TCRAP_Public/140320.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 20, 2014, Vol. 17, No. 56


                            Headlines


A U S T R A L I A

DESTINATION FOR MEN: Meertens Appointed as Administrators
FORGE GROUP: Placed Into Liquidation
HIGHLEES PTY: Veritas Advisory Appointed as Administrators
WYKOIN PTY: Cor Cordis Appointed as Administrators


C H I N A

KWG PROPERTY: 2013 Results No Immediate Impact on Ba3 CFR
POWERLONG REAL: Moody's Hikes CFR to B2 & Sr. Debt Rating to B3
SUNTECH POWER: Release of Circular on Wuxi Suntech Buy Delayed


H O N G  K O N G

CHINA PRECISION: Incurs $12.9MM Net Loss For Qtr. Ended Dec. 31


I N D I A

A C STEELS: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
ALPHA TOCOL: ICRA Reaffirms 'B+' Rating on INR6.96cr Loans
ANUPAM NIRMAN: ICRA Assigns 'B' Rating to INR14cr Loans
APG SHIMLA: CARE Reaffirms 'B+' Rating on INR55.59cr Bank Loan
ARDENT COMMODITIES: CRISIL Puts 'B+' Rating on INR200MM Loans

BHAVIN STEEL: ICRA Reaffirms 'B+' Rating on INR8cr Loan
CIPSA TEC: ICRA Suspends 'D' Rating on INR46cr Line of Credit
DWARIKESH SUGAR: ICRA Ups Rating on INR599.99cr Loans to 'B'
EMERGING PROJECTS: CARE Reaffirms 'B+' Rating on INR9.37cr Loan
FORTUNE INFRAHEIGHT: CARE Assigns 'B+' Rating to INR10cr Loan

HALCYON LIFE: ICRA Lowers Rating on INR40.50cr Loan to 'D'
HANUMAN MOTORS: ICRA Lowers Rating on INR8.5cr Loans to 'D'
HARIOM COTGIN: ICRA Assigns 'B+' Rating to INR6.26cr Loans
HIMAGIRI HOSPITALS: CRISIL Assigns B- Rating to INR90MM Loans
JANHIT CHARITABLE: ICRA Suspends 'B' Rating on INR7cr Term Loan

JAVERY INC: CARE Rates INR5.5cr Bank Loan at 'B+'
K S VENKATRAMAN: ICRA Assigns 'B' Rating to INR12cr Loan
KOLAR PAPER: Delays in Interest Payment Cue ICRA 'Ir D' Rating
LAKSHMI CAR: ICRA Assigns 'B' Rating to INR3.2cr Loans
LSR FAB: ICRA Assigns 'B+' Rating to INR15.89cr Loans

MAHAVIR RICE: CRISIL Assigns 'B+' Rating to INR60MM Loan
MANIMALETH CRUSHER: ICRA Suspends 'B+' Rating on INR8cr Loan
MEENAKSHI POWER: ICRA Assigns 'B+' Rating to INR136cr Loans
NEW FAIZAN: ICRA Raises Rating on INR5cr Term Loan to 'B'
PRATEEK APPARELS: ICRA Cuts Rating on INR131cr Loans to 'D'

PURE PHARMA: CRISIL Reaffirms 'B' Rating on INR73.7MM Loans
RELIANCE INDUSTRIAL: ICRA Assigns 'B- Rating to INR10.5cr Loans
RIKON CERAMICS: ICRA Suspends B+ Rating on INR4.79cr Loans
SAUMYA MINING: CARE Assigns 'C' Rating to INR53.2cr Bank Loan
SAKK COLLECTIONS: ICRA Suspends 'D' Rating on INR25cr Loan

SAKTHI STEEL: CRISIL Reaffirms 'B+' Rating on INR200MM Loans
SAMET PLAST: ICRA Puts 'B' Rating to INR5.15cr Loans
SHREE RAJESHWAR: ICRA Reaffirms 'B' Rating on INR5.93cr Loan
SHREE SOMNATH: CARE Assigns 'B+' Rating to INR7.61cr Bank Loan
SHREEJI ENTERPRISE: CRISIL Rates INR100MM Term Loan at 'B+'

SHRI SANTKRUPA: CRISIL Reaffirms 'B-' Rating on INR85MM Loans
SRI LAKSHMI: ICRA Rates INR20cr Fund Based Limits at 'B'
SURYA COTTON: CARE Reaffirms 'B' Rating on INR8.76cr Bank Loan
TILAK EXPORTS: ICRA Assigns 'B' Rating to INR3.50cr Loan
TIRUPATI STEEL: ICRA Reaffirms 'B' Rating on INR13cr Cash Credit

VIROO MAL: CRISIL Reaffirms 'B' Rating on INR480MM Loans
WIANXX IMPEX: ICRA Reaffirms 'B-' Rating on INR49cr Term Loan


J A P A N

MT. GOX: Allows Customers to Check Bitcoin Balances
MT. GOX: U.S. Recognition Hearing Set for April 1


N E W  Z E A L A N D

KINGSLAND STATION: Ex-All Black in Court Over Bankruptcy


P H I L I P P I N E S

PHILIPPINE NATIONAL: S&P Affirms 'B+' Counterparty Credit Rating


S O U T H  K O R E A

* 25% of Listed Korean Companies Facing Insolvency Risk


T A I W A N

TAIWAN HIGH SPEED: Likely to Go Bankrupt By End of 2014


                            - - - - -


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


DESTINATION FOR MEN: Meertens Appointed as Administrators
---------------------------------------------------------
Austin Taylor -- ataylor@meertens.com.au -- and Robert Naudi --
rnaudi@meertens.com.au -- at Meertens were appointed as
administrators of Destination For Men Pty Ltd on March 13, 2014.

A first meeting of the creditors of the Company will be held at
the office of Meertens, Level 10, 68 Grenfell Street, in Adelaide,
on March 25, 2014, at 10:00 a.m.


FORGE GROUP: Placed Into Liquidation
------------------------------------
ABC News reports that creditors of Forge Group have voted to put
the company into liquidation.

The move means that Forge's assets can be sold off and returns
made to creditors, ABC News says.

The administrator, Ferrier Hodgson, will become the liquidator,
the report adds.

According to the report, Ferrier Hodgson said it appeared that
Forge collapsed because of the slowdown in the mining industry,
difficulties with projects, and the purchase of power station
builder and supplier CTEC.

A creditors report by Ferrier Hodgson found Forge may have been
trading while insolvent, the report notes.

It said there was a deterioration in the company's ability to pay
its creditors from late last year.

Last month, ANZ told the ABC that it had worked hard to support
Forge and assist its management, and the decision to appoint an
administrator was disappointing.

Forge Group Limited (ASX:FGE) -- http://www.forgegroup.com.au--
is engaged in construction, commercial building, engineering,
maintenance and workshop fabrication. Forge is the holding company
of Cimeco Pty Ltd, Webb Construction West Africa Ltd, Abesque
Engineering Ltd (Abesque) and CTEC Pty Ltd, which provide a range
of engineering and construction services to a diverse range of
clients particularly to the resource and oil and gas sectors
through its operating entities.

Martin Jones, Andrew Saker and Ben Johnson of Ferrier Hodgson were
appointed as Joint and Several Voluntary Administrators of the
Company on Feb. 11, 2014.  As a consequence, the financiers have,
pursuant to their securities, appointed Mark Mentha and Scott
Langdon of KordaMentha as Receivers and Managers.

The Australian said that the administrators were called in after
Forge's financier ANZ Group withdrew its support.


HIGHLEES PTY: Veritas Advisory Appointed as Administrators
----------------------------------------------------------
Murray Godfrey and David Iannuzzi at Veritas Advisory were
appointed administrators of Highlees Pty Ltd on
March 17, 2014.

A first meeting of the creditors of the Company will be held at
the office of Devonport RSL, 16-18 Macfie street, in Devonport, on
March 26, 2014, at 11:00 a.m.


WYKOIN PTY: Cor Cordis Appointed as Administrators
--------------------------------------------------
Daniel P Juratowitch -- djuratowitch@corcordis.com.au -- and Glenn
J Spooner -- gspooner@corcordis.com.au -- of Cor Cordis Chartered
Accountants were appointed as administrators of Wykoin Pty Ltd on
March 14, 2014.

A first meeting of the creditors of the Company will be held at
the office of Cor Cordis Chartered Accountants, Level 29, 360
Collins Street, in Melbourne, on March 26, 2014, at 9:30 a.m.



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


KWG PROPERTY: 2013 Results No Immediate Impact on Ba3 CFR
---------------------------------------------------------
Moody's Investors Service says that KWG Property Holding Limited's
FY2013 results are largely in line with Moody's expectations and
have no immediate impact on its Ba3 corporate family rating and B1
senior unsecured debt rating.

The ratings outlook remains negative.

"KWG's weak interest coverage continues to underpin its negative
outlook," says Franco Leung, a Moody's Assistant Vice President
and Analyst.

The company's adjusted EBITDA/interest coverage -- excluding the
prorated shares of its jointly controlled entities -- remained
weak at around 1.4x in 2013 from 1.7x in 2012.

According to company data, the attributable portion of KWG's
jointly controlled entities contributed about 25% of its total
contracted sales in 2013. Therefore, taking into account such
prorated contribution, Moody's estimates that its EBITDA/interest
coverage would have been around 1.8x-2.0x in 2013.

Moody's expects such contribution will trend up in the next 12-18
months, and hence will remain a material part of the company's
future growth.

KWG's reported revenue fell to RMB9.5 billion in 2013 from RMB9.7
billion in 2012. At the same time, its gross profit margin
declined mildly to 36.2% from 36.5%.

However, Moody's expects KWG's revenue recognition to improve over
the next 12-18 months, as its contracted sales amounted to RMB16
billion in 2013 -- a healthy 31% year-on-year increase.

KWG also reported a substantial increase in gross debt to RMB20.9
billion at end 2013 from RMB16.2 billion at end 2012. As a result,
its revenue/debt declined to 0.45x in 2013 from 0.6x in 2012.

"Although KWG's higher debt leverage increases its financial risk,
this is mitigated by its strong liquidity profile," adds Leung,
also the Lead Analyst for KWG.

KWG reported a larger-than-expected increase in cash on hand of
RMB10.9 billion at end-2013, from RMB6.4 billion at end 2012.
Therefore, its cash to short-term debt improved to 354% from 208%,
a level that is better than its Ba peers.

KWG is developing its investment property portfolio, and its gross
rental and hotel revenue amounted to about 18% of the company's
gross interest expenses in 2013.

Moody's estimates that this ratio will trend towards 30% in the
next 12-18 months. The growing recurring income will offer the
company stability to service its interest expenses.

Nevertheless, the negative ratings outlook reflects Moody's
concern that KWG's financial flexibility will remain constrained
by its weak interest coverage and high debt leverage.

Any aggressive debt-funded land acquisitions or weakening in sales
growth or revenue generation could pressure its ratings.

KWG's Ba3 rating continues to reflect its strong brand name,
supported by its good quality products, and its diversified
products, which consist of office, retail and residential
properties that command premium pricing. It also recognizes the
firm's good operating track record in Guangzhou, Chengdu, Suzhou
and Shanghai.

Moody's would consider downgrading KWG's ratings if it: (1) does
not achieve strong sales growth; (2) materially increases its
investments in projects, such that its liquidity or leverage
positions come under pressure; (3) shows evidence of a material
weakening of its profitability; and/or (4) shows deterioration in
interest coverage with adjusted EBITDA/interest falling below
2.0x--2.5x, or debt leverage further rising.

Given its negative outlook, the rating is unlikely to be upgraded.
However, the outlook could return to stable if KWG (1) continues
its prudent approach in financial management, including the
maintenance of a good liquidity buffer and its cautious approach
to business expansion; or (2) improves its interest coverage and
manages down its current debt leverage, such that its financial
flexibility improves.

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

KWG Property Holding Limited is a Chinese property developer
founded in 1995. It had a total attributable land bank of around
10 million sqm in gross floor area in Guangzhou, Chengdu, Suzhou,
Beijing, Shanghai, Tianjin and Hainan, Hangzhou and Nanning at end
2013. KWG mainly develops mid- to high-end residential properties,
office buildings, shopping malls and hotels.


POWERLONG REAL: Moody's Hikes CFR to B2 & Sr. Debt Rating to B3
---------------------------------------------------------------
Moody's Investors Services has upgraded Powerlong Real Estate
Holdings Limited's corporate family rating to B2 from B3 and its
senior unsecured debt rating to B3 from Caa1.

