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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

           Monday, February 10, 2014, Vol. 17, No. 28


                            Headlines


A U S T R A L I A

205 GROUP: Oldhams Advisory Appointed as Administrator
ATLANTIC LTD: Bondholders Appoint Advisers for Debt Revamp
BARENGI GADJIN: Says Funding Issues Resolved
DOWN UNDER PLUMBING: Jirsch Sutherland Named as Administrators
ILLAWARRA SERIES 2011-1: Fitch Keeps Class E Note Rating at BBsf

MICRON PIPELINES: BDO Appointed as Administrators
SWC ROAD: DCW Insolvency Appointed as Administrator


C H I N A

GLORIOUS PROPERTY: Moody's Says Resignation No Impact on Caa1 CFR


I N D I A

AIR INDIA: Outstanding Debt Stands at INR26,033cr at December 31
ANURAG RESORT: ICRA Lowers Rating on INR14.53cr Loans to 'D'
BALDEV ALLOYS: CARE Assigns 'B-' Rating to INR97.94cr Bank Loans
BANSAL PATHWAYS: ICRA Assigns 'B+' Rating to INR87cr Loans
BRAHMAPUTRA PAPER: CRISIL Ups Rating on INR115MM Loans to 'B'

DEWAN ALLOYS: ICRA Suspends 'B+' Rating on INR11.46cr Loans
DIAMOND ENG'G: CRISIL Lowers Rating on INR1.92BB Loans to 'B-'
EMPEROR TEXTILES: CRISIL Reaffirms 'B+' Rating on INR157.5MM Loan
GARDEX: CARE Assigns 'B+' Rating to INR4.46cr Bank Loans
JAMUNA JYOTI: ICRA Suspends 'B+' Rating on INR15cr Loan

JAY POLYPACK: ICRA Suspends 'B-' Rating on INR5.30cr Loans
KRISHNA STONE-TECH: CRISIL Ups Rating on INR20MM Loan to 'B+'
MADHAV GINNING: CARE Reaffirms 'B/A4' Rating on INR12cr Loans
MAGNAQUEST TECHNOLOGIES: ICRA Suspends 'B+' INR6.49cr Loan Rating
NAKODA PRODUCTS: CARE Reaffirms 'B+' Rating on INR6.6cr Loans

NAMDHARI RICE: ICRA Reaffirms 'B-' Ratings on INR30.75cr Loans
NATIONAL CONSTRUCTION: ICRA Suspends 'B' Rating on INR35cr Loan
NEW FRONT: ICRA Suspends 'B' Rating on INR15cr Loans
P. KISHANCHAND: CARE Reaffirms 'B+' Rating on INR0.72cr Loans
PASHUPATI DIAMONDS: CRISIL Reaffirms B+ Rating on INR60MM Loans

PRADEEP COTTON: CARE Revises Rating on INR10.22cr Loans to 'B+'
PRASAD SEEDS: CRISIL Reaffirms 'B' Rating on INR992.4MM Loans
RAGHUVIR COTEX: CARE Reaffirms 'B' Rating on IRN22.04cr Loans
RAHUL TEXTILE: CARE Revises Rating on INR0.86cr Loans to 'B-'
RAMNIKLAL & SONS: ICRA Suspends 'B' Rating on INR7.75cr Loan

REAL GRANITO: CARE Reaffirms 'B+' Rating on INR24.55cr Bank Loans
ROYAL STAR: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
SAARTH ENTERPRISES: CARE Reaffirms 'B+' Rating on INR8cr Loans
SHANKAR RICE: ICRA Reaffirms 'B' Rating on INR29cr Loans
SHIV COTTON: CARE Assigns 'B+' Rating to INR6.69cr Bank Loans

SHREE AMBIKA: CARE Assigns 'B+' Rating to INR2cr Bank Loans
SHREE RAMA: CARE Lowers Rating on INR135cr Bank Loans to 'D'
SHUKAN GLORY: CRISIL Lowers Rating on INR100MM Loan to 'D'
SHUKAN GOLD: CRISIL Cuts Rating on INR200MM Term Loan to 'D'
SHUKAN ORCHID: CRISIL Lowers Rating on INR130MM Loan to 'D'

SHUKAN PALACE: CRISIL Downgrades Rating on INR80MM Loan to 'D'
SHUKAN SKY: CRISIL Downgrades Rating on INR325MM Loan to 'D'
SRI HANUMAN: CRISIL Downgrades Rating on INR80MM Loans to 'D'
SVS BUILDCON: CRISIL Cuts Rating on INR1.3BB Term Loan to 'D'
TATA CHEMICALS: Moody's Says 3Q Results Support Ba2 Rating

VARUNANI MARKETING: CRISIL Ups Rating on INR90MM Loan to 'B+'
VISHAL CAR: CRISIL Places 'B' Ratings on INR150 Million Loans
VISION DISTRIBUTION: ICRA Assigns B+ Rating to INR13.25cr Loans
ZEVRAAT: CRISIL Reaffirms 'B' Rating on INR40MM Loan


I N D O N E S I A

PT XL AXIATA: FY2013 Results Supports Moody's 'Ba1' Rating


J A P A N

CAFES 1 TRUST: Moody's Downgrades Rating on 2 Class Certs. to B1
SONY CORP: Sees JPY110-Bil. Annual Loss; To Cut 5,000 More Jobs
SONY CORP: Moody's Says PC, TV Business Reforms Credit Positive


                            - - - - -


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


205 GROUP: Oldhams Advisory Appointed as Administrator
------------------------------------------------------
Glen Oldham at Oldhams Advisory was appointed administrator of 205
Group Pty Ltd on Feb. 5, 2014.

A first meeting of the creditors of the Company will be held at
Corporate House, 155 Varsity Parade, in Varsity Lakes, Queensland,
on Feb. 14, 2014, 12:00 noon.


ATLANTIC LTD: Bondholders Appoint Advisers for Debt Revamp
-----------------------------------------------------------
Daniel Stacey at The Wall Street Journal's MoneyBeat reports that
after encountering problems ranging from floods to plant outages
in recent weeks, Atlantic Ltd., one of the world's largest
vanadium mines, is facing its biggest challenge yet: its
bondholders.

MoneyBeat relates that trading in shares of Atlantic Ltd. was
suspended on Feb. 6 after the company said a fire had materially
damaged a processing plant at its Windimurra Vanadium Project in a
remote part of the state of Western Australia.

A one-time darling of the Australian stock market, Atlantic's
market value has slumped from a peak of AUD367 million in 2011 to
AUD27 million amid a slump in prices for vanadium -- an industrial
metal used to strengthen steel in end-products ranging from
wrenches to fighter jets, according to MoneyBeat.

The report notes that production delays at the Windimurra mine
have also restricted cash flow and hurt sentiment in the stock,
leading management to rely more heavily on loans to maintain a
project it had forecast could supply as much as 7% of the world's
demand for vanadium.

Now, bondholders -- collectively owed US$335 million -- are taking
matters into their own hands in the wake of the latest setback,
MoneyBeat says.  They have appointed advisers to review a possible
recapitalization of the company and restructuring of the debt.
Moves to place the company in receivership haven't been ruled out,
the report relays.

According to the report, three people familiar with the situation
said bondholders have hired Australian insolvency practitioner
McGrathNicol to advise on possible ramifications should Atlantic
collapse.

And they have hired U.S. investment bank Houlihan Lokey as well as
Australian law firm Corrs Chambers Westgarth to provide additional
advice, MoneyBeat reports.

Atlantic Ltd (ASX:ATI) -- http://atlanticltd.com.au/-- engages in
the acquisition, development and operation of the Windimurra
vanadium project. The Company's projects include Windimurra
Vanadium Project (Western Australia), and Aluminium Supply Chain
Project (Vietnam).  Atlantic subsidiary Midwest Vanadium Pty Ltd
owns 100% of the Windimurra vanadium project (Windimurra), located
approximately 600 kilometers north of Perth in Western Australia.


BARENGI GADJIN: Says Funding Issues Resolved
--------------------------------------------
ABC News reports that Barengi Gadjin Land Council (BGLC), a
Wimmera Aboriginal corporation, said it has now resolved its
issues with the Department of Justice, stemming from a report into
its operations.

Last year, ABC News recalls, an audit by the Office of the
Registrar of Indigenous Corporations (ORIC) found BGLC had several
administrative and financial discrepancies.  It also alleged the
misuse of hundreds-of-thousands of dollars in grant funding and
warned the land council could become insolvent if it was not
rectified.

However, Barengi Gadjin's executive officer, Michael Stewart, said
its future is now secure, the report relates.

"We've had a number of discussions with the Department of Justice
and they're happy also with the actions that the board and the
corporation have taken in response to the notice issued by ORIC
and there's no issue around BGLC becoming insolvent," the report
quotes Mr. Stewart as saying.

He said plans for a cultural centre, that were previously put on
hold, can now be revisited, the report relates.

"That was part of the native title settlement between the state of
Victoria and the native title holders, so that fit under one of
the five agreements, the funding agreement, but the board is
committed basically to direct corporation funds to recouping all
that money so that we can follow the avenues of a cultural
centre," Mr. Stewart, as cited by ABC News, said.


DOWN UNDER PLUMBING: Jirsch Sutherland Named as Administrators
--------------------------------------------------------------
Amanda Arnautovic and Andrew John Spring at Jirsch Sutherland
were appointed as administrators of Down Under Plumbing Pty Ltd on
Feb. 4, 2014.

A first meeting of the creditors of the Company will be held at
Level 4, 55 Hunter Street, Sydney, New South Wales, on Feb. 14,
2014, at 11:00 a.m.


ILLAWARRA SERIES 2011-1: Fitch Keeps Class E Note Rating at BBsf
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of two CMBS transactions,
as detailed below.  The transactions are securitizations of
Australian small balance commercial mortgages originated by IMB
Limited (IMB).  The rating actions are:

Illawarra Series 2007-1 CMBS Trust (Illawarra 2007-1 CMBS):

AUD7.7 million Class A (ISIN AU3FN0002747) affirmed at 'AAAsf';
Outlook Stable;
AUD12.3 million Class B (ISIN AU3FN0002754) affirmed at 'AAAsf';
Outlook Stable;
AUD10.2 million Class C (ISIN AU3FN0002838) affirmed at 'AAsf';
Outlook Stable;
AUD8.0 million Class D (ISIN AU3FN0002853) affirmed at 'Asf';
Outlook Stable; and
AUD4.3 million Class E (ISIN AUSFN0002788) affirmed at 'BB+sf';
Outlook Stable.

Illawarra Series 2011-1 CMBS Trust (Illawarra 2011-1 CMBS):

AUD74.3 million Class A (ISIN AU3FN0014007) affirmed at 'AAAsf';
Outlook Stable;
AUD5.2 million Class B (ISIN AU3FN0014015) affirmed at 'AAsf';
Outlook Stable;
AUD8.4 million Class C (ISIN AU3FN0014023) affirmed at 'Asf';
Outlook Stable;
AUD9.7 million Class D (ISIN AU3FN0014031) affirmed at 'BBBsf';
Outlook Stable; and
AUD2.0 million Class E (ISIN AUSFN0014049) affirmed at 'BBsf';
Outlook Stable.

KEY RATING DRIVERS
The rating actions reflect Fitch's view that available credit
enhancement supports the notes at their current ratings, the
agency's expectations of Australia's economic conditions and that
the credit quality and performance of the underlying loans has
remained within the agency's expectations.  Arrears and losses
have been consistently low and excess spread has remained stable.
The sequential amortisation of the notes has resulted in an
improvement in credit enhancement for all senior notes.

As the mortgage portfolios reduce in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.

Since closing in May 2007, Illawarra 2007-1 CMBS has experienced
two defaults generating a loss of AUD261,288, which was fully
covered by the excess spread and credit enhancement provided by
the unrated Class F notes.  Arrears have historically been low
and, at end-November 2013 30+ days arrears were 0.4% of the
outstanding pool balance.

