TCRAP_Public/140424.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, April 24, 2014, Vol. 17, No. 80


                            Headlines


A U S T R A L I A

FIVE ISLANDS: Recreation Club Placed in Voluntary Administration
MIRABELLA NICKEL: Creditors Release $10MM Loan for Brazil Mine
TOM BROWNE: Receivers Seek Buyers For Business, Assets


C H I N A

HIDILI INDUSTRY: S&P Lowers CCR to 'CCC'; Outlook Negative
LDK SOLAR: Requests Review of NYSE Regulation's Decision
RENHE COMMERCIAL: Moody's Cuts CFR & Senior Debt Rating to Caa3
* CHINA: Bad-Loan Ratio Rises 'Significantly,' Huarong Says


I N D I A

AARAY GLOBAL: CRISIL Cuts Rating on INR180MM Loans to 'D'
ADITYA AGRO: ICRA Reaffirms 'B' Rating on INR15cr Loans
AVANI TEXTILES: CRISIL Reaffirms 'D' Rating on INR1.12BB Loans
BHAGATPUR TEA: ICRA Upgrades Rating on INR6.50cr Loans to 'B'
CHANDRIKA DAIRY: CRISIL Cuts Rating on INR220MM Loans to 'D'

CHOKSHI TEXLEN: ICRA Reaffirms 'B+' Rating on INR8.57cr Loans
DARJEELING CEMENTS: CRISIL Ups Rating on INR69.8MM Loans to 'C'
DHARANIDARA SPINNING: ICRA Suspends 'C+' Rating on INR4.51cr Loan
EMCO PRESSMASTER: CRISIL Raises Rating on INR30MM Loan to 'B+'
GWASF QUALITY: ICRA Suspends 'B+' Rating on INR9.50cr Loans

HOLY FAITH: CRISIL Downgrades Rating on INR90MM Loans to 'D'
J.C. BROTHERS: CRISIL Reaffirms 'B-' Rating on INR50MM Loan
JAJOO SURGICALS: ICRA Assigns 'B+' Rating to INR5.50cr Loans
JSR Developers: CRISIL Ups Rating on INR90MM Term Loan to 'B'
LASER FIBERS: ICRA Reaffirms 'B' Rating on INR5.51cr Loans

LASER FILAMENT: ICRA Reaffirms 'B' Rating on INR8.0cr Loan
MANGAL CHAND: CRISIL Reaffirms 'B+' Rating on INR95MM Loans
MEGHA PLAST: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
MERCURYMINDS TECH: CRISIL Reaffirms B Rating on INR30MM Loans
NEZONE PIPES: ICRA Reaffirms 'B' Rating on INR34.95cr Loans

NTL STEELS: ICRA Reaffirms 'B' Rating on INR24.4cr Loans
PURITA WATER: ICRA Assigns 'D' Rating to INR13cr Loans
R. B. CHAVAN: CRISIL Assigns 'B+' Rating to INR120MM Loans
RAJSHREE SUGARS: ICRA Cuts Rating on INR619.82cr Loans to 'B'
REI AGRO: Fitch Affirms 'B+' IDR & Revises Outlook to Stable

SHASHI SIDNAL: ICRA Suspends 'B-' Rating on INR13c Loans
SHREE RAM: CRISIL Raises Rating on INR155MM Loans to 'B+'
SILPA PROJECTS: CRISIL Ups Rating on INR343MM Loans to 'B-'
SRI KRISHNA: ICRA Reaffirms 'B' Rating on INR15cr Loans
SRI RAMALINGESWARA: ICRA Reaffirms 'B+' Rating on INR15cr Loans

SRI VAISHNAVI: CRISIL Cuts Rating on INR246.2MM Loans to 'C'
SRUTI FILATEX: ICRA Reaffirms 'B+' Rating on INR13.38cr Loans
TRIDENT SUGARS: ICRA Cuts Rating on INR41.95cr Loans to 'B(SO)'
UDAY VIJAY: CRISIL Reaffirms 'B+' Rating on INR75.9MM Loans
VERSATILE ALUCAST: ICRA Assigns 'D' Rating to INR11cr Loans

VINISHMA TECHNOLOGIES: ICRA Assigns 'B' Rating to INR20cr Loans
XMOLD POLYMERS: ICRA Reaffirms 'B+' Rating on INR7.71cr Loans


J A P A N

TOKYO ELECTRIC: Four Banks to Resume JPY65 Billion Loans


S O U T H  K O R E A

KT CORPORATION: To Shed 26% of Workforce


                            - - - - -


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


FIVE ISLANDS: Recreation Club Placed in Voluntary Administration
----------------------------------------------------------------
ABC News reports that the Five Islands recreation club, previously
trading as Speers Point RSL, was placed in voluntary
administration due to mounting debts.

An unsuccessful court case in 2012, which left it with huge legal
bills, has contributed to its ongoing cash flow problems, the
report says.

ABC relates that the Supreme Court found the licensed club did not
have title to three blocks of adjacent land.

Administrator Graeme Beattie -- gbeattie@moorestephens.com.au --
has not yet disclosed the number of creditors or how much they are
owed, according to the report.

Club management is hopeful it can survive its difficulties so
existing staff can be retained, the report adds.


MIRABELLA NICKEL: Creditors Release $10MM Loan for Brazil Mine
--------------------------------------------------------------
Brett Cole at Business Spectator reports that creditors that now
control the fate of Mirabella Nickel have agreed to release the
final US$10 million of a US$45 million loan so the distressed
miner can continue to operate its mine in Brazil.

The news comes as the miner works toward a recapitalisation plan
that will see the company's note holders bolster their control by
June, Data Room has discovered, the report relates.

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometres
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

Martin Madden, Clifford Rocke, and David Winterbottom of
KordaMentha have been appointed as Joint and Several Voluntary
Administrators by resolution of the Board of Directors on
Feb. 25, 2014. The appointment of Joint and Several Voluntary
Administrators is an important and necessary mechanic in
progressing the Proposed Recapitalisation.


TOM BROWNE: Receivers Seek Buyers For Business, Assets
------------------------------------------------------
Eloise Keating at SmartCompany reports that McGrathNicol is
seeking urgent expressions of interest for the sale of the assets
and business of Tom Browne Drilling Services Pty Ltd.

Deloitte partners Vaughan Neil Strawbridge and Salvatore Algeri
were appointed as administrators of Tom Browne Drilling Services
on April 14.  On the same day, Shaun Robert Fraser --
sfraser@mcgrathnicol.com -- and Jason Preston --
jpreston@mcgrathnicol.com -- from McGrathNicol were appointed as
receivers and managers of the company by its secured creditor.

A spokesperson for Deloitte told SmartCompany that the
administrators are "continuing their investigations into the
affairs of the company and will share their findings with
creditors early next month."

Tom Browne Drilling Services is a New South Wales-based mining
services company.  The company was established by Browne in 2005
and employs approximately 75 people in Dubbo and Mt Isa in
Queensland. Mr. Browne is the former owner of Pontil Drilling,
which he found in 1976 and sold in the 1990s.



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


HIDILI INDUSTRY: S&P Lowers CCR to 'CCC'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Hidili Industry International Development Ltd. to
'CCC' from 'CCC+'.  The outlook is negative.

S&P also lowered the rating on the company's senior unsecured
notes to 'CCC-' from 'CCC'.  Simultaneously, S&P lowered its long-
term Greater China regional scale rating on Hidili to 'cnCCC' from
'cnCCC+', and that on the notes to 'cnCCC-' from 'cnCCC'.

The downgrade of Hidili reflects S&P's view of a heightened
refinancing risk as the company has Chinese renminbi (RMB) 5.3
billion in short-term debt due within 2014, compared with only
RMB1.2 billion in cash as of the end of 2013.

"As the operating environment remains challenging and the domestic
funding environment is still tight, we believe the financing
channel available to Hidili is limited," said Standard & Poor's
credit analyst Jian Cheng.  "Unless the coal business market and
the financial environment significantly improve, we assess that
Hidili has a one-in-two likelihood of default within the next 12
months."

S&P assess Hidili's liquidity position as "weak" because of its
poor operating performance with negative EBITDA generation and
pressure from its very large short-term debt maturity.  Although
the company just renewed a RMB1-billion bank facility in the first
quarter of 2014 to refinance part of the short-term debt, S&P
believes the funding channels available to the company may be
limited because domestic banks are cutting exposure to the coal
industry after subdued performance.

Hidili may continue to sell assets to alleviate its liquidity
pressure.  However, given the difficult operating environment for
the coal industry currently, it is highly uncertain when the
company can sell assets and how much it can get from the sales.
The company sold a 50% equity interest in Yunnan Hidili for RMB2.4
billion in 2013.

"We continue to expect a weak operating environment for coal
producers in 2014, and coal price will remain subdued.  Our base-
case assumption on Hidili incorporated a total gross sales volume
of about 1.1 million tons.  It reflects our view that the company
could restructure both Sichuan and Guizhou mines after
consolidation," Mr. Cheng said.

The negative outlook reflects S&P's view that Hidili's already
"weak" liquidity position is likely to deteriorate further with
materially weakening operating cash flow from coal mining
operations.  The outlook also reflects the company's limited
refinancing options under the current difficult funding
environment.

S&P may lower the rating if it assess that the company may: (1)
fail to roll over its short-term bank loans, such that there is a
high likelihood Hidili will miss an interest payment within six
months; or (2) fall into technical default, which would lead to
accelerated payment of outstanding bonds.

S&P may revise the outlook to stable if it believes the company
can: (1) generate sufficient cash flow from operations to meet its
interest payments; and (2) obtain new funding sources or sell
assets to repay its debt.


LDK SOLAR: Requests Review of NYSE Regulation's Decision
--------------------------------------------------------
LDK Solar Co., Ltd. in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu -- tammy.fu@zolfocooper.ky --and
Eleanor Fisher -- eleanor.fisher@zolfocooper.ky -- both of Zolfo
Cooper (Cayman) Limited, disclosed that LDK Solar has requested a
review of the decision made on March 31, 2014 by the Staff of NYSE
Regulation, Inc. to suspend trading in the Company's American
depositary shares on the New York Stock Exchange and to commence
delisting proceedings.  A date will now be set for a hearing
before a Committee of the Board of Directors of NYSE Regulation.