The ratings outlook is stable.

Ratings Rationale

"The ratings upgrade reflects Powerlong's improved liquidity
position, as contributed by higher growth in contracted sales and
increased borrowings," says Jiming Zou, a Moody's Assistant Vice
President and Analyst.

Powerlong achieved contracted sales of RMB9.4 billion in 2013, up
44% from a year ago, and exceeding its own target of RMB8 billion.
Strengthened sales execution, an increase in the number of
projects, and a focus on higher-tier cities have improved sales
performance.

The company, supported by the fact that 74% of 9.5 million square
meters from its land bank are in first- and second-tier cities,
will develop projects in the coastal provinces and the suburban
areas of first- and second-tier cities, such as Shanghai and
Tianjin. In such cities, property demand is strong and contributed
to 33% of the company's contracted sales in 2013.

Its sales growth has been funded by borrowings which increased by
RMB5.3 billion to RMB16.4 billion in 2013. At the same time, the
increased borrowings enhanced the company's cash holding by RMB2.8
billion to RMB 4.8 billion (including restricted cash) in December
2013.

As a result, Powerlong's cash to short-term debt coverage improved
to 1.1x at end-2013 from 0.6x in 2012.

"The upgrade is also supported by Powerlong's increased level of
recurring income," says Zou who is also the Lead Analyst for
Powerlong.

Powerlong's rental and management fees grew to about RMB701
million in 2013, or 38% higher than 2012. Its investment property
area increased to 1.5 million square meters in 2013 from 1.4
million sqm in 2012.

"However, its investments in its land bank and investment
properties have added to the company's financial burden, and this
is reflected in its weak credit metrics" says Zou.

Its EBITDA/interest ratio of about 1.0x in 2013 is low among B2-
rated developers.

But the positioning of Powerlong at B2 considers an expected
growing level of recurring income to cover interest expense and an
expected improving liquidity position through growth in contracted
sales.

Furthermore, Powerlong's gross margin declined in 2013 is due to
the higher contribution from low-margin residential properties in
its revenue. But there will be some improvement in profit margins
in 2014 and 2015 as it will recognize the higher-margin commercial
properties presold in 2013.

The stable rating outlook reflects Moody's expectation that
Powerlong can (i) execute most of its business plan, thereby
improving contracted sales and raising rental income; and (ii)
exercise prudence in land acquisitions, such that its debt
leverage can be kept at its 2013 level.

The ratings could be upgraded, if Powerlong can: (i) increase its
recurring rental income, such that it can cover 40% - 50% of
interest expenses; (ii) reduce debt leverage, such that
EBITDA/interest coverage improves to above 2.0x; and (iii)
maintain adequate liquidity, such that cash to short-term debt
rises to 1.25x or above.

On the other hand, the ratings could move downwards, if
Powerlong's liquidity deteriorates, as reflected by either its
cash to short-term debt ratio falling below 1x, or it has to rely
on asset disposals to address debt repayments. Slow recognition of
revenue, or further declines in its profit margin, resulting in
EBITDA/interest falling below 1x would also be negative for the
ratings.

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

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
As of December 30, 2013, it had a development land bank of around
9.6 million sqm in gross floor area (GFA) in nine provinces, and
had 15 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had an aggregate stake of 67.7% in the
company.


SUNTECH POWER: Release of Circular on Wuxi Suntech Buy Delayed
--------------------------------------------------------------
Karl-Erik Stromsta at Recharge News reports that Shunfeng
Photovoltaic has for the second time delayed sending out
information regarding its proposed acquisition of Wuxi Suntech to
its shareholders, which must approve the blockbuster deal.

Last year, when Hong Kong-listed Shunfeng revealed its intention
to buy insolvent Wuxi Suntech for CNY3 billion ($490m), it pledged
to publish by February 20 at the latest a "circular" for its
shareholders, which must still approve the acquisition at an
extraordinary general meeting, according to Recharge News.

On February 20, however, Shunfeng said that it needed additional
time to "finalise the contents of the circular", claiming that it
would be published "on or before" March 13, Recharge News relates.

Shunfeng has once again missed its deadline, giving itself another
week -- until March 21, the report notes.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a naotice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.



================
H O N G  K O N G
================


CHINA PRECISION: Incurs $12.9MM Net Loss For Qtr. Ended Dec. 31
---------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $12.95 million on $11.86 million of sales revenues
for the three months ended Dec. 31, 2013, as compared with a net
loss of $10.88 million on $8.16 million of sales revenues for the
same period last year.

For the six months ended Dec. 31, 2013, the Company reported a net
loss of $22.53 million on $23.63 million of sales revenues as
compared with a net loss of $15.10 million on $14.12 million of
sales revenues for the same period in 2012.

The Company's balance sheet at Dec. 31, 2013, showed $111.63
million in total assets, $80.79 million in total liabilities, all
current, and $30.84 million in total stockholders' equity.

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

                        http://is.gd/fS3pG5

                        About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines.  China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.

China Precision reported a net loss of $68.93 million on $36.52
million of sales revenues for the year ended June 30, 2013, as
compared with a net loss of $16.94 million on $142.97 million of
sales revenues during the prior fiscal year.

Moore Stephens, Certified Public Accountants, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has suffered a very significant
loss in the year ended June 30, 2013, and defaulted on interest
and principal repayments of bank borrowings that raise substantial
doubt about its ability to continue as a going concern.



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


A C STEELS: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A C Steels
continues to reflect ACS's below-average financial risk profile,
marked by a small net worth, inadequate debt protection metrics,
and high gearing. These rating weaknesses are partially offset by
the extensive experience of the firm's partners in the secondary
steel industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             90      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      20      CRISIL B+/Stable

Outlook: Stable

CRISIL believes that ACS will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of a significant increase in
the firm's revenues and profitability, resulting in large
accruals, or substantial equity infusion, leading to a better
capital structure. Conversely, the outlook may be revised to
'Negative' if ACS's working capital cycle is significantly
stretched, or it undertakes a debt-funded capital expenditure
programme, leading to deterioration in its liquidity profile.

Update
ACS reported net sales of INR478 million for 2012-13 (refers to
financial year, April 1 to March 31), against INR432 million in
2011-12, broadly in line with CRISIL's expectation. The firm has
recorded provisional sales of INR356 million for the nine months
ended December 31, 2013, and is expected to register revenues of
INR550 million in 2013-14. It maintained its operating margin at
4.3 per cent in 2012-13. The margin is expected to improve to
between 4.7 and 5.0 per cent over the medium term on the back of
its increased operational efficiency.

ACS's financial risk profile remains below average, marked by a
modest net worth of INR50 million and high gearing of around 2.9
times as on March 31, 2013. Its debt protection metrics were
inadequate, with interest coverage and net cash accruals to total
debt ratios of 1.8 times and 0.06 times, respectively, for 2012-
13. The firm's financial risk profile is expected to remain
constrained over the medium term on account of nominal accretions
to reserves.

ACS's liquidity continues to be stretched, driven by its working-
capital-intensive operations. It has an average inventory of about
90 days and receivables of around 20 days, as against modest
credit of around 5 days from its suppliers. The high working
capital requirements have resulted in almost fully utilised bank
lines, at an average of around 98 per cent during the 10 months
through January 2014. The liquidity of the firm is, however,
supported by support from promoters in the form of unsecured loans
(INR31 million as on March 31, 2013) and cash accruals of INR9
million against negligible repayment obligations of INR0.7 million
in 2013-14.

ACS reported a profit after tax (PAT) of INR3.9 million on net
sales of INR478 million for 2012-13, against a PAT of INR4.2
million on net sales of INR432 million for 2011-12.

ACS was established in 1988 as a partnership firm by Mr. Rajendra
Kumar Surana, Mr. Ashok Kumar Surana, and Mr. Rahul Surana. The
firm manufactures ingots and thermo-mechanically treated (TMT)
steel bars. It has manufacturing facilities in Raipur
(Chhattisgarh).


ALPHA TOCOL: ICRA Reaffirms 'B+' Rating on INR6.96cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the bank
lines aggregating to INR6.96 crore (enhanced from INR6.35 crore)
of Alpha Tocol Engineering Services Private Limited at [ICRA]B+.


                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       1.75       [ICRA]B+ reaffirmed
   Term Loan               2.04       [ICRA]B+ reaffirmed
   Proposed Term Loan      3.17       [ICRA]B+ assigned

The rating reaffirmation take into account the improvement in
Alpha Tocol's capital structure following private equity
investment from Elara Capital to the tune of INR27.65 crore in
phases over the past 12 months. While these funds have been partly
used towards retiring debt and capital expenditure, as on date
around 40% of the same has been advanced to holding company Alpha
Design Technologies Private Limited, thereby limiting the cash
flows available to the company from the equity infusion.

ICRA continues to note the presence of experienced and well
qualified management team, the company's strong order book
position as on date (6 times of FY13 revenue) and its limited
exposure to raw material price risk. The rating however continues
to be constrained by Alpha Tocol's modest scale of operation with
operating income of INR8.53 crore during FY13, its weak financial
profile marked by continued losses till FY13, poor coverage
indicators and high working capital intensity. Further, the
company is exposed to high client concentration risk as order book
comprises of orders from two clients. Moreover, with plans for
debt sponsored capital expenditure in the near future, the
company's ability to generate adequate internal accruals to
service the same remains to be seen.

Going forward, the ability of the company to scale up revenues and
generate adequate as well as stable margins while keeping its
working capital intensity in check would be the key rating
drivers.

The company was founded in the year 1972 by Mr. A.S. Narasimha
Murthy and has been mainly into fabrication activity since its
inception. It was acquired by Alpha Design Technologies Private
Limited in December 2009. Since its acquisition by Alpha Design,
the company has been focusing on the manufacture of precision
machined components, sheet metal components and subassemblies
for aircraft structural assemblies. It caters to the defense
sector with Hindustan Aeronautics Limited and Tara Aerospace being
its key clients. Alpha Tocol's financial performance till
date has been weak as indicated by net loss of INR4.55 crore on
modest yet growing turnover of INR8.16 crore in FY13.

Alpha Design (rated at [ICRA]B+) was founded in the year 2003 by
Retired Col. H S Shankar (ex-Director R&D of BEL) and Vasaka
Promoters and Developers Pvt Ltd, an SPV founded by promoters of
Murugappa group and Karvy group for investment in Alpha Design.
While Mr. Shankar spearheads the operation and management of the
company, the seed capital for the venture was mainly provided by
Vasaka. The company is in the business of manufacturing defense
equipments. As of August, 2013 ADTPL has confirmed orders worth
INR514 crore in its order book which are expected to be executed
in the next few fiscals. ADTPL has a number of subsidiaries and
joint ventures with technology partners; nonetheless most of the
group companies have limited operations at present.

During FY13, Alpha Design generated a PAT of INR2.13 crore on an
Operating Income of INR104.1 crore.


ANUPAM NIRMAN: ICRA Assigns 'B' Rating to INR14cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR8
crore cash credit facility and the INR6 crore term loan facility
of Anupam Nirman Private Limited. ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR36 crore bank guarantee
facility of ANPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility     8.00       [ICRA]B assigned
   Term Loan                6.00       [ICRA]B assigned
   Bank Guarantee          36.00       [ICRA]A4 assigned

The ratings reflect the delays in servicing of equipment loans by
the company and the consistent overutilization of working capital
limits during the period July 2013 to October 2013. The ratings
also factor in the company's exposure to geographical
concentration risks, with the majority share of the ongoing
projects being located in Assam and client concentration risks,
with majority of the sales and outstanding order being generated
from the Public Works Department, Assam (PWD, Assam). The ratings
also incorporate the absence of price variation clauses in these
contracts which exposes the company's profitability to adverse
price changes. The ratings remain constrained by the highly
competitive business environment, characterized by the presence of
large number of players along with a tender based contract award
system. ICRA notes that delays in getting site clearance as well
as obtaining necessary regulatory approvals expose the company to
execution risks. The ratings however, favourably factor in the
established track record of the company in the infrastructure and
construction business with an experience of more than a decade,
and the healthy order book position thereby offering revenue
visibility in the near to medium term. The ratings also take into
account the favourable capital structure of the company as
indicated by a gearing of 0.59 time as on
Sept. 30, 2013.

