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        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

          Friday, December 27, 2013, Vol. 16, No. 255


                            Headlines


A U S T R A L I A

BRINDABELLA AIRLINES: 14 Pilots Offered Jobs With Rex Airlines
BRUMBIES RUGBY: Avoids Insolvency Following Griffith Site Sale
CONVECTOR GRAIN: Farmer Creditors Offer to Buy Firm
RETAIL ADVENTURES: Creditors Win Court Battle Against Jan Cameron


I N D I A

ALANKIT LIFE: CARE Assigns 'B' Rating to INR8.5cr LT Loans
ALOHA HOSPITALS: CRISIL Suspends 'D' Ratings on INR127.5MM Loans
ASREDDY INFRATECH: CARE Assigns 'B+' Rating to INR6cr LT Loans
AVNI YARNS: CARE Assigns 'B' Rating to INR4.95cr LT Loans
BELGACHI TEA: CARE Assigns 'B+' Rating to INR8.98cr LT Loans

CAUVERY POWER: CARE Assigns 'D' Ratings to INR220cr LT Loans
CEEDEEYES STANDARD: CARE Rates INR21.35cr LT Loans at 'B+'
CHANDRA AUTOWHEELS: CARE Assigns 'B+' Rating to INR5cr LT Loans
DIN DAYAL: CRISIL Upgrades Rating on INR480MM Loans to 'B+'
GANESH SPONGE: CRISIL Raises Ratings on INR197.3MM Loans to 'B-'

GARUDA VAHAN: CRISIL Suspends 'D' Rating on INR100MM Loans
GEETASTAR HOTELS: CRISIL Suspends 'D' Ratings on INR145MM Loans
GLOBAL ISPAT: CARE Assigns 'B+' Rating to INR12cr LT Bank Loans
GUPTA METAL: CARE Lowers Ratings on INR59.81cr Loans to 'D'
HIND BUILDTEC: CRISIL Suspends 'D' Ratings on INR419.6MM Loans

HULE CONSTRUCTIONS: CARE Reaffirms 'B+' Rating on INR9cr LT Loans
JSK METALEX: CRISIL Suspends 'D' Rating on INR330MM Term Loan
KANAK POLYFAB: CRISIL Suspends 'D' Ratings on INR220MM Loans
KRISHNA DEVELOPERS: CARE Reaffirms 'B+' Rating on INR7.88cr Loan
KRISHNA INFRAPROJECT: CRISIL Suspends D Rating on INR65.9MM Loan

KULKARNI POWER: CRISIL Cuts Ratings on INR396.5MM Loans to 'B+'
MAMTA SEEDS: CARE Reaffirms 'B' Rating on INR7cr LT Loans
MELA SINGH: CRISIL Suspends 'D' Rating on INR90MM Loan
NANDI GRAIN: CARE Assigns 'B+' Rating to INR69.3cr LT Loans
ORBIT PRODUCTS: CRISIL Cuts Ratings on INR100MM Loans to 'D'

PM DIMENSIONS: CRISIL Assigns 'B+' Rating to INR90MM Loan
RAHUL FOUNDATION: CRISIL Suspends 'D' Ratings on INR180MM Loans
ROYAL APPLIANCES: CRISIL Suspends 'D' Ratings on INR100MM Loans
RUBAN PATLIPUTRA: CARE Assigns 'B+' Rating to INR19.95cr LT Loans
S.V.R. ELECTRICALS: CRISIL Suspends 'D' Ratings on INR100MM Loans

SABHLOK ENTERPRISE: CARE Assigns 'B+' Rating to INR4.5cr Loans
SAI KRISHNA: CRISIL Suspends 'D' Ratings on INR200MM Loans
SANJIVINI PIPES: CRISIL Assigns 'B+' Ratings to INR89MM Loans
SANSKAR BHARTI: CRISIL Suspends 'D' Rating on INR80MM Loan
SHREE GOPAL: CARE Assigns 'D' Rating to INR4.26cr LT Loans

SHRI INDHIRA: CRISIL Ups Rating on INR120MM Loan to 'B+'
SURYATEJA POWER: CRISIL Cuts Ratings on INR220MM Loans to 'D'
TAKSH INFRASTRUCTURE: CARE Rates INR9cr LT Loans at 'B'
TAURUS AUTODEALERS: CARE Cuts Rating on INR36.66cr Loans to 'B+'
TSS PROJECTS: CARE Assigns 'B' Rating to INR90.50cr LT Loans

VARIETY LUMBERS: CARE Downgrades Rating on INR17cr LT Loan to 'D'
VIGNAN EDUCATIONAL: CRISIL Suspends D Rating on INR78MM Loan
VISHAL BUILDERS: CRISIL Ups Ratings on INR50MM Loans to 'B+'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BRINDABELLA AIRLINES: 14 Pilots Offered Jobs With Rex Airlines
--------------------------------------------------------------
ABC News reports that Regional Express Airlines has offered jobs
to 14 pilots from the failed regional carrier Brindabella
Airlines.

About 135 staff were sacked on Dec. 23, after attempts to sell the
company as a going concern failed, the report says.

ABC News relates that about a dozen staff will remain in Canberra
to maintain the planes until the business is sold or wound up.
ACT chief minister Katy Gallagher issued an appeal on Dec. 23 for
other airlines to consider employing Brindabella staff.

Now Rex Airlines has offered 14 pilots positions with the company,
the report relays. They will be given places at the Rex ground
school in February before being cleared to fly for the airline.
Rex Airlines has applied to fly Brindabella's routes to Moree,
Cobar and Mudgee, the report notes.

Brindabella, formed in 1994, operated up to 250 sectors a week,
with services from Canberra, Sydney and Brisbane to regional
destinations including Newcastle, Cobar, Coffs Harbour, Moree,
Mudgee, Narrabri, Newcastle, Orange and Tamworth.  It has 140
employees and operates five US-built Metroliners and seven
British-built Jetstreams. Recently Brindabella have experienced
significant maintenance and regulatory issues which have impacted
aircraft availability and services.

David Winterbottom and Sebastian Hams of KordaMentha were
appointed Receivers and Managers of the Canberra-based regional
airline Brindabella on Dec. 15, 2013.

The group consists of five companies including Brindabella
Airlines Pty Ltd, Aeropelican Air Services Pty Ltd, M/V Purchasing
Company Pty Ltd, Business Air Holdings Pty Ltd and Trand Holdings
Pty Ltd. This follows the Group's decision to ground all aircraft
not already grounded by the recent CASA directive and to cease all
passenger flights.


BRUMBIES RUGBY: Avoids Insolvency Following Griffith Site Sale
--------------------------------------------------------------
Chris Wilson at The Sydney Morning Herald reports that the
Brumbies could have been broke by the end of this year had the
controversial sale of their Griffith training site been blocked by
the ACT government, chairman Sean Hammond said.

According to the report, the Brumbies have equity of more than
AUD9 million courtesy of the AUD$11.375 million sale, but
Mr. Hammond said the Super Rugby club must invest wisely and
return to a sustainable operating profit after coming close to
insolvency.

SMH says despite their on-field success this year, by making the
Super Rugby grand final and beating the British and Irish Lions,
the Brumbies reported an operating loss, before depreciation and
amortisation, of AUD141,085.

It was an improvement on a AUD346,198 loss last year, but
Mr. Hammond said it was a disappointing result given the Brumbies
had been projecting a profit, the report relays.

In fact, Mr. Hammond conceded the Brumbies had potentially been
saved by the rezoning and sale of the club's Griffith site, a
project five years in the making, according to SMH.

SMH relates that Mr. Hammond said the Brumbies may have needed to
borrow funds from the ARU had the sale been deferred, or could
have become insolvent if the rezoning from commercial to
residential land had been blocked.

"The reality is without the sale of the site at Griffith we
wouldn't have been able to fund last year's loss," the report
quotes Mr. Hammond as saying.  "So we're fortunate that's
happened. If the sale was not going to occur, we would have had
serious financial issues . . . we would have been insolvent at the
end of the year if the sale hadn't gone through, if the sale was
never going to go through. If it was deferred, then we would have
been able to come up with some short-term financing."

The Brumbies are financially secure, having erased their debts and
invested AUD5 million in the development of a new AUD16 million
training facility at the University of Canberra, due for
completion in March, the report adds.

The Brumbies is a Super Rugby rugby union team based in Canberra,
Australia.


CONVECTOR GRAIN: Farmer Creditors Offer to Buy Firm
---------------------------------------------------
Gregor Heard at The Land reports that farmer creditors of failed
grain trader Convector Grain are working to buy the company and
set it up once again.

The Land relates that a working party of unsecured farmer
creditors, led by Berrigan farmer Kel Baxter has approached
Convector's administrators Pitcher Partners, with an offer to buy
the company's assets through a Deed of Company Arrangement.

According to the report, Mr. Baxter said the creditors' offer was
limited, as there was a narrow window in which the company could
get going to generate profits with this year's harvest.

"The deadline is so that operations can begin and packing
containers of the farmers recently harvested grain achieved to
meet the current strong demand in the export market," the report
quotes Mr. Baxter as saying.

The report relates that Mr. Baxter said he believed the offer for
the business, which includes existing storage and packing
facilities was a fair one.

"It's a realistic bid, it's above fire sale values, that's for
sure, and there hasn't been much interest in the business from
elsewhere, so we are urging Pitcher Partners to consider it,"
Mr. Baxter, as cited by The Land, said.  "Our proposal will see
the business up and running in time for container packing of the
freshly harvested grain."

Convector Grain collapsed in August 2013 owing AUD15 million.


RETAIL ADVENTURES: Creditors Win Court Battle Against Jan Cameron
-----------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that creditors of
failed group Retail Adventures, which ran discount chain
Chickenfeed, have scored a legal win in their battle against the
company's owner, Jan Cameron.

SMH relates that the New South Wales Supreme Court has found a
deed of company arrangement pushed through by Ms. Cameron
"unreasonably prejudiced" other creditors, litigation funder
Bentham IMF told the ASX.

According to the report, Justice Stephen Robb on Dec. 23 ordered
the company be wound up, but stayed the order until Dec. 27 to
give Ms. Cameron time to appeal.

But Bentham IMF has also detailed plans to go after Ms Cameron and
other directors personally, the report relays.

Under Ms. Cameron's deal, SMH notes, creditors were to claw back a
maximum of 6.5 cents in each dollar owed. However, administrators
Deloitte estimated that if directors and preferential creditors
were pursued, winding up the group would return between 21 cents
and 45 cents in the dollar.

Deloitte estimated AUD20 million in preferential payments could be
recovered and pursuing directors for insolvent trading could net
between AUD19 million and AUD33 million, SMH discloses.

SMH notes that Ms. Cameron, who also founded the Kathmandu chain
of outdoor stores, bought the company from its then-administrators
in 2009 for AUD85 million, but the venture did not succeed and it
again collapsed in October last year, owing creditors AUD170
million.

In a report in August, SMH recalls, Deloitte administrator Vaughan
Strawbridge warned creditors against taking the deal offered by Ms
Cameron's private company, Bicheno.

SMH relates that Mr. Strawbridge said there was no certainty
Bicheno could come up with the AUD5.5 million it was due to pay by
next month. However, at a meeting on September 2 creditors voted
to accept the deal and hand the company back to Ms. Cameron.

Within a fortnight Bentham IMF, which had already been considering
a class action, applied to the Supreme Court to have the deed of
company arrangement set aside, the report notes.
About 80 creditors owed AUD30 million have signed on to the IMF-
funded class action.

A hearing on the question of an appeal is set down today,
Dec. 27, the report adds.