Illawarra Series 2011-1 CMBS has experienced no defaults since
closing in August 2011. At end-November 2013 just one loan with a
balance of AUD123,277, was in arrears by 60-89 days, equivalent to
0.1% of the outstanding pool balance.

RATING SENSITIVITIES
Current and expected concentration levels in both portfolios are a
constraint on the ratings.

The prospect for downgrades is considered remote at present given
the satisfactory performance of the pools. Unexpected increases in
delinquencies, defaults and losses would be necessary before any
negative rating action would be considered.  Sequential pay-down
has increased credit enhancement for the senior notes of all
transactions, which can withstand multiples of the latest reported
arrears.


MICRON PIPELINES: BDO Appointed as Administrators
-------------------------------------------------
Luke Targett -- luke.targett@bdo.com.au -- and Rachel Burdett-
Baker -- rachel.burdett-baker@bdo.com.au -- at BDO were appointed
administrators of Micron Pipelines Pty Ltd on Feb. 5, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 17, 2014, at 09:30 a.m. at BDO, Level 14, 140 William Street,
in Melbourne.


SWC ROAD: DCW Insolvency Appointed as Administrator
---------------------------------------------------
Daniel Ivan Cvitanovic at DCW Insolvency Management was appointed
administrator of SWC Road and Rail Services Pty Limited on
Feb. 5, 2014.

A first meeting of the creditors of the Company will be held on
Feb. 14, 2014, at 10:00 a.m., at the offices of DCW Insolvency
Management, Suite 1, 151 Tongarra Road, in Albion Park, New Sout
Wales.


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


GLORIOUS PROPERTY: Moody's Says Resignation No Impact on Caa1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that the recent resignations of the
Chief Executive Officer and Chief Financial Offer of Glorious
Property Holdings Limited could hinder the company's ability to
turnaround its weak business operations, but will not have an
immediate impact on its Caa1 corporate family and Caa2 senior
unsecured ratings.

The ratings outlook remains negative.

On 5 February, Glorious announced that Mr Liu Ning, CEO and
Executive Director, and Mr Jiang Yong Jin, CFO and Vice President,
had resigned from the company.

The company did not announce any replacements for these senior
positions.

"The company's day-to-day operations could be adversely affected
if these senior positions remain vacant," says Franco Leung, a
Moody's Assistant Vice President and Analyst.

Moody's sees that any shared responsibilities by its existing
directors could further decrease the company's ability to
turnaround its already weakened business operations.

Glorious' contracted sales fell 33% year-on-year in 2013, and
missed their full-year sales target by 34%. Its sales performance
in 2013 is one of the weakest among the Chinese developers rated
by Moody's.

Glorious' ratings could be under pressure if the company does not
replace these senior positions in the next six months and if its
refinancing risk is further heightened.

The company's refinancing risk is high compared with its peers,
given its high level of short-term debt and low liquidity buffer.
In addition, it has a USD300 million bond maturing in October
2015.

However, the stable operating environment of the China property
market has supported its asset value, which will help it to
refinance its short-term debt in the near term.

Its attempt to privatize the company during November 2013 and the
subsequent rejection by the requisite majority in the number of
shareholders has undermined investor confidence.

The negative outlook reflects Moody's concerns that Glorious will
face major difficulties in managing its liquidity position if
there are no significant improvements in sales execution or other
remedial actions.

The ratings could be downgraded if Glorious shows signs that it is
unable to meet its payment obligations.

An upgrade is unlikely in the near term, given Glorious' liquidity
challenges.

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

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai. The company has expanded to
eastern and northern China. At end-June 2013, it had a land bank
with a gross floor area of around 15.8 million square meters in
Shanghai, Beijing, Tianjin, as well as several second-tier cities
in the Yangtze River Delta and northeast China. Glorious listed on
the Stock Exchange of Hong Kong in 2009.



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


AIR INDIA: Outstanding Debt Stands at INR26,033cr at December 31
----------------------------------------------------------------
The Times of India reports that Air India's outstanding debt stood
at a whopping INR26,033 crore and its working capital loans were
over INR21,125 crore as on December 31 last year.

According to the report, civil aviation minister Ajit Singh told
the Lok Sabha that the airline incurred an estimated loss of
INR3989.58 crore for 2013-14, which was lower than INR5490.16
crore in 2012-13, INR7559.74 crore in 2011-12 and INR6865.17 crore
in 2010-11.  The national carrier earned a total revenue of
INR20,259.24 crore and incurred total expenses of INR24248.82
crore in 2013-14, he said.

TOI relates that Minister of state KC Venugopal said the equity
support received by Air India till January 31 was INR12,200 crore,
part of INR30,231 crore infusion promised by the government till
2021.

In reply to another question, Mr. Singh said number of revenue
passengers of Air India went up from 12.78 million in 2010-11 to
13.4 million in 2011-12 and 14.05 million in 2012-13, the report
relates.

Hence, passenger revenue showed an upward trend from INR10,443.82
crore in 2010-11 to INR11423.69 crore in 2011-12 and to
INR12595.98 crore in 2012-13, according to TOI.

TOI notes that regarding steps taken by the government to beef up
Air India's financial strength, Mr. Venugopal said these included
rationalization of the erstwhile Air India and Indian Airlines
routes, elimination of route network involving parallel operations
and rationalizing certain loss-making routes.

Induction of brand new aircraft on several domestic and
international routes and phasing out of old fleet and
consequential reduction of maintenance and engineering costs, were
among the measures, the report notes.

While leased aircraft were being returned at the end of their
tenure or prematurely, employment in non-operational areas and
redeployment of staff to cut infructuous expenditure was also
being done, Mr. Venugopal said, adding that the ageing fleet,
including that of Boeing 747-400s, were being used only for
certain lines of operations and operating VVIP flights, reports
TOI.

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ANURAG RESORT: ICRA Lowers Rating on INR14.53cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the ratings for the INR14.53 crore term loans
(enhanced from INR13.0 crore) of Anurag Resort Pvt Ltd from
'[ICRA]B+' to '[ICRA]D'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans            14.53       [ICRA]D, revised
                                     (suspension revoked)

The rating suspension done in March 2013 has been revoked. The
rating reflects the ongoing delays in repayments by ARPL for its
debt obligations. The same has resulted from the delay in
commercial operation of ARPL's hotel property which delayed the
cashflow generation for repayment of debt.

The rating is also constrained by the nascent stage of operations
of the hotel and consequently modest initial operating metrics.
This apart ARPL is exposed to competition from established hotels
in Sawai Madhopur and the cyclicality of its business arising from
dependence on tourism in the Ranthambore National Park.
Nevertheless, ICRA has taken note of strengths derived from
experience of ARPL's promoters in the hotel business in this
market and the tie up with the Treehouse group which has
experience in operating hotel properties.

Going forward, in addition to timely servicing of the debt
obligations, ARPL's ability to achieve ramp up its occupancies and
generate profits in order to service its debt obligations will be
amongst the key rating sensitivity factors.

Anurag Resort Pvt Ltd has recently set up a 44 room 5 star
equivalent hotel property named in Sawai Madhopur, Rajasthan.
Named Treehouse Anuraga, the hotel is being managed by the
Treehouse group which has properties in Goa and Bhiwadi. Sawai
Madhopur houses the Ranthambore National Park which attracts many
tourist annually owing to its rich fauna, particularly tigers.
ARPL is promoted by Mrs. Jaskaur Meena who is a Sawai Madhopur
based entrepreneur. Mrs. Meena has also been actively involved in
politics.

Recent results

The hotel started operations in Nov 2013 (as against expected
completion in Nov 2012) and has generated revenues of ~Rs 0.75
crore in the period Nov-Dec 2013. As on Mar 31st 2013, when the
hotel was under construction, ARPL had a networth of INR5.4 crore.


BALDEV ALLOYS: CARE Assigns 'B-' Rating to INR97.94cr Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B-/CARE A4' ratings to the bank facilities of
Baldev Alloys (P) Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           97.94       CARE B- Assigned

   Short-term bank
   facilities           16.60       CARE A4 Assigned

Rating Rationale

The rating of the bank facilities of Baldev Alloys (P) Ltd is
constrained by the company's weak financial risk profile marked by
operating losses in FY13 (refers to the period April 1 to
March 31) and instances of delay in debt servicing in the past
coupled with instances of overdrawals in the cash credit account.
This apart, low capacity utilization for its manufacturing
units, lack of backward integration for its major raw materials,
fragmented nature of the industry and competition from many
regional unorganized players also constrain BAPL's ratings.
The abovementioned rating weakness is partially offset by the
experience of the promoters and demonstrated support by the group
by way of infusion of funds in the form of equity and unsecured
loans, strategic location of plants with proximity to market and
source of raw materials and improvement in the financial and
operational performance of the company during 9MFY14.

The ability of the company to manage its working capital and
improve its liquidity position and combat the pressure of
cyclicality and volatility in raw material & finished goods prices
shall be the key rating sensitivities.

Incorporated in 1993, Baldev Alloys Private Ltd is currently
involved in the manufacturing of sponge iron and billets. The
company is promoted by the Kapoor and Somani families of Raipur.
The company is also engaged in crushing and trading of iron ore.
The company also added a captive power plant (CPP) of 8 MW at its
plant location in Raipur (Chhattisgarh) although there have been
cost and time overruns in the project.

BAPL is essentially a closely held, family managed business with
the four directors belonging to the Somani and Kapoor family. The
day-to-day affairs of the company are looked after by Mr. Rajeev
Kapoor who is supported by a team of professionals who look into
the various support functions of the company.

In FY12, the company suffered a net loss of INR3.3 crore primarily
due to non-stabilization of its Steel Melting Shop (SMS) division
leading to a stretched liquidity position and delays in servicing
of term loans to banks. Thereafter, the company approached its
bankers for restructuring of its repayments of existing loans
which was approved in August 2012. As per the revised terms, the
repayment of various term loans commenced from October 2013.

The company has incurred a net loss of INR16.28 crore on a total
operating income of INR96.29 crore in FY13 (refers to the period
April 1 to March 31) as against net loss of INR3.33 crore on a
total operating income of INR182.53 crore in FY12.

The company has achieved net sales of INR152.27 crore and profit
before tax of INR1.03 crore during the nine months period ended
Dec. 31, 2013.


BANSAL PATHWAYS: ICRA Assigns 'B+' Rating to INR87cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR82.00
crore Term Loans of Bansal Pathways Private Limited. ICRA has also
assigned a long term rating of '[ICRA]B+' to the INR5.00 crore Non
Fund based facilities of BPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            82.00       [ICRA]B+ (Assigned)

   Non-Fund Based
   Facilities             5.00       [ICRA]B+ (Assigned)

The ratings favorably factor in the early completion of the
project within the budgeted cost thereby eliminating execution
risks and also making the company eligible for bonus annuities.
This apart, the availability of substantial moratorium, presence
of a debt service reserve account (DSRA) equivalent to three
months of debt obligation along with an escrow arrangement also
act as comfort factors.

The ratings are however constrained due to absence of definite
funding arrangement for project expenses (mainly O&M and interest)
to be incurred over the first six months post Commercial
operations Date (CoD) till the receipt of first annuity payment.
The funding of such expenses is currently being met through
promoters' support which is expected to keep the funding risks
high during this period. Further, as the Bansal group is a new
entrant in the BOT segment, its ability to operate and maintain
the road in line with the concession agreement throughout the long
concession period of 13 years and ensure lane availability in
order to earn the specified annuity in a timely manner remains to
be demonstrated. The company will also be exposed to interest rate
risks owing to the floating rate nature of debt.

Going forward, the company's ability to ensure lane availability,
receive annuity payments in a timely manner and receive timely
funding support from the promoters would be the key rating
sensitivities.