Incorporated in 2000, ANPL is engaged primarily in the contractual
construction business. Incorporated as a sole proprietorship
initially, it was subsequently converted into a private limited
company in 2010. ANPL's core area of operation mainly includes
construction of roads Public Works Department (PWD) of Assam.

Recent Results

During the period April to September 2013-14, as per provisional
results, ANPL registered a profit after tax of INR1.65 crore on
the back of OI of INR34.97 crore. In 2012-13, the company
registered a profit after tax of INR4.44 crore on the back of OI
of INR52.21 crore.


APG SHIMLA: CARE Reaffirms 'B+' Rating on INR55.59cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
APG Shimla University.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           55.59       CARE B+ Reaffirmed

Rating Rationale

The rating of the bank facilities of APG Shimla University (APG)
continues to remain constrained by its short track record of its
operations, low revenue visibility marked by low enrollment ratio,
debt-funded capital structure and residual project execution risk.
The rating further takes cognizance of the high regulation in the
education sector coupled with increasing competition.

The rating, however, continues to draw comfort from the
resourceful trustees, professionally qualified faculty and buoyant
prospects of higher/professional education.

Going forward, the ability of APG to complete the ongoing project
within the envisaged cost and time and achievement of the
envisaged enrolment level in a competitive scenario would be the
key rating sensitivities.

APG Shimla University (APG) is an educational trust and was formed
in November 25, 2004, by Mr Pramod Goyal and his brother Mr Rajesh
Goyal with the objective to provide education services.  The
campus is located in Shimla, spread over an area of 88 acres with
modern facilities and latest technology. APG is providing post-
graduation, graduation and diploma courses like engineering,
management, hotel management, architecture, journalism, law, arts,
fashion designing and mass communication. APG started its first
academic session in September 2012. The annual intake capacity of
APG is 1,361 students. In the academic year 2013-14 (refers to
July 01 to June 30), the total students enrolled were 610 and
cumulative student strength stood at 850.

APG reported a net loss of INR4.84 crore on a total income of
INR3.04 crore in FY13 (refers to the period April 1 to March 31).
In 10MFY14, APG has reported a total income of INR3.56 crore.


ARDENT COMMODITIES: CRISIL Puts 'B+' Rating on INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ardent Commodities Private Limited.

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

   Proposed Long Term
   Bank Loan Facility         50      CRISIL B+/Stable

The rating reflects ACPL's exposure to risks relating to initial
stages of operations and susceptibility to volatility in prices of
traded products. The ratings also factor in the highly fragmented
and competitive nature of the agro commodities trading industry.
These rating weaknesses are partially offset by the benefits that
ACPL derives from its sound risk management policies and extensive
trading experience of promoters.

Outlook: Stable

CRISIL believes that ACPL will benefit from the promoters'
experience in the trading industry, and their sound risk
management policies. The outlook may be revised to 'Positive' if
the company registers higher-than-expected revenues and
profitability leading to improvement in its financial risk
profile, while maintaining its risk management policies.
Conversely, the outlook may be revised to 'Negative', if ACPL's
cash accruals are lower-than-expected or if the working capital
cycle elongates leading to deterioration in its debt-protection
metrics.

Incorporated in March 2013 as a private limited company, ACPL
started its commercial operations in January 2014. It is engaged
in the trading of agro based commodities like soya bean meal and
groundnut extraction meal. The company is based in Rajkot and is
promoted by Gujarat based Kansagara family.


BHAVIN STEEL: ICRA Reaffirms 'B+' Rating on INR8cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to INR8.00
crore fund based facilities of Bhavin Steel Private Limited. ICRA
has also withdrawn the short-term rating of [ICRA]A4 assigned to
INR5.00 crore non-fund based sublimit of the company.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits-     8.00       [ICRA]B+ ; Reaffirmed
   Cash credit

   Non-fund based
   Limits-LC             (5.00)      Rating of [ICRA]A4 withdrawn

The rating reaffirmation takes into account almost stagnant growth
of the company since last few years as well as weak financial risk
profile of the company as depicted by low profitability levels,
stretched capital structure and weak coverage ratios. The ratings
are further constrained by high geographical concentration,
intensely competitive nature of the steel trading industry and
continual slowdown in real estate industry in Mumbai and its
nearby areas which is the key industry for the company.

However, the ratings positively factor in the strong experience of
BSPL's promoters in the steel trading business and its diversified
customer base ICRA also takes a positive note on almost zero
inventory levels maintained by the company, which reduces exposure
to price risks for the company and locational advantage for the
company due to presence of both customers and suppliers in close
proximity.

Incorporated in 2007, BSPL is engaged in the business of trading
of TMT bars, structural steel and cement. BSPL Purchases steel
from medium-sized manufacturers in Maharashtra and sells them to
real estate developers and contractors in Mumbai and its nearby
areas. Mr. Dharmendra Shah and Mr. Bhavin Shah are the key
directors of the company who look after overall operations of the
company.

Recent updates

As per provisional statement provided by the firm for H1 FY14, the
firm has achieved operating profit of ~Rs. 0.36 crore against the
operating income of INR37.73 crore as on 31st September 2013.


CIPSA TEC: ICRA Suspends 'D' Rating on INR46cr Line of Credit
-------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR46.00 crore
line of credit of CIPSA Tec India Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


DWARIKESH SUGAR: ICRA Ups Rating on INR599.99cr Loans to 'B'
------------------------------------------------------------
ICRA has upgraded the long term rating of Dwarikesh Sugar
Industries Limited to [ICRA]B from [ICRA]B- for INR235.93 crore
(earlier INR274.99) term loans, INR261.00 crore (earlier INR325.00
crore) cash credit facilities and INR103.06 crore (earlier nil)
unallocated limits. ICRA has also withdrawn the rating watch with
negative implications.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan              235.93      Upgraded to [ICRA]B
                                      from [ICRA]B-

   Cash Credit            261.00      Upgraded to [ICRA]B
                                      from [ICRA]B-

   Unallocated Limits     103.06      Upgraded to [ICRA]B
                                      from [ICRA]B-

The rating upgrade takes into account continued satisfactory debt
servicing and liquidity position of the company in face of adverse
business conditions and continued losses in the core business of
sugar manufacture, mainly because of continuous infusion of funds
by the promoters in the form of redeemable preference shares. The
total funds infused amounted to INR5.00 crore in SY13 and INR30.00
crore in SY14. The rating also factors in the improvement in the
working capital intensity of the company owing to liquidation of
stocks, DSIL's long track record in the sugar business,
satisfactory operational performance and forward integration into
cogeneration and distillery businesses, which will continue to
provide alternate revenue streams and some cushion against
cyclicality in the sugar business. Further, ICRA notes that
interest free (excise duty) loans from SDF to the tune of INR61.08
crore is expected to improve the liquidity position of the company
and aid in clearing the cane payments during SY14.

The rating is however constrained by the modest financial profile
of the company as reflected by modest operating profitability,
losses at net level, weak capital structure and coverage
indicators in the past mainly because of substantial debt funded
capex, limited capacity utilization on account of relative
paucity of key raw material namely sugarcane, relatively high cane
costs and high volatility in sugar prices. With the continuation
of high cane costs in UP (SAP of INR280/Qtl) in SY14 coupled with
prevailing low sugar realizations, pressure on the profitability
is likely to continue. Further, ICRA expects continued reliance of
DSIL on promoters for debt servicing given the high debt
repayments falling due in FY14 in relation to expected accruals.

The rating also continues to be constrained by risks arising out
of the inherent cyclicality in the sugar business, agro-climactic
factors and government policies governing cane pricing, sugar
release mechanism and pricing of by-products.

ICRA has earlier placed DSIL's rating under watch with negative
implications following the company's decision to suspend the mill
operations to oppose the direction of the State Government to
sugar mills for commencing operations for the sugar year SY14. The
sugar mills of DSIL have commenced operations from December
onwards.

Dwarikesh Sugar Industries Ltd., promoted by Mr. Gautam R.
Moraraka was incorporated in 1994 by setting up a 2500 TCD Sugar
plant in the sugar rich belt of Uttar Pradesh at Bundki village in
Bijnor District. The Company has been raising its crushing
capacity regularly and the same has since been increased to 21500
TCD. The company currently has three plants viz. Dwarikesh Nagar
(DN), Dwarikesh Puram (DP) & Dwarikesh Dham (DD). DN & DP are
located in Bijnor District of Uttar Pradesh and DD is located in
Bareilly District in Uttar Pradesh.


EMERGING PROJECTS: CARE Reaffirms 'B+' Rating on INR9.37cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Emerging Projects Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.37       CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained by the limited track
record of operations of Emerging Projects Pvt Ltd (EPL), small
scale of operations and leveraged capital structure. The rating is
further constrained by its presence in the highly competitive and
fragmented healthcare industry.

The rating continues to favourably factor in the experience of the
promoters of EPL and growing healthcare demand in India.

Going forward, the ability of EPL to increase its scale of
operations while improving the capital structure shall be the key
rating sensitivities.

Emerging Projects Pvt Ltd (EPL) was incorporated in 2008 and
promoted by Dr Anurag Kumar, Dr Sanjay Gupta, Dr Ravi Futela and
Dr Raj Shekhar Gupta. The promoters have experience of more
than one decade in the healthcare segment. The company is
operating 120-bedded multi-specialty tertiary care hospital under
the name of 'Cosmos Hospital' in Moradabad, Uttar-Pradesh. The
hospital commenced operations in September 2011.

The hospital provides healthcare services in orthopedics,
neurology, urology, pathology, nephrology, pediatric, cardiology,
gynaecology, laparoscopy, radiology etc. The hospital is
equipped with modular operation theatre, Intensive Care Unit (ICU)
with advance ventilator support.

During FY13 (refers to the period April 1 to March 31), EPL
reported a PAT of INR0.50 crore on a total operating income of
INR13.57 crore. In 10M FY14 (refers to the period April 1 to
January 31), EPL achieved a total operating income of INR35.13
crore.


FORTUNE INFRAHEIGHT: CARE Assigns 'B+' Rating to INR10cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Fortune Infraheight Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10         CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Fortune Infraheight
Private Limited are primarily constrained by its small and
fluctuating scale of operations coupled with operating losses
in FY13 (refers to the period April 01 to March 31), weak
liquidity position and significant investments in group companies.
The rating is further constrained by customer concentration risk
and its presence in a highly competitive industry characterized by
the presence of several organized and unorganized players.

The rating, however, favorably take into account the experience of
the promoters and FIPL's comfortable capital structure.
Going forward, FIPL's ability to execute the orders within the
envisaged cost and time estimates coupled with effective
management of working capital shall be the key rating
sensitivities.

Fortune Infraheight Private Limited was incorporated in 2009 by Mr
Anil Mithas. The company is a part of the Unnati Fortune group
which has interests in sectors like construction, hospitality and
real estate. The company is engaged in the execution of civil
contracts and construction projects, viz, road construction,
sewage disposal systems, etc. The company gets contracts through
competitive bidding from Uttar Pradesh State Industrial
Development Corporation (UPSIDC), Noida Development Authority and
Greater Noida Development Authority.

In the past, the company has executed several tenders of
construction of drainage system, internal service road, railing on
roads, broad dividers with railing and centre sub-ways, highways,
road bridges, etc.

During FY13, FIPL achieved a total operating income (TOI) of
INR12.66 crore with a Profit After Tax (PAT) of INR0.21 crore.
During 9MFY14, FIPL achieved a TOI of INR30.86 crore.


HALCYON LIFE: ICRA Lowers Rating on INR40.50cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long term rating for INR40.50 crore of
bank facilities of Halcyon Life Sciences Private Limited to
[ICRA]D from [ICRA]B. The total rated limits have been reduced
from INR105.0 crore to INR40.5 crore. The assigned rating reflects
delays in debt servicing by HLS.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Working Capital       40.50     Downgraded from [ICRA]B
   Term Loans                      to [ICRA]D

The working capital facilities of HLS were reduced and
restructured into term loans by its banks to allow the company to
repay these loans. As a part of reduced working capital facilities
available, the company has also reduced its scale of operations.
The revision in the rating also takes into account the high
susceptibility of profits to fluctuations in raw material prices,
given the low value added nature of operations, high working
capital intensity and stretched coverage indicators of HLS. The
rating also reflects the highly fragmented nature of the menthol
industry and seasonality associated with the raw material
availability resulting in large raw material inventory during the
year.