                       About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig were appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Ms. Cameron, the sole shareholder and only secured creditor,
bought back 210 Sam's Warehouse and Crazy Clarks stores and two
distribution centres for AUD59 million from the administrators,
Deloitte, in February.



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


ALANKIT LIFE: CARE Assigns 'B' Rating to INR8.5cr LT Loans
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Alankit Life Care Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            8.5        CARE B Assigned

   Short-term Bank
   Facilities            1.0        CARE A4 Assigned

Rating Rationale

The ratings of the bank facilities of Alankit Life Care Ltd are
constrained by the volatility in its revenues, low profitability
margins due to the trading nature of business, business risk
associated with recent change in the revenue model, working
capital intensive nature of operations and highly competitive and
fragmented nature of the industry. These constraints are, however,
partially offset by the strength derived from the experienced
promoters and moderate solvency position of the company. The
ratings also factor in the opportunity of cross selling to the
large customer base of the group companies.

Going forward, the ability of the company to stabilise its
business model while improving its profitability margins and
effective working capital management, remain the key rating
sensitivities.

Alankit Life Care Limited was originally constituted as a private
limited company in September 1996 and was later converted into a
public limited company in February 2003. ALCL is a part of the
Alankit Group, promoted by Mr Alok Kumar Agarwal. ALCL is engaged
in the retail and wholesale trading of pharmaceutical products
such as medicines, cosmetics and fast moving consumer goods/health
goods (FMCG/FMHG). Currently ALCL operates through one company
owned warehouse-cum-store at Delhi and is increasingly focusing on
online sales.

During FY13 (refers to the period April 1 to March 31), majority
of the sales were contributed by the sale of FMCG/FMHG products
which contributed 98.3% of sales. The company majorly supplies
medicines and FMCG/FMHG products to private as well as government
institutions/hospitals.

The company also provides online storage and access of electronic
health records (EHR) through its initiative recordxpert.com. The
proportion of sales from this segment is currently miniscule with
0.01% contributed in FY13.

In FY13, the company achieved a total income of INR478.11 crore
and PAT of INR0.21 crore as against a total income of INR226.04
crore and PAT of INR0.13 crore in FY12. During H1FY14, the company
reported a total income of INR124.40 crore and PBT of INR0.002
crore.


ALOHA HOSPITALS: CRISIL Suspends 'D' Ratings on INR127.5MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Aloha Hospitals Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               127.5     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Aloha with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Aloha is yet to
provide adequate information to enable CRISIL to assess Aloha's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Aloha is in the process of setting up a 48-bed boutique surgical
and birthing centre called 'Treasure Health' at Indore (Madhya
Pradesh). The centre's main focus will specialise in open and
laparoscopic surgery, birthing and neonatal care, breast cancer
treatment, urology, and orthopaedic care. The hospital will have
an area of 23,286 square feet. It is being constructed on the top
two floors of RNT Central Mall, Indore.


ASREDDY INFRATECH: CARE Assigns 'B+' Rating to INR6cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Asreddy Infratech Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6         CARE B+ Assigned

   Short-term Bank
   Facilities             7.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of ASReddy Infratech
Private Limited are constrained by its small scale of operations,
declining profitability margins with intense competition in the
industry. The rating is further constrained by the elongated
operating cycle of the company on account of the stretched
collection period, client concentration risk and highly
leveraged capital structure with working capital nature of
operations. The ratings, however, derive strength from the
experience of the promoters in the construction industry,
significant growth in the total operating income during the three
years ended FY13 (refers to the period April 1 to March 31) and
moderate order book position.

The ability of the company to scale up its operations with the
timely execution of the ongoing projects and timely collection of
receivables will remain as the key rating sensitivities.

ASReddy Infratech Private Limited was initially established as a
proprietorship concern by Mr A Sudhakar Reddy in 1991 which was
later converted into a private limited company on Nov. 29, 2011.
The company is registered as a Class-I contractor with the Andhra
Pradesh government and is engaged in the execution of civil works
and contracts for government entities.

Major work of the company include construction of residential,
commercial, institutional and corporate head quarter projects etc.
The company's contracts are tender-based orders from government
and semi-government organizations. The company has executed
several contracts till date and the recent projects of the company
include the construction of government Sports College (Uttar
Pradesh), LIG quarters (Andhra Pradesh) and Training institute
(Northeast Khadi). During FY13, ARIPL reported a PAT of INR0.21
crore on a total operating income of INR14.17 crore as against a
PAT of INR0.25 crore on a total operating income of INR6.04 crore
in FY12. Furthermore, the company has achieved a sales of INR12
crore during 7MFY14.


AVNI YARNS: CARE Assigns 'B' Rating to INR4.95cr LT Loans
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Avni Yarns Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             4.95       CARE B Assigned

   Short-term Bank
   Facilities             0.10       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Avni Yarns Private
Limited are constrained primarily on account of its nascent stage
of operations in the highly competitive and fragmented textile
industry. The ratings are also constrained by the leveraged
capital structure and susceptibility of operating margins to the
raw material price fluctuations.

The rating takes comfort from the wide experience of the promoters
of AYPL coupled with operational linkages with associate concern
and locational advantage in terms of proximity to the textile
region in Surat.

AYPL's ability to increase its scale of operations coupled with
improvement in profit margins as well as capital structure and
efficient use of working capital management in light of the
competitive nature of the industry are the key rating
sensitivities.

AYPL was initially incorporated as Shree Servanand Textiles
Private Limited during June 2007. Subsequently during April 2011,
AYPL took over the business operations of SSTPL and changed its
name to AYPL. AYPL is engaged in the dyeing of polyester, cotton
yarn and hank on job work basis. The polyester yarn finds its
application in the manufacturing of garments while cotton yarn
finds its applications ranging from home fashions to apparels and
also in medical and cosmetic applications such as bandages and
wound plasters. AYPL operates from its plant located in Surat with
an installed capacity of 1,500 tonnes per annum (TPA) of cotton
yarn and 720 TPA of hank as on March 31, 2013.

In July 2012, AYPL completed a project to establish the dyeing
business for yarn and hank with a capacity of 1,500 TPA and 720
TPA, respectively, with a total cost of INR9.75 crore.

As per the audited results for FY13 (refers to the period April 1
to March 31), AYPL reported a total operating income (TOI) of
INR5.83 crore and PAT of INR0.03 crore.


BELGACHI TEA: CARE Assigns 'B+' Rating to INR8.98cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of The Belgachi Tea Co Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             8.98      CARE B+ Assigned

   Short-term Bank
   Facilities             0.42      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of The Belgachi Tea Co
Ltd are constrained by the small size of operations,
susceptibility to the vagaries of nature, labour intensive nature
of business, volatility in tea price, high competition, high
leverage ratios and project risk. The aforesaid constraints are
partially offset by the experience of the promoters with long
track record of operations, backward integration for the major raw
material, satisfactory capacity utilisation and recovery rate and
stable outlook of the tea industry.

The ability to increase its scale of operations and profitability
margins, the ability to manage its capital structure and ability
to complete the envisaged project on time without cost overrun and
derive benefits there from are the key rating sensitivities.

The Belgachi Tea Company Limited was incorporated in 1921 by Mr
Musaddilal Dalmia, Mr Mathuraprasad Saroff and Mr Makhanlal Saroff
of West Bengal for cultivating and processing of black tea. Over
the years, there has been a change in the ownership of the
company. Finally on January 17, 2011, the current promoters Mr
Apurba Guha, Mr Amit Agarwal, Mr Vivek Agarwal and Mr Ankit
Agarwal, all being friends, acquired the company from the last
promoter Mr Dalmia on his inability to continue the operations and
undertook restructuring and revamping of the existing unit. The
revamped unit commenced operations from April, 2011 with a
processing capacity of 5 lakh kg per annum. The company undertook
expansion of its existing unit during FY13 (refers to the period
April 1 to March 31) and increased the processing capacity from 5
lakh kg per annum to 7.50 lakh kg per annum.

TBTCL is further undertaking an expansion project at its existing
unit thereby enhancing the capacity by 25 lakh kg. The total cost
of the project is INR12.50 crore (excluding margins for working
capital) to be funded at a debt equity ratio of 1.93:1. Around 43%
of the project has been completed till November 8, 2013 and the
project is expected to be commissioned by February, 2014. TBTCL is
currently having its tea processing capacity of CTC (Crush, Tear
and Curl) tea, Orthodox tea and Oolong tea. However, the
production of CTC tea is about 99.9% of all varieties of tea
produced during FY13. Tea is sold by TBTCL through auctions and
brokers. The company also performs trading of green leaves which
contributed about 8% of the total operating income during FY13.
Currently, TBTCL owns one tea estate named The Belgachi Tea Estate
in Darjeeling, West Bengal and its tea processing facility is
located near the tea estate, which processes the leaf from the
garden.  The aggregate area available for cultivation is 632.19
hectares; of which, the area under cultivation is 462.89 hectare,
having an average yield of 24.80kgs per hectare in FY13.

As per the audited results of FY13, TBTCL reported a PBILDT
INR0.68 crore (operating loss of INR0.12crore in FY12) and PAT of
INR0.16crore (INR0.03crore in FY12) respectively, on a total
income of INR6.95 crore (INR4.57crore in FY12).During H1FY14, the
management is stated to have achieved a revenue of INR2.75crore.


CAUVERY POWER: CARE Assigns 'D' Ratings to INR220cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Cauvery
Power Generation Chennai Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Bank
   Facilities            220        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Cauvery Power
Generation Chennai Pvt Ltd (CPG) takes into account the instances
of delays in debt servicing by the company.

Cauvery Power Generation Chennai Private Limited operates a 63 MW
coal based power plant at Gummudipoondi in Tamil Nadu and sells
power primarily to group captive users. The commercial operation
was started in November 2012. CPG was promoted by Chennai based
Kaveri Gas Power Ltd and its associates which held 62.49% stake
and rest is held by group captive users (37.51%) as on May 25,
2013. The total cost of the project is INR344.39 crore which was
funded out of equity of INR118.69 crore, term debt of INR214
crore(including capital creditor of INR11.7 cr).  The other
group companies under the same management are Kaveri Gas Power
Limited, Cauvery Power Trading Chennai Limited and Elango
Industries Limited.

During FY13 (refers to the period April 01 to March 31), the
company registered a PAT of INR0.17 crore on a total operating
income of INR55 crore.


CEEDEEYES STANDARD: CARE Rates INR21.35cr LT Loans at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ceedeeyes
Standard Towers Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           21.35       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of CeeDeeYes Standard
Towers Private Limited is constrained by the renewability risk due
to dependence on a single tenant, risk of early termination of
lease agreement limiting the revenue visibility, risk associated
with the revision of lease rentals, weak financial profile of the
company and exposure to group companies. The rating also factors
in the competition from various IT parks/SEZ situated in and
around Chennai.

The rating, however, favorably considers the promoters' experience
and favorable location of the IT park. The rating also factors in
the group's presence in similar business through other
companies.

Going forward, ability of the company to enter into a new lease
agreement, in case of vacancy, in a timely manner and at
remunerative rates is the key rating sensitivity.

CeeDeeYes Standard Towers Private Ltd is engaged in the developing
and leasing of IT Park. The company owns a property in Tambaram-
Velachery Main Road, Velachery, Chennai, which is leased out to
Sutherland Global Services Private Limited. (Sutherland).

During FY13 (refers to the period April 1 to March 31), the
company reported PAT of INR0.2 crore on a total operating income
of INR4.2 crore.


CHANDRA AUTOWHEELS: CARE Assigns 'B+' Rating to INR5cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Chandra Autowheels Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              5        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Chandra Autowheels
Private Limited is primarily constrained on account of its modest
scale of operations in a highly competitive industry,
cash loss in the first year of operation and limited bargaining
power with the principal automobile manufacturers.