Bansal Pathways Private Limited (BPPL) is an SPV incorporated in
November 2011 for implementing the two two laning of District Road
under Ujjain Package comprising of Garakota-Rehli- Devri Road
(49.30 KM) and Rehli-Gorjhamar Road (18.08KM) on DBFOT (Design,
Built, Finance, Operate & Transfer). The project is awarded by
Madhya Pradesh Road development Corporation LTD (MPRDC). BPPL is a
subsidiary of Prakash Asphalting & Toll Highways (India) Private
Limited & Bansal Construction Works Private Limited.  The project
was awarded to the consortium of PATH & BCWPL by the Madhya
Pradesh Roads Development Corporation) as it quoted the lowest
annuity premium payable by MPRDC at INR17.02 crore per annum
payable in semi-annual instalments. The project has a concession
period of 15 years including the construction period. It has
achieved CoD 10 months ahead of the schedule on October 28, 2013.


BRAHMAPUTRA PAPER: CRISIL Ups Rating on INR115MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded the rating on bank facilities of Brahmaputra
Paper Private Limited to 'CRISIL B/Stable' from 'CRISIL B-/Stable'
on account of improvement in company's liquidity profile with
moderate bank limit utilisation and adequate cushion between net
cash accruals and term debt repayments, also resulting in
improvement in overall gearing levels.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            30      CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Proposed Long Term     29.7    CRISIL B/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

   Term Loan              55.3    CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The rating upgrade reflects improvement in company's liquidity
profile with company generating net cash accruals of around
INR19.7 million in 2012-13, and its net cash accruals expected to
improve over the near to medium term, and are expected to be
adequate to meet term debt repayments of INR18.0 million. Further
company's cash credit limits of INR30 million have been moderately
utilised and provides adequate cushion to meet exigency. Further,
company's gearing levels have also improved to around 1.1 times as
on March 31, 2013, compared to 1.3 times as on March 31, 2012. As
the company is not expected to undertake any debt funded capital
expenditure over the near to medium term, gearing levels are
expected to further improve over the near to medium term.

The ratings reflect company's small scale of operations in
fragmented paper industry, and working capital intensive nature of
operations. These ratings strengths are partially offset by
company's moderate financial risk profile marked by low gearing,
and robust debt protection metrics, partially constrained by small
net worth.

Outlook: Stable

CRISIL believes that BPPL will benefit from the favourable demand
prospects for kraft paper in the packaging industry and the
strategic location of its plant over the medium term. The outlook
may be revised to 'Positive' if BPPL's sales and profitablility
improves substantially resulting in higher than expected net cash
accruals being generated. Conversely, the outlook may be revised
to 'Negative' if BPPL's liquidity weakens because of an increase
in its working capital requirements or if the company undertakes
any large debt-funded capex programme, weakening its debt
servicing ability.

Incorporated in 2009, BPPL manufactures kraft paper. Its
manufacturing facility is in Tezpur (Assam). BPPL manufactures
varieties of kraft paper with grammage (GSM)ranging from 70 to 250
and burst factor (bf) of 20. The company's product finds
application primarily in the packaging industry for manufacturing
of corrugated boxes. The company's day-to-day operations are
managed by its managing director Mr. Dilip Kumar Singh.


DEWAN ALLOYS: ICRA Suspends 'B+' Rating on INR11.46cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B+' and '[ICRA]A4' ratings assigned
to INR11.46 crore bank lines of Dewan Alloys and Metals Private
Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


DIAMOND ENG'G: CRISIL Lowers Rating on INR1.92BB Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded the ratings on the long-term bank facilities
of Diamond Engineering (Chennai) Pvt Ltd to 'CRISIL B-/Negative'
from 'CRISIL B+/Stable', while reaffirming the ratings on the
short-term bank facilities at 'CRISIL A4'.


                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            760      CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of credit &     250      CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Letter of credit &    1000      CRISIL B-/Negative (Downgraded
   Bank Guarantee                  from 'CRISIL B+/Stable')

   Term Loan              163.7    CRISIL B-/Negative (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade follows the deterioration in DECPL's
financial risk profile and liquidity because of weaker-than-
expected cash generation and high reliance on bank lines to
support continuous large working capital requirements. In 2012-13
(refers to financial year, April 1 to March 31), challenging
business environment in the domestic markets and delayed offtake
by customers impacted the company's business performance and cash
generation. Consequently, the large build-up in working capital
was increasingly being funded by bank lines, which have witnessed
high utilisation the past 12 months. CRISIL believes that DECPL's
liquidity will continue to have significant pressure over the
medium term because of highly working capital intensive
operations. Moreover, low level of cash accruals and continuing
high debt will result in gearing and debt protection metrics
remaining at below-average levels.

The ratings continue to reflect DECPL's susceptibility to
downturns in the capital goods industry. These rating weaknesses
are partially offset by the benefits that the company derives from
its established position in the steel fabrication business, its
strong relationships with its key customers, and increasing export
orders.

Outlook: Negative

CRISIL believes that DECPL's financial risk profile will remain
weak over the medium term on the back of continued high debt
levels, low cash generation, and large working capital
requirements. The ratings may be downgraded if the company's
working capital cycle further stretches or it registers weaker-
than-expected business performance resulting in lower cash
generation and higher debt, further impacting its key credit
metrics and liquidity. Any large debt-funded capex weakening the
financial risk profile will also result in a rating downgrade.
Conversely, the outlook may be revised to 'Stable' in case of a
sustained and material improvement in DECPL's working capital
level followed by reduction in debt. Also, a significant
improvement in business performance, resulting in substantially
higher cash generation could lead to a revision in outlook to
'Stable'.

DECPL, established in 1987, is one of the larger players operating
in the light engineering and steel structural fabrication
business. The company fabricates steel components based on its
customers' engineering designs and requirements in the
construction, cement, power, sugar, and automotive components
industries. The company's portfolio of fabricated products
includes structural steel, bulk material handling equipment, and
industrial process equipment for domestic and overseas projects by
international original equipment manufacturers and engineering,
procurement, and construction companies. DECPL's services include
heavy machining, surface finishing, packing, and forwarding.

For 2012-13, DECPL reported a profit after tax (PAT) of INR3.4
million on net sales of INR2.6 billion, against a PAT of INR71.6
million on net sales of INR3.3 billion for 2011-12.


EMPEROR TEXTILES: CRISIL Reaffirms 'B+' Rating on INR157.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Emperor Textiles Pvt
Ltd continue to reflect ETPL's below-average financial risk
profile, marked by weak debt protection metrics and customer
concentration risks in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the textile industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       2.5     CRISIL A4 (Reaffirmed)
   Long Term Loan       127.5     CRISIL B+/Stable (Reaffirmed)
   Packing Credit       120       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ETPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
cash accruals through higher revenues and operating profitability,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if ETPL's
revenues or margins decline significantly, or if it undertakes a
large debt-funded expansion project, thereby considerably
weakening its financial risk profile.

Incorporated in 2005, ETPL is a vertically integrated textile
manufacturer based in Tirupur (Tamil Nadu). The company's day-to-
day operations are managed by Mr. A Palanisamy and Mr. P
Karthikeyan.

ETPL reported a net loss of INR3.0 million on revenues of INR0.52
billion for 2012-13 (refers to financial year, April 1 to
March 31), as against a net loss of INR28.4 million on revenues of
INR0.41 billion for 2011-12.


GARDEX: CARE Assigns 'B+' Rating to INR4.46cr Bank Loans
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Gardex.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank        4.46       CARE B+ Assigned
   Facilities

   Short term Bank
   Facilities           52.10       CARE A4 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 ratings assigned to the bank facilities of Gardex is primarily
constrained by the weak financial risk profile of the firm marked
by low networth base, highly leveraged capital structure and
working capital intensive nature of operations. The ratings are
further constrained by foreign exchange fluctuation risk, client
concentration risk and its presence in highly fragmented and
competitive industry. The above constraints are partially offset
by the experienced promoters, established track record of
operations and reputed client base.

The ability of the firm to improve its scale of operations and
capital structure along with effective management of working
capital are the key rating sensitivities.

Mr. Gautam Kapoor and his brother, Mr. Sarat Chopra had set up a
firm, Filex in 1995 to carry on the business of manufacturing of
striking and garden tools. Subsequently in April 2007, the name of
the firm was changed to Gardex. The other partners in the firm are
Mr. Mukul Dutt and Mr Sarat Chopra's wife, Mrs. Shivani Chopra.
Gardex manufactures and exports striking tools and garden
equipments like Hammers, Bars, chisels, shovels, Rakes, Hoes,
Picks, Mattocks and Axes. Gardex exports more than 95% of its
production and has its own brands registered in various countries.
In the US market, it is carrying out its business under its
registered brand "Python."

During FY13 (refers to the period April 1 to March 31), Gardex has
achieved a total income of INR116.8 cr (INR86.8 cr in FY12) and
PAT of INR9.3 cr (INR3.6 cr in FY12).


JAMUNA JYOTI: ICRA Suspends 'B+' Rating on INR15cr Loan
-------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR15.00
crore, fund based bank facility of Jamuna Jyoti Developers Private
Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.

JJDPL belongs to the Jamuna group, which has been in the
residential real estate business for more than 15 years. The group
is promoted by Mr. Sanjay Agarwal under whose guidance it has
successfully executed various real estate projects in Kolkata.


JAY POLYPACK: ICRA Suspends 'B-' Rating on INR5.30cr Loans
----------------------------------------------------------
ICRA has suspended the '[ICRA]B-' rating assigned to the INR3.80
crore term loan and the INR1.50 crore cash credit facility of Jay
Polypack Private Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.

Incorporated in December 2011, Jay Polypack Private Limited
proposes to manufacture HDPE and PET bottles. The company's unit
is located at GIDC-Manjusar, Dist Vadodara in Gujarat and will
have an installed capacity of ~16.5 million bottles per annum
(~640 MT per annum). The promoter group of JPPL is also engaged in
business of agro chemical manufacturing (like insecticides,
fungicides, herbicides, growth promoters etc) through an associate
concern - Jay Agro Industries.


KRISHNA STONE-TECH: CRISIL Ups Rating on INR20MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Krishna Stone-Tech Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while re-affirming the rating on the short term
bank facilities at CRISIL A4.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Export Packing Credit     70      CRISIL A4 (Reaffirmed)

   Foreign Bill Discounting  47      CRISIL A4  (Reaffirmed)

The rating upgrade reflects CRISIL's belief that KST's financial
risk profile will register steady improvement supported by the
healthy growth in company's revenues and cash accruals. KST's
revenues increased at a CAGR of around 42 per cent for the three
years ending March 31, 2013. The company has posted, on a
provisional basis, revenues of INR277 million for the 9 months
ended December 31, 2013.

This has resulted in the improvement in the capital structure of
the company as indicated by the gearing which has sequentially
declined to around times 1.54 times as on March 31, 2013 from 1.95
times as on March 31, 2011. The gearing is expected to further
improve to an average of 1.32 times over the medium term.

The company's debt protection metrics too continue to be moderate,
with the interest coverage and the NCATD at 1.64 times and 0.12
times respectively for 2012-13.

The upgrade also underscores improvement in liquidity profile of
the company, on the back of its enhanced scale of operations and
moderate operating profitability, thereby improving its cash
accruals viz-a-viz term debt repayment obligations.

The ratings reflect KST's small scale of operations in the highly
competitive granite-processing industry, and average financial
risk profile, marked by a small net worth. The ratings also factor
in the susceptibility of the company's operating margin to
volatility in foreign exchange rates. These rating weaknesses are
partially offset by the benefits that KST derives from its
established market position in Bellary (Karnataka), and the
extensive experience of its promoter in the granite-processing
industry.

Outlook: Stable

CRISIL believes that KST will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its revenues and profitability on a sustained basis,
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if KST's working capital management
deteriorates, its relationships with customers weaken, or it
undertakes a large, debt-funded, capital expenditure programme,
leading to further weakening in its capital structure.