Further, ICRA notes limited support available from the parent
group (Ind Swift Group) on account of its two main companies, Ind
Swift Laboratories Limited and Ind Swift Limited, being under
corporate debt restructuring program. (ISLL has given corporate
guarantee for the bank limits of HLS.) However, ICRA notes that
the exports of the company have seen healthy growth during the
last few years, helping it to reduce its dependence on its parent
group for its product. Going forward, HLS' ability to timely
service its interest and principal payments would be the key
rating sensitivity.

In 2012-13, HLS reported Net Sales of INR301.4 Crore, Profit
before Depreciation, Interest and Tax (PBDIT) of INR10.4 Crore and
Profit after Tax (PAT) of INR0.2 Crore.

Halcyon Life Sciences Pvt. Limited (Erstwhile Kiran Flour Mill
Industries Limited) is engaged in the manufacturing of De
Metholized Oil (DMO) and Menthol Flakes, raw materials used in the
manufacture of menthol crystals. The menthol crystals are used in
various applications in different industries like peppermint,
toothpaste, chewing tobacco, perfumery among others. HLS is 100%
owned by the promoter families of Ind Swift Laboratories Limited
and majority of its revenues are generated from sales to group
companies. The company largely operates as a trading entity
responsible for buying menthol oil and selling it across after
marginal processing. HLS has its manufacturing facility in Jammu
and avails of excise duty benefits for its production.


HANUMAN MOTORS: ICRA Lowers Rating on INR8.5cr Loans to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR0.80
crore term loan facilities, the INR7.00 crore fund based
facilities and the INR0.70 crore proposed limits of Hanuman Motors
Private Limited  to '[ICRA]D' from '[ICRA]B+'.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan Facilities     0.80       Revised from [ICRA]B+
                                       to [ICRA]D

   Fund Based Facilities    7.00       Revised from [ICRA]B+
                                       to [ICRA]D

   Proposed Limit           0.70       Revised from [ICRA]B+
                                       to [ICRA]D

The revision of the ratings factors in the delays in debt
servicing by the Company owing to weak liquidity position. The
Company has witnessed significant inventory build up owing to weak
sales straining its cash flows. HMPL's inventory period remained
high at 130 days during 2012-13 indicative of low inventory
turnover; thereby adversely impacting its liquidity position.

Incorporated in 2009, Hanuman Motors Private Limited is an
authorized dealer for Tata Motors Limited, Fiat passenger cars and
Yamaha two wheelers. Although the Company commenced operations
only during 2012-13, the promoters have been in the same business
since 2008-09 through a partnership firm Hanuman Motors. The
erstwhile operations of Hanuman Motors were merged with HMPL
during May 2012. The Company has currently three TML showrooms cum
service outlets located at Udupi (Karnataka), Karkala (Udupi
district-Karnataka), Kadur (Chikkamangaluru district-Karnataka)
and one showroom each of Fiat and Yamaha in Mangalore (Karnataka).

Recent results

During 9M 2013-14, HMPL reported loss before tax of INR1.2 crore
on an operating income of INR16.6 crore as against profit before
tax of INR0.1 crore on operating income of INR20.6 crore during
the same period previous fiscal. For full year 2012-13, HMPL
reported profit after tax of INR0.1 crore on operating income of
INR22.9crore.


HARIOM COTGIN: ICRA Assigns 'B+' Rating to INR6.26cr Loans
----------------------------------------------------------
The long-term rating of '[ICRA]B+' has been assigned to the
INR6.00 crore cash credit facility and INR0.26 crore term loans of
Hariom Cotgin Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         6.00       [ICRA]B+ assigned
   Term Loan           0.26       [ICRA]B+ assigned

The assigned rating takes into account HCPL's modest size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; low return indicators, stretched capital structure
and modest coverage indicators. The rating is also constrained by
the vulnerability of the company's profitability to raw material
prices which are subject to seasonality, and crop harvest; and the
regulatory risks with regard to MSP fixed by GoI and restrictions
on cotton exports.

The rating, however, positively considers the advantage the
company enjoys by virtue of its location in the cotton producing
belt of Saurashtra (Gujarat) and the favourable demand outlook for
cotton and cottonseeds.

Incorporated in 2008, Hariom Cotgin Private Limited is engaged in
the business of ginning and pressing of raw cotton into cotton
seeds and fully pressed cotton bales having a production capacity
of 42.5 tonnes per day (TPD) of cotton bales and 80 TPD of cotton
seeds. The company is also engaged in crushing of cotton seeds to
obtain cotton seed oil and cotton oil cake having an intake
capacity of 250 TPD. The plant is located at Tankara- Rajkot in
the Saurashtra region of Gujarat. The company is promoted by Mr.
Gangaram Bhagiya along with his relatives and friends. The
promoters have about a decade of experience in the oil mill
industry by the virtue of being associated with other oil mill
companies.


HIMAGIRI HOSPITALS: CRISIL Assigns B- Rating to INR90MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank the
bank facilities of Himagiri Hospitals Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       7.5      CRISIL B-/Stable

   Long Term Loan          60        CRISIL B-/Stable

   Overdraft Facility      22.5      CRISIL B-/Stable

The rating reflects HHPL's nascent and small scale of operations,
and its weak financial risk profile. These rating weaknesses are
partially offset by the benefits that it derives from the
strategic location of the project and healthy growth prospects of
the industry.

Outlook: Stable

The outlook may be revised to 'Positive' if the company achieves
more-than-expected increase in its revenues and profitability on
account of higher occupancy levels, resulting in an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if HHPL undertakes any larger-than-expected debt-
funded capital expenditure programme, or generates lower-than-
expected cash accruals because of low occupancy levels.

Set up in 2011, HHPL operates a multi-specialty tertiary care
hospital in Hyderabad. The company is promoted by Mr. P. Shankar
Reddy and his family.


JANHIT CHARITABLE: ICRA Suspends 'B' Rating on INR7cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7 crore long
term loans & working capital facilities of Janhit Charitable
Trust. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


JAVERY INC: CARE Rates INR5.5cr Bank Loan at 'B+'
-------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Javery
Incorporation.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.50       CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Javery Incorporation
is constrained on account of its weak financial risk profile
marked by high gearing level, working capital intensive nature of
operations, highly fragmented nature of the industry, small scale
of operations along with its constitution as a proprietorship
firm.

The rating, however, derives strength from the experience of the
proprietor in retail sales and distribution business along with
favorable industry outlook.

The ability of the firm to increase its scale of operation and
improvement in capital structure remain the key rating
sensitivities.

Established in year 2008, Javery Incorporation (JI) is a
proprietorship firm engaged in sales and distribution of consumer
durables, electronic goods and accessories. Based out of Nagpur,
Maharashtra, the firm is an authorized distributor of Samsung, LG
and Kelvinator and caters to the entire Vidarbha region of
Maharashtra. JI has an established and diversified dealer base
with around 500 retail distributors spread across Nagpur, Wardha
and Chandrapur districts of Maharashtra.

In FY13 (refers to the period April 01 to March 31), JI registered
a PAT of INR0.04 crore on a total operating income of INR29.68
crore as against a PAT of INR0.01 crore on a total operating
income of INR24.56 crore in FY12.


K S VENKATRAMAN: ICRA Assigns 'B' Rating to INR12cr Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR12.00
crore fund based facility of K S Venkatraman & Co. Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4 to
the INR13.00 crore non-fund based facility of KSVCPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based facility    12.00        [ICRA]B assigned

   Non-fund based
   facility               13.00        [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters in
the civil construction business for more than three decades and
the Company's established relationships with its reputed
clientele. The ratings also consider the company's operating
losses in the past fiscals, its high working capital intensity of
the operations and stretched capital structure / coverage metrics.
While the prevailing weak macro-economic environment is expected
to moderate order inflows at least in the medium term, the
favourable order book position mitigates the risk to a certain
extent; also, the long-term demand outlook for the business is
favourable. However, the company's modest scale of operations is
likely to restrict its financial flexibility and ability to bid
for large orders independently, while competitive pressures in the
industry restrict pricing flexibility.

KSVCPL is primarily engaged in implementing civil construction
projects, catering primarily to the industrial/commercial sector.
Established in 1948, the Company is based in Chennai, Tamil Nadu.
The Company was promoted by Mr. K S Venkatraman in 1948; at
present, it is managed by Mr. R Ramkumar and Mr. Ashwin Ramkumar.
The promoters of the Company have longstanding experience in the
business of civil construction.

Recent results (unaudited results)

According to unaudited results, KSVCPL reported a net loss of
INR0.7 crore on an operating income of INR20.0 crore during the
period April to December 2013. It reported a net profit of INR0.1
crore (before prior-period tax adjustments) on an operating income
of INR34.3 crore during 2012-13.


KOLAR PAPER: Delays in Interest Payment Cue ICRA 'Ir D' Rating
--------------------------------------------------------------
An Issuer Rating of 'Ir D' has been assigned to Kolar Paper Mills
Limited.

ICRA's assigned rating is constrained by the delays in payment of
interest on term loans on account of delay in the commencement of
operations by one year on account of revision in the project and
cost overruns. The rating is further constrained by lack of
product diversification in kraft paper industry and vulnerability
of the company's profitability to raw material (waste paper) price
fluctuations as well as currency fluctuations as about 20-25% of
the raw material will be imported. Moreover, the competitive
pressure in the industry remains high, especially for lower BF
(Burst Factor) category kraft paper in which the company
predominately operates. However, the issuer rating favourably
factors in the long track record of the group in the kraft paper
business and healthy demand indicators from the end users.

Incorporated as a public limited company is January, 2010, Kolar
Paper Mills Limited is engaged in the manufacturing of kraft paper
which is widely used in packaging industry, especially for making
corrugated boxes. The installed capacity of the plant is 105000
MTPA and it is located in Chittoor district of Andhra Pradesh. The
total cost of the project is INR93.66 crore, funded by term loan
of INR60 crore and the remaining amount through issue of share
capital. The Kraft paper unit operations commenced in February
2014. However the installation of captive power plant of 3 MW
would be completed by July, 2014.


LAKSHMI CAR: ICRA Assigns 'B' Rating to INR3.2cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA] B' rating to the INR1.0 crore long-term
fund based facilities and INR2.2 crore term loans of Lakshmi Car
Zone Private Limited. ICRA has also assigned the rating of
'[ICRA]A4' to the INR10.00 crore short-term fund based facilities
of LCZPL.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund         1.0       [ICRA]B/assigned
   Based Limits

   Term Loans             2.2       [ICRA]B/assigned

   Short-term Fund
   Based Limits          10.00      [ICRA]A4/assigned

The assigned ratings take into account potential demand upside for
LCZPL given the current limited penetration of Nissan Motors India
Private Limited in the domestic passenger vehicle market,
the potential from introduction of new models such as Datsun Go
and Datsun Go Plus in 2014 and revenue growth of the Company which
is expected to be supported by addition of a new showroom and
service centre in the near term. However, the ratings remain
constrained by the nascent stage of operations of the Company;
thin margins, weak bargaining power with the principal and high
working capital requirements characteristic of the automobile
dealership business. The Company's financial profile is stretched
financial profile with high debt levels and net losses and the
stiff competition it faces from other passenger car dealers given
the highly competitive environment in the Indian passenger car
segment with aggressive model launches and expansion of service
network. The company remains exposed to the inherent cyclicality
of the automobile industry. Going forward, the Company's ability
to scale up, improve its capital structure and debt protection
metrics would remain key rating sensitivities.

Incorporated in 2012, Lakshmi Car Zone Private Limited is engaged
in dealership for passenger vehicles of Nissan Motors India
Private Limited. The company currently operates out of one
showroom (launched in 2013) and one service outlets (located at
Bommanahalli) in Bangalore. The company is promoted by Mr. Suwresh
and his wife who are also the directors of ASAP Info Systems
Private Limited, an IT manpower sourcing company. Mr. Suwresh is
an arts graduate with 20 years of experience in staff
augmentation, permanent staffing, technology consulting &
services. Mrs. Lakshmisuthaa, wife of Mr. Suwresh, is a commerce
graduate with over 13 years of experience in senior executive
search, HR business process outsourcing and staff augmentation.
The company has plans to set up another showroom in Whitefield
(Bangalore) at a cost of INR2.0 crore to be launched by June 2014.