The rating, however, favorably takes into account the experience
of the management in the dealership business and its association
with Ashok Leyland Limited and Ashok Leyland John Deere
Construction Equipment Company Private Limited.

The ability of the company to improve its overall financial risk
profile with an improvement in the scale of operations and
efficient management of working capital will be the key rating
sensitivities.

Udaipur-based (Rajasthan) CAPL was incorporated in 2003 by Mr
Rajendra Singh Kachhawa along with his wife, Ms Geeta Devi
Kachhawa. However, CAPL remained dormant till 2010, subsequent
to which, it started the construction of showroom after getting
letter of intent from ALL in August 2011. The company entered into
an agreement with ALL for the dealership of light commercial
vehicles (LCVs) for Udaipur and Jodhpur divisions. Furthermore, in
FY13 (refers to the period April 1 to March 31), the company
entered into an agreement with ALJD for the dealership of
construction equipments for entire Rajasthan. The company's
showrooms are located at Udaipur and Jodhpur equipped with 3-S
(Sales, Service and Spare parts) facilities. It has its branch
office at Jaipur and a team of 30 sales executives to look after
the marketing activities.

During FY13, CAPL reported a total operating income of INR23.37
crore and a net loss of INR0.35 crore.


DIN DAYAL: CRISIL Upgrades Rating on INR480MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Din Dayal Purushottam Lal to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              480      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in DDPL's liquidity,
driven by continual fund support from partners and absence of term
debt obligations. The partners have infused unsecured loans of
INR11 million and equity of INR16 million in 2012-13 (refers to
financial year, April 1 to March 31). CRISIL believes that DDPL's
partners will continue to support the business over the medium
term through unsecured loans and equity capital. Moreover, the
firm has a modest working capital cycle, with gross current assets
(GCAs) of 45 days as on March 31, 2013; it is expected to sustain
its GCAs at this level over the medium term. DDPL's accruals are
expected to be around INR8 million in 2013-14, backed by its
stable profitability; these accruals, in the absence of any
repayment obligations, will be fully available to fund its
incremental working capital requirements.

The rating continues to reflect DDPL's weak financial risk
profile, marked by a small net worth and high ratio of total
outside liabilities to tangible net worth. The rating also factors
in the firm's low profitability due to the trading nature of its
operations and its exposure to intense market competition. These
rating weaknesses are partially offset by the extensive experience
of DDPL's partners in the cotton trading business, and its long-
standing relationships with its major customers and suppliers.

For arriving at the ratings, CRISIL has treated unsecured loans
from partners of INR161 million as on March 31, 2013 as neither
debt nor equity as they are subordinated to bank borrowings and
are expected to remain in the business over the medium term.

Outlook: Stable

CRISIL believes that DDPL will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if there is substantial improvement
in DDPL's financial risk profile, most likely through fresh equity
infusion, improvement in its overall working capital requirements,
or more-than-expected increase in its net cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening in the firm's financial risk profile, most
likely caused by withdrawal of sizeable capital by its partners,
or deterioration in its working capital management, or lower-than-
expected cash accruals

DDPL was founded in 1971. The firm undertakes cotton trading on a
direct-sale-purchase basis. Its head office is in Sirsa (Haryana).
Its partners are Mr. Lalit Mohan Sharda, and his sons, Mr. Mahesh
Sharda and Mr. Pankaj Sharda.

DDPL reported a profit after tax (PAT) of INR7.1 million on net
sales of INR6.19 billion for 2012-13, as against a PAT of INR5
million on net sales of INR6.91 billion for 2011-12.


GANESH SPONGE: CRISIL Raises Ratings on INR197.3MM Loans to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Ganesh Sponge Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              180      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Funded Interest
   Term Loan                 16.7    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term
   Bank Loan Facility         0.6    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects an improvement in GSPL's liquidity,
resulting in prompt servicing of its debt. The company's liquidity
has improved, supported by stringent control on the working
capital cycle, with gross current assets recovering to around 90
days since April 2013, from 120 to 150 days in 2011-12 (refers to
financial year April to March). CRISIL believes that GSPL's
continued control on its working capital cycle will be critical to
sustain its improved liquidity over the medium term.

CRISIL's ratings on the bank facilities of GSPL also reflect its
small scale of operations in a competitive industry,
susceptibility of its operating margin to volatility in raw
material prices, and the company's below average financial risk
profile, constrained by its weak debt protection metrics. The
above-mentioned weaknesses are partially offset by the company's
proximity to raw material sources.

Outlook: Stable

CRISIL believes that GSPL's liquidity will remain weak, driven by
a volatile operating margin, and large working capital
requirements. The outlook may be revised to 'Positive' if the
promoter infuses significant equity, or the company generates
higher-than-expected cash accruals thereby improving its financial
risk profile and liquidity. Conversely, the outlook may be revised
to 'Negative' if its working capital cycle weakens, or the company
undertakes a significant debt-funded capital expenditure
programme.

GSPL, incorporated in 2004, manufactures sponge iron. Mr. S K
Dalmiya is the company's chairman and his son, Mr. Vikash Dalmiya,
is its managing director.


GARUDA VAHAN: CRISIL Suspends 'D' Rating on INR100MM Loans
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Garuda
Vahan Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               100     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by GVPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GVPL is yet to
provide adequate information to enable CRISIL to assess GVPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

GVPL, a closely held company, is a dealer of Tata Motors Ltd's
medium and heavy commercial vehicles. The company's operations are
spread across nine districts in western Orissa. The dealership
agreements are renewable every two years. GVPL was formed in 2006
by Mr. Akhil Poddar.


GEETASTAR HOTELS: CRISIL Suspends 'D' Ratings on INR145MM Loans
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of of
Geetastar Hotels & Resorts Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        5       CRISIL D Suspended
   Term Loan               140       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
GHRPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GHRPL is yet to
provide adequate information to enable CRISIL to assess GHRPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

GHRPL, formerly St. Bhikshu Infrastructure Pvt Ltd, runs a three-
star hotel, The Fern, in Jaipur (Rajasthan). The company has tied
up with the Concept Hospitality group for operating the hotel.
GHRPL began construction of the hotel in 2005 and commenced
commercial operations in December 2009. For funding the total
project cost of around INR409 million, the promoters infused
around INR150 million as equity and extended around INR19 million
as unsecured loans. The remaining amount of around INR240 million
was funded through long-term loans: INR140 million from Bank of
Baroda and INR100 million from Rajasthan State Industrial
Development & Investment Corporation Ltd.


GLOBAL ISPAT: CARE Assigns 'B+' Rating to INR12cr LT Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Global Ispat Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             12        CARE B+ Assigned

   Short-term Bank
   Facilities             11.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Global Ispat
Limited are constrained by its financial profile marked by
fluctuating operating income, stretched solvency indicators along
with weak liquidity position. The ratings further take into
account GIL's presence in the steel industry with intense
competition & cyclicality and exposure to volatile risk raw
material prices along with customer concentration risk.

The ratings, however, favorably take into account the benefits
derived from the long established presence of the company in the
industry and experienced promoters.

The ability of the company to manage the risk associated with
fluctuation in the raw material prices along with its ability to
increase profitability margins remains the key rating sensitivity.

Goa-based, Global Ispat Limited (GIL: erstwhile GR Ispat Limited)
was incorporated in September 1993. Promoted by Mr Ajay Kumar
Goel, Mr Abhay Kumar Agarwal and MrHarshwardhan Mittal, GIL is
engaged in the manufacturing of Mild Steel (MS) ingots of standard
size of 3.5 x 4.5 and 58 inches of length. The company has a
manufacturing unit in Goa, with two induction furnaces having a
combined capacity of 36,000 Metric Tonnes Per Annum (MTPA). MS
ingots produced by GIL find application in rolling mills for the
manufacturing of steel sheets, channels, bars and plates which are
ultimately used in infrastructure and construction industry. The
primary raw materials used for manufacturing MS ingots is MS scrap
and sponge iron which has been procured from the local sources of
Goa market and from Karnataka region.

During FY13 (refers to the period April 1 to March 31), GIL has
reported a loss of INR0.29 crore on a total income of INR90.25
crore as against a loss of INR2.67 crore on a total income of
INR93.93 crore in FY12.


GUPTA METAL: CARE Lowers Ratings on INR59.81cr Loans to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Gupta
Metal Sheets Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        50.81      CARE D Revised from
   Facilities                       CARE BB


   Short-term Bank        9.00      CARE D Revised from
   Facilities                       CARE BB

Rating Rationale

The ratings' revision takes into consideration the delays in
servicing of the company's debt obligations on account of stressed
liquidity position.

Gupta Metal Sheets Ltd was originally incorporated as a private
limited company by the name of Gupta Metal Sheets Pvt Ltd (GMSPL)
in the year 1995. GMSL is primarily engaged in the
conversion of copper cathodes into copper and copper alloys
sheets/strips. The company's manufacturing plant is located in
Rewari (Haryana) with an installed capacity of 12,500 Tonnes Per
Annum (TPA). GMSL primarily sells its products to automobile
manufacturers, electric goods manufacturers and defense sector.
During FY13 (refers to the period April 1 to March 31), the
company registered a total income of INR324.57 crore and PAT of
INR0.47 crore.

Delay in Debt Servicing

In FY13, GMSL witnessed deterioration in financial profile with a
decline in profitability margins, increase in overall gearing and
weak debt coverage indicators. The liquidity stress was mainly due
to the increase in the raw material prices and limited ability of
the business to pass on the same to the end consumers.


HIND BUILDTEC: CRISIL Suspends 'D' Ratings on INR419.6MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hind Buildtec Pvt Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               380       CRISIL D Suspended
   Term Loan                  39.6     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by HBPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HBPL is yet to
provide adequate information to enable CRISIL to assess HBPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

HBPL was established in 2008, promoted by Mr. Shakeel Haider. HBPL
had taken over Hind Construction Enterprises, the proprietorship
firm of the same promoter, in 2008-09 (refers to financial year,
April 1 to March 31). It is in the business of road construction
and is a Class A type contractor, based in Lucknow (Uttar
Pradesh).


HULE CONSTRUCTIONS: CARE Reaffirms 'B+' Rating on INR9cr LT Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hule Constructions Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             9         CARE B+ Reaffirmed

   Short-term Bank
   Facilities             3         CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained on account of the slow
execution of present projects coupled with no new contracts in the
recent past, geographical and segmental concentration of
operations, limited comfort from price escalation clause and its
relativity small scale of operations in the competitive
construction industry. The ratings are further constrained by the
stretched liquidity position of the company.

The ratings, however, continue to draw comfort from the experience
of the promoters in the irrigation space, healthy order book
position and registration as class I (A) contractor with the
Public works Department (PWD) of Maharashtra state.

The ability of the company to effectively execute the projects in
hand, diversify its operations and enhance the scale of operations
remain the key rating sensitivities.

Incorporated in year 2007, Hule Constructions Private Limited is
promoted by Mr Vishwanath Hule Patil having almost 25 years of
experience in the infrastructure space in the capacity of
contractor. HCPL is engaged in infrastructure contract work with
operations focused in Beed (Marathwada region), Maharashtra.
Within the infrastructure sector, HCPL majorly operates in two
segments - irrigation and construction of buildings. The company
participates in the tender floated by the PWD; if awarded with the
contract, the company has to approve the work designs from Central
Design Organisation, Nasik. Till date, HCPL has successfully
executed 11 projects and also owns most of the machinery and
equipment which are required for the execution of projects.

The company got registered under the class- I (A) contractor in
the year 2011 with the PWD, Maharashtra state, by virtue of which
it is eligible to undertake all types of civil work, irrespective
of size within the state of Maharashtra.

