience in the construction chemical
industry. The outlook may be revised to 'Positive' in case of
more-than-expected improvement in operating income and
profitability, leading to an improvement in the company's
financial risk profile. Conversely, the outlook may be revised to
'Negative' if CCPL's profitability deteriorates further or there
is a stretch in its working capital cycle resulting in liquidity
pressure or if CCPL undertakes any larger-than-expected, debt-
funded capital expenditure programme, constraining its financial
risk profile.

CCPL, established in 1985 and promoted by Mr. Girish C Choksey,
manufactures construction chemicals and concrete admixtures. The
company provides range of pre- and post-construction chemicals. It
manufactures construction chemicals at its unit in Taloja
(Maharashtra), and concrete admixtures at its facility in Silvassa
(Dadra and Nagar Haveli).

CCPL reported a net loss of INR21.7 million on net sales of
INR269.9 million for 2012-13, against a net loss of INR8.4 million
on net sales of INR250.3 million for 2011-12.


EXIM FOCUS: CRISIL Assigns 'B' Rating to INR50.5MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Exim Focus.

                             Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Proposed Long Term
   Bank Loan Facility           10      CRISIL B/Stable

   Packing Credit               49.5    CRISIL A4

   Cash Credit                   7.5    CRISIL B/Stable

   Foreign Bill Discounting     33      CRISIL B/Stable

The ratings reflect EF's modest scale of operations in the spices
export industry and its below-average financial risk profile
marked by small net worth. These rating weaknesses are partially
offset by the extensive experience of EF's promoters in the spices
trading industry.

Outlook: Stable

CRISIL believes that EF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive', in case the firm strengthens
its cash accruals through substantial improvement in revenues and
profitability resulting in improved financial risk profile.
Conversely, the outlook may be revised to 'Negative', in case the
firm records lower-than-expected revenues or profitability or its
working capital management deteriorates or its promoters withdraw
significant capital, weakening its financial risk profile.

EF, incorporated in 2000, is an exporter of spices. The firm's
day-to-day operations are managed by Mr. S Venkataraman.

EF reported a net profit of INR2.3 million on net sales of INR126
million for 2012-13 (refers to financial year April 1 to
March 31), as against a net profit of INR1.2 million on net sales
of INR50 million for 2011-12.


FUTURE VISION: CRISIL Reaffirms 'B' Rating on INR60MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Future Vision
Corporation continue to reflect the firm's modest scale of
operations in the intensely competitive mobile phone distribution
business and weak financial risk profile marked by modest net
worth and high total outside liabilities to tangible net worth
(TOL/TNW) ratio. These weaknesses are partially offset by the
extensive experience of FVC's partners in dealership business.

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

Outlook: Stable

CRISIL believes that FVC will continue to benefit over the medium
term from its partners' extensive experience in the dealership
business. The outlook may be revised to 'Positive' in case the
firm is able to exhibit a significant and sustainable growth in
revenues while improving its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of decline in the firm's revenues or profitability margins or
a significant elongation in its working capital cycle, translating
to further weakening in its liquidity and financial risk profile.

Update
FVC recorded turnover of INR644.2 million in 2012-13 (refers to
financial year, April 1 to March 31), as against INR806.6 million
in 2011-12. The decline in turnover was because in 2012-13,
Samsung India Electronics Private Limited (Samsung) had introduced
two more distributors other than FVC for Indore region leading to
decline in market share for the firm. In the current year, the
firm has clocked revenues of around INR480 million for the 8
months ended November 2013 and the revenues are expected to be
around INR690 to 700 million for 2013-14. The firm's operating
margin in 2012-13 was around 1.3 per cent and is expected to be at
similar levels over the medium term.

FVC's operations are moderately working capital intensive,
reflected in its gross current assets (GCA) of around 36 days of
sales as on March 31, 2013. The company's inventory and debtors
were at 13 and 18 days respectively as on March 31, 2013. FVC's
financial risk profile continues to remain weak marked by a modest
net worth of INR 4.3 million and high TOLTNW of 13.96 times as on
March 31, 2013. The debt protection metrics are subdued, with
interest coverage ratio of 1.06 times for 2012-13.

FVC has weak liquidity, with almost fully utilized bank limits
over the 12 months through November 2013. In 2013-14, FVC's cash
accruals are estimated to be around INR 0.3 to 0.4 million against
which it does not have any term debt obligations. The cash
accruals are expected to grow moderately to around INR0.5 to 0.6
million in 2014-15.

FVC, set up in 2008, is a proprietorship firm of Mr. Deepak Patel.
FVC is a distributor of mobile handsets and accessories
manufactured by Samsung in the Indore region of Madhya Pradesh.
The firm is one of the group concerns of the P Patel Group of
companies which have interest in varied sectors like automobile
dealership, paint distribution and financial services amongst
others.

FVC has reported a profit after tax (PAT) of INR0.05 million on
operating income of INR 644.2 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR 4.7
million on operating income of INR806.6 million for 2011-12.


G.B. LOGS: CRISIL Downgrades Rating on INR450MM Loans to 'C'
------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of G.B. Logs & Timber Pvt Ltd (GBL; part of the MB Timber group)
to 'CRISIL C', from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               180     CRISIL C (Downgraded from
                                     'CRISIL BB-/Stable')

   Working Capital
   Term Loan                 270     CRISIL C (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects significant weakening in the timber
group's liquidity on account of substantial foreign exchange
(forex) losses and delay in receivables realisation. GBL incurred
significant forex losses during 2013-14 (refers to financial year,
April 1 to March 31), resulting in cash losses, and restructuring
of its letter of credit dues. Besides, the group has been exposed
to delays in receivables realisation along with build-up in
receivables over six months, leading to heavy utilisation of its
bank limits.

The group's profitability is expected to remain constrained over
the near term due to high interest costs, with stretched cash
accruals vis-a-vis debt repayments.

The ratings reflect the group's working capital intensive nature
of operations, susceptibility of its operating margin to
fluctuations in forex rates, and below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the group's established market
position, supported by its promoter's extensive industry
experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GBL, AG Timber Pvt Ltd (AGT), and MB
Timber Pvt Ltd (MBT). This is because these three companies,
collectively referred to as the MB Timber group, have the same
management team and are in the same line of business.

GBL, incorporated in 2007, is promoted by Kolkata (West Bengal)-
based Mr. Ajay Gupta. The company trades in sawn and round timber,
primarily in West Bengal, Orissa, Bihar, and Assam. AGT and MBT
are also in the same business.

The MB Timber group reported a profit after tax (PAT) of INR29
million on net sales of INR3.7 billion for 2012-13, against a PAT
of INR25 million on net sales of INR3.3 billion for 2011-12.


KEMIA APARTMENTS: CRISIL Rates INR200MM Bank Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kemia Apartments Ltd.

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

The rating reflects KAL's exposure to risks related to timely
completion and saleability of its ongoing real estate project, and
its susceptibility to the cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive entrepreneurial experience of its promoters.