In its hearing request, LDK Solar made several arguments why LDK
Solar should remain listed, including that a listing decision
should not be made until LDK Solar completes its on-going
restructuring efforts.

LDK Solar will provide a further update following receipt of the
Committee's final decision, which is expected within the next 60-
120 days.

The Company's ADSs are currently trading on the OTCQB market under
the symbol "LDKSY" while trading is suspended on the NYSE.  No
action will be taken by NYSE Regulation to delist the Company's
securities from the NYSE pending the outcome of the hearing, while
trading on the NYSE will remain suspended until the Committee
issues its decision.

LDK Solar Co., Ltd. in provisional liquidation is a leading
vertically integrated manufacturer of photovoltaic (PV) products.
LDK Solar, through its operating subsidiaries, manufactures
polysilicon, mono and multicrystalline ingots, wafers, cells,
modules, systems, power projects and solutions. L DK Solar's
principal manufacturing facilities are located in Hi-Tech
Industrial Park, Xinyu City, Jiangxi Province in the People's
Republic of China.  LDK Solar's subsidiary office in the United
States is located in Sunnyvale, California.


RENHE COMMERCIAL: Moody's Cuts CFR & Senior Debt Rating to Caa3
---------------------------------------------------------------
Moody's Investors Service has downgraded Renhe Commercial Holdings
Company Limited's corporate family and senior unsecured debt
ratings to Caa3 from Caa1.

The outlook on the ratings remains negative.

Ratings Rationale

"The downgrade has been prompted by our expectation that Renhe
will be exposed to a higher level of debt refinancing risk in the
next 12-18 months, as its maturing debt will increase against the
backdrop of slower economic growth and a tight credit environment
in China," says Lina Choi, a Moody's Vice President and Senior
Analyst.

Renhe will see the first tranche of its US dollar bonds, amounting
to $300 million (RMB1.9 billion), coming due in May 2015. This
repayment is way above the company's cash on hand of RMB1.28
billion at end-December 2013 and the operating cash flow it will
receive from rental income over the next 12 months.

The uncertainty over the refinancing comes from the company's weak
performance over the last two fiscal years. Over the past two
years its revenue remained low at about RMB0.5 billion for each of
2012 and 2013. In addition, it saw a write-off about RMB0.5
billion on its accounts receivable in 2013.

The company plans to recover about RMB0.7 billion in 2014 from its
accounts receivable of RMB1.5 billion that have been overdue for
more than one year. Even if successful, the cash receipts will
only barely cover part of its overheads, interest payments and
development costs.

"We expect that restrictions on ownership transfer for most of
Renhe's products will remain an obstacle for the company to raise
large amounts of funding in a short period of time to address the
repayment of the $300 million bonds," adds Choi, also the Lead
Analyst for Renhe.

Renhe has adopted a business model of developing and operating
underground shopping centers that can also function as civilian
air defense shelters. This model does not entail any land
payments, but does impose restrictions on ownership transfer. As
of December 2013, the company operated and managed 22 malls in 16
cities in China.

The lack of title deeds, the time taken to season its shopping
centers and difficult access to bank credit for potential buyers
who are small-and-medium-sized enterprises, have contributed to
the company's weak sales. Moody's believes that these challenging
conditions will remain unchanged over the next 12 months.

"Unless it receives a new equity injection or substantial cash
from the successful disposal of some of its key assets, the
default risk on the $300 million bonds is high. If a default
occurs, we expect bond holders will recover less than the par
value of the bonds, which is consistent with the Caa3 rating
level," says Choi.

In the event that the company defaults on the bonds, Moody's
believes that the shopping centers would fetch values at material
discounts relative to their book values, due to the restrictions
on ownership transfer.

The negative outlook reflects Renhe's weak liquidity position and
the high likelihood that it will default on the bond repayments,
which would result in loss for the bond holders.

The ratings could be further downgraded if Renhe fails to meet its
debt obligations.

Upgrade pressure is unlikely in the near term, unless the company
shows improvement in its sales performance, and is able to obtain
sufficient committed funding to address the repayment of the $300
million bonds.

Renhe Commercial Holdings Company Limited's ratings were assigned
by evaluating factors that Moody's considers relevant to the
credit profile of the issuer, such as the company's (i) business
risk and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
Renhe Commercial Holdings Company Limited's core industry and
believes Renhe Commercial Holdings Company Limited's ratings are
comparable to those of other issuers with similar credit risk.

Renhe Commercial Holdings Company Limited specializes in the
development and commercial operation of underground shopping
centers that can also function as civilian air defense shelters.
The company was listed on the Hong Kong Stock Exchange in October
2008. Mrs. Xiuli Hawken is the largest shareholder, with a 48.49%
stake. Mr. Dai Yongge, Mrs. Hawken's brother, is the chairman and
CEO.


* CHINA: Bad-Loan Ratio Rises 'Significantly,' Huarong Says
-----------------------------------------------------------
Bloomberg News reports that China's bad-loan ratio rose
"significantly" in the first quarter, increasing risks for the
nation's banking industry, according to the nation's largest
manager of soured debt.

The business environment this year has been "grim and complicated"
as lenders face pressures on asset quality, liquidity and lending
margins, China Huarong Asset Management Co. Chairman Lai Xiaomin
said during an internal meeting on April 15, Bloomberg News
relates citing a statement on the website of the Beijing-based
company.

China's slowing economy has made it tougher for borrowers to repay
debt, driving up banks' sour loans for a ninth straight quarter as
of December to the highest level since 2008, data from the banking
regulator show, Bloomberg Newsrelays.  New nonperforming loans
amounted to more than 60 billion yuan ($9.6 billion) in the first
two months of this year, compared with 100 billion yuan for all of
2013, China Business News reported on April 9, citing people it
didn't identify, according to Bloomberg News.

"The economic indicators we've seen so far are quite disappointing
and repayment risks are rising across sectors from property to
small businesses due to weak demand," Rainy Yuan, a Shanghai-based
analyst at Masterlink Securities Corp., told Bloomberg News.
"Banks will be hit in such an operating environment but managers
of bad assets like Huarong and China Cinda Asset Management Co.
stand to benefit" because they can accumulate more sour loans, she
said.



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


AARAY GLOBAL: CRISIL Cuts Rating on INR180MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Aaray Global Resources Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            10        CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

   Letter of Credit      170        CRISIL D (Downgraded from
                                    'CRISIL A4+')

The rating downgrade reflects instances of delay by AGRPL in
servicing its debt obligation leading to devolvement in Letter of
Credit which remained unpaid for more than a month; the
devolvement has been caused by the company's weak liquidity.
AGRPL's weak liquidity is driven by foreign exchange losses.

AGRPL has a modest scale of operations in the intensely
competitive coal trading segment and the company is also exposed
to the supply side risks. Its margins are also vulnerable to
fluctuation in foreign exchange rate. However, AGRPL benefits from
the healthy demand prospects for imported non-coking coal in
India.

Incorporated in 2005, AGRPL trades in non-coking coal. The day-to-
day operations of the company are managed by Mr. Asokan and his
son, Mr. Balaji Asokan.

AGRPL posted a provisional profit after tax (PAT) of INR8.3
million on net sales of INR526 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.2
million on net sales of INR326 billion for 2010-11.


ADITYA AGRO: ICRA Reaffirms 'B' Rating on INR15cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B to INR15.00
crore bank facilities (enhanced from INR10.00 crore) of Aditya
Agro Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits    13.00        [ICRA]B reaffirmed
   Term Loans            1.48        [ICRA]B reaffirmed
   Unallocated           0.52        [ICRA]B reaffirmed

The rating reaffirmation takes into consideration the weak
financial risk profile of the firm characterized by high gearing
levels, low profitability & coverage indicators and risks inherent
in partnership nature of firm. Further, ICRA's rating continues to
be constrained by intensely competitive nature of rice industry
with presence of several small-scale players which increases the
pressure on the profitability margins. This apart, the rating is
also constrained by the susceptibility of profitability & revenues
to agro-climatic risks which impacts the availability of paddy in
adverse weather conditions. The rating however take comfort from
the long track record of the promoters in the rice mill business
along with the presence of the rice mill in major rice growing
area resulting in easy availability of paddy and favorable demand
prospects for rice with India being the second largest producer
and consumer of rice internationally.

Founded in the year 2009 as a partnership firm, Aditya Agro Foods
is engaged in milling of paddy and produces raw rice and boiled
rice. The firm is promoted by Mr. T. Rajendra Reddy and his family
who have long experience in the rice milling industry. The rice
mill is located near Mutchumilli village in East Godavari district
of Andhra Pradesh. The installed production capacity of the rice
mill is 43200 metric tons per annum.

Recent Results
For FY2013, the firm reported an operating income of INR43.57
crore and PAT of INR0.09 crore as against operating income of
INR18.38 crore and PAT of INR0.04 crore in FY2012.


AVANI TEXTILES: CRISIL Reaffirms 'D' Rating on INR1.12BB Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Avani Textiles Ltd
continues to reflect delays by ATL in meeting the interest
obligations on its term debt; the delays have been caused by the
company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           491        CRISIL D (Reaffirmed)
   Term Loan             630        CRISIL D (Reaffirmed)

ATL also has a weak financial risk profile, marked by high gearing
and weak debt protection metrics, and working-capital-intensive
operations. Moreover, its operating margin is vulnerable to
volatility in raw material prices. Also, the company has a limited
track record in the intensely competitive cotton yarn industry.
However, ATL benefits from its moderate scale of operations and
operating margin.

Update
ATL's operating income is estimated to have remained stagnant at
around INR2.9 billion in 2013-14 (refers to financial year,
April 1 to March 31). The company's operating margin is estimated
to have remained around 10 per cent in 2013-14, in line with that
in 2012-13.

The company's operations are working-capital-intensive, as
reflected in its estimated gross current assets (GCAs) of around
118 days as on March 31, 2014; the GCA days were at a similar
level in the past. The large GCAs emanate from the company's
inventory of around 99 days and receivables of 22 days. As a
result, the company's bank limit utilisation is high, and averaged
95 per cent over the 12 months through December 2013.