Set up in 1988 by Dr. D L Ramesh Gopal, Bellary-based KST is
engaged in processing and trading in granite slabs.

KST reported a profit after tax (PAT) of INR 6.45million on net
sales of INR401.80 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.30 million on net
sales of INR282.70 million for 2011-12.


MADHAV GINNING: CARE Reaffirms 'B/A4' Rating on INR12cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Madhav Ginning & Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-       12        CARE B/CARE A4 Reaffirmed
   term Bank
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Madhav Ginning &
Pressing Private Limited continue to be constrained on account of
its weak financial risk profile marked by fluctuating income, thin
profitability, highly leveraged capital structure and weak debt
coverage indicators.

The ratings are further constrained on account of its presence in
the highly competitive and fragmented cotton ginning business with
limited value addition, volatility associated with the raw
material prices, working capital intensive operations and
susceptibility to the changes in the government policy for cotton.

The above constraints continue to offset the benefits derived from
the experience of the promoters in the cotton ginning business and
proximity to the cotton-producing region of Gujarat.

The ability of MGPPL to move upward in the textile value chain
along with an improvement in the financial risk profile and better
working capital management remains the key rating sensitivity.

MGPPL was incorporated in 2005 by Mr Chhaganbhai Kakadiya, at
Rajkot district, Gujarat, and is engaged in the cotton ginning and
pressing business. As on March 31, 2013, MGPPL had a total
ginning capacity of 13,000 bales of cotton and 24,000 metric
tonnes per annum (MTPA) of cotton seeds. MGPPL is also engaged in
the trading of cotton bales and cotton seeds.

MGPPL is also engaged in the trading of cotton bales and cotton
seeds. As per the audited results for FY13 (refers to period April
1 to March 31), MGPPL reported the total operating income (TOI) of
INR82.23 crore (FY12: INR78.21 crore) and Profit after Tax of
INR0.06 crore (FY12: Net loss of INR0.05 crore). As per the
provisional results for 9MFY14 (April, 2013 to
December, 2013), MGPPL registered the TOI of INR84 crore.


MAGNAQUEST TECHNOLOGIES: ICRA Suspends 'B+' INR6.49cr Loan Rating
-----------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B+' outstanding
on the INR6.49 crore fund-based limits of Magnaquest Technologies
Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


NAKODA PRODUCTS: CARE Reaffirms 'B+' Rating on INR6.6cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nakoda Products.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.60       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            6.78       CARE A4 Reaffirmed

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 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 Nakoda Products
continue to remain constrained primarily on account of its
financial risk profile marked by declining profit margins,
leveraged capital structure, weak debt coverage indicators and low
cash accruals coupled with working capital intensive nature of the
operations. Furthermore, the ratings continue to remain
constrained on account of its small scale of operations in the
highly fragmented and tender-driven transformer industry with the
presence of many unorganized players.

However, the ratings continue to derive strength from the
experience of the partners in the transformer industry and its
reputed clientele comprising of various state electricity
distribution companies. The ratings also factors in the healthy
growth achieved in the total operating income (TOI) during FY13
(refers to the period April 1 to March 31).

The ability of NAKODA to increase its scale of operations along
with improvement in profit margins as well as capital structure
and efficient working capital management would remain the key
rating sensitivities.

NAKODA, established in 2003 as a partnership firm, is promoted by
Mr Govindraj Mehta and his family members. The firm is engaged in
the manufacturing of power and distribution transformers,
ranging from 10 kilovolt ampere (KVA) to 5 megavolt ampere (MVA)
and substation structures. The firm also offers related technical
assistances and services, including repair works.

NAKODA, an ISO 9001-2008 certified firm, manufactures and supplies
transformers of various ratings and power specifications to state
electricity distribution companies (DISCOMs) mainly to
Rajasthan and Gujarat. NAKODA operates from its manufacturing
facility located in Vadodara (Gujarat) with an installed capacity
to manufacture 15,000 numbers of power and distribution
transformers per annum as on March 31, 2013.

As per the audited results for FY13, NAKODA reported a PAT of
INR0.14 crore (INR0.12 crore in FY12) on a TOI of INR29.81 crore
(INR23.97 crore in FY12). During 9MFY14 (provisional), NAKODA
reported a TOI of INR24.09 crore.


NAMDHARI RICE: ICRA Reaffirms 'B-' Ratings on INR30.75cr Loans
--------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B-' rating for INR30.75 crore fund
based and proposed limits of Namdhari Rice & General Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits     20.75       [ICRA]B- (re-affirmed)
   Unallocated
   (Proposed Limits)     10.00       [ICRA]B- (re-affirmed)

The rating reaffirmation factors in NRGM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators coupled with very high
working capital requirements. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions.

The rating, however favorably takes into account long standing
experience of promoters in rice industry and the proximity of the
mill to major rice growing area which results in easy availability
of paddy.

Namdhari Rice & General Mills is a partnership firm which was
established in 1986. NRGM is engaged in the milling of paddy and
produces Basmati and non basmati rice for domestic and export
markets with a capacity of 350 tons/day MTPA which is located in
Sirsa (Haryana). The firm is professionally managed by Mr. Daljit
Singh.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.09 crore on an operating income of
INR148.08 crore as against PAT of INR0.07 crore on an operating
income of INR34.97 crore in 2011-12.


NATIONAL CONSTRUCTION: ICRA Suspends 'B' Rating on INR35cr Loan
---------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR35.00
crore fund based working capital facilities and '[ICRA]A4' to the
INR26.00 crore short term non- fund based facilities of National
Construction Company.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.

National Construction Company is a partnership concern and was
established in the year 1984 and is engaged in overburden removal
and excavation contract works for mining companies in India. The
firm was established by Mr. Khimji Patel and Mr. Bhikha Patel. It
is an 'AA' class government registered contractor and 'A' class
contractor registered with the Western Railways.


NEW FRONT: ICRA Suspends 'B' Rating on INR15cr Loans
----------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR10.00 crore
Term Loan facility and INR5.00 crore Cash Credit facility of New
Front Prabhavee Ventures. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. Profile of
the firm NFPV has been formed in December 2010 in order to develop
residential and commercial real estate projects. The new front
group has executed more than 20 projects in the past and all the
promoters have experience of more than three decades in real
estate development. Currently the firm is developing two
residential projects.


P. KISHANCHAND: CARE Reaffirms 'B+' Rating on INR0.72cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
P. Kishanchand Textiles Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            0.72       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            5.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of P. Kishanchand
Textiles Limited continue to be constrained by the relatively
small scale of operations, low profitability margins low
capitalization and weak debt coverage indicators. The ratings are
further constrained by the operations of PKTL in a highly
fragmented industry leading to intense competition along with the
susceptibility of margins to volatile raw material prices and
supplier concentration risk.

The ratings continue to derive strength from the long track record
of operations, experienced management and moderate capital
structure.

The ability of the company to increase the scale of operations
along with an improvement in the profitability margins and
efficient working capital management given the intense competition
is the key rating sensitivity.

Established in 1972 as a partnership concern, P. Kishanchand
Textile Limited is engaged in the trading of fabrics. The company
is currently managed by Mr P. Kishanchand as managing
director and Mr Pawan Kumar Agarwal and Mr Anand Kumar Agarwal as
other directors. During FY13 (refers to the period April 1 to
March 31), PKTL earned its entire revenue from the domestic
market, with a majority of the sourcing also from the domestic
market.

During FY13, PKTL reported a total operating income of INR19.21
crore (vis-a-vis INR29.61 crore in FY12) and PAT of INR0.06 crore
(vis-...-vis INR0.07 crore in FY12). Furthermore, during 9MFY14,
PKTL has reported a total income of INR11.39 crore.


PASHUPATI DIAMONDS: CRISIL Reaffirms B+ Rating on INR60MM Loans
---------------------------------------------------------------
CRISIL's rating on the cash credit facility of Pashupati Diamonds
continues to reflect PD's small scale of operations, and below-
average financial risk profile marked by a small net worth. These
rating weaknesses are partially offset by the extensive experience
of PD's proprietor in the jewelry industry, and the firm's
established relationships with its customers and suppliers.

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

Outlook: Stable

CRISIL believes that PD will continue to benefit over the medium
term from its proprietor's extensive experience in the jewelry
industry. The outlook may be revised to 'Positive' if the firm
improves its financial risk profile, most likely because of
improvement in its accruals on account of improvement in its
topline and profitability, or infusion of funds by its promoter.
Conversely, the outlook may be revised to 'Negative' if PD's
financial risk profile deteriorates because of weakening of its
debt protection metrics on account of decline in its revenues and
margins, or large, debt-funded capital expenditure, or in case of
significant lengthening of its working capital cycle.

PD was set up as a proprietorship firm in 2002 by Mr. Pradeep
Verma. It is involved in the manufacturing, wholesaling, and
retailing of precious-stone-studded and gold jewelry. PD's
showroom is at Karol Bagh in New Delhi.


PRADEEP COTTON: CARE Revises Rating on INR10.22cr Loans to 'B+'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Pradeep Cotton Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.22       CARE B+ Revised from
                                    CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pradeep Cotton Private Limited is on account of stabilization of
operations coupled with increase in scale of operations as well as
improvement in capital structure. The rating continues to remain
constrained on account of its financial risk profile marked by
thin profit margins and weak debt coverage indicators.
The rating further continues to be constrained by its presence in
the lowest segment of textile value chain with limited value
addition in the cotton ginning business and seasonality associated
with procurement of raw material resulting into working-capital
intensive nature of operations.

The rating continues to draw strength from the wide experience of
the promoters in the cotton industry and locational advantage in
terms of proximity to the cotton seed growing regions in Madhya
Pradesh.

The ability of PCPL to increase its scale of operations and move
up in the cotton value chain and diversification of its product
portfolio thereby improving its profitability along with better
working capital management in light of competitive nature of the
industry remain the key rating sensitivities.

Incorporated in July 2011, PCPL is engaged in business of cotton
ginning & pressing. The commercial operations started from
December 2011 hence FY13 was the first full year of operations.
PCPL is a family owned company with key promoters being Mr
Mohanlal Tayal & Mr Kishore Tayal and both the directors are
actively involved in the overall management of the company.
PCPL supplies cotton bales to spinning mills (through agents) and
cotton seeds to oil extracting units. The company's entire sales
are into domestic market & the key raw material i.e. raw cotton is
also sourced from local farmers and "mandis" mainly on cash basis.

During FY13 (refers to the period April 1 to March 31), PCPL
reported TOI of INR90.62 crore and PAT of INR0.38 crore as against
TOI of INR48.11 crore and PAT of INR0.09 crore during FY12. During
9MFY14, PCPL reported a PBT of INR0.35 crore on a TOI of INR47.91
crore.


PRASAD SEEDS: CRISIL Reaffirms 'B' Rating on INR992.4MM Loans
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Prasad Seeds Pvt Ltd
continue to reflect the company's working'capital-intensive
operations, and the seasonal nature of its revenues. These rating
weaknesses are partially offset by PSPL's above-average financial
risk profile, marked by healthy net worth and moderate gearing,
and the benefits it derives from the extensive experience of its
promoters in seed processing and its established relations with
customers.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        35      CRISIL A4 (Reaffirmed)
   Cash Credit           70      CRISIL B/Stable (Reaffirmed)
   Term Loan            922.4    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its experienced management and long-term supply
contracts with key customers. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the company's revenues and profitability margins, or there is an
improvement in its liquidity, on the back of substantial equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company's
profitability or if there is significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements or a large debt-funded capital expenditure
(capex).

Set up in 1975 by Mr. Karumanchi Prasad, PSPL undertakes
processing, conditioning, and drying of seeds for various seed
companies. PSPL also develops and markets hybrid seeds.