Outlook: Stable

CRISIL believes that KAL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports higher-than-expected cash flows, supported by earlier-
than-expected completion of, or significantly higher realisations
from, its on-going project. Conversely, the outlook may be revised
to 'Negative' if the company faces delays in project completion or
in receipt of payments from customers, or witnesses a slowdown in
booking rates, or undertakes larger-than-expected, debt-funded
projects, leading to deterioration in its liquidity.

KAL was established in 2008 in Chennai (Tamil Nadu). The company
is currently undertaking a residential villa project in
Puducherry.

KAL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR1 million for 2012-13 (refers to financial year, April
1 to March 31), as against a PAT of INR0.1 million on net sales of
INR0.9 million for 2011-12.


M B TIMBER: CRISIL Lowers Rating on INR50MM Loans to 'C'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M B Timber Pvt Ltd (MBT; part of the MB Timber group) to 'CRISIL
C/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL C (Downgraded from
                                  'CRISIL BB-/Stable')

   Letter of Credit      290      CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

The ratings downgrade reflect significant weakening in the timber
group's liquidity on account of substantial foreign exchange
(forex) losses and delay in receivables realisation. GB Logs &
Timber Pvt Ltd (GBL; part of the MB Timber group) incurred
significant forex losses during 2013-14 (refers to financial year,
April 1 to March 31), resulting in cash losses, and restructuring
of its letter of credit dues. Besides, the group has been exposed
to delays in receivables realisation along with build-up in
receivables over six months, leading to heavy utilisation of its
bank limits.

The group's profitability is expected to remain constrained over
the near term due to high interest costs, with stretched cash
accruals vis-a-vis debt repayments.

The ratings reflect the group's working capital intensive nature
of operations, susceptibility of its operating margin to
fluctuations in forex rates, and below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the group's established market
position, supported by its promoter's extensive industry
experience.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MBT, GBL and AG Timber Pvt Ltd (AGT).
This is because these three companies, collectively referred to as
the MB Timber group, have the same management team and are in the
same line of business.

MBT was established as a partnership in 1991 by Mr. Ajay Kumar
Gupta and Mr. Ganga Prasad Gupta; it was reconstituted as a
closely held company in 2001. The company trades in timber and
manufactures sawn timber. AGT and GBL are also in the same line of
business.

The MB Timber group reported a profit after tax (PAT) of INR29
million on net sales of INR3.7 billion for 2012-13, against a PAT
of INR25 million on net sales of INR3.3 billion for 2011-12.


MAHAVEER INFRA: CRISIL Reaffirms 'B' Rating on INR140MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahaveer
Infraengineering Pvt Ltd continue to reflect MIPL's limited track
record of operations in the infrastructure construction sector,
and its working-capital-intensive operations, marked by large
receivables. These rating weaknesses are partially offset by the
company's healthy order book, which provides revenue visibility
over the medium term, and its above-average financial risk
profile, marked by low gearing.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4 (Reaffirmed)
   Cash Credit               40      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        26.8    CRISIL B/Stable (Reaffirmed)
   Term Loan                 73.2    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MIPL will, over the medium term, continue to
benefit from its sizeable order book, and maintain its above-
average financial risk profile The outlook may be revised to
'Positive' if the company achieves significant revenue growth
while maintaining its profitability and capital structure, or if
its working capital management improves, particularly through
faster realisation of payment from its customers. Conversely, the
outlook may be revised to 'Negative' if MIPL reports substantially
low revenues and profitability, or if it increases its reliance on
debt to fund its capacity expansion plans and incremental working
capital requirements, thereby weakening its capital structure and
debt protection metrics.

Update
MIPL's operating revenues remained stable at around INR1.46
billion in 2012-13 (refers to financial year, April 1 to March
31), as against INR1.48 billion in 2011-12. The company has been
able to scale up its operations significantly by obtaining large
projects over the years despite its short track record of
operations; it has achieved a compound annual growth rate of 36
per cent in revenues over the four years ended March 31, 2013. Its
operating margin has reduced marginally to 8.9 per cent in 2012-13
as against 9.48 per cent in 2011-12 because of the competitive
nature of the industry.

MIPL's operations remain working-capital-intensive, as reflected
in its gross current assets of 139 days as on March 31, 2013,
resulting in high average bank limit utilisation of 97 per cent
during the 12 months through January 2014. The company's
receivables cycle increased to around 107 days as on March 31,
2013, on account of delays in receivables from its customers. The
company, however, subcontracts a large portion of its order book
and has been able to stretch its creditors. Its payables as on
March 31, 2013, were 88 days as against 23 days a year earlier.

MIPL has a healthy financial risk profile, marked by a moderate
net worth of INR287.7 million as on March 31, 2013; it had a low
gearing of 0.8 to 1 time in the three years ended March 31, 2013.
The company has comfortable debt protection metrics, with interest
coverage and net cash accruals to total debt ratios of 4.1 times
and 41 per cent, respectively, in 2012-13. Its financial risk
profile, however, is constrained on account of tightly matched
cash accruals with debt repayment obligations over medium term.
MIPL had cash accruals of INR93.6 million in 2012-13 against which
it had debt repayment obligations of INR95 million for the year.

MIPL was incorporated in 2008, promoted by Mr. Pukhraj Jain and
Mr. Kishore Jain. The company undertakes earthwork, roadwork, and
civil construction projects on a turnkey basis.


MAXOP ENGINEERING: CRISIL Ups Rating on INR835.5MM Loans From D
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Maxop
Engineering Company Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Post Shipment Credit     285      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')
   Proposed Long Term
   Bank Loan Facility        18.7    CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                280.4    CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Working Capital           11.4    CRISIL B/Stable (Upgraded
   Demand Loan                       from 'CRISIL D')

   Post Shipment Credit     240.0    CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')


The rating upgrade reflects the timely servicing by Maxop of its
term loan over the five months through February 2014, following
the improvement in its liquidity. CRISIL believes that Maxop will
maintain its improved liquidity over the medium term.

Maxop's business risk profile is expected to improve in 2013-14
(refers to financial year, April 1 to March 31), with its
operating income increasing by over 35 per cent to more than
INR1.35 billion from INR1 billion in the previous year. On a
provisional basis, the company reported revenues of INR1.12
billion for the 9 months ended December 31, 2013. The increase in
revenues is primarily on the back of incremental orders from
existing export customers and its increasing presence in the
domestic market; this, coupled with healthy profitability, is
likely to result in adequate cash accruals for meeting its term
debt repayment obligations on time over the medium term.

The ratings reflect Maxop's status as a marginal player in the
highly fragmented automotive components industry, with customer
concentration in its revenue profile. Moreover, the company has a
modest financial risk profile, marked by high gearing, but
supported by moderate debt protection metrics because of its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of Maxop's
promoters, and it established client base.