ATL's gearing was high, estimated at 3.5 times as on March 31,
2014. Its interest coverage ratio and net cash accruals to total
debt ratio are estimated at 1.6 times and 0.07 times,
respectively, in 2013-14. The company's financial risk profile is
expected to remain weak over the medium term, driven by dependence
on external debt to fund working capital and capital expenditure
requirements.

ATL, incorporated in August 2006, is promoted by the Jindal and
Goyal families of Sangrur (Punjab). The company manufactures
cotton yarn at its production unit in Sangrur.

ATL reported a profit after tax (PAT) of INR52.3 million on net
sales of INR2.9 billion for 2012-13, against a net loss of
INR225.6 million on net sales of INR2.9 billion for 2011-12.


BHAGATPUR TEA: ICRA Upgrades Rating on INR6.50cr Loans to 'B'
-------------------------------------------------------------
ICRA has revised upwards the rating of the INR1.06 crore term loan
and INR5.44 crore fund based bank limits of Bhagatpur Tea Company
Limited from [ICRA]B- to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            1.06         Upgraded to [ICRA]B
   Fund Based Limits-
   Cash credit           5.44         Upgraded to [ICRA]B

The revision in the long term rating factors in the increase in
bulk tea prices, which coupled with higher production had resulted
in an increase in the profit and cash accruals of the company
during FY13 and with firm tea prices the trend is likely to
sustain during FY2014.The rating, however, also takes into account
BTCL's small scale of operations at present, its adverse financial
risk profile as reflected by a high gearing level of around 3.07
times as on 31st March, 2013, a single garden located in
Jalpaiguri district of West Bengal that accentuates the agro
climatic risks associated with tea, and the inherent cyclicality
in the tea industry that leads to variability in profitability and
cash flows of players, including BTCL. ICRA notes that BTCL was
making losses till FY08, which has resulted in a low net worth, a
significant portion of which consist of share application money.
The rating also notes the experience of the promoters in the tea
industry and the favourable price outlook of the domestic bulk tea
industry that is likely to be sustained at least over the short to
medium term. However, any moderation in tea prices going forward
could exert pressure on operating margins given the increase in
input costs, of agro-chemicals and fuel, and expected wage rate
hike in recent years.

BTCL was acquired by the present management in October 2000 from
the erstwhile promoters. BTCL has a tea garden in the Jalpaiguri
district of West Bengal, with a total area of around 632 hectares
under plantation. The total production capacity of BTCL is around
20 lakh kg of tea.

Recent Results

During FY13, BTCL recorded a profit after tax (PAT) of INR1.63
crore on operating income of INR21.02 crore as against a PAT of
INR0.90 crore on operating income of INR18.38 crore in the
previous year (FY12)


CHANDRIKA DAIRY: CRISIL Cuts Rating on INR220MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Chandrika Dairy Industries Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         5         CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit          130         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Cash         23         CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B+/Stable')

   Proposed Long Term    24.5       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Proposed Long Term    37.5       CRISIL D (Downgraded from
   Bank Rupee Term Loan             'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by CDPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity. CDPL has weak liquidity because of its
large working capital requirements which is reflected by its fully
utilized bank lines. CRISIL believes that the company's liquidity
will remain weak over the medium term because of working capital
intensive operations dominated by its rising book debts.

CDPL continues to have below-average financial risk profile,
customer concentration in revenue profile and its susceptibility
to adverse regulatory changes and epidemic-related factors. The
ratings also reflect the company's stretched liquidity as a result
of increased working capital requirements with robust revenues
growth, while tying up of adequate funds has generally lagged the
growth. However, the company benefits from the extensive
experience of CDPL's promoters in the dairy industry.

CDPL was established as a proprietorship firm, Chandrika Dudh
Ghar, in 1962, which was reconstituted as a private limited
company with the present name in 2008. Based in Mehsana (Gujarat),
the company is managed by Mr. Kishanchandra Chandasingha Rao and
his son, Mr. Jayprakash Kishanchandra Rao. CDPL is mainly engaged
in production of pasteurised milk and concentrates on
institutional sales. The company also produces curd, butter,
buttermilk, milk based sweets and others, which are marketed under
the Chandrika brand.


CHOKSHI TEXLEN: ICRA Reaffirms 'B+' Rating on INR8.57cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR1.57 crore term loan facilities and INR7.00 crore cash
credit facilities of Chokshi Texlen Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term loan        1.57        [ICRA]B+ reaffirmed
   Long Term cash
   credit facility       7.00        [ICRA]B+ reaffirmed

The reaffirmation of ratings takes into consideration the weak
financial risk profile of the company as evident from the low net
profitability levels due to the limited value-additive nature of
the texturising activity, the high gearing levels, weak debt
coverage indicators and high working capital intensity of
operations. The ratings are further constrained by the
vulnerability of the company's profitability to the volatility in
raw material prices, as well as the cyclicality and the intense
competitive pressures inherent in the industry. The rating also
takes into account the high supplier concentration and the limited
bargaining power of the company with its suppliers.

The ratings, however, draw comfort from the long track record of
the promoters in the field of manufacturing and marketing of
texturised yarn and the long association of the company with
various customers, which strengthens its market position. The
ratings also take into consideration the diversification of
clientele of the company, leading to a reduced customer
concentration risk.

Chokshi Texlen Private Limited was incorporated in 1997 to acquire
an existing texturising unit in Surat for manufacturing crimp
yarn. The company initially began operations with only 2
texturisers and over the period has added 6 new texturising
machines. Each machine has an installed capacity of 1100 metres of
yarn per minute, though the aggregate installed capacity is
dependent on the denier configurations and the number of spindles
used on the machines.

Recent Results

In FY 2013, CTPL reported a profit after tax of INR0.21 crore on
operating income of INR39.57 crore. In FY 2012, CTPL reported a
profit after tax of INR0.09 crore on operating income of INR33.97
crore.


DARJEELING CEMENTS: CRISIL Ups Rating on INR69.8MM Loans to 'C'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Darjeeling Cements Ltd to 'CRISIL C' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            40        CRISIL C (Upgraded from
                                    'CRISIL D')

   Proposed Long Term      4.8      CRISIL C (Upgraded from
   Bank Loan Facility               'CRISIL D')

   Term Loan              25        CRISIL C (Upgraded from
                                    'CRISIL D')

The rating upgrade is based on DCL's timely servicing of its debt,
driven by a disciplined cash flow management and availability of
additional funds following a large one-time profit. A further
improvement in the company's liquidity, most likely through a
tighter control on its working capital cycle or infusion of long-
term funds by promoters, will be a key rating sensitivity factor.

The rating reflects DCL's small scale of operations, geographical
concentration in its revenue profile, and its weak financial risk
profile, marked by a small net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
company's established marketing network in the north-eastern
states of India and the extensive experience of its promoters in
the cement industry.

Incorporated in 1997 by four Siliguri (West Bengal)-based
businessmen, DCL is a closely held public limited company, which
manufactures portland pozzolana cement. In 2005, the company was
acquired by Mr. Ajay Kumar Gupta and his family. DCL sells its
products under the registered brand, Himali.

For 2012-13 (refers to financial year, April 1 to March 31), DCL
reported a profit after tax of INR13.3 million on revenue of
INR84.4 million, against a net loss of INR1.6 million on revenue
of INR138.5 million for 2011-12.


DHARANIDARA SPINNING: ICRA Suspends 'C+' Rating on INR4.51cr Loan
-----------------------------------------------------------------
ICRA has suspended the '[ICRA]C+' rating assigned to the INR4.51
crore fund based facilities of Dharanidara Spinning Mills Private
Limited. ICRA has also suspended the [ICRA]A4 rating outstanding
on INR2.00 crore fund based facilities and INR6.69 crore non-fund
based facilities of the Company. The [ICRA]C+ and [ICRA]A4 ratings
on the proposed INR4.80 crore facilities have also been suspended.
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.


EMCO PRESSMASTER: CRISIL Raises Rating on INR30MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Emco Pressmaster Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its short-term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)

   Cash Credit            30        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       10        CRISIL A4 (Reaffirmed)

The rating upgrade reflects EPPL's better-than-expected financial
risk profile driven by infusion of equity by promoters and better
than expected profitability leading to better-than-expected cash
accruals. EPPL's gearing is estimated to improve to 1.5 times as
on March 31, 2014 from 2.2 times as on March 31, 2012, driven by
equity infusion of INR5 million by promoters and improvement in
profit after tax margins to over 2.5 per cent in 2013-14 from 0.5
per cent in 2011-12. With no major capital expenditure plans and
sustained margins, CRISIL expects company to maintain its improved
financial risk profile over the medium term.

The rating continues to reflect EPPL's working capital intensive
and modest scale of operations with revenue concentration risk,
and susceptibility to slowdown in the end user industry. These
rating weaknesses are partly offset by the benefits that EPPL
derives from its promoters' extensive industry experience and its
established customer relationships.

Outlook: Stable

CRISIL believes EPPL will continue to benefit over the medium term
from its promoters' extensive experience in manufacturing machines
for the automotive industry, and its established relationships
with customers. The outlook may be revised to 'Positive' in case
of better-than expected scale of operations and profitability or
significantimprovementin its working capital cycle leading to
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case EPPL reports lower-than-expected
cash accruals or larger-than-expected working capital
requirements, leading to weak financial profile, particularly
liquidity.

EPPL, incorporated in 1990, manufactures sheet metal forming
machines, mainly power press machines that are used to manufacture
automobile components. The company's unit in Faridabad (Haryana)
assembles machinery of capacity from 10 tonnes to 1000 tonnes.
EPPL is managed by Mr. Manoj Manga and his wife, Mrs. Rupa Manga,
who have over 30 years of industry experience.


GWASF QUALITY: ICRA Suspends 'B+' Rating on INR9.50cr Loans
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to the INR9.50 crore fund based limits of GWASF Quality
Castings 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.


HOLY FAITH: CRISIL Downgrades Rating on INR90MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Holy Faith Builders and Developers Pvt Ltd (Holy Faith) to
'CRISIL D' from 'CRISIL BB+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan         30        CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Proposed Long Term     60        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Stable')

The rating downgrade reflects delays by Holy Faith in servicing
its term debt; the delays have been caused by the company's weak
liquidity.