HCPL reported a PAT of INR1.39 crore against a turnover of
INR42.44 crore in FY13 (refers to the period April 1 to March 31)
as against PAT of INR1.47 crore against a turnover of INR33.60
crore in FY12.


JSK METALEX: CRISIL Suspends 'D' Rating on INR330MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of JSK
Metalex Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          330      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
JSKMwith CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSKM is yet to
provide adequate information to enable CRISIL to assess JSKM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

JSKM was incorporated in 2009, promoted by Mr. Vineet Chhabra and
family. The company will operate in the pre-galvanised and
galvanised pipe segments. The project was set up at a cost of
around INR570 million, funded by term loan of INR363 million and
promoters' funds. The company's unit for manufacturing pre-
galvanised pipes started commercial production in June, 2011
onwards. For galvanised pipes and hot-rolled coils, production
started in October 2011. Its installed capacities for
manufacturing pre-galvanised and galvanised pipes are 18,240
tonnes per annum (tpa) and 18,720 tpa respectively (on two-shift
basis). JSKM manufactures pipes in different sizes, with diameters
ranging from 0.5 to 6 inches. The company mainly sells its
products through traders.


KANAK POLYFAB: CRISIL Suspends 'D' Ratings on INR220MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kanak
Polyfab India Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.9      CRISIL D Suspended
   Cash Credit             56.5      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      54.9      CRISIL D Suspended
   Term Loan              105.7      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
KPIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KPIPL is yet to
provide adequate information to enable CRISIL to assess KPIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in January 2008, KPIPL manufactures poly propylene
(PP) bags, which are used for packaging of cement, fertilisers,
and food grains; it also manufactures leno bags, used for
packaging of potatoes. The company's unit in Burdwan (West Bengal)
has installed manufacturing capacity of 800 kilograms per hour
(kph), of which 450 kph was started from September 2011.
Currently, around 70 per cent of KPIPL's production is used for
packaging of bags, around 10 per cent for fertiliser bags, while
rest is for potato and rice bags. The company has a clientele of
around 15 customers for PP bags, while leno bags are sold in small
quantities to local traders and farmers. KPIPL procures PP
granules, its key raw material, from traders on an average credit
of 45 days. Over the medium term, the company may undertake
capital expenditure (capex) programme of INR350 million to set up
a premium quality plastic bag manufacturing unit with capacity of
600 kph. The promoters may undertake the capex in 2012-13 (refers
to financial year, April 1 to March 31). However, the funding
pattern for the same is yet to be decided. KPIPL's day-to-day
operations are managed by its managing director, Mr. Rajib Nayak.


KRISHNA DEVELOPERS: CARE Reaffirms 'B+' Rating on INR7.88cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Krishna Developers.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.88       CARE B+ Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of the risk
associated with the timely receipt of rentals from the sole leased
sole commercial property of Krishna Developers (KDE) and
uncertainty regarding termination of lease considering no lock-in
period which may lead to cash flow mismatches. The rating is
further constrained on account of KDE's small revenue base coupled
with net losses in FY13 (refers to the period April 1 to
March 31), moderately leveraged capital structure and its
constitution as a partnership concern.

The rating, however, continues to take comfort from the vast
experience of the partners with demonstrated financial support in
the past and healthy business profile of the tenant. Timely
receipt of the lease rentals and continued financial support from
the partners, especially in an event of termination of the lease
agreement by the existing tenant are the key rating sensitivities.

Jaipur-based (Rajasthan) KDE was formed in 2007 as a partnership
concern promoted by 10 partners. Later in April 2010, four
partners retired from the firm and currently, KDE is owned by
six partners. Mr Vinod Agarwal and Mr Namit Agarwal are the main
working partners who look after the overall operations of the
firm. KDE is engaged in the real estate development business and
has developed a commercial complex, 'Matrix Mall' situated at
Jawahar Nagar (Jaipur) which houses two basement and three floors
with total area of 40,408 square feet. It developed this
property on lease land taken from Jaipur Nagar Nigam (JNN). During
March 2012 KDE gave the entire mall on lease to SBBJ bank.

The partners have vast experience in the development of various
commercial projects. The management has developed various real
estate projects in Jaipur under different companies like
Alankar Buildcon Private Limited, Riddhi Siddhi Home Private
Limited and Krishna Buildhome Private Limited which are engaged in
the same line of business. Other than these entities, the
partners also manage Agrasen Engineering Industries Limited (AEIL,
rated CARE BBB/CARE A3+) which is engaged in the manufacturing of
automotive component and Scion Exports Private Limited (SEPL,
rated CARE BB) which is engaged in the manufacturing of forged
components.


KRISHNA INFRAPROJECT: CRISIL Suspends D Rating on INR65.9MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Satyam
Krishna Infraproject Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           65.9     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
SKIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKIPL is yet to
provide adequate information to enable CRISIL to assess SKIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up in 2008 by Mr. Anurag Agarwal, his friend Mr. Ratan Sharma,
and their families, SKIPL is setting up a shopping mall and
multiplex in Tezpur (Assam). The project was initially expected to
commence operations in September 2011, but faced subjudicial
issues, which resulted in time and cost overruns. The revised cost
of the project is around INR180 million, to be funded in a debt-
equity ratio of 1:2. As on date, the legal issues stand resolved
and the project is expected to commence commercial operations by
September 2012.


KULKARNI POWER: CRISIL Cuts Ratings on INR396.5MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Kulkarni Power Tools Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7.5     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Bill Purchase-
   Discounting Facility      6       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Cash Credit              67.4     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Foreign Currency         71.6     CRISIL B+/Stable (Downgraded
   Demand Loan                       from 'CRISIL BB/Stable')


   Letter of Credit         77.5     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Long-Term Loan          228       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long-Term       23.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The rating downgrade reflects the expected deterioration in KPTL's
liquidity following its continued capital expenditure (capex) over
2011-12 (refers to financial year, April 1 to
March 31) and 2012-13, and a stretch in its working capital cycle.
The capex has led to higher-than-expected term debt obligations in
2013-14. Also, KPTL's debtor cycle is expected to lengthen in the
near term, given the delays in payments by its customers.
Moreover, slow revenue growth with subdued margins over the past
two years has led to a decline in its cash accruals.

CRISIL's ratings continue to reflect KPTL's strong market
position, and its promoters' experience in the power tools
industry. These rating strengths are partially offset by the
company's large working capital requirements, its exposure to
competition in the electric power tools industry, and its
vulnerability to volatility in raw material prices.

Outlook: Stable

CRISIL believes that KPTL will maintain its market position over
the medium term on the back of its established customer
relationships and its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if KPTL significantly
improves its working capital management, or if it achieves more-
than-expected off take, leading to improved margins and cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's working capital requirements are larger than
expected, leading to deterioration in its financial risk profile,
or if it achieves less-than-expected growth in its operating
revenues or a decline in its margins.

KPTL, incorporated in 1976, manufactures electric power tools for
a variety of applications in the construction, automobile,
railways, shipyards, bus-body building, fabrication work, housing,
and general manufacturing sectors. It has a manufacturing unit in
Shirol (Maharashtra).

KPTL reported a profit after tax (PAT) of INR13.9 million on net
sales of INR863.1 million for 2012-13, as against a PAT of INR13.6
million on net sales of INR898.7 million for 2011-12. The company
incurred a net loss of INR2.4 million on net sales of INR423.1
million during the first half of 2013-14.


MAMTA SEEDS: CARE Reaffirms 'B' Rating on INR7cr LT Loans
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mamta Seeds.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              7        CARE B Reaffirmed

   Short-term Bank
   Facilities              3        CARE A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Mamta Seeds (MSD)
continue to remain constrained on account of its modest scale of
operations and financial risk profile marked by the highly
leveraged capital structure and long operating cycle. The ratings
further continue to be constrained on account of its presence in
the highly fragmented and seasonal seed industry coupled with
vulnerability of its profit margins to fluctuation in the prices
of agriculture commodity.

The ratings continue to draw strength from the vast experience of
the proprietor coupled with location advantage being situated in
the soyabean-growing region, and also factor in the increase in
total operating income and cash accruals during FY13 (refers to
the period April 1 to March 31).

MSD's ability to increase its scale of operations by adding new
products along with improvement in profit margins and capital
structure coupled with efficient working capital management remain
the key rating sensitivities.

Established in March 2003, Indore-based (Madhya Pradesh) Mamta
Seeds (MSD) is a proprietorship firm formed by Mr Manohar Singh
Rathore, who looks after the overall operations of the firm and
has over a decade long experience in the industry. MSD is engaged
in the business of production, processing and marketing of
certified commercial seeds, mainly soya bean and wheat which are
used by farmers for sowing agriculture crops. MSD sells certified
seeds under the brand name of 'Mamta'. It has set up a unit for
grading and processing of seeds at Indore with an installed
capacity of 26,000 metric tonnes per annum (MTPA). Soya bean seeds
contributed 90% of the TOI in FY13, while the remaining 10% was
contributed through wheat seeds.

During FY13, MSD reported a TOI of INR17.07 crore and a PAT of
INR0.26 crore as against a TOI of INR12.43 crore and PAT of
INR0.18 crore during FY12.


MELA SINGH: CRISIL Suspends 'D' Rating on INR90MM Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Mela Singh
Memorial Educational Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by MMET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMET is yet to
provide adequate information to enable CRISIL to assess MMET's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

MMET was established in 2007 by Mr Tarlochan Singh. It currently
operates two colleges namely Gurunanak Institute of Technology
(GIT) and Gurunanak Institute of Management (GIM) in Ambala
(Haryana). GIT offers courses in engineering in four
specialisations. GIM offers masters degree in management. The
colleges started operations in July 2008 and are affiliated to
Kurukshetra University, Haryana.


NANDI GRAIN: CARE Assigns 'B+' Rating to INR69.3cr LT Loans
-----------------------------------------------------------
CARE assigns 'CARE B+'/'CARE A4' ratings to the bank facilities of
Nandi Grain Derivatives Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        69.30      CARE B+ Assigned
   Facilities

   Short-term Bank
   Facilities             0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned are constrained by the short track record and
nascent stage of operations of the company, high working capital
intensive nature of the business, volatility in prices and
availability of raw materials, highly leveraged capital structure
and high client concentration risk.

The ratings, however, take into account the experience and
satisfactory track record of the promoters in diversified
businesses, experience of the group in a similar line of business
through wet milling process through a group company and multiple
application of starch. Ability of the company to stabilize
operations, achieve envisaged scale of operations and
profitability are the key rating sensitivities.

Established in June 2010, Nandi Grain Derivatives Private Limited
is part of the Nandi Group of Industries based out of Nandyal in
Andhra Pradesh. The group since 1978 has built a diversified
presence of businesses such as cement, dairy, PVC pipes,
construction, TMT bars etc.

NGDPL is engaged in the manufacturing of liquid starch using maize
(wet milling process) as raw material with an installed milling
capacity of 400 tons per day. Gluten, germs, corn steep soluble
and fiber are the other by-products produced in the wet milling
process which constitutes about 35% of the throughput.

During FY13 (refers to the period April 1 to March 31), the
company has reported a net loss of INR0.23 crore on total income
of INR10.75 crore.


ORBIT PRODUCTS: CRISIL Cuts Ratings on INR100MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the various bank facilities
of Orbit Products Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          30      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit               40      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit          25      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Cash Credit       5      CRISIL D (Downgraded from
   Limit                             'CRISIL B+/Stable')

The rating downgrade reflects excess utilisation of cash credit
facility for more than 30 days by OPPL on account of weakening in
its liquidity due to large debtor losses incurred in 2013-14.