RAGHUVIR COTEX: CARE Reaffirms 'B' Rating on IRN22.04cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Raghuvir Cotex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           22.04       CARE B Reaffirmed

   Short-term Bank
   Facilities            2.00       CARE A4 Reaffirmed

Rating Rationale

The ratings of Raghuvir Cotex Private Limited continue to remain
constrained due to its thin profitability due to limited value
addition involved in cotton ginning, its high leverage and tight
liquidity marked by the elongation of its operating cycle. The
ratings are further constrained on account of its presence in a
highly competitive and fragmented cotton ginning industry,
volatility associated with the raw material (cotton) prices and
impact of regulatory changes.

The ratings, however, continue to derive strength from the
experience and resourcefulness of its promoters and its proximity
to the cotton-producing region of Gujarat.

RCPL's ability to improve its profitability by moving upward in
the textile value chain, efficiently manage its working capital
requirement amidst volatile raw material prices and improve its
capital structure would be the key rating sensitivities.

RCPL was incorporated in September 2002, by the Selani family
based out of Gondal in Rajkot district of Gujarat. RCPL is engaged
in cotton ginning and pressing and had an installed capacity of
12,800 Metric Tonnes Per Annum (MTPA) for ginned cotton as on
March 31, 2013 at its sole manufacturing facility.

As per the audited results for FY13 (refers to the period April 1
to March 31), RCPL reported a total operating income of INR120.75
crore (FY12: INR104.11 crore) with a PAT of INR0.29 crore (FY12:
INR0.10 crore). Further, as per the unaudited results for 9MFY14,
RCPL reported a total operating income of INR64 crore.


RAHUL TEXTILE: CARE Revises Rating on INR0.86cr Loans to 'B-'
-------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Rahul Textile Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            0.86       CARE B- Revised from
                                    CARE B+

   Long-term/Short
   Term Bank
   Facilities            10         CARE B-/CARE A4 Revised
                                    From CARE B+/CARE A4

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Rahul Textiles Industries Private Limited (RTIPL)
factors in the decline in turnover and cash losses in FY13 (refers
to the period April 1 to March 31) coupled with significant
deterioration in the solvency position and liquidity position.

The ratings continue to be constrained by the modest scale of
operations of RTIPL in the highly fragmented industry and weak
financial risk profile marked by the leveraged capital structure
and weak debt protection indicators. The ratings further continue
to be constrained on account of the susceptibility of operating
margins to the raw material price fluctuation and foreign exchange
fluctuations.

The ratings continue to draw strength from the wide experience of
the promoters in the textile industry and locational advantage in
terms of proximity to its raw material sourcing.

The ability of RTIPL to improve the scale of operations and
overall financial risk profile would remain the key rating
sensitivity.

RTIPL, incorporated in April 2007, is a private limited company
promoted by Mr Amit M Kaneria. RTIPL is engaged in the
manufacturing of texturised yarn ranging from 30 to 80 deniers
from partially oriented yarn (POY). RTIPL operates from its sole
manufacturing facility located in the textile hub of Gujarat i.e.
Surat with an installed capacity of 5,200 metric tonnes per annum
(MTPA). Texturised yarn manufactured by RTIPL is mainly used in
the manufacturing of fabrics of dress material and sarees. RTIPL
also exports its products to Bangladesh, Russia, Brazil, Peru and
European countries.

As per the audited results for FY13, RTIPL reported a total
operating income of INR39.52 crore (FY12: INR42.85 crore) with a
net loss of INR3.07 crore (FY12: net loss of INR0.16 crore). As
per the provisional results of H1FY14, RTIPL has achieved a TOI of
INR18.75 crore.


RAMNIKLAL & SONS: ICRA Suspends 'B' Rating on INR7.75cr Loan
------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating to the INR7.75 crore long-
term fund based bank facility and the '[ICRA]A4' rating to the
INR2.00 crore short-term non-fund based bank facility of Ramniklal
& Sons. ICRA has also suspended the [ICRA]B and/or [ICRA]A4
ratings assigned to the unallocated limit of the firm.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund          7.75        [ICRA]B Suspended
   Based Limit-Cash
   credit

   Short Term Non          2.00        [ICRA]A4 Suspended
   Fund Based Limit-
   FDBP/FUDB/AFDBC

   Unallocated Limit      0.75         [ICRA]B and/or [ICRA]A4
                                        Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
firm. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.

Incorporated in 1998, Ramniklal & Sons is a partnership firm
involved in manufacturing of gold, silver and diamond studded
jewellery. The firm deals in 14 to 18 carat diamond studded and up
to 24 carat gold jewellery. The company has a registered office
within its showroom based in Mumbai from where the overall
business operations and sales activities are controlled.


REAL GRANITO: CARE Reaffirms 'B+' Rating on INR24.55cr Bank Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Real Granito Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            24.55      CARE B+ Reaffirmed

   Short-term Bank
   Facilities             1.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Real Granito
Private Limited continue to remain constrained on account of the
limited track record of operations coupled with leveraged capital
structure as well as moderate debt coverage indicators.
Furthermore, the ratings continue to remain constrained on account
of the susceptibility of operating margins to raw material and
fuel price fluctuation, its presence in the highly fragmented
tiles industry and linkages to the cyclical real estate industry.

The ratings, however, continue to take into account the vast
experience of the promoters of RGPL in the tiles industry and
advantages pertaining to the location in ceramic tile hub. The
ratings also factor in healthy growth achieved by RGPL during FY13
(refers to the period April 1 to March 31) consequent to
stabilization of operations.

The ability of RGPL to increase its scale of operations, improve
profit margins and capital structure along with better working
capital management in light of volatile input prices in the
competitive industry remain the key rating sensitivities.

Incorporated in April 2010, RGPL is promoted by Mr Chiman Hirani,
Mr Pritesh Hirani, Mr Tejas Hirani, Mr Kishan Hirani and three
other associate promoters. The company is into manufacturing
of vitrified tiles with an installed capacity of 72,500 Metric
Tonnes Per Annum (MTPA) as on March 31 2013. RGPL commenced
commercial production from April 2011 onwards; hence FY12 was the
first year of its operations.

During FY13 (refers to the period April 1 to March 31), RGPL
reported TOI of INR71.17 crore and PAT of INR1.27 crore as against
a TOI of INR53.40 crore and PAT of INR0.65 crore during FY12.
During 9MFY14, RGPL has achieved a TOI of INR50 crore.


ROYAL STAR: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Royal Star Agrotech
Private Limited continue to reflect below-average financial risk
profile, marked by small net worth, and the company's modest scale
of operations in the highly fragmented rice industry. These rating
weaknesses are partially offset by the promoters' extensive
experience in the rice milling industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              80      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan           80      CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned its ratings on RAPL's bank facilities to
'CRISIL B+/Stable' vide its rating rationale dated January 31,
2014.

Outlook: Stable

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

RAPL was incorporated in 2010 and commenced its commercial
operations from October 2011. The company is promoted by Mr.
Sanjay Kumar Gupta along with his family members Mr. Ajay Kumar
Gupta, Mr. Anil Kumar Geol, and Mr. Sahil Gupta. RAPL is engaged
in milling of basmati rice.


SAARTH ENTERPRISES: CARE Reaffirms 'B+' Rating on INR8cr Loans
--------------------------------------------------------------
CARE has reaffirmed the ratings assigned to the bank facilities of
Saarth Enterprises Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             8         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Saarth Enterprises
Private Limited continues to be constrained by the relatively
small scale of operations, low profitability and working capital
intensive nature of operations resulting in leveraged capital
structure and weak debt coverage indictor. The rating further
continues to be constrained by operations in a highly fragmented &
competitive trading industry.

The aforesaid constraints, however, are partially offset by the
strength derived from the established track record of the
promoters and continuous financial support.

The ability of Saarth to increase the overall scale of operations,
improve the capital structure along with efficient management of
the working capital cycle are the key rating sensitivities.

Incorporated in June 2012, Saarth Enterprises Private Limited
(Saarth) took over the business of M/s. Hitesh Trading Co.
(established in the year 1995) which was engaged in the trading of
construction materials in Maharashtra. The company trades in
various construction materials viz cement & steel (70% of the
total income) and brick & sand (30% of the total income). The
company runs its operations mainly from Powai, Mumbai.

During FY13 (refers to the period April 01 to March 31), Saarth
reported a total operating income of INR26.90 crore (vis-...-vis
INR25.39 crore in FY12, recorded under M/s. Hitesh Trading Co.)
and PAT of INR0.21 crore (vis-a-vis INR0.18 crore in FY12,
recorded under M/s. Hitesh Trading Co.). As per the provisional
9MFY14 results, Saarth had posted a total operating income of
INR49.60 crore.


SHANKAR RICE: ICRA Reaffirms 'B' Rating on INR29cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' for INR29
crore (enhanced from INR14.crore) fund based facilities of Shankar
Rice & Gen. Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      29         [ICRA]B Reaffirmed

The rating reaffirmation factors in small scale of operations of
the firm which coupled with low value added nature of business and
high competition in the industry has resulted in low profitability
and weak debt coverage indicators for the firm. The rating also
factors in high gearing of the firm on account of high working
capital borrowings owing to working capital intensive nature of
the business.

The rating is also constrained by agro climatic risks which can
affect the availability of paddy in adverse conditions. However,
the rating is supported by long track record of firm's operations
and experience of promoters in rice industry, proximity of the
mill to major rice growing area which results in easy availability
of paddy and stable demand outlook with rice being an important
part of the staple Indian diet.

Incorporated in the year 2001, Shankar Rice & Gen. Mills is a
partnership firm engaged milling and processing of basmati and non
basmati rice. The firm has its plant located in Moga, Punjab with
milling capacity of 4.5 tons/hour and sorting capacity of
5tons/hour. The firm has been promoted by Mr. Parveen Kumar, Ms.
Santosh Rani, Mr. Amandeep and Mr. Kamaldeep.

Recent Results

The firm reported a net profit after tax of INR0.19 crore on an
operating income of INR52.96 crore in FY2013 as against net profit
of INR0.05 crore on an operating income of Rs.32.81 crore in
FY2012.


SHIV COTTON: CARE Assigns 'B+' Rating to INR6.69cr Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shiv
Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.69       CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Shiv Cotton
Industries is primarily constrained on account of its nascent
stage of operations, low net worth base, thin profitability and
susceptibility of the operating margins to fluctuation in the
cotton prices and seasonality associated with the cotton industry
leading to working capital intensive nature of operations. The
rating is further constrained on account of its presence in a
highly competitive & fragmented cotton-ginning industry with
limited value addition and susceptibility of the operations to the
government regulations.

The rating, however, favorably takes into account the experience
of the partners, moderately comfortable debt coverage indicators,
moderate liquidity position and its proximity to the cotton
producing region of Gujarat.

The stabilization of operations with increase in scale of
operations while moving up in the cotton value chain coupled with
improvement in its profitability and debt coverage indicators will
be the key rating sensitivity.

SCI was incorporated in November 2011 as a partnership firm by 12
partners for setting up of new cotton ginning and pressing unit
with the installed capacity of 7,668 metric tonne per annum
(MTPA). The manufacturing plant is situated at Babra (District:
Amreli), Gujarat. SCI commenced its operations from July 2012
onwards.

During FY13 (refers to the period April 1 to March 31), SCI
reported a PAT of INR0.02 crore on a Total Operating Income (TOI)
of INR28.28 crore. During 8MFY14 (provisional), SCI achieved PBT
of INR0.25 crore on a TOI of INR28.56 crore.


SHREE AMBIKA: CARE Assigns 'B+' Rating to INR2cr Bank Loans
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Ambika Trading Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             2         CARE B+ Assigned

   Short-term Bank
   Facilities            12         CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital or
the 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 Shree Ambika
Trading Company are constrained on account of its modest scale of
operations, low net-worth base, modest profitability, high
leverage and moderate liquidity in its working capital intensive
operations. Furthermore, the ratings are constrained due to its
presence in the highly fragmented metal scrap trading industry.
The ratings, however, draw strength from the experience of the
promoter and established track record of operations.