Holy Faith is also exposed to risks related to geographical
concentration, small scale of operations, and susceptibility to
downtrends in the Indian real estate industry. However, the
company benefits from its promoter's extensive experience in real
estate development.

Incorporated in 2005 and promoted by Mr. Sany Francis, Holy Faith
is a Kerala-based real estate developer.


J.C. BROTHERS: CRISIL Reaffirms 'B-' Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of J.C. Brothers Projects Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        200        CRISIL A4
   Cash Credit            50        CRISIL B-/Stable

The ratings reflect JCB's below average financial risk profile,
its segmental and geographical concentration in revenues, and
susceptibility to risks related to fragmentation and intense
competition in the civil and infrastructure construction industry.
These rating weaknesses are partially offset by JCB's promoter's
extensive entrepreneurial experience.
Outlook: Stable

CRISIL believes that JCB will benefit over the medium term from
the entrepreneurial experience of its promoters. The outlook may
be revised to 'Positive' if the company diversifies and improves
its scale of operations substantially, leading to improvement in
its business risk profile. Conversely, the outlook may be revised
to 'Negative' in case its financial risk profile deteriorates
owing to reduced revenues and margins, or if the company
undertakes a large debt-funded capital expenditure programme, or
if there is a delay in receipt of bills from the principal
contractors leading to stretch in working capital cycle.

Set up in 2010 by Mr. Marri Janardhan Reddy and Mr. Marri Venkat
Reddy, JCB is engaged in civil and infrastructure construction.

For 2012-13 (refers to financial year, April 1 to March 31), JCB
reported a net loss of INR14.3 million on net sales of INR53.4
million.


JAJOO SURGICALS: ICRA Assigns 'B+' Rating to INR5.50cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.50
crore long-term fund based facilities of Jajoo Surgicals Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR2.50 crore short-term non-fund based facilities of the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Fund
   based-Term Loan        1.92        [ICRA]B+ assigned

   Long-term, Fund
   Based-Cash Credit      2.50        [ICRA]B+ assigned

   Long-term,
   Unallocated            1.08        [ICRA]B+ assigned

   Short-term, Non-
   fund based             2.50        [ICRA]A4 assigned

The assigned ratings take into account the promoters' experience
and operating track record of two decades in the medical
disposables industry; and tie-up with Investkonsult Sweden AB for
manufacturing hygiene products, which is expected to drive
operational synergies, going forward.

The ratings are, however, constrained by the moderate scale of
current operations; thin margins on account of a significant share
of traded goods sales; and the company's stretched financial
profile, given its low net worth base, high gearing and weak
coverage indicators. ICRA also notes the company's exposure to
foreign exchange risks due to unhedged import payables, although
exports provide natural hedge to some extent.

Incorporated in 1993 by the Jajoo family, JSPL is engaged in the
manufacturing and trading of medical and surgical disposables. The
company has a manufacturing facility at Dewas, Madhya Pradesh,
with an installed capacity of 55 tonnes per month. Apart from
manufacturing, the company also imports disposables from South
East Asian countries for supplying to the domestic market. The
company's customer profile comprises of various Governmental
organizations and private hospital chains in India. The company
also exports its products to African countries.

Recent results:
As per its audited results for FY 2012-13, JSPL reported a profit
after tax (PAT) of INR0.30 crore on an operating income of
INR16.20 crore.


JSR Developers: CRISIL Ups Rating on INR90MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
JSR Developers Pvt. Ltd (JSR) to 'CRISIL B/Stable' from 'CRISIL
D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              90        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects improvement in JSR's liquidity which
is expected to be sustained over the near to medium term. The
improvement in liquidity is attributed to the stabilisation of its
solar power plant's operations. As per its PPA with Madhya Pradesh
Power Management Company Limited (MPPMCL), the company generates
around INR24-25 lakhs per month from sale of power. It has
principal term debt obligations of INR7 lakhs per month. JSR has
been servicing its debt obligations in a timely manner over the
recent past.

The rating however continues to reflect JSR's modest scale of
operations in a highly fragmented industry and subdued financial
risk profile marked by a modest net worth and high gearing. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters and association with MPPMCL for sale
of power.

Outlook: Stable

CRISIL believes that JSR will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is significant
increase in JSR's scale of operations, while maintaining its
profitability margins and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in the company's revenues or profitability or
if its capital structure deteriorates on account of high working
capital requirements or a large debt funded capital expenditure.

JSR was incorporated in 2005 by Mr. Gyanendra Upadhayay. The
company currently operates a solar power plant in Indore. The
company also undertakes civil construction works primarily related
to roads and bridges in Madhya Pradesh. The power division is the
major contributor to the revenues of the company. The company's
registered office is in Indore, Madhya Pradesh.

JSR reported net loss of INR4.9 million on net sales of INR 21.1
million for 2012-13 (refers to financial year, April 1 to
March 31) against profit after tax of INR 1.6 million  in 2011-12
on net sales of INR 36.9 million.


LASER FIBERS: ICRA Reaffirms 'B' Rating on INR5.51cr Loans
----------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]B' to the
INR4.00 crore cash credit facility and to the INR1.51 crore term
loan facility (reduced from INR5.52 crore)of Laser Fibers Private
Limited.  ICRA has also assigned the short term rating of [ICRA]A4
to the INR0.50 crore non-fund based facilities of LFPL. ICRA has
also assigned both [ICRA]B and [ICRA]A4 to the INR3.51 crore
unallocated limits of the company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits-       1.51        [ICRA]B reaffirmed
   Term loan

   Fund based limits-       4.00        [ICRA]B reaffirmed
   Cash Credit

   Non Fund based limits-    0.50       [ICRA]A4 assigned
   Bank Guarantee

   Unallocated Amount        3.51       [ICRA]B/[ICRA]A4 assigned

The re-affirmed ratings continue to remain constrained by Laser
Fibers Private Limited's modest scale of operation in a highly
fragmented and competitive industry structure with low entry
barriers, which limits pricing flexibility. The ratings are
further constrained by the company's weak financial profile
characterized by thin profit margins, stretched capital structure,
weak debt protection metrics and tight liquidity profile as
reflected in high utilization of sanctioned bank limits. The
company's profit margins are vulnerable to price fluctuations in
primary raw material i.e. POY which is in turn pegged to crude oil
prices.

The ratings, however favourably factor in the long experience of
the promoters in the textile industry and the favourable location
of the company's manufacturing facility in Surat, resulting in
easy access to key raw materials and proximity to end users.

Laser Fibers Private Limited promoted by Mr. Murarilal L. Saraf
and Pawankumar L. Saraf was incorporated as a private limited
company in the year 2009 and commenced its operations in the year
2011. The company since inception is engaged in the business of
manufacturing polyester texturised yarn. LFBPL has its registered
office at Jash Textile Market in Surat, Gujarat and manufacturing
facility setup at Mangrol, near Surat, Gujarat with a total
installed capacity of 4000 MTPA.


LASER FILAMENT: ICRA Reaffirms 'B' Rating on INR8.0cr Loan
----------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B to the
INR8.00 crore cash credit facility of Laser Filament Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits-     8.00        [ICRA]B reaffirmed
   Cash Credit

   Fund based Sublimit   (2.00)       [ICRA]A4 reaffirmed
   of Cash Credit-
   PC cum FBP/FBD

   Unallocated Amount     1.11        [ICRA]B/[ICRA]A4 assigned

   Fund based limits-
   Term loan              1.11        [ICRA]B withdrawn

ICRA has re-affirmed the short term rating of [ICRA]A4 (pronounced
ICRA A four) to the INR2.00 crore fund based sublimit of cash
credit facilities of LFPL.

ICRA has also assigned both [ICRA]B and [ICRA]A4 to the INR1.11
crore unallocated limits of the company.

ICRA has withdrawn the [ICRA]B rating assigned to the INR1.11
crore term loan facility of LFPL, as there is no amount
outstanding against the rated instrument.

The re-affirmed ratings continue to remain constrained by Laser
Filament Private Limited's (LFPL) relatively moderate scale of
operation with a decline in revenue in FY13 owing to a sharp dip
in average sales realization resulting from the focus on lower
denier yarn. The ratings are further constrained by the company's
weak financial profile characterized by thin profit margins,
stretched capital structure, weak debt protection metrics and
tight liquidity profile as reflected in high utilization of
sanctioned bank limits. The company's profit margins are
vulnerable to price fluctuations in primary raw material i.e. POY
which is in turn pegged to crude oil prices. Margins are further
pressurized on account of the intensely competitive nature of the
yarn texturising business with low entry barriers limiting pricing
flexibility.

The ratings, however favourably factor in the long experience of
the promoters in the textile industry and the favourable location
of the company's manufacturing facility in Surat, resulting in
easy access to key raw materials and proximity to end users.

Laser Filament Private Limited started its business operation in
1990 as a partnership concern and was subsequently incorporated as
a private limited company in 2003. In 2007, the Ladhuram family
obtained a controlling stake from the previous promoters.
Subsequently, on June 8, 2007, Mr. Murarilal LaduramSaraf and Mr.
Pawan Kumar Laduram Saraf were appointed as new directors of the
company. The company is engaged in the business of manufacturing
polyester texturised yarn. It has a manufacturing facility at
Karanji in Mandvi Taluka near Surat, Gujarat with a total
installed capacity of 6000 MTPA and a registered office at Jash
Textile Market in Surat.

Recent Results:
LFPL has reported a profit of INR0.1crore on an operating income
of INR73.3 crore for the year ending 31st March 2013 and profit
before tax of INR0.4 crore on an operating income of INR31.4 crore
as on 30th September 2013.


MANGAL CHAND: CRISIL Reaffirms 'B+' Rating on INR95MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mangal Chand
Pawan Kumar continues to reflect MCPK's below-average financial
risk profile, marked by a modest net worth, an average total
outside liabilities to tangible net worth ratio, and a weak
interest coverage ratio, and its vulnerability to regulatory
changes in the sugar industry. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in the sugar-trading industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            75        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCPK will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves significantly, with a better in its net worth,
most likely on account of equity infusion. Conversely, the outlook
may be revised to 'Negative' if MCPK generates less-than-expected
cash accruals, driven by pressure on its revenue or profitability
or by an adverse effect of any regulatory changes in the sugar
industry.