The ratings also reflect OPPL's below-average financial risk
profile, marked by a small net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio, and inadequate
interest coverage ratio. These rating weaknesses are partially
offset by the extensive industry experience of OPPL's promoters in
the trading business

The Orbit group trades in various products, such as basmati rice,
fabrics, garments, chemicals, jewelry, detergent powder, and
biscuits, depending on customers' requirement. The group is
promoted by Mr. Rajiv Modi and his father, Mr. Rajendra Modi. The
group sources the traded products from local markets and sells the
same in India and abroad. The groups registered office is at
Sewri, Mumbai.


PM DIMENSIONS: CRISIL Assigns 'B+' Rating to INR90MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of PM Dimensions Private Limited.

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

The ratings reflect PDPL's modest scale and working capital
intensive nature of operations and modest financial risk profile
marked by low networth and moderate debt protection metrics. These
rating weaknesses are partially offset by PDPL's qualified
promoters having an extensive experience in the engineering
industry.

Outlook: Stable

CRISIL believes that PDPL will benefit over the medium term from
its established market position and its promoters' extensive
industry experience in engineering services industry. The outlook
may be revised to 'Positive' if the company reports better-than-
expected growth in its revenues, while improving its capital
structure and working capital cycle. Conversely, the outlook may
be revised to 'Negative' if the company faces challenges in
attracting students or obtaining orders, thereby adversely
affecting its revenues and margins, or if it undertakes a large
debt-funded capital expenditure programme, thereby affecting its
financial risk profile.

PDPL, incorporated in 2007 by Mr. Makarand Rajadhyaksha, is
engaged in providing high-end engineering services and providing
training to students in niche engineering courses. The company has
its training institute at Gandhinagar (Gujarat) and its
administrative office is located at Mumbai.

PDPL reported a profit after tax (PAT) of INR5.2 million on net
sales of INR87.6 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.5 million on net
sales of INR54.0 million for 2011-12.


RAHUL FOUNDATION: CRISIL Suspends 'D' Ratings on INR180MM Loans
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Rahul Foundation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan        110     CRISIL D Suspended
   Term Loan                  70     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by RF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RF is yet to
provide adequate information to enable CRISIL to assess RF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

RF was formed as a non-profit organisation in 2004 by Mr. R N
Majumdar. The society started a school, Manisha International
School, in 2007 in Durgapur (West Bengal) on an area of around
5.95 acres. The school currently has around 1300 students with
classes from Nursery to Standard X.


ROYAL APPLIANCES: CRISIL Suspends 'D' Ratings on INR100MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Royal
Appliances.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           21.5     CRISIL D Suspended
   Cash Credit              50.0     CRISIL D Suspended
   Letter of Credit         14.0     CRISIL D Suspended
   Term Loan                14.5     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by RA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RA is yet to
provide adequate information to enable CRISIL to assess RA's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of RA
and Royal Appliances Pvt Ltd (RAPL) together referred to as Royal
Group. This is because both these entities have strong operational
and financial linkages with each other and a common management.
Furthermore, RAPL is a dedicated distributor for goods
manufactured by RA.

RA, incorporated in 1987, manufactures pressure cookers. The
firm's manufacturing facilities are in Sonipat and Delhi, with a
total capacity of about 1 million pressure cookers per annum. RA
derives around 50 per cent of its total sales to original
equipment manufacturers such as Sunflame India Pvt Ltd and Usha
Shriram Enterprises Pvt Ltd. RA receives annual manufacturing
contracts from these customers. RAPL was acquired by the promoters
in 2010. It makes 50 per cent of its sales under its own brand
name, Tempo. Royal Group is a dedicated distributor of Tempo
pressure cookers. Initially, this business was undertaken by
another group company, Tempo Appliances Pvt Ltd.  However, the
business in TAPL has now been transferred to RAPL. TAPL currently
has no operations.


RUBAN PATLIPUTRA: CARE Assigns 'B+' Rating to INR19.95cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ruban
Patliputra Hospital Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           19.95       CARE B+

Rating Rationale

The rating assigned to the bank facilities of Ruban Patliputra
Hospital Private Limited is constrained by project implementation
and stabilization risk, capital intensive nature of its business,
its presence in a highly fragmented & competitive healthcare
industry with the risk of unavailability or inability to attract
quality doctors and medical professionals and risk relating to
mishandling of a case or negligence on part of any doctor and/or
staff. However, the rating drives strength from the experience of
the promoters, locational advantage and planned as a
multispecialty hospital with self-contained infrastructure
facilities and favourable industry outlook.

The ability of RHPL to complete the ongoing project successfully
and achieve the revenue and profitability as envisaged will be the
key ratings sensitivities.

RHPL was incorporated on February, 2011 by Dr Satyajit Kumar Singh
along with his family members for setting up a 200 bed multi-
specialty hospital with five modular operation theatres at
Patliputra colony, Patna (Bihar). The hospital proposes to offer a
wide array of healthcare facilities encompassing cardiology &
cardiac surgery, neurology, neuro (brain) surgery, orthopaedic
(joint replacement and spinal surgery) etc. Moreover, it proposed
to have all kinds of trauma surgical emergencies, Cardiac Care
Unit (CCU), Intensive Care Unit (ICU) and automated laboratory. It
will also provide indoor and outdoor pharmacy.

RHPL belongs to the Ruban group of hospitals built up by Dr
Satyajit Kumar Singh and is an established hospital brand in the
city of Patna. Basudeo Health Foudation Pvt Ltd is the flagship
company of the group engaged in medical treatment in critical
diseases since 1996 in and around the city of Patna, Bihar.

Currently, RHPL is setting up a 200 bed multi-specialty hospital
at Patna in Bihar at a projected cost of INR29.18 crore, being
financed at a debt equity ratio of 3.78x. The cost incurred up to
Dec. 17, 2013 is about INR28 crore. The hospital is expected to be
operational by January 2015.


S.V.R. ELECTRICALS: CRISIL Suspends 'D' Ratings on INR100MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.V.R. Electricals Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL D Suspended
   Cash Credit               40      CRISIL D Suspended
   Letter of Credit          10      CRISIL D Suspended
   SME Credit                 2.5    CRISIL D Suspended
   Term Loan                 17.5    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SVR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVR is yet to
provide adequate information to enable CRISIL to assess SVR's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
SVR and Vijay Transformers (VT), together referred to as the SVR
group, as both the entities are in a similar line of business, are
under a common management, and have fungible funds. Furthermore,
SVR has extended corporate guarantee for the loans availed of by
VT.

Established in 1978 by Mr. Venkateshwara Rao, SVR, based in Vizag
(Andhra Pradesh), currently manufactures a wide range of
distribution transformers (ranging up to 2000 KVA) with an
installed capacity to manufacture nearly 6000 transformers per
annum. The company is currently setting up an additional
transformer manufacturing unit with capacity of 6000 units per
annum at a total cost of about INR50 million, to be funded in a
debt-equity ratio of 1.8:1. The new unit is expected to be
operational by August 2012.


SABHLOK ENTERPRISE: CARE Assigns 'B+' Rating to INR4.5cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sabhlok Enterprise.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           4.50        CARE B+ Assigned

   Short-term Bank
   Facilities           1.75        CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Sabhlok Enterprise
are primarily constrained on account of its modest scale of
operations, high project execution risk and moderate liquidity
position. Furthermore, the ratings are also constrained by its
presence in a highly competitive & tender driven nature of the
business and high degree of geographic concentration. The ratings,
however, draw strength from the long experience of the promoters,
reputed client profile, healthy profitability and moderate debt
coverage indicators.

The ability of SAB to increase its scale of operations by the
timely execution of the orders on hand, managing raw material
fluctuation risk and improvement in the liquidity position along
with better working capital management in light of the competitive
nature of the industry are the key rating sensitivities.

SAB was originally formed in 2003 as a partnership firm mainly by
Mr Kamal Sablok and Mr Sanjay Sahni. Subsequently the partnership
deed was revised due to the retirement of few partners in 2006 and
again in 2009; however the key promoters remained the same. SAB is
an ISO 9001-2008 firm engaged in the business of road and civil
work since the last 10 years. It is registered as an 'A' Class
contractor with (Road & Building) R & B department of Madhya
Pradesh. Mr Kamal Sablok and Mr Sanjay Sahni are graduates and
have an experience of more than two decades in the same
line of business.

During FY13 (refers to the period April 1 to March 31), SAB earned
a PAT of INR0.57 crore on a total operating income of INR8.41
crore as against a PAT of INR0.75 crore on a total operating
income of INR10.81 crore in FY12. During 7MFY14 (provisional), SAB
has achieved sales of INR12.44 crore.


SAI KRISHNA: CRISIL Suspends 'D' Ratings on INR200MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sai Krishna Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL D Suspended
   Cash Credit               30      CRISIL D Suspended
   Proposed Long-Term
   Bank Loan Facility       120      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SKE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKE is yet to
provide adequate information to enable CRISIL to assess SKE's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SKE undertakes construction, improvement, widening, and
straightening of roads. Established in 2007-08 (refers to
financial year, April 1 to March 31), the firm was started by Mr.
P G Tilak Rao. SKE currently has one ongoing project from a
private contractor, which was sub-contracted by the principal in
October 2010. The works include widening of roads for the State
Government of Orissa.


SANJIVINI PIPES: CRISIL Assigns 'B+' Ratings to INR89MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sanjivini Pipes & Fittings Pvt Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash
   Credit Limit              4       CRISIL B+/Stable

   Cash Credit              40       CRISIL B+/Stable

   Long Term Loan           45       CRISIL B+/Stable

The rating reflects Sanjivini's small scale and working-capital-
intensive nature of operations, its below-average financial risk
profile marked by high gearing and the susceptibility of its
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of Sanjivini's promoters in the PVC pipes manufacturing segment.

Outlook: Stable

CRISIL believes that Sanjivini will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports significantly better-than-expected cash accruals, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if Sanjivini records lower-than-expected
cash accruals, or if the company undertakes any large debt-funded
capital expenditure, or if its working capital management
deteriorates, resulting in weakening of its credit risk profile.

Sanjivini, incorporated in 2012, manufactures PVC pipes and
fittings. The company is promoted by Mr. Mohammed Ali and his
family members.

Sanjivini reported profit after tax (PAT) of INR0.2 million on net
sales of INR27.6 million for 2012-13 (refers to financial year,
April 1 to March 31).


SANSKAR BHARTI: CRISIL Suspends 'D' Rating on INR80MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sanskar
Bharti Foundation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 80      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SBF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBF is yet to
provide adequate information to enable CRISIL to assess SBF's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SBF was set up in 2007 by Mr. K K Gupta. The society runs K12
(Kindergarten to class 12) school in Ambala (Haryana) as a
franchisee of DPS. SBF's school follows Central Board of Secondary
Education syllabus. DPS provides academic support to the school,
such as syllabus and training of teachers. The society provides
infrastructural and managerial support.


SHREE GOPAL: CARE Assigns 'D' Rating to INR4.26cr LT Loans
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Shree Gopal
Krishna Craft Mill Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             4.26      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Gopal Krishna
Craft Mill Private Limited is primarily constrained on account of
the frequent instances of delay in debt servicing due to its weak
liquidity position.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position would
be the key rating sensitivity.

Incorporated in December 2010, GKCM is headed by Mr Amit Patel and
Mr Balubhai Patel. GKCM is engaged into manufacturing of craft
paper, the commercial production of which started from January
2012. The plant of GKCM is located at Rajkot district, Gujarat
with an installed capacity of 9,000 metric tonnes per annum (MTPA)
as on March 31, 2013. The craft paper manufactured by GKCM finds
application in the manufacturing of corrugated boxes used for
packaging and laminations. Currently, the company is procuring a
majority of its raw material ie waste paper from a company based
in Mumbai and other local markets of Gujarat and further sells its
product to the companies based in various cities of Gujarat.