Outlook: Stable

CRISIL believes that Maxop will continue to benefit over the
medium term from its promoters' established industry track record.
Its financial risk profile is, however, expected to remain modest
because of high gearing as a result of highly working-capital-
intensive operations. The outlook may be revised to 'Positive' if
Maxop's working capital borrowings reduce, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded capital expenditure programme, its
working capital requirements increase significantly, or it
generates less-than-expected cash accruals, thereby increasing its
debt level and further weakening its gearing.

Maxop was incorporated in 2003. The company has a technologically
advanced die-casting unit in Manesar (Haryana). It manufactures
aluminium-based die-cast, machined, and assembled products, mainly
used in automobiles (mostly passenger cars) and consumer durables.
The company has fully automated computer numeric controlled (CNC),
high-pressure, die-casting machines, with locking forces ranging
between 250 and 800 tonnes. Maxop exports the majority of its
products to customers based in the US and France. It is an ISO TS:
16949-2002-certified company.

Maxop reported a profit after tax (PAT) of INR44.4 million on net
sales of INR992.9 million for 2012-13, vis-a-vis a PAT of INR41.1
million on net sales of INR885.3 million for 2011-12.


MEGHA GUM: CRISIL Ups Rating on INR172.5MM Loans to 'B+'
--------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Megha Gum
and Chemicals to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------         ---------   -------
   Cash Credit           120      CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Term Loan              52.5    CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The rating upgrade reflects improvement in MGC's business risk
profile driven by diversification into cotton ginning and cotton
oil refining, and expected improvement in its liquidity marked by
increase in cash accruals. The firm's turnover increased to
INR2.25 billion in 2013-14 (refers to financial year, April 1 to
March 31) from INR1.00 billion in the previous year, despite
decline in demand for guar gum, driven by earnings from the newly
set-up cotton ginning and cotton oil refining unit and increased
guar gum manufacturing capacity. The installed capacity of the
cotton ginning unit is 1300 quintals per day and of cotton oil
refining is around 900 quintals per day. The firm increased its
guar gum processing capacity to 1200 quintals per day from 500
quintals per day. Its liquidity improved, marked by expected
moderate cash accruals of about INR20 million against debt
obligation of INR8 million in 2013-14. The firm's bank limit was
moderately utilised, at an average of 86 per cent over the 12
months through November 2013. MGC is likely to benefit from its
diversification into the cotton business by way of incremental
revenue and improvement in liquidity.

The rating continues to reflect MGC's weak financial risk profile
marked by small net worth and high gearing, and large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of MGC's promoters in the guar gum
industry and the benefits derived from diversification in the
cotton ginning industry.

Outlook: Stable

CRISIL believes that MGC will continue to benefit over the medium
term from its promoters' extensive experience in the guar gum
industry and its diversification in the cotton ginning industry.
The outlook may be revised to 'Positive' in case of improvement in
MGC's capital structure and working capital management, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the firm's liquidity deteriorates
on account of pressure on profitability, weakening in working
capital management, or large debt-funded capital expenditure.

MGC commenced operations in 2005 by setting up a guar gum refining
unit in Hisar (Haryana). The firm is promoted by Mrs. Urmila Goyal
and its day-on-day operations are managed by her husband Mr.
Rajinder Goyal and nephew Mr. Anuj Goyal. The firm's cotton
ginning and cotton oil refining unit commenced operations in
November 2012.

For 2012-13, MGC reported a profit after tax (PAT) of INR6.1
million on net sales of INR999.7 million, against a PAT of INR8.9
million on net sales of INR852.4 million for 2011-12.


MODEL FUELS: CRISIL Lowers Rating on INR200MM Loans to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Model Fuels Pvt Ltd (MFPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            85      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

  Inventory Funding       80      CRISIL B/Stable (Downgraded
  Facility                        from 'CRISIL B+/Stable')

  Term Loan               22.8    CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

  Proposed Long Term      12.2    CRISIL B/Stable (Downgraded
  Bank Loan Facility              from 'CRISIL B+/Stable')

The downgrade follows deterioration in MFPL's financial risk
profile, especially liquidity, because of increased working
capital requirements and losses leading to overdrawn bank limits
and frequent reliance on ad hoc limits. The increased working
capital requirements stem from the revenue growth in 2013-14
(refers to financial year, April 1 to March 31) over the previous
year. Also, the company incurred loss of INR15.4 million in 2012-
13 in its coke division, which was hived off during the year,
which added to its liquidity issues.

The rating reflects MFPL's susceptibility to cyclicality and
exposure to intense competition in the automotive dealership
industry, and below-average financial risk profile marked by
modest net worth, aggressive total outside liabilities to tangible
net worth ratio, and inadequate debt protection metrics. These
rating weaknesses are partially offset by the company's improved
debtor position and its promoters' industry experience.

Outlook: Stable

CRISIL believes that MFPL will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of significant ramp'up in scale of operations
in the automotive dealership division with stabilisation of new
showrooms, and significant improvement in financial risk profile
driven by large cash accruals or equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case of
delay in ramp-up of operations or lower profitability.

MFPL was incorporated in 1995 by Mr. Shivratan Dokania. The
company is an authorised dealer of Mahindra & Mahindra Ltd's two-
wheelers, utility vehicles, and passenger cars.

For 2012-13, on a provisional basis, MFPL reported net loss of
INR15.4 million on operating income of INR691.5 million, against a
profit after tax of INR2.6 million on operating income of INR280.9
million in 2011-12.


MPB CONSTRUCTION: CRISIL Reaffirms 'B+' Rating on INR55MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of MPB Construction Pvt
Ltd continue to reflect MPB's limited financial flexibility due to
its weak capital structure, its small scale of operations, and
high geographical concentration in its revenue profile. These
rating weaknesses are partially offset by the extensive experience
of MPB's promoter in the construction industry, its healthy order
book, and its moderate debt protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)
   Term Loan               20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPB will continue to benefit over the medium
term from its promoter's extensive industry experience and its
strong revenue visibility; however, the company's financial
flexibility will remain constrained by its weak capital structure.
The outlook may be revised to 'Positive' if MPB scales up its
operations on a sustainable basis, thereby improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
MPB's order book shrinks, or its financial risk profile
deteriorates, most likely due to a stretch in working capital or
additional debt-funded capital expenditure.

MPB was originally set up in 1986 as a proprietorship firm, Usha
Electricals (India), by Mr. M K Bhan; in April 2011, it was
reconstituted as a private limited company under the present name.
The company is engaged in civil construction such as construction
of industrial and institutional buildings and residential
construction, primarily for the defence sector. MPB, a Class S
contractor, bids for tenders floated by the Ministry of Defence.