MCPK, established as a partnership firm in 1970 by the late Mr.
Mangal Chand Agarwal, trades in sugar in West Bengal. The firm is
managed by his sons, Mr. Kailash Agarwal and Mr. Shiv Agarwal.

For 2012-13 (refers to financial year, April 1 to March 31), MCPK
reported a profit after tax (PAT) of INR1.6 million on net sales
of INR1260 million, against a PAT INR1.4 million on net sales of
INR990 million for 2011-12.


MEGHA PLAST: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Megha Plast
Private Limited continue to reflect MPPL's small scale and working
capital intensive nature of operations and susceptibility of
MPPL's profitability to volatility in raw material prices. These
rating strengths are partially offset by MPPL's promoter's
extensive experience in packaging industry and established
customer relationships, and moderate financial risk profile.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            70       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if company generates more
than expected revenue growth and profitability, while managing its
working capital efficiently, leading to better than expected debt
protection indicators. Conversely, the outlook may be revised to
'Negative' in case there is significant deterioration in its
profitability or elongation of its working capital cycle, or
larger than expected debt funded capital expenditure, leading to
deterioration in company's financial risk profile.

MPPL was established in 2002 and commenced operations in 2005. It
is promoted by Mr. Trilokchand Agrawal and his brother, Mr. Suresh
Agrawal; and the plant is being managed by Mr. Sohan Gupta
(director). MPPL manufactures Polypropylene (PP)/ High Density
yethylene (HDPE) bags for cement companies.


MERCURYMINDS TECH: CRISIL Reaffirms B Rating on INR30MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Mercuryminds
Technologies Private Limited continues to reflect the company's
modest scale of operations in the intensely competitive
information technology (IT) services business and its below-
average financial risk profile, marked by a small net worth. These
rating weaknesses are partially offset by the industry experience
of MTPL's promoters in the IT services segment.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Cash Credit             3.8      CRISIL B/Stable (Reaffirmed)
   Long Term Loan          3.5      CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     22.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTPL will continue to benefit over the medium
term from its healthy operating profitability and the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of significant improvement in the company's
scale of operations, resulting in improvement in its business risk
profile, while continuing to manage its working capital
requirements efficiently. Conversely, the outlook may be revised
to 'Negative' in case of decline in revenues and profitability, or
in case of substantial debt-funded capital expenditure, resulting
in deterioration in financial risk profile.

Incorporated in 2008 and based in Chennai (Tamil Nadu), MTPL
derives its revenues from provision of IT services in the fields
of e-commerce, m-commerce and social commerce. The company is
promoted by Mr. S Rajaram.

MTPL reported a net profit of INR1.1 million on net sales of
INR19.1 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR1.3 million on net sales of
INR13 million for 2011-12.


NEZONE PIPES: ICRA Reaffirms 'B' Rating on INR34.95cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR16.25
crore term loan, INR17.00 crore cash credit and INR1.70 crore
stand by line of credit facilities of Nezone Pipes & Structures.
ICRA has also reaffirmed the [ICRA]A4 rating to the INR5.00 crore
non-fund based bank facilities of NPS.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-       16.25       [ICRA]B reaffirmed
   Term Loan

   Fund Based Limits-       17.00       [ICRA]B reaffirmed
   Cash Credit

   Fund Based Limits-        1.70       [ICRA]B reaffirmed
   Standby Line of
   Credit

   Non Fund Based Limits-    5.00       [ICRA]A4 reaffirmed
   Bank Guarantee/Letter
   of Credit

The reaffirmation in the ratings takes into account the weak
financial profile as reflected by low profit generated, at an
absolute level, in the first nine months of 2013-14, although top-
line grew significantly compared to 2012-13. The ratings also
factor in the significant debt servicing obligations, which may
exert pressure on its liquidity, going forward. The ratings are
further, constrained by the low value addition in the business,
and its dependence on the various fiscal incentives to run the
business profitably. The profitability and cash flows of NPS would
remain susceptible to the volatility in the raw material and
finished goods prices as is inherent in the steel business. The
ratings also take into account the risks associated with the
entity's status as a partnership firm, including the risks of
withdrawal of capital by the partners. The ratings, however,
derive comfort from the experience of the promoters in the
manufacturing of steel pipes and poles, established track record
of the Nezone group, as one of the largest galvanised iron (GI)
pipe manufacturers in the state of Meghalaya and the limited off-
take risks on account of strong operational linkage with group
companies, with around 68% of total sales made to group companies
in the initial nine months of 2013-14. ICRA notes that the fiscal
benefits available to NPS, are likely to favourably impact the
profitability and cash flows of the firm going forward, though the
firm has not yet started receiving most of the benefits.

Incorporated in 2010, as a partnership firm, NPS is currently
engaged in the manufacturing of mild steel black & galvanized
pipes, steel tubular poles and steel structures. The manufacturing
facility is located at New Industrial Area, Byrnihat Meghalaya,
with an installed capacity of 56,000 metric tonne per annum
(MTPA). The firm started commercial production in January 2013.
Besides NPS, the Nezone group has other entities engaged in the
steel pipe and related businesses, including North Eastern Tubes
Limited (rated at [ICRA]BBB-/Stable and [ICRA]A3), Nezone Strips
Limited (rated at [ICRA]BBB/Stable and [ICRA]A3+), Nezone Tubes
Limited (rated at [ICRA]BBB/Stable and [ICRA]A3+), Nezone
Industries Limited (rated at ICRA]BBB-/Stable and [ICRA]A3), NTL
Steels (rated at [ICRA]B and [ICRA]A4),) and Nezone Poles & Towers
(rated at [ICRA]BB/Negative and [ICRA]A4).

Recent Results

During the first nine months of 2013-14, the firm reported profit
before tax of INR0.75 crore (provisional) on an operating income
of INR58.35 crore (provisional). The firm had reported a net loss
of INR2.02 crore on an operating income of INR4.37 crore in 2012-
13.


NTL STEELS: ICRA Reaffirms 'B' Rating on INR24.4cr Loans
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR10.90
crore term loan and INR13.50 crore cash credit facilities of NTL
Steels. ICRA has also reaffirmed the [ICRA]A4 rating to the
INR5.00 crore non-fund based bank facilities of NS.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-      10.90       [ICRA]B reaffirmed
   Term Loan

   Fund Based Limits-      13.50       [ICRA]B reaffirmed
   Cash Credit

   Non Fund Based Limits    3.00      [ICRA]A4 reaffirmed
   Bank Guarantee

   Non Fund Based Limits/     2.00     [ICRA]A4 reaffirmed
   Letter of Credit

The reaffirmation in the ratings takes into account the weak
financial profile as reflected by losses registered in the first
nine months of 2013-14, although top-line grew significantly
compared to 2012-13. The ratings also factor in the significant
debt servicing obligations, which may exert pressure on its
liquidity. The ratings are further, constrained by the low value
addition in the business, and its dependence on the various fiscal
incentives to run the business profitably. The profitability and
cash flows of NS would remain susceptible to the volatility in the
raw material and finished goods prices as is inherent in the steel
business. The ratings also take into account the risks associated
with the entity's status as a partnership firm, including the
risks of withdrawal of capital by the partners. The ratings,
however, derive comfort from the experience of the promoters in
the manufacturing of steel pipes and poles, established track
record of the Nezone group, as one of the largest galvanised iron
(GI) pipe manufacturers in the state of Meghalaya and the strong
operational linkage with its group companies located at close
proximity ensuring regular supply of raw materials and low freight
costs. ICRA notes that the fiscal benefits available to NS, are
likely to favourably impact the profitability and cash flows of
the firm going forward, though the firm has not yet started
receiving most of the benefits.

Incorporated in 2010, as a partnership firm, NS is engaged in the
manufacturing of galvanized octagonal steel poles, steel tubular
poles and galvanized steel structures. The manufacturing facility
is located at New Industrial Area, Byrnihat Meghalaya, with an
installed capacity of 24,000 metric tonne per annum (MTPA). The
firm started commercial production in January 2013. Besides NS,
the Nezone group has other entities engaged in the steel pipe and
related businesses, including North Eastern Tubes Limited (rated
at [ICRA]BBB-/Stable and [ICRA]A3), Nezone Strips Limited (rated
at [ICRA]BBB/Stable and [ICRA]A3+), Nezone Tubes Limited (rated at
[ICRA]BBB/Stable and [ICRA]A3+), Nezone Industries Limited (rated
at ICRA]BBB-/Stable and [ICRA]A3), Nezone Pipes & Structures
(rated at [ICRA]B and [ICRA]A4) and Nezone Poles & Towers (rated
at [ICRA]BB/Negative and [ICRA]A4).

Recent Results

During the first nine months of 2013-14, the firm reported loss
before tax of INR0.22 crore (provisional) on an operating income
of INR18.20 crore (provisional). The firm had reported a net loss
of INR1.89 crore on an operating income of INR1.86 crore in 2012-
13.


PURITA WATER: ICRA Assigns 'D' Rating to INR13cr Loans
------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR13.00 Crore bank
facilities of Purita Water Solutions Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term Fund Based-      6.00        [ICRA]D assigned
   Term Loan

   Long Term Fund Based       3.00        [ICRA]D assigned
   Cash Credit

   Short Term Non Fund        2.50        [ICRA]D assigned
   Based Bank Guarantee

   Short Term Non Fund        1.50        [ICRA]D assigned
   Based-Inland/Foreign LC

The assigned rating takes into account the company's recent
instance of delay in interest servicing due to stretched cash
conversion cycle of the company attributed to slow realization of
receivables. The rating also takes into account Purita's nascent
stage of operations and the stiff competition faced by the company
from unorganized and regional players. Further, the contracts
executed by PWSPL are mainly fixed price contracts with execution
period varying from 1 to 4 months which exposes the company to raw
material price fluctuation risk. However the rating considers the
professional and experienced promoters of PWSPL with long
experience in water treatment business and positive demand outlook
for the company's products. ICRA notes that despite having an
outstanding order book equivalent to ~5x of FY13 revenues, PWSPL
has witnessed execution-related issues in certain projects which
are largely attributable to client-side factors; consequently the
company's ability to execute the order-book within budgeted time
and cost parameters is critical.
About the Company
Incorporated as a private limited company on 3rd June 2005, Purita
Water Solutions Private limited is engaged in manufacturing of
chlorine dioxide systems for water disinfection. It provides
complete solution for water disinfection and anti-fouling
treatment using its TERSUS chlorine dioxide technology for
industrial application. It is also an authorized distributor of
Taprogge Gmbh, based in Germany. Currently, the manufacturing
operations of the company are being carried out from the unit
taken on rental basis at Vasai, Mumbai. However, the management
has decided to construct a factory of their own at Ankaleshwar in
Gujarat due to proximity to chemical suppliers. The cost of
constructing the factory is estimated to be around 7.5 crore which
is to be funded through a mix of debt and equity. The company has
availed a term loan of INR6 crore for the same and the
construction work is expected to get completed by June 2014.