The ability of SATC to increase its scale of operations, improve
its capital structure and efficiently manage its working capital
requirements are the key rating sensitivities.

Ankleshwar-based, Gujarat, SATC is a proprietorship concern
promoted by Mr Mangilal Rajpurohit in August 1988. It is engaged
in the trading of metal scrap, wherein purchase and sales
of metal scrap from both the parties (buyer and seller) is tender-
driven.

During FY13 (refers to the period April 1 to March 31), SATC
earned a PAT of INR0.69 crore on a total operating income (TOI) of
INR34.20 crore as against a PAT of INR0.24 crore on a TOI of
INR10.21 crore in FY12. During 9MFY14 (provisional), SATC reported
sales of INR31.21 crore.


SHREE RAMA: CARE Lowers Rating on INR135cr Bank Loans to 'D'
------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the guaranteed bank
facilities of Shree Rama Newsprint Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities-Term
   Loan                195.55       CARE BBB+ (SO) Reaffirmed

   Long-term Bank
   Facilities-Fund-
   Based                60          CARE D Revised from
                                    CARE B-

   Short-term Bank
   Facilities-Non-
   Fund Based           75          CARE D Revised from
                                    CARE A4

Rating Rationale

The revision in the standalone rating assigned to the bank
facilities of Shree Rama Newsprint Limited factors in the ongoing
delays in the servicing of rated debt obligations due to the
stressed liquidity profile of SRNP. The ratings also factor in the
continuing losses at operational level since FY09 (refers to the
period April 1 to March 31), unfavorable capital structure and
weak debt coverage indicators and long impending receipt of
proceeds towards the sale of land impacting the immediate
liquidity of the company.

The reaffirmation of the structured obligation rating factors in
the unconditional and irrevocable corporate guarantee from its
promoter -- WCPM for its term loans, support from the promoters in
the form of inter-corporate deposits extended to SRNP along-with a
long track record of operations of WCPM in the paper industry.

Rating Rationale -- WCPM (rated CARE BBB+/A3+)

The revision in the short-term rating of the bank facilities of
WCPM (from CARE A2 to CARE A3+) factors in the weak debt coverage
indicators and moderate liquidity profile due to high repayment
obligations in the medium term and relatively high exposure
towards the group company - SRNP, which continues to post losses.
The ratings continue to factor in the company's high financial
leverage and cyclicality of the paper industry.

The ratings, however, continue to build in the experience of
WCPM's promoters in the paper industry, strategic location of its
plant and improvement in operational performance in FY13 and
Q1FY14.

The ability of the company to improve its capital structure and
reduction in exposure to group company remain the key rating
sensitivities.


SHUKAN GLORY: CRISIL Lowers Rating on INR100MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shukan Glory Developers (Shukan Glory; part of the Shukan
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             100      CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by the Shukan
group in servicing its debt due to weak liquidity. The group has
an immediate funding requirement for its service tax obligation,
resulting in delays in repayment of debt obligations.
Additionally, the slowdown in the real estate sector restricted
the group's liquidity. Consequently, the Shukan group's cash flows
have been inadequate vis-a-vis its maturing debt obligations.
Though the promoters have infused funds to support the group's
debt obligations, the mismatch in cash flows led to delays in
servicing debt.

The Shukan group is also susceptible to high offtake risk and
geographic concentration in its real estate projects. However, the
group benefits from the promoters' extensive experience in the
real estate segment in Ahmedabad (Gujarat).

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Glory, Shukan Heights Corporation
(Shukan Heights), Shukan Sky Corporation (Shukan Sky), Shukan Gold
Developers (Shukan Gold), Shukan Orchid Infrastructure (Shukan
Orchid), and Shukan Palace Infrastructure (Shukan Palace). This is
because the above-mentioned entities have a common management
team, promoter group (mainly from the Patel family of Ahmedabad
[Gujarat]), and brand, along with cash flow fungibility. The
entities are together referred to as the Shukan group.

Shukan Glory was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.

Shukan Glory reported a profit after tax (PAT) of INR14.9 million
on net sales of INR254.6 million for 2011-12 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR19.3 million on
net sales of INR0.0 million for 2010-11.


SHUKAN GOLD: CRISIL Cuts Rating on INR200MM Term Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shukan Gold Corporation (Shukan Gold; part of the Shukan group)
to 'CRISIL D' from 'CRISIL BB/Stable'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            200      CRISIL D (Downgraded from
                                 'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by the Shukan
group in servicing its debt due to weak liquidity. The group has
an immediate funding requirement for its service tax obligation,
resulting in delays in repayment of debt obligations.
Additionally, the slowdown in the real estate sector restricted
the group's liquidity. Consequently, the Shukan group's cash flows
have been inadequate vis-a-vis its maturing debt obligations.
Though the promoters have infused funds to support the group's
debt obligations, the mismatch in cash flows led to delays in
servicing debt.

The Shukan group is also susceptible to high offtake risk and
geographic concentration in its real estate projects. However, the
group benefits from the promoters' extensive experience in the
real estate segment in Ahmedabad (Gujarat).

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Gold, Shukan Heights Corporation
(Shukan Heights), Shukan Sky Corporation (Shukan Sky), Shukan
Glory Developers (Shukan Glory), Shukan Orchid Infrastructure
(Shukan Orchid), and Shukan Palace Infrastructure (Shukan Palace).
This is because the above-mentioned entities have a common
management team, promoter group (mainly from the Patel family of
Ahmedabad [Gujarat]), and brand, along with cash flow fungibility.
The entities are together referred to as the Shukan group.

Shukan Gold was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.

Shukan Gold reported a profit after tax (PAT) of INR14.9 million
on net sales of INR254.6 million for 2011-12 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR19.3 million on
net sales of INR0.0 million for 2010-11.


SHUKAN ORCHID: CRISIL Lowers Rating on INR130MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shukan Orchid Infrastructure (Shukan Orchid; part of the Shukan
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           130      CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by the Shukan
group in servicing its debt due to weak liquidity. The group has
an immediate funding requirement for its service tax obligation,
resulting in delays in repayment of debt obligations.
Additionally, the slowdown in the real estate sector restricted
the group's liquidity. Consequently, the Shukan group's cash flows
have been inadequate vis-a-vis its maturing debt obligations.
Though the promoters have infused funds to support the group's
debt obligations, the mismatch in cash flows led to delays in
servicing debt.

The Shukan group is also susceptible to high offtake risk and
geographic concentration in its real estate projects. However, the
group benefits from the promoters' extensive experience in the
real estate segment in Ahmedabad (Gujarat).

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Orchid, Shukan Heights
Corporation (Shukan Heights), Shukan Sky Corporation (Shukan Sky),
Shukan Gold Developers (Shukan Gold), Shukan Glory (Shukan Glory),
and Shukan Palace Infrastructure (Shukan Palace). This is because
the above-mentioned entities have a common management team,
promoter group (mainly from the Patel family of Ahmedabad
[Gujarat]), and brand, along with cash flow fungibility. The
entities are together referred to as the Shukan group.

Shukan Orchid was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.

Shukan Orchid reported a profit after tax (PAT) of INR14.9 million
on net sales of INR254.6 million for 2011-12 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR19.3 million on
net sales of INR0.0 million for 2010-11.


SHUKAN PALACE: CRISIL Downgrades Rating on INR80MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shukan Palace Infrastructure (Shukan Palace; part of the Shukan
group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            80      CRISIL D (Downgraded from
                                  'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by the Shukan
group in servicing its debt due to weak liquidity. The group has
an immediate funding requirement for its service tax obligation,
resulting in delays in repayment of debt obligations.
Additionally, the slowdown in the real estate sector restricted
the group's liquidity. Consequently, the Shukan group's cash flows
have been inadequate vis-a-vis its maturing debt obligations.
Though the promoters have infused funds to support the group's
debt obligations, the mismatch in cash flows led to delays in
servicing debt.

The Shukan group is also susceptible to high offtake risk and
geographic concentration in its real estate projects. However, the
group benefits from the promoters' extensive experience in the
real estate segment in Ahmedabad (Gujarat).

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan palace, Shukan Heights
Corporation (Shukan Heights), Shukan Sky Corporation (Shukan Sky),
Shukan Gold Developers (Shukan Gold), Shukan Glory (Shukan Glory),
and Shukan Orchid infrastructure (Shukan Orchid). This is because
the above-mentioned entities have a common management team,
promoter group (mainly from the Patel family of Ahmedabad
[Gujarat]), and brand, along with cash flow fungibility. The
entities are together referred to as the Shukan group.

Shukan Palace was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.

Shukan Palace reported a profit after tax (PAT) of INR14.9 million
on net sales of INR254.6 million for 2011-12 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR19.3 million on
net sales of INR0.0 million for 2010-11.


SHUKAN SKY: CRISIL Downgrades Rating on INR325MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shukan Sky Corporation (Shukan Sky; part of the Shukan group)
to 'CRISIL D' from 'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               325     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by the Shukan
group in servicing its debt due to weak liquidity. The group has
an immediate funding requirement for its service tax obligation,
resulting in delays in repayment of debt obligations.
Additionally, the slowdown in the real estate sector restricted
the group's liquidity. Consequently, the Shukan group's cash flows
have been inadequate vis-a-vis its maturing debt obligations.
Though the promoters have infused funds to support the group's
debt obligations, the mismatch in cash flows led to delays in
servicing debt.

The Shukan group is also susceptible to high offtake risk and
geographic concentration in its real estate projects. However, the
group benefits from the promoters' extensive experience in the
real estate segment in Ahmedabad (Gujarat).

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of Shukan Sky, Shukan Heights Corporation
(Shukan Heights), Shukan Gold Corporation (Shukan Gold), Shukan
Glory Developers (Shukan Glory), Shukan Orchid Infrastructure
(Shukan Orchid), and Shukan Palace Infrastructure (Shukan Palace).
This is because the above-mentioned entities have a common
management team, promoter group (mainly from the Patel family of
Ahmedabad [Gujarat]), and brand, along with cash flow fungibility.
The entities are together referred to as the Shukan group.

Shukan Sky was incorporated in Ahmedabad (Gujarat). The Shukan
group, through its affiliates, undertakes residential and
commercial real estate development, mainly in and around
Ahmedabad, and has been in operation for more than two decades.
The group is promoted by Mr. Rameshbhai R Patel and his family
members.

Shukan Sky reported a profit after tax (PAT) of INR14.9 million on
net sales of INR254.6 million for 2011-12 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR19.3 million on
net sales of INR0.0 million for 2010-11.


SRI HANUMAN: CRISIL Downgrades Rating on INR80MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Sri Hanuman Rice Industries to 'CRISIL D' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              63.5     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan            5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility       11.5     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects SHRI's overdrawn cash credit
facility for more than 30 days; the overdrawls have been caused by
the deterioration in the firm's liquidity resulting from the
stretch in its working capital cycle.

SHRI has a weak financial risk profile marked by small net-worth
high gearing and below-average debt protection metrics. The firm
also has large working capital requirements, and its revenues and
profitability margins are susceptible to unfavourable regulatory
changes, if any, and shortage of paddy. However, the firm benefits
from its promoters' extensive experience in the rice industry.

Established in 2006 by Mr. Munaga Malakondaiah and his wife, SHRI
is a registered partnership firm. The firm mills and processes
paddy into rice; the firm also generates by-products such as
broken rice, bran, and husk. Its processing unit is in South
Rajupalem village, Nellore Rural, Nellore District of Andhra
Pradesh.


SVS BUILDCON: CRISIL Cuts Rating on INR1.3BB Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SVS Buildcon Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             1,300     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')


The rating downgrade reflects delays by SVS in payment of interest
on its term loan; the delays have been caused by the company's
weak liquidity, driven by lower-than-expected customer advances in
its ongoing projects.