LSR FAB: ICRA Assigns 'B+' Rating to INR15.89cr Loans
-----------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR15.89 crore
existing and proposed long term fund based facilities of LSR Fab
Private Limited. The rating of [ICRA]A4 has also been assigned to
the INR0.40 crore short-term non fund based facilities of LSR.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term Loans             6.89      [ICRA]B+ assigned
   Cash Credit            3.00      [ICRA]B+ assigned
   Proposed Term Loans    3.00      [ICRA]B+ assigned
   Proposed Cash Credit   3.00      [ICRA]B+ assigned
   Non fund based         0.40      [ICRA]A4 assigned

Rating Rationale

The assigned ratings are constrained by LSR's small scale and
limited track record of manufacturing operations, and weak
financial risk profile as reflected by highly leveraged capital
structure and weak coverage indicators. The ratings also remain
constrained by the dependence on few suppliers for supply of key
raw materials which limits the bargaining power of the company and
the concentrated customer base. The ratings also take into account
of the fragmented nature of the industry leading to intense
competition from small unorganized as well as large organized
players and vulnerability of the company's profitability to
adverse fluctuations in raw material prices which may not be
passed onto the customers adequately.

The ratings, however, favorably factor in the long experience of
the promoters in textile industry; operational support from
associate companies in terms of providing the selling and
distribution network as well as procurement of part of LSR's
output. The ratings also positively factor in the location
advantage derived from proximity of the manufacturing unit to the
raw material sources and downstream consumption centers.

LSR was initially established for the purpose of carrying out
investment activities in 1991, under the name of Damanganga
Investments Pvt. Ltd. (DIPL). The company was engaged only in
investment (trading of shares) activities till FY 10. During FY11,
it ventured into the business of cone winding on job-work basis
and also continued with its share trading business. Subsequently
in FY12, the company was renamed to LSR Fab Private Limited; the
share trading business was closed down and a green field project
was implemented to set up a manufacturing unit for chenille yarn
and weaving of fabric with an installed capacity of 242 Tonnes per
Annum (TPA) and 4.12 Lakh Meters Per Annum (LMPA) at Nani Daman,
near Gujarat.

Recent Results

For the year ended March 31, 2013, LSR reported an operating
income of INR30.30 crore and profit after tax of INR0.97 crore as
against an operating income of INR3.68 crore and profit after tax
of INR0.66 crore for the financial year 2011-12.


MAHAVIR RICE: CRISIL Assigns 'B+' Rating to INR60MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to Mahavir Rice
Mills' bank facilities. The rating reflects MRM's below-average
financial risk profile, marked by small net worth, and the
company's modest scale of operations in the highly fragmented rice
industry. These rating weaknesses are partially offset by the
promoters' extensive experience in the rice milling industry.

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

Outlook: Stable

CRISIL believes that MRM will benefit from experience of its
promoters in the rice industry. The outlook may be revised to
'Positive' if the company's financial risk profile improves,
driven by better-than-expected cash accruals or equity infusion
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of stress on its
liquidity profile resulting from lower-than-expected cash accruals
or larger-than-expected debt-funded working capital requirements
or debt-funded capex.

Set up in 1992, Mahavir Rice Mills (MRM) is into processing of
rice or paddy into rice. Set up as a partnership firm, MRM's day
'to-day operations are managed by Mr Chandrakant Doshi. The firm
has its manufacturing facility based in Chamorshi, Maharashtra.


MANIMALETH CRUSHER: ICRA Suspends 'B+' Rating on INR8cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR8.00 crore term loan facilities of Manimaleth Crusher Metal
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the entity.


MEENAKSHI POWER: ICRA Assigns 'B+' Rating to INR136cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR136
crores fund based facilities of Meenakshi Power Private Limited.
ICRA also has an outstanding issuer rating of IrB+ for MPPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loans         126.65       [ICRA]B+ (Assigned)
   Cash Credit          5.95       [ICRA]B+ (Assigned)
   Unallocated          3.40       [ICRA]B+ (Assigned)

ICRA's assigned rating takes into consideration the risks
associated with hydro power projects of MPPL, which include
vulnerability to seasonality and possible variance in water
availability across the years, which would impact the cash flow
generation of the company, as revenues are linked to actual units
generated and exported. ICRA takes note that the hydro power
projects of MPPL do not have a deemed generation clause in the
PPA, that covers loss of generation owing to shortage in water
availability. Further, the rating is constrained by the absence of
debt service reserve account (DSRA), which could impact the debt
repayment capacity of the company during months of lower
generation. The rating also takes into consideration the large
expansion plans of implementing 333 MW hydro power projects under
various subsidiaries of MPPL and associated execution risks. ICRA
also takes note of the delays in meeting the debt obligations in
the past by MPPL owing to cash flow mismatch arising from seasonal
nature of hydro power generation; nonetheless the debt servicing
has been timely since July 2013, as confirmed by the company and
the lenders.

However, the rating draws comfort from the healthy operating
performance of the two hydro power projects (25 MW middle Kolab
and 12 MW lower Kolab) under MPPL, with average PLF of 51.78%
during FY2010-FY2013, which is higher than the design PLF of
37.55%. The rating is also supported by the limited off-take risks
with presence of long term PPA for the entire capacity with PTC
India Limited at a reasonable tariff of INR3.64/kwh, with back to
back power sale arrangement with distribution utilities of Odisha
through GRIDCO Limited. ICRA takes note that the breakeven PLF
required for meeting the debt obligations over the next three
years is estimated at about 40% (assuming no increase in debt
levels), is lower than the average PLF recorded during FY2010 to
FY2013.

Going forward, MPPL's ability to ring fence the operational
projects from funding and execution risks of the upcoming projects
and ensuring timely payment of debt obligations along with
maintaining the operational performance will be the key rating
sensitivities.

MPPL incorporated in May 1999 is promoted by Hyderabad based
Meenakshi group which has interests across real estate, road works
and power projects. MPPL has commissioned two run of the river
(without pondage) hydel power projects namely, Middle Kolab small
hydro power project of 25 MW (2 X 12.5 MW) near Tentuligumma
village of Koraput district in Odisha and Lower Kolab small hydro
power project of 12 MW (3 X 4 MW) near Udeygiri village of
Malkangiri district in Odisha. The Lower Kolab project was
synchronized to the grid on January 26, 2009 and Middle Kolab
project was synchronized to the grid on February 6, 2009. Though
these projects do not have a dedicated reservoir, presence of
Upper Kolab reservoir (dedicated towards 320 MW hydro power
project of Odisha Hydro Power Corporation Limited) has provided
for sufficient flow of water to these projects in the past.


NEW FAIZAN: ICRA Raises Rating on INR5cr Term Loan to 'B'
---------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR5.00
crore term loan facility of New Faizan Foods from [ICRA]B- to
[ICRA]B.  Further, ICRA has reaffirmed the short term rating
assigned to the INR2.25 crore short term Export Packing Credit
facility and the INR0.20 crore Credit Exposure Limit of NFF at
[ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           5.00       Revised to [ICRA]B
                                  from [ICRA]B-

   Export Packing
   Credit              2.25       [ICRA]A4 reaffirmed

   Credit Exposure
   Limit               0.20       [ICRA]A4 reaffirmed

The revision in the long term rating reflects the improvement in
the firm's performance in FY 2013 as well as in current year as
indicated by significant growth in operating income and
improvement in operating profitability. The rating revision also
takes into account the capital infusion by partners in the current
year which has eased the capital structure of the firm. The
ratings favourably take into account the extensive experience of
the promoters in the seafood industry and favorable location of
the plant giving it easy access to raw materials.

The ratings, however, continue to remain constrained by the firm's
relatively small scale of operations and vulnerability of
profitability to fluctuations in foreign exchange rates and
volatility in raw material prices due to seasonal nature of
products. While assigning the ratings, ICRA has also noted the
possibility of any adverse impact on the firm's operations
resulting from any changes in the regulatory norms governing
seafood industry in importing countries as well as risks of
capital withdrawals that are inherent in a partnership firm.
Incorporated in 2006, New Faizan Foods is engaged in processing
and export of seafood. The firm is owned and managed by Mr. Haji
Farooq Haji Hussain Chauhan and other family members. The firm
majorly deals in frozen fish products such as croaker fish, cuttle
fish, ribbon fish, sole fish etc. The firm is located in Veraval,
Gujarat and has an installed processing capacity of 50 TPD (tons
per day) and storage capacity of 1000 MT.

Recent Results

During FY 2013, the firm reported an operating income of INR38.50
crore with profit after tax (PAT) of INR0.31 crore against an
operating income of INR26.66 crore with profit after tax of
INR0.11 crore in FY 2012. Further, for first nine months of FY
2014, the firm reported operating income of INR42.85 crore and
profit before depreciation and tax of INR1.68 crore.


PRATEEK APPARELS: ICRA Cuts Rating on INR131cr Loans to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR25.00
crore term loan facilities, the INR70.00 crore long term fund
based facilities of Prateek Apparels Private Limied to [ICRA]D
from [ICRA]BB-. ICRA has also revised the rating outstanding on
the INR30.00 crore short term fund based facilities and the
INR6.00 crore non-fund based facilities of PAPL to [ICRA]D from
[ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          25.00      Revised from [ICRA]BB-(Stable)
                                  to [ICRA]D

   Fund based          70.00      Revised from [ICRA]BB-(Stable)
   facilities                     to [ICRA]D

   Fund based          30.00      Revised from [ICRA]A4 to
   facilities                     [ICRA]D

   Non-fund based       6.00      Revised from [ICRA]A4 to
   Facilities                     [ICRA]D

The revision of the ratings factors in the delays in debt
servicing by the Company owing to weak liquidity position. The
Company has witnessed significant inventory build up over the last
few quarters thereby straining its cash flows. PAPL's inventory
period remained high at 180 days during 2012-13 indicative of low
inventory turnover; thereby adversely impacting its liquidity
position.

Incorporated in 1995, PAPL is engaged in the businesses of making
readymade garments, retailing apparels and trading in fabric.
Promoted by Mr. Pradeep Aggarwal and the Phulchand Group, PAPL has
five manufacturing units in Karnataka. The Company largely makes
men's and women's formal and casual wear. The Company entered
retail operations in 2007 through its subsidiary Prateek Lifestyle
Limited, which was merged in PAPL in 2009. It operates through two
retail formats, namely, Coupon stores (which are large-format
discount stores) and F-Square stores (which are small-format
stores selling in-house brands). PAPL has more than 12 Coupon
stores across India and 45 F-Square stores in Karnataka.

The Company has two subsidiaries namely, Munch Design Workshop
Private Limited (which provides design solutions for PAPL) and
Prateek Spintex Limited (which manufactures knitted garments for
PAPL). PAPL also has floated a new entity Bilteek Fashions Pvt Ltd
which is a 50:50 JV with a turkey based ready made garment
manufacturing company, Bilasar AS in 2011-12.

Recent results

During 2012-13, PAPL reported a net profit of INR0.8 crore on an
operating income of INR313.7 crore as against a net profit of
INR2.5 crore on an operating income of INR377.5 crore during 2011-
12.


PURE PHARMA: CRISIL Reaffirms 'B' Rating on INR73.7MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Pure Pharma Ltd
continue to reflect PPL's small scale and working capital
intensive nature of operations, below-average financial risk
profile, marked by a modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of PPL's promoters in the
formulation industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          40      CRISIL A4 (Reaffirmed)

   Cash Credit             64      CRISIL B/Stable (Reaffirmed)

   Letter of Credit        35      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.7    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPL will continue to benefit over the medium
term from its promoters' extensive experience in the formulation
industry. CRISIL, however, believes that the company's scale of
operations will remain small, and its financial risk profile will
remain below average. The outlook may be revised to 'Positive' in
case PPL significantly increases its scale of operations without
affecting its capital structure. Conversely, the outlook may be
revised to 'Negative' in case the company's revenues and
profitability decline or its working capital cycle lengthens,
leading to pressure on its liquidity.

Update
PPL's revenues declined by 20 per cent year-on-year to INR193
million in 2012-13 (refers to financial year, April 1 to
March 31) from INR242 million in 2011-12 on account of lower-than-
expected orders. However, with increase in the company's order
flow, the revenues are expected to improve back to INR240 million
to INR250 million in 2013-14. The company has registered revenues
of INR189 million till December 31, 2013. The operating margin was
at 8.4 per cent in 2012-13, compared with 7.8 per cent in 2011-12,
and are expected to be stable at 7.0 to 8.0 per cent over the
medium term.

The working capital requirements continue to be high, with gross
current asset (GCA) of 409 days as on March 31, 2013, compared
with 387 days as on March 31, 2012. High GCAs are due to large
receivables of 212 days due to high credit period offered to the
customers.