Recent Results

PWSPL recorded a net profit of INR0.20 crore on an operating
income of INR05.76 crore for the year ending March 31, 2013 and
sales of INR4.69 crore for the period ending January 31, 2014 (as
per the provisional figures disclosed by the management).
March


R. B. CHAVAN: CRISIL Assigns 'B+' Rating to INR120MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M/S R. B. Chavan (RBC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Assigned)

   Bank Guarantee          30       CRISIL A4 (Assigned)
   Cash Credit             90       CRISIL B+/Stable (Assigned)

The ratings reflect RBC's small scale of operations in the
fragmented and tender-based civil construction business and its
below-average financial risk profile, particularly liquidity,
constrained by large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
RBC's promoter in the civil construction industry and its moderate
order book, leading to healthy revenue visibility.

Outlook: Stable

CRISIL believes that RBC will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of sizeable increase
in the firm's scale of operation and significant improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if RBC's financial risk profile,
particularly liquidity, deteriorates because of stretch in working
capital requirements or decline in cash accruals, or if the firm
undertakes any large debt-funded capital expenditure programme.

RBC was set up in 1992 as a proprietorship firm by Mr. Rajdeep
Baban Chavan. It undertakes civil construction projects, primarily
in anti-sea binding, for agencies of state governments.


RAJSHREE SUGARS: ICRA Cuts Rating on INR619.82cr Loans to 'B'
-------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B from [ICRA]BBB-
to INR388.13 crore term loans, INR191.00 crore cash credit
facilities and INR40.69 crore long term unallocated limits of
Rajshree Sugars and Chemicals Limited. ICRA has also revised the
short term rating to [ICRA]A4 from [ICRA]A3 to INR30.00 crore
short term unallocated limits of RSCL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            388.13       [ICRA]B; Revised from
                                     [ICRA]BBB- (Stable)

   Cash Credit          191.00       [ICRA]B; Revised from
                                     [ICRA]BBB- (Stable)

   Long Term             40.69       [ICRA]B; Revised from
   Unallocated                       [ICRA]BBB- (Stable)
   Limits

   Short Term            30.00       [ICRA]A4; Revised from
   Unallocated                       [ICRA]A3
    Limits

The ratings revision factors in the weakening of the financial
profile of the company owing to the significant decline in the
sugar realizations during FY14 vis-a-vis the sugarcane costs;
operating profitability declined to 5.59% during 9M FY14 from
13.60% during 9M FY13 and consequently the company reported losses
at the net level during 9M FY14. These factors necessitated a CDR
(corporate debt restructuring) in Dec, 2013 which was implemented
in March, 2014. The ratings are also constrained by the exposure
of the company's business to agro-climatic risks and regulatory
intensity of the industry, high gearing and weak coverage
indicators on account of decline in profitability and high
interest expenses. ICRA has taken a consolidated view on the RSCL,
with its subsidiary Trident Sugars Limited, as both are in the
same line of business and RSCL has guaranteed credit lines of
Trident Sugars Limited.

However, the ratings are supported by the presence in the industry
over a long period, experienced management, company's large
sugarcane crushing capacity, high yields and longer crushing
period in its command area, and proximity to ports. Commissioning
of a distillery in unit III of the company to process molasses
from both unit II and unit III of the company would enhance its
forward integration profile, and provide cushion to profitability
to an extent in case of sugar downturn.

Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by
Late Shri. G. Varadaraj, is an integrated sugar company with units
at Theni, Villupuram, and Gingee in Tamil Nadu. It also has a
subsidiary sugar mill namely Trident Sugars (TSL) at Zaheerabad in
Medak District of Andhra Pradesh. The company has a combined
(including TSL) crushing capacity of 14000 TCD (Tons Crushing Per
Day). It also has a distillery of 125 klpd (80 klpd of which was
commissioned last year) and a total cogeneration capacity of 54.5
MW.


REI AGRO: Fitch Affirms 'B+' IDR & Revises Outlook to Stable
------------------------------------------------------------
Fitch Ratings has affirmed India-based agricultural processing and
trading company REI Agro Ltd's (REI) Long-Term Issuer Default
Rating (IDR) at 'B+' and revised the Outlook to Stable from
Positive.  The agency also affirmed the company's senior unsecured
rating at 'B+'.  At the same time Fitch has withdrawn REI's
ratings because the agency believes the ratings are no longer
relevant to its coverage.  Fitch will no longer provide ratings or
analytical coverage for REI.

The Outlook revision reflects Fitch's expectations that REI is
unlikely to maintain interest coverage (defined as EBITDA/gross
interest expense) above the 2x threshold in the medium term.  This
is primarily because REI was unable to issue a proposed US dollar
bond in early 2013, it faces the impending payment of most of its
outstanding foreign currency debt in November 2014, and it had
weaker EBITDA margins because the sales mix shifted in favour of
its trading business.

KEY RATING DRIVERS

Lower Profitability and Interest Cover: Fitch expects REI's
interest coverage ratio to remain below the 2x threshold over the
medium term, and its EBITDA margins to stabilise between 10%-12%,
which is lower than the 15%-21% range in the three financial years
that ended March 31, 2013.  REI's current business risk profile
combined with its lower interest coverage is in line with a 'B+'
rating.

Sales Mix to Stabilise: Sales from trading, which has lower
profitability than rice processing, accounted for nearly 60% of
REI's revenue in FY13 compared with 54% in FY12.  Fitch expects
REI's sales mix to stabilise over the medium-term as the company
is likely to increase the utilisation of its spare manufacturing
capacity.

Market-Leading Position, Lower Price Volatility: REI's 'B+' rating
is supported by its market-leadership and integrated business
model in India's basmati rice industry.  This in turn, is
supported by REI's well-known brand and strong distribution
network within India.  The company is also expanding in key export
markets in the Middle East and has established a distribution
network via its subsidiaries to support its branded rice sales.

Branded basmati rice has historically exhibited lower price
volatility compared with most other agricultural commodities.
This is due to the limited supply of basmati rice, the lengthy
time needed for processing and maturing, as well as strong demand
stemming from a niche segment of rice consumers.

Working Capital-Intensive Operations: REI's 'B+' rating also
reflects its working capital-intensive operations, which result in
negative free cash flow and high funds flow from operations (FFO)
net leverage (FYE13: 3.7x).  The company's working capital
intensity is driven by its need to hold processed basmati rice in
inventory for 18-24 months as part of the maturing process.  Fitch
expects REI's free cash flow generation to turn positive from FY15
because capex is likely to decline following a peak in FY12 and
FY13.

Moderate Liquidity: Over INR10.6bn of REI's scheduled maturities
fall due in FY15.  Over half of this consists of foreign-currency
bonds issued in FY10, which have an option for bondholders to
convert their notes to common equity.  However these bonds are
currently deep out-of-the-money and are unlikely to be converted
to equity by November 2014, which leads to refinancing risks for
the company.  As a result, REI's average borrowing costs will
increase, with the rise likely to be exacerbated by rising
domestic interest rates.  However the company's highly liquid
inventory provides creditors with a solid buffer in a stressed
scenario.


SHASHI SIDNAL: ICRA Suspends 'B-' Rating on INR13c Loans
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- rating
assigned to the INR13.00 crore  fund based limits of Shashi Sidnal
Foods 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.


SHREE RAM: CRISIL Raises Rating on INR155MM Loans to 'B+'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Ram Sponge and Steels Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4'.

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

   Letter of Credit       15        CRISIL A4 (Reaffirmed)

   Proposed Long Term     15        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects the steady improvement in SRSSPL's
financial risk profile. The company's gearing is estimated at
around 0.9 times as on March 31, 2014, as against 1.1 times a year
earlier, supported by a healthy net worth estimated at around
INR145 million as on March 31, 2014. Though its debt protection
metrics remain average, with interest coverage and net cash
accruals to total debt ratios estimated at 1.5 times and 0.08
times, respectively, for 2013-14 (refers to financial year, April
1 to March 31), on account of muted profitability, they are
adequate for the rating category. In the absence of any debt-
funded capital expenditure (capex) plans, the company's financial
metrics are expected to improve steadily over the medium term.
Further, SRSSPL does not have any term debt obligations and is
expected to earn steady cash accruals of INR12 million to INR15
million per annum over the medium term.

The ratings reflect SRSSPL's exposure to risks related to
availability, and volatility in prices, of raw material, and to
intense competition in the steel long products industry. These
rating weaknesses are partially offset by the extensive industry
experience of the company's promoters, and its moderate financial
risk profile, marked by a healthy net worth and moderate gearing,
though constrained by average debt protection metrics.

Outlook: Stable

CRISIL believes that SRSSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher-than-expected revenue growth and operating profitability,
or if its working capital requirements are lower-than-expected,
leading to an improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if SRSSPL
generates lower-than-expected net cash accruals, or in case of
higher-than-expected working capital requirements, or if it
undertakes a large debt-funded capex programme, leading to
deterioration in its financial risk profile, especially its
liquidity.

SRSSPL was originally set up as Shree Ram Dairy Farm in 1998 by
Mr. Umesh Kumar Sharma. The firm was in the dairy farming business
until 2000, when it was reconstituted as a private limited company
with the current name. Currently, the company manufactures ingots
and thermo-mechanically-treated bars at its unit in Rourkela
(Odisha).

SRSSPL reported a net profit of INR4.1 million on net sales of
INR935.3 million for 2012-13, as against a net profit of INR3.3
million on net sales of INR837.3 million for 2011-12.