SVS is also exposed to offtake risks associated with its ongoing
project. However, the company benefits from its promoters'
extensive experience in real estate development.

SVS is a special-purpose vehicle established in 2007-08 (refers to
financial year, April 1 to March 31) by Collage Group
Infrastructures Pvt Ltd and Unitech Holdings Ltd. SVS was set up
to construct a real estate project on Kolar Road, Bhopal (Madhya
Pradesh). The project comprises a residential complex (Unihomes)
and a commercial complex (Great India Place Mall).


TATA CHEMICALS: Moody's Says 3Q Results Support Ba2 Rating
----------------------------------------------------------
Moody's Investors Service says that Tata Chemicals Limited (TCL,
Ba2 stable) third quarter results reinforce the case for the
restructuring of its European operations, but are overall in line
with its rating. Despite the weaker performance, TCL remains
within the parameters of its rating and Moody's takes comfort in
the company's ability to generate strong funds from operations
(FFO) from its leading market position in India and its natural
soda ash business in the USA, which are key components towards the
company's stability.

"It is not unusual for TCL to deliver the occasional quarter of
softer performance and yet still achieve adjusted EBITDA margins
of 17% to 20% in the long-term, from which the resultant cash
generated supports the Ba2 rating" says Alan Greene, a Moody's
Vice President - Senior Credit Officer.

In the third quarter ended 31 December, Tata Chemicals Europe
Holdings Limited's (TCEHL, not rated) net sales rose 40% year-on-
year, mainly driven by higher soda ash volumes and the sale of
power surplus, while also generating a net operating loss of INR
590 million. This compares to an operating profit of INR33 million
a year ago.

TCL's European operations have struggled for some time, and have
forced the company to seek covenant waivers on its European bank
facility in early 2013. In May 2013, TCL wrote down INR4.7 billion
of goodwill incurred with its acquisition of Brunner Mond in 2006.
TCL has since sought to protect its margins by purchasing British
Salt to provide low-cost raw material, and by closing its Delfzijl
soda ash plant in the Netherlands. But the cash cost of production
of synthetic soda ash remains about 40% higher than that of
natural soda ash because it requires more expensive raw material
and energy.

The next two quarters will be revealing for TCL's European
operations. TCL has already booked most of the charges for the
restructuring. The final closure of the Winnington soda ash
facility, completed on 3 February, will also reduce the European
cost base for the rest of the 2014 fiscal year ending 31 March
2014. Energy costs in the UK are high and have been rising,
although TCL sells the surplus power from its combined heat and
power plant on the site and is looking to add to its generating
capacity. In 2014, Moody's expects the European soda ash market to
strengthen amid stronger demand from the automotive and
construction markets, the main users of flat glass obtained from
soda ash.

TCL's operating performance remains primarily driven by the Indian
operations, contributing over 57% of consolidated revenues yearly.

"While TCL's strength is derived from its Indian and North
American operations, the poor performance of the Kenyan and
European businesses remains a challenge for management in the
near-term" adds Greene, who is also Lead Analyst for Tata
Chemicals Ltd.

In India, TCL's focus on consumer business and non-subsidized
fertilizers has yet to translate into higher operating performance
and lower working capital requirements. While net sales rose 6%
year-on-year in Q3 to INR267.2 billion, driven by growing revenues
from the consumer business and non-subsidy farm business, TCL
standalone's operating profit weakened by 6% owing to higher costs
of supply of salt. Moreover, the size of its subsidy receivable,
INR 16.8 billion at 31 December 2013, is stable compared to INR
17.5 billion at 31 March 2013 and continues to put pressure on
TCL's net debt position.

The US business under Tata Chemicals North America (TCNA, Ba3
stable) continues to show good performance, as the demand for soda
ash continues to improve on the back of strong construction and
automotive activities. In 3Q TCNA's sales and operating profits
grew by 9% and 23% year-on-year, to INR7.6 billion and INR2.0
billion, respectively.


VARUNANI MARKETING: CRISIL Ups Rating on INR90MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Varunani Marketing Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           90.0     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the improvement in VMPL's business
risk profile, driven by a sustained and significant increase in
its scale of operations, while maintaining the profitability
margins. The upgrade also reflects the improvement in the
company's net worth, thereby enhancing its financial flexibility,
and the subsequent improvement in its capital structure. CRISIL
believes that VMPL will sustain its financial risk profile,
supported by continued growth in its net-worth and efficient
working capital management, over the medium term.

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

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

The rating continues to reflect VMPL's below-average financial
risk profile marked by small net worth, high gearing and below-
average debt protection metrics, and its susceptibility to
regulatory risks in the Indian-made foreign liquor (IMFL) segment.
These rating weaknesses are partially offset by the benefits that
VMPL derives from the healthy demand prospects for IMFL and its
established tie-up with Jagatjit Industries Ltd.

Outlook: Stable

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

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

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


VISHAL CAR: CRISIL Places 'B' Ratings on INR150 Million Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vishal Car World Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Working          62      CRISIL B/Stable (Assigned)
   Capital Facility

   Long Term Loan            38      CRISIL B/Stable (Assigned)

   Bank Guarantee            10      CRISIL A4 (Assigned)

   Cash Credit               50      CRISIL B/Stable (Assigned)

The ratings reflect the VCWPL's below-average financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio and moderate debt protection metrics, and
its susceptibility to economic slowdown and to intense competition
in the automobile (auto) dealership segment. These rating
weaknesses are partially offset by the extensive industry
experience of VCWPL's promoters.

Outlook: Stable

CRISIL believes that VCWPL 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
significantly increases its sales volumes and operating
profitability, or in case of a significant improvement in its
TOLTNW ratio and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if the company reports lower-than-
expected cash accruals, thereby impacting its liquidity, or if it
undertakes a significant, debt-funded capital expenditure (capex)
programme, leading to the weakening of its financial risk profile.

Incorporated in 2012 and based in Tinsukia (Assam), VCWPL is the
authorised dealer for Maruti Suzuki India Ltd in Tinsukia (Assam).
The company currently operates one showroom with 3S (Sales,
Service, and Spares) facilities, which was set up in October 2013.


VISION DISTRIBUTION: ICRA Assigns B+ Rating to INR13.25cr Loans
---------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR13.25 crore
long-term bank facilities of Vision Distribution Private Limited.
ICRA has also assigned rating of '[ICRA]A4' to INR6.75 crore
short-term bank facilities of VDPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund-
   based facilities      11.75      [ICRA]B+ (Assigned)

   Long-term non
   fund-based
   facilities             1.50      [ICRA]B+ (Assigned)

   Short term non-
   fund based
   facilities             6.75      [ICRA]A4 (Assigned)

The short-term term bank facilities can also be availed as long
term bank facilities to the extent of INR6.75 crore, where long-
term rating of [ICRA]A4 will be applicable. The assigned ratings
are constrained by high revenue concentration towards few brands
in the sales portfolio, low value-add nature of the business as is
typical for traders resulting in weak profitability and weak debt
coverage profile of the company. VDPL has exclusive
distributorship of Blackberry and HTC phones for the state of
Delhi; however revenue visibility is constrained given the modest
market share of these brands in the Indian market.

The decline in turnover from Blackberry phones (which contributed
over 60% of VDPL's sales during FY 12 and FY 13) in the recent
months is also a constraining factor. VDPL is also exposed to
credit risks given unsecured nature of its receivables from its
clients, which is significantly higher in relation to its net
worth and also to foreign exchange fluctuation given ~25% of the
total sales are from exports. The low operating profitability
(<1%) and accruals owing to trading nature of the business and
rapid growth has resulted in high dependence on external funds for
working capital requirements as reflected in TOL/TNW (Total
Outside Liabilities/Tangible Net Worth) of 5.8x as on 31st March
2013 and weak debt coverage and liquidity. However, the ratings
favorably factor in the long track record and vast experience of
more than a decade of the promoters in the distribution of various
electronic products of various brands and the company's
established distribution network in Delhi.

While ICRA expects VDPL's profitability to remain low given the
trading nature of the business, company's ability to expand
product portfolio and improve working capital cycle to minimize
funding requirements while achieving growth would be key rating
sensitivity.

VDPL was incorporated in 1996 by Mr. Rakesh Babbar, with the main
business objective of distribution of various electronic products.
Currently the company has exclusive distributorship of Blackberry
and HTC mobile handsets for the state of Delhi. The company also
trades mobile handsets of other brands such as iPhone and Samsung
in Delhi and exports mobile handsets to countries like Dubai,
Singapore and Hongkong.

VDPL reported a net profit of INR0.34 crore on a operating income
of INR229.28 crore in FY 13 compared to INR0.26 crore and
INR159.77 crore respectively in FY 12.


ZEVRAAT: CRISIL Reaffirms 'B' Rating on INR40MM Loan
----------------------------------------------------
CRISIL's ratings on the bank facilities of Zevraat continue to
reflect Zevraat's small scale of operations, below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics, and exposure to risks related to fragmentation
and intense competition in the retail jewellery and bullion
industry. These rating weaknesses are partially offset by the
extensive experience of Zevraat's promoters in the retail
jewellery and bullion industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          40      CRISIL A4 (Reaffirmed)
   Cash Credit             40      CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated Zevraat's
unsecured loans of INR2.8 million outstanding as on March 31,
2013, extended by the promoters, as neither debt nor equity. This
is because these loans are subordinated to the bank debt, and no
interest is being charged on them.
Outlook: Stable

CRISIL believes that Zevraat will continue to benefit over the
medium term from the extensive experience of its promoters in the
retail jewellery and bullion industry. The outlook may be revised
to 'Positive' if the firm generates higher-than-expected cash
accruals, leading to a significant improvement in its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of a decline in the firm's
revenues or profitability margins, or if its capital structure
deteriorates, most likely because of larger-than-expected debt-
funded capital expenditure (capex) or significant stretch in its
working capital cycle.

Update
Zevraat reported a healthy growth, as reflected in net sales of
INR331 million for 2012-13 (refers financial year, April 1 to
March 31), as against INR239 million for 2011-12. The firm's
operating margin was stable at around 3.7 per cent. Also, the firm
continued with prudent working capital management with gross
current asset (GCA) days of less than 90 days for 2013-14.
However, in the absence of sufficient cash accruals and low net
worth, the firm continued its dependence on funding support from
promoters in the form of capital and unsecured loans.

Zevraat's net worth is also estimated to remain low at less than
INR20 million, as on March 31, 2014 thereby limiting its financial
flexibility to meet any exigency. The firm has high debt levels
towards funding its working capital requirements; these coupled
with its low net worth is estimated to result in high total
outside liabilities to total net worth (TOLTNW) ratio of more than
4 times as on March 31, 2014.

Zevraat is a partnership firm set up in 1990 by Mr. Rakesh Narang
and his brother Mr. Mukesh Narang, who also oversee its day to day
operations. The firm manufactures gold, silver, and diamond
jewellery and trades in gold bullion. It operates a 3600-square
foot showroom in Yamuna Nagar (Haryana).

Zevraat reported a profit after tax (PAT) of INR1.79 million on
net sales of INR330.8 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR0.96 million on
net sales of INR239.1 million for 2011-12.



=================
I N D O N E S I A
=================

PT XL AXIATA: FY2013 Results Supports Moody's 'Ba1' Rating
----------------------------------------------------------
Moody's Investors Service notes that PT XL Axiata Tbk's ("XL")
full-year results for 2013 are broadly in line with expectations
and support XL's Ba1 rating and stable outlook.

"Reported revenue for 2013 remained flat at IDR21.4 trillion, with
declines in voice and SMS revenues being offset by strong revenue
growth in data and value-added services," says Nidhi Dhruv, a
Moody's Assistant Vice President and Analyst.