The company has a modest net worth of INR88 million and average
gearing of 1.2 times as on March 31, 2013. Owing to large working
capital requirements, reflected in GCAs of 409 days as on
March 31, 2013, and modest accruals, the gearing is expected to be
average over the medium term. Furthermore, due to low
profitability, the interest coverage ratio is low at 1.2 times and
net cash accruals to total debt (NCATD) ratio is at about 0.05
times. The debt protection metrics are expected to be weak over
the near term.

PPL's liquidity continues to be weak. The company generated net
cash accruals of INR5 million in 2012-13, and its net cash
accruals in 2013-14 are expected to be tightly matched against its
repayment obligation of INR11 million in 2013-14. However, the
bank lines are moderately utilised despite large working capital
requirements, as reflected in average bank limit utilisation at 84
per cent for the 10 months ended January 2014.
PPL was originally established as a partnership firm in 1955 by
Mr. J P Badlani and Mr. R W Valvani. It was reconstituted as a
closely held public limited. The company manufactures generic
drugs for human and veterinary application, in the form of
tablets, capsules, liquids, powders, and injections. PPL is based
in Indore (Madhya Pradesh).


RELIANCE INDUSTRIAL: ICRA Assigns 'B- Rating to INR10.5cr Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR8.5 crore cash
credit (e-DFS facility) and INR2.0 crore cash credit facility of
Reliance Industrial Consortium Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit (e-DFS)      8.5       [ICRA] B- Assigned
   Cash Credit              2.0       [ICRA] B- Assigned

The rating takes into consideration RICL's weak financial profile
as characterised by low profitability as inherent in the car
dealership business, an adverse capital structure and depressed
debt coverage indicators. ICRA also notes that RICL operations are
limited to the State of West Bengal leading to high geographical
concentration risk and the company's exposure to the cyclical
nature of the automobile industry, which is currently passing
through a weak phase and may therefore adversely impact RICL's
scale of business in the near term. The rating takes into account
the long experience of the promoters in the car dealership
business and the consistent growth in the turnover during the past
three years.

Established in 1985 by the Kolkata based Himatsingka family, RICL
is TML's (Tata Motors Limited) authorized dealer for the sale of
passenger cars as well as for services and sale of spares in three
districts of West Bengal. Currently, RICL operates through one
showroom, four extension counters and three workshops. The company
is in the process of converting its Siliguri extension counter
into a showroom.

Recent Results

RICL reported a net profit of INR0.47 crore during FY13 on an OI
of INR60.69 crore as against a net profit of INR0.06 crore and an
OI of INR42.67 crore during FY12. RICL also reported a profit
before tax of INR0.19 crores on an OI of INR25.37 crore (both
provisional) during the period April to December 2013.


RIKON CERAMICS: ICRA Suspends B+ Rating on INR4.79cr Loans
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.79 crore
long term loans & working capital facilities & [ICRA]A4 rating to
the INR0.80 crore, short term non fund based bank guarantee
facilities of Rikon Ceramics. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the firm.

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

Incorporated in 2009, Rikon Ceramics is a ceramic wall glazed
tiles manufacturer with its plant situated at Morbi, Gujarat. The
firm commenced commercial production from February 2010 with an
installed capacity of around 19404 MTPA. The firm currently
manufactures ceramic wall glazed tiles of sizes 12"X8" and 10"X13"
with the current set of machines at its production facilities. RC
is promoted by Mr. Dilipbhai Gami and other ten partners.


SAUMYA MINING: CARE Assigns 'C' Rating to INR53.2cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Saumya Mining Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        53.2       CARE C Assigned
   Facilities

   Short-term Bank
   Facilities            77.8       CARE A4 Assigned

Rating Rationale

The aforesaid ratings are constrained on account of the weak
liquidity position of the company leading to overutilization of
bank limits along with instances of delays in debt servicing. The
ratings are also constrained on account of low profit levels,
inherent risks associated with mining operations coupled with risk
arising on account of levy of penalty in case of delay in project
execution. The ratings, however, derive strength from the
experience of the promoters and regular infusion of funds by the
promoters into the company.

Going forward, the ability of SML to successfully manage its
working capital and improve its liquidity profile, secure and
timely complete orders thereby increasing its profitability
parameters while maintaining its capital structure would be the
key rating sensitivity.

Saumya Mining Ltd. was originally promoted as a proprietorship
firm by Shri Anoopchand Jain in Sep.1955 for carrying out contract
coal mining activities (open cast). Since then its legal form was
changed from partnership to private limited company and further,
in Aug.1996, it was incorporated as a public limited company.
Currently, the company is engaged into activities like
site leveling, excavation, evacuation, surface mining, drilling &
blasting, transportation of overburden and ore, as per the
specifications of the contracts entered into.

Apart from contract mining, the company had been engaged in the
trading of stone chips, spare parts of mining machinery and
fabrics, however the operation of the same has been discontinued
since FY 2014 onwards. Trading business comprised around 1% of its
gross sales in FY13.

Currently, the business is looked after by two sons of Shri
Anoopchand Jain, Shri Ashok Jain (M.D.), and Shri Ajay
Jain,Director, having rich business experience of about three
decades. On a total operating income of INR206.3 crore (PY
INR246.1 crore), SML earned a PAT of INR1.2 crore
(PY INR5.9 crore) in FY13. As per the unaudited M9FY14 results,
the company earned PBT of INR2.0 crore on net sales of
INR135.6 crore.


SAKK COLLECTIONS: ICRA Suspends 'D' Rating on INR25cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR25.0 Crore
fund based facilities of Sakk Collections Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   LT Fund Based Limits      25.00      ICRA]D suspended

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

SCL was incorporated in 2004 and is currently involved in trading
of fabric such as cotton and Jacquard as well as home furnishing
items. The company had ventured into retailing of home furnishing
items in 2008-09 and had upto 90 retail outlets in the North India
states such as Haryana, Uttar Pradesh, Punjab etc. However, it
exited the retail segment in 2011. The company is promoted by Mr.
K.K. Gupta who has experience of over three decades in the textile
industry.


SAKTHI STEEL: CRISIL Reaffirms 'B+' Rating on INR200MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sakthi Steel Industries
Ltd continue to reflect its moderate scale of operations in the
highly fragmented secondary steel industry and its below-average
financial risk profile, marked by a high gearing and modest debt
protection metrics.  These rating weaknesses are partially offset
by extensive experience of SSIL's promoters in steel industry and
its established customer relationships.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------        ---------    -------
   Cash Credit           50       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     100       CRISIL A4 (Reaffirmed)

   Proposed Letter
   of Credit             40       CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit          50       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       100       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSIL will continue to benefit from its
experienced promoter and its established position in Tamil Nadu
(TN). The outlook may be revised to 'Positive' if the company
improves its profitability while sustaining the growth in its
revenues, leading to more-than-expected cash accruals and
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if SSIL's
revenues and profitability decline sharply, or if it undertakes
more-than-expected debt-funded capex programme, resulting in
further weakening in its financial risk profile.

Established in 2010, SSIL manufactures steel billets. The company
is promoted by Mr. K A Anandh.

SSIL reported a profit after tax (PAT) of INR4.71 million on net
sales of INR 1.09 billion for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.75 million on net
sales of INR 262.7 million for 2011-12.


SAMET PLAST: ICRA Puts 'B' Rating to INR5.15cr Loans
----------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the INR2.36
crore existing & INR1.09 crore proposed fund based limits and
INR0.20 crore existing & INR1.50 crore proposed term loan limits
of Samet Plast. The short-term rating of '[ICRA]A4' has also been
assigned to the INR0.40 crore existing and INR0.85 crore proposed
non-fund based limits of SP.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits      2.36       [ICRA]B assigned

   Term Loan              0.20       [ICRA]B assigned

   Proposed Fund Based
   Limits                 1.09       [ICRA]B assigned

   Proposed Term Loan     1.50       [ICRA]B assigned

   Non-fund Based Limit   0.40       [ICRA]A4 assigned

   Proposed Non-fund
   Based Limit            0.85       [ICRA]A4 assigned

The assigned ratings are constrained by SP's small scale of
operations and a leveraged capital structure (gearing at 1.79
times as on March 31, 2013) with debt funded capacity expansion
plans expected to further stretch the same. The ratings also take
into account the vulnerability of the firm's profitability to
fluctuations in raw material prices on account of low bargaining
power with customers and suppliers and the highly competitive
master batch industry characterized by a number of organized
and unorganized players due to low entry barriers. ICRA also notes
that as SP is a partnership firm, any significant withdrawals from
the capital account by the partners would adversely affect its net
worth and thereby its capital structure.

The assigned ratings, however, favourably factor in the long-
standing experience of the promoters in the master batch industry
and healthy demand outlook for the firm's products due to overall
growth of consuming industries.

Incorporated in 2010, Samet Plast (SP) is a partnership firm
engaged in the manufacturing of colour and additive masterbatches.
SP sells its products under the brand name "Samtone". The firm has
a manufacturing facility with an installed capacity of 900 Metric
Tonnes per Annum (MTPA) located at Waghodia near Vadodara in
Gujarat. SP is promoted by Mr. Shwetang Patel, Mr. Ram Chandra
Patel and Mrs. Bhavita Shah.

Recent Results

During FY 2013, SP reported an operating income of INR10.69 crore
and profit after tax of INR0.19 crore as against an operating
income of INR7.66 crore and profit after tax of INR0.13 crore
during FY 2012.


SHREE RAJESHWAR: ICRA Reaffirms 'B' Rating on INR5.93cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to INR5.93
crore fund based facilities of Shree Rajeshwar Weaving Mills
Private limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits-     5.93      [ICRA]B; Reaffirmed
   Cash credit

The rating reaffirmation continues to factor in the weak financial
profile of Shree Rajeshwar Weaving Mills Private Limited as is
evident from the low profitability levels, weak coverage ratios
and tight liquidity position resulting in the almost full
utilizations of bank sanctioned limits. The ratings are further
constrained by the company's moderate scale of operations and
susceptibility of profitability to volatility in raw material
prices and increasing competitive pressure due to the presence of
a large number of players in the organized and unorganized
segments in domestic as well as international markets. ICRA also
takes note of the debt funded capital expenditure plan and higher
working capital requirements of the company, which could lead to a
stretched capital structure in the near future.

However, the ratings favourably factor in the promoters'
experience in the textile industry, improved scale of operations
and capital structure to an extent. ICRA also takes a note of the
moderately diversified client base of the company and the benefits
arising from the favourable location of the manufacturing facility
as is evident in the easy availability of key raw materials and
its proximity to customers.

Shree Rajeshwar Weaving Mills Pvt. Ltd. located at Bhiwandi
district, Thane, was incorporated by merging M/s. Pooja Textiles
and M/s. Shree Rajeshwar Textiles in year 2011 for the manufacture
and trading of grey fabrics. Mr. Punaram Patel and Mr. Goparam
Patel are the key directors of the company handling the operations
of the company.

Recent updates

As per the 9M FY14 provisional statement submitted by the
management, the company has achieved a turnover of ~INR73.91 crore
as on 31st December 2013 as compared to total revenues of
~INR78.72 crore during FY13.


SHREE SOMNATH: CARE Assigns 'B+' Rating to INR7.61cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Somnath Paper Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.61       CARE B+ Assigned
   Facilities

   Short-term Bank       0.58       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Shree Somnath Paper
Mills Private Limited are primarily constrained by its short track
record of operations in the fragmented corrugated box
manufacturing industry, lower profitability margins and leveraged
capital structure. The ratings are further constrained by
susceptibility to volatility in the prices of raw material along-
with the power-intensive nature of business operations.

The ratings, however, derive strength from the experience of the
promoters along-with stable demand indicators from end user
industries, mainly the packaging industry.

The ability of SSPMPL to increase its scale of operations with an
improvement in the profitability margins and managing the risk
associated with the raw material price volatility are the key
rating sensitivities.

Based out of Kolhapur, Shree Somnath Paper Mills Private Limited
started with its commercial production from February 2013. SSPMPL
is engaged in the manufacturing of kraft paper which finds its
applications in the packaging industries for manufacturing of
corrugated boxes. SSPMPL manufactures kraft papers of various
grades, viz, Burst Factor 14 (BF), BF 16, BF 18 and BF 20 varying
from 100 to 200 gsm. The installed capacity for the unit is around
12,000 metric tonnes per annum (MTPA). The major raw material
required for kraft paper is waste products like shredded waste,
print cut-off, waste corrugated boxes and old newspapers. The
company procures these waste products from Goa, Karnataka and the
domestic market of Kolhapur. Furthermore, SSPMPL is selling its
products through local dealers and distributors based in and
around the regions of Kolhapur.