MUKTAR INFRA: CRISIL Reaffirms 'B' Rating on INR91.7MM Loans
------------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B/Stable/CRISIL A4' rating to
the bank facilities of Muktar Infrastructure (India) Private
Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)
   Cash Credit              25       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       46.3     CRISIL B/Stable (Reaffirmed)
   Term Loan                20.4     CRISIL B/Stable (Reaffirmed)

The ratings on the bank facilities of MIPL's continue to reflect
working capital intensive operations, order based nature of
activity and susceptibility of revenue profile to timely execution
of orders and timely realizations of revenues from customers.
These rating weaknesses are partially offset by the extensive
experience of MIPL's promoter in various industries and the
benefits that the company derives from being part of Shaikh Muktar
Group (SMG).

Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company achieves significant increase
in its revenues, while improving its working capital cycle,
leading to improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case MIPL registers a decline in its revenues or
operating margin, or lengthening of its working capital cycle, or
undertakes a larger-than-expected, debt-funded capital expenditure
programme, resulting in further weakening of its financial risk
profile.

Update
MIPL, in its first year of operations reported revenues of INR
112.6 million and operating margins of 14.1 per cent in 2012-13
(refers to financial year, April 1 to March 31). The company
derives its revenues from two streams: civil construction and
ready mix concrete (RMC) plant. The company has recorded revenues
of about INR 85.5 million (provisional) till December 31, 2013 and
at present has only one contract from Sahasralingeshwara Power Pvt
Ltd, with unexecuted work of around INR 180 million as on December
2013 to be executed in next 12 months.

MIPL's operations continue to remain working-capital-intensive, as
reflected in gross current assets of around 279 days as on March
31, 2013, driven by large inventory and blocking of funds as
retention money and margin money for bank guarantees. The company
maintains high raw material stock mainly for smooth functioning of
its RMC plant. As on March 31, 2013 the company had total
inventory (raw material and work in progress) of INR 52.7 million
(183 days of cost of goods). The high inventory was on account of
high raw material requirement for RMC division and work in
progress for EPC division. Further, the company extends liberal
credit terms to its customers as reflected in debtors of around 67
days as on March 31, 2013. The high working capital requirements
of the company are partially funded by support extended from its
suppliers and highly utilized bank lines, with an average
utilization of around 88.25 per cent, for the past 12 months ended
December 2013.

MIPL's financial risk profile is subdued, marked by modest
networth of INR 54.5 million and healthy gearing of 0.85 times as
on March 31, 2013. The company's debt protection metrics have also
remained comfortable, with interest coverage and net cash accruals
to total debt ratios at 3.15 times and 22 per cent, respectively,
in 2012-13.

MIPL was set up in 2011-12 (refers to financial year, April 1 to
March 31) by Mr. Shaikh Muktar. The company undertakes civil
construction work; it also has a ready-mix concrete plant. MIPL is
a part of Goa based SMG which has interests in mining,
infrastructure, construction, engineering, logistics, hospitality
and shipping service MIPL undertakes civil construction work for
private parties. It is also constructing a Hotel at Goa. MIPL
commenced operations in April 2012.

For 2012-13, MIPL reported a profit after tax (PAT) of INR5.1
million on an operating income of INR122.6 million.


NATIONAL STEEL: CRISIL Reaffirms 'B' Rating on INR180MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of National Steel Supplier
continue to reflect NSS's below-average financial risk profile,
marked by small net worth, high gearing, large working capital
requirements, and investments into unrelated business. The ratings
also factor in the firm's average scale of operations, exposure to
intense competition in the steel industry, and susceptibility to
volatility in input prices. These rating weaknesses are partially
offset by the extensive industry experience of NSS's promoters and
their established relationship with suppliers and customers.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee       20       CRISIL A4 (Reaffirmed)
   Cash Credit         180       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NSS's financial risk profile will remain
below average over the medium term as the firm's working capital
requirements are likely to remain large and it is likely to
continue investing in unrelated businesses. The outlook may be
revised to 'Positive' in case of significant improvement in NSS's
financial risk profile, particularly liquidity, driven by large
cash accruals or reduced investments in unrelated businesses.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly liquidity, weakens because of
large working capital requirements or additional investments in
real estate, land, or equity shares.

NSS is a proprietorship firm set up in 1982 by Mr. Anand Prakash
in Ghaziabad (Uttar Pradesh). It trades in steel products such as
thermo-mechanically treated (TMT) bars, angles, shapes and
sections, beams, billets, and rounds. It is also the consignment
agent of Rashtriya Ispat Nigam Ltd (RINL) for Ghaziabad and
Dehradun (Uttarakhand), wherein it undertakes transportation,
grading, sizing, and warehousing activity on behalf of RINL.


PAVAS POLYCHEM: CRISIL Reaffirms 'B' Rating on INR5MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pavas Polychem Pvt Ltd
(PPPL) continue to reflect PPPL's average financial risk profile,
small scale of operations in the fragmented polyvinyl chloride
(PVC) resin trading industry, and vulnerability of its operating
margin to fluctuations in PVC prices. These rating weaknesses are
partially offset by the extensive industry experience of PPPL's
promoters and financial support received from them.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       70       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if PPPL's scale of operations
increases significantly, along with improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, most likely due
to increase in working capital requirements or large, debt-funded
capital expenditure.

Update
Performance of the company has remained in line with CRISIL's
expectation in 2012-13 (refers to financial year, April 1 to March
31), however on account of the volatility in the PVC resins prices
and foreign exchange (forex) fluctuations the operating margin has
continued to remain volatile declining by 30 basis points to 1.7
per cent in FY 2013. Further, in 2013-14, the company has achieved
sales of INR230 million till January 2014 and is expected to
achieve sales of INR260 million in this financial year. CRISIL
believes that the operating margin is expected to remain low in
range of 1.5 to 2 per cent and vulnerable to raw material price
fluctuations and foreign currency exchange fluctuations over the
medium term. Financial risk profile of the company continues to
remain constrained with the small net worth base of the company,
estimated at around INR 0.8 Cr as on March 31, 2014. However,
gearing of the company continues to remain low with majority of
the debt (more than 90 per cent) of the company short term in
nature. Further the interest coverage ratio of the company is
estimated to remain at below average level, around 1.7 times as on
March 31, 2014. The liquidity of the company continues to be
supported by its moderate working capital management. Furthermore,
majority of its debt is short term in nature except for a car loan
of an insignificant amount. However, considering growth of the
company, CRISIL believes that there will be pressure on PPPL's
liquidity to fund its incremental working capital requirements.

PPPL, incorporated in 2011 and promoted by Mr. Pavan Khatri,
trades in PVC resin. The company is based in Kanpur (Uttar
Pradesh).


PIONEER FABRICATORS: CRISIL Raises Rating on INR95MM Loans to C
---------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Pioneer Fabricators Pvt Ltd (PFPL) to 'CRISIL C' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              0.6     CRISIL C (Upgraded from
                                  'CRISIL D')

   Cash Credit           94.4     CRISIL C (Upgraded from
                                  'CRISIL D')

The rating upgrade reflects the timely servicing of term debt by
PFPL over the six months through December 2013. However, there are
still some delays in servicing other debt (not rated by CRISIL) on
account of weak liquidity. PFPL has weak liquidity on account of
the working-capital-intensive nature of its operations, driven by
stretched receivables. The weak liquidity is also reflected in the
company's highly utilised bank lines.