"Continued data substitution led to an increase of 29% in the
number of data users, and data traffic more than doubled year-on-
year. Nonetheless, the growth in data usage has still not proven
sufficient to offset the decline in voice and SMS, as such blended
average revenue per user (ARPU) fell by 13% yoy, leading to
further margin compression," adds Dhruv, who is also the Lead
Analyst for XL.

Adjusted EBITDA for 2013 fell to approximately IDR11.8 trillion
from IDR12.0 trillion for the same period last year, whereas
adjusted EBITDA margin declined to about 55% from 57%, although
margins remain strong for the rating level. The declines in EBITDA
and EBITDA margin were attributable to continued competition,
particularly in voice and data, and a 60% yoy increase in SMS
interconnection costs.

XL's leverage, as measured by adjusted debt/EBITDA, increased to
approximately 2.6x from 2.0x for the year ended 31 December 2012,
driven largely by the rise in USD-denominated debt for refinancing
and working capital needs.

"The increase in leverage is within our expectations for the
rating, and Moody's expect it to further rise to over 3.0x in 2014
as XL integrates Axis," says Dhruv.

"However, Moody's estimate leverage will decline to approximately
2.5x-3.0x by 2015, which is appropriate for the rating level, and
reflects a likely reduction in capex, particularly to expand its
base stations, as well as the achievement of cost synergies
associated with the acquisition of Axis," adds Dhruv.

Additionally, once it acquires Axis's telecommunication towers, XL
may consider the outright sale and leaseback of surplus towers to
pay down debt. Such a transaction would enhance XL's liquidity,
but, given our standard lease adjustment, the company's leverage
would remain unchanged.

The rise in USD-denominated debt led to an increase in XL's
unhedged debt position to 48% of USD debt as of 31 December 2013
from 35% as of 30 September 2013. Management is cognizant of the
associated forex risk and seems committed to increase its hedged
position imminently.

Management has also reduced capex guidance to about IDR7 trillion
for 2014, as compared to actual capex of IDR7.4 trillion for 2013
and IDR10.2 trillion for 2012. This reduction is in line with
expectations, given XL aggressively built out its 3G network
infrastructure in 2012-2013. The Axis acquisition will also result
in capex savings, particularly spending to support its 2G network
infrastructure.

On 5 February 2014, XL's shareholders approved the acquisition of
Axis. XL expects to complete the acquisition by end-March 2014,
subject to a final approval from Indonesia's Commission for the
Supervision of Business Competition.

The rating outlook is stable, based on our expectation that XL
will maintain its credit profile by reducing operating expenses
and capex, whilst solidifying its market position following its
acquisition of Axis.

Further upward pressure on the rating is limited, given the degree
of competition in the Indonesian cellular market and the expected
increase in leverage. Moody's are also cognizant of emerging
market risks which need to be incorporated into the rating.

Downward pressure could emerge should there be any material
deterioration in XL's underlying credit strength, and which would
arise from diminishing operating margins, weaker operating cash
flow, or rising forex risk; all of which may be reflected in
adjusted debt/EBITDA remaining consistently above 3.0x, or free
cash flow/adjusted debt falling below 0%-5% on a sustained basis.

In addition, the one-notch uplift based on expected support from
Axiata could be removed if Axiata's shareholding in XL falls below
50%, or if Axiata indicates that it is no longer a core asset for
the group.

The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.

XL is one of the largest cellular providers in Indonesia in terms
of revenues. As of 31 December 2013, XL had 60.5 million
subscribers. It owns a nationwide cellular network covering all
major cities in Java, Bali and Sumatra, as well as populated
centers in Sulawesi and Kalimantan.

XL is 66.5%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 58%-owned, directly, by related entities of the Government
of Malaysia (A3 positive), including a 39.02% stake held by
Khazanah Nasional Berhad. The UAE-based Emirates
Telecommunications Corp (Aa3 stable) holds 4.2% of XL's shares and
the public holds the remaining shares.



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


CAFES 1 TRUST: Moody's Downgrades Rating on 2 Class Certs. to B1
----------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for the Class A-1
through D-2 Trust Certificates issued by Cafes 1 Trust.

The affected ratings are as follows:

Class A-1, downgraded to A1 (sf); previously on November 28, 2013,
Aa2 (sf) placed under review for downgrade

Class A-2, downgraded to A1 (sf); previously on November 28, 2013,
Aa2 (sf) placed under review for downgrade

Class B, downgraded to Baa1 (sf); previously on November 28, 2013,
A1 (sf) placed under review for downgrade

Class C-1, downgraded to Ba1 (sf); previously on November 28,
2013, Baa1 (sf) placed under review for downgrade

Class C-2, downgraded to Ba1 (sf); previously on November 28,
2013, Baa1 (sf) placed under review for downgrade

Class D-1, downgraded to B1 (sf); previously on November 28, 2013,
Ba1 (sf) placed under review for downgrade

Class D-2, downgraded to B1 (sf); previously on November 28, 2013,
Ba1 (sf) placed under review for downgrade

Deal Name: Cafes 1 Trust

Class: Class A-1 through D-2 Trust Certificates

Issue Amount (Initial): JPY53.2 billion

Dividend: Fix/Floating

Issue Date (Initial): July 21, 2006

Legal Final Maturity: May 31, 2018

Underlying Asset (Initial): A non-recourse loan backed by an
office property in Tokyo

Originator: Calyon, Tokyo Branch (as of the issue date)

Arranger: Calyon Capital Markets Asia B.V., Tokyo Branch (as of
the issue date)

Ratings Rationale

The downgrade has been prompted by consideration of the property's
value at the time of disposition. The latter occurs during the
tail period, which is between the expected and legal final
maturity of the trust certificates. The rating action also
reflects our growing concerns over refinancing risk for the
underlying loan, given that its loan-to-value (LTV) ratio has
risen to close to 80%.

This transaction is backed by an office building located in
central Tokyo. The property is occupied by a single tenant and its
lease agreement will expire during the tail period.

In our analysis, Moody's incorporates volatility in cash flow and
the decline in the property's value, in case the tenant cancels
the lease agreement during the tail period.

Currently, actual rent from the single tenant is substantially
higher than market rents for properties in the same area. Moody's
assumes that the average for the market rents will bottom over the
next 12-18 months. Hence, the rental gap will take a long time to
narrow.

For the vacancy rate in the Tokyo office market, the average has
been around 7-8%. As such, the property -- which is fully occupied
by a single tenant now -- will face challenges in finding new
tenants if the existing tenant moves out during the tail period.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.

Factors that would lead to an upgrade or downgrade of the rating

The key rating driver of the deal is LTV, because the credit
quality of the rated tranches is supported by the sales proceeds
of the underlying property. The decrease or increase in LTV for
each rated tranche may lead to upward or downward rating pressure.


SONY CORP: Sees JPY110-Bil. Annual Loss; To Cut 5,000 More Jobs
---------------------------------------------------------------
Kazuaki Nagata at The Japan Times reports that Sony Corp. on
Feb. 6 reversed its forecast for the full year from a
JPY30 billion net profit to a JPY110 billion loss and said its
electronics division will likely spend another year in the red.

It also said it will cut 5,000 more jobs to restructure the money-
losing gadget business after culling about 10,000 jobs in fiscal
2012, according to the report.

Sony continues to be weighed down by its loss-making computer and
TV businesses, The Japan Times says.

As previously announced, the report says, Sony will sell its
computer business to buyout firm Japan Industrial Partners Inc.
But on Feb. 6, Sony said it also planned to turn its struggling TV
business into a separate entity by July.

"As Sony's CEO, I've been saying that my duty is to change Sony
and reconstruct the electronics business and boost its growth, as
well as grow the finance and entertainment businesses further to
achieve stable management of the whole group," the report quotes
Kazuo Hirai as saying in a news conference at its headquarters in
Tokyo.

According to the report, Sony made some unexpected financial
adjustments, adding JPY20 billion in extra restructuring costs and
reviewing its plan to sell off assets. It also booked
JPY32.1 billion in impairment losses stemming from the long-term
assets of its battery business, the report notes.

The Japan Times relates that the company also said its mobile,
home entertainment and device sections weren't doing as well as
expected. Although smartphones are becoming a driving force for
Sony, its electronics business has been struggling to sell its
mainstay TVs and computers.

The Japan Times notes that the electronics business lost
JPY170 billion in fiscal 2011 and JPY134 billion in 2012, so
getting it profitable was Sony's priority this year.

"We've tried to reform our computer and TV businesses. . . .
Unfortunately, the goal of getting them back into the black this
fiscal year is unlikely," The Japan Times quotes Mr. Hirai as
saying.

It's long-suffering TV business is expected to post a 10th
consecutive year in the red. But its computer business is no
longer an issue, with Mr. Hirai saying Sony decided to focus on
smartphones and tablets for the mobile era, the report notes.

Based in Japan, Sony Corporation -- http://www.sony.net/--engages
in the operation of imaging products and solution (IP&S), game,
mobile products and communication (MP&C), home entertainment and
sound (HE&S), device, movie, music, financial and other business.
The IP&S segment provides digital imaging products and
professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating
and the long-term senior unsecured bond rating of Sony Corporation
to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.


SONY CORP: Moody's Says PC, TV Business Reforms Credit Positive
---------------------------------------------------------------
Sony Corporation (Ba1, stable) announced its plan to sell its PC
business (operated under the VAIO brand) to Japan Industrial
Partners, Inc. It has also decided to split off its TV business
and operate it as a wholly-owned subsidiary.

Moody's considers Sony's two decisions as indicative of
management's strong commitment to revamp its poorly performing
electronics business. This strategy will be credit positive if it
improves earnings and financial strength.

The planned spin-off of the TV business will be modestly positive
to Sony's credit profile. Sony has been struggling to restore the
profitability of its core electronics business -- of which TVs is
a large portion -- over the last several years. In particular,
despite restructuring, Sony has faced significant challenges to
turning around its TV business.

The spin-off is anticipated to create a structure similar to that
of the Game and Mobile business segments. These currently operate
as separate legal entities. Sony has stated that its intent is to
speed up decision-making and cost cutting. If these objectives are
achieved, the slowly improving TV segment should recover faster
than it has in the past year.

Sony has also struggled with the restructuring of its PC business.
The exit from the PC business and the resulting impairment and
restructuring charges will, in the long term, remove a business
unit that has been a financial burden for some time, and which
was, in Moody's opinion, unlikely to return to its former status
as positive revenue contributor for some time.

The decision to exit this business is a strong credit positive as
it will reduce earnings and cash flow pressures. It will further
allow management to focus on the remaining core segments as well
as its mobile product line-up of smartphones and tablets.

By implementing these measures and focusing on selected
electronics businesses, the company plans to optimize the scale of
the manufacturing, sales, and headquarters/indirect functions.
Sony plans to achieve total cost reductions of approximately 20%
in its electronics sales companies and approximately 30% in
headquarters and support functions by the fiscal year ending March
31, 2016. Moody's will continue close monitoring on the execution
of Sony's business plan.

For the fiscal year ending March 31, 2014, Sony expects to report
JPY110 billion in net losses, as a result of an increase in
restructuring charges of JPY70 billion (original plan was JPY50
billion), as well as impairment charges of about JPY46.5 billion
(which includes the asset impairment on batteries, PC and PC
games).

The continued strong results in the last fiscal quarter in its
Imaging Products & Solutions, Picture, Music and Game segments are
a critical support to the company's restructuring of its
problematic businesses and company's overall credit profile.
Problematic businesses include TVs, PCs, and batteries (within
Devices), for which an impairment charge was taken in the most
recent quarter. For the nine months ended December 31, 2014,
Imaging Products & Solutions, Picture, Music and Game segments
together reported about JPY73.7 billion in operating profit, which
fully offsets about JPY7.6 billion in operating losses in Mobile
Products & Communications; a JPY2.3 billion loss in Home
Entertainment & Sounds; and a JPY1 billion loss in the Devices
segment.


                             *********

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

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

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


                            *********


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

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

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

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

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



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