During FY13 (refers to the period April 1 to March 31), SSPMPL
earned a loss of INR0.35 crore on a total operating income of
INR1.27 crore.


SHREEJI ENTERPRISE: CRISIL Rates INR100MM Term Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of Shreeji Enterprise - Vadodara. The rating
reflects SE's exposure to risks related to its ongoing project,
and to the inherent risks and cyclicality in the real estate
sector in India. These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the real
estate sector.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       20       CRISIL A4      -
   Term Loan               100       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' in case SE
completes its project without significant time or cost overrun and
registers better-than-expected customer bookings, resulting in
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected demand for
SE's ongoing project, resulting in lower customer advances and
hence, lower-than-anticipated revenues and profitability,
constraining its liquidity.

SE is promoted by the Vadodara (Gujarat)-based Panchal family and
other partners. The company is engaged in developing 150
commercial units at Natubhai circle in Vadodara (Gujarat).


SHRI SANTKRUPA: CRISIL Reaffirms 'B-' Rating on INR85MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Santkrupa
Cotton Industries continues to reflect SSCI's below-average
financial risk profile, marked by a modest net worth and weak
debt-protection metrics, and modest scale of operations. These
ratings weaknesses are partially offset by its promoters'
extensive industry experience.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             65      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       6      CRISIL B-/Stable /Stable

   Term Loan               14      CRISIL B-/Stable

On February 28, 2014, the rating on SSCI's long-term bank
facilities was upgraded to 'CRISIL B-/Stable' from 'CRISIL C'. The
rating upgrade reflects timely servicing of debt by SSCI and its
improved liquidity during the six months ended January 31, 2014.
This is backed by a sustainable improvement in the firm's
estimated gross current assets (GCA) days to 100 days as on March
31, 2014 as against 138 days a year earlier, led by improved
debtor and inventory management. CRISIL believes the SSCI's will
maintain its improved liquidity over the medium term, and its cash
accruals will remain sufficient, albeit with limited cushion, as
against term debt repayments of INR3 million.
Outlook: Stable

CRISIL believes that SSCI will maintain its business risk profile
over the medium term supported by its promoters' extensive
experience in the cotton ginning industry. The outlook may be
revised to 'Positive' if the company's working capital cycle
reduces or there is a material improvement in its profitability,
resulting in an improvement in its debt-protection metrics.
Conversely, the outlook may be revised to 'Negative' if SSCI's
working capital cycle lengthens or its revenues or profitability
decline, resulting in weak liquidity.

SSCI was setup in 1997 as a partnership firm by Mr. Akash Fundkar,
Mr. Harbanssingh Juneja, Mr. Karamjeetsingh Juneja and
Mr.Onkarappa Todkar. The firm processes raw cotton (kappas) into
cotton bales and cotton seeds. It also has a crushing unit to
extract deoiled cake and oil from cotton seeds. The firm's unit is
based in Khamgaon (Maharashtra).

SSCI reported a profit after tax (PAT) of INR2.2 million on sales
of INR227 million for 2012-13 (refers to financial year, April 1
to March 31), against a PAT of INR2.4 million on sales of INR201.2
million for 2011-12.


SRI LAKSHMI: ICRA Rates INR20cr Fund Based Limits at 'B'
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR20.00
crore proposed fund based limits of Sri Lakshmi Venkateswara
Hygienic Foods Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Proposed Fund       20.00       [ICRA]B assigned
   based limits

The assigned rating is constrained by the significant project
execution risks due to nascent stage of construction in the form
of time & cost overruns and funding risk due to the absence of
financial closure. Moreover, the debt funded nature of the project
is likely to put pressure on the capitalization and coverage
indicators in the initial period. The rating is further
constrained by intensely competitive nature of the rice industry
with presence of several small-scale players, susceptibility to
agro-climatic risks which impact the availability of paddy in
adverse weather condition and the government policy restrictions
on the quantity of rice which can be sold in the open market limit
the flexibility and realization for the company. The rating
however takes comfort from more than 20 years of experience
of the promoter in the rice milling and trading business through
group entity Sri Veera Venkata Satyanarayana Rice Mill; easy
availability of paddy from proximity of plant in major paddy
cultivating region of the country and favourable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally. Timely completion of the project without
cost overruns and generating sufficient cash accruals towards the
repayment of term loan are key rating sensitivities from credit
perspective.

Incorporated as a private limited company in February 2014, Sri
Lakshmi Venkateswara Hygienic Foods Private Limited is setting up
a paddy milling unit to produce raw and boiled rice. The installed
capacity of the plant is 8 tons per hour and it is located in
Balabhadrapuram village in East Godavari District of Andhra
Pradesh. The total cost of the project is INR16.10 crore funded by
proposed term loan of INR11 crore and the balance through
promoter's infusion. The total expenditure incurred till date is
INR1.75 crore and the operations is expected to commence in
October 2014.


SURYA COTTON: CARE Reaffirms 'B' Rating on INR8.76cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Surya Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.76       CARE B Reaffirmed
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Surya Cotton
Industries continues to remain constrained on account of the
financial risk profile marked by thin profit margins, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained on account of its presence
in the highly competitive and fragmented cotton-ginning business
with limited value addition, volatility associated with the raw
material prices, working capital intensive operations and
susceptibility to changes in the government policy for cotton.
The rating, however, derives strength from the partner's
experience in the cotton industry and proximity to the cotton-
producing region of Gujarat.

The ability of SCI to increase its scale of operations coupled
with an improvement in profit margins, capital structure and
better working capital management in light of the competitive
nature of the industry remain the key rating sensitivities.

SCI was established in October 2011 as a partnership concern by
five partners. SCI is engaged in cotton ginning and pressing. SCI
completed a green-field project in December 2012 for a ginning
capacity of 1,500 Metric Tonnes Per Annum (MTPA) for manufacturing
of cotton bales, 2,800 MTPA of Cotton Seed Cake and 336 MTPA of
Cotton Seed Oil in Kutch (Gujarat).

During four months of operation in FY13 [refers to the period
April 1 to March 31] (A) SCI has achieved a Total Operating Income
(TOI) of INR15.06 with a PAT of INR0.06 crore.  During 10MFY14,
SCI has achieved a TOI of INR26.25 crore with PBILDT of INR1.64
crore.


TILAK EXPORTS: ICRA Assigns 'B' Rating to INR3.50cr Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR3.50
crore fund-based bank facilities of Tilak Exports. ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR9.50 crore
fund-based and non fund-based bank facilities of TE.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund-
   based facilities        3.50       [ICRA]B (Assigned)

   Short-term fund-
   based facilities        7.50       [ICRA]A4 (Assigned)

   Short-term non
   fund-based facilities   2.00       [ICRA]A4 (Assigned)

The assigned ratings take into account the modest scale of
operations and weak financial profile which is on account of low
profitability and high working capital intensity of operations.
Modest scale of operations of the firm also results in small
client base and high geographic concentration which exposes the
firm to any slowdown in demand from these customers. Low
profitability margins also make the firm vulnerable to the
fluctuations in exchange rates and volatility in raw material
costs. High working capital intensity driven by long manufacturing
process, coupled with seasonal volatility in demand results in
high dependence on working capital borrowings particularly during
peak demand season. While assigning the rating ICRA has also taken
a note of the firm's advances to related parties which amount to
INR3.96 crore as on 31st March 2013 and the quantum of any future
support extended by TE would remain a rating concern. However the
ratings draws comfort from track record of the firm of over two
decades in the garment export business which is reflected in long
established relations with its key customers which has resulted in
repeat orders.

Going forward, TE's ability to retain the key clients, achieve
customer and geographical diversification, and extent of
investments will be the key rating sensitivities.

Formed in 1988, Tilak Exports is managed by Ms. Manju Farsaiya. TE
is engaged in the manufacturing and export of garments for ladies
to Sweden, Germany and France. TE has a manufacturing facility in
Noida which is equipped with 500 sewing machines with annual
production capacity to manufacture around 1 lakh pieces per month.

For FY 13, the firm reported operating income (OI) of INR27.39
crore and a Profit Before Tax (PBT) of INR0.32 crore as against OI
of INR25.90 crore and PBT of INR0.45 crore in FY 12.


TIRUPATI STEEL: ICRA Reaffirms 'B' Rating on INR13cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR13.00
crore fundbased bank facilities (enhanced from INR9.75 crore) of
Tirupati Steel Enterprises.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund-Based Limits      13.00      [ICRA]B; reaffirmed
   (Cash Credit)

The assigned rating takes into consideration the long track record
of TSE's proprietor in the steel business and TSE's consistent
growth in turnover in recent years, supported by regular business
from Steel Authority of India Limited under a memorandum of
understanding (MoU). However, the rating is constrained by TSE's
adverse financial risk profile, with a high gearing and depressed
levels of coverage indicators in 2012-13; low operating
profitability inherent in the steel trading business on account of
low value addition; its moderate scale of operations at present
and the cyclicality associated with the steel industry, which is
likely to keep it's profitability and cash flows volatile.

TSE was started as a proprietorship firm in 1990 by the Raipur
based Garg family, which is headed by Mr. Shambhudayal Garg. The
operations of the firm are managed by his son Mr. Abhishek Garg.
The firm is involved in trading of various steel products
including channels, angels, plates and sheets. The firm is an
authorised agent for selling various steel products of SAIL, for
which it has singed an exclusive MoU with the latter.

Recent Results

In 2012-13, as per the audited financial statements, TSE reported
an operating income of INR48.99 crore and a net profit of INR0.35
crore as compared to an operating income of INR45.50 crore and a
net profit of INR0.33 crore in 2011-12. During the first six
months in 2013-14, the company reported an operating income of
INR28.86 crore and a profit before tax of INR0.42 crore.


VIROO MAL: CRISIL Reaffirms 'B' Rating on INR480MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Viroo Mal Mulkh Raj
Jain Rice Mills continue to reflect the firm's weak financial risk
profile, marked by high total outside liability to total net worth
(TOLTNW) ratio, a small net worth, and weak debt protection
metrics. The ratings also factor in the firm's susceptibility to
regulatory changes and to vagaries of the monsoons, along with
small scale of operations in the highly fragmented rice industry.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the rice industry, and benefits
expected from healthy demand prospects for the rice industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             213.4     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        6.6     CRISIL B/Stable (Reaffirmed)

   Term Loan                23.4     CRISIL B/Stable (Reaffirmed)

   Warehouse Financing     200       CRISIL A4 (Reaffirmed)

    Cash Credit            236.6     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Viroo Mills' financial risk profile will be
constrained by its large working capital requirement over the
medium term. However, the firm will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if Viroo Mills' financial risk profile
improves, with a capital infusion from the promoters, or improved
working capital management. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile deteriorates,
primarily due to sizeable debt-funded capital expenditure (capex);
or its operating margin declines, leading to deterioration in its
debt protection metrics.

Viroo Mills was originally set up as a proprietorship by Mr.
Gulshan Jain in 2003; the firm was reconstituted as a partnership
in July 2012. Viroo Mills processes and trades rice.

Viroo Mills provisionally reported a profit after tax (PAT) of
INR4.3 million on net sales of INR      831 million for 2012-13
(refers to financial year, April 1 to March 31), vis-a-vis a PAT
of INR2.2 million on net sales of INR504 million for 2011-12.


WIANXX IMPEX: ICRA Reaffirms 'B-' Rating on INR49cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR49 crore fund-
based bank-facilities of Wianxx Impex Private Limited at [ICRA]B-.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based bank      49.00        [ICRA]B- reaffirmed
   facilities:
   Term Loans

The rating-reaffirmation factors in the continued operational risk
that the company faces in light of delay in full-launch of its
mall cum multiplex cum hotel property. While the company entered
into firm lease agreements for additional ~30,000 sq. ft. area in
the mall besides entering into LOIs (letters of intent) for ~1.11
lakh sq. ft. area, it is yet to tie-up tenants for ~40% area in
the mall which will be critical for ensuring healthy footfalls and
providing assured returns to customers covered under the scheme.
The risk is exacerbated given that some of the initial sale deeds
have got cancelled in the past one year, increasing liability in
the form of refund of advances taken earlier, for the company.