The ratings also reflect PFPL's modest scale of operations in the
intensely competitive engineering industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the engineering and fabrication industry.

PFPL was set up in 1988 by Mr. Ramesh Chandra Agarwal in Uttar
Pradesh. It offers engineering services and is involved in
designing and fabrication of iron and steel structures such as
steel bridge girders, metal crash barriers, railway-track girders,
building structures, guard rails, chain-link fencing, and road
infrastructure. The company also trades in mild steel and
stainless steel in the domestic market.


RATNAM POULTRY: CRISIL Assigns 'B' Rating to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ratnam Poultry Pvt Ltd (RPPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       66.9     CRISIL B/Stable

   Long Term Loan           60.6     CRISIL B/Stable

   Open Cash Credit         72.5     CRISIL B/Stable

The rating reflects RPPL's below average financial risk profile
marked by a high gearing and modest debt protection metrics and
its large working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of its
promoters in the poultry industry.

Outlook: Stable

CRISIL believes that RPPL will benefit from the extensive
experience of its promoters in the poultry industry. The outlook
may be revised to 'Positive' if the company improves its scale of
operations and operating profitability on a sustained basis
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in the revenues and operating profitability of the company
or if the company extends a larger than expected fund support to
associate entities or if it undertakes a significant debt funded
capital expenditure leading to deterioration in its financial risk
profile.

Set up in 1986 as a private limited company by Mr.M.P.Seshaiah and
his family, RPPL is involved in the poultry farming business.

For 2012-13 (refers to financial year April 1 to March 31), RPPL
reported a net loss of INR19.3 million on net sales of INR358.4
million as against a PAT of INR0.19 million on net sales of
INR301.6 million during 2011-12.


SAI SPACECON: CRISIL Cuts Rating on INR600MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Sai
Spacecon India Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term       267.5    CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan                307.5    CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by SSIPL in
servicing its debt on account of weak liquidity arising from delay
in receivables from customers and minimal bookings in its real
estate projects in 2013-14 (refers to financial year, April 1 to
March 31). SSIPL has loans against rent receipts from its
commercial property, Sai Capital, and against windmill income. The
receipts from these sources are closely matched with the loan
obligations and delayed payments from customers have resulted in
SSIPL's inability to meet its debt obligation on time.

Also, SSIPL faces high demand risk for its ongoing project, and
high implementation, funding, and saleability risks for its
upcoming projects. The company is also exposed to the risk of
geographical concentration in revenue, and to risks and
cyclicality inherent in the Indian real estate industry. However,
the company benefits from its promoters' significant track record
in the real estate industry.
About the Company

SSIPL was set up as a proprietorship firm, Sai Erectors, in 1993
by Mr. Subhash Nelge, and was reconstituted as a private limited
company with the current name in May 2011. SSIPL is a part of the
Pune (Maharashtra)-based Sai group, and is engaged in residential
and commercial real estate development, primarily in and around
Pune.

SSIPL reported a net profit of INR69.2 million on net sales of
INR212.7 million for 2012-13, against a net profit of INR2.4
million on net sales of INR14.2 million for 2011-12.


SARVODYA HOSPITAL: CRISIL Assigns 'D' Rating to INR190MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sarvodya Hospital (SH).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             190      CRISIL D

The rating reflects delays by SH in servicing its interest
obligations; the delays have been on account of short-term cash
flow mismatches. The ratings also factor in SHT's exposure to
project related risk and limited track record of operations in the
medical services industry. These rating weaknesses are partially
offset by the extensive experience of promoters in the health care
field.

Sarvodya Hospital (SH), incorporated in 2011, is constructing a
110 bed multi-specialty hospital with departments such as
cardiology, neurology and urology, at Jalandhar (Punjab).


SHANMUGA HAIR: CRISIL Reaffirms 'B+' Rating on INR40MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shanmuga Hair Products
(India) Pvt Ltd continue to reflect SHPL's below-average financial
risk profile marked by small net worth and weak debt protection
metrics, modest scale of operations, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits that SHPL derives from its
promoters' strong track record in the hair processing business and
its established relationship with customers.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Long Term Loan        2       CRISIL B+/Stable (Reaffirmed)
   Packing Credit       60       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   38       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SHPL will benefit over the medium term from
its promoters' extensive experience in the hair processing
industry. The outlook may be revised to 'Positive' if SHPL
significantly improves its scale of operations and profitability,
resulting in better-than-expected cash accruals, while improving
its capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if SHPL records lower-than-
expected cash accruals, or if its working capital management
deteriorates, resulting in weakening of its financial risk
profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31),
SHPL's operating income was INR138 million, down 8.5 per cent
year-on-year and lower than CRISIL's expectation, primarily
because of the management's decision to focus on value added
products in its product profile. SHPL's revenues are expected to
decline further in 2013-14 with the company reporting revenues of
INR103 million for the period April 2013 to January 2014. The
company's operating margin increased to 5.4 per cent during 2012-
13 from 2.1 per cent during 2011-12, mainly because of larger
proportion of sales from value added products; the operating
margin is expected to improve marginally to 6 per cent over the
medium term, supported by focus on finished hair products.

SHPL's financial risk profile is below average, marked by small
net worth and high gearing of INR18 million and 2.4 times,
respectively, as on March 31, 2013. The company does not plan any
significant capital expenditure over the medium term. SHPL's
liquidity remains adequate for the rating category, marked by
sufficient cash accruals to meet debt obligations. However, its
liquidity is constrained by high bank line utilisation, averaging
more than 90 per cent over the 12 months through January 2014.

Set up in 2007 by Mr. Murali Krishna in Chennai (Tamil Nadu), SHPL
processes and conditions human hair.


SHREE PUSHKAR: CRISIL Rates INR300MM Bank Loan at 'B'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Pushkar Developers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        300     CRISIL B/Stable (Assigned)

The rating reflects SPD's exposure to risks related to the
completion, funding, and salability of its ongoing project, owing
to the initial stage of work. The rating also factors in the
firm's vulnerability to cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive experience of SPD's partners in the real estate
industry in Pune (Maharashtra).

Outlook: Stable

CRISIL believes that SPD will continue to benefit over the medium
term from its partners' extensive experience in the real estate
industry in Pune. The outlook may be revised to 'Positive' in case
the firm achieves more-than-expected bookings and receives large
customer advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case SPD
faces time or cost overrun in its project or attracts lower-than-
expected bookings, leading to modest cash inflows and hence,
deterioration in its financial risk profile, particularly
liquidity.