SILPA PROJECTS: CRISIL Ups Rating on INR343MM Loans to 'B-'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Silpa Projects and Infrastructure India Pvt Ltd (SPIPL) to 'CRISIL
B-/Stable' from 'CRISIL C', and has reaffirmed its rating on the
company's short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Bank Guarantee         400        CRISIL A4 (Reaffirmed)

   Cash Credit             70        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Long Term      70        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL C')

   Standby Line of Credit  30        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Term Loan                3        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Working Capital        170        CRISIL B-/Stable (Upgraded
   Demand Loan                       from 'CRISIL C')

The rating upgrade reflects timely servicing of term debt (not
rated by CRISIL) by SPIPL over the past three months through March
2014, driven by improvement in liquidity backed by increase in net
cash accruals on account of improvement in scale of operations.

The ratings continue to reflect SPIPL's working capital intensive
operations and geographical concentration in its revenue profile.
These rating weaknesses are partially offset by its established
regional presence in the civil construction segment aided by
extensive industry experience of its promoters and its established
customer relationships.

Outlook: Stable

CRISIL believes that SPIPL will continue to benefit over the
medium term from its promoters extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
SPIPL records higher-than-expected revenues and profitability,
leading to better-than-anticipated accruals, or if its working
capital management improves, or in case of significant equity
infusion, leading to improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' in case of any delays in
completion of projects or receipt of payments from customers,
leading to weakening of SPIPL's liquidity, or if the firm
undertakes a larger-than-expected debt-funded capital expenditure
(capex) programme, resulting in deterioration in its financial
risk profile.

Incorporated in the year 1987 as a proprietorship entity, Silpa
Projects, the firm was subsequently rechristened as SPIPL in the
year 2007. Promoted by Mr. T.S.Sanil, SPIPL is engaged in the
business of civil construction in Kerala.

For 2012-13 (refers to financial year April 1 to March 31), SPIPL
reported a profit after tax (PAT) of INR23.2 million on net sales
of INR908 million as against a PAT of INR27.5 million on net sales
of INR739 million for 2011-12.


SRI KRISHNA: ICRA Reaffirms 'B' Rating on INR15cr Loans
-------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B assigned to
INR6.99 crore fund based facilities and INR8.01 crore unallocated
limits of Sri Krishna Kireeti Food Products.


                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     6.99       [ICRA]B reaffirmed
   Unallocated limits    8.01       [ICRA]B reaffirmed

ICRA's rating reaffirmation factors in the debt funded nature of
the project which is likely to put pressure on the capitalization
and coverage indicators and risks inherit in the partnership
nature of the firm. The rating is further constrained by intensely
competitive nature of the rice industry with presence of several
small-scale players which further increases the pressure on the
operating margins; susceptibility to agro-climatic risks which
impact the availability of the 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
realizations for the firm. The ratings however take comfort from
the long experience of the promoters in the rice mill business and
easy availability of paddy from proximity of plant in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally.

Going forward, company's ability to scale up operations by
managing its working capital requirement would be the key rating
sensitivity from the credit perspective.

Sri Krishna Kireeti Food Products was established as a partnership
firm in January, 2012 to set up a rice mill for milling of paddy
to produce raw and boiled rice. The firm is promoted by Mr.
Satyanarayana Murthy, Mr. Chowdary and Mr. Nehkkanti Sri Ramjee.
The rice milling unit is located in East Godavari District of
Andhra Pradesh and has an installed capacity of 5 tons per hour.

Recent Result

The firm commenced its operations in December, 2012 and reported
profit after tax of INR0.09 crore on an operating income of
INR10.29 crore in FY2013. The firm has already achieved operating
income of INR17.97 crore for 8m FY2014.


SRI RAMALINGESWARA: ICRA Reaffirms 'B+' Rating on INR15cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR9.00 crore* fund based limits and INR6.00 crore unallocated
limits of Sri Ramalingeswara Rice Mill.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     9.00       [ICRA]B+ reaffirmed
   Unallocated           6.00       [ICRA]B+ reaffirmed

The rating reaffirmation takes into consideration the moderate
financial risk profile of the firm characterized by low
profitability and debt coverage indicators and risks inherent in
partnership nature of firm. Further, ICRA's rating continues to be
constrained by intensely competitive nature of rice industry with
presence of several small-scale players which increases the
pressure on profitability margins. This apart, the rating is also
constrained by the susceptibility of profitability & revenues to
agro-climatic risks which impacts the availability of paddy in
adverse weather conditions. The rating however takes comfort from
the long track record of the promoters in the rice mill business,
presence of the rice mill in major rice growing area resulting in
easy availability of paddy and favorable demand prospects for rice
with India being the second largest producer and consumer of rice
internationally.

Founded in the year 1989 as a partnership firm Sri Ramalingeswara
Rice Mill (SRRM) is engaged in milling of paddy and produces raw
rice and boiled rice. The rice mill is located at Kutukuluru
village of East Godavari district, Andhra Pradesh. The installed
production capacity of the rice mill is 75600 metric tons per
annum.

Recent Results

For FY2013, the firm reported an operating income of INR48.12
crore and PAT of INR0.45 crore as against an operating income of
INR44.19 crore and PAT of INR0.44 crore in FY2012.


SRI VAISHNAVI: CRISIL Cuts Rating on INR246.2MM Loans to 'C'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Vaishnavi Spintex (India) Pvt Ltd to 'CRISIL C' from
'CRISIL B/Stable', and reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Bank Guarantee          3.2        CRISIL A4 (Reaffirmed)

   Cash Credit            70          CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit       10.6        CRISIL A4 (Reaffirmed)

   Proposed Long Term    176.2        CRISIL C (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by SVPL in
servicing its debt obligations (not rated by CRISIL); the delays
have been caused by the company's weak liquidity resulting from
its large working capital requirements.

The ratings also reflect the susceptibility of SVPL's
profitability margins to volatility in raw cotton prices, and the
company's exposure to regulatory changes and intense competition
in the cotton ginning industry. These rating weaknesses are
partially offset by the benefits that SVPL derives from its
promoters' extensive entrepreneurial experience.

SVPL was established in 2010 by Mr. Vanapalli Pallayya and his
family members. The company is engaged in ginning and pressing of
raw cotton. The company commenced operations in 2012, and its
ginning unit in based in Akiveedu, Andhra Pradesh.


SRUTI FILATEX: ICRA Reaffirms 'B+' Rating on INR13.38cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.38 crore term loan facilities and INR8.00 crore cash
credit facilities of Sruti Filatex Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR1.50 crore non-fund-based bank facilities of SFPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term loan         5.38        [ICRA]B+ reaffirmed
   Long Term cash
   credit facility        8.00        [ICRA]B+ reaffirmed

   Short Term non-fund
   based limits           1.50        [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into consideration the weak
financial profile of the company as evident from the low net
profitability levels due to the limited value-additive nature of
the texturising activity, the high gearing levels, weak debt
coverage indicators and high working capital intensity of
operations. The ratings are further constrained by the
vulnerability of the company's profitability to the volatility in
raw material prices, as well as the cyclicality and the intense
competitive pressures inherent in the industry. The ratings also
take into account the high supplier concentration and the limited
bargaining power of the company with its suppliers.
The ratings, however, draw comfort from the long track record of
the promoters in the field of manufacturing and marketing of
texturised yarn and the long association of the company with
various customers, which strengthens its market position. The
ratings also take into consideration the diversification of
clientele of the company, leading to a reduced customer
concentration risk.

Sruti Filatex Private Limited was incorporated in 1994 and
commenced operations in 2003. It is engaged in the production of
Draw Texturised Yarn (DTY), viz. Crimp Yarn and Kota Yarn from
Partially Oriented Yarn (POY). Currently, SFPL has 10 texturising
machines installed at its facility at Pipodara, near Surat
(Gujarat). Each machine has an installed capacity of 1100 metres
of yarn per minute, though the aggregate installed capacity is
dependent on the denier configurations and the number of spindles
used on the machines.

Recent Results
In FY 2013, SFPL reported a profit after tax of INR0.31 crore on
operating income of INR56.46 crore. In FY 2012, SFPL reported a
profit after tax of INR0.30 crore on operating income of INR83.98
crore.


TRIDENT SUGARS: ICRA Cuts Rating on INR41.95cr Loans to 'B(SO)'
---------------------------------------------------------------
ICRA has revised the long term rating to '[ICRA]B (SO)' from
'[ICRA]BBB- (SO)' to INR13.95 crore term loans and INR28.00 crore
cash credit facilities of Trident Sugars Limited. The letters SO
in parenthesis suffixed to a rating symbol stands for Structured
Obligation. An SO rating is specific to the rated issue, its
terms, and its structure. SO ratings do not represent ICRA's
opinion on the general credit quality of the issuers concerned.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             13.95      [ICRA]B (SO); Revised from
                                    [ICRA]BBB- (SO) (Stable)

   Cash Credit           28.00      [ICRA]B (SO); Revised from
                                    [ICRA]BBB- (SO) (Stable)

The SO rating takes into account the corporate guarantee extended
by Rajshree Sugars and Chemicals Limited (rated at [ICRA]B) for
the bank facilities of TSL. The guarantee covers the principal and
interest payment obligations on the rated debt. The [ICRA]B(SO)
rating addresses the servicing of the loan to happen as per the
terms of the underlying loan and the guarantee arrangement and the
rating assumes that the guarantee will be duly invoked, as per the
terms of the underlying loan and guarantee agreements, in case
there is a default in payment by the borrower. However if the
guarantor discontinues the guarantee, the captioned rating will
not apply in respect of any incremental exposure taken by the bank
on the borrower, after the notice is sent by the guarantor. In
that event the rating on the specific facility will be reviewed.

Trident Sugars Limited commenced its operation as a cooperative
mill and was acquired by Ganapati Sugar Mills in 2002. TSL was
subsequently acquired by RSCL in 2006 and now is a 100% subsidiary
of RSCL. The standalone sugar mill of TSL is located in Zaheerabad
Tq. of Andhra Pradesh.

Recent Results

At a consolidated level, RSCL and TSL reported operating income of
INR950.69 crore and net profit of INR5.52 crore.