During FY13 (refers to the period April 1 to March 31), GKCM
reported a net loss of INR0.77 crore on a Total Operating Income
(TOI) of INR2.73 crore as against a net loss of INR0.34 crore on a
TOI of INR1.16 crore in FY12. Furthermore, during FY14 till
November 20, 2013, GKCM achieved a TOI of INR2.40 crore.


SHRI INDHIRA: CRISIL Ups Rating on INR120MM Loan to 'B+'
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shri Indhira Cotton Mills Private Limited (SICMPL; part of the
AKCT group) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'; the
rating on the short-term bank facilities has been reassigned at
'CRISIL A4'.

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

   Standby Line of Credit    15      CRISIL A4 (Reassigned)

The rating upgrade reflects the expected sustenance of the group's
improved liquidity profile over the medium term with more-than-
sufficient cash accruals to service debt over the medium term; the
group is likely to generate cash accruals of around INR39 million
for 2013-14 (refers to financial year, April 1 to March 31), vis-
…-vis debt obligations of INR21 million. The upgrade also reflects
CRISIL's belief that the AKCT group will continue to receive need-
based funding support from the promoters; the group received
INR180 million as on March 31, 2013, from the promoters in the
form of unsecured loans and preference capital.

CRISIL's ratings on the bank facilities of AKCT Cidambaram Cotton
Mills Pvt Ltd reflect the AKCT group's below-average financial
risk profile, marked by moderate gearing and weak debt protection
metrics. The rating also factors in the group's large working
capital requirements and exposure to supplier concentration risks.
These rating weaknesses are partially offset by the promoters'
extensive experience in the textiles industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AKCT Cidambaram Cotton Mill Private
Limited, SICMPL and ACCMPL's newly acquired subsidiary DPN
Spinners Pvt Ltd. This is because these entities together referred
to as the AKCT group, have common promoters, operate in the same
line of business and have financial fungibility. Previously,
CRISIL had combined the business and financial risk profiles of
Shri Indhira and ACCMPL. The change in analytical approach has
resulted from ACCMPL's acquisition of DPN in 2012-13.

Outlook: Stable

CRISIL believes that the AKCT group will continue to benefit over
the medium term from its long-standing presence in the textiles
industry. The outlook may be revised to 'Positive' if the group
improves its scale of operations and profitability, leading to
sustained and significant improvement in cash accruals and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the AKCT group's liquidity weakens due to lower-than-expected cash
accruals or larger-than-expected working capital requirements; or
its financial risk profile deteriorates because of aggressive
debt-funded expansions.

ACCMPL was incorporated in Chennai (Tamil Nadu) in 2006. The
company manufactures 100 per cent polyester yarn. In 2012-13,
ACCMPL acquired DPN, which also manufactures 100 per cent
polyester yarn.

Shri Indhira was established in 1956 in Chennai (Tamil Nadu). The
firm manufactures 100 per cent polyester yarn (40s to 60s counts).

The AKCT group also trades in agricultural produce and raw cotton
and has recently ventured into real estate.

The group reported a PAT of INR14 million on net sales of INR888
million for 2012-13, against a net loss of INR27 million on net
sales of INR635 million for 2011-12.


SURYATEJA POWER: CRISIL Cuts Ratings on INR220MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Suryateja Power Projects Pvt Ltd to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            22.5     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Term Loan             196.8     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long-Term
   Bank Loan Facility      0.7     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by SPPPL in
servicing its debt due to weak liquidity, resulting from its large
working capital requirements.

SPPPL's profitability is exposed to volatility in raw material
prices, and the company has a high degree of customer
concentration in its revenue profile. However, SPPPL benefits from
stable revenues on the back of its power purchase agreement (PPA)
with the Transmission Corporation of Andhra Pradesh Ltd.

SPPPL (formerly, Venkataraya Fibers Pvt Ltd) was incorporated in
Hyderabad (Andhra Pradesh) in 2002. The company operates a 6
megawatt biomass power plant in Beechpally Village in Mahboobnagar
District (Andhra Pradesh). The plant has been operational since
April 2007. SPPPL has a 20 year PPA with APTRANSCO.


TAKSH INFRASTRUCTURE: CARE Rates INR9cr LT Loans at 'B'
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Taksh
Infrastructure LLP.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              9        CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Taksh Infrastructure
LLP is primarily constrained on account of the high project
implementation risk owing to the long execution period coupled
with high dependence on external source of funding and high
project salability risk in the current subdued scenario in the
real estate sector. The rating, however, draws strength from the
experience of the promoters and long established track record of
the Taksh group in the real estate sector.

The ability of TILLP to successfully complete its on-going project
within the envisaged cost and time parameters along with the
timely sale of units at envisaged prices are the key rating
sensitivities.

TILLP is a Limited Liability Partnership (LLP) firm incorporated
on January 22, 2013 in Vadodara.  The firm was originally
constituted as a private limited company on February 13, 2007 and
was later converted into a LLP. TILLP is promoted by the Taksh
group of Vadodara, founded by Mr Girish Shah, Mr Girishchandra
Patel, Mr Samir Amin and Mr Chintan Shah. The firm is engaged in
the real estate development business and is currently developing a
commercial project named 'Taksh Galaxy' at Vadodara having a
saleable area of 163,945 sq ft comprising 50 shops and 60 offices.

The total cost of the project is estimated to be INR30.35 crore to
be financed by the promoters' contribution of INR9.81 crore, term
loan of INR9 crore and balance to be sourced from advance booking
received from the customers (Rs.8.04 crore) and unsecured loans
from friends and relatives (Rs.3.50 crore). Vadodara Urban
Development Authority (VUDA) has approved the layout plans &
building plans and has issued Development Permission for
commercial purpose in February 2013.

The development permission for commercial purpose is currently
available for basement, ground floor and first two floors. The
management is in process to get the plan approved for additional
two floors.

During FY13 (refers to the period April 1 to March 31), TILLP has
been incorporated as a Limited Liability Partnership on
Jan. 22, 2013. TILLP has incurred a project cost of INR9.07 crore
till Sept. 30, 2013, fully funded by the promoter's capital and
yet to take disbursal of term loan of INR9 crore.


TAURUS AUTODEALERS: CARE Cuts Rating on INR36.66cr Loans to 'B+'
----------------------------------------------------------------
CARE revises the long-term and reaffirms the short-term rating
assigned to the bank facilities of Taurus Autodealers Private
Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        36.66      CARE B+ Revised from
   Facilities                       CARE BB-

   Short-term Bank
   Facilities             2.67      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating factors in the decline in the
revenue, profitability and deterioration in the gearing levels and
debt coverage indicators of Taurus Autodealers Private Limited in
FY13 (refers to the period April 1 to March 31). The ratings
continue to be constrained by the weak financial profile marked by
low profitability, small net-worth base and leveraged capital
structure, working-capital intensive operations and risk
associated to linkages to the fortunes of Ford.

The ratings, however, derive strength from the long track record
and experienced promoters. The ability of the company to improve
its financial risk profile along with increase in its sales and
improving its margins are the key rating sensitivities.

The promoters of Taurus Autodealers Private Limited were the late
Mr Shambhunath Malviya and Mr Rajeev Malviya. TAPL is an ISO
9001:2000 certified dealership engaged in the business of trading
and servicing of the passenger vehicles of Ford India Private
Limited along with the sale of spare parts. The company is also
engaged in the purchase and sale of used cars of Ford and other
brands. TAPL currently operates in the western region of
Maharashtra state, covering major cities like Pune, Satara, Karad,
Sangli, Kolhapur, Ratnagiri, Sindhudurg and Jata. It has
established facilities comprising three showrooms (two in Pune and
one in Kolhapur) and four workshops (Pune, Kolhapur, Ratnagiri and
Satara).

During FY13, the company reported a total operating income of
INR99.43 crore over a PAT of INR0.25 crore as against a total
operating income of INR122.63 crore over a PAT of INR0.46 crore in
FY12.


TSS PROJECTS: CARE Assigns 'B' Rating to INR90.50cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' to the bank facilities of TSS
Projects & Industries Pvt Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            90.50      CARE B Assigned

   Short-term Bank
   Facilities             9.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to bank facilities of TSS Projects &
Industries Pvt Limited are constrained by the declining trend in
scale of operations, highly leveraged capital structure,
elongated collection period, working capital intensive nature of
operations and exposure to foreign currency fluctuations. The
ratings favorably factor in the experience of the management team,
long term relationship with the key supplier and customers and
moderate order book position. The ability of the company to scale
up the operations, realize the debtors on time thereby improving
the liquidity position of the company and improve its capital
structure will be key rating sensitivities.

TSS Projects & Industries Limited, incorporated in March 2009 is
promoted by Mr Haridass Ramesh. TSSPL is into execution of turnkey
projects overseas and also into the trading of industrial solvents
and chemicals like Sodium Methoxide (SMO) Powder and solution (85%
of the total revenue in FY13 - refers to the period April 1 to
March 31). TSSPL belongs to the TSS group which is into trading of
petrochemicals, real estate, manufacturing of gelatin and saw
pipes, warehousing and shipping services, facilities and property
management. TSS Group's other major companies are Golden Star
Facilities & Services Pvt Ltd, Techtrans Construction Pvt Ltd and
Transfreight Shipping & Allied Services India Pvt Ltd [rated CARE
BB+/CARE A4+].

TSSPL registered a PAT of INR0.58 crore out of the total income of
INR21.27 crore in FY13 as compared to a PAT of INR1.06 crore out
of the total income of INR26 crore in FY12. In H1FY14 (UA),
TSAPL registered an income of INR 27.59 crore.


VARIETY LUMBERS: CARE Downgrades Rating on INR17cr LT Loan to 'D'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Variety Lumbers Private Limited.
                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term/Short-         17        CARE D Revised from
   term Bank Facilities               CARE B/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Variety Lumbers Private Limited (VLPL) primarily factors in the
delay in debt servicing due to weakened liquidity position.

VLPL, incorporated in the year 2002, is promoted by Mr SN Dubey at
Kandla (Gujarat). The company is engaged in the import of round
timber logs which is subsequently sawn and sized at its saw mill
into various commercial sizes as per the requirement of its
customers. Most of its revenue is derived from the sale of various
types of pinewood. Furthermore, from FY09 (refers to the period
April 1 to March 31) onwards, VLPL also started manufacturing of
wooden plates. VLPL's manufacturing facility is located in
Gandhidham in the Kutch district of Gujarat, near Kandla port
which facilitates easy imports and transportation. VLPL procures
its raw material through imports mainly from New Zealand and
Singapore. The timber processed by VLPL finds large-scale use in
the packaging of various products apart from use in
infrastructure, building construction and furniture.

As per the audited results for FY13, VLPL reported a PAT of
INR0.23 crore (INR0.25 crore in FY12) on a total operating income
of INR38.08 crore (INR36.26 crore in FY12). During H1FY14, VLPL
reported a TOI of INR15.33 crore.


VIGNAN EDUCATIONAL: CRISIL Suspends D Rating on INR78MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Vignan
Educational Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 78      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by VET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VET is yet to
provide adequate information to enable CRISIL to assess VET's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

VET was set up by Mr. K Govinda Rajulu and his three friends in
2007. The trust operates the Vignan Institute of Technology and
Management (VITM), which offers degree courses in six engineering
streams, and a two-year MBA programme. The institute has a student
intake of 1300.