SPD was established in 2010 as an equal partnership between the
members of the Agarwal group, the Kothari group, and the Tyagi
group. It is implementing a residential real estate project named
Leaf at Yevlewadi in Pune (Maharashtra). The project with 260
saleable units has been launched recently and is expected to be
completed by 2016-17 (refers to financial year, April 1 to
March 31).

The firm's partners have been in the real estate business for over
25 years and have developed around 3 million square feet, in
partnership, with various other developers in Pune.


SHREENATHJI RASAYAN: CRISIL Puts 'B+' Rating on INR115MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shreenathji Rasayan Pvt Ltd (SRPL). The
ratings reflect SRPL's expected modest scale of operations and
average financial risk profile marked by below average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SRPL's promoters in the organic
chemicals industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             40         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     5         CRISIL B+/Stable
   Cash Credit           70         CRISIL B+/Stable
   Letter of Credit      85         CRISIL A4

Outlook: Stable

CRISIL believes that SRPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if SRPL improves its scale of operations
along with sustenance of profitability, leading to better-than-
anticipated accruals. Conversely, the outlook may be revised to
'Negative' if the company's operating margin is lower-than-
anticipated or its working capital management is weak, resulting
in a further deterioration in financial risk profile.

Incorporated in 2006, SRPL is promoted by the Ahmedabad (Gujarat)-
based Rai group. SRPL manufactures formaldehyde, a methanol-based
organic chemical. The Rai group is promoted by Mr. Sanjay Rai and
has varied business interest ranging across chemicals,
petrochemicals, shipping, mining, green fuels, frozen foods, salt
manufacturing, and others.

SRPL reported a net profit of INR5.6 million on net sales of
INR617.5 million for 2012-13 (refers to financial year, April 1 to
March 31); and net profit of INR0.4 million on net sales of
INR45.7 million for 2011-12.


SHRI BALAJI: CRISIL Assigns 'D' Rating to INR70 Million Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Shri Balaji Sahakari Soot Girni Ltd (SBSSGL). The
rating reflects instances of delay by SBSSGL in servicing its debt
obligations and overdrawing in the cash credit account for more
than 30 days; the irregularities have been caused by the company's
weak liquidity, driven by large working capital requirements.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        17.2    CRISIL D

   Cash Credit               20      CRISIL D

   Long Term Loan            32.8    CRISIL D

SBSSGL also has a small scale of operations due to nascent stage
of operations and a below-average financial risk profile, marked
by moderate gearing and weak debt protection metrics. The company,
however, benefits from the strong backing from the Government of
Maharashtra, also supporting its financial flexibility.

Incorporated in 1991 SBSSGL is registered under the Maharashtra
Co-operative Society's Act 1960. The company was incorporated for
the purpose of setting up a cotton spinning unit of 25,000
spindles at Akola in Washim(Maharashtra). The project was
conceived in 1991 at a total cost of INR230 million. However, on
account of consistent delays in the project execution and change
in the plan the cost was revised to INR630 million. The proposed
funding for the project is 5 per cent equity capital from the
members of the co-operative, 45 per cent equity from the
Government of Maharashtra and 50 per cent bank term loan. The
project is expected to be executed in four phases of about 6000
spindles each.


SRI GANESH: CRISIL Reaffirms 'B' Rating on INR100MM Loans
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Ganesh
Agencies continues to reflect SGA's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and its modest scale of operations in the
highly fragmented edible oil trading industry. These rating
weaknesses are partially offset by the extensive experience of
SGA's proprietor in the edible oil trading industry, and its
established relationships with suppliers and customers.

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

   Proposed Long Term
   Bank Loan Facility   40       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGA will continue to benefit over the medium
term from its proprietor's extensive industry experience and its
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if SGA generates substantial
cash accruals, while improving its capital structure and working
capital management. Conversely, the outlook may be revised to
'Negative' in case of further pressure on the firm's financial
risk profile, most likely because of low cash accruals, large
working capital requirements, or capital withdrawals by its
proprietor.

Set up as a proprietorship firm in 2004 by Mr. A Ganesh, SGA is
based in Tiruvannamalai (Tamil Nadu) and trades in refined edible
oil, ghee, butter, milk powder, and basmati rice.


SUNDARAM STEELS: CRISIL Reaffirms 'B+' Rating on INR55MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sundaram
Steels continues to reflect Sundaram's average financial risk
profile, marked by average gearing and debt protection metrics,
small scale of operations, susceptibility to volatility in raw
material prices, and exposure to intense competition in the steel
industry. These rating weaknesses are partially offset by the
extensive industry experience of Sundaram's partners and the
firm's established relations with its suppliers and customers.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL B+/Stable (Reaffirmed)
   Term Loan             25       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sundaram will continue to benefit over the
medium term from its partners' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
firm registers more-than-expected increase in its scale of
operations or achieves a better operating margin. Conversely, the
outlook may be revised to 'Negative' if Sundaram's scale of
operations decreases, resulting in smaller cash accruals and
hence, pressure on its liquidity.

Update
Sundaram registered revenues of INR244 million for 2012-13 (refers
to financial year, April 1 to March 31), against INR206 million
for the previous year. For 2013-14, the firm achieved sales of
INR180 million till December 2013; it is expected to register
sales of INR250 million for the entire year. Sundaram's operating
margin for 2012-13 was at 5.8 per cent, in line with CRISIL's
expectation, and is expected to remain more or less at the same
level over the medium term.

Sundaram's gearing was at 1 time as on March 31, 2013 as compared
to CRISIL's expectation of 1.8 times, on account of fund infusion
by promoters during 2012-13 resulting in adjusted net worth of
INR48.4 million as on March 31 2013. CRISIL believes that
Sundaram's gearing will increase to around 1.5 times over the
medium term, because of the firm's working-capital-intensive
operations. Also, despite financial support from its promoters,
Sundaram has weak liquidity marked by high bank limit utilisation
and small net worth.

Sundaram, a partnership firm, was set up in 2009-10 at Bhavsor
(Gujarat) by members of the Patel family. It manufactures mild
steel square bars, flat bars, angle bars, channel bars, and
section bars of various sizes. The firm commenced commercial
operations in February 2011.

For 2012-13, Sundaram reported a book profit of INR2.6 million on
net sales of INR244 million, against a loss of INR0.8 million on
net sales of INR206.4 million for the previous year.


SURYA ALLOY: CRISIL Reaffirms 'D' Rating on INR3.15BB Loans
-----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Surya Alloy
Industries Ltd reflects the company's weak financial risk profile,
stemming from lack of cash accruals because of increased raw
material prices and intense pricing pressures. As part of a
corporate debt restructuring (CDR) package, the company was
granted a moratorium of two years on its principal obligations
from April 1, 2012, until March 31, 2014, and was required to meet
only the interest obligations on its borrowings. Surya Alloy has
been funding the interest obligations through a term loan granted
under the CDR package. As the company is likely to begin repayment
of its debt obligations from April 1, 2014, CRISIL will continue
to monitor Surya Alloy's debt servicing ability and the timeliness
of financial support from the promoters before considering an
upward rating action.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             914.9     CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee          507.7     CRISIL D (Reaffirmed)
   Term Loan             1,733.8     CRISIL D (Reaffirmed)

Surya Alloy remains susceptible to volatility in raw material
prices and to intense competition in the fragmented steel
industry, and its operations remain working-capital-intensive.
However, the company benefits from backward integration of its
operations.