UDAY VIJAY: CRISIL Reaffirms 'B+' Rating on INR75.9MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Uday Vijay Steel Pvt
Ltd continue to reflect UVSPL's small scale of operations, large
working capital requirements, and susceptibility to economic
downturns in the end-user industry and to volatility in steel
prices. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the steel
industry and the benefits expected from its increasing capacities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        2.4        CRISIL A4 (Reaffirmed)
   Cash Credit          52          CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      9.1        CRISIL A4 (Reaffirmed)
   Term Loan            23.9        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UVSPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and improves its profitability,
leading to more-than expected cash accruals, or if it improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if UVSPL's financial risk profile, particularly its
liquidity, deteriorates, most likely because of large incremental
working capital requirements, low cash accruals, or substantial
debt-funded capital expenditure.

UVSPL was set up in 2005 by Mr. Sudhir Kumar Rai, Mr. Sanjay Kumar
Rai, Mr. Vijay Kumar Rai, and Mr. Chandralok Prasad. It
manufactures mild steel ingots at its unit in Bokaro (Jharkhand).


VERSATILE ALUCAST: ICRA Assigns 'D' Rating to INR11cr Loans
-----------------------------------------------------------
ICRA has assigned the '[ICRA]D' rating to INR11.00 crore long term
bank facilities of Versatile Alucast Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term, Fund based      8.00       [ICRA]D (assigned)
   Limits-Term Loan

   Long Term, Fund based      3.00       [ICRA]D (assigned)
   Limits-Cash Credit

The assigned rating reflects recent delays by the company in
servicing its debt obligations owing to tight liquidity conditions
and strained cash flows. Due to elongated approval cycle from
OEMs, the company has been operating at suboptimal capacity
resulting in operating losses and weak debt coverage indicators.
Also, on account of losses, the net-worth has eroded which has
resulted in adverse capital structure. ICRA has taken a note of
established track record of promoters in auto component industry
with an experience of over four decades in auto component
manufacturing business. VAPL's ability to regularise its debt
repayment obligations along with improvement in capacity
utilization and profitability remains key rating sensitivities.

Incorporated in 2011, VAPL has been formed to manufacture and
supply aluminium die casting. The promoters have setup Greenfield
aluminium casting facility (pressure die casting) in Kolhapur with
an installed capacity of 1,300 MTPA. The company also has in-house
machining facility. Total cost of the project is INR13.25 crore,
which was funded through term loan of INR8.00 crore, equity of
INR1.50 crore and rest through unsecured loan.


VINISHMA TECHNOLOGIES: ICRA Assigns 'B' Rating to INR20cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to INR2 crore
cash credit, INR10.0 crore bank guarantee and INR8.0 crore
unallocated bank facilities of Vinishma Technologies Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.0        [ICRA]B Assigned
   Bank Guarantee        10.0        [ICRA]B Assigned
   Unallocated            8.0        [ICRA]B Assigned Total 20.0

The assigned rating takes into consideration the company's diverse
business mix comprising of trading in plastic granules and
supplies of multiple products to State Governments through tender-
driven orders, its established network of vendors for sourcing of
traded products and recently awarded projects in power sectors
that are likely to drive company's revenue over the near-term. The
ratings are however constrained by uncertainties associated with
the timing and awarding of government tenders, relatively low
margins considering that majority of the business at present
involves trading and small scale of operations. Further, high
competitive intensity owing to the unorganized nature of the
industry puts further pressure on the business profile. Apart from
the above factors, the company is also exposed to delays in
realization of receivables against government supplies, which
going forward would account for a significant part of the
company's revenue profile. The ability of the company to increase
and sustain a steady flow of business and manage its receivables
going forward would be the key rating sensitivities.

Incorporated in 1995, Vinishma Plastics Private Limited started
with manufacturing and trading of mosquito bed nets. Mr. Pradeep
Kumar Jain took over Vinishma Plastics Private Ltd. in 1999 from
the erstwhile shareholders of the company. Thereafter, the company
started trading of plastic granules and later entered into
Government tender business with focus on supplies of medical kits,
pre-school kits, weighing scales, stretchers, sarees etc. to
different agencies under the Uttar Pradesh (UP) Government and the
Andhra Pradesh Government. In 2012, the company's name was changed
to Vinishma Technologies Private Limited with the objective of
entering the business of supplies and installation of power
equipment to state electricity corporations. Currently, the
company has three directors Mr. Pradeep Kumar Jain, Mrs. Kamlesh
Rani Jain and Mr. Anil Sharan Garg. Mr. Anil Sharan Garg runs
another business for manufacturing of pillow covers. Also, he is
actively involved in trading of plastic granules procured from
Reliance Industries Limited. In January 2014, VTPL also received a
INR52.94 crore order from UP Rajkiya Nirman Nigam Limited for
supplying power equipments such as transformers, panels, cables,
poles etc. for installation of power sub-stations.


XMOLD POLYMERS: ICRA Reaffirms 'B+' Rating on INR7.71cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR1.46 crore term loans (revised from INR2.02 crore) and INR6.25
crore long term, fund-based limits (enhanced from INR3.50 crore)
of Xmold Polymers Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to the INR2.75 crore short term, non
fund based limits (sub limit to Long term fund based limits) and
INR0.56 crore unallocated limits of Xmold.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans               1.46         [ICRA]B+ reaffirmed
   Long term, fund-
   based facilities         6.25         [ICRA]B+ reaffirmed

   Short term, non-
   fund based facilities   (2.75)        [ICRA]A4 reaffirmed

   Unallocated Facilities   0.56         [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the weak financial
profile of the company characterised by low profitability, weak
coverage indicators and high working capital intensity. The
ratings are also constrained by the low capacity utilization of
the company leading to modest size of operations, the sluggish
demand from auto sector currently and highly fragmented
compounding industry with intense competition faced from large
players who cater to a major portion of OEM's demand. The ratings
also take into account the vulnerability of the company's profit
margins to fluctuations in raw material costs.

The ratings, however, consider the promoter's technical expertise
and significant experience of over two decades in the polymer
industry, the established customer network of the company in
automotive and appliance manufacturing industries, and the
favourable demand prospects expected in the long term for low
weight plastics as a substitute for metal in segments such as
passenger cars.

Xmold Polymers Private Limited was incorporated in 1990 for
compounding polymer products like polypropylene, polyamides,
polycarbonates, acrylo-butadiene styrene etc. and a factory was
set up in Sipcot, Gummidipoondi, Tamil Nadu. Further to the
installation of a new line in 2009, the compounding capacity of
the company has increased to 9,000 MTPA. The company also had an
injection moulding division which was hived off in 2011 and hence
it currently focuses entirely on polymer compounding. The company
supplies its products to a variety of customers including Tier I
suppliers of automobile Original Equipment Manufacturers (OEMs)
and appliance manufacturers. The day to day operations of the
company are managed by Mr. S. Srinivasan.

For 9M FY 2014, Xmold has reported profit before tax (PBT) of
INR0.02 crore on an operating income of INR16.06 crore
(provisional); and, in FY 2013, the company reported PAT of
INR0.02 crore on an operating income of INR21.03 crore.



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


TOKYO ELECTRIC: Four Banks to Resume JPY65 Billion Loans
--------------------------------------------------------
Kyodo News reports that four major banks will extend
uncollateralized loans to Tokyo Electric Power Co. for the first
time since the March 2011 nuclear disaster started at the
utility's Fukushima No. 1 power plant, sources said on April 22.

According to the report, the sources said Sumitomo Mitsui Banking
Corp., Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and
Banking Corp. and Sumitomo Mitsui Trust Bank Ltd. plan to resume
such loans to refinance JPY65 billion in borrowing by the utility,
which falls due at the end of April.

The banks, however, plan to limit the period for the
uncollateralized loans to six months to mitigate the risk they
will become uncollectible, the sources, as cited by Kyodo, said.

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2014, Standard & Poor's Ratings Services said it has
revised to stable from negative its outlook on its 'B+' long-term
corporate credit rating on Japan-based electric power utility
company Tokyo Electric Power Co. Inc.  At the same time, S&P
affirmed all of its ratings on the company.

"We have updated our view that the government of Japan will
continue to provide stable support for TEPCO, and we base this on
government approval of TEPCO's revised restructuring plan in
January 2014.  The outlook revision also reflects our view that
risk of further deterioration in TEPCO's cash flow adequacy is
likely to continue to decrease over the next 12 month because of
the benefits of an increase in electricity rates in September 2012
and significant cost reductions," S&P said.

"At the same time, we continue to view TEPCO's financial
performance as under pressure until it restarts one of its
Kashiwazaki-Kariwa nuclear reactors.  Accordingly, we maintain our
assessment of the stand-alone credit profile (SACP) for TEPCO as
'ccc+'.  This reflects our view of the company's business risk
profile as "fair," the fourth highest of six possible categories,
and its financial risk profile as "highly leveraged," the lowest
of six possible categories.  We apply our "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings" to our analysis of TEPCO
because we believe the company's business environment remains
severe and a huge burden of compensation and clean-up costs
continues to strongly pressure its liquidity and financial risk
profile," S&P added.



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


KT CORPORATION: To Shed 26% of Workforce
----------------------------------------
The Korea Herald reports that KT Corporation said it has accepted
more than 8,000 applicants for a voluntary redundancy program and
would lay off the employees by the end of this month.

The report relates that KT said in an official statement that the
latest voluntary retirement plan would likely save the company
KRW700 billion (US$672.8 million) in labor costs annually.

However, critics are warning KT against complacency, as the
effects may be short-lived, the report says.

"Effects from restructuring plans usually last just a year or two.
Therefore, KT must revitalize both its mobile and fixed-line
businesses as long-term strategies," the report quotes Choi Nam-
kon, an analyst at Tong Yang Securities, as saying.

According to the report, the mobile carrier started receiving
applications for the voluntary retirement program in April 10. The
application process ended April 21, earlier than the initial
deadline on April 24, as more people than expected had applied for
the program.

Of KT's 32,188 employees, 8,320, or 26 percent of the entire
workforce, applied for the retirement program, the report says.

The number of the retirees is set to be the largest ever since KT
was established in 1981, The Korea Herald notes.

KT Corporation also known as KT is a South Korean integrated
wired/wireless telecommunication service provider.



                             *********

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 ***