VISHAL BUILDERS: CRISIL Ups Ratings on INR50MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Vishal Builders to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and
reaffirmed rating on the short term bank facilities at 'CRISIL
A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4 (Reaffirmed)

   Cash Credit               40      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Cash             10      CRISIL B+/Stable (Upgraded
   Credit Limit                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in VB's financial risk
profile and liquidity over the past two years supported by
infusion of fresh funds by the promoters through equity and
unsecured loans. The upgrade also reflects CRISIL's belief that VB
will sustain its financial and business risk profiles over the
medium term backed by moderate order book providing revenue
visibility and stable operating profitability supported by
escalation clauses in most contracts.

VB's financial risk profile improved during 2012-13 (refers to
financial year, April 1 to March 31), which is evident from
improvement in its gearing to around 1.8 times as on March 31,
2013, from 3.14 times as on March 31, 2012. Infusion of fresh
capital by the promoters, coupled with stagnant debt levels, led
to improvement in gearing. Furthermore VB's gearing is expected to
remain at a similar level over the medium term, too. Although its
revenue of INR161 million during 2012-13 was marginally lower than
that of 2011-12, it is expected to increase during 2013-14 to
around INR270 million supported by execution of orders in hand.
During 2012-13, the firm reported operating margin of 7.4 per
cent, which is marginally better than 6.4 per cent recorded in the
previous year. The margin is expected to remain at a similar level
over the medium term, too, supported by escalation clauses in most
orders in hand.

The ratings continue to reflect VB's average financial risk
profile, marked by a modest capital structure, exposure to risks
related to its tender-based business in the intensely competitive
construction industry, and working-capital-intensive operations.
These rating weaknesses are partially offset by the promoters'
extensive experience in the civil construction industry along with
funding support.

Outlook: Stable

CRISIL believes that VB will continue to benefit from its
partners' extensive experience in the construction industry and
execution of the current order book, over the medium term. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while maintaining its profitability and
working capital cycle leading to higher-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
VB's financial risk profile weakens because of stretch in its
working capital or if the firm undertakes any significant debt-
funded capital expenditure programme.

VB, set up in 1971 as a partnership concern, undertakes civil
construction activity. The firm, based in Raipur (Chhattisgarh),
undertakes contracts from various government agencies as well as
private players in and around Raipur. It has a class A5
certification under the Public Works Department, Chhattisgarh, and
Chhattisgarh Housing Board. VB is managed by Mr. Vikas Gawri and
his family.



===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                     Total     Shareholders
                                    Assets           Equity
  Company            Ticker        (US$MM)          (US$MM)
  -------            ------         ------     ------------


AUSTRALIA

AAT CORP LTD           AATDA          32.50      -13.46
ARASOR INTERNATI       ARR            19.21      -26.52
ATLANTIC LTD           ATI           490.17      -25.68
AUSTRALIAN ZI-PP       AZCCA          77.75       -2.57
AUSTRALIAN ZIRC        AZC            77.75       -2.57
BIRON APPAREL LT       BIC            19.71       -2.22
BOUNTY MINING LT       BNT            10.54       -0.94
CLARITY OSS LTD        CYO            37.13      -13.75
CMA CORP LTD           CMV           127.41      -51.00
CWH RESOURCES LT       CWH            10.71       -3.03
LANEWAY RESOURCE       LNY            10.84      -11.48
NATURAL FUEL LTD       NFL            19.38     -121.51
PENRICE SODA HOL       PSH           122.46      -26.85
QUICKFLIX LTD          QFX            11.48       -5.34
QUICKFLIX LTD-N        QFXN           11.48       -5.34
REDBANK ENERGY L       AEJ           300.67      -20.13
RIVERCITY MOTORW       RCY           386.88     -809.13
RUBICOR GROUP LT       RUB            45.20      -75.31
STERLING PLANTAT       SBI            59.08       -6.07
STIRLING RESOURC       SRE            16.53       -8.12
STRAITS RESOURCE       SRQ           208.51      -29.73
SWAN GOLD MINING       SWA            36.43       -9.08
TZ LTD                 TZL            12.88       -8.73


CHINA

ANHUI GUOTONG-A        600444         79.12      -10.53
CHANG JIANG-A          520           770.91     -176.56
CHINA GREAT LAND       CGL            16.52      -19.01
CHINA OILFIELD T       COT            22.00      -16.71
FORGAME HOLDINGS       484            83.73      -21.92
HEBEI BAOSHUO -A       600155        114.00     -104.15
HUASU HOLDINGS-A       509            77.77      -39.31
HULUDAO ZINC-A         751           507.79     -532.25
HUNAN TIANYI-A         908            59.37       -1.14
JIANGSU ZHONGDA        600074        338.59      -29.88
NANNING CHEMIC-A       600301        391.41      -43.60
QINGDAO YELLOW         600579        122.36      -71.04
QINGHAI SUNSHI-A       600381        394.70      -78.28
SHENZ CHINA BI-A       17             28.50     -283.65
SHENZ CHINA BI-B       200017         28.50     -283.65
SHIJIAZHUANG D-A       958           241.31     -111.50
SHUNFENG PHOTOVO       1165          411.73      -51.06
TAIYUAN TIANLO-A       600234         63.28      -17.71
WUHAN BOILER-B         200770        217.13     -213.03
WUHAN XIANGLON-A       600769         77.45     -103.43
YUNNAN JINGGU FO       600265         84.92       -2.90


HONG KONG

BIRMINGHAM INTER       2309           63.14       -6.89
BUILDMORE INTL         108            17.36      -70.34
CHINA HEALTHCARE       673            37.65       -0.40
CHINA OCEAN SHIP       651           248.21     -106.72
CNC HOLDINGS           8356           99.16       -9.03
CROSBY CAPITAL         8088           16.40      -20.27
EFORCE HLDGS LTD       943            60.73       -9.56
FU JI FOOD & CAT       1175           16.51     -156.68
GRANDE HLDG            186           255.10     -208.18
ICUBE TECHNOLOGY       139            18.87       -0.43
INNO-TECH HLDGS        8202           84.54     -116.82
LANGHAM HOSPITAL       1270          684.55      -86.21
LONG SUCCESS INT       8017           50.05       -7.44
MASCOTTE HLDGS         136           161.39      -30.38
MEGA EXPO HOLDIN       1360           17.00       -0.53
MELCOLOT LTD           8198           13.69      -28.83
PALADIN LTD            495           159.65       -9.17
PROVIEW INTL HLD       334           314.87     -294.85
SINO RESOURCES G       223            29.34      -24.77
SURFACE MOUNT          SMT            32.88      -10.68
U-RIGHT INTL HLD       627            15.56     -203.41
VXL CAPITAL LTD        727            74.79       -0.16


INDONESIA

APAC CITRA CENT        MYTX          176.66       -6.99
ARPENI PRATAMA         APOL          249.84     -319.77
ASIA PACIFIC           POLY          392.41     -827.79
BUMI RESOURCES         BUMI        7,027.47      -18.17
ICTSI JASA PRIMA       KARW           55.02       -5.29
JAKARTA KYOEI ST       JKSW           24.92      -34.90
MATAHARI DEPT          LPPF          209.66      -89.74
ONIX CAPITAL TBK       OCAP           13.22       -1.03
PRIMARINDO ASIA        BIMA           11.14      -18.88
RENUKA COALINDO        SQMI           15.64       -0.26
SUMALINDO LESTAR       SULI          114.51       -5.85
UNITEX TBK             UNTX           18.54      -18.35