Surya Alloy was promoted by Mr. Ashish Rungta and the late Mr.
Motilall Rungta in 1990. The Rungta group has been mainly
manufacturing railway track material for the Indian Railways for
20 years. Surya Alloy mainly manufactures and supplies railway
track material, including spheroidal graphite cast iron inserts,
elastic railway clips, grooved rubber pads, metal liners, and fish
plates. The company is approved by Research Design & Standards
Organisation. Over the years, Surya Alloy has expanded its product
profile to include ingots and billets (alloy/non-alloy steel),
special spring steel rounds, and rolled products such as angles,
channels, joists, Z-section bars, and flats. The company has also
set up a ferroalloys division.

For 2012-13 (refers to financial year, April 1 to March 31), Surya
Alloy reported a net loss of INR186 million on net sales of
INR2933 million, against a net loss of INR208 million on net sales
of INR3739 million for 2011-12.


TATA POWER: S&P Revises Outlook to Positive & Affirms 'B+' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook India-based power utility Tata Power Co. Ltd. to
positive from negative.  S&P also affirmed its 'B+' long-term
corporate credit rating on the company and the 'B+' issue rating
on its senior unsecured notes.

"We revised the outlook on the long-term rating to reflect the
favorable regulatory developments and Tata Power's debt reduction
measures to help improve its liquidity and cash flows over the
next 12 months," said Standard & Poor's credit analyst Rajiv
Vishwanathan.  "Our outlook also reflects our expectation that the
company will be able to address the loan covenant breach at its
Mundra project over the next 12 months, given the favorable
regulatory decision."

S&P believes Tata Power's current cash balances and proceeds from
its recent Indian rupee (INR) 20 billion rights issue should
enable it to meet its debt maturities totaling about INR33 billion
over the next 12 months.  Tata Power also announced on Jan. 31,
2014, the sale of its 30% stake in PT Arutmin (a coal mine in
Indonesia) for about US$500 million.

Tata Power's sources of liquidity will be sufficient to meet its
uses in the next 12 months if it completes its rights issue.

Tata Power's consolidated cash flows will improve in the fiscal
year ending March 2015 if the tariff increases at its Mundra power
project (CGPL) and power distribution business in Delhi (TPDDL)
are implemented without delay on April 1, 2014, as instructed by
the regulator.

"While there is a possibility of appeals from buyers of power over
the tariff order, we expect this to be resolved quickly given the
extended process and discussion between the regulator and affected
parties prior to issuing the order," said Mr. Vishwanathan.

"We believe Tata Power will use proceeds from its various fund-
raising initiatives to reduce its consolidated debt.  These steps
will likely partly offset the weakening in Tata Power's credit
ratios after our reclassification of the equity content of the
company's U.S.-dollar hybrid issuance.  We also do not see large
capital spending or debt-financed acquisitions in the next 12
months.  The reduced consolidated debt and improved cash flows are
likely to raise the company's ratio of funds from operations (FFO)
to debt to 12%-14% in fiscal 2015 and above 15% in 2016, from
about 7.5% in 2014," S&P added.

S&P could raise the rating if the company: (1) completes its sale
of Arutmin and its rights issue; (2) has a concrete plan to meet
its debt maturities while using part of the proceeds to reduce its
consolidated debt; (3) faces no material delay in implementing the
increase in tariff at CGPL; and (4) secures a waiver from its
lenders on its covenant breach at CGPL.  These factors are likely
to raise the ratio of FFO to debt to at least 12% in fiscal 2015
and above 14% in fiscal 2016.

S&P may revise the outlook to stable if: (1) it believes the
company's debt will not reduce materially over the year despite
the availability of cash from asset sales and rights issue; (2)
the tariff increase at CGPL is materially delayed because of
appeals against the regulator's order; or (3) the company engages
in large new capital spending or debt-financed acquisitions
involving significant cash outlays, which cause the ratio of FFO
to debt to remain below 12% over the next 12-18 months.

S&P revised its assessment of equity content of Tata Power's
US$450 million hybrid issuance to "minimal" from "intermediate,"
after a "capital event" as defined in the loan documents.  S&P's
reclassification means it will treat the hybrid instrument as debt
in its computation of financial ratios.


TLG AGRO: CRISIL Assigns 'B' Rating to INR53.5 Million Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of TLG Agro Traders Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 35      CRISIL B/Stable
   Cash Credit               18.5    CRISIL B/Stable
   Export Packing Credit    100      CRISIL A4

The ratings reflect TLGPL's start-up and consequently small scale
of operations in the competitive basmati rice segment, along with
customer concentration in the company's revenue profile. The
rating also reflects TLGPL's weak financial risk profile, marked
by high gearing and below-average debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of TLGPL's promoters
in the basmati and non-basmati rice segments.

Outlook: Stable

CRISIL believes that TLGPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if TLGPL improves its capital
structure, either with an equity infusion or sizeable cash
accruals, backed by an improvement in its scale of operations and
profitability. Any improvement in the company's working capital
management could also result in a 'Positive' outlook revision.
Conversely, the outlook may be revised to 'Negative' if TLGPL's
financial risk profile weakens because of lower-than-expected
revenues and profitability or any larger-than-expected, debt-
funded capital expenditure (capex) programmes. Any increase in the
company's working capital requirements resulting in deterioration
in its liquidity, could also lead to a 'Negative' outlook
revision.

TLGPL was founded by the Dharamkot-based Goyal family in 2008. The
key promoters ' Mr. Hitesh Goyal, Mr. Dinesh Garg and Mr. Chandal
Goyal - are engaged in the company's day-to-day operations. TLGPL
is a commission agent for farmers, for paddy and wheat. The
company also trades basmati and non-basmati rice, and exports the
same to Dubai. TLGPL has also set up a rice milling unit, which
began production of basmati rice in December 2013.

TLGPL reported a net profit of INR0.29 million on net sales of
INR34.56 million for 2012-13 (refers to financial year, April 1 to
March 31), vis-a-vis a net profit of INR0.23 million on net sales
of INR10.61 million for 2011-12.


UNIPEARL ALLOYS: CRISIL Assigns 'B+' Rating to INR35MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of Unipearl Alloys, while reaffirming its rating on the
company's long-term facilities at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           35       CRISIL B+/Stable
   Letter of Credit      24.5     CRISIL A4

The ratings reflect UA's small scale of operations in the highly
fragmented industry and below average operating margin with
susceptibility to raw material prices. These rating weaknesses are
partially offset by UA's extensive experience of promoters in the
industry and average financial risk profile.