Intense competition with several malls operating in proximity and
subdued demand for hotels in the area further enhance the
marketing risk for the property. Further, the repayments on second
and third tranches of the LRD (lease-rental discounting) loans
availed by the company have already commenced while the
corresponding lease rentals are yet to commence, which has made
the company reliant on funding from other sources and promoters
for debt-servicing till commencement of actual rentals from
tenants. Nevertheless, the rating continues to derive comfort from
company's tie-up with a large and reputed anchor tenant (Reliance
Fresh Limited) that has been operating in the mall for past more
than 15 months. Further the rating derives comfort from the
financial flexibility available to the company as a result of
availability of surplus saleable/leasable space.

In ICRA's view, the company's ability to sell/lease the balance
area in a timely manner; ensure early launch of the other stores
in the mall particularly Marks and Spencer and HDIL Entertainment
-- against rentals of which debt repayments have already
commenced; and mobilise funding at favourable terms for the hotel
portion, will be the key rating sensitivity.

Incorporated in 1995 by three brothers Mr. Rajeev Anand, Mr.
Sandeep Anand and Mr. Sanjeev Anand, Wianxx Impex Private Limited
(Wianxx) owns a mall cum hotel cum multiplex property in
Ghaziabad, Uttar Pradesh. The property has been set up on a 6.02-
acre land parcel that has been taken on a 90 years lease from
Uttar Pradesh State Industrial Development Corporation Limited
(UPSIDC), starting 2004.



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


MT. GOX: Allows Customers to Check Bitcoin Balances
---------------------------------------------------
Reuters reports that Mt. Gox Co. Ltd updated its website on
March 18 to allow customers to log in and verify their wallet, or
account, balance.

Reuters says the website, which went blank just over three weeks
ago, had previously posted occasional updates on Mt. Gox's civil
rehabilitation process -- a legal procedure that may allow Mt. Gox
to rebuild and pay back some of its creditors -- as well as a
warning that some spam or phishing emails purporting to be from
the exchange were in circulation.

Mt. Gox filed for bankruptcy protection in Japan on February 28,
saying it may have lost 850,000 bitcoins -- worth around $520
million at current prices -- to hackers.

A spokesperson reached via a helpline for Mt. Gox creditors
confirmed that Mt. Gox set up the log-in, based on the last
available data from the exchange's servers before they shut down,
Reuters relays.

According to the report, leaked information from various hacking
attacks on Mt. Gox servers and CEO Mark Karpeles' personal blog
and Reddit account have been released in recent weeks, and one
file purporting to be the company's internal database contained
malware that could steal bitcoins once downloaded.

Reuters adds that besides the log-in option, the Mt. Gox homepage
carried a statement in English and Japanese saying: "Please be
aware that confirming the balance on this site does not constitute
a filing of rehabilitation claims under the civil rehabilitation
procedure and note that the balance amounts shown on this site
should also not be considered an acknowledgment by Mt. Gox of the
amount of any rehabilitation claims of users."

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


MT. GOX: U.S. Recognition Hearing Set for April 1
-------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, in the United States, granted MtGox Co., Ltd.'s
application for provisional relief pursuant to Sections 105(a) and
1519(a)(1)-(3) of the U.S. Bankruptcy Code.

The hearing to consider Mt. Gox's motion to recognize its
bankruptcy proceeding before the Twentieth Civil Division of the
Tokyo District Court, in Japan, as the "foreign main proceeding"
will be held on April 1, 2014, at 1:30 p.m., to be continued, if
necessary, on April 2, at 9:30 a.m. (CST).

The Debtor has asked the U.S. Court to recognize that (i) Robert
Marie Mark Karpeles is duly appointed as Mt. Gox's "foreign
representative" as the term is defined in Section 101(24); (ii)
the Japan Proceeding as a "foreign main proceeding," which
includes an interim proceeding under a law relating to insolvency
or the adjustment of debts.

Mt. Gox's counsel, David W. Parham, Esq., at Baker & McKenzie LLP,
in Dallas, Texas, related that Mt. Gox is a Japanese corporation
formed in 2011.  It is, and always has been, located in Tokyo.
Since it was formed, and up to mid-February 2014, it was engaged
in the business of operating an online bitcoin exchange through
the website mtgox.com

Mr. Parham said the Chapter 15 case is being filed in an effort to
maximize recoveries to, and provide for an equitable distribution
of value among, all creditors.  The enjoining of certain ongoing
litigation to which Mt. Gox and its affiliates are parties in
conjunction with the protections afforded by the Japan Proceeding
is essential to this effort, Mr. Parham told the Court.

Mt. Gox has approximately JPY6.5 billion (US$63.9 million) in
liabilities and approximately JPY3.84 billion (US$37.7 million) of
assets at present. Mt. Gox has no secured debt.  Approximately 12%
of the equity in Mt. Gox is held by the developer of the initial
Mt. Gox software, Jed MacCaleb, with the remaining equity held by
Tibanne Co., Ltd., aka Tibanne KK, a Japanese corporation located
in Japan.

The Debtor is also represented by John Mitchell, Esq., at BAKER &
McKENZIE LLP, in Dallas, Texas; and Erin E. Broderick, Esq. --
erin.broderick@bakermckenzie.com -- at BAKER & McKENZIE LLP, in
Chicago, Illinois.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


KINGSLAND STATION: Ex-All Black in Court Over Bankruptcy
--------------------------------------------------------
Nikki Preston at The New Zealand Herald reports that a failed
property developer and former All Black has been charged with
running businesses while bankrupt.

According to the report, Christopher (Kit) Fawcett of Hamilton,
who played two test matches for the All Blacks in 1976, faces two
charges of breaching the Insolvency Act after an investigation by
the Ministry of Business, Innovation and Employment into his
involvement in the running of a business without consent.

The Herald relates that the ministry's insolvency and trustee
service national manager, Robyn Cox, said the Official Assignee
last October laid two charges against Mr. Fawcett.

One alleges he ran a business between October 1, 2011, and October
1 last year, and the other that he ran a business between May 7,
2012, and April 9 last year, the Herald relates.

His next court appearance is set for March 25 in the Hamilton
District Court, the report notes.

The Herald understands one of the businesses Mr. Fawcett is
alleged to have been involved in managing while bankrupt was
Kingsland Station Ltd.

The company, which owned an apartment block in Sandringham Rd in
the inner Auckland suburb of Kingsland, was put into receivership
in April last year after defaulting on two mortgages worth NZ$2.13
million, according to the Herald.

The Herald notes that Mr. Fawcett was declared bankrupt on
September 14, 2010, over an outstanding NZ$1.34 million debt to
the Southland Building Society for money borrowed on a failed
subdivision, the Tairua Palms Estate in the Coromandel.

A person declared bankrupt is not allowed to be involved in the
direct management of a company without permission from the
Official Assignee or the court, the report adds.



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


PHILIPPINE NATIONAL: S&P Affirms 'B+' Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on Philippine National Bank (PNB) to positive from
stable.  At the same time, S&P affirmed its 'B+' long-term and 'B'
short-term counterparty credit ratings on the bank.  S&P also
affirmed its 'axBB' long-term and 'axB' short-term ASEAN regional
scale rating on the bank.

"The outlook revision reflects gradual improvements in PNB's asset
quality, underpinned by more stringent credit underwriting
standards, and the bank's capital strengthening from a recent
equity injection," said Standard & Poor's credit analyst Chris M.
Lee.

The affirmed ratings reflect the bank's weak asset quality by
domestic and international standards, despite recent improvements.
As of the end of September 2013, the bank's nonperforming assets
(NPA, including nonperforming loans, foreclosed assets, and
restructured loans) has fallen to 9.98% of total loans from 16.9%
in 2011, but that level remains weaker than the industry average
of 5.6%.

"PNB's merger with Allied Banking Corp. (Allied Bank) in February
2013 also helped PNB improve its NPA ratio because Allied Bank's
loan quality was better than PNB's," said Mr. Lee.

This merger, along with a capital injection of Philippine peso
11.6 billion in February 2014, boosted capitalization, which may
provide some buffer for the bank against bad assets.

The positive outlook on PNB reflects S&P's expectation that the
bank's asset quality could keep improving, given the bank's effort
to improve its underwriting standard.  However, PNB's pursuit of
higher loan growth after its merger with Allied Bank could test
the capabilities of its risk management infrastructure.  In
addition, S&P also expects such growth to gradually reverse the
improved capitalization.

Standard & Poor's may raise the ratings on PNB if the bank
continues to improve its asset quality and associated credit
costs.  An indication of this is the bank's NPA ratio remaining
below 9% for the next 12-18 months, underpinned by better risk
management.

S&P may revise the outlook to stable if the bank's asset quality
weakens again, either because of aggressive growth or any weakness
in underwriting standards, leading to higher credit losses.



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


* 25% of Listed Korean Companies Facing Insolvency Risk
-------------------------------------------------------
BusinessKorea reports that approximately one-fourth of listed
Korean companies are on the brink of insolvency.

BusinessKorea says consulting firm AlixPartners held a press
conference on March 4 at the Westin Chosun Hotel in Seoul, saying
that about 17 percent of the 1,600 or so companies it examined
corresponded to On-Alert or a worse condition as of the end of the
third quarter of 2013.  AlixPartners used its own Corporate
Distress Index, which considers the financial and stock price data
of corporate entities, to obtain the analysis result, the report
notes.

In particular, 9 percent of the surveyed companies were given a
High Risk mark, which implies that they are likely to go under
within the next three quarters, according to the report. Twenty-
six percent of the Korean corporations, in the meantime, were
regarded Risky. The percentage dropped by just one percentage
point when compared to the last quarter of 2012.

"It cannot be denied that most Korean corporations are focusing on
their liquidity and bond redemption, rather than future value, in
moving ahead with corporate restructuring," the report quotes
Jeong Yeong-hwan, representative of the Korean office of the
consulting firm, as saying. He continued, "Such pursuit can bring
just temporary effects and cannot lead to an improvement of their
fundamentals, which, in turn, result in the repetition of
insolvency in the long term."

Thirty-three percent of the companies in the shipbuilding and
maritime transport industries were exposed to insolvency risk,
along with 31 percent in the financial sector, 18 percent in
construction and real estate, 15 percent in heavy machinery
manufacturing, and 14 percent in culture and leisure, relays
BusinessKorea.

Besides, Korea recorded a higher distress index average than Japan
and Singapore. Its average was 9 percent, whereas those of
Singapore and Japan were 2 percent each. The power generation
industry of Japan, which was greatly affected by the Sendai
Earthquake of 2011, and the IT sector of Singapore were regarded
as particularly risky, the report notes.



===========
T A I W A N
===========


TAIWAN HIGH SPEED: Likely to Go Bankrupt By End of 2014
-------------------------------------------------------
Shelley Shan at Taipei Times reports that Minister of
Transportation and Communications Yeh Kuang-shih on March 17 said
that the Taiwan High Speed Rail Corp (THSRC) is likely to go
bankrupt by the end of this year if it does not resolve its
financial problems quickly.

Mr. Yeh made the comments at a meeting of the legislature's
Transportation Committee, where lawmakers were set to review draft
amendments to the Mass Rapid Transit Act, Taipei Time says.

Taipei Times relates that the THSRC board voted Tony Fan in as its
new chairman last week and named former Uni Air chairman James
Jeng as chief executive.

"The chairman will be in charge of solving the financial problems,
whereas the CEO will oversee the daily operation of the high-speed
rail system," the report quotes Mr. Yeh as saying. "The company
would file for bankruptcy if its financial problems are not solved
by the end of this year."

According to the report, Mr. Yeh also said that the company was
asked to submit within three months a proposal to improve its
financial situation, including plans to reduce capital and extend
its concession period.

The company has NT$105.3 billion (US$3.47 billion) in capital and
accumulated losses of NT$53 billion, Taipei Times discloses.
During construction, the company issued preferred shares valued at
NT$40 billion, the report says. The losses made the company unable
to pay the dividends, causing shareholders to sue for payment.
With some suits successful, THSRC and the ministry are concerned
regarding potential collective action from shareholders demanding
dividend payment or redeeming the stocks, worsening the financial
situation, according to the report.

To write off the losses, shareholders must be willing to reduce
the capital by 50 percent, with Mr. Yeh saying that the five
original shareholders have agreed to do so, Taipei Times notes.

                           About THSRC

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***