INDIA

ABHISHEK CORPORA       ABSC           53.66      -25.51
AGRO DUTCH INDUS       ADF            85.09      -22.81
ALPS INDUS LTD         ALPI          201.29      -41.70
AMIT SPINNING          AMSP           12.85       -7.68
ARTSON ENGR            ART            11.81      -10.16
ASHAPURA MINECHE       ASMN          161.89      -51.58
ASHIMA LTD             ASHM           63.23      -48.94
ATV PROJECTS           ATV            48.47      -43.93
BELLARY STEELS         BSAL          451.68     -108.50
BENZO PETRO INTL       BPI            26.77       -1.05
BHAGHEERATHA ENG       BGEL           22.65      -28.20
BLUE BIRD INDIA        BIRD          122.02      -59.13
CELEBRITY FASHIO       CFLI           24.96       -8.26
CHESLIND TEXTILE       CTX            20.51       -0.03
CLASSIC DIAMONDS       CLD            66.26       -6.84
COMPUTERSKILL          CPS            14.90       -7.56
DCM FINANCIAL SE       DCMFS          18.46       -9.46
DFL INFRASTRUCTU       DLFI           42.74       -6.49
DIGJAM LTD             DGJM           99.41      -22.59
DISH TV INDIA          DITV          579.01      -28.55
DISH TV INDI-SLB       DITV/S        579.01      -28.55
DUNCANS INDUS          DAI           122.76     -227.05
ENSO SECUTRACK         ENSO           15.57       -0.46
EURO CERAMICS          EUCL          110.62       -6.83
EURO MULTIVISION       EURO           36.94       -9.95
FERT & CHEM TRAV       FCT           311.92      -35.19
GANESH BENZOPLST       GBP            44.05      -15.48
GANGOTRI TEXTILE       GNTX           54.67      -14.22
GOKAK TEXTILES L       GTEX           46.36       -0.29
GOLDEN TOBACCO         GTO            97.40      -18.24
GSL INDIA LTD          GSL            29.86      -42.42
GSL NOVA PETROCH       GSLN           16.53       -1.31
GUJARAT STATE FI       GSF            10.26     -303.64
GUPTA SYNTHETICS       GUSYN          44.18       -6.34
HARYANA STEEL          HYSA           10.83       -5.91
HEALTHFORE TECHN       HTEC           14.74      -46.64
HINDUSTAN ORGAN        HOC            74.72      -24.07
HINDUSTAN PHOTO        HPHT           49.58   -1,832.65
HMT LTD                HMT           108.71     -572.12
ICDS                   ICDS           13.30       -6.17
INDAGE RESTAURAN       IRL            15.11       -2.35
INTEGRAT FINANCE       IFC            49.83      -51.32
JCT ELECTRONICS        JCTE           80.08      -76.70
JENSON & NIC LTD       JN             16.49      -71.70
JET AIRWAYS IND        JETIN       3,368.77     -335.45
JET AIRWAYS -SLB       JETIN/S     3,368.77     -335.45
JOG ENGINEERING        VMJ            45.90       -5.28
KALYANPUR CEMENT       KCEM           23.39      -42.66
KANCO ENTERPRISE       KANE           10.59       -4.93
KERALA AYURVEDA        KERL           13.97       -1.69
KIDUJA INDIA           KDJ            11.16       -3.43
KINGFISHER AIR         KAIR          515.93   -2,371.26
KINGFISHER A-SLB       KAIR/S        515.93   -2,371.26
KITPLY INDS LTD        KIT            14.77      -58.78
KLG SYSTEL LTD         KLGS           40.64      -27.37
LML LTD                LML            43.95      -78.18
MADRAS FERTILIZE       MDF           167.72      -56.20
MAHA RASHTRA APE       MHAC           14.49      -12.96
MAHANAGAR TELE         MTNL        4,845.41     -511.72
MAHANAGAR TE-SLB       MTNL/S      4,845.41     -511.72
MALWA COTTON           MCSM           44.14      -24.79
MILTON PLASTICS        MILT           17.67      -51.22
MODERN DAIRIES         MRD            38.61       -3.81
MOSER BAER INDIA       MBI           727.13     -165.63
MOSER BAER -SLB        MBI/S         727.13     -165.63
MTZ POLYFILMS LT       TBE            31.94       -2.57
MURLI INDUSTRIES       MRLI          262.39      -38.30
MYSORE PAPER           MSPM           87.99       -8.12
NATL STAND INDI        NTSD           22.09       -0.73
NAVCOM INDUS LTD       NOP            10.19       -3.53
NICCO CORP LTD         NICC           71.84       -4.91
NICCO UCO ALLIAN       NICU           23.25      -83.90
NK INDUS LTD           NKI           141.35       -7.71
NRC LTD                NTRY           63.70      -53.01
NUCHEM LTD             NUC            24.72       -1.60
PANCHMAHAL STEEL       PMS            51.02       -0.33
PARAMOUNT COMM         PRMC          124.96       -0.52
PARASRAMPUR SYN        PPS            99.06     -307.14
PAREKH PLATINUM        PKPL           61.08      -88.85
PIONEER DISTILLE       PND            53.74       -5.62
PREMIER INDS LTD       PRMI           11.61       -6.09
PRIYADARSHINI SP       PYSM           20.80       -2.28
QUADRANT TELEVEN       QDTV          150.43     -137.48
QUINTEGRA SOLUTI       QSL            16.76      -17.45
RAMSARUP INDUSTR       RAMI          433.89      -89.28
RATHI ISPAT LTD        RTIS           44.56       -3.93
RELIANCE BROADCA       RBN            86.97       -0.59
RELIANCE MEDIAWO       RMW           425.22      -21.31
RELIANCE MED-SLB       RMW/S         425.22      -21.31
RENOWNED AUTO PR       RAP            14.12       -1.25
RMG ALLOY STEEL        RMG            66.61      -12.99
ROLLATAINERS LTD       RLT            22.97      -22.24
ROYAL CUSHION          RCVP           14.70      -75.18
SAAG RR INFRA LT       SAAG           12.54       -4.93
SADHANA NITRO          SNC            16.74       -0.58
SANATHNAGAR ENTE       SNEL           49.23       -6.78
SANCIA GLOBAL IN       SGIL           78.82      -25.13
SBEC SUGAR LTD         SBECS          92.44       -5.61
SCOOTERS INDIA         SCTR           19.75      -13.35
SERVALAK PAP LTD       SLPL           61.57       -7.63
SHAH ALLOYS LTD        SA            168.13      -81.60
SHALIMAR WIRES         SWRI           22.79      -27.18
SHAMKEN COTSYN         SHC            23.13       -6.17
SHAMKEN MULTIFAB       SHM            60.55      -13.26
SHAMKEN SPINNERS       SSP            42.18      -16.76
SHREE GANESH FOR       SGFO           44.50       -2.89
SHREE KRISHNA          SHKP           14.62       -0.92
SHREE RAMA MULTI       SRMT           38.90       -4.49
SIDDHARTHA TUBES       SDT            75.90      -11.45
SIMBHAOLI SUGAR        SBSM          268.76      -54.47
SITI CABLE NETWO       SCNL          219.45       -9.68
SPICEJET LTD           SJET          563.64      -41.19
SQL STAR INTL          SQL            10.58       -3.28
STATE TRADING CO       STC           826.29     -276.56
STELCO STRIPS          STLS           14.90       -5.27
STI INDIA LTD          STIB           21.69       -2.13
STL GLOBAL LTD         SHGL           30.73       -5.62
STORE ONE RETAIL       SORI           15.48      -59.09
SUPER FORGINGS         SFS            14.62       -7.00
SURYA PHARMA           SUPH          370.28       -9.97
TAMILNADU JAI          TNJB           17.07       -1.00
TATA METALIKS          TML           156.70       -5.36
TATA TELESERVICE       TTLS        1,311.30     -138.25
TATA TELE-SLB          TTLS/S      1,311.30     -138.25
TODAYS WRITING         TWPL           18.58      -25.67
TRIUMPH INTL           OXIF           58.46      -14.18
TRIVENI GLASS          TRSG           19.71      -10.45
TUTICORIN ALKALI       TACF           19.86      -19.58
UDAIPUR CEMENT W       UCW            11.38      -10.53
UNIFLEX CABLES         UFCZ           47.46       -7.49
UNIWORTH LTD           WW            149.50     -151.14
UNIWORTH TEXTILE       FBW            22.54      -35.03
USHA INDIA LTD         USHA           12.06      -54.51
VANASTHALI TEXT        VTI            14.59       -5.80
VENUS SUGAR LTD        VS             11.06       -1.08
WANBURY LTD            WANB          141.86       -3.91


JAPAN

FLIGHT HOLDINGS        3753           10.10       -2.62
GOYO FOODS INDUS       2230           11.79       -1.51
HARAKOSAN CO           8894          186.55       -8.07
IDEA INTERNATION       3140           23.66       -0.08
KANMONKAI CO LTD       3372           42.64       -0.81


KOREA

DVS KOREA CO LTD       46400          17.40       -1.20
HS R&A CO LTD          13520       1,081.63       -0.57
KC FEED CO LTD         25880         111.24        0.00
NARA KIC LTD           7460          155.88       -1.85
ORIENTAL PRECISI       14940         224.92      -79.83
ROCKET ELEC-PFD        425           111.09       -0.42
ROCKET ELECTRIC        420           111.09       -0.42
SHINIL ENG CO          14350         199.04       -2.53
SSANGYONG ENGINE       12650       1,231.13     -119.47
STX OFFSHORE & S       67250       7,627.42   -1,124.38
TEC & CO               8900          139.98      -16.61
TONGYANG NETWORK       30790         311.91      -36.46
WOONGJIN HOLDING       16880       2,197.34     -635.50


MALAYSIA

HAISAN RESOURCES       HRB            41.31      -11.54
HO HUP CONSTR CO       HO             59.28      -16.64
PETROL ONE RESOU       PORB           51.39       -4.00
SILVER BIRD GROU       SBG            41.63      -34.19
SUMATEC RESOURCE       SMTC          169.12      -26.18
VTI VINTAGE BHD        VTI            17.74       -3.63


NEW ZEALAND

NZF GROUP LTD          NZF            11.69       -4.60
PULSE UTILITIES        PLU            11.29       -3.44


PHILIPPINES

CYBER BAY CORP         CYBR           14.26      -20.51
FIL ESTATE CORP        FC             40.90      -15.77
FILSYN CORP A          FYN            23.11      -11.69
FILSYN CORP. B         FYNB           23.11      -11.69
GOTESCO LAND-A         GO             21.76      -19.21
GOTESCO LAND-B         GOB            21.76      -19.21
LIBERTY TELECOMS       LIB           113.23      -14.81
MRC ALLIED INC         MRC            27.06       -2.56
PICOP RESOURCES        PCP           105.66      -23.33
STENIEL MFG            STN            21.07      -11.96
UNIWIDE HOLDINGS       UW             50.36      -57.19


SINGAPORE

ADVANCE SCT LTD        ASCT           19.68      -22.46
HL GLOBAL ENTERP       HLGE           83.11       -4.63
IGG INC                8002           21.53      -55.84
SCIGEN LTD-CUFS        SIE            68.70      -42.35
SUNMOON FOOD COM       SMOON          20.26      -17.36
TT INTERNATIONAL       TTI           298.35      -82.84
UNITED FIBER SYS       UFS            65.52      -56.60


THAILAND

ABICO HLDGS-F          ABICO/F        15.28       -4.40
ABICO HOLDINGS         ABICO          15.28       -4.40
ABICO HOLD-NVDR        ABICO-R        15.28       -4.40
ASCON CONSTR-NVD       ASCON-R        59.78       -3.37
ASCON CONSTRUCT        ASCON          59.78       -3.37
ASCON CONSTRU-FO       ASCON/F        59.78       -3.37
BANGKOK RUBBER         BRC            77.91     -114.37
BANGKOK RUBBER-F       BRC/F          77.91     -114.37
BANGKOK RUB-NVDR       BRC-R          77.91     -114.37
CALIFORNIA W-NVD       CAWOW-R        28.07      -11.94
CALIFORNIA WO-FO       CAWOW/F        28.07      -11.94
CALIFORNIA WOW X       CAWOW          28.07      -11.94
CIRCUIT ELEC PCL       CIRKIT         16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F       16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R       16.79      -96.30
DATAMAT PCL            DTM            12.69       -6.13
DATAMAT PCL-NVDR       DTM-R          12.69       -6.13
DATAMAT PLC-F          DTM/F          12.69       -6.13
ITV PCL                ITV            36.02     -121.94
ITV PCL-FOREIGN        ITV/F          36.02     -121.94
ITV PCL-NVDR           ITV-R          36.02     -121.94
K-TECH CONSTRUCT       KTECH          38.87      -46.47
K-TECH CONSTRUCT       KTECH/F        38.87      -46.47
K-TECH CONTRU-R        KTECH-R        38.87      -46.47
KUANG PEI SAN          POMPUI         17.70      -12.74
KUANG PEI SAN-F        POMPUI/F       17.70      -12.74
KUANG PEI-NVDR         POMPUI-R       17.70      -12.74
MANGPONG 1989 PC       MPG            11.83       -0.91
MANGPONG 1989 PC       MPG/F          11.83       -0.91
MANGPONG 19-NVDR       MPG-R          11.83       -0.91
PATKOL PCL             PATKL          52.89      -30.64
PATKOL PCL-FORGN       PATKL/F        52.89      -30.64
PATKOL PCL-NVDR        PATKL-R        52.89      -30.64
PICNIC CORP-NVDR       PICNI-R       101.18     -175.61
PICNIC CORPORATI       PICNI         101.18     -175.61
PICNIC CORPORATI       PICNI/F       101.18     -175.61
SAHAMITR PRESS-F       SMPC/F         27.92       -1.48
SAHAMITR PRESSUR       SMPC           27.92       -1.48
SAHAMITR PR-NVDR       SMPC-R         27.92       -1.48
SHUN THAI RUBBER       STHAI          19.89       -0.59
SHUN THAI RUBB-F       STHAI/F        19.89       -0.59
SHUN THAI RUBB-N       STHAI-R        19.89       -0.59
SUNWOOD INDS PCL       SUN            19.86      -13.03
SUNWOOD INDS-F         SUN/F          19.86      -13.03
SUNWOOD INDS-NVD       SUN-R          19.86      -13.03
TONGKAH HARBOU-F       THL/F          62.30       -1.84
TONGKAH HARBOUR        THL            62.30       -1.84
TONGKAH HAR-NVDR       THL-R          62.30       -1.84
TRANG SEAFOOD          TRS            15.18       -6.61
TRANG SEAFOOD-F        TRS/F          15.18       -6.61
TRANG SFD-NVDR         TRS-R          15.18       -6.61
TT&T PCL               TTNT          589.80     -223.22
TT&T PCL-NVDR          TTNT-R        589.80     -223.22
TT&T PUBLIC CO-F       TTNT/F        589.80     -223.22
WORLD CORP -NVDR       WORLD-R        15.72      -10.10
WORLD CORP PCL         WORLD          15.72      -10.10
WORLD CORP PLC-F       WORLD/F        15.72      -10.10


TAIWAN

BEHAVIOR TECH CO       2341S          30.90       -0.22
BEHAVIOR TECH-EC       2341O          30.90       -0.22
HELIX TECH-EC          2479T          23.39      -24.12
HELIX TECH-EC IS       2479U          23.39      -24.12
HELIX TECHNOL-EC       2479S          23.39      -24.12
POWERCHIP SEM-EC       5346S       2,036.01      -52.74
TAIWAN KOL-E CRT       1606U         507.21     -147.14
TAIWAN KOLIN-EN        1606V         507.21     -147.14
TAIWAN KOLIN-ENT       1606W         507.21     -147.14
UNITED FU SHEN C       5467           12.82       -0.22




                             *********

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, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

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

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



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