Earlier, CRISIL had assigned its 'CRISIL B+/Stable' rating to the
bank facilities of UA dated February 27, 2014.

Outlook: Stable

CRISIL believes that UA will benefit from its promoters'
experience in the steel industry and related industries. The
outlook may be revised to 'Positive' in case the firm generates
higher than expected sales along with improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' in case of increase in working capital requirement
and/or significant withdrawals by promoters leading to
deterioration in financial risk profile.

UA was formed in 2005 and is a partnership firm managed by Mr.
Kuldeep Singh Kalsi, Mr. Pragat Singh, Mr. Rajveer Singh, and Mr.
Vikramjeet Singh. The company is in the manufacturing of steel
ingots, square steel billets, forgings ingots, mild steel ingots
etc. The manufacturing capacity of the firm located in Mandi
Gobindgarh, Punjab and has capacity of around 50 MT per day.


YARLAGADDA EXPORTS: CRISIL Reaffirms B+ Rating on INR280MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yarlagadda
Exports Pvt Ltd continues to reflect YEPL's weak financial risk
profile, marked by weak debt protection metrics and modest net
worth, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
YEPL's promoters in the tobacco industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           120      CRISIL B+/Stable (Reaffirmed)
   Export Packing
   Credit                 50      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    110      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that YEPL will continue to benefit over the medium
term from its promoters' extensive experience in the tobacco
industry. The outlook may be revised to 'Positive' if the company
improves its working capital management or there is significant
improvement in its profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if YEPL's liquidity deteriorates due to large debt
funded capex programme or in case of significant decline in
company's revenues and profitability.

Update
YEPL reported operating revenues of INR239 million for 2012-13
(refers to financial year, April 1 to March 31), vis-a-vis INR238
million for 2011-12. Sluggish growth in revenues in 2012-13 was on
account of high competition from Brazil which led to decrease in
order flow. Also, the company's operating margin declined to
around 5.4 per cent in 2012-13, from 7 per cent a year ago. The
company has reported revenues of INR166 million for the period
April to November 2013 and is expected to report revenue growth of
around 5 per cent over the medium term. CRISIL believes that the
company will report modest revenue growth and profitability over
the medium term due to high competition from Brazilian tobacco
exporters.

YEPL's financial risk profile has been weak, with an interest
coverage ratio of 1.34 times for 2012-13. However, the company's
total outside liabilities to tangible net worth (TOLTNW) ratio
improved to 1.52 times as on March 31, from 2.28 times as on March
31, 2012. The company did not undertake any significant debt-
funded capital expenditure (capex) during 2012-13, and does not
intend to over the medium term. The TOLTNW ratio is expected to
improve over the medium term, supported by its steady accretion to
reserves and the absence of capital expenditure (capex) plans.

YEPL's liquidity continues to be moderate marked by moderate bank
limit utilisation, absence of term loans though constrained by low
cash accruals. The company's bank limit utilisation was at an
average 64 per cent for the eight months through November 2013.
YEPL is likely to generate cash accruals of INR6 million to INR8
million in 2013-14. CRISIL believes that YEPL will maintain its
moderate liquidity over the medium term, in the absence of any
debt-funded capex plans.

Incorporated in 1990, YEPL trades in tobacco both in the domestic
and international markets. The company has its office in Guntur
(Andhra Pradesh). Its daily operations are managed by Mr. Y A
Chowdary and his family members.



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


NZ WHEEL: Placed Into Voluntary Liquidation
-------------------------------------------
Cliff Sanderson at dissolve.com.au reports that NZ Wheel Clamping
Company has been put into voluntary liquidation following its
failure to make up-to-date payment for its debts possibly leaving
a number of creditors out of pocket. An initial report stated that
the company ceased trading in late February, dissolve.com.au
relates.

According to the report, liquidator Rachel Mason-Thomas said they
were advised that following a business reduction, NZ Wheel
Clamping failed to keep its debt current. In her initial check of
the books of the company, it was revealed that the business owed
NZ$181,446. The report showed that this money is being chased up
by an assigned debt collector, dissolve.com.au relates.


NZF GROUP: Looking For New Auditor After RSM Prince Quits
---------------------------------------------------------
Suze Metherell at BusinessDesk reports that NZF Group, which was
fined and suspended from trading on the stock exchange last year
after a four-and-a-half month delay in filing its annual report,
is on the hunt for a new auditor after RSM Prince resigned.

NZF Group said in a statement on March 14 that accounting firm RSM
Prince said the relationship had run its course, relates
BusinessDesk.

BusinessDesk recalls that in November the regulatory arm of stock
exchange operator NZX fined NZF Group NZ$35,000 and censured the
financial services company after a delay in filing its 2013 annual
report. At the time NZF Group said it was unable to fully value
its divestment in its 50 percent stake in MPMH, a holding company
for Mike Pero Mortgages, as it no longer had access to the
financial statements, the report relays.

According to BusinessDesk, NZF Group established the MPMH joint
venture with Australasian firm Liberty Financial in 2006. The
venture soured as NZF Group sought to divest, which Liberty
disputed. The worth, and subsequent impairment to be recognised by
the divestment of MPMH was also disputed, with discrepancies
between valuations ranging from NZ$2.76 million to NZF's own
valuation of NZ$7.51 million, BusinessDesk discloses.

In its independent auditor's report on the annual financial
statements RSM Prince said it had not received all the
"information and explanations" required and "accordingly, we do
not express an opinion on the financial statements," the report
adds.

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


WINDFLOW TECHNOLOGY: Posts NZ$2.8MM Loss in 6Mos. Ended Dec. 31
---------------------------------------------------------------
Marta Steeman at Fairfax NZ News reports that Windflow Technology
has posted a NZ$2.8 million half-year loss.  This is almost
50 per cent higher than the previous half-year loss of
NZ$1.9 million, the report says.

Fairfax NZ News relates that the embattled wind-turbine
manufacturer said it had prepared its financial statement for the
six months to December 31 on the basis of being a "going concern".

But there was a "significant element of uncertainty as the group's
ability to remain a going concern is contingent on its being able
to increase external revenue in its wind-turbine and licensing
segments as well as raise funds for any further development
activities in the United Kingdom," Fairfax NZ News relays.

At the end of December, the company's equity stood at a negative
NZ$2.2 million, the report discloses. It was restored to positive
equity by issuing NZ$2.9 million of preference shares in early
January, the report relays.

Revenue from turbine operations for the six months to December was
NZ$373,000, compared with the previous half of NZ$837,000, as the
company struggles to sell its wind turbines in its targeted
British market, Fairfax NZ News discloses.

Licensing revenue amounted to NZ$641,000, compared with
NZ$168,000 the year before.

The company has made provisions this financial year for
NZ$1.6 million of warranty costs over the turbines it supplied Te
Rere Hau wind farm in Manawatu, the report adds.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



                             *********

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

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

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


                            *********


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

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

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

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

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